XML 85 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisition
 12 Months Ended
Mar. 29, 2014
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]

7.     Acquisition

 

On October 1, 2013, the Company acquired 100 percent of the outstanding equity of Acoustic Technologies, Inc. (“Acoustic”), a privately held company.  The Mesa, Ariz.,-based firm is a leader in embedded firmware voice processing technology, including noise reduction, echo cancelation and voice enhancement.  This strategic acquisition enhances the Company’s technology and software expertise in our portable audio applications.

 

The Company acquired Acoustic for approximately $20.4 million, net of cash obtained, and recorded the purchase using the acquisition method of accounting.  This method allows for the recognition of the assets acquired and liabilities assumed at their fair values as of the acquisition date.  The Consolidated Statements of Comprehensive Income presented include Acoustic’s results of operations beginning on the date of the acquisition.  Pro forma information related to this acquisition has not been presented because it would not be materially different from amounts reported.

 

Goodwill was recorded in relation to the acquisition, as the purchase price was in excess of the fair value of the net assets acquired.  None of the goodwill is tax-deductible.  The final purchase price was allocated as follows (in thousands):

 

 

 

 

 

Goodwill and Net Assets Acquired

 

Amount

Cash and cash equivalents

$
120 

Accounts receivable

 
775 

Other current assets

 
2 

Property and equipment

 
175 

Intangible assets

 
7,940 

Goodwill

 
10,340 

Deferred tax asset - long-term

 
1,440 

Other non-current assets

 
36 

Current liabilities

 
(276)

Total purchase price

$
20,552 

 

The acquired intangible assets and related weighted average amortization periods are detailed below (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Intangible assets

 

Amount

 

Weighted-average Amortization Period (years)

Technology

$
4,260 

 

10

Tradename

 
1,280 

 

10

Customer relationships

 
2,400 

 

10

Total

$
7,940