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v3.19.2

Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Net Sales and Income from Operation by Business Segment | The financial segment information is presented in the following tables:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(dollars in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net Sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 50,572 |  |  | $ | 51,136 |  |  | $ | 105,760 |  |  | $ | 91,109 |
Industrial Solutions Segment |  |  | 20,083 |  |  |  | 19,517 |  |  |  | 38,936 |  |  |  | 37,965 |
Fluid Handling Solutions Segment |  |  | 10,524 |  |  |  | 10,598 |  |  |  | 22,494 |  |  |  | 26,155 |
Corporate and Other(1) |  |  | — |  |  |  | (162 | ) |  |  | — |  |  |  | — |
Net sales |  | $ | 81,179 |  |  | $ | 81,089 |  |  | $ | 167,190 |  |  | $ | 155,229 |
(1) | Includes adjustment for revenue on intercompany jobs.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(dollars in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Income from Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 6,351 |  |  | $ | 5,901 |  |  | $ | 15,642 |  |  | $ | 9,525 |
Industrial Solutions Segment |  |  | 515 |  |  |  | 1,480 |  |  |  | 1,117 |  |  |  | 2,678 |
Fluid Handling Solutions Segment |  |  | 1,481 |  |  |  | 1,975 |  |  |  | 3,839 |  |  |  | 5,356 |
Corporate and Other(2) |  |  | (6,329 | ) |  |  | (6,539 | ) |  |  | (13,691 | ) |  |  | (2,025 | )
Eliminations |  |  | — |  |  |  | (236 | ) |  |  | — |  |  |  | (822 | )
Income from operations |  | $ | 2,018 |  |  | $ | 2,581 |  |  | $ | 6,907 |  |  | $ | 14,712 |
(2) | Includes gain (loss) on divestitures, net of selling costs (see Note 17 – Divestitures), corporate compensation, professional services, information technology, and other general and administrative corporate expenses. This figure excludes earnout expenses, which are recorded in the segment in which the expense occurs.
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(dollars in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Property and Equipment Additions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 111 |  |  | $ | 15 |  |  | $ | 161 |  |  | $ | 32 |
Industrial Solutions Segment |  |  | 102 |  |  |  | 90 |  |  |  | 163 |  |  |  | 165 |
Fluid Handling Solutions Segment |  |  | 337 |  |  |  | 11 |  |  |  | 489 |  |  |  | 284 |
Corporate and Other |  |  | 229 |  |  |  | 10 |  |  |  | 388 |  |  |  | 110 |
Property and equipment additions |  | $ | 779 |  |  | $ | 126 |  |  | $ | 1,201 |  |  | $ | 591 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(dollars in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 1,561 |  |  | $ | 2,190 |  |  | $ | 3,141 |  |  | $ | 4,348 |
Industrial Solutions Segment |  |  | 337 |  |  |  | 208 |  |  |  | 671 |  |  |  | 494 |
Fluid Handling Solutions Segment |  |  | 734 |  |  |  | 999 |  |  |  | 1,472 |  |  |  | 1,989 |
Corporate and Other |  |  | 117 |  |  |  | 62 |  |  |  | 236 |  |  |  | 125 |
Depreciation and amortization |  | $ | 2,749 |  |  | $ | 3,459 |  |  | $ | 5,520 |  |  | $ | 6,956 |
(dollars in thousands) |  | June 30, 2019 |  |  | December 31, 2018 |
Identifiable Assets |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 252,051 |  |  | $ | 245,842 |
Industrial Solutions Segment |  |  | 57,839 |  |  |  | 55,582 |
Fluid Handling Solutions Segment |  |  | 71,461 |  |  |  | 72,507 |
Corporate and Other(3) |  |  | 10,375 |  |  |  | 18,651 |
Identifiable assets |  | $ | 391,726 |  |  | $ | 392,582 |
(3) | Corporate and Other assets consist primarily of cash and income tax related assets.
