Transition report pursuant to Rule 13a-10 or 15d-10

Goodwill and Intangible Assets

Goodwill and Intangible Assets

3 Months Ended

Sep. 28, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Components of intangible assets consist of the following (in thousands):



	September 28, 2013							June 29, 2013
	Cost		Accumulated Amortization			Net Value		Cost		Accumulated Amortization			Net Value		Economic Life

Goodwill	$	36,729	$	—		$	36,729	$	16,812	$	—		$	16,812	N/A

Intangibles:
Tradename/trademarks	$	17,530	$	(672	)	$	16,858	$	1,530	$	(603	)	$	927	20 – 30 yrs
Customer relationships	7,220		(2,937		)	4,283		7,220		(2,847		)	4,373		20 yrs
Technology	1,220		(459		)	761		1,220		(428		)	792		10 yrs
License agreements	2,100		(10		)	2,090		—		—			—		15 – 30 yrs
Non-compete agreements	1,287		(442		)	845		517		(419		)	98		4 – 8.5 yrs
Total intangibles	$	29,357	$	(4,520	)	$	24,837	$	10,487	$	(4,297	)	$	6,190

The increase in intangible assets results from the Salt Life Acquisition. See Note D—Salt Life Acquisition.

Amortization expense for intangible assets was $0.2 million for the three months ended September 28, 2013, and $0.6 million for the fiscal year ended June 29, 2013. Amortization expense is estimated to be approximately $1.3 million each for fiscal years 2014, 2015, 2016, 2017 and 2018.

- 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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