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Intangible Assets
 6 Months Ended
Nov. 03, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
7. Intangible Assets
A summary of intangible assets follows:
 
(dollars in thousands)
  November 3, 2019   October 28, 2018   April 28, 2019 
Tradenames
  $7,232   $7,232   $7,232 
Customer relationships, net
   2,388    2,688    2,538 
Non-compete
agreement, net
   640    716    678 
   
 
 
   
 
 
   
 
 
 
   $10,260   $10,636   $10,448 
   
 
 
   
 
 
   
 
 
 
Tradenames
A summary of the carrying amount of our tradenames follows:
 
   Six months ended 
(dollars in thousands)
  November 3, 2019   October 28, 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, in accordance with
ASC Topic 350 Intangibles – Goodwill and Other
, our tradenames will be assessed annually for impairment or more frequently if events or changes in circumstances indicate that it is
more-likely-than-not
that our tradenames are impaired.
Customer Relationships
A summary of the change in the carrying amount of our customer relationships follows:
 
   Six months ended 
(dollars in thousands)
  November 3, 2019   October 28, 2018 
Beginning balance
  $2,538   $2,839 
Amortization expense
   (150)    (151) 
   
 
 
   
 
 
 
Ending balance
  $2,388   $2,688 
   
 
 
   
 
 
 
 
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 w
as
$3.1 million at November 3, 2019, October 28, 2018, and April 28, 2019, respectively. Accumulated amortization for these customer relationships w
as
$727,000, $427,000 and $577,000 at November 3, 2019, October 28, 2018, and April 28, 2019, respectively.
The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2020 - $151,000; 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 8.1 years as of November 3, 2019.
Non-Compete
Agreement
A summary of the change in the carrying amount of our
non-compete
agreement follows:
 
   Six months ended 
(dollars in thousands)
  November 3, 2019   October 28, 2018 
Beginning balance
  $678   $753 
Amortization expense
   (38)    (37) 
   
 
 
   
 
 
 
Ending balance
  $640   $716 
   
 
 
   
 
 
 
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 November 3, 2019, October 28, 2018, and April 28, 2019, respectively. Accumulated amortization for our
non-compete
agreement was $1.4 million at November 3, 2019, $1.3 million at October 28, 2018, and $1.4 million at April 28, 2019.
The remaining amortization expense for the next five years and thereafter follows: FY 2020 - $38,000; 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 8.5 years as of November 3, 2019.