SEGMENT REPORTING

6 Months Ended

Jul. 31, 2022

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 and six months ended July 31, 2022, intersegment revenues were not material. For the three and six months ended July 31, 2021, intersegment revenues were $1.2 million and $3.2 million, respectively, and primarily related to services provided by industrial fabrication and field services 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 and six months ended July 31, 2022 and 2021. The “Other” column in each summary includes the Company’s corporate expenses.

Three Months Ended	Power		Industrial		Telecom
July 31, 2022	Services		Services		Services		Other		Totals
Revenues	$	91,327	$	23,022	$	3,761	$	—	$	118,110
Cost of revenues		71,225		19,551		2,947		—		93,723
Gross profit		20,102		3,471		814		—		24,387
Selling, general and administrative expenses		6,058		1,685		808		2,433		10,984
Income (loss) from operations		14,044		1,786		6		(2,433)		13,403
Other income (expense), net		437		—		(1)		69		505
Income (loss) before income taxes	$	14,481	$	1,786	$	5	$	(2,364)		13,908
Income tax expense										(9,686)
Net income									$	4,222
Amortization of intangibles	$	—	$	165	$	68	$	—	$	233
Depreciation		138		508		100		1		747
Property, plant and equipment additions		42		336		22		—		400
Current assets	$	258,771	$	31,960	$	4,745	$	82,717	$	378,193
Current liabilities		124,320		15,055		1,991		646		142,012
Goodwill		18,476		9,467		90		—		28,033
Total assets		282,783		49,097		8,198		82,992		423,070

Three Months Ended	Power		Industrial		Telecom
July 31, 2021	Services		Services		Services		Other		Totals
Revenues	$	99,004	$	30,153	$	3,851	$	—	$	133,008
Cost of revenues		78,496		23,847		3,013		—		105,356
Gross profit		20,508		6,306		838		—		27,652
Selling, general and administrative expenses		5,751		1,977		484		2,119		10,331
Income (loss) from operations		14,757		4,329		354		(2,119)		17,321
Other income (expense), net		(262)		—		—		2		(260)
Income (loss) before income taxes	$	14,495	$	4,329	$	354	$	(2,117)		17,061
Income tax expense										(4,191)
Net income									$	12,870
Amortization of intangibles	$	61	$	164	$	—	$	—	$	225
Depreciation		153		593		112		1		859
Property, plant and equipment additions		35		7		123		2		167

Current assets	$	389,998	$	29,084	$	3,751	$	174,823	$	597,656
Current liabilities		293,002		12,099		1,563		683		307,347
Goodwill		18,476		9,467		—		—		27,943
Total assets		422,902		48,655		5,274		175,158		651,989

Six Months Ended	Power		Industrial		Telecom
July 31, 2022	Services		Services		Services		Other		Totals
Revenues	$	165,276	$	45,523	$	7,588	$	—	$	218,387
Cost of revenues		130,260		38,231		5,771		—		174,262
Gross profit		35,016		7,292		1,817		—		44,125
Selling, general and administrative expenses		11,673		3,444		1,573		4,869		21,559
Income (loss) from operations		23,343		3,848		244		(4,869)		22,566
Other income (expense), net		1,021		—		1		78		1,100
Income (loss) before income taxes	$	24,364	$	3,848	$	245	$	(4,791)		23,666
Income tax expense										(11,959)
Net income									$	11,707
Amortization of intangibles	$	—	$	331	$	68	$	—	$	399
Depreciation		280		1,052		222		2		1,556
Property, plant and equipment additions		94		487		57		—		638

Six Months Ended	Power		Industrial		Telecom
July 31, 2021	Services		Services		Services		Other		Totals
Revenues	$	196,176	$	56,811	$	6,362	$	—	$	259,349
Cost of revenues		157,165		45,816		5,002		—		207,983
Gross profit		39,011		10,995		1,360		—		51,366
Selling, general and administrative expenses		11,206		3,859		970		4,188		20,223
Income (loss) from operations		27,805		7,136		390		(4,188)		31,143
Other income (expense), net		448		—		—		4		452
Income (loss) before income taxes	$	28,253	$	7,136	$	390	$	(4,184)		31,595
Income tax expense										(7,959)
Net income									$	23,636
Amortization of intangibles	$	122	$	331	$	—	$	—	$	453
Depreciation		319		1,200		220		2		1,741
Property, plant and equipment additions		637		16		355		3		1,011