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Note 11 - Business Segment Information
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 11 – Business Segment Information

 

The Company operates in one business segment comprising the design, manufacture and sale of pumps and pump systems. The Company’s products are used in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilation and air conditioning (HVAC), military and other liquid-handling applications.

 

The pumps and pump systems are marketed in the United States and worldwide through a broad network of distributors, through manufacturers’ representatives (for sales to many original equipment manufacturers), through third-party distributor catalogs, and by direct sales. International sales are made primarily through foreign distributors and representatives.

 

The Company's chief operating decision maker ("CODM") is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated operating income and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the allocation of capital between reinvestment in the business, the payment of dividends, paying down debt, and/or acquisitions. The measure of segment assets is reported on the balance sheet as total consolidated assets.

 

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024, 2023 and 2022:

 

   

2024

    

2023

    

2022

  

Net sales

   $ 659,667     $ 659,511     $ 521,027  

Less

                        

Cost of material

     315,240       328,731       279,290  

Labor

     82,012       78,898       65,376  

Overhead

     58,087       55,629       45,424  

Selling

     48,908       45,212       35,599  

General and administrative

     51,598       51,448       47,518  

Amortization expense

     12,379       12,552       7,637  

Operating income

     91,443       87,041       40,183  

Other income (expense):

                        

Interest expense

     (33,621 )     (41,273 )     (19,240 )

Other income (expense)

     (7,329 )     (1,807 )     (7,071 )

Income before income taxes

     50,493       43,961       13,872  

Provision from income taxes

     10,378       9,010       2,677  

Net income

   $ 40,115     $ 34,951     $ 11,195  

 

The Company sells to approximately 140 countries around the world. The Company attributes revenues to individual countries based on the customer location to which finished products are shipped. The following tables disaggregate total net sales by geographic location:

 

Geographic Location

  

2024

    

2023

    

2022

  

United States

   $ 491,516     $ 497,387     $ 381,306  

Foreign countries

     168,151       162,124       139,721  

Total net sales

   $ 659,667     $ 659,511     $ 521,027  

 

As of the years ending December 31, 2024 and 2023, 90.2% and 89.5%, respectively, of the Company’s long-lived assets were located in the United States. For the years ended December 31, 2024 and 2023, no individual foreign country held more than 10% of consolidated long-lived assets nor was responsible for more than 10% of consolidated revenue.