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GOODWILL AND INTANGIBLE ASSETS
3 Months Ended
Apr. 30, 2014
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
5.   GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the three months ended April 30, 2014 were as follows:

 
Gross Carrying
  
Accumulated
  
 
 
Amount
  
Impairment
  
Goodwill, Net
 
 
(in thousands)
 
Balance at January 31, 2014
 
$
26,985
  
$
(15,608
)
 
$
11,377
 
Impact of foreign currency translation
  
82
   
   
82
 
Balance at April 30, 2014
 
$
27,067
  
$
(15,608
)
 
$
11,459
 

The Company performed its annual goodwill impairment review during the fourth quarter of fiscal 2014. The analysis compared the Company’s market capitalization to its net assets as of the test date, November 30, 2013. As the market capitalization significantly exceeded the Company’s net assets, there was no indication of goodwill impairment for fiscal 2014. The Company monitors the indicators for goodwill impairment testing between annual tests. No adverse events occurred during the three months ended April 30, 2014, that would cause the Company to test goodwill for impairment.

Intangible Assets

 
April 30,
 
January 31,
 
 
2014
 
2014
 
 
(in thousands)
 
Amortizable intangible assets
 
 
Customer relationships (1)                                                                                                                    
 
$
3,077
  
$
3,048
 
Trade name                                                                                                                    
  
515
   
515
 
 
  
3,592
   
3,563
 
Less: accumulated amortization                                                                                                                        
  
(1,168
)
  
(978
)
Net amortizable intangible assets                                                                                                                    
 
$
2,424
  
$
2,585
 
______________________
(1)Customer relationships include the impact of foreign currency translation.

The Company’s intangible assets are related to the DynaSys and CEBOS acquisitions completed in fiscal 2013. Intangible assets are included in “Other assets, net” in the accompanying Condensed Consolidated Balance Sheets. As of April 30, 2014, all of the Company’s intangible assets were determined to have finite useful lives, and therefore were subject to amortization.

Amortization of intangible assets was $0.2 million for each of the first quarters of fiscal 2015 and 2014. The following table summarizes the estimated amortization expense relating to the Company’s intangible assets as of April 30, 2014:

Fiscal Years
 
(in thousands)
 
2015 remaining  
 
$
541
 
2016  
  
722
 
2017  
  
722
 
2018  
  
439
 
 
 
$
2,424