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Note 17 - Industry Segment Information
 12 Months Ended
Jun. 30, 2022
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

  
   

2022

    

2021

    

2020

    

2022

    

2021

    

2020

  

Electronics

   $ 304,290     $ 253,369     $ 185,294     $ 11,803     $ 13,159     $ 12,339  

Engraving

     146,255       147,016       143,736       10,561       11,140       10,595  

Scientific

     83,850       79,421       57,523       1,574       1,590       1,594  

Engineering Technologies

     78,117       75,562       104,047       3,865       5,519       6,000  

Specialty Solutions

     122,827       100,864       113,935       1,541       1,513       1,446  

Corporate and Other

     -       -       0       353       320       320  

Total

   $ 735,339     $ 656,232     $ 604,535     $ 29,697     $ 33,241     $ 32,294  

 

  

Income (Loss) From Operations

  

Capital Expenditures (1)

 
  

2022

  

2021

  

2020

  

2022

  

2021

  

2020

 

Electronics

 $70,428  $46,600  $29,749  $11,809  $11,154  $5,334 

Engraving

  21,825   22,510   20,493   6,504   6,517   10,618 

Scientific

  17,861   18,240   13,740   278   693   360 

Engineering Technologies

  8,776   6,164   14,027   1,480   1,110   1,170 

Specialty Solutions

  15,579   14,358   18,546   1,716   1,313   1,154 

Restructuring costs

  (4,399)  (3,478)  (4,669)  -   -   - 

Loss on sale of business

  -   (14,624)  -   -   -   - 

Acquisition related costs

  (1,618)  (931)  (1,759)  -   -   - 

Other operating expense

  (5,745)  -   -   -   -   - 

Corporate

  (34,413)  (29,674)  (29,599)  257   626   668 

Total

 $88,294  $59,165  $60,528  $22,044  $21,413  $19,304 

Interest expense

  (5,874)  (5,992)  (7,475)            

Other non-operating (expense) income, net

  (1,131)  (473)  1,021             

Income from continuing operations before income taxes

 $81,289  $52,700  $54,074             

 

  (1) Includes capital expenditures in accounts payable of $0.1 million, $2.4 million, and $3.2 million at June 30, 2022, 2021, and 2020 respectively.

 

   

Goodwill

    

Identifiable Assets

  
   

2022

    

2021

    

2022

    

2021

  

Electronics

   $ 136,969     $ 144,832     $ 378,581     $ 382,045  

Engraving

     76,250       77,378       256,115       263,406  

Scientific

     15,454       15,454       114,177       110,300  

Engineering Technologies

     35,928       37,085       118,723       114,012  

Specialty Solutions

     3,305       3,305       57,757       46,883  

Corporate & Other

     -       -       9,086       45,577  

Total

   $ 267,906     $ 278,054     $ 934,439     $ 962,223  

 

Tangible Long-lived assets

  

2022

    

2021

  

United States

   $ 61,540     $ 63,613  

Asia Pacific

     32,334       33,722  

EMEA (2)

     29,736       30,677  

Other Americas

     4,974       5,361  

Total

   $ 128,584     $ 133,373  

 

 

(2)

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