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SEGMENT REPORTING | 12 Months Ended
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Jan. 31, 2021
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 16 – 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 Fiscal 2021, 2020 and 2019, intersegment revenues totaled approximately $4.3 million, $3.3 million and $0.8 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 were based on prices negotiated by the parties. Summarized below are certain operating results and financial position data of the Company’s reportable business segments for Fiscal 2021, Fiscal 2020 and Fiscal 2019. The “Other” column in each summary includes the Company’s corporate expenses.
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Year Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
January 31, 2021 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 319,353 | ​ | $ | 65,263 | ​ | $ | 7,590 | ​ | $ | — | ​ | $ | 392,206
Cost of revenues | ​ |  | 266,993 | ​ |  | 57,257 | ​ |  | 5,889 | ​ |  | — | ​ |  | 330,139
Gross profit | ​ |  | 52,360 | ​ |  | 8,006 | ​ |  | 1,701 | ​ |  | — | ​ |  | 62,067
Selling, general and administrative expenses | ​ |  | 21,795 | ​ | ​ | 7,358 | ​ | ​ | 1,987 | ​ | ​ | 7,901 | ​ | ​ | 39,041
Income (loss) from operations | ​ | ​ | 30,565 | ​ | ​ | 648 | ​ | ​ | (286) | ​ | ​ | (7,901) | ​ | ​ | 23,026
Other income, net | ​ |  | 1,777 | ​ |  | — | ​ |  | — | ​ |  | 82 | ​ |  | 1,859
Income (loss) before income taxes | ​ | $ | 32,342 | ​ | $ | 648 | ​ | $ | (286) | ​ | $ | (7,819) | ​ |  | 24,885
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (1,074)
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 23,811
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Amortization of intangibles | ​ | $ | 242 | ​ | $ | 662 | ​ | $ | — | ​ | $ | — | ​ | $ | 904
Depreciation | ​ | ​ | 704 | ​ | ​ | 2,592 | ​ | ​ | 414 | ​ | ​ | 5 | ​ | ​ | 3,715
Property, plant and equipment additions | ​ | ​ | 1,043 | ​ | ​ | 338 | ​ | ​ | 316 | ​ | ​ | — | ​ | ​ | 1,697
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Current assets | ​ | $ | 360,552 | ​ | ​ | 22,014 | ​ | ​ | 1,959 | ​ | ​ | 161,695 | ​ | $ | 546,220
Current liabilities | ​ | ​ | 261,030 | ​ | ​ | 13,119 | ​ | ​ | 953 | ​ | ​ | 985 | ​ | ​ | 276,087
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 27,943
Total assets | ​ | ​ | 394,014 | ​ | ​ | 42,998 | ​ | ​ | 3,406 | ​ | ​ | 162,212 | ​ | ​ | 602,630
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Year Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
January 31, 2020 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 135,729 | ​ | $ | 94,682 | ​ | $ | 8,586 | ​ | $ | — | ​ | $ | 238,997
Cost of revenues | ​ |  | 152,854 | ​ |  | 85,859 | ​ |  | 7,104 | ​ |  | — | ​ |  | 245,817
Gross (loss) profit | ​ |  | (17,125) | ​ |  | 8,823 | ​ |  | 1,482 | ​ |  | — | ​ |  | (6,820)
Selling, general and administrative expenses | ​ |  | 26,835 | ​ | ​ | 7,810 | ​ | ​ | 2,135 | ​ | ​ | 7,345 | ​ | ​ | 44,125
Impairment losses | ​ | ​ | 2,072 | ​ | ​ | 2,823 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,895
Loss from operations | ​ | ​ | (46,032) | ​ | ​ | (1,810) | ​ | ​ | (653) | ​ | ​ | (7,345) | ​ | ​ | (55,840)
Other income, net | ​ |  | 7,535 | ​ |  | — | ​ |  | — | ​ |  | 540 | ​ |  | 8,075
Loss before income taxes | ​ | $ | (38,497) | ​ | $ | (1,810) | ​ | $ | (653) | ​ | $ | (6,805) | ​ |  | (47,765)
Income tax benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 7,053
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (40,712)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | 291 | ​ | $ | 664 | ​ | $ | 181 | ​ | $ | — | ​ | $ | 1,136
Depreciation | ​ | ​ | 694 | ​ | ​ | 2,418 | ​ | ​ | 396 | ​ | ​ | 5 | ​ | ​ | 3,513
Property, plant and equipment additions | ​ | ​ | 5,069 | ​ | ​ | 1,638 | ​ | ​ | 340 | ​ | ​ | 11 | ​ | ​ | 7,058
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 320,257 | ​ | $ | 21,766 | ​ | $ | 2,938 | ​ | $ | 76,794 | ​ | $ | 421,755
Current liabilities | ​ | ​ | 135,518 | ​ | ​ | 6,441 | ​ | ​ | 796 | ​ | ​ | 1,279 | ​ | ​ | 144,034
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 27,943
Total assets | ​ | ​ | 352,034 | ​ | ​ | 46,321 | ​ | ​ | 4,549 | ​ | ​ | 84,636 | ​ | ​ | 487,540
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Year Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​ | ​
January 31, 2019 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 367,812 | ​ | $ | 101,673 | ​ | $ | 12,668 | ​ | $ | — | ​ | $ | 482,153
Cost of revenues | ​ |  | 297,931 | ​ |  | 92,097 | ​ |  | 9,687 | ​ |  | — | ​ |  | 399,715
Gross profit | ​ |  | 69,881 | ​ |  | 9,576 | ​ |  | 2,981 | ​ |  | — | ​ |  | 82,438
Selling, general and administrative expenses | ​ |  | 23,741 | ​ |  | 7,904 | ​ |  | 1,788 | ​ |  | 7,277 | ​ |  | 40,710
Impairment loss | ​ | ​ | — | ​ | ​ | 1,491 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,491
Income (loss) from operations | ​ |  | 46,140 | ​ | ​ | 181 | ​ | ​ | 1,193 | ​ | ​ | (7,277) | ​ | ​ | 40,237
Other income, net | ​ |  | 5,120 | ​ |  | 1,400 | ​ |  | — | ​ |  | 461 | ​ |  | 6,981
Income (loss) before income taxes | ​ | $ | 51,260 | ​ | $ | 1,581 | ​ | $ | 1,193 | ​ | $ | (6,816) | ​ |  | 47,218
Income tax benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 4,651
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 51,869
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | 350 | ​ | $ | 662 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,012
Depreciation | ​ | ​ | 749 | ​ | ​ | 2,293 | ​ | ​ | 366 | ​ | ​ | 14 | ​ | ​ | 3,422
Property, plant and equipment additions | ​ | ​ | 3,156 | ​ | ​ | 4,750 | ​ | ​ | 690 | ​ | ​ | 3 | ​ | ​ | 8,599
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 317,708 | ​ | $ | 28,878 | ​ | $ | 3,691 | ​ | $ | 66,071 | ​ | $ | 416,348
Current liabilities | ​ | ​ | 66,085 | ​ | ​ | 13,384 | ​ | ​ | 879 | ​ | ​ | 968 | ​ | ​ | 81,316
Goodwill | ​ | ​ | 20,548 | ​ | ​ | 12,290 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 32,838
Total assets | ​ | ​ | 347,189 | ​ | ​ | 57,168 | ​ | ​ | 5,272 | ​ | ​ | 67,019 | ​ | ​ | 476,648
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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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