INTANGIBLE ASSETS

9 Months Ended

Oct. 31, 2023

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

At both October 31, 2023 and January 31, 2023, the goodwill balances related primarily to the GPS and TRC reporting units, and were $18.5 million and $9.5 million, respectively. Management does not believe that any events or circumstances occurred or arose since January 31, 2023, that required an updated assessment of the goodwill balances of either the GPS or TRC reporting units.

The Company’s intangible assets, other than goodwill, relate primarily to the industrial construction services segment and consisted of the following as of October 31, 2023 and January 31, 2023:

		October 31, 2023						January 31, 2023
	Estimated	Gross		Accumulated		Net		Gross		Accumulated		Net
	Useful Life	Amounts		Amortization		Amounts		Amounts		Amortization		Amounts
Trade names	15 years	$	4,499	$	2,375	$	2,124	$	4,499	$	2,150	$	2,349
Customer relationships	10 years		916		725		191		916		656		260
Totals		$	5,415	$	3,100	$	2,315	$	5,415	$	2,806	$	2,609

The future amounts of amortization related to purchased intangibles for each of the five succeeding fiscal years are $0.1 million (November 1, 2023 to January 31, 2024), $0.4 million (year ending January 31, 2025), $0.4 million (year ending January 31, 2026), $0.3 million (year ending January 31, 2027), $0.3 million (year ending January 31, 2028), and $0.8 million (thereafter).