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SEGMENTS AND RELATED INFORMATION
 12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
SEGMENTS AND RELATED INFORMATION
13.
SEGMENTS AND RELATED INFORMATION
 
a.
Segment Reporting
 
The Company manages its business in three segments: Commercial Trailer Products, Diversified Products and Retail.  The Commercial Trailer Products segment produces and sells new trailers to the Retail segment and to customers who purchase trailers directly from the Company or through independent dealers.  The Diversified Products segment focuses on the Company’s commitment to expand its customer base, diversify its product offerings and revenues and extend its market leadership by leveraging its proprietary DuraPlate® panel technology, drawing on its core manufacturing expertise and making available products that are complementary to truck and tank trailers and transportation equipment.  The results related to the purchased Beall assets from the date of the purchase, February 4, 2013, are included in the Diversified Products segment.  The Retail segment includes the sale of new and used trailers, as well as the sale of after-market parts and service, through its retail branch network.
 
                The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income from operations.  The Company has not allocated certain corporate related administrative costs, interest and income taxes included in the corporate and eliminations segment to the Company’s other reportable segment.  The Company accounts for intersegment sales and transfers at cost plus a specified mark-up.  The Company manages its assets and capital spending on a consolidated basis, not by operating segment, as the assets and capital spending of the Diversified Products segment are intermixed with those of the Commercial Trailer Products segment.  Therefore, our chief operating decision maker does not review any asset or capital spending information by operating segment and, accordingly, we do not report asset or capital spending information by operating segment.  Reportable segment information is as follows (in thousands):
 
 
 
Commercial
 
Diversified
 
 
 
 
Corporate and
 
 
 
 
 
 
Trailer Products
 
Products
 
Retail
 
Eliminations
 
Consolidated
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
External customers
 
$
1,009,527
 
$
446,013
 
$
180,146
 
$
-
 
$
1,635,686
 
Intersegment sales
 
 
71,718
 
 
55,967
 
 
1,340
 
 
(129,025)
 
$
-
 
Total net sales
 
$
1,081,245
 
$
501,980
 
$
181,486
 
$
(129,025)
 
$
1,635,686
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
10,452
 
 
23,995
 
 
2,029
 
 
1,860
 
 
38,336
 
Income (Loss) from operations
 
 
51,485
 
 
64,808
 
 
2,885
 
 
(15,987)
 
 
103,191
 
Reconciling items to net income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26,308
 
Loss on debt extinguishment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,889
 
Other, net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2,629)
 
Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31,094
 
Net income
 
 
 
 
 
 
 
 
 
 
 
 
 
$
46,529
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
External customers
 
$
993,862
 
$
310,982
 
$
157,010
 
$
-
 
$
1,461,854
 
Intersegment sales
 
 
69,427
 
 
45,011
 
 
635
 
 
(115,073)
 
$
-
 
Total net sales
 
$
1,063,289
 
$
355,993
 
$
157,645
 
$
(115,073)
 
$
1,461,854
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
11,014
 
 
11,029
 
 
710
 
 
2,812
 
 
25,565
 
Income (Loss) from operations
 
 
47,314
 
 
49,824
 
 
2,922
 
 
(29,576)
 
 
70,484
 
Reconciling items to net income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21,724
 
Other, net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
97
 
Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(56,968)
 
Net income
 
 
 
 
 
 
 
 
 
 
 
 
 
$
105,631
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
External customers
 
$
1,010,131
 
$
52,048
 
$
125,065
 
$
-
 
$
1,187,244
 
Intersegment sales
 
 
61,163
 
 
54,432
 
 
-
 
 
(115,595)
 
$
-
 
Total net sales
 
$
1,071,294
 
$
106,480
 
$
125,065
 
$
(115,595)
 
$
1,187,244
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
10,273
 
 
1,866
 
 
631
 
 
2,821
 
 
15,591
 
Income (Loss) from operations
 
 
18,536
 
 
14,630
 
 
(275)
 
 
(13,101)
 
 
19,790
 
Reconciling items to net income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,136
 
Loss on debt extinguishment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
668
 
Other, net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(227)
 
Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171
 
Net income
 
 
 
 
 
 
 
 
 
 
 
 
 
$
15,042
 
 
b.
Customer Concentration
 
The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 17%, 23% and 32% of the Company’s aggregate net sales in 2013, 2012 and 2011, respectively, with one customer representing approximately 13% of net sales in 2011.  International sales, primarily to Canadian customers, accounted for less than 10% in each of the last three years.
 
c.
Product Information
 
The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and service and (4) equipment and other.  The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
 
 
 
Commercial
 
Diversified
 
 
 
 
 
 
 
Year ended December 31,
 
Trailer Products
 
Products
 
Retail
 
Consolidated
 
2013
 
$
 
$
 
$
 
$
 
%
 
New trailers
 
959,116
 
204,812
 
82,995
 
1,246,923
 
76.2
 
Used trailers
 
33,443
 
3,158
 
12,814
 
49,415
 
3.0
 
Components, parts and service
 
7,387
 
92,869
 
80,070
 
180,326
 
11.0
 
Equipment and other
 
9,581
 
145,174
 
4,267
 
159,022
 
9.8
 
Total net external sales
 
1,009,527
 
446,013
 
180,146
 
1,635,686
 
100.0
 
 
 
 
Commercial
 
Diversified
 
 
 
 
 
 
 
 
 
Trailer Products
 
Products
 
Retail
 
Consolidated
 
2012
 
$
 
$
 
$
 
$
 
%
 
New trailers
 
959,094
 
131,236
 
73,524
 
1,163,854
 
79.6
 
Used trailers
 
23,534
 
1,887
 
14,762
 
40,183
 
2.7
 
Components, parts and service
 
2,323
 
64,145
 
65,279
 
131,747
 
9.0
 
Equipment and other
 
8,911
 
113,714
 
3,445
 
126,070
 
8.7
 
Total net external sales
 
993,862
 
310,982
 
157,010
 
1,461,854
 
100.0
 
 
 
 
Commercial
 
Diversified
 
 
 
 
 
 
 
 
 
Trailer Products
 
Products
 
Retail
 
Consolidated
 
2011
 
$
 
$
 
$
 
$
 
%
 
New trailers
 
983,896
 
-
 
66,578
 
1,050,474
 
88.5
 
Used trailers
 
13,386
 
-
 
13,103
 
26,489
 
2.2
 
Components, parts and service
 
2,847
 
44,114
 
45,289
 
92,250
 
7.8
 
Equipment and other
 
10,002
 
7,934
 
95
 
18,031
 
1.5
 
Total net external sales
 
1,010,131
 
52,048
 
125,065
 
1,187,244
 
100.0