SEGMENT REPORTING

9 Months Ended

Oct. 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 nine months ended October 31, 2022, intersegment revenues were $0.3 million and $0.6 million, respectively. For the nine months ended October 31, 2021, intersegment revenues totaled approximately $2.7 million; such revenues for the three months ended October 31, 2021 were not material.

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, 2022 and 2021. The “Other” column in each summary includes the Company’s corporate expenses.

Three Months Ended	Power		Industrial		Telecom
October 31, 2022	Services		Services		Services		Other		Totals
Revenues	$	90,682	$	22,137	$	5,056	$	—	$	117,875
Cost of revenues		72,725		18,737		4,205		—		95,667
Gross profit		17,957		3,400		851		—		22,208
Selling, general and administrative expenses		6,745		1,823		796		3,303		12,667
Income (loss) from operations		11,212		1,577		55		(3,303)		9,541
Other income, net		592		—		—		176		768
Income (loss) before income taxes	$	11,804	$	1,577	$	55	$	(3,127)		10,309
Income tax expense										(2,551)
Net income									$	7,758
Amortization of intangibles	$	—	$	166	$	46	$	—	$	212
Depreciation		142		501		96		1		740
Property, plant and equipment additions		774		928		238		4		1,944
Current assets	$	237,575	$	31,355	$	4,076	$	91,959	$	364,965
Current liabilities		110,383		21,560		1,420		1,179		134,542
Goodwill		18,476		9,467		90		—		28,033
Total assets		261,994		48,766		7,434		92,709		410,903

Three Months Ended	Power		Industrial		Telecom
October 31, 2021	Services		Services		Services		Other		Totals
Revenues	$	99,560	$	21,402	$	3,489	$	—	$	124,451
Cost of revenues		76,517		18,703		3,096		—		98,316
Gross profit		23,043		2,699		393		—		26,135
Selling, general and administrative expenses		6,770		2,158		558		2,104		11,590
Income (loss) from operations		16,273		541		(165)		(2,104)		14,545
Other income, net		1,116		—		—		1		1,117
Income (loss) before income taxes	$	17,389	$	541	$	(165)	$	(2,103)		15,662
Income tax expense										(3,269)
Net income									$	12,393
Amortization of intangibles	$	61	$	166	$	—	$	—	$	227
Depreciation		145		564		109		1		819
Property, plant and equipment additions		36		60		223		2		321
Current assets	$	374,370	$	24,029	$	3,329	$	157,991	$	559,719
Current liabilities		247,693		9,015		1,696		641		259,045
Goodwill		18,476		9,467		—		—		27,943
Total assets		406,261		42,833		5,765		158,294		613,153

Nine Months Ended	Power		Industrial		Telecom
October 31, 2022	Services		Services		Services		Other		Totals
Revenues	$	255,958	$	67,660	$	12,644	$	—	$	336,262
Cost of revenues		202,985		56,968		9,976		—		269,929
Gross profit		52,973		10,692		2,668		—		66,333
Selling, general and administrative expenses		18,418		5,267		2,369		8,172		34,226
Income (loss) from operations		34,555		5,425		299		(8,172)		32,107
Other income, net		1,613		—		1		254		1,868
Income (loss) before income taxes	$	36,168	$	5,425	$	300	$	(7,918)		33,975
Income tax expense										(14,510)
Net income									$	19,465
Amortization of intangibles	$	—	$	497	$	114	$	—	$	611
Depreciation		422		1,553		318		3		2,296
Property, plant and equipment additions		868		1,415		295		4		2,582

For the nine months ended October 31, 2022, property, plant and equipment additions primarily consisted of building improvements made by TRC to its fabrication facility in connection with a plant consolidation and the purchase of office space by APC for its headquarters staff in Limerick, Ireland.

Nine Months Ended	Power		Industrial		Telecom
October 31, 2021	Services		Services		Services		Other		Totals
Revenues	$	295,736	$	78,213	$	9,851	$	—	$	383,800
Cost of revenues		233,682		64,519		8,098		—		306,299
Gross profit		62,054		13,694		1,753		—		77,501
Selling, general and administrative expenses		17,976		6,017		1,528		6,292		31,813
Income (loss) from operations		44,078		7,677		225		(6,292)		45,688
Other income, net		1,564		—		—		5		1,569
Income (loss) before income taxes	$	45,642	$	7,677	$	225	$	(6,287)		47,257
Income tax expense										(11,228)
Net income									$	36,029
Amortization of intangibles	$	183	$	497	$	—	$	—	$	680
Depreciation		464		1,764		329		3		2,560
Property, plant and equipment additions		464		76		578		5		1,123