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SEGMENT REPORTING | 9 Months Ended
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Oct. 31, 2018
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. 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 nine months ended October 31, 2018, intersegment revenues totaled approximately $0.4 million and $0.8 million, respectively. For the three and nine months ended October 31, 2017, intersegment revenues totaled approximately $0.2 million and $1.8 million, respectively. Intersegment revenues for the aforementioned periods primarily related to services provided between the industrial fabrication and field services segment and 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 nine months ended October 31, 2018 and 2017. The “Other” column in each summary includes the Company’s corporate and unallocated expenses:
Three Months Ended |  | Power |  | Industrial |  | Telecom |  |  |  |
October 31, 2018 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues |  | $ | 88,724 |  | $ | 24,091 |  | $ | 3,644 |  | $ | — |  | $ | 116,459
Cost of revenues |  |  | 61,943 |  |  | 22,203 |  |  | 2,781 |  |  | — |  |  | 86,927
Gross profit |  |  | 26,781 |  |  | 1,888 |  |  | 863 |  |  | — |  |  | 29,532
Selling, general and administrative expenses |  |  | 7,178 |  |  | 1,910 |  |  | 436 |  |  | 1,623 |  |  | 11,147
Income (loss) from operations |  |  | 19,603 |  |  | (22) |  |  | 427 |  |  | (1,623) |  |  | 18,385
Other income, net |  |  | 1,298 |  |  | — |  |  | — |  |  | 131 |  |  | 1,429
Income (loss) before income taxes |  | $ | 20,901 |  | $ | (22) |  | $ | 427 |  | $ | (1,492) |  |  | 19,814
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,560
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 32,374
Amortization of purchased intangible assets |  | $ | 87 |  | $ | 166 |  | $ | — |  | $ | — |  | $ | 253
Depreciation |  |  | 183 |  |  | 616 |  |  | 96 |  |  | 3 |  |  | 898
Property, plant and equipment additions |  |  | 776 |  |  | 1,104 |  |  | 119 |  |  | 2 |  |  | 2,001
Current assets |  | $ | 347,883 |  | $ | 30,519 |  | $ | 3,964 |  | $ | 57,126 |  | $ | 439,492
Current liabilities |  |  | 82,381 |  |  | 15,670 |  |  | 1,075 |  |  | 750 |  |  | 99,876
Goodwill |  |  | 20,548 |  |  | 13,781 |  |  | — |  |  | — |  |  | 34,329
Total assets |  |  | 376,871 |  |  | 60,933 |  |  | 5,623 |  |  | 57,342 |  |  | 500,769
Three Months Ended |  | Power |  | Industrial |  | Telecom |  |  |  |  |  |
October 31, 2017 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues |  | $ | 212,493 |  | $ | 16,574 |  | $ | 3,878 |  | $ | — |  | $ | 232,945
Cost of revenues |  |  | 178,472 |  |  | 13,797 |  |  | 2,958 |  |  | — |  |  | 195,227
Gross profit |  |  | 34,021 |  |  | 2,777 |  |  | 920 |  |  | — |  |  | 37,718
Selling, general and administrative expenses |  |  | 5,464 |  |  | 1,638 |  |  | 452 |  |  | 2,565 |  |  | 10,119
Income (loss) from operations |  |  | 28,557 |  |  | 1,139 |  |  | 468 |  |  | (2,565) |  |  | 27,599
Other income, net |  |  | 1,623 |  |  | — |  |  | — |  |  | 69 |  |  | 1,692
Income (loss) before income taxes |  | $ | 30,180 |  | $ | 1,139 |  | $ | 468 |  | $ | (2,496) |  |  | 29,291
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,062)
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17,229
Amortization of purchased intangible assets |  | $ | 87 |  | $ | 171 |  | $ | — |  | $ | — |  | $ | 258
Depreciation |  |  | 226 |  |  | 425 |  |  | 71 |  |  | 4 |  |  | 726
Property, plant and equipment additions |  |  | 476 |  |  | 463 |  |  | 265 |  |  | — |  |  | 1,204
Goodwill |  | $ | 20,548 |  | $ | 14,365 |  | $ | — |  | $ | — |  | $ | 34,913
Total assets (1) |  |  | 515,783 |  |  | 46,854 |  |  | 5,242 |  |  | 74,422 |  |  | 642,301
| (1) |  | The amount of total assets for each segment has been recast to conform to the presentation as of October 31, 2018.
Nine Months Ended |  | Power |  | Industrial |  | Telecom |  |  |  |  |  |
October 31, 2018 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues |  | $ | 316,262 |  | $ | 68,577 |  | $ | 9,656 |  | $ | — |  | $ | 394,495
Cost of revenues |  |  | 249,401 |  |  | 61,889 |  |  | 7,513 |  |  | — |  |  | 318,803
Gross profit |  |  | 66,861 |  |  | 6,688 |  |  | 2,143 |  |  | — |  |  | 75,692
Selling, general and administrative expenses |  |  | 18,563 |  |  | 5,698 |  |  | 1,286 |  |  | 5,615 |  |  | 31,162
Income (loss) from operations |  |  | 48,298 |  |  | 990 |  |  | 857 |  |  | (5,615) |  |  | 44,530
Other income, net |  |  | 3,393 |  |  | 1,400 |  |  | — |  |  | 328 |  |  | 5,121
Income (loss) before income taxes |  | $ | 51,691 |  | $ | 2,390 |  | $ | 857 |  | $ | (5,287) |  |  | 49,651
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,509
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 54,160
Amortization of purchased intangible assets |  | $ | 262 |  | $ | 497 |  | $ | — |  | $ | — |  | $ | 759
Depreciation |  |  | 548 |  |  | 1,640 |  |  | 267 |  |  | 10 |  |  | 2,465
Property, plant and equipment additions |  |  | 2,318 |  |  | 4,379 |  |  | 666 |  |  | 3 |  |  | 7,366
Nine Months Ended |  | Power |  | Industrial |  | Telecom |  |  |  |
October 31, 2017 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues |  | $ | 662,131 |  | $ | 50,203 |  | $ | 10,903 |  | $ | — |  | $ | 723,237
Cost of revenues |  |  | 540,986 |  |  | 44,634 |  |  | 8,396 |  |  | — |  |  | 594,016
Gross profit |  |  | 121,145 |  |  | 5,569 |  |  | 2,507 |  |  | — |  |  | 129,221
Selling, general and administrative expenses |  |  | 16,804 |  |  | 5,041 |  |  | 1,163 |  |  | 7,400 |  |  | 30,408
Income (loss) from operations |  |  | 104,341 |  |  | 528 |  |  | 1,344 |  |  | (7,400) |  |  | 98,813
Other income, net |  |  | 4,043 |  |  | — |  |  | — |  |  | 178 |  |  | 4,221
Income (loss) before income taxes |  | $ | 108,384 |  | $ | 528 |  | $ | 1,344 |  | $ | (7,222) |  |  | 103,034
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (37,738)
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 65,296
Amortization of purchased intangible assets |  | $ | 262 |  | $ | 514 |  | $ | — |  | $ | — |  | $ | 776
Depreciation |  |  | 580 |  |  | 1,144 |  |  | 202 |  |  | 10 |  |  | 1,936
Property, plant and equipment additions |  |  | 691 |  |  | 2,800 |  |  | 513 |  |  | 2 |  |  | 4,006

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- References No definition available. + Details
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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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