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Industry Segment Information
 9 Months Ended
May 31, 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 Road Zipper SystemsTM,  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 who represented 10 percent or more of its total revenues during the three and nine months ended May 31, 2013 and 2012.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

May 31,

 

May 31,

 

May 31,

 

May 31,

($ in thousands)

 

2013

 

2012

 

2013

 

2012

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
200,950 

 

$
149,624 

 

$
497,844 

 

$
367,388 

    Infrastructure

 

 
18,592 

 

 
22,475 

 

 
44,607 

 

 
56,050 

Total operating revenues

 

$
219,542 

 

$
172,099 

 

$
542,451 

 

$
423,438 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
44,052 

 

$
31,242 

 

$
106,787 

 

$
64,046 

    Infrastructure

 

 
197 

 

 
1,433 

 

 
(3,187)

 

 
(699)

Segment operating income

 

 
44,249 

 

 
32,675 

 

 
103,600 

 

 
63,347 

Unallocated general and administrative expenses

 

 
(4,699)

 

 
(3,888)

 

 
(12,340)

 

 
(10,529)

Interest and other income (expense), net

 

 
200 

 

 
(200)

 

 
361 

 

 
(363)

Earnings before income taxes

 

$
39,750 

 

$
28,587 

 

$
91,621 

 

$
52,455 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
2,733 

 

$
2,662 

 

$
7,784 

 

$
6,493 

    Infrastructure

 

 
74 

 

 
188 

 

 
365 

 

 
1,080 

 

 

$
2,807 

 

$
2,850 

 

$
8,149 

 

$
7,573 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
1,725 

 

$
1,710 

 

$
5,121 

 

$
5,055 

    Infrastructure

 

 
1,415 

 

 
1,439 

 

 
4,259 

 

 
4,329 

 

 

$
3,140 

 

$
3,149 

 

$
9,380 

 

$
9,384 

Environmental Remediation Expenses

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$

 -

 

$

 -

 

$

 -

 

$
6,141 

    Infrastructure

 

 

 -

 

 

 -

 

 

 -

 

 
1,084 

 

 

$

 -

 

$

 -

 

$

 -

 

$
7,225 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 31,

 

May 31,

 

August 31,

($ in thousands)

 

2013

 

2012

 

2012

Total Assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
398,751 

 

$
304,515 

 

$
303,741 

    Infrastructure

 

 
119,370 

 

 
112,433 

 

 
111,790 

 

 

$
518,121 

 

$
416,948 

 

$
415,531