v3.26.1
Note 2 - Business Segment Reporting
 6 Months Ended
Jul. 31, 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 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 July 31,

  

Six Months Ended July 31,

 
  

2026

  

2025

  

2026

  

2025

 

Net sales

 $59,567  $47,902  $109,831  $94,648 
                 

Cost of sales

                

Labor

  8,215   6,904   16,484   13,193 

Materials

  25,213   18,947   44,716   36,363 

Depreciation and amortization

  933   860   1,858   1,710 

Other costs of sales

  7,800   6,768   14,732   12,235 

Total cost of sales

  42,161   33,479   77,790   63,501 
                 

Operating expenses

                

Salaries and wages

  4,634   6,928   9,300   11,145 

Depreciation and amortization

  169   95   287   184 

Other general and administrative expense

  7,067   3,010   11,118   6,452 

General and administrative expenses

  11,870   10,033   20,705   17,781 

Selling expense

  1,283   1,203   2,447   2,289 

Total operating expenses

  13,153   11,236   23,152   20,070 
                 

Income from operations

  4,253   3,187   8,889   11,077 
                 

Interest expense, net

  507   415   1,111   821 

Other (income) expense, net

  (122)  21   (12)  70 

Income before income taxes

  3,868   2,751   7,790   10,186 

Income tax expense

  604   1,489   1,935   3,070 

Net income

  3,264   1,262   5,855   7,116 

Less: Net income attributable to non-controlling interest

  717   411   1,506   1,313 

Net income attributable to common stock

 $2,547  $851  $4,349  $5,803