Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
12 Months Ended
Apr. 30, 2011
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
14.   Goodwill and Intangible Assets
 
Changes in the carrying value of goodwill by reportable segment were as follows:
 
                                                 
    Executive Recruitment              
    North
          Asia
                   
    America     EMEA     Pacific     Subtotal     Futurestep     Consolidated  
                (In thousands)              
 
Balance as of April 30, 2009
  $ 71,131     $ 31,331     $ 972     $ 103,434     $ 29,897     $ 133,331  
Additions
    12,182       18,812             30,994       2,200       33,194  
Exchange rate fluctuations
    5,299       246             5,545       203       5,748  
                                                 
Balance as of April 30, 2010
    88,612       50,389       972       139,973       32,300       172,273  
Additions
    3,000                   3,000             3,000  
Exchange rate fluctuations
    1,958       3,519             5,477       3,202       8,679  
                                                 
Balance as of April 30, 2011
  $ 93,570     $ 53,908     $ 972     $ 148,450     $ 35,502     $ 183,952  
                                                 
 
Intangible assets include the following:
 
                         
    Weighted-Average
    April 30,  
    Amortization Period     2011     2010  
          (In thousands)  
 
Amortized intangible assets:
                       
Intellectual property
    24 years     $ 11,400     $ 11,400  
Customer lists
    7 years       6,399       6,399  
Proprietary databases
    10 years       3,931       3,931  
Trademarks(1)
    5 years       1,186       2,386  
Non-compete agreements
    5 years       510       510  
                         
Total amortized intangible assets
    16 years       23,426       24,626  
Accumulated amortization
            (4,937 )     (2,853 )
                         
              18,489       21,773  
Unamortized intangible assets:
                       
Trademarks
            3,800       3,800  
Exchange rate fluctuations
                  (148 )
                         
Intangible assets
          $ 22,289     $ 25,425  
                         
 
 
(1) During fiscal 2011, the Company wrote-off a trademark no longer in use with a net book value of $0.9 million, which is included as a component of general and administrative expenses in the accompanying consolidated statements of operations.
 
Amortization expense for amortized intangible assets was $2.4 million, $1.7 million and $0.7 million during fiscal 2011, 2010 and 2009, respectively. Estimated annual amortization expense related to amortizing intangible assets is as follows:
 
         
    Estimated
 
    Annual
 
    Amortization
 
Year Ending April 30,   Expense  
    (In thousands)  
 
2012
  $ 2,163  
2013
    2,151  
2014
    2,086  
2015
    1,836  
2016
    1,561  
Thereafter
    8,692  
         
    $ 18,489  
         
 
All amortizable intangible assets will be fully amortized by the end of fiscal 2032.