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SEGMENT REPORTING | 6 Months Ended
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Jul. 31, 2018
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 15 — 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. 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, 2018, intersegment revenues totaled approximately $0.4 million and $0.4 million, respectively. For the three and six months ended July 31, 2017, intersegment revenues totaled approximately $0.1 million and $1.6 million, respectively. Intersegment revenues for the aforementioned periods primarily related to services provided by the industrial fabrication and field services segment to the power industry services segment and are based on prices negotiated by the parties. 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, 2018 and 2017. The “Other” column in each summary includes the Company’s corporate and unallocated expenses.
Three Months Ended July 31, 2018 |  | Power Services |  | Industrial Services |  | Telecom Services |  | Other |  | Totals |
Revenues |  | $ | 105,051 |  | $ | 28,037 |  | $ | 3,582 |  | $ | — |  | $ | 136,670 |
Cost of revenues |  | 79,162 |  | 24,037 |  | 2,763 |  | — |  | 105,962 |
Gross profit |  | 25,889 |  | 4,000 |  | 819 |  | — |  | 30,708 |
Selling, general and administrative expenses |  | 6,153 |  | 1,953 |  | 388 |  | 1,884 |  | 10,378 |
Income (loss) from operations |  | 19,736 |  | 2,047 |  | 431 |  | (1,884 | ) | 20,330 |
Other income, net |  | 1,420 |  | 1,400 |  | — |  | 108 |  | 2,928 |
Income (loss) before income taxes |  | $ | 21,156 |  | $ | 3,447 |  | $ | 431 |  | $ | (1,776 | ) | 23,258 |
Income tax expense |  |  |  |  |  |  |  |  |  | 6,314 |
Net income |  |  |  |  |  |  |  |  |  | $ | 16,944 |
Amortization of purchased intangible assets |  | $ | 88 |  | $ | 165 |  | $ | — |  | $ | — |  | $ | 253 |
Depreciation |  | 189 |  | 511 |  | 92 |  | 4 |  | 796 |
Property, plant and equipment additions |  | 716 |  | 711 |  | 247 |  | — |  | 1,674 |
Current assets |  | $ | 341,112 |  | $ | 29,983 |  | $ | 4,041 |  | $ | 78,077 |  | $ | 453,213 |
Current liabilities |  | 121,620 |  | 16,378 |  | 902 |  | 942 |  | 139,842 |
Goodwill |  | 20,548 |  | 13,781 |  | — |  | — |  | 34,329 |
Total assets |  | 369,714 |  | 60,077 |  | 5,676 |  | 78,336 |  | 513,803 |
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 |
Goodwill |  | $ | 20,548 |  | $ | 14,365 |  | $ | — |  | $ | — |  | $ | 34,913 |
Total assets (1) |  | 519,518 |  | 46,048 |  | 4,087 |  | 73,668 |  | 643,321 |
| (1) |  | The amount of total assets for each segment has been recast to conform to the presentation as of July 31, 2018.
Six Months Ended July 31, 2018 |  | Power Services |  | Industrial Services |  | Telecom Services |  | Other |  | Totals |
Revenues |  | $ | 227,538 |  | $ | 44,486 |  | $ | 6,012 |  | $ | — |  | $ | 278,036 |
Cost of revenues |  | 187,458 |  | 39,686 |  | 4,732 |  | — |  | 231,876 |
Gross profit |  | 40,080 |  | 4,800 |  | 1,280 |  | — |  | 46,160 |
Selling, general and administrative expenses |  | 11,385 |  | 3,788 |  | 850 |  | 3,992 |  | 20,015 |
Income (loss) from operations |  | 28,695 |  | 1,012 |  | 430 |  | (3,992 | ) | 26,145 |
Other income, net |  | 2,095 |  | 1,400 |  | — |  | 197 |  | 3,692 |
Income (loss) before income taxes |  | $ | 30,790 |  | $ | 2,412 |  | $ | 430 |  | $ | (3,795 | ) | 29,837 |
Income tax expense |  |  |  |  |  |  |  |  |  | 8,051 |
Net income |  |  |  |  |  |  |  |  |  | $ | 21,786 |
Amortization of purchased intangible assets |  | $ | 175 |  | $ | 331 |  | $ | — |  | $ | — |  | $ | 506 |
Depreciation |  | 365 |  | 1,024 |  | 171 |  | 7 |  | 1,567 |
Property, plant and equipment additions |  | 1,542 |  | 3,275 |  | 547 |  | 1 |  | 5,365 |
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 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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