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Segment Information
 3 Months Ended
Mar. 31, 2013
Segment Information  
Segment Information

9.                                      Segment Information

 

The Company is organized into three reportable segments. The segments are defined by the regions where the Company’s products are manufactured, marketed and distributed to the Company’s customers. The three regional segments are the North American segment, comprising primarily the United States and Canada, the European segment, and the Asia/Pacific segment, comprising the Company’s operations in China, Hong Kong, the South Pacific and the Middle East. These segments are similar in several ways, including the types of materials, the production processes, the distribution channels and the product applications.

 

The following table illustrates certain measurements used by management to assess the performance as of or for the following periods:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2013

 

2012

 

Net Sales

 

 

 

 

 

North America

 

$

127,737

 

$

127,967

 

Europe

 

23,917

 

28,237

 

Asia/Pacific

 

2,644

 

2,372

 

Administrative and all other

 

237

 

158

 

Total

 

$

154,535

 

$

158,734

 

 

 

 

 

 

 

Sales to Other Segments*

 

 

 

 

 

North America

 

$

761

 

$

1,372

 

Europe

 

280

 

134

 

Asia/Pacific

 

4,136

 

3,724

 

Total

 

$

5,177

 

$

5,230

 

 

 

 

 

 

 

Income (Loss) from Operations

 

 

 

 

 

North America

 

$

15,260

 

$

17,873

 

Europe

 

(4,180

)

(2,372

)

Asia/Pacific

 

(1,184

)

(654

)

Administrative and all other

 

(883

)

(1,339

)

Total

 

$

9,013

 

$

13,508

 

 

 

* The sales to other segments are eliminated on consolidation.

 

 

 

 

 

 

 

At

 

 

 

At March 31,

 

December 31,

 

(in thousands)

 

2013

 

2012

 

2012

 

Total Assets

 

 

 

 

 

 

 

North America

 

$

580,882

 

$

546,112

 

$

583,501

 

Europe

 

182,687

 

201,721

 

194,000

 

Asia/Pacific

 

29,303

 

27,916

 

30,455

 

Administrative and all other

 

78,675

 

91,262

 

82,366

 

Total

 

$

871,547

 

$

867,011

 

$

890,322

 

 

Cash collected by the Company’s United States subsidiaries is routinely transferred into the Company’s cash management accounts and, therefore, has been included in the total assets of “Administrative and all other.” Cash and cash equivalent balances in the “Administrative and all other” segment were $62.5 million, $87.4 million, and $91.9 million, as of March 31, 2013 and 2012, and December 31, 2012, respectively.

 

The following table illustrates how the Company’s net sales are distributed by product for the following periods:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2013

 

2012

 

 

 

 

 

 

 

Wood Construction

 

$

132,798

 

$

137,779

 

Concrete Construction

 

21,434

 

20,742

 

Other

 

303

 

213

 

Total

 

$

154,535

 

$

158,734

 

 

Wood construction products include connectors, truss plates, fastening systems, fasteners and pre-fabricated shearwalls and are used for connecting and strengthening wood-based construction primarily in the residential construction market. Concrete construction products include adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools and fiber reinforcing materials and are used for restoration, protection or strengthening concrete, masonry and steel construction in residential, industrial, commercial and infrastructure construction.