XML 45 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Data
 12 Months Ended
Dec. 31, 2011
Segment Data  
Segment Data

(20)              Segment Data

 

The Company is organized based on the nature of the products and services that it offers. Under this structure, the Company produces products within two distinct segments: Packaging and Component Products. Within the Packaging segment, the Company primarily uses polyethylene and polyurethane foams, sheet plastics, and pulp fiber to provide customers with cushion packaging for their products. Within the Component Products segment, the Company primarily uses cross-linked polyethylene foam to provide customers in the automotive, athletic, leisure, and health and beauty industries with engineered products for numerous purposes.

 

The accounting policies of the segments are the same as those described in Note 1. Income taxes and interest expense have been allocated based on operating results and total assets employed in each segment.

 

Inter-segment transactions are uncommon and not material. Therefore, they have not been separately reflected in the financial table below. The totals of the reportable segments’ revenues, net profits, and assets agree with the Company’s consolidated amounts contained in the audited financial statements. Revenues from customers outside of the United States are not material.

 

Sales to the top customer in the Company’s Component Products segment comprises 10.9% of that segment’s total sales and 7.2% of the Company’s total sales for the year ended December 31, 2011. Sales to the top customer in the Company’s Packaging segment comprise 6.9% of that segment’s total sales and 2.3% of the Company’s total sales for the year ended December 31, 2011.

 

The results for the Packaging segment include the operations of United Development Company Limited.

 

The Company has revised its allocation of corporate assets to the two segments to present cash and cash equivalents as unallocated assets. Prior year numbers have been adjusted to conform to the same allocation method.

 

Financial statement information by reportable segment is as follows:

 

2011

 

Component
Products

 

Packaging

 

Unallocated
Assets

 

Total

 

Sales

 

$

84,652,237

 

$

42,591,609

 

$

—

 

$

127,243,846

 

Operating income

 

13,036,101

 

2,680,097

 

—

 

15,716,198

 

Total assets

 

27,169,529

 

22,702,927

 

29,848,798

 

79,721,254

 

Depreciation / Amortization

 

1,544,377

 

1,236,625

 

—

 

2,781,002

 

Capital expenditures

 

1,029,046

 

2,711,845

 

—

 

3,740,891

 

Interest expense, net

 

(14,640

)

(12,234

)

—

 

(26,874

)

Goodwill

 

4,463,246

 

2,017,791

 

—

 

6,481,037

 

 

2010

 

Component
Products

 

Packaging

 

Unallocated
Assets

 

Total

 

Sales

 

$

80,373,062

 

$

40,393,388

 

$

—

 

$

120,766,450

 

Operating income

 

11,104,306

 

3,287,884

 

—

 

14,392,190

 

Total assets

 

26,579,654

 

20,795,613

 

22,102,634

 

69,477,901

 

Depreciation / Amortization

 

1,802,085

 

1,350,108

 

—

 

3,152,193

 

Capital expenditures

 

1,814,874

 

1,470,656

 

—

 

3,285,530

 

Interest expense, net

 

(61,668

)

(53,869

)

—

 

(115,537

)

Goodwill

 

4,463,246

 

2,017,791

 

—

 

6,481,037

 

 

2009

 

Component
Products

 

Packaging

 

Unallocated
Assets

 

Total

 

Sales

 

$

60,973,325

 

$

38,258,009

 

$

—

 

$

99,231,334

 

Operating income

 

5,806,122

 

2,385,494

 

—

 

8,191,616

 

Total assets

 

25,409,608

 

19,043,675

 

13,401,429

 

57,854,712

 

Depreciation / Amortization

 

1,658,290

 

1,236,772

 

—

 

2,895,062

 

Capital expenditures

 

989,027

 

867,810

 

—

 

1,856,837

 

Interest expense, net

 

(126,363

)

(106,384

)

—

 

(232,747

)

Goodwill

 

4,463,246

 

2,017,791

 

—

 

6,481,037

 

Bargain purchase gains

 

839,690

 

—

 

—

 

839,690