NOTE 16 – SEGMENT REPORTING

Segments represent components of an enterprise for which discrete financial information is available that is evaluated regularly by the Company’s chief executive officer, who is the chief operating decision maker, in determining how to allocate resources and in assessing performance. The Company’s reportable segments recognize revenues and incur expenses, 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 Fiscal 2020, 2019 and 2018, intersegment revenues totaled approximately $3.3 million, $0.8 million and $2.2 million, respectively. Intersegment revenues for the aforementioned periods primarily related to services provided between the industrial fabrication and field services segment and the power industry services segment and were based on prices negotiated by the parties.

Summarized below are certain operating results and financial position data of the Company’s reportable business segments for Fiscal 2020, 2019 and 2018. The “Other” column in each summary includes the Company’s corporate expenses.


Year Ended January 31, 2020
	Power		Industrial		Telecom
	Services		Services		Services		Other		Totals
Revenues	$	135,729	$	94,682	$	8,586	$	—	$	238,997
Cost of revenues		152,854		85,859		7,104		—		245,817
Gross (loss) profit		(17,125)		8,823		1,482		—		(6,820)
Selling, general and administrative expenses		26,835		7,810		2,135		7,345		44,125
Impairment losses		2,072		2,823		—		—		4,895
Loss from operations		(46,032)		(1,810)		(653)		(7,345)		(55,840)
Other income, net		7,535		—		—		540		8,075
Loss before income taxes	$	(38,497)	$	(1,810)	$	(653)	$	(6,805)		(47,765)
Income tax benefit										7,053
Net loss									$	(40,712)

Depreciation	$	694	$	2,418	$	396	$	5	$	3,513
Amortization of intangibles		291		664		181		—		1,136
Property, plant and equipment additions		5,069		1,638		340		11		7,058

Current assets	$	320,257	$	21,766	$	2,938	$	76,794	$	421,755
Current liabilities		135,518		6,441		796		1,279		144,034
Goodwill		18,476		9,467		—		—		27,943
Total assets		352,034		46,321		4,549		84,636		487,540


Year Ended January 31, 2019
	Power		Industrial		Telecom
	Services		Services		Services		Other		Totals
Revenues	$	367,812	$	101,673	$	12,668	$	—	$	482,153
Cost of revenues		297,931		92,097		9,687		—		399,715
Gross profit		69,881		9,576		2,981		—		82,438
Selling, general and administrative expenses		23,741		7,904		1,788		7,277		40,710
Impairment loss		—		1,491		—		—		1,491
Income (loss) from operations		46,140		181		1,193		(7,277)		40,237
Other income, net		5,120		1,400		—		461		6,981
Income (loss) before income taxes	$	51,260	$	1,581	$	1,193	$	(6,816)		47,218
Income tax benefit										4,651
Net income									$	51,869

Depreciation	$	749	$	2,293	$	366	$	14	$	3,422
Amortization of intangibles		350		662		—		—		1,012
Property, plant and equipment additions		3,156		4,750		690		3		8,599

Current assets	$	317,708	$	28,878	$	3,691	$	66,071	$	416,348

Current liabilities		66,085		13,384		879		968		81,316
Goodwill		20,548		12,290		—		—		32,838
Total assets		347,189		57,168		5,272		67,019		476,648


Year Ended January 31, 2018
	Power		Industrial		Telecom
	Services		Services		Services		Other		Totals
Revenues	$	814,544	$	65,303	$	12,968	$	—	$	892,815
Cost of revenues		675,362		58,283		9,845		—		743,490
Gross profit		139,182		7,020		3,123		—		149,325
Selling, general and administrative expenses		23,356		7,401		1,395		9,612		41,764
Impairment loss		—		584		—		—		584
Income (loss) from operations		115,826		(965)		1,728		(9,612)		106,977
Other income, net		5,391		—		—		257		5,648
Income (loss) before income taxes	$	121,217	$	(965)	$	1,728	$	(9,355)		112,625
Income tax expense										(40,279)
Net income									$	72,346

Depreciation	$	885	$	1,607	$	274	$	13	$	2,779
Amortization of intangibles		350		682		—		—		1,032
Property, plant and equipment additions		1,362		2,837		625		2		4,826

Goodwill	$	20,548	$	13,781	$	—	$	—	$	34,329
Total assets		432,932		44,849		4,873		60,015		542,669