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Business Segment Information | 9 Months Ended
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Sep. 30, 2013
Segment Reporting [Abstract] |
Business Segment Information |
16. | Business Segment Information
The Company’s operations are organized and reviewed by management along its product lines and presented in four reportable segments. The results of the segments are reviewed through to the “(Loss) income from operations” line on the condensed consolidated statements of operations. Engineered Equipment Technology and Parts Group (“EET&P”) Our Engineered Equipment and Parts Group, located in the United States as well as the Netherlands, Canada, Brazil, China, and India, is comprised of Aarding, Adwest, AVC, CECO Abatement, CECO Filters, Busch International, Effox, Fisher-Klosterman, and Flextor. We enable our customers to meet Best Available Control Technology requirements and compliance targets for fumes, volatile organic compounds, process, and industrial odors. Our services eliminate toxic emission fumes and volatile organic compounds from large-scale industrial processes. Global industries served include refining, petrochemical, traditional power, natural gas power, aluminum, steel, automotive, chemical, and the largest industrial facilities. Met-Pro Group (“MP”) Our Met-Pro Group is comprised of our recent acquisition of Met-Pro, a global provider of a wide range of products and services for industrial, commercial, municipal and residential markets. These include product recovery and pollution control technologies for purification of air and liquids; fluid handling technologies for corrosive, abrasive and high temperature liquids; and filtration and purification technologies, which include proprietary water treatment chemicals and filter products for air and liquid filtration. The MP Group includes Met-Pro’s three main business areas: Product Recovery/Pollution Control Technologies, Fluid Handling Technologies, and Filtration/Purification Technologies, each of which is comprised of a variety of business units and brands. Contracting / Services Group (“C/S”) Our Contracting/Services Group is comprised of the contracting/services operations of our Kirk & Blum divisions. We provide custom metal fabrication services at our Kirk & Blum Columbia, Tennessee and Louisville, Kentucky locations. These facilities are used to fabricate parts, subassemblies, and customized products for air pollution and non-air pollution applications from sheet, plate, and structurals. Component Parts Group (“CP”) We market component parts for industrial air systems to contractors, distributors and dealers throughout the United States. The accounting policies of the segments are the same as those in the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC. Summary of Business by Segment
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Net Sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 21,741 |  |  | $ | 18,425 |  |  | $ | 64,444 |  |  | $ | 55,889 |
Netherlands |  |  | 7,510 |  |  |  | — |  |  |  | 17,904 |  |  |  | — |
Canada |  |  | 842 |  |  |  | 1,855 |  |  |  | 3,304 |  |  |  | 5,883 |
China |  |  | 2,553 |  |  |  | 1,787 |  |  |  | 5,564 |  |  |  | 3,289 |
Brazil |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 121 |
India |  |  | — |  |  |  | 173 |  |  |  | — |  |  |  | 173 |
subtotal |  |  | 32,646 |  |  |  | 22,240 |  |  |  | 91,216 |  |  |  | 65,355 |
Met-Pro |  |  | 7,273 |  |  |  | — |  |  |  | 7,273 |  |  |  | — |
Contracting / Services |  |  | 4,412 |  |  |  | 5,644 |  |  |  | 13,507 |  |  |  | 19,472 |
Component Parts |  |  | 5,664 |  |  |  | 5,238 |  |  |  | 16,497 |  |  |  | 15,854 |
Corporate |  |  | (199 | ) |  |  | (20 | ) |  |  | 97 |  |  |  | 39 |
Net sales |  | $ | 49,796 |  |  | $ | 33,102 |  |  | $ | 128,590 |  |  | $ | 100,720 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Net Operating (Loss) Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  | $ | 4,176 |  |  | $ | 3,946 |  |  | $ | 14,209 |  |  | $ | 11,110 |
Met-Pro |  |  | (406 | ) |  |  | — |  |  |  | (406 | ) |  |  | — |
Contracting / Services |  |  | (2,187 | ) |  |  | 836 |  |  |  | (1,268 | ) |  |  | 2,520 |
