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Segments | 9 Months Ended
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Sep. 30, 2021
Segments |
Segments | 15. Segments ​ The Company’s two reportable business segments are as follows: ​ Work Truck Attachments. The Work Truck Attachments segment includes commercial snow and ice management attachments sold under the FISHER®, WESTERN® and SNOWEX® brands. This segment consists of our operations that manufacture and sell snow and ice control products. Work Truck Solutions. The Work Truck Solutions segment includes manufactured municipal snow and ice control products under the HENDERSON® brand and the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands. ​ Separate financial information is available for the two operating segments. In addition, segment results include an allocation of all corporate costs to Work Truck Attachments and Work Truck Solutions. ​ Segment performance is evaluated based on segment net sales and Adjusted EBITDA. Segment results include an allocation of all corporate costs. No single customer’s revenues amounted to 10% or more of the Company’s total revenue. Sales are primarily within the United States and substantially all assets are located within the United States. ​ 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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Nine Months Ended | ​
​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2021 | ​ | ​ | 2020 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 81,373 | ​ | $ | 76,903 | ​ | $ | 227,992 | ​ | $ | 169,853 | ​
Work Truck Solutions | ​ | 46,263 | ​ | ​ | 56,858 | ​ | ​ | 160,516 | ​ | ​ | 152,141 | ​
​ | $ | 127,636 | ​ | $ | 133,761 | ​ | $ | 388,508 | ​ | $ | 321,994 | ​
Adjusted EBITDA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 14,790 | ​ | $ | 20,155 | ​ | $ | 55,206 | ​ | $ | 38,527 | ​
Work Truck Solutions | ​ | 700 | ​ | ​ | 2,917 | ​ | ​ | 4,433 | ​ | ​ | 3,162 | ​
​ | $ | 15,490 | ​ | $ | 23,072 | ​ | $ | 59,639 | ​ | $ | 41,689 | ​
Depreciation and amortization expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 3,038 | ​ | $ | 2,683 | ​ | $ | 8,836 | ​ | $ | 7,994 | ​
Work Truck Solutions | ​ | 1,984 | ​ | ​ | 2,224 | ​ | ​ | 6,399 | ​ | ​ | 6,710 | ​
​ | $ | 5,022 | ​ | $ | 4,907 | ​ | $ | 15,235 | ​ | $ | 14,704 | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 405,401 | ​ | $ | 396,793 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Solutions | ​ | 194,833 | ​ | ​ | 214,471 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | $ | 600,234 | ​ | $ | 611,264 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital Expenditures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 2,221 | ​ | $ | 4,850 | ​ | $ | 6,202 | ​ | $ | 9,105 | ​
Work Truck Solutions | ​ | 331 | ​ | ​ | 375 | ​ | ​ | 1,108 | ​ | ​ | 1,110 | ​
​ | $ | 2,552 | ​ | $ | 5,225 | ​ | $ | 7,310 | ​ | $ | 10,215 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted EBITDA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 14,790 | ​ | $ | 20,155 | ​ | $ | 55,206 | ​ | $ | 38,527
Work Truck Solutions | ​ | 700 | ​ | ​ | 2,917 | ​ | ​ | 4,433 | ​ | ​ | 3,162
Total Adjusted EBITDA | $ | 15,490 | ​ | $ | 23,072 | ​ | $ | 59,639 | ​ | $ | 41,689
Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense - net | ​ | 2,167 | ​ | ​ | 5,007 | ​ | ​ | 9,514 | ​ | ​ | 15,709
Depreciation expense | ​ | 2,380 | ​ | ​ | 2,170 | ​ | ​ | 7,183 | ​ | ​ | 6,490
Amortization | ​ | 2,642 | ​ | ​ | 2,737 | ​ | ​ | 8,052 | ​ | ​ | 8,214
Purchase accounting (1) | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (2,017)
Stock based compensation | ​ | 5 | ​ | ​ | 199 | ​ | ​ | 6,025 | ​ | ​ | 2,768
Impairment charges | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 127,872
Debt modification expense | ​ | - | ​ | ​ | 237 | ​ | ​ | - | ​ | ​ | 3,429
Loss on extinguishment of debt | ​ | - | ​ | ​ | - | ​ | ​ | 4,936 | ​ | ​ | -
COVID-19 (2) | ​ | 12 | ​ | ​ | 157 | ​ | ​ | 67 | ​ | ​ | 1,322
Other charges (3) | ​ | 50 | ​ | ​ | 101 | ​ | ​ | 44 | ​ | ​ | 101
Income (loss) before taxes | $ | 8,234 | ​ | $ | 12,464 | ​ | $ | 23,818 | ​ | $ | (122,199)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
| (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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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