SEGMENT REPORTING

12 Months Ended

Jan. 31, 2024

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 17 – 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 Fiscal 2024, intersegment revenues were not material. For Fiscal 2023 and 2022, intersegment revenues totaled approximately $0.6 million and $2.8 million, respectively. Intersegment revenues for the aforementioned periods primarily related to services provided by the industrial construction services segment 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 Fiscal 2024, Fiscal 2023 and Fiscal 2022. The “Other” column in each summary includes the Company’s corporate expenses.

Year Ended	Power		Industrial		Telecom
January 31, 2024	Services		Services		Services		Other		Totals
Revenues	$	416,281	$	142,801	$	14,251	$	—	$	573,333
Cost of revenues		357,705		124,321		10,473		—		492,499
Gross profit		58,576		18,480		3,778		—		80,834
Selling, general and administrative expenses		24,274		6,440		2,469		11,193		44,376
Income (loss) from operations		34,302		12,040		1,309		(11,193)		36,458
Other income (loss), net		13,871		—		(3)		(1,393)		12,475
Income (loss) before income taxes	$	48,173	$	12,040	$	1,306	$	(12,586)		48,933
Income tax expense										16,575
Net income									$	32,358
Amortization of intangibles	$	—	$	392	$	—	$	—	$	392
Depreciation		527		1,073		409		4		2,013
Property, plant and equipment additions		1,266		1,014		473		3		2,756
Current assets	$	383,508	$	59,123	$	3,872	$	100,676	$	547,179
Current liabilities		256,975		41,869		1,591		1,825		302,260
Goodwill		18,476		9,467		90		—		28,033
Total assets		411,571		76,012		6,703		103,943		598,229

Year Ended	Power		Industrial		Telecom
January 31, 2023	Services		Services		Services		Other		Totals
Revenues	$	346,033	$	92,774	$	16,233	$	—	$	455,040
Cost of revenues		277,402		78,034		13,243		—		368,679
Gross profit		68,631		14,740		2,990		—		86,361
Selling, general and administrative expenses		22,635		7,900		3,353		10,804		44,692
Income (loss) from operations		45,996		6,840		(363)		(10,804)		41,669
Other income, net		3,829		—		3		499		4,331
Income (loss) before income taxes	$	49,825	$	6,840	$	(360)	$	(10,305)		46,000
Income tax expense										11,296
Net income									$	34,704
Amortization of intangibles	$	—	$	618	$	114	$	—	$	732
Depreciation		567		1,978		434		4		2,983
Property, plant and equipment additions		1,450		1,717		189		16		3,372
Current assets	$	307,742	$	42,488	$	3,900	$	84,572	$	438,702
Current liabilities		170,164		29,550		1,317		1,472		202,503
Goodwill		18,476		9,467		90		—		28,033
Total assets		334,593		60,038		7,153		87,703		489,487

Year Ended	Power		Industrial		Telecom
January 31, 2022	Services		Services		Services		Other		Totals
Revenues	$	398,089	$	97,890	$	13,391	$	—	$	509,370
Cost of revenues		317,130		81,391		11,117		—		409,638
Gross profit		80,959		16,499		2,274		—		99,732
Selling, general and administrative expenses		28,323		8,167		2,146		8,685		47,321
Impairment losses		7,901		—		—		—		7,901
Income (loss) from operations		44,735		8,332		128		(8,685)		44,510
Other income, net		2,545		—		—		7		2,552
Income (loss) before income taxes	$	47,280	$	8,332	$	128	$	(8,678)		47,062
Income tax expense										11,356
Net income									$	35,706
Amortization of intangibles	$	208	$	662	$	—	$	—	$	870
Depreciation		605		2,325		433		4		3,367
Property, plant and equipment additions		713		107		597		5		1,422
Current assets	$	322,448	$	25,681	$	2,957	$	156,198	$	507,284
Current liabilities		209,829		9,534		1,916		1,748		223,027
Goodwill		18,476		9,467		90		—		28,033
Total assets		345,956		44,002		6,741		156,886		553,585