NOTE 15 — SEGMENT REPORTING

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s reportable segments, power industry services, industrial fabrication and field services, and telecommunications infrastructure services, are organized in separate business units with different management teams, customers, talents and services, and may include more than one operating segment.

Intersegment revenues and the related cost of revenues, are netted against the corresponding amounts of the segment receiving the intersegment services. For the three and six months ended July 31, 2018, intersegment revenues totaled approximately $0.4 million and $0.4 million, respectively. For the three and six months ended July 31, 2017, intersegment revenues totaled approximately $0.1 million and $1.6 million, respectively. Intersegment revenues for the aforementioned periods primarily related to services provided by the industrial fabrication and field services segment to the power industry services segment and are based on prices negotiated by the parties.

Presented below are summarized operating results and certain financial position data of the Company’s reportable business segments for the three and six months ended July 31, 2018 and 2017. The “Other” column in each summary includes the Company’s corporate and unallocated expenses.

Three Months Ended July 31, 2018	Power Services		Industrial Services		Telecom Services		Other			Totals
Revenues	$	105,051	$	28,037	$	3,582	$	—		$	136,670
Cost of revenues	79,162		24,037		2,763		—			105,962

Gross profit	25,889		4,000		819		—			30,708
Selling, general and administrative expenses	6,153		1,953		388		1,884			10,378

Income (loss) from operations	19,736		2,047		431		(1,884		)	20,330
Other income, net	1,420		1,400		—		108			2,928

Income (loss) before income taxes	$	21,156	$	3,447	$	431	$	(1,776	)	23,258

Income tax expense										6,314

Net income										$	16,944


Amortization of purchased intangible assets	$	88	$	165	$	—	$	—		$	253

Depreciation	189		511		92		4			796

Property, plant and equipment additions	716		711		247		—			1,674


Current assets	$	341,112	$	29,983	$	4,041	$	78,077		$	453,213

Current liabilities	121,620		16,378		902		942			139,842

Goodwill	20,548		13,781		—		—			34,329

Total assets	369,714		60,077		5,676		78,336			513,803

Three Months Ended July 31, 2017	Power Services		Industrial Services			Telecom Services		Other			Totals
Revenues	$	238,850	$	17,058		$	3,895	$	—		$	259,803
Cost of revenues	189,266		16,096			3,034		—			208,396

Gross profit	49,584		962			861		—			51,407
Selling, general and administrative expenses	6,135		1,758			398		2,508			10,799

Income (loss) from operations	43,449		(796		)	463		(2,508		)	40,608
Other income, net	1,250		—			—		61			1,311

Income (loss) before income taxes	$	44,699	$	(796	)	$	463	$	(2,447	)	41,919

Income tax expense											14,601

Net income											$	27,318


Amortization of purchased intangible assets	$	88	$	246		$	—	$	—		$	334

Depreciation	184		384			67		3			638

Property, plant and equipment additions	203		643			93		—			939


Goodwill	$	20,548	$	14,365		$	—	$	—		$	34,913

Total assets (1)	519,518		46,048			4,087		73,668			643,321

(1)

The amount of total assets for each segment has been recast to conform to the presentation as of July 31, 2018.

Six Months Ended July 31, 2018	Power Services		Industrial Services		Telecom Services		Other			Totals
Revenues	$	227,538	$	44,486	$	6,012	$	—		$	278,036
Cost of revenues	187,458		39,686		4,732		—			231,876

Gross profit	40,080		4,800		1,280		—			46,160
Selling, general and administrative expenses	11,385		3,788		850		3,992			20,015

Income (loss) from operations	28,695		1,012		430		(3,992		)	26,145
Other income, net	2,095		1,400		—		197			3,692

Income (loss) before income taxes	$	30,790	$	2,412	$	430	$	(3,795	)	29,837

Income tax expense										8,051

Net income										$	21,786


Amortization of purchased intangible assets	$	175	$	331	$	—	$	—		$	506

Depreciation	365		1,024		171		7			1,567

Property, plant and equipment additions	1,542		3,275		547		1			5,365

Six Months Ended July 31, 2017	Power Services		Industrial Services			Telecom Services		Other			Totals
Revenues	$	449,639	$	33,629		$	7,024	$	—		$	490,292
Cost of revenues	362,515		30,837			5,437		—			398,789

Gross profit	87,124		2,792			1,587		—			91,503
Selling, general and administrative expenses	11,340		3,404			711		4,834			20,289

Income (loss) from operations	75,784		(612		)	876		(4,834		)	71,214
Other income, net	2,420		—			—		109			2,529

Income (loss) before income taxes	$	78,204	$	(612	)	$	876	$	(4,725	)	73,743

Income tax expense											25,676

Net income											$	48,067


Amortization of purchased intangible assets	$	175	$	343		$	—	$	—		$	518

Depreciation	354		719			131		6			1,210

Property, plant and equipment additions	215		2,337			248		2			2,802