Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.19.1
Business Segment Information
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Business Segment Information

Note 13 – Business Segment Information

Segment

The Company is currently involved in two segments, electrical construction and real estate development. There were no material amounts of sales or transfers between segments and no material amounts of foreign sales. Any inter-segment sales have been eliminated. Certain amounts reflected as of December 31, 2018 in the assets table within have been reclassified to conform to the total assets presentation as of March 31, 2019. This reclassification had no impact on the total assets reported as of December 31, 2018.

The following table sets forth certain segment information for the three months ended March 31 as indicated:

 

 

 

2019

 

 

2018

 

Continuing Operations

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

Electrical construction

 

 

41,387,318

 

 

 

34,131,919

 

Real estate development

 

 

6,092,938

 

 

 

306,777

 

Total revenue

 

$

47,480,256

 

 

$

34,438,696

 

Operating expenses

 

 

 

 

 

 

 

 

Electrical construction

 

 

38,353,612

 

 

 

29,087,925

 

Real estate development

 

 

4,888,792

 

 

 

431,035

 

Corporate

 

 

1,322,811

 

 

 

1,468,188

 

Total operating expenses

 

$

44,565,215

 

 

$

30,987,148

 

Operating income (loss)

 

 

 

 

 

 

 

 

Electrical construction

 

 

3,033,706

 

 

 

5,043,994

 

Real estate development

 

 

1,204,146

 

 

 

(124,258

)

Corporate

 

 

(1,322,811

)

 

 

(1,468,188

)

Total operating income

 

$

2,915,041

 

 

$

3,451,548

 

Other (expenses) income, net

 

 

 

 

 

 

 

 

Electrical construction

 

 

(324,313

)

 

 

(163,371

)

Real estate development

 

 

(4,852

)

 

 

(19,087

)

Corporate

 

 

21,009

 

 

 

14,724

 

Total other expenses, net

 

$

(308,156

)

 

$

(167,734

)

Net income (loss) before taxes

 

 

 

 

 

 

 

 

Electrical construction

 

 

2,709,393

 

 

 

4,880,623

 

Real estate development

 

 

1,199,294

 

 

 

(143,345

)

Corporate

 

 

(1,301,802

)

 

 

(1,453,464

)

Total net income before taxes

 

$

2,606,885

 

 

$

3,283,814

 

Capital Expenditures

 

 

 

 

 

 

 

 

Electrical construction

 

 

11,642,297

 

 

 

3,365,643

 

Real estate development

 

 

 

 

 

3,076

 

Corporate

 

 

723,884

 

 

 

5,537

 

Total

 

$

12,366,181

 

 

$

3,374,256

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

Electrical construction

 

 

2,552,235

 

 

 

1,858,465

 

Real estate development

 

 

5,674

 

 

 

4,348

 

Corporate

 

 

23,170

 

 

 

24,695

 

Total

 

$

2,581,079

 

 

$

1,887,508

 

Operating income (loss) equals total operating revenue less operating costs and expenses inclusive of depreciation and amortization, and selling, general and administrative expenses. Operating costs and expenses also include any gains or losses on the sale of property and equipment. Operating income (loss) excludes interest expense, interest income, other income and income taxes.

The following table sets forth assets by segment as of the dates indicated:

 

Assets

 

March 31, 2019

 

 

December 31, 2018

 

Electrical construction

 

 

110,523,633

 

 

 

93,625,017

 

Real estate development

 

 

14,104,568

 

 

 

14,557,323

 

Corporate

 

 

6,336,500

 

 

 

4,366,135

 

Total

 

$

130,964,701

 

 

$

112,548,475