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

NOTE 9 – SEGMENT INFORMATION

The Company has three continuing operating segments as defined under ASC Topic 280, Segment Reporting. Business units are organized under each segment because they share certain characteristics, such as technology, marketing, distribution and product application, which create long-term synergies. The principal activities of the Company’s operating segments are as follows:

Environmental Solutions — The Environmental Solutions Group manufactures a variety of self-propelled street cleaning vehicles, vacuum loader vehicles, municipal catch basin/sewer cleaning vacuum trucks and waterblasting equipment. The Group sells primarily to municipal and government customers, as well as industrial contractors. Products are sold under the Elgin®, Vactor®, Guzzler® and Jetstream® brand names. The Group primarily manufactures its vehicles and equipment in the United States.

 

Safety and Security Systems — The Safety and Security Systems Group is a leading manufacturer and supplier of comprehensive systems and products that law enforcement, fire rescue, emergency medical services, campuses, military facilities and industrial sites use to protect people and property. Offerings include systems for campus and community alerting, emergency vehicles, first responder interoperable communications, industrial communications and command and municipal networked security. Specific products include lightbars and sirens, public warning sirens and public safety software. Products are primarily sold under the Federal SignalTM, Federal Signal VAMATM, Target Tech® and VictorTM brand names. The Group operates manufacturing facilities in North America, Europe and South Africa.

Fire Rescue — The Fire Rescue Group manufactures articulated and telescopic aerial platforms for rescue and fire fighting and for maintenance purposes. This Group sells to municipal and industrial fire services, civil defense authorities, rental companies, electric utilities and industrial customers. The Group operates manufacturing facilities in Finland and sells globally under the Bronto Skylift® brand name.

Corporate contains those items that are not included in our operating segments.

Net sales by operating segment reflect sales of products and services to external customers, as reported in the Company’s consolidated statements of operations. Intersegment sales were not material for the three months ended March 31, 2013 and 2012. The Company evaluates performance based on operating income of the respective segment. Operating income includes all revenues, costs and expenses directly related to the segment involved. In determining operating segment income, neither corporate nor interest expenses are included. Corporate assets consist principally of cash and cash equivalents, short-term investments, notes and other receivables and fixed assets. The accounting policies of each operating segment are the same as those described in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

The following tables summarize the Company’s net sales, operating income, and total assets by segment. The results for the interim periods are not necessarily indicative of results for a full year.

 

     Three Months Ended
March  31,		  
(in millions)    2013     2012  

Net sales:

     

Environmental Solutions

    $ 111.7      $ 108.0   

Safety and Security Systems

      58.5        56.3   

Fire Rescue

      29.6        31.8   
  

 

 

    

 

 

  

Total net sales

    $ 199.8      $ 196.1   
  

 

 

    

 

 

  

Operating income:

     

Environmental Solutions

    $ 12.7      $ 12.0   

Safety and Security Systems

      5.5        4.6   

Fire Rescue

      0.7        0.8   

Corporate and eliminations

      (6.8 )      (7.1 ) 
  

 

 

    

 

 

  

Total operating income

      12.1        10.3   

Interest expense

      4.5        5.1   

Debt settlement charges

      8.7        1.6   

Other income, net

      (0.2 )      (0.2 ) 
  

 

 

    

 

 

  

Income (loss) before income taxes

    $ (0.9 )    $ 3.8   
  

 

 

    

 

 

  

 

(in millions)    As of
March 31,
2013		      As of
December 31,
2012		  

Total assets:

      

Environmental Solutions

    $ 247.5       $ 237.5   

Safety and Security Systems

      204.1         209.5   

Fire Rescue

      120.8         122.5   

Corporate and eliminations

      27.4         41.7   
  

 

 

     

 

 

  

Total assets of continuing operations

      599.8         611.2   
  

 

 

     

 

 

  

Total assets of discontinued operations

      2.0         2.0   
  

 

 

     

 

 

  

Total assets

    $ 601.8       $ 613.2