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SEGMENT REPORTING | 6 Months Ended
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Jul. 31, 2025
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 15 – 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 the six months ended July 31, 2025, intersegment revenues were $1.9 million. The amount of intersegment revenues for the three months ended July 31, 2025 was insignificant. For the three and six months ended July 31, 2024, intersegment revenues were $1.4 million and $1.4 million, respectively. 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 segments for the three and six months ended July 31, 2025 and 2024. 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
July 31, 2025 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 196,948 | ​ | $ | 36,065 | ​ | $ | 4,730 | ​ | $ | — | ​ | $ | 237,743
Cost of revenues | ​ |  | 158,370 | ​ |  | 31,542 | ​ |  | 3,564 | ​ |  | — | ​ |  | 193,476
Gross profit | ​ |  | 38,578 | ​ |  | 4,523 | ​ |  | 1,166 | ​ |  | — | ​ |  | 44,267
Selling, general and administrative expenses | ​ | ​ | 7,744 | ​ | ​ | 1,838 | ​ | ​ | 913 | ​ | ​ | 3,717 | ​ | ​ | 14,212
Income (loss) from operations | ​ | ​ | 30,834 | ​ | ​ | 2,685 | ​ | ​ | 253 | ​ | ​ | (3,717) | ​ | ​ | 30,055
Other income, net | ​ |  | 4,422 | ​ |  | 1 | ​ |  | 11 | ​ |  | 1,147 | ​ |  | 5,581
Income (loss) before income taxes | ​ | $ | 35,256 | ​ | $ | 2,686 | ​ | $ | 264 | ​ | $ | (2,570) | ​ |  | 35,636
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 361
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 35,275
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | — | ​ | $ | 98 | ​ | $ | — | ​ | $ | — | ​ | $ | 98
Depreciation | ​ | ​ | 223 | ​ | ​ | 163 | ​ | ​ | 96 | ​ | ​ | 9 | ​ | ​ | 491
Property, plant and equipment additions | ​ | ​ | 914 | ​ | ​ | 753 | ​ | ​ | 18 | ​ | ​ | 9 | ​ | ​ | 1,694
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Current assets | ​ | $ | 656,368 | ​ | $ | 52,060 | ​ | $ | 4,769 | ​ | $ | 115,587 | ​ | $ | 828,784
Current liabilities | ​ | ​ | 451,599 | ​ | ​ | 26,758 | ​ | ​ | 3,964 | ​ | ​ | 2,001 | ​ | ​ | 484,322
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | 90 | ​ | ​ | — | ​ | ​ | 28,033
Total assets | ​ | ​ | 690,653 | ​ | ​ | 68,338 | ​ | ​ | 7,353 | ​ | ​ | 116,360 | ​ | ​ | 882,704
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Three Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
July 31, 2024 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 173,760 | ​ | $ | 49,642 | ​ | $ | 3,613 | ​ | $ | — | ​ | $ | 227,015
Cost of revenues | ​ |  | 150,233 | ​ |  | 43,200 | ​ |  | 2,477 | ​ |  | — | ​ |  | 195,910
Gross profit | ​ |  | 23,527 | ​ |  | 6,442 | ​ |  | 1,136 | ​ |  | — | ​ |  | 31,105
Selling, general and administrative expenses | ​ |  | 7,192 | ​ | ​ | 1,965 | ​ | ​ | 669 | ​ | ​ | 2,602 | ​ |  | 12,428
Income (loss) from operations | ​ | ​ | 16,335 | ​ | ​ | 4,477 | ​ | ​ | 467 | ​ | ​ | (2,602) | ​ | ​ | 18,677
Other income, net | ​ |  | 4,707 | ​ |  | — | ​ |  | 3 | ​ |  | 894 | ​ |  | 5,604
Income (loss) before income taxes | ​ | $ | 21,042 | ​ | $ | 4,477 | ​ | $ | 470 | ​ | $ | (1,708) | ​ |  | 24,281
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 6,083
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 18,198
