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Segments (Table) | 6 Months Ended
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Jun. 30, 2021
Segments |
Schedule of Reconciliation of Operating Profit (Loss) | All intersegment sales are eliminated in consolidation. Sales between Work Truck Attachments and Work Truck Solutions reflect the Company’s intercompany pricing policy. The following table shows summarized financial information concerning the Company’s reportable segments:
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Three Months Ended | ​ | Six Months Ended | ​ | Six Months Ended | ​
​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2021 | ​ | ​ | 2020 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 104,638 | ​ | $ | 73,830 | ​ | $ | 146,619 | ​ | $ | 92,950 | ​
Work Truck Solutions | ​ | 52,892 | ​ | ​ | 46,213 | ​ | ​ | 114,253 | ​ | ​ | 95,283 | ​
​ | $ | 157,530 | ​ | $ | 120,043 | ​ | $ | 260,872 | ​ | $ | 188,233 | ​
Adjusted EBITDA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 32,177 | ​ | $ | 20,448 | ​ | $ | 40,416 | ​ | $ | 18,372 | ​
Work Truck Solutions | ​ | 1,314 | ​ | ​ | (116) | ​ | ​ | 3,733 | ​ | ​ | 245 | ​
​ | $ | 33,491 | ​ | $ | 20,332 | ​ | $ | 44,149 | ​ | $ | 18,617 | ​
Depreciation and amortization expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 2,997 | ​ | $ | 2,652 | ​ | $ | 5,798 | ​ | $ | 5,311 | ​
Work Truck Solutions | ​ | 2,203 | ​ | ​ | 2,251 | ​ | ​ | 4,415 | ​ | ​ | 4,486 | ​
​ | $ | 5,200 | ​ | $ | 4,903 | ​ | $ | 10,213 | ​ | $ | 9,797 | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 379,541 | ​ | $ | 373,378 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Solutions | ​ | 189,382 | ​ | ​ | 211,509 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | $ | 568,923 | ​ | $ | 584,887 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital Expenditures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 1,884 | ​ | $ | 2,397 | ​ | $ | 3,981 | ​ | $ | 4,255 | ​
Work Truck Solutions | ​ | 484 | ​ | ​ | 339 | ​ | ​ | 777 | ​ | ​ | 735 | ​
​ | $ | 2,368 | ​ | $ | 2,736 | ​ | $ | 4,758 | ​ | $ | 4,990 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted EBITDA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 32,177 | ​ | $ | 20,448 | ​ | $ | 40,416 | ​ | $ | 18,372
Work Truck Solutions | ​ | 1,314 | ​ | ​ | (116) | ​ | ​ | 3,733 | ​ | ​ | 245
Total Adjusted EBITDA | $ | 33,491 | ​ | $ | 20,332 | ​ | $ | 44,149 | ​ | $ | 18,617
Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense - net | ​ | 4,372 | ​ | ​ | 5,662 | ​ | ​ | 7,347 | ​ | ​ | 10,702
Depreciation expense | ​ | 2,495 | ​ | ​ | 2,164 | ​ | ​ | 4,803 | ​ | ​ | 4,320
Amortization | ​ | 2,705 | ​ | ​ | 2,739 | ​ | ​ | 5,410 | ​ | ​ | 5,477
Purchase accounting (1) | ​ | - | ​ | ​ | (2,000) | ​ | ​ | - | ​ | ​ | (2,017)
Stock based compensation | ​ | 4,055 | ​ | ​ | 1,201 | ​ | ​ | 6,020 | ​ | ​ | 2,569
Impairment charges | ​ | - | ​ | ​ | 127,872 | ​ | ​ | - | ​ | ​ | 127,872
Debt modification expense | ​ | - | ​ | ​ | 3,192 | ​ | ​ | - | ​ | ​ | 3,192
Loss on extinguishment of debt | ​ | 4,936 | ​ | ​ | - | ​ | ​ | 4,936 | ​ | ​ | -
COVID-19 (2) | ​ | 15 | ​ | ​ | 848 | ​ | ​ | 55 | ​ | ​ | 1,165
Other charges (3) | ​ | (6) | ​ | ​ | (31) | ​ | ​ | (6) | ​ | ​ | -
Income (loss) before taxes | $ | 14,919 | ​ | $ | (121,315) | ​ | $ | 15,584 | ​ | $ | (134,663)
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| (1) | Reflects $2,000 reversal of earn-out compensation in conjunction with the acquisition of Dejana in the periods presented. Reflects $17 reversal of earn-out compensation in conjunction with the acquisition of Henderson in the periods presented.
| (2) | Reflects incremental costs incurred related to the COVID-19 pandemic for the periods presented. Such COVID-19 related costs include increased expenses directly related to the pandemic, and do not include either production related overhead inefficiencies or lost or deferred sales.
| (3) | Reflects unrelated legal and consulting fees for the periods presented.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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