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INTANGIBLE ASSETS | 12 Months Ended
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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
​

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