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Industry Segment Information
 12 Months Ended
Aug. 31, 2014
Industry Segment Information [Abstract]  
Industry Segment Information

Q.  INDUSTRY SEGMENT INFORMATION 

 

The Company manages its business activities in two reportable segments: Irrigation and Infrastructure.  The accounting policies of the two reportable segments are the same as those described in Note A,  Description of Business and Significant Accounting Policies.  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.   

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 four 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,  crash cushions and end terminals, and road marking and road safety equipment; the manufacturing and selling of large diameter steel tubing and railroad signals and structures; and providing outsourced manufacturing and production services.  The infrastructure reporting segment consists of one operating segment.  

 

The Company has no single major customer representing 10 percent or more of its total revenues during fiscal 2014,  2013, or 2012.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in thousands

 

2014

 

2013

 

2012

Operating revenues:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
539,943 

 

$
625,996 

 

$
475,299 

    Infrastructure

 

 
77,990 

 

 
64,852 

 

 
75,956 

Total operating revenues

 

$
617,933 

 

$
690,848 

 

$
551,255 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
91,697 

 

$
125,395 

 

$
80,259 

    Infrastructure

 

 
3,511 

 

 
(811)

 

 
(11)

Segment operating income

 

$
95,208 

 

$
124,584 

 

$
80,248 

Unallocated general and administrative expenses

 

 
(16,850)

 

 
(17,523)

 

 
(14,738)

Interest and other income (expense), net

 

 
297 

 

 
246 

 

 
(402)

Earnings before income taxes

 

$
78,655 

 

$
107,307 

 

$
65,108 

 

 

 

 

 

 

 

 

 

 

Total Capital Expenditures:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
15,534 

 

$
10,687 

 

$
7,942 

    Infrastructure

 

 
2,181 

 

 
449 

 

 
1,948 

 

 

$
17,715 

 

$
11,136 

 

$
9,890 

Total Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
9,494 

 

$
7,147 

 

$
6,959 

    Infrastructure

 

 
5,299 

 

 
5,453 

 

 
5,509 

 

 

$
14,793 

 

$
12,600 

 

$
12,468 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
407,447 

 

$
391,527 

 

$
303,741 

    Infrastructure

 

 
119,104 

 

 
120,769 

 

 
111,790 

 

 

$
526,551 

 

$
512,296 

 

$
415,531 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the years ended August 31,

$ in thousands

 

 

2014

 

 

2013

 

 

2012

 

 

Revenues

 

% of Total

 

Revenues

 

% of Total

 

Revenues

 

% of Total

United States

 

$
377,652 

 
61 

 

$
428,929 

 
62 

 

$
354,649 

 
64 

International

 

 
240,281 

 
39 

 

 
261,919 

 
38 

 

 
196,606 

 
36 

Total Revenues

 

$
617,933 

 
100 

 

$
690,848 

 
100 

 

$
551,255 

 
100 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the years ended August 31,

$ in thousands

 

 

2014

 

 

2013

 

 

2012

 

 

Long-Lived Tangible Assets

 

% of Total

 

Long-Lived Tangible Assets

 

% of Total

 

Long-Lived Tangible Assets

 

% of Total

United States

 

$
55,378 

 
76 

 

$
53,894 

 
83 

 

$
45,100 

 
80 

International

 

 
17,079 

 
24 

 

 
11,170 

 
17 

 

 
11,080 

 
20 

Total Long-Lived Assets

 

$
72,457 

 
100 

 

$
65,064 

 
100 

 

$
56,180 

 
100