SEGMENT REPORTING

3 Months Ended

Apr. 30, 2025

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 chief operating decision maker (the “CODM”), in determining how to allocate resources and in assessing performance. The CODM uses income before income taxes to assess the performance of the Company’s business segments and make determinations on the allocation of resources. The Company’s reportable segments recognize revenues and incur expenses, and they are organized in separate business units with different management teams, customers, talents, and services. The Company’s reportable segments 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, 2025 intersegment revenues were $1.9 million. For the three months ended April 30, 2024, intersegment revenues were not material. Intersegment revenues for the aforementioned periods 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 the three months ended April 30, 2025 and 2024. Selling, general and administrative expenses include compensation and benefits expenses, professional fees, information technology expenses, insurance premiums, rent expense, business development expenses, amortization and depreciation. Other income, net, primarily includes earnings on invested funds. The “Other” column in each summary includes the Company’s corporate expenses.

Three Months Ended	Power		Industrial		Telecom
April 30, 2025	Services		Services		Services		Other		Totals
Revenues	$	160,356	$	29,184	$	4,120	$	—	$	193,660
Cost of revenues		127,386		26,033		3,378		—		156,797
Gross profit		32,970		3,151		742		—		36,863
Selling, general and administrative expenses		6,786		1,612		918		3,205		12,521
Income (loss) from operations		26,184		1,539		(176)		(3,205)		24,342
Other income, net		4,372		—		32		1,040		5,444
Income (loss) before income taxes	$	30,556	$	1,539	$	(144)	$	(2,165)		29,786
Income tax expense										7,236
Net income									$	22,550
Amortization of intangibles	$	—	$	98	$	—	$	—	$	98
Depreciation		160		160		92		3		415
Property, plant and equipment additions		215		12		88		80		395
Current assets	$	542,993	$	43,147	$	5,956	$	145,981	$	738,077
Current liabilities		398,610		19,095		3,962		1,283		422,950
Goodwill		18,476		9,467		90		—		28,033
Total assets		577,692		58,995		8,672		146,796		792,155

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