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Note 15 - Segments
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

15.

Segments

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The Company operates through two operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. 

 

The Company’s chief operating decision maker is its Chief Executive Officer. The chief operating decision maker assesses performance for the Work Truck Attachments and Work Truck Solutions segments and decides how to allocate resources based on Adjusted EBITDA. The chief operating decision maker uses Adjusted EBITDA to evaluate profit generated by the segments in deciding where to reinvest profits, whether it be within the segments or for other purposes such as paying dividends, repurchasing stock, or other general corporate uses. The chief operating decision maker also uses segment Adjusted EBITDA as a metric in benchmarking performance against competitors, as well as in evaluating the compensation of certain employees. 

 

The Company’s two reportable business segments are as follows: 

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Work Truck Attachments.  The Work Truck Attachments segment includes the Company's operations that manufacture and sell snow and ice control attachments and other products sold under the FISHER®, WESTERN® and SNOWEX® brands, and truck-mounted service cranes and dump hoists under the VENCO® and VENTURO® brands.

 

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.

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Segment performance is evaluated based on segment net sales and Adjusted EBITDA. 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. 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.

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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

  

Six Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

  

June 30,

  

June 30,

 
  

2026

  

2025

  

2026

  

2025

 

Net sales

                

Work Truck Attachments

 $129,330  $108,114  $190,241  $144,571 

Work Truck Solutions

  85,318   86,213   162,204   164,823 
  $214,648  $194,327  $352,445  $309,394 

Selling, general and administrative expense

                

Work Truck Attachments

 $18,017  $11,412  $32,479  $23,842 

Work Truck Solutions

  11,814   10,339   23,693   21,296 
  $29,831  $21,751  $56,172  $45,138 

Other segment items (1)

                

Work Truck Attachments

 $75,512  $65,132  $114,298  $88,832 

Work Truck Solutions

  64,727   64,827   120,586   123,376 
  $140,239  $129,959  $234,884  $212,208 

Adjusted EBITDA

                

Work Truck Attachments

 $35,801  $31,570  $43,464  $31,897 

Work Truck Solutions

  8,777   11,047   17,925   20,151 
  $44,578  $42,617  $61,389  $52,048 

Depreciation and amortization expense

                

Work Truck Attachments

 $1,866  $1,919  $3,763  $3,869 

Work Truck Solutions

  1,956   1,907   3,915   3,780 
  $3,822  $3,826  $7,678  $7,649 

Assets

                

Work Truck Attachments

 $448,511  $409,235         

Work Truck Solutions

  277,158   262,236         
  $725,669  $671,471         

Capital Expenditures

                

Work Truck Attachments

 $2,273  $2,121  $4,508  $3,216 

Work Truck Solutions

  1,939   1,064   3,169   1,722 
  $4,212  $3,185  $7,677  $4,938 

 

Adjusted EBITDA

                

Work Truck Attachments

 $35,801  $31,570  $43,464  $31,897 

Work Truck Solutions

  8,777   11,047   17,925   20,151 

Total Adjusted EBITDA

 $44,578  $42,617  $61,389  $52,048 

Less items to reconcile Adjusted EBITDA to income before taxes:

                

Interest expense - net

  2,324   2,973   4,386   5,357 

Depreciation expense

  2,304   2,276   4,643   4,549 

Amortization expense

  1,518   1,550   3,035   3,100 

Stock based compensation

  4,450   1,554   6,987   3,704 

Debt modification expense

  -   -   -   176 

Loss on extinguishment of debt

  -   -   -   156 

Other charges (2)

  265   119   726   371 

Income before taxes

 $33,717  $34,145  $41,612  $34,635 

  

 (1)Includes cost of sales, other (income) expense, and the addback of depreciation expense, stock based compensation, unrelated legal, severance, restructuring and consulting fees for the periods presented.
 

(2)

Reflects unrelated legal, severance, restructuring and consulting fees for the periods presented. Reflects $58 in inventory step up related to Venco Venturo included in cost of sales in the six months ended June 30, 2026. 

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