Goodwill |
(dollars in thousands) |  | June 30, 2019 |  |  | December 31, 2018 |
Goodwill |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 97,186 |  |  | $ | 97,143 |
Industrial Solutions Segment |  |  | 23,436 |  |  |  | 23,436 |
Fluid Handling Solutions Segment |  |  | 31,577 |  |  |  | 31,577 |
Goodwill |  | $ | 152,199 |  |  | $ | 152,156 |
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 June 30, 2019 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial |  |  | Energy |  |  | Fluid |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 51,656 |  |  | $ | (973 | ) |  | $ | (111 | ) |  | $ | — |  |  | $ | — |  |  | $ | 50,572 |
Industrial Solutions Segment |  |  | 22,702 |  |  |  | (1,800 | ) |  |  | — |  |  |  | (812 | ) |  |  | (7 | ) |  |  | 20,083 |
Fluid Handling Solutions Segment |  |  | 10,950 |  |  |  | (340 | ) |  |  | (86 | ) |  |  | — |  |  |  | — |  |  |  | 10,524 |
Corporate and Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net Sales |  | $ | 85,308 |  |  | $ | (3,113 | ) |  | $ | (197 | ) |  | $ | (812 | ) |  | $ | (7 | ) |  | $ | 81,179 |
|  | Three Months Ended June 30, 2018 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial |  |  | Energy |  |  | Fluid |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 53,322 |  |  | $ | (1,929 | ) |  | $ | (252 | ) |  | $ | — |  |  | $ | (5 | ) |  | $ | 51,136 |
Industrial Solutions Segment |  |  | 20,864 |  |  |  | (814 | ) |  |  | — |  |  |  | (533 | ) |  |  | — |  |  |  | 19,517 |
Fluid Handling Solutions Segment |  |  | 11,215 |  |  |  | (294 | ) |  |  | (323 | ) |  |  | — |  |  |  | — |  |  |  | 10,598 |
Corporate and Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (162 | ) |  |  | (162 | )
Net Sales |  | $ | 85,401 |  |  | $ | (3,037 | ) |  | $ | (575 | ) |  | $ | (533 | ) |  | $ | (167 | ) |  | $ | 81,089 |
|  | Six Months Ended June 30, 2019 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial |  |  | Energy |  |  | Fluid |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 107,806 |  |  | $ | (1,864 | ) |  | $ | (170 | ) |  | $ | — |  |  | $ | (12 | ) |  | $ | 105,760 |
Industrial Solutions Segment |  |  | 44,524 |  |  |  | (3,977 | ) |  |  | — |  |  |  | (1,558 | ) |  |  | (53 | ) |  |  | 38,936 |
Fluid Handling Solutions Segment |  |  | 23,366 |  |  |  | (734 | ) |  |  | (138 | ) |  |  | — |  |  |  | — |  |  |  | 22,494 |
Corporate and Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net Sales |  | $ | 175,696 |  |  | $ | (6,575 | ) |  | $ | (308 | ) |  | $ | (1,558 | ) |  | $ | (65 | ) |  | $ | 167,190 |
|  | Six Months Ended June 30, 2018 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial |  |  | Energy |  |  | Fluid |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 96,450 |  |  | $ | (4,398 | ) |  | $ | (938 | ) |  | $ | — |  |  | $ | (5 | ) |  | $ | 91,109 |
Industrial Solutions Segment |  |  | 40,243 |  |  |  | (1,605 | ) |  |  | — |  |  |  | (673 | ) |  |  | — |  |  | $ | 37,965 |
Fluid Handling Solutions Segment |  |  | 27,331 |  |  |  | (809 | ) |  |  | (367 | ) |  |  | — |  |  |  | — |  |  | $ | 26,155 |
Corporate and Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | — |
Net Sales |  | $ | 164,024 |  |  | $ | (6,812 | ) |  | $ | (1,305 | ) |  | $ | (673 | ) |  | $ | (5 | ) |  | $ | 155,229 |

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