XML 123 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
Business Segment Information
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Business Segment Information
17. Business Segment Information

The Company’s operations are organized and reviewed by management along its product lines and presented in three reportable segments. The results of the segments are reviewed through to the “Income from operations” line on the Consolidated Statements of Income. The accounting policies of the segments are the same as those in the consolidated financial statements. Except for the information reported on a segment basis, the Company does not accumulate net sales information by product or service and therefore, the Company does not disclose net sales by product or service because to do so would be impractical. The Company’s reportable segments are however organized as groups of similar products and services.

Effective January 1, 2014, the Company implemented an internal reorganization related to the integration of recent acquisitions, which resulted in three reportable segments, defined as follows:

Air Pollution Control Segment

Our Air Pollution Control Segment is comprised of Adwest, HEE-Duall Air and Odor Technologies, Busch, Buell Energy Cyclones, Emtrol, Flex-Kleen Dust Collection Technologies, FKI, Kirk & Blum, KB Duct, and SAT. This segment provides the design and manufacture of product recovery and air pollution control technologies that enable our customers to meet compliance targets for toxic emissions, fumes, volatile organic compounds, process and industrial odors. These products and solutions include chemical and biological scrubbers, fabric filters and cartridge collectors, thermal and catalytic oxidation systems, cyclones, separators, gas absorbers and industrial ventilation systems. This segment also provides component parts for industrial air systems and provides cost effective alternatives to traditional duct components, as well as custom metal engineered fabrication services. These products and services are applicable to a wide variety of industries.

Energy Segment

Our Energy Segment is comprised of Aarding, Effox, Flextor, AVC, Zhongli. This segment provides the design and manufacture of technologies for flue gas and diverter dampers, non-metallic expansion joints, natural gas turbine exhaust systems, and silencer and precipitator applications, primarily for coal-fired and natural gas power plants, refining, oil production and petrochemical processing, as well as a variety of other industries.

Fluid Handling and Filtration Segment

Our Fluid Handling and Filtration Segment is comprised of Met-Pro Global Pump Solutions, Mefiag Filtration Solutions, Keystone Filtration Solutions, CECO Filters and Strobic Air Corporation. This segment provides the design and manufacture of technologies including high quality centrifugal pumps for corrosive, abrasive and high temperature liquids, filter products for air and liquid filtration, as well as product recovery equipment, and technologically advanced air movement and exhaust systems. These products are applicable to a wide variety of industries, particularly the aquarium/aquaculture, plating and metal finishing, food and beverage, chemical/petrochemical, wastewater treatment, desalination and pharmaceutical markets.

 

     2014      2013      2012  

Net Sales (less intra-, inter-segment sales)

         
          (Table only in thousands)                     

Air Pollution Control Segment

    $ 127,707       $ 101,150       $ 88,582   

Energy Segment

      70,285         69,355         40,194   

Fluid Handling and Filtration Segment

      65,638         25,199         6,191   

Corporate and Other (1)

      (413 )       1,613         85   
  

 

 

     

 

 

     

 

 

  

Net sales

    $ 263,217       $ 197,317       $ 135,052   
  

 

 

     

 

 

     

 

 

  

 

(1) Includes adjustment for revenue on intercompany jobs.

 

     2014      2013      2012  

Income (Loss) from Operations

  

   
          (Table only in thousands)                     

Air Pollution Control Segment

    $ 16,803       $ 15,422       $ 14,635   

Energy Segment

      7,799         9,336         7,574  

Fluid Handling and Filtration Segment

      13,188         1,443         998   

Corporate and Other (2)

      (14,297 )       (17,756 )       (6,460 ) 

Eliminations

      (1,830 )       (1,473 )       (64 ) 
  

 

 

     

 

 

     

 

 

  

Income from operations

    $ 21,663       $ 6,972       $ 16,683   
  

 

 

     

 

 

     

 

 

  

 

(2) Includes corporate compensation, professional services, information technology, acquisition and integration expenses, and other general and administrative corporate expenses.

