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OTHER ASSETS | 12 Months Ended
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Apr. 27, 2014
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OTHER ASSETS | 7. OTHER ASSETS A summary of other assets follows:
|  | April 27, |  |  | April 28, |
(dollars in thousands) |  | 2014 |  |  | 2013 |
cash surrender value - life insurance |  | $ | 644 |  |  |  | 625 |
non-compete agreement, net |  |  | 1,041 |  |  |  | 185 |
customer relationships, net |  |  | 817 |  |  |  | - |
other |  |  | 415 |  |  |  | 341 |
|  | $ | 2,917 |  |  |  | 1,151 |
Non-Compete Agreement In connection with the asset purchase and consulting agreement with Bodet & Horst on May 8, 2013 (see note 2), we restructured our prior non-compete agreement pursuant to our asset purchase and consulting agreement dated August 11, 2008. We have agreed with Bodet & Horst to replace the prior non-compete agreement that prevented us from selling certain mattress fabrics and products to a leading manufacturer, that will now allow us to make such sales. In addition, the prior consulting and non-compete agreement, under which Bodet & Horst agreed not to sell mattress fabrics in North America, was replaced, expanded, and extended pursuant to the new asset purchase and consulting agreement. We recorded this non-compete agreement at its fair value based on a discounted cash flow valuation model. This non-compete agreement is amortized on a straight line basis over the fifteen year life of the agreement and required quarterly payments of $12,500. As of April 27, 2014 we had one remaining non-compete payment of $12,500, which was subsequently paid in May 2014. During fiscal 2013 and 2012, the prior non-compete agreement associated with Bodet & Horst was amortized on a straight-line basis over the six year life of the previous agreement. The gross carrying amount of this non-compete agreement was $2.0 million and $1.1 million at April 27, 2014 and April 28, 2013, respectively. At April 27, 2014, and April 28, 2013, accumulated amortization for this non-compete agreement for the non-compete agreement was $1.0 million and $940,000 respectively. Of the $1.0 million non-compete carrying amount at April 27, 2014, $218,000 pertains to the prior non-compete agreement that was in place as part of the asset purchase agreement dated August 11, 2008, and $823,000 pertains to the non-compete agreement pursuant to the asset purchase agreement dated May 8, 2013 that restructured and expanded the non-compete agreement that was in place effective August 11, 2008. Amortization expense for this non-compete agreement was $75,000, $198,000, and $197,000 in fiscal years 2014, fiscal 2013, and fiscal 2012, respectively. The remaining amortization expense (which includes the total remaining Bodet & Horst non-compete payment of $12,500) for the next five years and thereafter follows: FY 2015 - $75,000; FY 2016 - $75,000; FY 2017 - $75,000; FY 2018 - $75,000; FY 2019 - $75,000, and Thereafter - $679,000. The weighted average amortization period for the non-compete agreement is 14 years as of April 27, 2014. Customer Relationships In connection with the asset purchase and consulting agreement with Bodet & Horst noted above, we purchased certain customer relationships. We recorded the customer relationships at their fair value based on a multi-period excess earnings valuation model. The gross carrying amount of these customer relationships was $868,000 at April 27, 2014. Accumulated amortization for these customer relationships was $51,000 at April 27, 2014. The customer relationships are amortized on a straight-line basis over their seventeen year useful life. Amortization expense for the customer relationships was $51,000 for fiscal 2014. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2015 - $51,000; FY 2016 - $51,000; FY 2017 - $51,000; FY 2018 - $51,000; FY 2019 - $51,000; and Thereafter - $562,000. The weighted average amortization period for our customer relationships is 16 years as of April 27, 2014. Cash Surrender Value - Life Insurance On December 27, 2012, we entered into an agreement with our Chairman of the Board and his irrevocable trust (the "Trust") dated December 11, 2012. As a result of this agreement, a previous split dollar life insurance agreement in which we purchased a policy on the life of our Chairman of the Board and his spouse, in which we retained ownership of the policy, paid premiums to support the policy, had the right to receive the cash surrender value of the policy upon the second to die of our Chairman of the Board and his spouse, with the Trust receiving the remainder of the policy's death benefit ($8.0 million), was terminated. In connection with the termination of the previous split dollar life insurance agreement, we transferred the life insurance policy to the Trust and received cash proceeds in the amount of the cash surrender value of the policy totaling $626,000. Also, this agreement required us to pay our Chairman of the Board during the period of his continued employment but in an event no longer than twelve years, additional compensation totaling $60,000 annually. On March 18th, 2013, we entered into another agreement with our Chairman of the Board and the trustees of the irrevocable trust (the "Trustees"). As a result of this agreement, a previous split dollar life insurance agreement in which we purchased a policy on the life of the Chairman of the Board, in which we retained ownership of the policy, paid premiums to support the policy, had the right to receive the cash surrender value of the policy upon death of the Chairman of the Board, with the Trustees receiving the policy's death benefit ($500,000) was terminated. In connection with the termination of the previous split dollar life insurance agreement, we transferred the life insurance policy to the Trustees and received cash proceeds in the amount of the cash surrender value of the policy totaling $90,000. At April 27, 2014, and April 28, 2013, we had two life insurance contracts with death benefits to the respective insured totaling $4.4 million. Our cash surrender value - life insurance balance of $644,000 and $625,000 at April 27, 2014 and April 28, 2013, respectively, are collectible upon death of the respective insured.

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