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Acquisitions
 6 Months Ended
Mar. 30, 2012
Acquisitions [Abstract]  
Acquisitions
11     ACQUISITIONS

On July 11, 2011, the Company purchased the assets of Waypoint Technologies Inc. (“Waypoint”) and Pro Map Technologies Inc. for cash of approximately $4,000.  Waypoint is the maker of LakeMaster® brand high definition electronic lake charts, the premier brand of lake charts for anglers in the Northern United States. The purchase was funded with existing cash and credit facilities.  The Company believes the purchase, combined with the Company’s existing marine electronics products, will present new and innovative opportunities to enhance the fishing experience.  The Waypoint purchase is included in the Company’s Marine Electronics segment.

 

The following table summarizes the final allocation of the purchase price of the Waypoint assets.

 

     

 

 

 

 

Accounts receivable

$

 138

Inventories

 

 77

Other current assets

 

 2

Property, plant and equipment

 

 2,212

Deferred tax asset

 

 625

Trademark

 

 290

Goodwill

 

 732

Total assets acquired

 

 4,076

Total liabilities assumed

 

 107

Net assets acquired

$

 3,969

 

 

As part of the acquisition, the Company acquired a bathymetry database valued at $2,000 which was included in property, plant and equipment.  The trademark acquired in the transaction was determined to have an indefinite life.  The Company recognized goodwill as a result of the acquisition related to expected synergies with the Company’s existing Marine Electronics businesses.  The goodwill acquired as a part of this acquisition is deductible for tax purposes. The acquisition was accounted for using the acquisition method and, accordingly, the Company’s consolidated financial statements include the results of the acquired business’ operations since the date of acquisition.  The Company has not presented pro forma financial information with respect to the acquisition due to the immateriality of the transaction..