Component Parts |  |  | 1,028 |  |  |  | 966 |  |  |  | 3,085 |  |  |  | 3,378 |
Corporate and other (a) |  |  | (5,334 | ) |  |  | (1,455 | ) |  |  | (11,485 | ) |  |  | (4,667 | )
Eliminations |  |  | (633 | ) |  |  | (42 | ) |  |  | (846 | ) |  |  | (58 | )
Net operating (loss) income |  | $ | (3,356 | ) |  | $ | 4,251 |  |  | $ | 3,289 |  |  | $ | 12,283 |
(a) | Includes acquisition and integration expenses, corporate compensation, professional services, information technology, and other general and administrative corporate expenses.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Property and Equipment Additions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  | $ | 251 |  |  | $ | 57 |  |  | $ | 434 |  |  | $ | 109 |
Met-Pro |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Contracting / Services |  |  | 7 |  |  |  | 14 |  |  |  | 28 |  |  |  | 44 |
Component Parts |  |  | 39 |  |  |  | 21 |  |  |  | 71 |  |  |  | 59 |
Corporate |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | 22 |
Property and equipment additions |  | $ | 297 |  |  | $ | 102 |  |  | $ | 533 |  |  | $ | 234 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  | $ | 909 |  |  | $ | 146 |  |  | $ | 1,960 |  |  | $ | 445 |
Met-Pro |  |  | 849 |  |  |  | — |  |  |  | 849 |  |  |  | — |
Contracting / Services |  |  | 51 |  |  |  | 53 |  |  |  | 155 |  |  |  | 163 |
Component Parts |  |  | 46 |  |  |  | 48 |  |  |  | 139 |  |  |  | 144 |
Corporate |  |  | 33 |  |  |  | 53 |  |  |  | 98 |  |  |  | 158 |
Depreciation and Amortization |  | $ | 1,888 |  |  | $ | 300 |  |  | $ | 3,201 |  |  | $ | 910 |
(dollars in thousands) |  | September 30, 2013 |  |  | December 31, 2012 |
Identifiable Assets |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  | $ | 127,653 |  |  | $ | 60,516 |
Met-Pro |  |  | 205,201 |  |  |  | — |
Contracting / Services |  |  | 6,230 |  |  |  | 8,055 |
Component Parts |  |  | 6,037 |  |  |  | 5,573 |
Corporate (b) |  |  | 8,515 |  |  |  | 19,960 |
Identifiable Assets (c) |  | $ | 353,636 |  |  | $ | 94,104 |
(b) | Corporate assets primarily consists of cash and income tax related assets.
(c) | The Company has revised its business segment reporting primarily to exclude nontrade accounts receivable in order to better reflect the manner in which such assets are reviewed by management.
(dollars in thousands) |  | September 30, 2013 |  |  | December 31, 2012 |
Goodwill |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  | $ | 28,122 |  |  | $ | 19,548 |
Met-Pro |  |  | 105,429 |  |  |  | — |
Goodwill |  | $ | 133,551 |  |  | $ | 19,548 |
Intra-segment and Inter-segment Revenues The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales) as indicated in the following tables:
|  | Three months ended September 30, 2013 |
(dollars in thousands) |  | Total sales |  |  | Less intra- segment Sales |  |  | Less inter-segment sales |  |  | Net sales to outside customers |
|  |  | EE&P |  |  | C/S |  |  | CP |  |  | Corp. (a) |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 22,519 |  |  | $ | (616 | ) |  | $ | — |  |  | $ | (162 | ) |  | $ |  |  |  | $ | — |  |  | $ | 21,741 |
Netherlands |  |  | 7,405 |  |  |  | 105 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,510 |
China |  |  | 2,696 |  |  |  | (143 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,553 |
Canada |  |  | 1,503 |  |  |  | (661 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 842 |
Subtotal |  |  | 34,123 |  |  |  | (1,315 | ) |  |  | — |  |  |  | (162 | ) |  |  | — |  |  |  | — |  |  |  | 32,646 |
Met-Pro |  |  | 7,559 |  |  |  | (286 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,273 |
Contracting / Services |  |  | 5,018 |  |  |  | (205 | ) |  |  | (328 | ) |  |  | — |  |  |  | (73 | ) |  |  | — |  |  |  | 4,412 |
Component Parts |  |  | 5,994 |  |  |  | (135 | ) |  |  | (4 | ) |  |  | (191 | ) |  |  | — |  |  |  | — |  |  |  | 5,664 |
Corporate and other (a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (199 | ) |  |  | (199 | )
Net sales |  | $ | 52,694 |  |  | $ | (1,941 | ) |  | $ | (332 | ) |  | $ | (353 | ) |  | $ | (73 | ) |  | $ | (199 | ) |  | $ | 49,796 |
|  | Three months ended September 30, 2012 |
(dollars in thousands) |  | Total sales |  |  | Less intra- segment sales |  |  | Less inter-segment sales |  |  | Net sales to outside customers |
