XML 30 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Intangible Assets
 3 Months Ended
Aug. 04, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
7. Intangible Assets
A summary of intangible assets follows:
 
(dollars in thousands)
 August 4, 2019  July 29, 2018  April 28, 2019 
Tradenames
 $7,232  $7,232  $7,232 
Customer relationships, net
  2,463   2,764   2,538 
Non-compete agreement, net
  659   734   678 
  
 
 
  
 
 
  
 
 
 
  $10,354  $10,730  $10,448 
  
 
 
  
 
 
  
 
 
 
Tradenames
A summary of the carrying amount of our tradenames follows:
 
  Three months ended 
(dollars in thousands)
 August 4, 2019  July 29, 2018 
Beginning balance
 $7,232  $683 
Acquisition of business (note 3)
  —     6,549 
  
 
 
  
 
 
 
Ending balance
 $7,232  $7,232 
  
 
 
  
 
 
 
Our tradenames were determined to have an indefinite useful life and therefore, are not being amortized. However, our tradenames will be assessed annually for impairment.
Customer Relationships
A summary of the change in the carrying amount of our customer relationships follows:
 
  Three months ended 
(dollars in thousands)
 August 4, 2019  July 29, 2018 
Beginning balance
 $2,538  $2,839 
Amortization expense
  (75)   (75) 
  
 
 
  
 
 
 
Ending balance
 $2,463  $2,764 
  
 
 
  
 
 
 
Our customer relationships are amortized on a straight-line basis over useful lives ranging from nine to seventeen years.
The gross carrying amount of our customer relationships were $3.1 million at August 4, 2019, July 29, 2018, and April 28, 2019, respectively. Accumulated amortization for these customer relationships were $652,000, $351,000 and $577,000 at August 4, 2019, July 29, 2018, and April 28, 2019, respectively.
The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2020 - $226,000; FY 2021 - $301,000; FY 2022 - $301,000; FY 2023 - $301,000; FY 2024 - $301,000; and Thereafter - $1,033,000.
The weighted average amortization period for our customer relationships is 8.4 years as of August 4, 2019.
Non-Compete Agreement
A summary of the change in the carrying amount of our non-compete agreement follows:
 
  Three months ended 
(dollars in thousands)
 August 4, 2019  July 29, 2018 
Beginning balance
 $678  $753 
Amortization expense
  (19)   (19) 
  
 
 
  
 
 
 
Ending balance
 $659  $734 
  
 
 
  
 
 
 
Our non-compete agreement is amortized on a straight-line basis over the fifteen-year life of the agreement.
The gross carrying amount of our non-compete agreement was $2.0 million at August 4, 2019, July 29, 2018, and April 28, 2019, respectively. Accumulated amortization for our non-compete agreement was $1.4 million at August 4, 2019, $1.3 million at July 29, 2018, and $1.4 million at April 28, 2019.
The remaining amortization expense for the next five years and thereafter follows: FY 2020 - $57,000; FY 2021 - $75,000; FY 2022 - $75,000; FY 2023 - $75,000; FY 2024 - $75,000, and Thereafter - $302,000.
The weighted average amortization period for the non-compete agreement is 8.8 years as of August 4, 2019.