Industry Segment Information

6 Months Ended

Feb. 29, 2020

Note 16 – 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 included in the amounts disclosed. 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, 2020 and February 28, 2019.

Irrigation - This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial “internet of things”, or IoT, solutions. The irrigation reporting segment consists of one operating segment.

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 manufacturing and selling of large diameter steel tubing and railroad signals and structures; and providing outsourced manufacturing and production services. The infrastructure reporting segment consists of one operating segment.

	Three months ended						Six months ended
($ in thousands)	February 29, 2020			February 28, 2019			February 29, 2020			February 28, 2019
Operating revenues:
Irrigation:
North America	$	65,667		$	57,681		$	118,280		$	114,145
International		26,406			38,085			56,145			69,231
Irrigation total		92,073			95,766			174,425			183,376
Infrastructure		21,715			13,416			48,756			37,757
Total operating revenues	$	113,788		$	109,182		$	223,181		$	221,133

Operating income (loss):
Irrigation	$	9,614		$	7,521		$	19,371		$	15,304
Infrastructure		6,358			(446	)		15,126			3,722
Corporate		(7,330	)		(11,535	)		(13,579	)		(21,446	)
Total operating income (loss)		8,642			(4,460	)		20,918			(2,420	)

Interest and other expense, net		(1,775	)		(608	)		(2,796	)		(967	)
Earnings (loss) before income taxes	$	6,867		$	(5,068	)	$	18,122		$	(3,387	)

($ in thousands)	February 29, 2020		February 28, 2019		August 31, 2019
Total assets:
Irrigation	$	318,689	$	309,532	$	292,202
Infrastructure		82,608		69,829		85,848
Corporate		133,033		120,312		122,264
	$	534,330	$	499,673	$	500,314