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | — | ​ | $ | 98 | ​ | $ | — | ​ | $ | — | ​ | $ | 98
Depreciation | ​ | ​ | 148 | ​ | ​ | 210 | ​ | ​ | 104 | ​ | ​ | 1 | ​ | ​ | 463
Property, plant and equipment additions | ​ | ​ | 1,947 | ​ | ​ | 241 | ​ | ​ | 161 | ​ | ​ | — | ​ | ​ | 2,349
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 476,912 | ​ | $ | 55,175 | ​ | $ | 4,405 | ​ | $ | 138,462 | ​ | $ | 674,954
Current liabilities | ​ | ​ | 384,477 | ​ | ​ | 27,817 | ​ | ​ | 1,331 | ​ | ​ | 1,502 | ​ | ​ | 415,127
Goodwill | ​ | ​ | 18,476 | ​ | ​ | 9,467 | ​ | ​ | 90 | ​ | ​ | — | ​ | ​ | 28,033
Total assets | ​ | ​ | 506,365 | ​ | ​ | 71,787 | ​ | ​ | 7,041 | ​ | ​ | 141,381 | ​ | ​ | 726,574
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
July 31, 2025 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 357,304 | ​ | $ | 65,249 | ​ | $ | 8,850 | ​ | $ | — | ​ | $ | 431,403
Cost of revenues | ​ |  | 285,756 | ​ |  | 57,575 | ​ |  | 6,942 | ​ |  | — | ​ |  | 350,273
Gross profit | ​ |  | 71,548 | ​ |  | 7,674 | ​ |  | 1,908 | ​ |  | — | ​ |  | 81,130
Selling, general and administrative expenses | ​ |  | 14,530 | ​ | ​ | 3,450 | ​ | ​ | 1,831 | ​ | ​ | 6,922 | ​ | ​ | 26,733
Income (loss) from operations | ​ | ​ | 57,018 | ​ | ​ | 4,224 | ​ | ​ | 77 | ​ | ​ | (6,922) | ​ | ​ | 54,397
Other income, net | ​ |  | 8,794 | ​ |  | 1 | ​ |  | 43 | ​ |  | 2,187 | ​ |  | 11,025
Income (loss) before income taxes | ​ | $ | 65,812 | ​ | $ | 4,225 | ​ | $ | 120 | ​ | $ | (4,735) | ​ |  | 65,422
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 7,597
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 57,825
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | — | ​ | $ | 196 | ​ | $ | — | ​ | $ | — | ​ | $ | 196
Depreciation | ​ | ​ | 383 | ​ | ​ | 323 | ​ | ​ | 188 | ​ | ​ | 12 | ​ | ​ | 906
Property, plant and equipment additions | ​ | ​ | 1,129 | ​ | ​ | 765 | ​ | ​ | 106 | ​ | ​ | 89 | ​ | ​ | 2,089
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended | ​ | Power | ​ | Industrial | ​ | Telecom | ​ | ​ | ​ | ​
July 31, 2024 |  | Services |  | Services |  | Services |  | Other |  | Totals
Revenues | ​ | $ | 284,026 | ​ | $ | 93,341 | ​ | $ | 7,330 | ​ | $ | — | ​ | $ | 384,697
Cost of revenues | ​ |  | 249,225 | ​ |  | 81,079 | ​ |  | 5,344 | ​ |  | — | ​ |  | 335,648
Gross profit | ​ |  | 34,801 | ​ |  | 12,262 | ​ |  | 1,986 | ​ |  | — | ​ |  | 49,049
Selling, general and administrative expenses | ​ |  | 13,320 | ​ | ​ | 3,838 | ​ | ​ | 1,279 | ​ | ​ | 5,416 | ​ | ​ | 23,853
Income (loss) from operations | ​ | ​ | 21,481 | ​ | ​ | 8,424 | ​ | ​ | 707 | ​ | ​ | (5,416) | ​ | ​ | 25,196
Other income, net | ​ |  | 8,768 | ​ |  | 1 | ​ |  | 3 | ​ |  | 1,626 | ​ |  | 10,398
Income (loss) before income taxes | ​ | $ | 30,249 | ​ | $ | 8,425 | ​ | $ | 710 | ​ | $ | (3,790) | ​ |  | 35,594
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 9,514
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 26,080
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of intangibles | ​ | $ | — | ​ | $ | 195 | ​ | $ | — | ​ | $ | — | ​ | $ | 195
Depreciation | ​ | ​ | 285 | ​ | ​ | 455 | ​ | ​ | 201 | ​ | ​ | 2 | ​ | ​ | 943
Property, plant and equipment additions | ​ | ​ | 2,219 | ​ | ​ | 273 | ​ | ​ | 179 | ​ | ​ | — | ​ | ​ | 2,671
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