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Notes to Consolidated Financial Statements

Note 14: GOODWILL AND OTHER INTANGIBLE ASSETS

During 2008, the Company completed the required goodwill and intangible asset impairment tests. No impairment losses were identified as a result of these tests. Changes in the Company’s carrying amount of goodwill by business segment were as follows:

(In thousands)
November 30,
2007
Acquisition/Disposition
Foreign Currency
Translation Adjustments
November 30,
2008
  Fiberglass - Composite Pipe
$ 1,440
-
$ 1,440
  Water Transmission
392
(32)
-
360
  Infrastructure Products
201
-
201

Total
$ 2,033
$ (32)
$ 2,001

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

   
November 30, 2008
November 30, 2007
   

  (In thousands)
Gross Intangible Assets
Accumulated
Amortization
Gross Intangible
Assets
Accumulated
Amortization

Continuing Operations
  Trademarks
$ 111
$ (106)
$ 113
$ (101)
  Non - Compete Agreements
282
(186)
299
(163)
  Patents
212
(212)
212
(212)
  Others
64
(58)
79
(17)

  Total
$ 669
$ (562)
$ 703
$ (493)

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, 2008, 2007, and 2006 was $89,000, $41,000, and $170,000, respectively. At November 30, 2008, estimated future amortization expense for each year in the four-year period ending November 30, 2012 was as follows: $45,000 for 2009, $35,000 for 2010, $17,000 for 2011, and $10,000 for 2012. Amortizing intangible assets will be fully amortized by November 30, 2012.

 

 

Note Fifteen

 
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