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Note 17 - Industry Segment Information
 12 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

17. Industry Segment Information

 

The company operates in the following five reportable segments organized around the types of products sold. The Company has aggregated its operating segments into its reportable segments where they contained similar products and economic characteristics, and shared similar types of customers, and production and distribution methods. The Company has determined that its CEO is its Chief Operating Decision Maker (CODM) who is responsible for assessing performance and allocating resources. The CODM primarily evaluates segment performance based on net revenue and does not regularly review specific expense categories at the segment level. Instead, expenses are managed and assessed on a consolidated basis rather than by individual segment. While certain operating expenses may be incurred at the segment level, these are not regularly reviewed by the CODM when evaluating performance or allocating resources. As a result, the Company does not allocate or disclose certain expense details by segment.  The CODM primarily reviews these profit measures in comparison to forecasts, trends, key performance targets, and results of industry peers to assess profitability, identify areas for improvement, and make strategic decisions regarding investments and resource allocation within each segment.

 

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

• 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;

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

• 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; 

• 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.

 

  

2025

 

(in thousands)

 

Electronics

  

Engineering Technologies

  

Scientific

  

Engraving

  

Specialty Solutions

  

Total

 

Net Sales

 $400,130  $102,595  $72,380  $128,360  $86,642  $790,107 

Segment Expenses

  (312,203)  (87,167)  (54,910)  (110,713)  (71,801)  (636,794)

Segment operating income

  87,927   15,428   17,470   17,647   14,841   153,313 

Corporate

                      (31,427)

Restructuring costs

                      (6,903)

Acquisition related costs

                      (21,434)

Income (Loss) From Operations

                      93,549 

Interest expense

                      (23,931)

Other non-operating (expense) income, net

                      (808)

Income from continuing operations before income taxes

                     $68,810 

 

 

  

2024

 

(in thousands)

 

Electronics

  

Engineering Technologies

  

Scientific

  

Engraving

  

Specialty Solutions

  

Total

 

Net Sales

 $321,956  $83,476  $68,931  $150,685  $95,587  $720,635 

Segment Expenses

  (257,926)  (68,260)  (49,931)  (123,977)  (75,956)  (576,050)

Segment operating income

  64,030   15,216   19,000   26,708   19,631   144,585 

Corporate

                      (32,183)

Restructuring costs

                      (8,206)

(Gain) loss on sale of business

                      274 

Acquisition related costs

                      (2,622)

Other operating (income) expense, net

                      (110)

Income (Loss) From Operations

                      101,738 

Interest expense

                      (4,544)

Other non-operating (expense) income, net

                      (2,071)

Income from continuing operations before income taxes

                     $95,123 

 

 

  

2023

 

(in thousands)

 

Electronics

  

Engineering Technologies

  

Scientific

  

Engraving

  

Specialty Solutions

  

Total

 

Net Sales

 $305,872  $81,079  $74,924  $152,067  $127,106  $741,048 

Segment Expenses

  (236,893)  (70,029)  (57,815)  (126,065)  (101,738)  (593,080)

Segment operating income

  68,979   11,050   17,109   25,462   25,368   147,968 

Corporate

                      (35,207)

Restructuring costs

                      (3,831)

(Gain) loss on sale of business

                      62,105 

Acquisition related costs

                      (557)

Other operating (income) expense, net

                      611 

Income (Loss) From Operations

                      171,089 

Interest expense

                      (5,405)

Other non-operating (expense) income, net

                      (1,735)

Income from continuing operations before income taxes

                     $163,949 

 

(in thousands)

 

Capital Expenditures (1)

  

Depreciation and Amortization

 
  

2025

  

2024

  

2023

  

2025

  

2024

  

2023

 

Electronics

 $10,062  $6,844  $16,542  $19,936  $12,722  $11,737 

Engineering Technologies

  6,795   1,495   1,987   4,605   3,657   3,757 

Scientific

  780   118   229   1,255   1,314   1,449 

Engraving

  7,235   7,953   3,347   7,818   8,716   9,646 

Specialty Solutions

  2,151   3,115   2,064   1,504   1,338   1,395 

Corporate and Other

  4   462   43   320   393   490 

Total

 $27,027  $19,987  $24,212  $35,438  $28,140  $28,474 

 

 (1)Includes capital expenditures in accounts payable of $1.8 million, $1.5 million, and $0.3 million at June 30, 2025, 2024, and 2023 respectively.

 

  

Goodwill

  

Identifiable Assets

 
  

2025

  

2024

  

2025

  

2024

 

Electronics

 $459,051  $149,910  $944,506  $435,473 

Engineering Technologies

  53,778   36,255   219,754   128,897 

Scientific

  15,454   15,454   108,402   104,634 

Engraving

  78,996   76,605   238,088   262,317 

Specialty Solutions

  3,059   3,059   40,310   41,369 

Corporate & Other

  -   -   15,820   32,367 

Total

 $610,338  $281,283  $1,566,880  $1,005,057 

 

Tangible Long-lived assets

 

2025

  

2024

 

United States

 $74,525  $56,479 

Asia Pacific

  44,427   40,207 

EMEA (2)

  36,731   33,474 

Other Americas

  4,681   4,803 

Total

 $160,364  $134,963 

 

 

(2)

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