 

     December 31,  
     2014      2013      2012  

Property and Equipment Additions

         
          (Table only in thousands)                     

Air Pollution Control Segment

    $ 486       $ 266       $ 225   

Energy Segment

      136         476         26   

Fluid Handling and Filtration Segment

      486         628         —     

Corporate and Other

      43         7         22   
  

 

 

     

 

 

     

 

 

  

Property and equipment additions

    $ 1,151       $ 1,377       $ 273   
  

 

 

     

 

 

     

 

 

  

 

     2014      2013      2012  

Depreciation and Amortization

         
          (Table only in thousands)                     

Air Pollution Control Segment

    $ 2,263       $ 1,264       $ 747   

Energy Segment

      2,329         2,174         255   

Fluid Handling and Filtration Segment

      6,545         3,048         36   

Corporate and Other

      131         161         212   
  

 

 

     

 

 

     

 

 

  

Depreciation and amortization

    $ 11,268       $ 6,647       $ 1,250   
  

 

 

     

 

 

     

 

 

  

 

     December 31,  
     2014      2013  

Identifiable Assets

      
          (Table only in thousands)              

Air Pollution Control Segment

    $ 133,899       $ 74,556   

Energy Segment

      91,850         76,960   

Fluid Handling and Filtration Segment

      172,779         186,320   

Corporate and Other (3)

      15,837         11,374   
  

 

 

     

 

 

  

Identifiable assets

    $ 414,365       $ 349,210   
  

 

 

     

 

 

  

 

(3) Corporate assets primarily consist of cash and income tax related assets.

 

     December 31,  
     2014      2013  
(Table only in thousands)              

Air Pollution Control Segment

    $ 53,538       $ 22,657   

Energy Segment

      16,778         14,174   

Fluid Handling and Filtration Segment

      97,231         97,231   
  

 

 

     

 

 

  

Goodwill

    $ 167,547       $ 134,062   
  

 

 

     

 

 

  

 

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:

 

     Year Ended December 31, 2014  
                  Less Inter-Segment Sales        
     Total Sales      Intra-Segment
Sales		     APC     Energy     FHF     Corp
and
Other		     Net Sales to
Outside
Customers		  

Net Sales

              
          (Table only in thousands)                                      

Air Pollution Control Segment

    $ 136,544       $ (7,089 )    $ —       $ (1,403 )    $ (345 )    $ —        $ 127,707   

Energy Segment

      76,302         (5,964 )      (53 )      —          —          —          70,285   

Fluid Handling and Filtration Segment

      67,558         (1,845 )      (75 )      —          —          —          65,638   

Corporate and Other (4)

      —           —          —          —          —          (413 )      (413 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Sales

    $ 280,404       $ (14,898 )    $ (128 )    $ (1,403 )    $ (345 )    $ (413 )    $ 263,217   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Year Ended December 31, 2013  
                  Less Inter-Segment Sales         
     Total Sales      Intra-Segment
Sales		     APC     Energy     FHF     Corp
and
Other		      Net Sales to
Outside
Customers		  

Net Sales

              
          (Table only in thousands)                                      

Air Pollution Control Segment

    $ 108,939       $ (6,552 )    $ —        $ (831 )    $ (406 )    $ —         $ 101,150   

Energy Segment

      71,455         (1,921 )      (179 )      —          —          —           69,355   

Fluid Handling and Filtration Segment

      26,181         (721 )      (261 )      —          —          —           25,199   

Corporate and Other (4)

      1,478         —          —          —          —          135         1,613   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net Sales

    $ 208,053       $ (9,194 )    $ (440 )    $ (831 )    $ (406 )    $ 135       $ 197,317   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

     Year Ended December 31, 2012  
                  Less Inter-Segment Sales         
     Total Sales      Intra-Segment
Sales		     APC     Energy     FHF     Corp
and
Other		      Net Sales to
Outside
Customers		  

Net Sales

                 
          (Table only in thousands)                                             

Air Pollution Control Segment

    $ 95,358       $ (5,451 )    $ —        $ (346 )    $ (979 )    $ —         $ 88,582   

Energy Segment

      40,650         (7 )      (449 )      —          —          —           40,194   

Fluid Handling and Filtration Segment

      6,229         —          (38 )      —          —          —           6,191   

Corporate and Other (4)

      19         —          —          —          —          66         85   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net Sales

    $ 142,256       $ (5,458 )    $ (487 )    $ (346 )    $ (979 )    $ 66       $ 135,052   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

(4) Includes adjustment for revenue on intercompany jobs.