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Note 13
 3 Months Ended
Dec. 24, 2011
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
Note 13
In February 2010, we acquired the assets of Parrot Ice, a manufacturer and distributor of a premium brand frozen beverage sold primarily in convenience stores.  Revenues from Parrot Ice were approximately $1.5 million for our 2010 fiscal year.

 
On June 10, 2010 we acquired the assets of California Churros, Inc., a manufacturer and seller of a premium brand churro.  Revenues from CALIFORNIA CHURROS were approximately $2.5 million for our 2010 fiscal year.
 
In May 2011, we acquired the frozen handheld business of ConAgra Foods.  This business had sales of approximately $50 million over the prior twelve months to food service and retail supermarket customers and sales of $18.3 million in our 2011 fiscal year from the acquisition date.

 
These acquisitions were and will be accounted for under the purchase method of accounting, and their operations are and will be included in the consolidated financial statements from their respective acquisition dates.

 
The purchase price allocation for the California Churros acquisition and other acquisitions, including Parrot Ice, which were made during the 2010 fiscal year is as follows:

   
California
Churros
    Other  
    (in thousands)        
             
Working Capital   $ 1,075     $ -  
Property, plant & equipment     2,373       1,135  
Trade Names     4,024       -  
Customer Relationships     6,737       -  
Covenant not to Compete     35       50  
Goodwill     9,756       -  
    $ 24,000     $ 1,185  

Acquisition costs of $184,000 for these acquisitions are included in administrative and other general expense for the three and nine months ended June 26, 2010.

The purchase price allocation for the handhelds acquisition is as follows:

    (in thousands)  
       
Working Capital   $ 6,955  
Property, plant & equipment     11,036  
Trade Names     1,325  
Customer Relationships     207  
Deferred tax liability     (4,137 )
         
Net Assets Acquired     15,386  
         
Purchase Price     8,806  
         
Gain on bargain purchase   $ 6,580  

The purchase price allocation resulted in the recognition of a gain on bargain purchase of approximately $6,580,000 which is included in other income in the consolidated statement of earnings for the three and nine months ended June 25, 2011.  The gain on bargain purchase resulted from the fair value of the identifiable net assets acquired exceeding the purchase price.

Acquisition costs of $464,000 and $534,000 for the handhelds acquisition are included in other general expense in the consolidated statements of earnings for the three and nine months ended June 25, 2011, respectively.

The goodwill and intangible assets acquired in the business combinations are recorded at fair value.  To measure fair value for such assets, we use techniques including discounted expected future cash flows (Level 3 input).