v3.25.2
Note 2 - Business Segment Reporting
 6 Months Ended
Jul. 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 July 31,

  

Six Months Ended July 31,

 
  

2025

  

2024

  

2025

  

2024

 

Net sales

 $47,902  $37,513  $94,648  $71,834 
                 

Cost of sales

                

Labor

  6,904   5,312   13,193   10,550 

Materials

  18,947   12,719   36,363   25,902 

Depreciation and amortization

  860   738   1,710   1,472 

Other costs of sales

  6,768   5,270   12,235   9,919 

Total cost of sales

  33,479   24,039   63,501   47,843 
                 

Operating expenses

                

Salaries and wages

  6,928   4,284   11,145   7,658 

Depreciation and amortization

  95   142   184   245 

Other general and administrative expense

  3,010   1,553   6,452   4,225 

General and administrative expenses

  10,033   5,979   17,781   12,128 

Selling expense

  1,203   1,353   2,289   2,588 

Total operating expenses

  11,236   7,332   20,070   14,716 
                 

Income from operations

  3,187   6,142   11,077   9,275 
                 

Interest expense

  415   514   821   1,021 

Other expense

  21   38   70   105 

Income before income tax

  2,751   5,590   10,186   8,149 

Income tax expense

  1,489   1,306   3,070   2,076 

Net income

  1,262   4,284   7,116   6,073 

Less: Net income attributable to non-controlling interest

  411   995   1,313   1,341 

Net income attributable to common stock

 $851  $3,289  $5,803  $4,732 

 

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.