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Industry Segment Information
 6 Months Ended
Feb. 28, 2021
Segment Reporting [Abstract]  
Industry Segment Information

Note 13 – 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 revenues, 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 or six months ended February 28, 2021 or February 29, 2020.

 

Irrigation - This reporting segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems and large diameter steel tubing 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 IoT, or “internet of things”, 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 infrastructure reporting segment consists of one operating segment.

Certain immaterial reclassifications have been made to the prior year’s operating results to conform with the current year’s presentation, as revenues and operating income from certain product lines previously included within the infrastructure reporting segment are now included within the irrigation reporting segment.

 

 

 

Three months ended

 

 

Six months ended

 

($ in thousands)

 

February 28,

2021

 

 

February 29,

2020

 

 

February 28,

2021

 

 

February 29,

2020

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   North America

 

$

80,178

 

 

$

67,088

 

 

$

132,968

 

 

$

120,675

 

   International

 

 

38,394

 

 

 

26,406

 

 

 

72,961

 

 

 

56,145

 

Irrigation total

 

 

118,572

 

 

 

93,494

 

 

 

205,929

 

 

 

176,820

 

Infrastructure

 

 

25,005

 

 

 

20,294

 

 

 

46,133

 

 

 

46,361

 

Total operating revenues

 

$

143,577

 

 

$

113,788

 

 

$

252,062

 

 

$

223,181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation

 

$

18,045

 

 

$

10,084

 

 

$

28,678

 

 

$

19,867

 

Infrastructure

 

 

6,341

 

 

 

5,888

 

 

 

10,597

 

 

 

14,630

 

Corporate

 

 

(8,577

)

 

 

(7,330

)

 

 

(15,932

)

 

 

(13,579

)

Total operating income

 

 

15,809

 

 

 

8,642

 

 

 

23,343

 

 

 

20,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other expense, net

 

 

(1,248

)

 

 

(1,775

)

 

 

(1,900

)

 

 

(2,796

)

Earnings before income taxes

 

$

14,561

 

 

$

6,867

 

 

$

21,443

 

 

$

18,122

 

 

($ in thousands)

 

February 28,

2021

 

 

February 29,

2020

 

 

August 31,

2020

 

Total assets:

 

 

 

 

 

 

 

 

 

 

 

 

Irrigation

 

$

363,542

 

 

$

318,689

 

 

$

307,537

 

Infrastructure

 

 

87,542

 

 

 

82,608

 

 

 

113,111

 

Corporate

 

 

145,564

 

 

 

133,033

 

 

 

149,878

 

 

 

$

596,648

 

 

$

534,330

 

 

$

570,526