|  |  | EE&P |  |  | C/S |  |  | CP |  |  | Corp. (a) |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 18,775 |  |  | $ | (334 | ) |  | $ | — |  |  | $ | (16 | ) |  | $ | — |  |  | $ | — |  |  | $ | 18,425 |
China |  |  | 2,166 |  |  |  | (379 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,787 |
Canada |  |  | 1,865 |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,855 |
Brazil |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
India |  |  | 173 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 173 |
Subtotal |  |  | 22,979 |  |  |  | (723 | ) |  |  | — |  |  |  | (16 | ) |  |  | — |  |  |  | — |  |  |  | 22,240 |
Contracting / Services |  |  | 6,166 |  |  |  | (20 | ) |  |  | (502 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,644 |
Component Parts |  |  | 5,524 |  |  |  | (89 | ) |  |  | (3 | ) |  |  | (194 | ) |  |  | — |  |  |  | — |  |  |  | 5,238 |
Corporate and other (a) |  |  | 0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20 | ) |  |  | (20 | )
Net sales |  | $ | 34,669 |  |  | $ | (832 | ) |  | $ | (505 | ) |  | $ | (210 | ) |  | $ | — |  |  | $ | (20 | ) |  | $ | 33,102 |
|  | Nine months ended September 30, 2013 |
(dollars in thousands) |  | Total sales |  |  | Less intra- segment Sales |  |  | Less inter-segment sales |  |  | Net sales to outside customers |
|  |  | EE&P |  |  | C/S |  |  | CP |  |  | Corp. (a) |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 66,473 |  |  | $ | (1,391 | ) |  | $ | — |  |  | $ | (638 | ) |  | $ | — |  |  | $ | — |  |  | $ | 64,444 |
Netherlands |  |  | 17,799 |  |  |  | 105 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,904 |
China |  |  | 6,672 |  |  |  | (1,108 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,564 |
Canada |  |  | 4,636 |  |  |  | (1,332 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,304 |
Subtotal |  |  | 95,580 |  |  |  | (3,726 | ) |  |  | — |  |  |  | (638 | ) |  |  | — |  |  |  | — |  |  |  | 91,216 |
Met-Pro |  |  | 7,559 |  |  |  | (286 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,273 |
Contracting / Services |  |  | 15,383 |  |  |  | (412 | ) |  |  | (1,391 | ) |  |  | — |  |  |  | (73 | ) |  |  | — |  |  |  | 13,507 |
Component Parts |  |  | 17,525 |  |  |  | (405 | ) |  |  | (17 | ) |  |  | (606 | ) |  |  | — |  |  |  | — |  |  |  | 16,497 |
Corporate and other (a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 97 |  |  |  | 97 |
Net sales |  | $ | 136,047 |  |  | $ | (4,829 | ) |  | $ | (1,408 | ) |  | $ | (1,244 | ) |  | $ | (73 | ) |  | $ | 97 |  |  | $ | 128,590 |
|  | Nine months ended September 30, 2012 |
(dollars in thousands) |  | Total sales |  |  | Less intra- segment sales |  |  | Less inter-segment sales |  |  | Net sales to outside customers |
|  |  | EE&P |  |  | C/S |  |  | CP |  |  | Corp. (a) |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Technology and Parts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 57,202 |  |  | $ | (687 | ) |  | $ | — |  |  | $ | (626 | ) |  | $ | — |  |  | $ | — |  |  | $ | 55,889 |
China |  |  | 5,223 |  |  |  | (1,934 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,289 |
Canada |  |  | 5,820 |  |  |  | 63 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,883 |
Brazil |  |  | 121 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 121 |
India |  |  | 173 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 173 |
Subtotal |  |  | 68,539 |  |  |  | (2,558 | ) |  |  | — |  |  |  | (626 | ) |  |  | — |  |  |  | — |  |  |  | 65,355 |
Contracting / Services |  |  | 20,577 |  |  |  | (68 | ) |  |  | (1,037 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,472 |
Component Parts |  |  | 16,804 |  |  |  | (236 | ) |  |  | (21 | ) |  |  | (693 | ) |  |  | — |  |  |  | — |  |  |  | 15,854 |
Corporate and other (a) |  |  | 19 |  |  |  | — |  |  |  | — |  |  |  | (10 | ) |  |  | — |  |  |  | 30 |  |  |  | 39 |
Net sales |  | $ | 105,939 |  |  | $ | (2,862 | ) |  | $ | (1,058 | ) |  | $ | (1,329 | ) |  | $ | — |  |  | $ | 30 |  |  | $ | 100,720 |
(a) | Includes adjustment for revenue on intercompany jobs.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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