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Industry Segment Information
 9 Months Ended
May 31, 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 nine months ended May 31, 2014 and 2013.  

 

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)

 

2014

 

2013

 

2014

 

2013

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
149,010 

 

$
200,950 

 

$
414,077 

 

$
497,844 

    Infrastructure

 

 
20,926 

 

 
18,592 

 

 
56,334 

 

 
44,607 

Total operating revenues

 

$
169,936 

 

$
219,542 

 

$
470,411 

 

$
542,451 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
28,040 

 

$
44,052 

 

$
72,899 

 

$
106,787 

    Infrastructure

 

 
895 

 

 
197 

 

 
1,409 

 

 
(3,187)

Segment operating income

 

 
28,935 

 

 
44,249 

 

 
74,308 

 

 
103,600 

Unallocated general and administrative expenses

 

 
(3,713)

 

 
(4,699)

 

 
(12,181)

 

 
(12,340)

Interest and other income (expense), net

 

 
278 

 

 
200 

 

 
(21)

 

 
361 

Earnings before income taxes

 

$
25,500 

 

$
39,750 

 

$
62,106 

 

$
91,621 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
2,390 

 

$
2,733 

 

$
7,327 

 

$
7,784 

    Infrastructure

 

 
93 

 

 
74 

 

 
509 

 

 
365 

 

 

$
2,483 

 

$
2,807 

 

$
7,836 

 

$
8,149 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
2,424 

 

$
1,725 

 

$
7,123 

 

$
5,121 

    Infrastructure

 

 
1,323 

 

 
1,415 

 

 
4,008 

 

 
4,259 

 

 

$
3,747 

 

$
3,140 

 

$
11,131 

 

$
9,380 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 31,

 

May 31,

 

August 31,

($ in thousands)

 

2014

 

2013

 

2013

Total Assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
404,832 

 

$
398,751 

 

$
391,527 

    Infrastructure

 

 
133,739 

 

 
119,370 

 

 
120,769 

 

 

$
538,571 

 

$
518,121 

 

$
512,296