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SEGMENT REPORTING | 9 Months Ended
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Oct. 31, 2019
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 14 – SEGMENT REPORTING Segments represent components of an enterprise for which discrete financial information is available that is evaluated regularly by the Company’s chief executive officer, who is the chief operating decision maker, in determining how to allocate resources and in assessing performance. The Company’s reportable segments recognize revenues and incur expenses, 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 months and nine months ended October 31, 2019, intersegment revenues totaled approximately $1.1 million and $2.5 million, respectively. For the three months and nine months ended October 31, 2018, intersegment revenues totaled approximately $0.4 million and $0.8 million, respectively. Summarized below are certain operating results and financial position data of the Company’s reportable business segments for the three and nine months ended October 31, 2019 and 2018. The “Other” column in each summary includes the Company’s corporate expenses.
Three Months Ended |  | Power |  | Industrial |  | Telecom |  |  |  |
October 31, 2019 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues |  | $ | 35,848 |  | $ | 20,143 |  | $ | 2,415 |  | $ | — |  | $ | 58,406
Cost of revenues |  |  | 31,327 |  |  | 19,159 |  |  | 1,928 |  |  | — |  |  | 52,414
Gross profit |  |  | 4,521 |  |  | 984 |  |  | 487 |  |  | — |  |  | 5,992
Selling, general and administrative expenses |  |  | 7,672 |  |  | 2,018 |  |  | 485 |  |  | 1,960 |  |  | 12,135
(Loss) income from operations |  |  | (3,151) |  |  | (1,034) |  |  | 2 |  |  | (1,960) |  |  | (6,143)
Other income, net |  |  | 3,447 |  |  | — |  |  | — |  |  | 131 |  |  | 3,578
Income (loss) before income taxes |  | $ | 296 |  | $ | (1,034) |  | $ | 2 |  | $ | (1,829) |  |  | (2,565)
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,996)
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,561)
Amortization of purchased intangible assets |  | $ | 61 |  | $ | 166 |  | $ | 45 |  | $ | — |  | $ | 272
Depreciation |  |  | 176 |  |  | 625 |  |  | 97 |  |  | 1 |  |  | 899
Property, plant and equipment additions |  |  | 2,659 |  |  | 436 |  |  | 170 |  |  | — |  |  | 3,265
Current assets |  | $ | 292,618 |  | $ | 28,373 |  | $ | 2,861 |  | $ | 82,048 |  | $ | 405,900
Current liabilities |  |  | 108,474 |  |  | 8,744 |  |  | 796 |  |  | 943 |  |  | 118,957
Goodwill |  |  | 18,476 |  |  | 12,290 |  |  | — |  |  | — |  |  | 30,766
Total assets |  |  | 324,535 |  |  | 55,814 |  |  | 4,370 |  |  | 87,998 |  |  | 472,717
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
Nine Months Ended |  | Power |  | Industrial |  | Telecom |  |  |  |  |  |
October 31, 2019 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues |  | $ | 83,941 |  | $ | 80,442 |  | $ | 6,626 |  | $ | — |  | $ | 171,009
Cost of revenues |  |  | 104,759 |  |  | 72,958 |  |  | 5,361 |  |  | — |  |  | 183,078
Gross (loss) profit |  |  | (20,818) |  |  | 7,484 |  |  | 1,265 |  |  | — |  |  | (12,069)
Selling, general and administrative expenses |  |  | 18,977 |  |  | 5,959 |  |  | 1,535 |  |  | 5,290 |  |  | 31,761
Impairment loss |  |  | 2,072 |  |  | — |  |  | — |  |  | — |  |  | 2,072
(Loss) income from operations |  |  | (41,867) |  |  | 1,525 |  |  | (270) |  |  | (5,290) |  |  | (45,902)
Other income, net |  |  | 7,037 |  |  | — |  |  | — |  |  | 435 |  |  | 7,472
(Loss) income before income taxes |  | $ | (34,830) |  | $ | 1,525 |  | $ | (270) |  | $ | (4,855) |  |  | (38,430)
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,936
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (33,494)
Amortization of purchased intangible assets |  | $ | 231 |  | $ | 497 |  | $ | 136 |  | $ | — |  | $ | 864
Depreciation |  |  | 517 |  |  | 1,791 |  |  | 298 |  |  | 4 |  |  | 2,610
Property, plant and equipment additions |  |  | 4,533 |  |  | 1,487 |  |  | 277 |  |  | 11 |  |  | 6,308
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

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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