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Segment Information
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Segment Information

16. SEGMENT INFORMATION:

The operating segments reported below are based on the nature of the products sold by the Company and are the segments of the Company for which separate financial information is available and for which operating results are regularly evaluated by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. Management evaluates segment performance based on operating income.

 

The Company’s Water Transmission segment manufactures and markets large diameter, high-pressure steel pipe used primarily for water transmission. The Company’s Water Transmission products are manufactured at its eight manufacturing facilities located in Portland, Oregon; Denver, Colorado; Adelanto, California; Parkersburg, West Virginia; Saginaw, Texas; St. Louis, Missouri; Salt Lake City, Utah and Monterrey, Mexico. During the second half of 2012, the Company permanently closed its facility located in Pleasant Grove, Utah, and transferred its property and equipment to other manufacturing locations. Products are sold primarily to public water agencies either directly or through an installation contractor.

The Company’s Tubular Products segment manufactures and markets smaller diameter, ERW steel pipe for use in a wide range of applications, including energy, construction, agricultural, and industrial systems. The Tubular Products manufacturing facility is located in Atchison, Kansas. Tubular Products are marketed through a network of direct sales force personnel and sales agents throughout the United States, Canada and Mexico. On March 30, 2014 the Company completed the sale of substantially all of the assets and liabilities associated with the OCTG business conducted by the Company’s Tubular Products segment at its former manufacturing facilities in Bossier City, Louisiana and Houston, Texas, excluding the real property located in Houston, Texas.

Based on the location of the customer, the Company sold principally all products in the United States, Canada and Mexico. One customer accounted for 16% and another customer accounted for 10% of total net sales from continuing operations in 2014. One customer accounted for 15% of total net sales from continuing operations in 2013 and one customer accounted for 16% of total net sales from continuing operations in 2012. As of December 31, 2014, all material long-lived assets are located in the United States.

 

     Year Ended December 31,  
     2014      2013      2012  
     (in thousands)  

Net sales from continuing operations:

         

Water transmission

    $ 238,545       $ 226,427       $ 269,203   

Tubular products

      164,753         133,018         119,699   
  

 

 

     

 

 

     

 

 

  

Total

 $ 403,298    $ 359,445    $ 388,902   
  

 

 

     

 

 

     

 

 

  

Gross profit from continuing operations:

Water transmission

 $ 39,601    $ 46,953    $ 45,051   

Tubular products

   975      13,283      14,057   
  

 

 

     

 

 

     

 

 

  

Total

 $ 40,576    $ 60,236    $ 59,108   
  

 

 

     

 

 

     

 

 

  

Operating income (loss) from continuing operations:

Water transmission

 $ 31,490    $ 40,343    $ 36,278   

Tubular products

   (16,677 )    11,943      12,061   
  

 

 

     

 

 

     

 

 

  
  14,813      52,286      48,339   

Corporate

   (14,619 )    (14,751 )    (17,053 ) 
  

 

 

     

 

 

     

 

 

  

Total

 $ 194    $ 37,535    $ 31,286   
  

 

 

     

 

 

     

 

 

  

Net sales from continuing operations by geographic region:

United States

 $ 383,344    $ 308,345    $ 332,859   

Other

   19,954      51,100      56,043   
  

 

 

     

 

 

     

 

 

  

Total

 $ 403,298    $ 359,445    $ 388,902   
  

 

 

     

 

 

     

 

 

  

 

The following includes discontinued operations within Tubular products:

 

Depreciation and amortization expense:

Water transmission

 $ 8,716    $ 7,082    $ 10,474   

Tubular products

   5,090      5,963      5,541   
  

 

 

     

 

 

     

 

 

  
  13,806      13,045      16,015   

Corporate

   340      254      252   
  

 

 

     

 

 

     

 

 

  

Total

 $ 14,146    $ 13,299    $ 16,267   
  

 

 

     

 

 

     

 

 

  

Capital expenditures:

Water transmission

 $ 6,190    $ 13,204    $ 6,830   

Tubular products

   7,526      14,354      9,813   
  

 

 

     

 

 

     

 

 

  
  13,716      27,558      16,643   

Corporate

   573      889      146   
  

 

 

     

 

 

     

 

 

  

Total

 $ 14,289    $ 28,447    $ 16,789   
  

 

 

     

 

 

     

 

 

  

 

     December 31,  
     2014      2013  
     (in thousands)  

Goodwill:

      

Water transmission

    $ 5,282       $ 5,282   

Tubular products

      —           20,478   
  

 

 

     

 

 

  

Total

 $ 5,282    $ 25,760   
  

 

 

     

 

 

  

Total assets:

Water transmission

 $ 222,365    $ 218,849   

Tubular products

   102,449      184,088   
  

 

 

     

 

 

  
  324,814      402,937   

Corporate

   27,068      30,522   
  

 

 

     

 

 

  

Total

 $ 351,882    $ 433,459   
  

 

 

     

 

 

  

All property and equipment is located in the United States as of December 31, 2014 and 2013, except for a total of $4.2 million, which is located in Mexico.