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SEGMENT REPORTING | 12 Months Ended
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Jan. 31, 2025
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 17 – 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 (the “CODM”), in determining how to allocate resources and in assessing performance. The CODM uses income before income taxes to assess the performance of the Company’s business segments and make determinations on the allocation of resources. The Company’s reportable segments recognize revenues and incur expenses, and they are organized in separate business units with different management teams, customers, talents and services. The Company’s reportable segments 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 2025 and Fiscal 2023, intersegment revenues were $6.6 million and $0.6 million, respectively. For Fiscal 2024, intersegment revenues were not material. Intersegment revenues for the aforementioned periods related to services provided by the industrial construction 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 2025, Fiscal 2024 and Fiscal 2023. Selling, general and administrative expenses include compensation and benefits expenses, professional fees, information technology expenses, insurance premiums, rent expense, business development expenses, amortization and depreciation. Other income, net, primarily includes earnings on invested funds. The “Other” column in each summary includes the Company’s corporate expenses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
January 31, 2025 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 693,036 | ​ | $ | 167,624 | ​ | $ | 13,519 | ​ | $ | — | ​ | $ | 874,179
Cost of revenues | ​ |  | 577,563 | ​ |  | 145,329 | ​ |  | 10,298 | ​ |  | — | ​ |  | 733,190
Gross profit | ​ |  | 115,473 | ​ |  | 22,295 | ​ |  | 3,221 | ​ |  | — | ​ |  | 140,989
Selling, general and administrative expenses | ​ |  | 30,742 | ​ | ​ | 7,408 | ​ | ​ | 2,897 | ​ | ​ | 11,747 | ​ | ​ | 52,794
Income (loss) from operations | ​ | ​ | 84,731 | ​ | ​ | 14,887 | ​ | ​ | 324 | ​ | ​ | (11,747) | ​ | ​ | 88,195
Other income, net | ​ |  | 19,362 | ​ |  | (14) | ​ |  | 9 | ​ |  | 3,652 | ​ |  | 23,009
Income (loss) before income taxes | ​ | $ | 104,093 | ​ | $ | 14,873 | ​ | $ | 333 | ​ | $ | (8,095) | ​ |  | 111,204
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 25,745
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 85,459
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | — | ​ | $ | 391 | ​ | $ | — | ​ | $ | — | ​ | $ | 391
Depreciation | ​ | ​ | 686 | ​ | ​ | 799 | ​ | ​ | 417 | ​ | ​ | 3 | ​ | ​ | 1,905
Property, plant and equipment additions | ​ | ​ | 5,788 | ​ | ​ | 523 | ​ | ​ | 270 | ​ | ​ | 2 | ​ | ​ | 6,583
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 617,027 | ​ | $ | 45,985 | ​ | $ | 3,831 | ​ | $ | 114,457 | ​ | $ | 781,300
Current liabilities | ​ | ​ | 459,118 | ​ | ​ | 16,133 | ​ | ​ | 2,127 | ​ | ​ | 2,479 | ​ | ​ | 479,857
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | 90 | ​ | ​ | — | ​ | ​ | 28,033
Total assets | ​ | ​ | 650,793 | ​ | ​ | 62,032 | ​ | ​ | 6,339 | ​ | ​ | 117,063 | ​ | ​ | 836,227
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
