| SEGMENT REPORTING |
NOTE 16 – SEGMENT REPORTING Segments represent components of an enterprise for which discrete financial information is available and is evaluated regularly by the Company’s chief executive officer, who is the Company’s chief operating decision maker (the “CODM”), in determining resource allocation and assessing performance. The CODM primarily uses income before income taxes to assess the performance of the Company’s business segments and to make resource allocation determinations. The CODM may also use gross profit and income from operations as supplemental measures when assessing segment performance. The Company’s reportable segments recognize revenues and incur expenses and are organized as separate business units, each with distinct management teams, customers, talent pools, and service offerings. The Company’s reportable segments may include more than one operating segment. Intersegment revenues and the related cost of revenues are presented net against the corresponding amounts of the segment receiving the intersegment services. For Fiscal 2026 and Fiscal 2025, intersegment revenues were $3.2 million and $6.6 million, respectively. For Fiscal 2024, intersegment revenues were not material. Intersegment revenues for the aforementioned periods primarily reflected services provided by the Industrial segment to the Power segment and during Fiscal 2026 also included services provided by the Teledata segment to the Industrial segment. Pricing for intersegment services is established based on amounts negotiated between the respective parties. Summarized below are certain operating results and financial position data for each of the Company’s reportable business segments for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Selling, general and administrative expenses include compensation and benefits, professional fees, information technology, insurance premiums, rent, business development, and amortization and depreciation expenses incurred directly by each segment. Other income, net, primarily includes earnings on invested funds. Corporate net expenses consist of corporate overhead costs, offset by earnings on cash and invested funds. Corporate current assets primarily consist of cash, cash equivalents, and income-tax related assets. | | | | | | | | | | | | | Year Ended | | | | | | | | | January 31, 2026 | | Power | | Industrial | | Teledata | | Totals | Revenues | | $ | 756,499 | | $ | 167,553 | | $ | 20,554 | | $ | 944,606 | Cost of revenues | | | 587,160 | | | 147,226 | | | 16,542 | | | 750,928 | Gross profit | | | 169,339 | | | 20,327 | | | 4,012 | | | 193,678 | Selling, general and administrative expenses | | | 33,354 | | | 7,215 | | | 3,782 | | | 44,351 | Income from operations | | | 135,985 | | | 13,112 | | | 230 | | | 149,327 | Other income, net | | | 21,009 | | | 31 | | | 41 | | | 21,081 | Segment income before income taxes | | $ | 156,994 | | $ | 13,143 | | $ | 271 | | | 170,408 | Corporate | | | | | | | | | | | | (9,899) | Consolidated income before income taxes | | | | | | | | | | | | 160,509 | Provision for income taxes | | | | | | | | | | | | 22,735 | Net income | | | | | | | | | | | $ | 137,774 |
| | | | | | | | | | | | | | | | | | | Year Ended | | | | | | | | | | | Segment | | | | | Consolidated | January 31, 2026 | | Power | | Industrial | | Teledata | | Totals | | Corporate | | Totals | Amortization of intangibles | | $ | — | | $ | 376 | | $ | — | | $ | 376 | | $ | — | | $ | 376 | Depreciation | | | 933 | | | 610 | | | 351 | | | 1,894 | | | 18 | | | 1,912 | Property, plant and equipment additions | | | 2,588 | | | 939 | | | 262 | | | 3,789 | | | 88 | | | 3,877 | | | | | | | | | | | | | | | | | | | | Current assets | | $ | 869,437 | | $ | 80,249 | | $ | 5,440 | | $ | 955,126 | | $ | 177,131 | | $ | 1,132,257 | Current liabilities | | | 629,223 | | | 74,732 | | | 4,730 | | | 708,685 | | | 2,572 | | | 711,257 | Goodwill | | | 18,476 | | | 9,467 | | | 90 | | | 28,033 | | | — | | | 28,033 | Total assets | | | 903,692 | | | 96,256 | | | 8,595 | | | 1,008,543 | | | 177,811 | | | 1,186,354 |
| | | | | | | | | | | | | Year Ended | | | | | | | | | January 31, 2025 | | Power | | Industrial | | Teledata | | 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 | | | 41,047 | Income from operations | | | 84,731 | | | 14,887 | | | 324 | | | 99,942 | Other income (loss), net | | | 19,362 | | | (14) | | | 9 | | | 19,357 | Segment income before income taxes | | $ | 104,093 | | $ | 14,873 | | $ | 333 | | | 119,299 | Corporate | | | | | | | | | | | | (8,095) | Consolidated income before income taxes | | | | | | | | | | | | 111,204 | Provision for income taxes | | | | | | | | | | | | 25,745 | Net income | | | | | | | | | | | $ | 85,459 |
| | | | | | | | | | | | | | | | | | | Year Ended | | | | | | | | | | | Segment | | | | | Consolidated | January 31, 2025 | | Power | | Industrial | | Teledata | | Totals | | Corporate | | Totals | Amortization of intangibles | | $ | — | | $ | 391 | | $ | — | | $ | 391 | | $ | — | | $ | 391 | Depreciation | | | 686 | | | 799 | | | 417 | | | 1,902 | | | 3 | | | 1,905 | Property, plant and equipment additions | | | 5,788 | | | 523 | | | 270 | | | 6,581 | | | 2 | | | 6,583 | | | | | | | | | | | | | | | | | | | | Current assets | | $ | 617,027 | | $ | 45,985 | | $ | 3,831 | | $ | 666,843 | | $ | 114,457 | | $ | 781,300 | Current liabilities | | | 459,118 | | | 16,133 | | | 2,127 | | | 477,378 | | | 2,479 | | | 479,857 | Goodwill | | | 18,476 | | | 9,467 | | | 90 | | | 28,033 | | | — | | | 28,033 | Total assets | | | 650,793 | | | 62,032 | | | 6,339 | | | 719,164 | | | 117,063 | | | 836,227 |
| | | | | | | | | | | | | Year Ended | | | | | | | | | | January 31, 2024 | | Power | | Industrial | | Teledata | | 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 | | | 33,183 | Income from operations | | | 34,302 | | | 12,040 | | | 1,309 | | | 47,651 | Other income (loss), net | | | 13,871 | | | — | | | (3) | | | 13,868 | Segment income before income taxes | | $ | 48,173 | | $ | 12,040 | | $ | 1,306 | | | 61,519 | Corporate | | | | | | | | | | | | (12,586) | Consolidated income before income taxes | | | | | | | | | | | | 48,933 | Provision for income taxes | | | | | | | | | | | | 16,575 | Net income | | | | | | | | | | | $ | 32,358 |
| | | | | | | | | | | | | | | | | | | Year Ended | | | | | | | | | | | Segment | | | | | Consolidated | January 31, 2024 | | Power | | Industrial | | Teledata | | Totals | | Corporate | | Totals | Amortization of intangibles | | $ | — | | $ | 392 | | $ | — | | $ | 392 | | $ | — | | $ | 392 | Depreciation | | | 527 | | | 1,073 | | | 409 | | | 2,009 | | | 4 | | | 2,013 | Property, plant and equipment additions | | | 1,266 | | | 1,014 | | | 473 | | | 2,753 | | | 3 | | | 2,756 | | | | | | | | | | | | | | | | | | | | Current assets | | $ | 383,508 | | $ | 59,123 | | $ | 3,872 | | $ | 446,503 | | $ | 100,676 | | $ | 547,179 | Current liabilities | | | 256,975 | | | 41,869 | | | 1,591 | | | 300,435 | | | 1,825 | | | 302,260 | Goodwill | | | 18,476 | | | 9,467 | | | 90 | | | 28,033 | | | — | | | 28,033 | Total assets | | | 411,571 | | | 76,012 | | | 6,703 | | | 494,286 | | | 103,943 | | | 598,229 |
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