v3.26.1
Note 2 - Business Segment Reporting
 3 Months Ended
Apr. 30, 2026
Notes to Financial Statements  
Segment Reporting [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. Additionally, the CODM regularly reviews asset information by our reporting segment in a manner that is consistent with the presentation on the Company's accompanying Condensed Consolidated Balance Sheets.

 

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

 

  

Three Months Ended April 30,

 
  

2026

  

2025

 

Net sales

 $50,265  $46,747 
         

Cost of sales

        

Labor

  8,269   6,289 

Materials

  19,503   17,416 

Depreciation and amortization

  924   849 

Other costs of sales

  6,933   5,469 

Total cost of sales

  35,629   30,023 
         

Operating expenses

        

Salaries and wages

  4,666   4,217 

Depreciation and amortization

  118   87 

Other general and administrative expense

  4,051   3,445 

General and administrative expenses

  8,835   7,749 

Selling expense

  1,164   1,086 

Total operating expenses

  9,999   8,835 
         

Income from operations

  4,637   7,889 
         

Interest expense, net

  605   406 

Other expense, net

  110   47 

Income before income tax

  3,922   7,436 

Income tax expense

  1,332   1,582 

Net income

  2,590   5,854 

Less: Net income attributable to non-controlling interest

  (789)  (902)

Net income attributable to common stock

 $1,801  $4,952