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Business Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information

Note 10 – 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:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net sales

$

172,825

 

 

$

168,182

 

 

$

515,818

 

 

$

496,963

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Cost of Material

 

85,375

 

 

 

80,250

 

 

 

249,972

 

 

 

237,699

 

Labor

 

21,799

 

 

 

20,843

 

 

 

63,847

 

 

 

61,404

 

Overhead

 

15,231

 

 

 

14,428

 

 

 

45,194

 

 

 

42,725

 

Selling

 

12,556

 

 

 

12,591

 

 

 

36,678

 

 

 

36,652

 

General and administrative

 

13,300

 

 

 

13,085

 

 

 

40,324

 

 

 

38,842

 

Amortization expense

 

3,087

 

 

 

3,101

 

 

 

9,289

 

 

 

9,278

 

Operating Income

 

21,477

 

 

 

23,885

 

 

 

70,514

 

 

 

70,363

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(5,787

)

 

 

(7,766

)

 

 

(17,980

)

 

 

(26,886

)

Other income (expense)

 

(357

)

 

 

(59

)

 

 

(1,282

)

 

 

(6,662

)

Income before income taxes

 

15,333

 

 

 

16,060

 

 

 

51,252

 

 

 

36,815

 

Provision from income taxes

 

3,989

 

 

 

3,141

 

 

 

11,983

 

 

 

7,677

 

Net income

$

11,344

 

 

$

12,919

 

 

$

39,269

 

 

$

29,138

 

 

 

 

 

 

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

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

133,638

 

 

$

124,434

 

 

$

392,025

 

 

$

366,030

 

Foreign countries

 

 

39,187

 

 

 

43,748

 

 

 

123,793

 

 

 

130,933

 

Total net sales

 

$

172,825

 

 

$

168,182

 

 

$

515,818

 

 

$

496,963