6.	GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the

six

months ended

July 31, 2018

were as follows:

	Gross Carrying Amount			Accumulated Impairment			Goodwill, Net
	(in thousands)
Balance at January 31, 2018	$	26,631		$	(15,608	)	$	11,023
Additions		243			-			243
Impact of foreign currency translation		(171	)		-			(171	)
Balance at July 31, 2018	$	26,703		$	(15,608	)	$	11,095

Additions to goodwill relate to an immaterial acquisition that occurred during the

second

quarter of fiscal

2019

due to the excess purchase price over the estimated fair value of acquired net assets. Pro forma financial information for the acquisition has

not

been presented, as the effects were

not

material to the Company’s historical consolidated financial statements.

The Company performed its annual goodwill impairment review during the

fourth

quarter of fiscal

2018.

The analysis compared the Company’s market capitalization to its net assets as of the test date,

November 30, 2017.

As the market capitalization significantly exceeded the Company’s net assets, there was

indication of goodwill impairment for fiscal

2018.

The Company monitors the indicators for goodwill impairment testing between annual tests.

adverse events occurred during the

six

months ended

July 31, 2018

that would cause the Company to test goodwill for impairment.

Intangible Assets

	July 31, 2018
	(in thousands)
Amortizable intangible assets
Customer relationships	$	190
Less: accumulated amortization		-
Net amortizable intangible assets	$	190

The Company’s intangible assets as of

July 31, 2018

are related to the acquisition completed in the

second

quarter of fiscal

2019.

Intangible assets are included in “Other assets, net” in the accompanying Condensed Consolidated Balance Sheets.

The following table summarizes the estimated amortization expense relating to the Company’s intangible assets as of

July 31, 2018: