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Note 2 - Business Segment Reporting
 9 Months Ended
Oct. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 2 - Business segment reporting

 

The Company operates under one segment: Piping Systems. The results are presented on a consolidated basis to the Chief Executive Officer who serves as the chief operating decision maker ("CODM"). The CODM regularly reviews consolidated revenues, significant expenses, and consolidated net income attributable to common stock to make operating decisions and assess performance. The CODM uses this information in making company-wide decisions when determining how to allocate resources.

 

Significant expenses represent amounts that are regularly provided to the CODM and included in consolidated net income attributable to common stock.

 

The following table summarizes the Company's revenues, net income attributable to common stock, and significant expenses:

 

  

Three Months Ended October 31,

  

Nine Months Ended October 31,

 
  

2025

  

2024

  

2025

  

2024

 

Net sales

 $61,148  $41,563  $155,796  $113,397 
                 

Cost of sales

                

Labor

  7,718   5,896   20,911   16,446 

Materials

  24,309   14,939   60,672   40,841 

Depreciation and amortization

  876   745   2,585   2,310 

Other costs of sales

  7,240   5,897   19,477   15,723 

Total cost of sales

  40,143   27,477   103,645   75,320 
                 

Operating expenses

                

Salaries and wages

  4,906   4,147   16,051   11,805 

Depreciation and amortization

  110   153   293   377 

Other general and administrative expense

  3,330   3,030   9,783   7,275 

General and administrative expenses

  8,346   7,330   26,127   19,457 

Selling expense

  1,256   1,170   3,545   3,757 

Total operating expenses

  9,602   8,500   29,672   23,214 
                 

Income from operations

  11,403   5,586   22,479   14,863 
                 

Interest expense

  497   468   1,318   1,489 

Other expense

  6   50   72   156 

Income before income tax

  10,900   5,068   21,089   13,218 

Income tax expense

  2,986   1,615   6,058   3,692 

Net income

  7,914   3,453   15,031   9,526 

Less: Net income attributable to non-controlling interest

  1,599   962   2,913   2,303 

Net income attributable to common stock

 $6,315  $2,491  $12,118  $7,223 

 

The CODM regularly reviews asset information by our reporting segment in a manner that is consistent with the presentation on the Company's accompanying consolidated balance sheets.