CUSTOMER CONCENTRATIONS

3 Months Ended

Apr. 30, 2020

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS

NOTE 13 – CUSTOMER CONCENTRATIONS

The majority of the Company’s consolidated revenues relate to performance by the power industry services segment which provided 81% and 41% of consolidated revenues for the three months ended April 30, 2020 and 2019, respectively. The industrial services segment represented 16% and 55% of consolidated revenues for the three months ended April 30, 2020 and 2019, respectively.

The Company’s most significant customer relationships for the three months ended April 30, 2020 included two power industry service customers, which accounted for 61% and 17% of consolidated revenues, respectively. The Company’s most significant customer relationships for the three months ended April 30, 2019 included two power industry service customers which accounted for 17% and 14% of consolidated revenues, respectively.

The accounts receivable balance from one major customer represented 33% of the corresponding consolidated balance as of April 30, 2020, and accounts receivable balances from three major customers represented 24%,  21% and 12% of the corresponding consolidated balance as of January 31, 2020.

Invoiced amounts retained by three project owners were $10.3 million, $5.9 million and $4.0 million as of April 30, 2020, respectively, which in the aggregate represented 96% of the total customer retention amount at that date. Amounts retained by three project owners were $6.5 million, $5.9 million and $4.0 million as of January 31, 2020, respectively, which in the aggregate represented 82% of the total customer retention amount at that date. Retained amounts may be included in contract assets or reflected as contract liability reductions, depending on individual customer contract positions, as described in Note 2.