SEGMENT REPORTING

3 Months Ended

Apr. 30, 2021

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 14 – 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 the three months ended April 30, 2021 and 2020, intersegment revenues totaled approximately $2.0 million and $0.6 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 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 the three months ended April 30, 2021 and 2020. The “Other” column in each summary includes the Company’s corporate expenses.

Three Months Ended	Power		Industrial		Telecom
April 30, 2021	Services		Services		Services		Other		Totals
Revenues	$	97,172	$	26,658	$	2,511	$	—	$	126,341
Cost of revenues		78,669		21,969		1,989		—		102,627
Gross profit		18,503		4,689		522		—		23,714
Selling, general and administrative expenses		5,455		1,882		486		2,069		9,892
Income (loss) from operations		13,048		2,807		36		(2,069)		13,822
Other income, net		710		—		—		2		712
Income (loss) before income taxes	$	13,758	$	2,807	$	36	$	(2,067)		14,534
Income tax expense										(3,768)
Net income									$	10,766
Amortization of intangibles	$	61	$	167	$	—	$	—	$	228
Depreciation		166		607		108		1		882
Property, plant and equipment additions		602		9		232		1		844
Current assets	$	371,827	$	27,422	$	2,433	$	157,349	$	559,031
Current liabilities		265,471		14,796		1,212		1,586		283,065
Goodwill		18,476		9,467		—		—		27,943
Total assets		408,442		47,840		3,974		157,716		617,972

Three Months Ended	Power		Industrial		Telecom
April 30, 2020	Services		Services		Services		Other		Totals
Revenues	$	48,612	$	9,744	$	1,792	$	—	$	60,148
Cost of revenues		45,710		8,982		1,447		—		56,139
Gross profit		2,902		762		345		—		4,009
Selling, general and administrative expenses		5,928		2,123		488		1,805		10,344
Loss from operations		(3,026)		(1,361)		(143)		(1,805)		(6,335)
Other income, net		1,024		—		—		64		1,088
Loss before income taxes	$	(2,002)	$	(1,361)	$	(143)	$	(1,741)		(5,247)
Income tax benefit										4,454
Net loss									$	(793)
Amortization of intangibles	$	60	$	165	$	—	$	—	$	225
Depreciation		170		667		99		1		937
Property, plant and equipment additions		380		210		94		—		684
Current assets	$	316,753	$	22,916	$	2,434	$	113,633	$	455,736
Current liabilities		163,674		8,184		793		455		173,106
Goodwill		18,476		9,467		—		—		27,943
Total assets		348,577		46,411		4,013		113,963		512,964