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Note 17 - Industry Segment Information
 12 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

17. Industry Segment Information

 

The company has five reportable segments organized around the types of products sold:

 

•  Electronics – manufacturing and selling of electronic components for applications throughout the end-user market spectrum;

•  Engraving – provides mold texturizing, slush molding tools, project management and design services, roll engraving, hygiene product tooling, low observation vents for stealth aircraft, and process machinery for a number of industries;

•  Scientific – specialty temperature-controlled equipment for the medical, scientific, pharmaceutical, biotech and industrial markets;

•  Engineering Technologies – provides net and near net formed single-source customized solutions in the manufacture of engineered components for the aviation, aerospace, defense, energy, industrial, medical, marine, oil and gas, and manned and unmanned space markets.

•  Specialty Solutions – an aggregation of three operating segments that manufacture and sell refrigerated, heated and dry merchandizing display cases, custom fluid pump solutions, and single and double acting telescopic and piston rod hydraulic cylinders.

 

Net sales include only transactions with unaffiliated customers and include no significant intersegment or export sales.  Operating income by segment and geographic area excludes general corporate and interest expenses.  Assets of the Corporate segment consist primarily of cash, office equipment, and other non-current assets.

 

Given the nature of our corporate expenses, management concluded that it would not presently be appropriate to allocate the expenses associated with corporate activities to our operating segments.  These corporate expenses include the costs for the corporate headquarters, salaries and wages for the personnel in corporate, professional fees related to corporate matters and compliance efforts, stock-based compensation and post-retirement benefits related to our corporate executives, officers and directors, and other compliance related costs.  The Company has a process to allocate and recharge certain direct costs to the operating segments when such direct costs are administered and paid at corporate.  Such direct expenses that are recharged on an intercompany basis each month include such costs as insurance, workers’ compensation programs, and audit fees.  The accounting policies applied by the reportable segments are the same as those described in the Summary of Accounting Policies footnote to the consolidated financial statements.  There are no differences in accounting policies which would be necessary for an understanding of the reported segment information.

 

 

Industry Segments

                        

(in thousands)

 

Net Sales

  

Depreciation and Amortization

 
  

2021

  

2020

  

2019

  

2021

  

2020

  

2019

 

Electronics

 $253,369  $185,294  $204,073  $13,159  $12,339  $11,751 

Engraving

  147,016   143,736   149,693   11,140   10,595   8,232 

Scientific

  79,421   57,523   57,621   1,590   1,594   1,590 

Engineering Technologies

  75,562   104,047   105,270   5,519   6,000   5,963 

Specialty Solutions

  100,864   113,935   123,274   1,513   1,446   1,350 

Corporate and Other

  -   -   -   320   320   402 

Total

 $656,232  $604,535  $639,931  $33,241  $32,294  $29,288 

 

  

Income (Loss) From Operations

  

Capital Expenditures (1)

 
  

2021

  

2020

  

2019

  

2021

  

2020

  

2019

 

Electronics

 $46,600  $29,749  $41,227  $11,154  $5,334  $12,646 

Engraving

  22,510   20,493   23,996   6,517   10,618   13,868 

Scientific

  18,240   13,740   13,676   693   360   77 

Engineering Technologies

  6,164   14,027   11,169   1,110   1,170   3,857 

Specialty Solutions

  14,358   18,546   19,000   1,313   1,154   2,108 

Restructuring charge

  (3,478)  (4,669)  (1,289)  -   -   - 

Loss on sale of business

  (14,624)  -   -   -   -   - 

Acquisition-related costs

  (931)  (1,759)  (3,075)  -   -   - 

Other operating income (expense), net

  -   -   (500)  -   -   - 

Corporate

  (29,674)  (29,599)  (24,728)  626   668   57 

Total

 $59,165  $60,528  $79,476  $21,413  $19,304  $32,613 

Interest expense

  (5,992)  (7,475)  (10,760)            

Other, net

  (473)  1,021   (1,742)            

Income from continuing operations before income taxes

 $52,700  $54,074  $66,974             

 

 (1)Includes capital expenditures in accounts payable of $2.4 million, $3.2 million, and $0.9 million at June 30, 2021, 2020, and 2019 respectively.

 

 

  

Goodwill

  

Identifiable Assets

 
  

2021

  

2020

  

2021

  

2020

 

Electronics

 $144,832  $131,582  $382,045  $324,725 

Engraving

  77,378   77,195   263,406   257,104 

Scientific

  15,454   15,454   110,300   90,595 

Engineering Technologies

  37,085   43,685   114,012   147,797 

Specialty Solutions

  3,305   3,305   46,883   52,528 

Corporate & Other

  -   -   45,577   55,193 

Discontinued Operations

  -   -      2,936 

Total

 $278,054  $271,221  $962,223  $930,878 

 

 

Tangible Long-lived assets

 

2021

  

2020

 

United States

 $63,613  $69,548 

Asia Pacific

  33,722   32,057 

EMEA (2)

  30,677   26,057 

Other Americas

  5,361   4,871 

Total

 $133,373  $132,533 

 

 

 

(2)

EMEA consists primarily of Europe, Middle East and S. Africa.