| 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 | | | | | | | | | | | | | | | | | 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 |
| | | | | | | | | | | | | | | | 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 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | 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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