Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v2.4.0.6
Goodwill and Intangible Assets (Tables)
12 Months Ended
Apr. 30, 2013
Changes In Carrying Value Of Goodwill By Reportable Segment

Changes in the carrying value of goodwill by reportable segment were as follows:

 

    Executive Recruitment                    
    North
America
    EMEA     Asia
Pacific
    Subtotal     LTC     Futurestep     Consolidated  
    (in thousands)  

Balance as of April 30, 2011

  $ 57,319      $ 53,908      $ 972      $ 112,199      $ 36,251      $ 35,502      $ 183,952   

Additions

                                       343        343   

Deletion(1)

    (586                   (586                   (586

Exchange rate fluctuations

    (1,125     (3,244            (4,369            (3,002     (7,371
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of April 30, 2012

    55,608        50,664        972        107,244        36,251        32,843        176,338   

Additions

                                82,839               82,839   

Exchange rate fluctuations

    (1,095     (400            (1,495            (389     (1,884
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of April 30, 2013

  $ 54,513      $ 50,264      $ 972      $ 105,749      $ 119,090      $ 32,454      $ 257,293   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) During fiscal 2012, the Company sold a majority interest in a previously consolidated subsidiary, requiring the Company to deconsolidate the subsidiary and reduce goodwill by $0.6 million.
Intangible assets

Intangible assets include the following:

 

    Weighted-Average
Amortization Period
    April 30, 2013     April 30, 2012  
          (in thousands)  
           Gross     Accumulated
Amortization
    Net     Gross     Accumulated
Amortization
    Net  

Amortized intangible assets:

             

Customer lists

    10 years      $ 34,899      $ (4,887   $ 30,012      $ 6,399      $ (2,748   $ 3,651   

Proprietary databases

    10 years        4,256        (1,500     2,756        4,256        (1,074     3,182   

Intellectual property

    20 years        22,900        (3,887     19,013        11,400        (2,241     9,159   

Trademarks(1)

    4 years        3,686        (1,331     2,355        1,186        (698     488   

Non-compete agreements

    5 years        810        (510     300        510        (367     143   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    11 years      $ 66,551      $ (12,115     54,436      $ 23,751      $ (7,128     16,623   
   

 

 

   

 

 

     

 

 

   

 

 

   

Unamortized intangible assets:

             

Trademarks

          3,800            3,800   

Exchange rate fluctuations

          (49         (10
       

 

 

       

 

 

 

Intangible assets

        $ 58,187          $ 20,413   
       

 

 

       

 

 

 

 

(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 income.
Estimated Annual Amortization Expense Related To Amortizing Intangible Assets

Estimated annual amortization expense related to amortizing intangible assets is as follows:

 

Year Ending April 30,

   Estimated
Annual
Amortization
Expense
 
     (in thousands)  

2014

   $ 8,592   

2015

     8,156   

2016

     7,017   

2017

     5,696   

2018

     5,008   

Thereafter

     19,967   
  

 

 

 
   $ 54,436