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Industry Segment Information
 12 Months Ended
Aug. 31, 2013
Industry Segment Information [Abstract]  
Industry Segment Information

 

 

Q.  INDUSTRY SEGMENT INFORMATION 

The Company manages its business activities in two reportable segments: 

Irrigation
This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems as well as various water pumping stations, controls, and filtration solutions.  The irrigation reporting segment consists of thirteen operating segments that have similar economic characteristics and meet the aggregation criteria, including similar products, production processes, type or class of customer and methods for distribution. 

Infrastructure

This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers and crash cushions; providing outsource manufacturing services and the manufacturing and selling of large diameter steel tubing and railroad signals and structures.  The infrastructure reporting segment consists of two operating segments that have similar economic characteristics and meet the aggregation criteria. 

 

The accounting policies of the two reportable segments are described in the “Accounting Policies” section of Note A.  The Company evaluates the performance of its reportable segments based on segment sales, gross profit, and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes.  Operating income for segment purposes does include general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment.  There are no inter-segment sales.   

 

The Company has no single major customer representing 10 percent or more of its total revenues during fiscal 2013,  2012, or 2011.

 

Summarized financial information concerning the Company’s reportable segments is shown in the following tables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in thousands

 

2013

 

2012

 

2011

Operating revenues:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
625,996 

 

$
475,299 

 

$
369,930 

    Infrastructure

 

 
64,852 

 

 
75,956 

 

 
108,960 

Total operating revenues

 

$
690,848 

 

$
551,255 

 

$
478,890 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
125,395 

 

$
80,259 

 

$
59,703 

    Infrastructure

 

 
(811)

 

 
(11)

 

 
11,901 

Segment operating income

 

$
124,584 

 

$
80,248 

 

$
71,604 

Unallocated general and administrative expenses

 

 
(17,523)

 

 
(14,738)

 

 
(15,018)

Interest and other income (expense), net

 

 
246 

 

 
(402)

 

 
(72)

Earnings before income taxes

 

$
107,307 

 

$
65,108 

 

$
56,514 

 

 

 

 

 

 

 

 

 

 

Total Capital Expenditures:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
10,687 

 

$
7,942 

 

$
5,490 

    Infrastructure

 

 
449 

 

 
1,948 

 

 
2,915 

 

 

$
11,136 

 

$
9,890 

 

$
8,405 

Total Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
7,147 

 

$
6,959 

 

$
6,009 

    Infrastructure

 

 
5,453 

 

 
5,509 

 

 
5,725 

 

 

$
12,600 

 

$
12,468 

 

$
11,734 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
391,527 

 

$
303,741 

 

$
267,275 

    Infrastructure

 

 
120,769 

 

 
111,790 

 

 
113,869 

 

 

$
512,296 

 

$
415,531 

 

$
381,144 

 

 

 

 

 

 

 

 

 

 

 

Summarized financial information concerning the Company’s geographical areas is shown in the following tables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the years ended August 31,

$ in thousands

 

 

2013

 

 

2012

 

 

2011

 

 

 

 

 

% of Total

 

 

 

 

% of Total

 

 

 

 

% of Total

 

 

Revenues

 

Revenues

 

Revenues

 

Revenues

 

Revenues

 

Revenues

United States

 

$
428,929 

 
62 

 

$
354,649 

 
64 

 

$
307,694 

 
64 

International

 

 
261,919 

 
38 

 

 
196,606 

 
36 

 

 
171,196 

 
36 

Total Revenues

 

$
690,848 

 
100 

 

$
551,255 

 
100 

 

$
478,890 

 
100 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the years ended August 31,

$ in thousands

 

 

2013

 

 

2012

 

 

2011

 

 

 

 

 

% of Total

 

 

 

 

% of Total

 

 

 

 

% of Total

 

 

Long-Lived Tangible Assets

 

Long-Lived Tangible Assets

 

Long-Lived Tangible Assets

 

Long-Lived Tangible Assets

 

Long-Lived Tangible Assets

 

Long-Lived Tangible Assets

United States

 

$
53,894 

 
83 

 

$
45,100 

 
80 

 

$
45,091 

 
77 

International

 

 
11,170 

 
17 

 

 
11,080 

 
20 

 

 
13,374 

 
23 

Total Long-Lived Assets

 

$
65,064 

 
100 

 

$
56,180 

 
100 

 

$
58,465 

 
100