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SEGMENT REPORTING | 9 Months Ended
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Oct. 31, 2022
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 and nine months ended October 31, 2022, intersegment revenues were $0.3 million and $0.6 million, respectively. 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. 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, 2022 and 2021. The “Other” column in each summary includes the Company’s corporate expenses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
October 31, 2022 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 90,682 | ​ | $ | 22,137 | ​ | $ | 5,056 | ​ | $ | — | ​ | $ | 117,875
Cost of revenues | ​ |  | 72,725 | ​ |  | 18,737 | ​ |  | 4,205 | ​ |  | — | ​ |  | 95,667
Gross profit | ​ |  | 17,957 | ​ |  | 3,400 | ​ |  | 851 | ​ |  | — | ​ |  | 22,208
Selling, general and administrative expenses | ​ |  | 6,745 | ​ | ​ | 1,823 | ​ | ​ | 796 | ​ | ​ | 3,303 | ​ | ​ | 12,667
Income (loss) from operations | ​ | ​ | 11,212 | ​ | ​ | 1,577 | ​ | ​ | 55 | ​ | ​ | (3,303) | ​ | ​ | 9,541
Other income, net | ​ |  | 592 | ​ |  | — | ​ |  | — | ​ |  | 176 | ​ |  | 768
Income (loss) before income taxes | ​ | $ | 11,804 | ​ | $ | 1,577 | ​ | $ | 55 | ​ | $ | (3,127) | ​ |  | 10,309
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (2,551)
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 7,758
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | — | ​ | $ | 166 | ​ | $ | 46 | ​ | $ | — | ​ | $ | 212
Depreciation | ​ | ​ | 142 | ​ | ​ | 501 | ​ | ​ | 96 | ​ | ​ | 1 | ​ | ​ | 740
Property, plant and equipment additions | ​ | ​ | 774 | ​ | ​ | 928 | ​ | ​ | 238 | ​ | ​ | 4 | ​ | ​ | 1,944
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 237,575 | ​ | $ | 31,355 | ​ | $ | 4,076 | ​ | $ | 91,959 | ​ | $ | 364,965
Current liabilities | ​ | ​ | 110,383 | ​ | ​ | 21,560 | ​ | ​ | 1,420 | ​ | ​ | 1,179 | ​ | ​ | 134,542
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | 90 | ​ | ​ | — | ​ | ​ | 28,033
Total assets | ​ | ​ | 261,994 | ​ | ​ | 48,766 | ​ | ​ | 7,434 | ​ | ​ | 92,709 | ​ | ​ | 410,903
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
October 31, 2022 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 255,958 | ​ | $ | 67,660 | ​ | $ | 12,644 | ​ | $ | — | ​ | $ | 336,262
Cost of revenues | ​ |  | 202,985 | ​ |  | 56,968 | ​ |  | 9,976 | ​ |  | — | ​ |  | 269,929
Gross profit | ​ |  | 52,973 | ​ |  | 10,692 | ​ |  | 2,668 | ​ |  | — | ​ |  | 66,333
Selling, general and administrative expenses | ​ |  | 18,418 | ​ | ​ | 5,267 | ​ | ​ | 2,369 | ​ | ​ | 8,172 | ​ | ​ | 34,226
Income (loss) from operations | ​ | ​ | 34,555 | ​ | ​ | 5,425 | ​ | ​ | 299 | ​ | ​ | (8,172) | ​ | ​ | 32,107
Other income, net | ​ |  | 1,613 | ​ |  | — | ​ |  | 1 | ​ |  | 254 | ​ |  | 1,868
Income (loss) before income taxes | ​ | $ | 36,168 | ​ | $ | 5,425 | ​ | $ | 300 | ​ | $ | (7,918) | ​ |  | 33,975
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (14,510)
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 19,465
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | — | ​ | $ | 497 | ​ | $ | 114 | ​ | $ | — | ​ | $ | 611
Depreciation | ​ | ​ | 422 | ​ | ​ | 1,553 | ​ | ​ | 318 | ​ | ​ | 3 | ​ | ​ | 2,296
Property, plant and equipment additions | ​ | ​ | 868 | ​ | ​ | 1,415 | ​ | ​ | 295 | ​ | ​ | 4 | ​ | ​ | 2,582
​ For the nine months ended October 31, 2022, property, plant and equipment additions primarily consisted of building improvements made by TRC to its fabrication facility in connection with a plant consolidation and the purchase of office space by APC for its headquarters staff in Limerick, Ireland. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​

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