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SEGMENT REPORTING
 6 Months Ended
Jul. 31, 2017
SEGMENT REPORTING  
SEGMENT REPORTING

NOTE 14 — 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, talents and services, and may include more than one operating segment. The intersegment revenues of our operations, 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, 2017, intersegment revenues totaled approximately $0.1 million and $1.6 million, respectively. For the three and six months ended July 31, 2016, intersegment revenues were insignificant. Intersegment revenues for the aforementioned periods related to services provided by our industrial fabrication and field services segment to our power industry services segment.

 

Presented below are summarized operating results and certain financial position data of the Company’s reportable business segments for the three and six months ended July 31, 2017 and 2016. The “Other” columns include the Company’s corporate and unallocated expenses.

 

Three Months Ended
July 31, 2017

 

Power
Services

 

Industrial
Services

 

Telecom
Services

 

Other

 

Totals

 

Revenues

 

$
238,850

 

$
17,058

 

$
3,895

 

$

—

 

$
259,803

 

Cost of revenues

 
189,266

 
16,096

 
3,034

 

—

 
208,396

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
49,584

 
962

 
861

 

—

 
51,407

 

Selling, general and administrative expenses

 
6,135

 
1,758

 
398

 
2,508

 
10,799

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
43,449

 
(796

)
463

 
(2,508

)
40,608

 

Other income, net

 
1,250

 

—

 

—

 
61

 
1,311

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
44,699

 

$
(796

)

$
463

 

$
(2,447

)
41,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 
14,601

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

$
27,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangible assets

 

$
88

 

$
246

 

$

—

 

$

—

 

$
334

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 
184

 
384

 
67

 
3

 
638

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 
203

 
643

 
93

 

—

 
939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

$
548,115

 

$
18,003

 

$
3,158

 

$
73,351

 

$
642,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 
342,569

 
10,131

 
1,261

 
737

 
354,698

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 
20,548

 
14,365

 

—

 

—

 
34,913

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 
575,617

 
47,490

 
4,197

 
73,668

 
700,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
July 31, 2016

 

Power
Services

 

Industrial
Services

 

Telecom
Services

 

Other

 

Totals

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$
143,422

 

$
17,327

 

$
1,746

 

$

—

 

$
162,495

 

Cost of revenues

 
100,035

 
17,117

 
1,331

 

—

 
118,483

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
43,387

 
210

 
415

 

—

 
44,012

 

Selling, general and administrative expenses

 
4,065

 
1,487

 
301

 
1,681

 
7,534

 

Impairment loss

 
1,979

 

—

 

—

 

—

 
1,979

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
37,343

 
(1,277

)
114

 
(1,681

)
34,499

 

Other income, net

 
525

 

—

 

—

 
31

 
556

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
37,868

 

$
(1,277

)

$
114

 

$
(1,650

)
35,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 
11,756

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

$
23,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangible assets

 

$
104

 

$
96

 

$

—

 

$

—

 

$
200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 
160

 
278

 
43

 
3

 
484

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 
788

 
703

 
142

 
2

 
1,635

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

$
303,789

 

$
21,003

 

$
5,379

 

$
93,743

 

$
423,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 
207,634

 
13,206

 
687

 
2,172

 
223,699

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 
20,548

 
14,232

 

—

 

—

 
34,780

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 
326,789

 
52,130

 
5,840

 
96,335

 
481,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
July 31, 2017

 

Power
Services

 

Industrial
Services

 

Telecom
Services

 

Other

 

Totals

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$
449,639

 

$
33,629

 

$
7,024

 

$

—

 

$
490,292

 

Cost of revenues

 
362,515

 
30,837

 
5,437

 

—

 
398,789

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
87,124

 
2,792

 
1,587

 

—

 
91,503

 

Selling, general and administrative expenses

 
11,340

 
3,404

 
711

 
4,834

 
20,289

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
75,784

 
(612

)
876

 
(4,834

)
71,214

 

Other income, net

 
2,420

 

—

 

—

 
109

 
2,529

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
78,204

 

$
(612

)

$
876

 

$
(4,725

)
73,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 
25,676

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

$
48,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangible assets

 

$
175

 

$
343

 

$

—

 

$

—

 

$
518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 
354

 
719

 
131

 
6

 
1,210

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 
215

 
2,337

 
248

 
2

 
2,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
July 31, 2016

 

Power
Services

 

Industrial
Services

 

Telecom
Services

 

Other

 

Totals

 

Revenues

 

$
251,521

 

$
37,737

 

$
3,585

 

$

—

 

$
292,843

 

Cost of revenues

 
183,733

 
34,105

 
2,691

 

—

 
220,529

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 
67,788

 
3,632

 
894

 

—

 
72,314

 

Selling, general and administrative expenses

 
7,298

 
3,121

 
628

 
3,534

 
14,581

 

Impairment loss

 
1,979

 

—

 

—

 

—

 
1,979

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
58,511

 
511

 
266

 
(3,534

)
55,754

 

Other income, net

 
538

 

—

 

—

 
55

 
593

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
59,049

 

$
511

 

$
266

 

$
(3,479

)
56,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 
18,928

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

$
37,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangible assets

 

$
251

 

$
270

 

$

—

 

$

—

 

$
521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 
289

 
539

 
84

 
6

 
918

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 
840

 
602

 
168

 
2

 
1,612