SEGMENT REPORTING

6 Months Ended

Jul. 31, 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 and six months ended July 31, 2024, intersegment revenues were $1.4 million. For the three and six months ended July 31, 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 and six months ended July 31, 2024 and 2023. The “Other” column in each summary includes the Company’s corporate expenses.

Three Months Ended	Power		Industrial		Telecom
July 31, 2024	Services		Services		Services		Other		Totals
Revenues	$	173,760	$	49,642	$	3,613	$	—	$	227,015
Cost of revenues		150,233		43,200		2,477		—		195,910
Gross profit		23,527		6,442		1,136		—		31,105
Selling, general and administrative expenses		7,192		1,965		669		2,602		12,428
Income (loss) from operations		16,335		4,477		467		(2,602)		18,677
Other income, net		4,707		—		3		894		5,604
Income (loss) before income taxes	$	21,042	$	4,477	$	470	$	(1,708)		24,281
Income tax expense										6,083
Net income									$	18,198
Amortization of intangibles	$	—	$	98	$	—	$	—	$	98
Depreciation		148		210		104		1		463
Property, plant and equipment additions		1,947		241		161		—		2,349
Current assets	$	476,912	$	55,175	$	4,405	$	138,462	$	674,954
Current liabilities		384,477		27,817		1,331		1,502		415,127
Goodwill		18,476		9,467		90		—		28,033
Total assets		506,365		71,787		7,041		141,381		726,574

Three Months Ended	Power		Industrial		Telecom
July 31, 2023	Services		Services		Services		Other		Totals
Revenues	$	105,345	$	32,756	$	3,248	$	—	$	141,349
Cost of revenues		87,094		28,076		2,437		—		117,607
Gross profit		18,251		4,680		811		—		23,742
Selling, general and administrative expenses		5,596		1,446		727		2,732		10,501
Income (loss) from operations		12,655		3,234		84		(2,732)		13,241
Other income (loss), net		3,607		—		(3)		514		4,118
Income (loss) before income taxes	$	16,262	$	3,234	$	81	$	(2,218)		17,359
Income tax expense										4,592
Net income									$	12,767
Amortization of intangibles	$	—	$	98	$	—	$	—	$	98
Depreciation		128		260		99		1		488
Property, plant and equipment additions		148		220		18		—		386
Current assets	$	319,196	$	45,590	$	4,273	$	86,073	$	455,132
Current liabilities		183,405		28,996		1,717		1,488		215,606
Goodwill		18,476		9,467		90		—		28,033
Total assets		346,192		63,074		7,264		89,178		505,708

Six Months Ended	Power		Industrial		Telecom
July 31, 2024	Services		Services		Services		Other		Totals
Revenues	$	284,026	$	93,341	$	7,330	$	—	$	384,697
Cost of revenues		249,225		81,079		5,344		—		335,648
Gross profit		34,801		12,262		1,986		—		49,049
Selling, general and administrative expenses		13,320		3,838		1,279		5,416		23,853
Income (loss) from operations		21,481		8,424		707		(5,416)		25,196
Other income, net		8,768		1		3		1,626		10,398
Income (loss) before income taxes	$	30,249	$	8,425	$	710	$	(3,790)		35,594
Income tax expense										9,514
Net income									$	26,080
Amortization of intangibles	$	—	$	195	$	—	$	—	$	195
Depreciation		285		455		201		2		943
Property, plant and equipment additions		2,219		273		179		—		2,671

Six Months Ended	Power		Industrial		Telecom
July 31, 2023	Services		Services		Services		Other		Totals
Revenues	$	175,521	$	63,063	$	6,440	$	—	$	245,024
Cost of revenues		147,429		54,638		4,991		—		207,058
Gross profit		28,092		8,425		1,449		—		37,966
Selling, general and administrative expenses		11,310		2,906		1,430		5,446		21,092
Income (loss) from operations		16,782		5,519		19		(5,446)		16,874
Other income (loss), net		5,697		—		(3)		(2,205)		3,489
Income (loss) before income taxes	$	22,479	$	5,519	$	16	$	(7,651)		20,363
Income tax expense										5,487
Net income									$	14,876
Amortization of intangibles	$	—	$	196	$	—	$	—	$	196
Depreciation		256		564		213		2		1,035
Property, plant and equipment additions		537		476		18		—		1,031