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Note 16 - Segment Information
 12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
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. 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. 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. The Tubular Products remaining manufacturing facility is located in Atchison, Kansas. As a result of the decrease in crude oil prices in 2015, the Company curtailed production at the Atchison facility beginning in April 2015.Tubular Products are marketed through a team of direct sales force personnel.
 
Based on the location of the customer, the Company sold principally all products in the United States, Canada and Mexico. In 2015, no customer accounted for 10% or more of total net sales from continuing operations. 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. As of December 31, 2015, all material long-lived assets are located in the United States.
 
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
 
2013
 
 
 
(in thousands)
 
Net sales from continuing operations:
                        
Water transmission
   $ 173,160     $ 238,545     $ 226,427  
Tubular products
     63,448       164,753       133,018  
Total
   $ 236,608     $ 403,298     $ 359,445  
                         
Gross profit (loss) from continuing operations:
                        
Water transmission
   $ 606     $ 39,601     $ 46,953  
Tubular products
     (13,231 )     975       13,283  
Total
   $ (12,625 )   $ 40,576     $ 60,236  
                         
Operating income (loss) from continuing operations:
                        
Water transmission (1)
   $ (11,592 )   $ 31,490     $ 40,343  
Tubular products (2)
     (15,699 )     (16,677 )     11,943  
      (27,291 )     14,813       52,286  
Corporate
     (12,919 )     (14,619 )     (14,751 )
Total
   $ (40,210 )   $ 194     $ 37,535  
                         
Net sales from continuing operations by geographic region:
                        
United States
   $ 224,691     $ 383,344     $ 308,345  
Other
     11,917       19,954       51,100  
Total
   $ 236,608     $ 403,298     $ 359,445  
 
 
(1)
Operating loss for Water transmission for 2015 includes the write-off of goodwill of $5.3 million.
 
(2)
Operating loss for Tubular products for 2014 includes the write-off of goodwill of $16.1 million.
 
The following includes discontinued operations within Tubular products in 2014 and 2013:
 
 
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
 
2013
 
 
 
(in thousands)
 
Depreciation and amortization expense:
                        
Water transmission
   $ 7,318     $ 8,716     $ 7,082  
Tubular products
     1,859       5,090       5,963  
      9,177       13,806       13,045  
Corporate
     438       340       254  
                         
Total
   $ 9,615     $ 14,146     $ 13,299  
                         
Capital expenditures:
                        
Water transmission
   $ 6,313     $ 6,190     $ 13,204  
Tubular products
     1,879       7,526       14,354  
      8,192       13,716       27,558  
Corporate
     323       573       889  
                         
Total
   $ 8,515     $ 14,289     $ 28,447  
 
 
 
December 31,
 
 
 
2015
 
 
2014
 
 
 
(in thousands)
 
Goodwill:
                
Water transmission
   $ -     $ 5,282  
Tubular products
     -       -  
Total
   $ -     $ 5,282  
                 
Total assets:
                
Water transmission
   $ 185,607     $ 222,365  
Tubular products
     48,785       102,449  
      234,392       324,814  
Corporate
     24,988       27,068  
Total
   $ 259,380     $ 351,882  
 
All property and equipment is located in the United States, except for a total of $4.3 million and $4.2 million which is located in Mexico as of December 31, 2015 and 2014, respectively.