Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.3.1.900
Property and Equipment
 12 Months Ended
Sep. 27, 2015
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 7 — Property and Equipment

 

A summary of property and equipment at September 27, 2015 and September 28, 2014 is as follows:

 

        (Thousands)  
    Estimated Useful Life   Year Ended
September 27, 2015		     Year Ended
September 28, 2014		  
Property and Equipment                    
Furniture and Equipment   3-5yrs   $ 322     $ 267  
Machinery and Equipment   5 yrs     3,247       1,201  
Leasehold Improvements   7 yrs     276       276  
Less: Accumulated Depreciation         (1,874 )     (1,540  
Net Property & Equipment       $ 1,971     $ 204  
                     
Depreciation Expense       $ 334     $ 80  

 

Net property and equipment increased by $1.8 million during the twelve months ending September 27, 2015 primarily as a result of the Applied Optical Center acquisition on November 3, 2014, which included equipment of $2.1 million. Depreciation expense increased by $254 thousand during the twelve months ending September 27, 2015 over the prior year period primarily as a result of $246 thousand of depreciation related to the Applied Optics Center and depreciation on additional Optex asset acquisitions of $8 thousand.