XML 65 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
Business Segment Information
 3 Months Ended
Mar. 31, 2015
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 Condensed Consolidated Statements of Income.

Air Pollution Control Segment ("APC")

Our Air Pollution Control Segment is comprised of Adwest, HEE-Duall Air and Odor Technologies, Busch, Emtrol-Buell, Flex-Kleen Dust Collection Technologies, FKI-Emtrol, 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 ("Energy")

Our Energy Segment is comprised of Aarding, Effox, Flextor, AVC, and 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 ("FHF")

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.

The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies. Interest income and expense are not included in the measure of segment profit reviewed by management. Income taxes are also not included in the measure of segment operating profit reviewed by management. The operating results of the segments are reviewed through to the “Income from operations” line on the Condensed Consolidated Statements of Income.

The financial segment information is presented in the following table:

 

     Three Months Ended
March 31,		  
     2015      2014  

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

      

Air Pollution Control Segment

    $ 41,716       $ 26,748   

Energy Segment

      24,349         15,281   

Fluid Handling and Filtration Segment

      15,194         15,495   

Corporate and Other(1)

      (274 )       (354 ) 
  

 

 

     

 

 

  

Net sales

 $ 80,985    $ 57,170   
  

 

 

     

 

 

  

 

(1) Includes adjustment for revenue on intercompany jobs.

 

     Three Months Ended
March 31,		  
     2015      2014  

Income from Operations

      

Air Pollution Control Segment

    $ 4,018       $ 3,866   

Energy Segment

      420         2,387   

Fluid Handling and Filtration Segment

      2,956         2,671   

Corporate and Other(2)

      (3,817 )       (2,735 ) 

Eliminations

      (598 )       (697 ) 
  

 

 

     

 

 

  

Income from operations

 $ 2,979    $ 5,492   
  

 

 

     

 

 

  

 

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

 

     Three Months Ended
March 31,		  
     2015      2014  

Property and Equipment Additions

      

Air Pollution Control Segment

    $ 64       $ 136   

Energy Segment

      40         34   

Fluid Handling and Filtration Segment

      5         214   

Corporate and Other

      10         31   
  

 

 

     

 

 

  

Property and equipment additions

 $ 119    $ 415   
  

 

 

     

 

 

  

 

     Three Months Ended
March 31,		  
     2015      2014  

Depreciation and Amortization

      

Air Pollution Control Segment

    $ 1,153       $ 395   

Energy Segment

      671         655   

Fluid Handling and Filtration Segment

      1,596         1,688   

Corporate and Other

      32         32   
  

 

 

     

 

 

  

Depreciation and Amortization

 $ 3,452    $ 2,770   
  

 

 

     

 

 

  

 

     March 31,
2015		      December 31,
2014		  

Identifiable Assets

      

Air Pollution Control Segment

    $ 133,504       $ 133,899   

Energy Segment

      94,152         91,850   

Fluid Handling and Filtration Segment

      172,692         172,779   

Corporate and Other(3)

      17,080         15,837   
  

 

 

     

 

 

  

Identifiable Assets

 $ 417,428    $ 414,365   
  

 

 

     

 

 

  

 

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

 

     March 31,
2015		      December 31,
2014		  

Goodwill

      

Air Pollution Control Segment

    $ 55,033       $ 53,538   

Energy Segment

      15,862         16,778   

Fluid Handling and Filtration Segment

      97,231         97,231   
  

 

 

     

 

 

  

Goodwill

 $ 168,126    $ 167,547   
  

 

 

     

 

 

  

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 March 31, 2015  
                  Less Inter-Segment Sales        
     Total
Sales		      Intra-
Segment
Sales		     APC     Energy     FHF      Corp
and
Other		     Net Sales to
Outside
Customers		  

Net Sales

                 

Air Pollution Control Segment

    $ 43,557       $ (1,807 )    $ —       $ (34 )    $ —        $ —       $ 41,716   

Energy Segment

      25,081         (695 )      (37 )      —         —          —         24,349   

Fluid Handling and Filtration Segment

      15,734         (452 )      (88 )      —         —          —         15,194   

Corporate and Other(4)

      —          —         —         —         —          (274 )      (274 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Sales

 $ 84,372    $ (2,954 )  $ (125 )  $ (34 )  $ —     $ (274 )  $ 80,985   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

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

Net Sales

                  

Air Pollution Control Segment

    $ 28,084       $ (1,029 )    $ —        $ (307 )    $ —        $ —       $ 26,748   

Energy Segment

      16,190         (909 )      —          —         —          —         15,281   

Fluid Handling and Filtration Segment

      15,840         (345 )      —          —         —          —         15,495   

Corporate and Other(4)

      —          —         —          —         —          (354 )      (354 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net Sales

 $ 60,114    $ (2,283 )  $ —     $ (307 )  $ —     $ (354 )  $ 57,170   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

 

(4)  Includes adjustment for revenue on intercompany jobs.