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Industry Segment Information
 3 Months Ended
Nov. 30, 2012
Industry Segment Information [Abstract]  
Industry Segment Information

 

Note 12 – Industry Segment Information

 

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 and controls.  The irrigation reporting segment consists of twelve 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 three operating segments that have similar economic characteristics and meet the aggregation criteria.

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, environmental remediation expenses and other overhead charges directly attributable to the segment.  The Company has no single major customer representing 10 percent or more of its total revenues during the three months ended November 30, 2012 and 2011. Summarized financial information concerning the Company’s reportable segments is shown in the following tables:

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

November 30,

($ in thousands)

 

2012

 

2011

Operating revenues:

 

 

 

 

 

 

    Irrigation

 

$
134,217 

 

$
100,776 

    Infrastructure

 

 
13,153 

 

 
18,429 

Total operating revenues

 

$
147,370 

 

$
119,205 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

    Irrigation

 

$
27,468 

 

$
9,785 

    Infrastructure

 

 
(1,318)

 

 
(1,177)

Segment operating income

 

 
26,150 

 

 
8,608 

Unallocated general and administrative expenses

 

 
(3,886)

 

 
(3,525)

Interest and other income (expense), net

 

 
119 

 

 
(642)

Earnings before income taxes

 

$
22,383 

 

$
4,441 

 

 

 

 

 

 

 

Total Capital Expenditures:

 

 

 

 

 

 

    Irrigation

 

$
2,085 

 

$
2,036 

    Infrastructure

 

 
130 

 

 
596 

 

 

$
2,215 

 

$
2,632 

Total Depreciation and Amortization:

 

 

 

 

 

 

    Irrigation

 

$
1,704 

 

$
1,670 

    Infrastructure

 

 
1,426 

 

 
1,455 

 

 

$
3,130 

 

$
3,125 

Total Environmental Remediation Expenses

 

 

 

 

 

 

    Irrigation

 

$

 -

 

$
6,141 

    Infrastructure

 

 

 -

 

 
1,084 

 

 

$

 -

 

$
7,225 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 30,

 

November 30,

 

August 31,

($ in thousands)

 

2012

 

2011

 

2012

Total Assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
331,872 

 

$
270,395 

 

$
303,741 

    Infrastructure

 

 
111,006 

 

 
113,687 

 

 
111,790 

 

 

$
442,878 

 

$
384,082 

 

$
415,531