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Industry Segment Information
 3 Months Ended
Nov. 30, 2014
Industry Segment Information [Abstract]  
Industry Segment Information

Note 12 – Industry Segment Information

The Company manages its business activities in two reportable segments: Irrigation and Infrastructure.  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.   The Company had no single major customer who represented 10 percent or more of its total revenues during the three months ended November 30, 2014 and 2013.  

 

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 manufacture and sale of large diameter steel tubing and railroad signals and structures; and the provision of outsourced manufacturing and production services.  The infrastructure reporting segment consists of one operating segment.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

November 30,

 

November 30,

($ in thousands)

 

2014

 

2013

Operating revenues:

 

 

 

 

 

 

    Irrigation

 

$
114,716 

 

$
129,183 

    Infrastructure

 

 
20,129 

 

 
18,488 

Total operating revenues

 

$
134,845 

 

$
147,671 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

    Irrigation (1)

 

$
14,669 

 

$
20,311 

    Infrastructure (1)

 

 
2,244 

 

 
508 

Segment operating income (1)

 

 
16,913 

 

 
20,819 

Unallocated general and administrative expenses

 

 
(5,011)

 

 
(4,827)

Interest and other income (expense), net

 

 
(241)

 

 
(175)

Earnings before income taxes

 

$
11,661 

 

$
15,817 

 

 

 

 

 

 

 

Capital Expenditures:

 

 

 

 

 

 

    Irrigation

 

$
3,084 

 

$
2,228 

    Infrastructure

 

 
565 

 

 
159 

 

 

$
3,649 

 

$
2,387 

Depreciation and Amortization:

 

 

 

 

 

 

    Irrigation

 

$
2,486 

 

$
2,358 

    Infrastructure

 

 
1,262 

 

 
1,349 

 

 

$
3,748 

 

$
3,707 

 

 

 

 

 

 

 

(1) Environmental remediation expenses of $1.3 million and $0.2 million were allocated to the irrigation segment and infrastructure segment, respectively, for the three months ended November 30, 2014. There were no environmental remediation expenses for the three months ended November 30, 2013.

 

 

 

 

 

 

 

 

 

 

 

 

 

November 30,

 

November 30,

 

August 31,

($ in thousands)

 

2014

 

2013

 

2014

Total Assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
368,577 

 

$
395,981 

 

$
407,447 

    Infrastructure

 

 
121,500 

 

 
125,722 

 

 
119,104 

 

 

$
490,077 

 

$
521,703 

 

$
526,551