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SEGMENT REPORTING | 9 Months Ended
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Oct. 31, 2021
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 nine months ended October 31, 2021, intersegment revenues totaled approximately $2.7 million; such revenues for the three months ended October 31, 2021 were not material. For the three and nine months ended October 31, 2020, intersegment revenues totaled approximately $0.5 million and $1.4 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 the three and nine months ended October 31, 2021 and 2020. The “Other” column in each summary includes the Company’s corporate expenses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
October 31, 2021 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 99,560 | ​ | $ | 21,402 | ​ | $ | 3,489 | ​ | $ | — | ​ | $ | 124,451
Cost of revenues | ​ |  | 76,517 | ​ |  | 18,703 | ​ |  | 3,096 | ​ |  | — | ​ |  | 98,316
Gross profit | ​ |  | 23,043 | ​ |  | 2,699 | ​ |  | 393 | ​ |  | — | ​ |  | 26,135
Selling, general and administrative expenses | ​ |  | 6,770 | ​ | ​ | 2,158 | ​ | ​ | 558 | ​ | ​ | 2,104 | ​ | ​ | 11,590
Income (loss) from operations | ​ | ​ | 16,273 | ​ | ​ | 541 | ​ | ​ | (165) | ​ | ​ | (2,104) | ​ | ​ | 14,545
Other income, net | ​ |  | 1,116 | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | 1,117
Income (loss) before income taxes | ​ | $ | 17,389 | ​ | $ | 541 | ​ | $ | (165) | ​ | $ | (2,103) | ​ |  | 15,662
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (3,269)
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 12,393
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | 61 | ​ | $ | 166 | ​ | $ | — | ​ | $ | — | ​ | $ | 227
Depreciation | ​ | ​ | 145 | ​ | ​ | 564 | ​ | ​ | 109 | ​ | ​ | 1 | ​ | ​ | 819
Property, plant and equipment additions | ​ | ​ | 36 | ​ | ​ | 60 | ​ | ​ | 223 | ​ | ​ | 2 | ​ | ​ | 321
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 374,370 | ​ | $ | 24,029 | ​ | $ | 3,329 | ​ | $ | 157,991 | ​ | $ | 559,719
Current liabilities | ​ | ​ | 247,693 | ​ | ​ | 9,015 | ​ | ​ | 1,696 | ​ | ​ | 641 | ​ | ​ | 259,045
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 27,943
Total assets | ​ | ​ | 406,261 | ​ | ​ | 42,833 | ​ | ​ | 5,765 | ​ | ​ | 158,294 | ​ | ​ | 613,153
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
October 31, 2020 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 109,712 | ​ | $ | 15,730 | ​ | $ | 1,889 | ​ | $ | — | ​ | $ | 127,331
Cost of revenues | ​ |  | 91,263 | ​ |  | 14,218 | ​ |  | 1,507 | ​ |  | — | ​ |  | 106,988
Gross profit | ​ |  | 18,449 | ​ |  | 1,512 | ​ |  | 382 | ​ |  | — | ​ |  | 20,343
Selling, general and administrative expenses | ​ |  | 5,096 | ​ | ​ | 1,828 | ​ | ​ | 489 | ​ | ​ | 1,985 | ​ |  | 9,398
Income (loss) from operations | ​ | ​ | 13,353 | ​ | ​ | (316) | ​ | ​ | (107) | ​ | ​ | (1,985) | ​ | ​ | 10,945
Other income, net | ​ |  | 172 | ​ |  | — | ​ |  | — | ​ |  | 3 | ​ |  | 175
Income (loss) before income taxes | ​ | $ | 13,525 | ​ | $ | (316) | ​ | $ | (107) | ​ | $ | (1,982) | ​ |  | 11,120
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (1,666)
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 9,454
