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SEGMENT REPORTING
 9 Months Ended
Oct. 31, 2016
SEGMENT REPORTING  
SEGMENT REPORTING

NOTE 16 — 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, power industry services, industrial fabrication and field services, and telecommunications infrastructure services, 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 business segments for the three and nine months ended October 31, 2016 and 2015. The “Other” columns include the Company’s corporate and unallocated expenses. With the acquisition of TRC in December 2015, the Company began operations in a new reportable segment, Industrial Fabrication and Field Services (see Note 3). Accordingly, financial information has been presented for this reportable segment for the three and nine months ended October 31, 2016, and there is no information to be presented for this segment in the table below for the comparable prior year periods.

 

Three Months Ended October 31, 2016

 

Power
Services

 

Industrial
Services

 

Telecom
Services

 

Other

 

Totals

 

Revenues

 

$
151,094

 

$
21,550

 

$
2,800

 

$

—

 

$
175,444

 

Cost of revenues

 
118,407

 
18,386

 
2,073

 

—

 
138,866

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
32,687

 
3,164

 
727

 

—

 
36,578

 

Selling, general and administrative expenses

 
6,391

 
1,410

 
316

 
1,731

 
9,848

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
26,296

 
1,754

 
411

 
(1,731

)
26,730

 

Other income, net

 
654

 

—

 

—

 
36

 
690

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
26,950

 

$
1,754

 

$
411

 

$
(1,695

)
27,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 
8,194

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

$
19,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangibles

 

$
135

 

$
97

 

$

—

 

$

—

 

$
232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 
169

 
302

 
51

 
3

 
525

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 
101

 
481

 
286

 

—

 
868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

$
410,143

 

$
19,269

 

$
2,649

 

$
67,909

 

$
499,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 
275,052

 
13,336

 
1,006

 
1,139

 
290,533

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 
20,548

 
14,365

 

—

 

—

 
34,913

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 
435,208

 
50,363

 
3,297

 
69,975

 
558,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 31, 2015

 

Power
Services

 

Telecom
Services

 

Other

 

Totals

 

Revenues

 

$
111,592

 

$
2,375

 

$

—

 

$
113,967

 

Cost of revenues

 
86,103

 
1,602

 

—

 
87,705

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
25,489

 
773

 

—

 
26,262

 

Selling, general and administrative expenses

 
3,240

 
303

 
2,047

 
5,590

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
22,249

 
470

 
(2,047

)
20,672

 

Other income, net

 
304

 

—

 
428

 
732

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
22,553

 

$
470

 

$
(1,619

)
21,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 
7,045

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

$
14,359

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangibles

 

$
119

 

$

—

 

$

—

 

$
119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 
143

 
40

 
3

 
186

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 
146

 
9

 
3

 
158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$
22,525

 

$

—

 

$

—

 

$
22,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 
288,988

 
2,694

 
73,581

 
365,263

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended October 31, 2016

 

Power
Services

 

Industrial
Services

 

Telecom
Services

 

Other

 

Totals

 

Revenues

 

$
402,615

 

$
59,287

 

$
6,385

 

$

—

 

$
468,287

 

Cost of revenues

 
302,140

 
52,491

 
4,764

 

—

 
359,395

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
100,475

 
6,796

 
1,621

 

—

 
108,892

 

Impairment loss

 
1,979

 

—

 

—

 

—

 
1,979

 

Selling, general and administrative expenses

 
13,688

 
4,532

 
944

 
5,265

 
24,429

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
84,808

 
2,264

 
677

 
(5,265

)
82,484

 

Other income, net

 
1,192

 

—

 

—

 
91

 
1,283

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
86,000

 

$
2,264

 

$
677

 

$
(5,174

)
83,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 
27,122

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

$
56,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangibles

 

$
385

 

$
367

 

$

—

 

$

—

 

$
752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 
459

 
841

 
135

 
9

 
1,444

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 
974

 
1,082

 
468

 
2

 
2,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended October 31, 2015

 

Power
Services

 

Telecom
Services

 

Other

 

Totals

 

Revenues

 

$
287,947

 

$
8,941

 

$

—

 

$
296,888

 

Cost of revenues

 
214,618

 
6,348

 

—

 
220,966

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
73,329

 
2,593

 

—

 
75,922

 

Selling, general and administrative expenses

 
9,671

 
1,022

 
5,284

 
15,977

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
63,658

 
1,571

 
(5,284

)
59,945

 

Other income, net

 
683

 

—

 
261

 
944

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
64,341

 

$
1,571

 

$
(5,023

)
60,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 
19,845

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

$
41,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangibles

 

$
283

 

$

—

 

$

—

 

$
283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 
312

 
123

 
9

 
444

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 
2,566

 
100

 
5

 
2,671