Goodwill and Intangible Assets

3 Months Ended

Sep. 25, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Note 5 – Goodwill and Intangible Assets

Identifiable intangible assets that are subject to amortization consist of the following:


	September 25, 2025			June 26, 2025			September 26, 2024
Customer relationships	$	21,350		$	21,350		$	21,350
Brand names		17,070			17,070			17,070
Product formulas		850			850			850
Non-compete agreement		300			300			300
		39,570			39,570			39,570
Less accumulated amortization:
Customer relationships		(21,265	)		(21,179	)		(20,842	)
Brand names		(13,569	)		(13,388	)		(12,845	)
Product formulas		(323	)		(283	)		(162	)
Non-compete agreement		(297	)		(292	)		(280	)
		(35,454	)		(35,142	)		(34,129	)
Net intangible assets	$	4,116		$	4,428		$	5,441

Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of the Squirrel Brand, Southern Style Nuts and Just the Cheese brand names.

Total amortization expense related to intangible assets, which is classified in “administrative expenses” in the Consolidated Statement of Comprehensive Income, was $312 for the quarter ended September 25, 2025. Amortization expense for the remainder of fiscal 2026 is expected to be approximately $730 and expected amortization expense the next five fiscal years is as follows:


Fiscal Year Ending
June 24, 2027	$	847
June 29, 2028		677
June 28, 2029		496
June 27, 2030		400
June 26, 2031		400

Our net goodwill at September 25, 2025 was comprised of $9,650 from the fiscal 2018 Squirrel Brand acquisition and $2,100 from the fiscal 2023 Just the Cheese brand acquisition. The changes in the carrying amount of goodwill since June 27, 2024 are as follows:


Gross goodwill balance at June 27, 2024	$	20,516
Accumulated impairment losses		(8,766	)
Net goodwill balance at June 27, 2024		11,750
Goodwill acquired during fiscal 2025		—
Net balance at June 26, 2025		11,750
Goodwill acquired during fiscal 2026		—
Net balance at September 25, 2025	$	11,750