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Segment Information
3 Months Ended
Sep. 30, 2011
Segment Information [Abstract] 
Segment Information

Note 10 – Segment Information

The Company has two reportable segments, the Construction Services segment and the Repair and Maintenance Services segment.

The primary services of our Construction Services segment are aboveground storage tanks for the bulk storage/terminal industry, capital construction for the downstream petroleum industry, specialty construction, and electrical/instrumentation services for various industries. These services, including civil/structural, mechanical, piping, electrical and instrumentation, millwrighting, and fabrication, are provided for projects of varying complexities, schedule durations, and budgets. Our project experience includes renovations, retrofits, modifications and expansions to existing facilities as well as construction of new facilities.

The primary services of our Repair and Maintenance Services segment are aboveground storage tank repair and maintenance services including tank inspection, cleaning and ASME code repairs, planned major and routine maintenance for the downstream petroleum industry and electrical and instrumentation repair and maintenance.

Other consists of capital expenditures that relate to corporate assets as well as the period-end corporate asset balances.

The Company evaluates performance and allocates resources based on operating income. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Intersegment sales and transfers are recorded at cost; therefore, no intercompany profit or loss is recognized.

Segment assets consist primarily of accounts receivable, costs and estimated earnings in excess of billings on uncompleted contracts, property, plant and equipment, goodwill and other intangible assets.

 

Results of Operations

(in thousands)

     Construction
Services		      Repair and
Maintenance
Services		      Other      Total  

Three Months Ended September 30, 2011

            

Gross revenues

    $ 102,865       $ 70,022       $ —         $ 172,887   

Less: Inter-segment revenues

      3,268         298         —           3,566   
  

 

 

     

 

 

     

 

 

     

 

 

  

Consolidated revenues

      99,597         69,724         —           169,321   

Gross profit

      10,871         7,222         —           18,093   

Operating income

      3,910         2,700         —           6,610   

Segment assets

      146,288         106,049         46,936         299,273   

Capital expenditures

      1,786         691         511         2,988   

Depreciation and amortization expense

      1,671         1,155         —           2,826   

Three Months Ended September 30, 2010

            

Gross revenues

    $ 99,620       $ 54,431       $ —         $ 154,051   

Less: Inter-segment revenues

      2,106         107         —           2,213   
  

 

 

     

 

 

     

 

 

     

 

 

  

Consolidated revenues

      97,514         54,324         —           151,838   

Gross profit

      11,344         4,358         —           15,702   

Operating income

      4,779         334         —           5,113   

Segment assets

      147,082         97,252         48,246         292,580   

Capital expenditures

      872         238         1,149         2,259   

Depreciation and amortization expense

      1,549         1,249         —           2,798   

Segment revenue from external customers by market is as follows:

 

     Construction
Services		      Repair and
Maintenance
Services		      Total  
     (In thousands)  

Three Months Ended September 30, 2011

         

Aboveground Storage Tanks

    $ 58,654       $ 24,599       $ 83,253   

Downstream Petroleum

      19,622         31,888         51,510   

Electrical and Instrumentation

      15,038         13,237         28,275   

Specialty

      6,283         —           6,283   
  

 

 

     

 

 

     

 

 

  

Total

    $ 99,597       $ 69,724       $ 169,321   
  

 

 

     

 

 

     

 

 

  

Three Months Ended September 30, 2010

         

Aboveground Storage Tanks

    $ 40,780       $ 21,232       $ 62,012   

Downstream Petroleum

      20,927         22,406         43,333   

Electrical and Instrumentation

      29,922         10,686         40,608   

Specialty

      5,885         —           5,885   
  

 

 

     

 

 

     

 

 

  

Total

    $ 97,514       $ 54,324       $ 151,838