January 31, 2024 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 416,281 | ​ | $ | 142,801 | ​ | $ | 14,251 | ​ | $ | — | ​ | $ | 573,333
Cost of revenues | ​ |  | 357,705 | ​ |  | 124,321 | ​ |  | 10,473 | ​ |  | — | ​ |  | 492,499
Gross profit | ​ |  | 58,576 | ​ |  | 18,480 | ​ |  | 3,778 | ​ |  | — | ​ |  | 80,834
Selling, general and administrative expenses | ​ |  | 24,274 | ​ | ​ | 6,440 | ​ | ​ | 2,469 | ​ | ​ | 11,193 | ​ | ​ | 44,376
Income (loss) from operations | ​ | ​ | 34,302 | ​ | ​ | 12,040 | ​ | ​ | 1,309 | ​ | ​ | (11,193) | ​ | ​ | 36,458
Other income (loss), net | ​ |  | 13,871 | ​ |  | — | ​ |  | (3) | ​ |  | (1,393) | ​ |  | 12,475
Income (loss) before income taxes | ​ | $ | 48,173 | ​ | $ | 12,040 | ​ | $ | 1,306 | ​ | $ | (12,586) | ​ |  | 48,933
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 16,575
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 32,358
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | — | ​ | $ | 392 | ​ | $ | — | ​ | $ | — | ​ | $ | 392
Depreciation | ​ | ​ | 527 | ​ | ​ | 1,073 | ​ | ​ | 409 | ​ | ​ | 4 | ​ | ​ | 2,013
Property, plant and equipment additions | ​ | ​ | 1,266 | ​ | ​ | 1,014 | ​ | ​ | 473 | ​ | ​ | 3 | ​ | ​ | 2,756
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 383,508 | ​ | $ | 59,123 | ​ | $ | 3,872 | ​ | $ | 100,676 | ​ | $ | 547,179
Current liabilities | ​ | ​ | 256,975 | ​ | ​ | 41,869 | ​ | ​ | 1,591 | ​ | ​ | 1,825 | ​ | ​ | 302,260
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | 90 | ​ | ​ | — | ​ | ​ | 28,033
Total assets | ​ | ​ | 411,571 | ​ | ​ | 76,012 | ​ | ​ | 6,703 | ​ | ​ | 103,943 | ​ | ​ | 598,229
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​ | ​
January 31, 2023 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 346,033 | ​ | $ | 92,774 | ​ | $ | 16,233 | ​ | $ | — | ​ | $ | 455,040
Cost of revenues | ​ |  | 277,402 | ​ |  | 78,034 | ​ |  | 13,243 | ​ |  | — | ​ |  | 368,679
Gross profit | ​ |  | 68,631 | ​ |  | 14,740 | ​ |  | 2,990 | ​ |  | — | ​ |  | 86,361
Selling, general and administrative expenses | ​ |  | 22,635 | ​ | ​ | 7,900 | ​ | ​ | 3,353 | ​ | ​ | 10,804 | ​ |  | 44,692
Income (loss) from operations | ​ |  | 45,996 | ​ | ​ | 6,840 | ​ | ​ | (363) | ​ | ​ | (10,804) | ​ | ​ | 41,669
Other income, net | ​ |  | 3,829 | ​ |  | — | ​ |  | 3 | ​ |  | 499 | ​ |  | 4,331
Income (loss) before income taxes | ​ | $ | 49,825 | ​ | $ | 6,840 | ​ | $ | (360) | ​ | $ | (10,305) | ​ |  | 46,000
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 11,296
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 34,704
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | — | ​ | $ | 618 | ​ | $ | 114 | ​ | $ | — | ​ | $ | 732
Depreciation | ​ | ​ | 567 | ​ | ​ | 1,978 | ​ | ​ | 434 | ​ | ​ | 4 | ​ | ​ | 2,983
Property, plant and equipment additions | ​ | ​ | 1,450 | ​ | ​ | 1,717 | ​ | ​ | 189 | ​ | ​ | 16 | ​ | ​ | 3,372
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 307,742 | ​ | $ | 42,488 | ​ | $ | 3,900 | ​ | $ | 84,572 | ​ | $ | 438,702
Current liabilities | ​ | ​ | 170,164 | ​ | ​ | 29,550 | ​ | ​ | 1,317 | ​ | ​ | 1,472 | ​ | ​ | 202,503
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | 90 | ​ | ​ | — | ​ | ​ | 28,033
Total assets | ​ | ​ | 334,593 | ​ | ​ | 60,038 | ​ | ​ | 7,153 | ​ | ​ | 87,703 | ​ | ​ | 489,487
​

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