11.

SEGMENTS

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 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 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 segments. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. The Company manages its assets on a consolidated basis, not by operating segment, as the assets 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 information by operating segment and, accordingly, we do not report asset information by operating segment. Reportable segment information is as follows (in thousands):

	Commercial		Diversified				Corporate and
Three Months Ended March 31,	Trailer Products		Products		Retail		Eliminations		Consolidated
2015
Net sales
External customers	$	293,742	$	101,041	$	42,814	$	-	$	437,597
Intersegment sales		20,762		2,951		326		(24,039)		-
Total net sales	$	314,504	$	103,992	$	43,140	$	(24,039)	$	437,597

Income (Loss) from operations	$	22,770	$	10,611	$	1,126	$	(7,244)	$	27,263
Reconciling items to income before income taxes
Interest expense										(5,173)
Loss on debt extinguishment										(5,286)
Other, net										(96)
Income before income taxes									$	16,708

2014
Net sales
External customers	$	207,498	$	105,263	$	45,359	$	-	$	358,120
Intersegment sales		20,453		2,790		277		(23,520)		-
Total net sales	$	227,951	$	108,053	$	45,636	$	(23,520)	$	358,120

Income (Loss) from operations	$	8,760	$	13,397	$	1,050	$	(3,742)	$	19,465
Reconciling items to income before income taxes
Interest expense										(5,717)
Other, net										32
Income before income taxes									$	13,780

b. 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
	Trailer Products		Products		Retail		Consolidated
Three Months Ended March 31,	$		$		$		$		%
2015
New trailers		287,420		54,017		19,834		361,271		82.6
Used trailers		1,843		1,169		2,571		5,583		1.3
Components, parts and service		1,266		20,609		19,941		41,816		9.6
Equipment and other		3,213		25,246		468		28,927		6.5
Total net external sales		293,742		101,041		42,814		437,597		100.0

	Commercial		Diversified
	Trailer Products		Products		Retail		Consolidated
2014	$		$		$		$		%
New trailers		193,000		54,847		20,271		268,118		74.9
Used trailers		11,248		1,178		3,639		16,065		4.5
Components, parts and service		580		20,420		20,698		41,698		11.6
Equipment and other		2,670		28,818		751		32,239		9.0
Total net external sales		207,498		105,263		45,359		358,120		100.0