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 and nine months ended October 31, 2019, intersegment revenues totaled approximately $1.1 million and $2.5 million, respectively. For the three months and nine months ended October 31, 2018, intersegment revenues totaled approximately $0.4 million and $0.8 million, respectively.

Summarized below are certain operating results and financial position data of the Company’s reportable business segments for the three and nine months ended October 31, 2019 and 2018. The “Other” column in each summary includes the Company’s corporate expenses.


Three Months Ended	Power		Industrial		Telecom
October 31, 2019	Services		Services		Services		Other		Totals
Revenues	$	35,848	$	20,143	$	2,415	$	—	$	58,406
Cost of revenues		31,327		19,159		1,928		—		52,414
Gross profit		4,521		984		487		—		5,992
Selling, general and administrative expenses		7,672		2,018		485		1,960		12,135
(Loss) income from operations		(3,151)		(1,034)		2		(1,960)		(6,143)
Other income, net		3,447		—		—		131		3,578
Income (loss) before income taxes	$	296	$	(1,034)	$	2	$	(1,829)		(2,565)
Income tax expense										(1,996)
Net loss									$	(4,561)

Amortization of purchased intangible assets	$	61	$	166	$	45	$	—	$	272
Depreciation		176		625		97		1		899
Property, plant and equipment additions		2,659		436		170		—		3,265

Current assets	$	292,618	$	28,373	$	2,861	$	82,048	$	405,900
Current liabilities		108,474		8,744		796		943		118,957
Goodwill		18,476		12,290		—		—		30,766
Total assets		324,535		55,814		4,370		87,998		472,717


Three Months Ended	Power		Industrial		Telecom
October 31, 2018	Services		Services		Services		Other		Totals
Revenues	$	88,724	$	24,091	$	3,644	$	—	$	116,459
Cost of revenues		61,943		22,203		2,781		—		86,927
Gross profit		26,781		1,888		863		—		29,532
Selling, general and administrative expenses		7,178		1,910		436		1,623		11,147
Income (loss) from operations		19,603		(22)		427		(1,623)		18,385
Other income, net		1,298		—		—		131		1,429
Income (loss) before income taxes	$	20,901	$	(22)	$	427	$	(1,492)		19,814
Income tax benefit										12,560
Net income									$	32,374

Amortization of purchased intangible assets	$	87	$	166	$	—	$	—	$	253
Depreciation		183		616		96		3		898
Property, plant and equipment additions		776		1,104		119		2		2,001

Current assets	$	347,883	$	30,519	$	3,964	$	57,126	$	439,492
Current liabilities		82,381		15,670		1,075		750		99,876
Goodwill		20,548		13,781		—		—		34,329
Total assets		376,871		60,933		5,623		57,342		500,769


Nine Months Ended	Power		Industrial		Telecom
October 31, 2019	Services		Services		Services		Other		Totals
Revenues	$	83,941	$	80,442	$	6,626	$	—	$	171,009
Cost of revenues		104,759		72,958		5,361		—		183,078
Gross (loss) profit		(20,818)		7,484		1,265		—		(12,069)
Selling, general and administrative expenses		18,977		5,959		1,535		5,290		31,761
Impairment loss		2,072		—		—		—		2,072
(Loss) income from operations		(41,867)		1,525		(270)		(5,290)		(45,902)
Other income, net		7,037		—		—		435		7,472
(Loss) income before income taxes	$	(34,830)	$	1,525	$	(270)	$	(4,855)		(38,430)
Income tax benefit										4,936
Net loss									$	(33,494)

Amortization of purchased intangible assets	$	231	$	497	$	136	$	—	$	864
Depreciation		517		1,791		298		4		2,610
Property, plant and equipment additions		4,533		1,487		277		11		6,308


Nine Months Ended	Power		Industrial		Telecom
October 31, 2018	Services		Services		Services		Other		Totals
Revenues	$	316,262	$	68,577	$	9,656	$	—	$	394,495
Cost of revenues		249,401		61,889		7,513		—		318,803
Gross profit		66,861		6,688		2,143		—		75,692
Selling, general and administrative expenses		18,563		5,698		1,286		5,615		31,162
Income (loss) from operations		48,298		990		857		(5,615)		44,530
Other income, net		3,393		1,400		—		328		5,121
Income (loss) before income taxes	$	51,691	$	2,390	$	857	$	(5,287)		49,651
Income tax benefit										4,509
Net income									$	54,160

Amortization of purchased intangible assets	$	262	$	497	$	—	$	—	$	759
Depreciation		548		1,640		267		10		2,465
Property, plant and equipment additions		2,318		4,379		666		3		7,366