SEGMENT REPORTING

12 Months Ended

Jan. 31, 2022

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 17 – 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 2022, 2021 and 2020, intersegment revenues totaled approximately $2.8 million, $4.3 million and $3.3 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 Fiscal 2022, Fiscal 2021 and Fiscal 2020. The “Other” column in each summary includes the Company’s corporate expenses.

Year Ended	Power		Industrial		Telecom
January 31, 2022	Services		Services		Services		Other		Totals
Revenues	$	398,089	$	97,890	$	13,391	$	—	$	509,370
Cost of revenues		317,130		81,391		11,117		—		409,638
Gross profit		80,959		16,499		2,274		—		99,732
Selling, general and administrative expenses		28,323		8,167		2,146		8,685		47,321
Impairment loss		7,901		—		—		—		7,901
Income (loss) from operations		44,735		8,332		128		(8,685)		44,510
Other income, net		2,545		—		—		7		2,552

Income (loss) before income taxes	$	47,280	$	8,332	$	128	$	(8,678)		47,062
Income tax expense										(11,356)
Net income									$	35,706
Amortization of intangibles	$	208	$	662	$	—	$	—	$	870
Depreciation		605		2,325		433		4		3,367
Property, plant and equipment additions		713		107		597		5		1,422
Current assets	$	322,448	$	25,681	$	2,957	$	156,198	$	507,284
Current liabilities		209,829		9,534		1,916		1,748		223,027
Goodwill		18,476		9,467		90		—		28,033
Total assets		345,956		44,002		6,741		156,886		553,585

Year Ended	Power		Industrial		Telecom
January 31, 2021	Services		Services		Services		Other		Totals
Revenues	$	319,353	$	65,263	$	7,590	$	—	$	392,206
Cost of revenues		266,993		57,257		5,889		—		330,139
Gross profit		52,360		8,006		1,701		—		62,067
Selling, general and administrative expenses		21,795		7,358		1,987		7,901		39,041
Income (loss) from operations		30,565		648		(286)		(7,901)		23,026
Other income, net		1,777		—		—		82		1,859
Income (loss) before income taxes	$	32,342	$	648	$	(286)	$	(7,819)		24,885
Income tax expense										(1,074)
Net income									$	23,811
Amortization of intangibles	$	242	$	662	$	—	$	—	$	904
Depreciation		704		2,592		414		5		3,715
Property, plant and equipment additions		1,043		338		316		—		1,697
Current assets	$	360,552	$	22,014	$	1,959	$	161,695	$	546,220
Current liabilities		261,030		13,119		953		985		276,087
Goodwill		18,476		9,467		—		—		27,943
Total assets		394,014		42,998		3,406		162,212		602,630

Year Ended	Power		Industrial		Telecom
January 31, 2020	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)
Amortization of intangibles	$	291	$	664	$	181	$	—	$	1,136
Depreciation		694		2,418		396		5		3,513
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