Segment Information (Tables)

3 Months Ended

Mar. 31, 2014


	Three Months Ended March 31,
	2014			2013
	(In Thousands)
Net sales:
Chemical (1)	$	115,221		$	77,490
Climate Control		60,349			70,270
Other		2,955			2,919

	$	178,525		$	150,679

Gross profit: (2)
Chemical (1)	$	28,426		$	2,411
Climate Control		19,264			21,982
Other		1,032			1,029

	$	48,722		$	25,422

Operating income (loss): (3)
Chemical (1)	$	28,813		$	(3,806	)
Climate Control		4,332			6,384
Other		387			321
General corporate expenses (4)		(7,671	)		(3,136	)

		25,861			(237	)
Interest expense, net (5)		6,708			731
Non-operating expense (income), net:
Chemical		(77	)		—
Corporate and other business operations		—			16
Provision (benefit) for income taxes		7,654			(745	)
Equity in earnings of affiliate—Climate Control		(67	)		(171	)

Income (loss) from continuing operations	$	11,643		$	(68	)

(1)

During the first quarter of 2014, our Chemical Business experienced downtime at the Pryor Facility resulting in lost production and adverse effect on operating results. During the first quarter of 2013, our Chemical Business experienced downtime at the Cherokee, El Dorado and Pryor Facilities resulting in lost production and adverse effect on operating results. We also recognized insurance recoveries in both periods as discussed in Note 12 – Property and Business Interruption Insurance Claims and Recoveries.

(2)	Gross profit by business segment represents net sales less cost of sales. Gross profit classified as “Other” relates to the sales of industrial machinery and related components.

(3)

Our chief operating decision makers use operating income (loss) by business segment for purposes of making decisions that include resource allocations and performance evaluations. Operating income (loss) by business segment represents gross profit by business segment less selling, general and administrative expense (“SG&A”) incurred by each business segment plus other income and other expense earned/incurred by each business segment before general corporate expenses.

(4)	General corporate expenses consist of SG&A, other income and other expense that are not allocated to one of our business segments. General corporate expenses consist of the following:


	Three Months Ended March 31,
	2014			2013
	(In Thousands)
Selling, general and administrative:
Fees and expenses relating to certain activist shareholders’ proposals (A)	$	(4,163	)	$	—
Personnel costs		(1,715	)		(1,687	)
Professional fees		(1,188	)		(1,423	)
All other		(628	)		(616	)

Total selling, general and adminsitrative		(7,694	)		(3,726	)
Other income		23			590

Total general corporate expenses	$	(7,671	)	$	(3,136	)

(A)	During the three months ended March 31, 2014, we incurred fees and expenses in evaluating and analyzing proposals received from certain activist shareholders and dealing, negotiating and settling with those shareholders in order to avoid a proxy contest.

(5)	During the three months ended March 31, 2014 and 2013, interest expense is net of capitalized interest of $2.3 million and $0.4 million, respectively.

General Corporate Expenses and Other Business Operations, Net

Three Months Ended March 31,
	2014			2013
	(In Thousands)
Selling, general and administrative:
Fees and expenses relating to certain activist shareholders’ proposals (A)	$	(4,163	)	$	—
Personnel costs		(1,715	)		(1,687	)
Professional fees		(1,188	)		(1,423	)
All other		(628	)		(616	)

Total selling, general and adminsitrative		(7,694	)		(3,726	)
Other income		23			590

Total general corporate expenses	$	(7,671	)	$	(3,136	)

(A)	During the three months ended March 31, 2014, we incurred fees and expenses in evaluating and analyzing proposals received from certain activist shareholders and dealing, negotiating and settling with those shareholders in order to avoid a proxy contest.

Total Assets by Business Segment

Information about our total assets by business segment is as follows:


	March 31,		December 31,
	2014		2013
	(In Thousands)
Chemical	$	885,319	$	842,725
Climate Control		140,927		159,960
Other		6,170		6,832
Corporate assets		57,889		73,580

Total assets	$	1,090,305	$	1,083,097

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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