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | 62 | ​ | $ | 164 | ​ | $ | — | ​ | $ | — | ​ | $ | 226
Depreciation | ​ | ​ | 178 | ​ | ​ | 654 | ​ | ​ | 106 | ​ | ​ | 2 | ​ | ​ | 940
Property, plant and equipment additions | ​ | ​ | 164 | ​ | ​ | 34 | ​ | ​ | 81 | ​ | ​ | — | ​ | ​ | 279
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 392,954 | ​ | $ | 25,404 | ​ | $ | 1,704 | ​ | $ | 118,758 | ​ | $ | 538,820
Current liabilities | ​ | ​ | 245,808 | ​ | ​ | 13,762 | ​ | ​ | 709 | ​ | ​ | 751 | ​ | ​ | 261,030
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 27,943
Total assets | ​ | ​ | 425,909 | ​ | ​ | 47,356 | ​ | ​ | 3,190 | ​ | ​ | 119,045 | ​ | ​ | 595,500
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
October 31, 2021 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 295,736 | ​ | $ | 78,213 | ​ | $ | 9,851 | ​ | $ | — | ​ | $ | 383,800
Cost of revenues | ​ |  | 233,682 | ​ |  | 64,519 | ​ |  | 8,098 | ​ |  | — | ​ |  | 306,299
Gross profit | ​ |  | 62,054 | ​ |  | 13,694 | ​ |  | 1,753 | ​ |  | — | ​ |  | 77,501
Selling, general and administrative expenses | ​ |  | 17,976 | ​ | ​ | 6,017 | ​ | ​ | 1,528 | ​ | ​ | 6,292 | ​ | ​ | 31,813
Income (loss) from operations | ​ | ​ | 44,078 | ​ | ​ | 7,677 | ​ | ​ | 225 | ​ | ​ | (6,292) | ​ | ​ | 45,688
Other income, net | ​ |  | 1,564 | ​ |  | — | ​ |  | — | ​ |  | 5 | ​ |  | 1,569
Income (loss) before income taxes | ​ | $ | 45,642 | ​ | $ | 7,677 | ​ | $ | 225 | ​ | $ | (6,287) | ​ |  | 47,257
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (11,228)
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 36,029
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | 183 | ​ | $ | 497 | ​ | $ | — | ​ | $ | — | ​ | $ | 680
Depreciation | ​ | ​ | 464 | ​ | ​ | 1,764 | ​ | ​ | 329 | ​ | ​ | 3 | ​ | ​ | 2,560
Property, plant and equipment additions | ​ | ​ | 464 | ​ | ​ | 76 | ​ | ​ | 578 | ​ | ​ | 5 | ​ | ​ | 1,123
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
October 31, 2020 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 227,363 | ​ | $ | 42,163 | ​ | $ | 5,445 | ​ | $ | — | ​ | $ | 274,971
Cost of revenues | ​ |  | 192,583 | ​ |  | 38,096 | ​ |  | 4,310 | ​ |  | — | ​ |  | 234,989
Gross profit | ​ |  | 34,780 | ​ |  | 4,067 | ​ |  | 1,135 | ​ |  | — | ​ |  | 39,982
Selling, general and administrative expenses | ​ |  | 15,892 | ​ | ​ | 5,664 | ​ | ​ | 1,447 | ​ | ​ | 5,824 | ​ | ​ | 28,827
Income (loss) from operations | ​ | ​ | 18,888 | ​ | ​ | (1,597) | ​ | ​ | (312) | ​ | ​ | (5,824) | ​ | ​ | 11,155
Other income, net | ​ |  | 1,634 | ​ |  | — | ​ |  | — | ​ |  | 80 | ​ |  | 1,714
Income (loss) before income taxes | ​ | $ | 20,522 | ​ | $ | (1,597) | ​ | $ | (312) | ​ | $ | (5,744) | ​ |  | 12,869
Income tax benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1,391
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 14,260
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | 182 | ​ | $ | 495 | ​ | $ | — | ​ | $ | — | ​ | $ | 677
Depreciation | ​ | ​ | 522 | ​ | ​ | 1,967 | ​ | ​ | 305 | ​ | ​ | 4 | ​ | ​ | 2,798
Property, plant and equipment additions | ​ | ​ | 857 | ​ | ​ | 338 | ​ | ​ | 217 | ​ | ​ | — | ​ | ​ | 1,412
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