Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.20.2
Business Segment Information
6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Business Segment Information

Note 12 – Business Segment Information

Segment

The Company performs services 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.

The following table sets forth certain segment information for the dates indicated:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Continuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical construction

 

$

46,672,618

 

 

$

39,204,368

 

 

$

89,738,010

 

 

$

80,591,687

 

Real estate development

 

 

1,111,547

 

 

 

5,175,851

 

 

 

2,885,663

 

 

 

11,268,788

 

Total revenue

 

$

47,784,165

 

 

$

44,380,219

 

 

$

92,623,673

 

 

$

91,860,475

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical construction

 

$

41,523,044

 

 

$

36,735,008

 

 

$

81,886,707

 

 

$

75,088,621

 

Real estate development

 

 

995,886

 

 

 

4,562,333

 

 

 

2,507,432

 

 

 

9,451,126

 

Corporate

 

 

1,456,831

 

 

 

1,433,307

 

 

 

2,821,432

 

 

 

2,756,117

 

Total operating expenses

 

$

43,975,761

 

 

$

42,730,648

 

 

$

87,215,571

 

 

$

87,295,864

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical construction

 

$

5,149,574

 

 

$

2,469,360

 

 

$

7,851,303

 

 

$

5,503,066

 

Real estate development

 

 

115,661

 

 

 

613,518

 

 

 

378,231

 

 

 

1,817,662

 

Corporate

 

 

(1,456,831

)

 

 

(1,433,307

)

 

 

(2,821,432

)

 

 

(2,756,117

)

Total operating income

 

$

3,808,404

 

 

$

1,649,571

 

 

$

5,408,102

 

 

$

4,564,611

 

Other (expenses) income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical construction

 

$

(183,802

)

 

$

(392,335

)

 

$

(440,130

)

 

$

(716,648

)

Real estate development

 

 

 

 

 

(647

)

 

 

 

 

 

(5,499

)

Corporate

 

 

(23,920

)

 

 

44,890

 

 

 

6,771

 

 

 

65,900

 

Total other expenses, net

 

$

(207,722

)

 

$

(348,092

)

 

$

(433,359

)

 

$

(656,247

)

Net income (loss) before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical construction

 

$

4,965,772

 

 

$

2,077,025

 

 

$

7,411,173

 

 

$

4,786,418

 

Real estate development

 

 

115,661

 

 

 

612,871

 

 

 

378,231

 

 

 

1,812,163

 

Corporate

 

 

(1,480,751

)

 

 

(1,388,417

)

 

 

(2,814,661

)

 

 

(2,690,217

)

Total net income before taxes

 

$

3,600,682

 

 

$

1,301,479

 

 

$

4,974,743

 

 

$

3,908,364

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical construction

 

$

3,929,296

 

 

$

1,796,690

 

 

$

8,903,319

 

 

$

13,438,986

 

Real estate development

 

 

182

 

 

 

59,048

 

 

 

321

 

 

 

59,048

 

Corporate

 

 

33,818

 

 

 

113,854

 

 

 

81,600

 

 

 

837,738

 

Total

 

$

3,963,296

 

 

$

1,969,592

 

 

$

8,985,240

 

 

$

14,335,772

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical construction

 

$

2,964,215

 

 

$

2,708,308

 

 

$

5,820,421

 

 

$

5,260,544

 

Real estate development

 

 

8,312

 

 

 

6,091

 

 

 

16,601

 

 

 

11,765

 

Corporate

 

 

28,976

 

 

 

24,084

 

 

 

57,292

 

 

 

47,253

 

Total

 

$

3,001,503

 

 

$

2,738,483

 

 

$

5,894,314

 

 

$

5,319,562

 

 

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

 

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Electrical construction

 

 

 

 

 

$

131,739,480

 

 

$

111,064,071

 

Real estate development

 

 

 

 

 

 

6,003,674

 

 

 

7,578,440

 

Corporate

 

 

 

 

 

 

18,512,581

 

 

 

10,724,667

 

Total

 

 

 

 

 

$

156,255,735

 

 

$

129,367,178