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SEGMENT REPORTING
 9 Months Ended
Oct. 31, 2015
SEGMENT REPORTING  
SEGMENT REPORTING

 

NOTE 17 — SEGMENT REPORTING

 

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s reportable segments are organized in separate business units with different management teams, customers, technologies and services and may include more than one operating segment.

 

Presented below are summarized operating results and certain financial position data of the Company’s reportable segments for the three months ended October 31, 2015 and 2014. The “Other” columns include the Company’s corporate and unallocated expenses.

 

Three Months Ended October 31, 2015

 

Power 
Industry 
Services

 

Telecom
Infrastructure
Services

 

Other

 

Consolidated

 

Revenues

 

$
111,592,000

 

$
2,375,000

 

$

—

 

$
113,967,000

 

Cost of revenues

 
86,103,000

 
1,602,000

 

—

 
87,705,000

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
25,489,000

 
773,000

 

—

 
26,262,000

 

Selling, general and administrative expenses

 
3,240,000

 
303,000

 
2,047,000

 
5,590,000

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
22,249,000

 
470,000

 
(2,047,000

)
20,672,000

 

Other income, net

 
304,000

 

—

 
428,000

 
732,000

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
22,553,000

 

$
470,000

 

$
(1,619,000

)
21,404,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 
7,045,000

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

$
14,359,000

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangibles

 

$
119,000

 

$

—

 

$

—

 

$
119,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$
143,000

 

$
40,000

 

$
3,000

 

$
186,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

$
146,000

 

$
9,000

 

$
3,000

 

$
158,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$
22,525,000

 

$

—

 

$

—

 

$
22,525,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$
288,988,000

 

$
2,694,000

 

$
73,581,000

 

$
365,263,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 31, 2014

 

Power 
Industry 
Services

 

Telecom
Infrastructure
Services

 

Other

 

Consolidated

 

Revenues

 

$
125,660,000

 

$
1,904,000

 

$

—

 

$
127,564,000

 

Cost of revenues

 
95,863,000

 
1,388,000

 

—

 
97,251,000

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
29,797,000

 
516,000

 

—

 
30,313,000

 

Selling, general and administrative expenses

 
3,486,000

 
311,000

 
1,676,000

 
5,473,000

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
26,311,000

 
205,000

 
(1,676,000

)
24,840,000

 

Other income, net

 
98,000

 

—

 
1,000

 
99,000

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
26,409,000

 

$
205,000

 

$
(1,675,000

)
24,939,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 
8,180,000

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

$
16,759,000

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangibles

 

$
61,000

 

$

—

 

$

—

 

$
61,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$
94,000

 

$
43,000

 

$
3,000

 

$
140,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

$
1,629,000

 

$
14,000

 

$

—

 

$
1,643,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$
18,476,000

 

$

—

 

$

—

 

$
18,476,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$
350,289,000

 

$
2,833,000

 

$
61,256,000

 

$
414,378,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Presented below are summarized operating results of the Company’s reportable segments for the nine months ended October 31, 2015 and 2014. As above, the “Other” columns include the Company’s corporate and unallocated expenses.

 

Nine Months Ended October 31, 2015

 

Power 
Industry 
Services

 

Telecom
Infrastructure
Services

 

Other

 

Consolidated

 

Revenues

 

$
287,947,000

 

$
8,941,000

 

$

—

 

$
296,888,000

 

Cost of revenues

 
214,618,000

 
6,348,000

 

—

 
220,966,000

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
73,329,000

 
2,593,000

 

—

 
75,922,000

 

Selling, general and administrative expenses

 
9,671,000

 
1,022,000

 
5,284,000

 
15,977,000

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
63,658,000

 
1,571,000

 
(5,284,000

)
59,945,000

 

Other income, net

 
683,000

 

—

 
261,000

 
944,000

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
64,341,000

 

$
1,571,000

 

$
(5,023,000

)
60,889,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 
19,845,000

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

$
41,044,000

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangibles

 

$
283,000

 

$

—

 

$

—

 

$
283,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$
312,000

 

$
123,000

 

$
9,000

 

$
444,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

$
2,566,000

 

$
100,000

 

$
5,000

 

$
2,671,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended October 31, 2014

 

Power 
Industry 
Services

 

Telecom
Infrastructure
Services

 

Other

 

Consolidated

 

Revenues

 

$
275,902,000

 

$
4,883,000

 

$

—

 

$
280,785,000

 

Cost of revenues

 
215,174,000

 
3,684,000

 

—

 
218,858,000

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
60,728,000

 
1,199,000

 

—

 
61,927,000

 

Selling, general and administrative expenses

 
8,042,000

 
971,000

 
4,319,000

 
13,332,000

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
52,686,000

 
228,000

 
(4,319,000

)
48,595,000

 

Other income, net

 
160,000

 

—

 
2,000

 
162,000

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
52,846,000

 

$
228,000

 

$
(4,317,000

)
48,757,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 
15,177,000

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

$
33,580,000

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangibles

 

$
182,000

 

$

—

 

$

—

 

$
182,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$
286,000

 

$
129,000

 

$
8,000

 

$
423,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

$
1,718,000

 

$
74,000

 

$
50,000

 

$
1,842,000