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GOODWILL AND OTHER INTANGIBLE ASSETS:

12 Months Ended

Sep. 30, 2011

GOODWILL AND OTHER INTANGIBLE ASSETS:

6. GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill by reporting segment at fiscal year ends 2011 and 2010 was as follows:

	2011		2010

Wholesale	$	4,436,950	$	4,236,291
Retail		1,912,877		1,912,877

	$	6,349,827	$	6,149,168

Other intangible assets at fiscal year ends 2011 and 2010 consisted of the following:

	2011		2010

Trademarks and tradenames	$	3,373,269	$	3,373,269
Non-competition agreement (less accumulated amortization of approximately $0.1 million)		466,667		—
Customer relationships (less accumulated amortization of $0.4 million and $0.2 million at September 2011 and 2010, respectively)		1,711,042		1,434,375

	$	5,550,978	$	4,807,644

Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. At September 2011, identifiable intangible assets considered to have finite lives were represented by customer relationships and the value of a non-competition agreement acquired as part of acquisitions. The customer relationships are being amortized over eight years and the value of the non-competition agreement is being amortized over five years. These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets totaled was $0.3 million for fiscal 2011 and $0.2 million for fiscal 2010.

In connection with our acquisition of LPS during fiscal 2011, the Company allocated approximately $0.2 million of the purchase price to deductible goodwill and approximately $1.0 million to finite lived intangible assets (all of which is presented in our Wholesale Segment). In connection with our fiscal 2010 acquisition of Harps, the Company allocated approximately $0.3 million of the purchase price to deductible goodwill and approximately $1.6 million to finite lived intangible assets (all of which is presented in our Wholesale Segment).

Estimated future amortization expense related to identifiable intangible assets with finite lives is as follows at September 2011:


Fiscal 2012	$	365,000
Fiscal 2013		365,000
Fiscal 2014		365,000
Fiscal 2015		365,000
Fiscal 2016		331,667
Thereafter		386,042

	$	2,177,709

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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