Notes Thirteen: GOODWILL AND OTHER INTANGIBLE ASSETS

SFAS No. 142, "Goodwill and Other Intangible Assets," requires that goodwill and intangible assets with indefinite useful lives not be amortized but instead be tested for impairment at least annually. SFAS No. 142 also requires that intangible assets with definite useful lives be amortized over their respective estimated useful lives to their estimated residual values. The Company adopted SFAS No. 142 effective December 1, 2002.

During 2005, the Company completed the required goodwill and intangible asset impairment tests. No impairment losses were identified as a result of these tests. The changes in the carrying amount of goodwill by business segment were as follows: 

The Company's intangible assets and related accumulated amortization consisted of the following at November 30:

The Company revised the November 30, 2004 balances for goodwill and the accumulated amortization of non-compete agreements by $141,000. This revision did not have a material impact on the Company's consolidated financial statements. Amortization expense related to intangible assets for the fiscal years ended November 30, 2005, 2004, and 2003 was $206,000, $224,000, and $278,000, respectively.

At November 30, 2005, estimated future amortization expense for each of the years in the two-year period ending November 30, 2007 was as follows: $162,000 for 2006 and $15,000 for 2007.