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Industry Segment Information
 6 Months Ended
Feb. 28, 2013
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 two 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.

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 had no single major customer representing 10 percent or more of its total revenues during the three and six months ended February 28, 2013 and February 29, 2012. 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

February 28,

 

February 29,

 

February 28,

 

February 29,

($ in thousands)

 

2013

 

2012

 

2013

 

2012

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
162,677 

 

$
116,988 

 

$
296,894 

 

$
217,764 

    Infrastructure

 

 
12,862 

 

 
15,146 

 

 
26,015 

 

 
33,575 

Total operating revenues

 

$
175,539 

 

$
132,134 

 

$
322,909 

 

$
251,339 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
35,267 

 

$
23,019 

 

$
62,735 

 

$
32,804 

    Infrastructure

 

 
(2,066)

 

 
(955)

 

 
(3,384)

 

 
(2,132)

Segment operating income

 

 
33,201 

 

 
22,064 

 

 
59,351 

 

 
30,672 

Unallocated general and administrative expenses

 

 
(3,755)

 

 
(3,116)

 

 
(7,641)

 

 
(6,641)

Interest and other income (expense), net

 

 
42 

 

 
479 

 

 
161 

 

 
(163)

Earnings before income taxes

 

$
29,488 

 

$
19,427 

 

$
51,871 

 

$
23,868 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
2,965 

 

$
1,795 

 

$
5,051 

 

$
3,831 

    Infrastructure

 

 
162 

 

 
296 

 

 
291 

 

 
892 

 

 

$
3,127 

 

$
2,091 

 

$
5,342 

 

$
4,723 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
1,692 

 

$
1,675 

 

$
3,396 

 

$
3,345 

    Infrastructure

 

 
1,418 

 

 
1,435 

 

 
2,844 

 

 
2,890 

 

 

$
3,110 

 

$
3,110 

 

$
6,240 

 

$
6,235 

Environmental Remediation Expenses

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$

 -

 

$

 -

 

$

 -

 

$
6,141 

    Infrastructure

 

 

 -

 

 

 -

 

 

 -

 

 
1,084 

 

 

$

 -

 

$

 -

 

$

 -

 

$
7,225 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 28,

 

February 29,

 

August 31,

($ in thousands)

 

2013

 

2012

 

2012

Total Assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
371,755 

 

$
278,569 

 

$
303,741 

    Infrastructure

 

 
110,727 

 

 
115,031 

 

 
111,790 

 

 

$
482,482 

 

$
393,600 

 

$
415,531