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Note B - Acquisitions | 12 Months Ended
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Sep. 26, 2020
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | NOTE B – ACQUISITIONS On October 1, 2019, we acquired the assets of ICEE Distributors LLC, based in Bossier City, Louisiana. ICEE Distributors does business in Arkansas, Louisiana and Texas with annual sales of approximately $13 million. Sales and operating income of ICEE Distributors were $11.4 million and $3.6 million for the year ended September 26, 2020. On February 4, 2020, we acquired the assets of BAMA ICEE, based in Birmingham, Alabama does business in Alabama and Georgia with annual sales of approximately $3.5 million. Sales and operating income of BAMA ICEE were $1.7 million and $630,000 for the year ended September 26, 2020. The purchase price allocations for these two acquisitions are as follows:
|  | (in thousands) |
|  | ICEE |  |  | BAMA |  |  | Total |
|  | Distributors |  |  | ICEE |  |  |  |  |
Accounts Receivable, net |  | $ | 721 |  |  | $ | 71 |  |  | $ | 792 |
Inventories |  |  | 866 |  |  |  | 77 |  |  |  | 943 |
Property, plant & equipment, net |  |  | 4,851 |  |  |  | 1,722 |  |  |  | 6,573 |
Customer Relationships |  |  | 569 |  |  |  | 133 |  |  |  | 702 |
Distribution rights |  |  | 22,400 |  |  |  | 6,800 |  |  |  | 29,200 |
Goodwill |  |  | 15,773 |  |  |  | 3,549 |  |  |  | 19,322 |
Accounts Payable |  |  | (210 | ) |  |  | (110 | ) |  |  | (320 | )
Purchase Price |  | $ | 44,970 |  |  | $ | 12,242 |  |  | $ | 57,212 |
The goodwill and intangible assets acquired in the business combinations are recorded at estimated fair value. To measure fair value for such assets, we use techniques including discounted expected future cash flows (Level 3 input). The goodwill recognized is attributable to the assembled workforce of each acquired business and certain other strategic intangible assets that do not meet the requirements for recognition separate and apart from goodwill. Acquisition costs of $76,000 are included in other general expense for the year ended September 26, 2020. Our unaudited proforma results, giving effect to these acquisitions and assuming an acquisition date of September 30, 2018, would have been:
|  | Fiscal Year Ended |
|  | September 26, |  |  | September 28, |
|  | 2020 |  |  | 2019 |
Net Sales |  | $ | 1,022,838 |  |  | $ | 1,201,804 |
Net Earnings |  | $ | 18,303 |  |  | $ | 96,945 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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