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Note 7 - Segment Information
 9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
7.
Segment Information
 
The Company’s business is the manufacturing of welded steel pipe. Within this business, the Company’s operations are organized into two reportable segments: the Water Transmission Group and the Tubular Products Group. These reportable segments are based on the nature of the products and the manufacturing process. The two segments represent distinct business activities, which management evaluates based on segment gross profit and operating income. Transfers between segments in the periods presented were not material.
 
The Water Transmission Group manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems and other applications. In addition, the Water Transmission Group makes products for industrial plant piping systems and certain structural applications.
 
The Tubular Products Group manufactures and markets smaller diameter, electric resistance welded steel pipe used in a wide range of applications, including energy, construction, agriculture and industrial systems. The Tubular Products Group also manufactured and marketed OCTG products through March 30, 2014. The operating results of the OCTG business have been classified as discontinued operations and are not included in the operating results presented below.
 
 
  
 
 
Three Months Ended September 30,
 
 
Nine Months Ended September 30,
 
 
 
2015
 
 
2014
 
 
2015
 
 
2014
 
 
 
(in thousands)
 
Net sales:
                                
Water transmission
   $ 39,792     $ 76,857     $ 134,479     $ 182,061  
Tubular products
     12,543       39,648       56,567       119,079  
Total
   $ 52,335     $ 116,505     $ 191,046     $ 301,140  
                                 
Gross profit (loss):
                                
Water transmission
   $ (725 )   $ 16,559     $ 8,049     $ 29,718  
Tubular products
     (1,786 )     (739 )     (9,262 )     1,733  
Total
   $ (2,511 )   $ 15,820     $ (1,213 )   $ 31,451  
                                 
Operating income (loss):
                                
Water transmission (1)
   $ (2,384 )   $ 14,429     $ (2,566 )   $ 23,673  
Tubular products
     (2,298 )     (1,155 )     (11,169 )     550  
Corporate
     (2,602 )     (3,943 )     (9,959 )     (10,619 )
Total
   $ (7,284 )   $ 9,331     $ (23,694 )   $ 13,604  
 
(1)     
Operating loss for the Water Transmission Group for the nine months ended September 30, 2015 includes the write-off of Water Transmission goodwill of $5.3 million in the second quarter of 2015.