SEGMENT REPORTING

6 Months Ended

Jul. 31, 2023

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, 2023 and 2022, intersegment revenues were not material.

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, 2023 and 2022. The “Other” column in each summary includes the Company’s corporate expenses.

Three Months Ended	Power		Industrial		Telecom
July 31, 2023	Services		Services		Services		Other		Totals
Revenues	$	105,345	$	32,756	$	3,248	$	—	$	141,349
Cost of revenues		87,094		28,076		2,437		—		117,607
Gross profit		18,251		4,680		811		—		23,742
Selling, general and administrative expenses		5,596		1,446		727		2,732		10,501
Income (loss) from operations		12,655		3,234		84		(2,732)		13,241
Other income (loss), net		3,607		—		(3)		514		4,118
Income (loss) before income taxes	$	16,262	$	3,234	$	81	$	(2,218)		17,359
Income tax expense										4,592
Net income									$	12,767
Amortization of intangibles	$	—	$	98	$	—	$	—	$	98
Depreciation		128		260		99		1		488
Property, plant and equipment additions		148		220		18		—		386
Current assets	$	319,196	$	45,590	$	4,273	$	86,073	$	455,132
Current liabilities		183,405		28,996		1,717		1,488		215,606
Goodwill		18,476		9,467		90		—		28,033
Total assets		346,192		63,074		7,264		89,178		505,708

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 (loss), 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

Six Months Ended	Power		Industrial		Telecom
July 31, 2023	Services		Services		Services		Other		Totals
Revenues	$	175,521	$	63,063	$	6,440	$	—	$	245,024
Cost of revenues		147,429		54,638		4,991		—		207,058
Gross profit		28,092		8,425		1,449		—		37,966
Selling, general and administrative expenses		11,310		2,906		1,430		5,446		21,092
Income (loss) from operations		16,782		5,519		19		(5,446)		16,874
Other income (loss), net		5,697		—		(3)		(2,205)		3,489
Income (loss) before income taxes	$	22,479	$	5,519	$	16	$	(7,651)		20,363
Income tax expense										5,487
Net income									$	14,876
Amortization of intangibles	$	—	$	196	$	—	$	—	$	196
Depreciation		256		564		213		2		1,035
Property, plant and equipment additions		537		476		18		—		1,031

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, 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