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Note 17 - Industry Segment Information
 12 Months Ended
Jun. 30, 2023
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 two operating segments that manufacture and sell refrigerated, heated and dry merchandizing display cases, and single and double acting telescopic and piston rod hydraulic cylinders.

 

The Procon business was included in the Specialty Solutions Segment through the date of divestiture in the third quarter of fiscal year 2023. 

 

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

 
  

2023

  

2022

  

2021

  

2023

  

2022

  

2021

 

Electronics

 $305,872  $304,290  $253,369  $11,737  $11,803  $13,159 

Engraving

  152,067   146,255   147,016   9,646   10,561   11,140 

Scientific

  74,924   83,850   79,421   1,449   1,574   1,590 

Engineering Technologies

  81,079   78,117   75,562   3,757   3,865   5,519 

Specialty Solutions

  127,106   122,827   100,864   1,395   1,541   1,513 

Corporate and Other

  -   -   -   490   353   320 

Total

 $741,048  $735,339  $656,232  $28,474  $29,697  $33,241 

 

  

Income (Loss) From Operations

  

Capital Expenditures (1)

 
  

2023

  

2022

  

2021

  

2023

  

2022

  

2021

 

Electronics

 $68,979  $70,428  $46,600  $16,542  $11,809  $11,154 

Engraving

  25,462   21,825   22,510   3,347   6,504   6,517 

Scientific

  17,109   17,861   18,240   229   278   693 

Engineering Technologies

  11,050   8,776   6,164   1,987   1,480   1,110 

Specialty Solutions

  25,368   15,579   14,358   2,064   1,716   1,313 

Restructuring costs

  (3,831)  (4,399)  (3,478)  -   -   - 

Gain (loss) on sale of business

  62,105   -   (14,624)  -   -   - 

Acquisition related costs

  (557)  (1,618)  (931)  -   -   - 

Other operating income (expense)

  611   (5,745)  -   -   -   - 

Corporate

  (35,207)  (34,413)  (29,674)  43   257   626 

Total

 $171,089  $88,294  $59,165  $24,212  $22,044  $21,413 

Interest expense

  (5,405)  (5,874)  (5,992)            

Other non-operating (expense) income, net

  (1,735)  (1,131)  (473)            

Income from continuing operations before income taxes

 $163,949  $81,289  $52,700             

 

 (1)Includes capital expenditures in accounts payable of $0.3 million, $0.1 million, and $2.4 million at June 30, 2023, 2022, and 2021 respectively.

 

  

Goodwill

  

Identifiable Assets

 
  

2023

  

2022

  

2023

  

2022

 

Electronics

 $133,432  $136,969  $384,333  $378,581 

Engraving

  76,583   76,250   262,960   256,115 

Scientific

  15,454   15,454   104,593   114,177 

Engineering Technologies

  36,293   35,928   120,176   118,723 

Specialty Solutions

  3,059   3,305   48,280   57,757 

Corporate & Other

  -   -   104,587   9,086 

Total

 $264,821  $267,906  $1,024,929  $934,439 

 

Tangible Long-lived assets

 

2023

  

2022

 

United States

  57,087  $61,540 

Asia Pacific

  34,741   32,334 

EMEA (2)

  33,608   29,736 

Other Americas

  5,501   4,974 

Total

 $130,937  $128,584 

 

 

(2)

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