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Industry Segment Information
 6 Months Ended
Feb. 28, 2015
Industry Segment Information [Abstract]  
Industry Segment Information

Note 15 – 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 and six months ended February 28, 2015 and 2014.

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

February 28,

 

February 28,

 

February 28,

 

February 28,

($ in thousands)

 

2015

 

2014

 

2015

 

2014

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
108,331 

 

$
135,884 

 

$
223,047 

 

$
265,067 

    Infrastructure

 

 
32,758 

 

 
16,920 

 

 
52,887 

 

 
35,408 

Total operating revenues

 

$
141,089 

 

$
152,804 

 

$
275,934 

 

$
300,475 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation (1)

 

$
11,942 

 

$
24,548 

 

$
26,611 

 

$
44,859 

    Infrastructure (1)

 

 
7,274 

 

 
6 

 

 
9,518 

 

 
514 

Segment operating income (1)

 

 
19,216 

 

 
24,554 

 

 
36,129 

 

 
45,373 

Unallocated general and administrative expenses

 

 
(4,680)

 

 
(3,641)

 

 
(9,691)

 

 
(8,468)

Interest and other expense, net

 

 
(398)

 

 
(124)

 

 
(639)

 

 
(299)

Earnings before income taxes

 

$
14,138 

 

$
20,789 

 

$
25,799 

 

$
36,606 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
2,381 

 

$
2,709 

 

$
5,465 

 

$
4,937 

    Infrastructure

 

 
546 

 

 
257 

 

 
1,111 

 

 
416 

 

 

$
2,927 

 

$
2,966 

 

$
6,576 

 

$
5,353 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
3,039 

 

$
2,341 

 

$
5,525 

 

$
4,699 

    Infrastructure

 

 
1,230 

 

 
1,336 

 

 
2,492 

 

 
2,685 

 

 

$
4,269 

 

$
3,677 

 

$
8,017 

 

$
7,384 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Environmental remediation expenses of $1.3 million and $0.2 million were allocated to the irrigation segment and infrastructure segment, respectively, for the six months ended February 28, 2015. There were no environmental remediation expenses for the three months ended February 28, 2015 or the three and six months ended February 28, 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

February 28,

 

February 28,

 

August 31,

($ in thousands)

 

2015

 

2014

 

2014

Total Assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$
477,642 

 

$
404,828 

 

$
407,447 

    Infrastructure

 

 
121,138 

 

 
125,791 

 

 
119,104 

 

 

$
598,780 

 

$
530,619 

 

$
526,551