SEGMENT REPORTING

3 Months Ended

Apr. 30, 2024

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 15 – 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 CODM, 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 ended April 30, 2024 and 2023, 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 months ended April 30, 2024 and 2023. The “Other” column in each summary includes the Company’s corporate expenses.

Three Months Ended	Power		Industrial		Telecom
April 30, 2024	Services		Services		Services		Other		Totals
Revenues	$	110,266	$	43,699	$	3,717	$	—	$	157,682
Cost of revenues		98,992		37,879		2,867		—		139,738
Gross profit		11,274		5,820		850		—		17,944
Selling, general and administrative expenses		6,128		1,873		610		2,814		11,425
Income (loss) from operations		5,146		3,947		240		(2,814)		6,519
Other income, net		4,061		1		—		732		4,794
Income (loss) before income taxes	$	9,207	$	3,948	$	240	$	(2,082)		11,313
Income tax expense										3,431
Net income									$	7,882
Amortization of intangibles	$	—	$	97	$	—	$	—	$	97
Depreciation		137		245		97		1		480
Property, plant and equipment additions		272		32		18		—		322
Current assets	$	416,117	$	54,170	$	3,844	$	100,195	$	574,326
Current liabilities		293,979		29,642		1,372		2,605		327,598
Goodwill		18,476		9,467		90		—		28,033
Total assets		443,920		70,792		6,516		103,180		624,408

Three Months Ended	Power		Industrial		Telecom
April 30, 2023	Services		Services		Services		Other		Totals
Revenues	$	70,176	$	30,307	$	3,192	$	—	$	103,675
Cost of revenues		60,335		26,562		2,554		—		89,451
Gross profit		9,841		3,745		638		—		14,224
Selling, general and administrative expenses		5,714		1,460		703		2,714		10,591
Income (loss) from operations		4,127		2,285		(65)		(2,714)		3,633
Other income (loss), net		2,090		—		—		(2,719)		(629)
Income (loss) before income taxes	$	6,217	$	2,285	$	(65)	$	(5,433)		3,004
Income tax expense										895
Net income									$	2,109
Amortization of intangibles	$	—	$	98	$	—	$	—	$	98
Depreciation		128		304		114		1		547
Property, plant and equipment additions		389		256		—		—		645
Current assets	$	303,596	$	43,946	$	3,985	$	73,474	$	425,001
Current liabilities		160,564		29,226		1,172		1,435		192,397
Goodwill		18,476		9,467		90		—		28,033
Total assets		330,736		61,421		7,071		76,466		475,694