INTANGIBLE ASSETS

12 Months Ended

Jan. 31, 2025

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

Goodwill

The Company used a qualitative approach to assess the goodwill of the GPS reporting unit, which is included in the power industry services segment, as of November 1, 2024 and 2023. At each date, the Company concluded that it was more likely than not that the fair value of the reporting unit exceeded the corresponding carrying value. Therefore, completion of the quantitative impairment assessment was considered to be unnecessary.

Similarly, the Company used a qualitative approach to assess the goodwill of the TRC reporting unit, which represents the industrial construction services segment, as of November 1, 2024 and 2023 and concluded that it was more likely than not that the fair value of the reporting unit exceeded the corresponding carrying value. Therefore, the completion of the quantitative impairment assessment was considered to be unnecessary.

The changes in the balances of the Company’s goodwill by reportable segment for Fiscal 2025 and Fiscal 2024 were as follows:

	Power		Industrial		Telecom
	Services		Services		Services		Totals
Goodwill as of February 1, 2023	$	18,476	$	9,467	$	90	$	28,033
Impairment losses		—		—		—		—
Goodwill as of January 31, 2024		18,476		9,467		90		28,033
Impairment losses		—		—		—		—
Goodwill as of January 31, 2025	$	18,476	$	9,467	$	90	$	28,033
Balances, January 31, 2025:
Goodwill	$	22,525	$	14,365	$	90	$	36,980
Accumulated impairment losses		(4,049)		(4,898)		—		(8,947)
Goodwill as of January 31, 2025	$	18,476	$	9,467	$	90	$	28,033

As of January 31, 2025, the accumulated impairment losses for the power industry services segment relate solely to the APC reporting unit, whose goodwill was fully impaired in a prior fiscal year.

For income tax reporting purposes, the 15-year straight-line amortization of goodwill related to acquisitions in the approximate amount of $16.5 million was completed during Fiscal 2024. The other amounts of the Company’s goodwill are not amortizable for income tax reporting purposes.

Other Intangible Assets

The Company’s intangible assets, other than goodwill, relate primarily to the industrial construction services segment and consisted of the following as of January 31, 2025 and 2024:

		January 31, 2025						January 31, 2024
	Estimated	Gross		Accumulated		Net		Gross		Accumulated		Net
	Useful Life	Amounts		Amortization		Amounts		Amounts		Amortization		Amounts
Trade name	15 years	$	4,499	$	2,749	$	1,750	$	4,499	$	2,450	$	2,049
Customer relationships	10 years		916		840		76		916		748		168
Totals		$	5,415	$	3,589	$	1,826	$	5,415	$	3,198	$	2,217

There were no additions to other intangible assets during Fiscal 2025 or Fiscal 2024. In addition, there were no impairment losses related to the assets for Fiscal 2025, Fiscal 2024 or Fiscal 2023. Amortization expense related to intangible assets for Fiscal 2025, Fiscal 2024 and Fiscal 2023 were $0.4 million, $0.4 million and $0.7 million, respectively.

The following is a schedule of future amounts of amortization related to purchased intangibles:

	Amortization
Years Ending January 31,	Expense
2026	$	376
2027		300
2028		300
2029		300
2030		300
Thereafter		250
Total	$	1,826