6. Other Assets

A summary of other assets follows:


(dollars in thousands)	July 31, 2011		May 1, 2011
Cash surrender value – life insurance	$	1,325	$	1,323
Non-compete agreements, net		443		480
Other		242		249
	$	2,010	$	2,052

We recorded non-compete agreements in connection with our asset purchase agreements with International Textile Group, Inc. (ITG) and Bodet & Horst at their fair values based on valuation techniques. The non-compete agreement associated with ITG was amortized on a straight line basis over the four year life of the agreement and expired at the end of the third quarter of fiscal 2011. The non-compete agreement associated with Bodet & Horst is amortized on a straight line basis over the six year life of the agreement and requires quarterly payments of $12,500 over the life of the agreement. As of July 31, 2011, the total remaining non-compete payments were $150,000.

The gross carrying amount of these non-compete agreements was $1.0 million at July 31, 2011 and May 1, 2011, respectively. At July 31, 2011 and May 1, 2011, accumulated amortization for these non-compete agreements was $593,000 and $544,000, respectively. Amortization expense for these non-compete agreements was $49,000 and $122,000 for the three month periods ended July 31, 2011 and August 1, 2010, respectively. The remaining amortization expense (which includes the total remaining Bodet & Horst non-compete payments of $150,000) for the next four fiscal years follows: FY 2012 - $148,000; FY 2013 - $198,000; FY 2014 - $198,000; and FY 2015 - $49,000. The weighted average amortization period for these non-compete agreements is 3.0 years as of July 31, 2011.

At July 31, 2011 and May 1, 2011, we had four life insurance contracts with death benefits to the respective insured totaling $12.9 million. Our cash surrender value – life insurance balances of $1.3 million at July 31, 2011 and May 1, 2011, respectively, are collectible upon death of the respective insured.