Note 14: 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.

During 2006, 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 goodwill of $390,000 is related to the acquisition of a steel fabrication operation in Mexico by the Water Transmission Group in 2006.

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

All of the Company's intangible assets, other than goodwill, are subject to amortization. Amortization expense related to intangible assets for the years ended November 30, 2006, 2005, and 2004 was $170,000, $206,000, and $224,000, respectively.

At November 30, 2006, estimated future amortization expense for each of the years in the six-year period ending November 30, 2012 was as follows: $24,000 for 2007, $24,000 for 2008, $23,000 for 2009, $23,000 for 2010, $16,000 for 2011, and $2,000 for 2012.