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Note 17 - Industry Segment Information
 12 Months Ended
Jun. 30, 2024
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

 
  

2024

  

2023

  

2022

  

2024

  

2023

  

2022

 

Electronics

 $321,956  $305,872  $304,290  $12,722  $11,737  $11,803 

Engraving

  150,685   152,067   146,255   8,716   9,646   10,561 

Scientific

  68,931   74,924   83,850   1,314   1,449   1,574 

Engineering Technologies

  83,476   81,079   78,117   3,657   3,757   3,865 

Specialty Solutions

  95,587   127,106   122,827   1,338   1,395   1,541 

Corporate and Other

  -   -   -   393   490   353 

Total

 $720,635  $741,048  $735,339  $28,140  $28,474  $29,697 

 

  

Income (Loss) From Operations

  

Capital Expenditures (1)

 
  

2024

  

2023

  

2022

  

2024

  

2023

  

2022

 

Electronics

 $64,030  $68,979  $70,428  $6,844  $16,542  $11,809 

Engraving

  26,708   25,462   21,825   7,953   3,347   6,504 

Scientific

  19,000   17,109   17,861   118   229   278 

Engineering Technologies

  15,216   11,050   8,776   1,495   1,987   1,480 

Specialty Solutions

  19,631   25,368   15,579   3,115   2,064   1,716 

Restructuring costs

  (8,206)  (3,831)  (4,399)  -   -   - 

Gain (loss) on sale of business

  274   62,105   -   -   -   - 

Acquisition related costs

  (2,622)  (557)  (1,618)  -   -   - 

Other operating income (expense)

  (110)  611   (5,745)  -   -   - 

Corporate

  (32,183)  (35,207)  (34,413)  462   43   257 

Total

 $101,738  $171,089  $88,294  $19,987  $24,212  $22,044 

Interest expense

  (4,544)  (5,405)  (5,874)            

Other non-operating (expense) income, net

  (2,071)  (1,735)  (1,131)            

Income from continuing operations before income taxes

 $95,123  $163,949  $81,289             

 

 (1)Includes capital expenditures in accounts payable of $1.5 million, $0.3 million, and $0.1 million at June 30, 2024, 2023, and 2022 respectively.

 

  

Goodwill

  

Identifiable Assets

 
  

2024

  

2023

  

2024

  

2023

 

Electronics

 $149,910  $133,432  $435,473  $384,333 

Engraving

  76,605   76,583   262,317   262,960 

Scientific

  15,454   15,454   104,634   104,593 

Engineering Technologies

  36,255   36,293   128,897   120,176 

Specialty Solutions

  3,059   3,059   41,369   48,280 

Corporate & Other

  -   -   32,367   104,587 

Total

 $281,283  $264,821  $1,005,057  $1,024,929 

 

Tangible Long-lived assets

 

2024

  

2023

 

United States

  56,479   57,087 

Asia Pacific

  40,207   34,741 

EMEA (2)

  33,474   33,608 

Other Americas

  4,803   5,501 

Total

 $134,963  $130,937 

 

 

(2)

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