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Industry Segment Information
 6 Months Ended
Feb. 28, 2014
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, 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 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 six months ended February 28, 2014 and 2013.  

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

February 28,

 

February 28,

 

February 28,

 

February 28,

($ in thousands)

 

2014

 

2013

 

2014

 

2013

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
135,884 

 

$
162,677 

 

$
265,067 

 

$
296,894 

    Infrastructure

 

 
16,920 

 

 
12,862 

 

 
35,408 

 

 
26,015 

Total operating revenues

 

$
152,804 

 

$
175,539 

 

$
300,475 

 

$
322,909 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
24,548 

 

$
35,267 

 

$
44,859 

 

$
62,735 

    Infrastructure

 

 
6 

 

 
(2,066)

 

 
514 

 

 
(3,384)

Segment operating income

 

 
24,554 

 

 
33,201 

 

 
45,373 

 

 
59,351 

Unallocated general and administrative expenses

 

 
(3,641)

 

 
(3,755)

 

 
(8,468)

 

 
(7,641)

Interest and other income (expense), net

 

 
(124)

 

 
42 

 

 
(299)

 

 
161 

Earnings before income taxes

 

$
20,789 

 

$
29,488 

 

$
36,606 

 

$
51,871 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
2,709 

 

$
2,965 

 

$
4,937 

 

$
5,051 

    Infrastructure

 

 
257 

 

 
162 

 

 
416 

 

 
291 

 

 

$
2,966 

 

$
3,127 

 

$
5,353 

 

$
5,342 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
2,341 

 

$
1,692 

 

$
4,699 

 

$
3,396 

    Infrastructure

 

 
1,336 

 

 
1,418 

 

 
2,685 

 

 
2,844 

 

 

$
3,677 

 

$
3,110 

 

$
7,384 

 

$
6,240 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 28,

 

February 28,

 

August 31,

($ in thousands)

 

2014

 

2013

 

2013

Total Assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
404,828 

 

$
371,755 

 

$
391,527 

    Infrastructure

 

 
125,791 

 

 
110,727 

 

 
120,769 

 

 

$
530,619 

 

$
482,482 

 

$
512,296