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Industry Segment Information
 6 Months Ended
Feb. 29, 2016
Industry Segment Information [Abstract]  
Industry Segment Information

Note 14 – 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 includes 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 customer who represented 10 percent or more of its total revenues during the three and six months ended February 29, 2016 and February 28, 2015.  

 

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, filtration solutions and machine-to-machine (“M2M”) technology.  The irrigation reporting segment consists of five 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 29,

 

February 28,

 

February 29,

 

February 28,

($ in thousands)

 

2016

 

2015

 

2016

 

2015

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$

 103,081 

 

$

 108,331 

 

$

 204,407 

 

$

 223,047 

    Infrastructure

 

 

 17,492 

 

 

 32,758 

 

 

 37,788 

 

 

 52,887 

Total operating revenues

 

$

 120,573 

 

$

 141,089 

 

$

 242,195 

 

$

 275,934 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$

 11,081 

 

$

 11,942 

 

$

 23,773 

 

$

 27,911 

    Infrastructure

 

 

 1,532 

 

 

 7,274 

 

 

 4,614 

 

 

 9,718 

Segment operating income

 

 

 12,613 

 

 

 19,216 

 

 

 28,387 

 

 

 37,629 

Unallocated general and administrative expenses (1)

 

 

 (17,307)

 

 

 (4,680)

 

 

 (21,333)

 

 

 (11,191)

Interest and other expense, net

 

 

 (1,499)

 

 

 (398)

 

 

 (2,851)

 

 

 (639)

Earnings (loss) before income taxes

 

$

 (6,193)

 

$

 14,138 

 

$

 4,203 

 

$

 25,799 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$

 2,054 

 

$

 2,381 

 

$

 5,206 

 

$

 5,465 

    Infrastructure

 

 

 633 

 

 

 546 

 

 

 2,186 

 

 

 1,111 

 

 

$

 2,687 

 

$

 2,927 

 

$

 7,392 

 

$

 6,576 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

    Irrigation

 

$

 3,064 

 

$

 3,039 

 

$

 6,158 

 

$

 5,525 

    Infrastructure

 

 

 1,177 

 

 

 1,230 

 

 

 2,378 

 

 

 2,492 

 

 

$

 4,241 

 

$

 4,269 

 

$

 8,536 

 

$

 8,017 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes environmental remediation expenses of $13.0 million for the three and six month period ended February 29, 2016 and environmental remediation expenses of $1.5 million for the six months ended February 28, 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

February 29,

 

February 28,

 

August 31,

($ in thousands)

 

2016

 

2015

 

2015

Total assets:

 

 

 

 

 

 

 

 

 

    Irrigation

 

$

 386,287 

 

$

 477,642 

 

$

 429,224 

    Infrastructure

 

 

 109,196 

 

 

 121,138 

 

 

 107,244 

 

 

$

 495,483 

 

$

 598,780 

 

$

 536,468