XML 42 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information
 3 Months Ended
Sep. 30, 2012
Segment Information

Note 8—Segment Information

The Company completed an update of its long-term business strategy in fiscal 2012. This strategic update along with certain changes in our organizational structure led to a reassessment of our operating segments. As a result of these events, we have revised our reportable segments to better align with the current management of the business. Accordingly, our segments are: Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions, and Industrial.

The Electrical Infrastructure segment primarily encompasses high voltage services to investor owned utilities, including construction of new substations, upgrades of existing substations, short-run transmission line installations, distribution upgrades and maintenance, and storm restoration services. We also provide construction and maintenance services to a variety of power generation facilities, such as combined cycle plants, nuclear facilities, coal fired power stations, and renewable energy installations.

The Oil Gas & Chemical segment includes our traditional turnaround activities, plant maintenance services and construction in the downstream petroleum industry. Another key offering is industrial cleaning services, which include hydroblasting, hydroexcavating, chemical cleaning and vacuum services. We also perform work in the renewable energy, industrial and natural gas, gas processing and compression, and upstream petroleum markets.

The Storage Solutions segment includes new construction of, as well as planned and emergency maintenance services for, crude and refined products aboveground storage tanks. Also included in the Storage Solutions segment is work related to specialty storage tanks including liquefied natural gas (“LNG”), liquid nitrogen/liquid oxygen (“LIN/LOX”), liquid petroleum (“LPG”) tanks and other specialty vessels including spheres. Finally, the Storage Solutions segment includes balance of plant work in storage terminals and tank farms.

The Industrial segment includes work in the mining and minerals industry, bulk material handling, thermal vacuum chambers, as well as work for clients in other industrial and manufacturing markets.

Other consists of corporate asset balances.

The chief operating decision maker evaluates performance and allocates resources based primarily on operating income. The results of each operating segment include an allocation of corporate costs. 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 and eliminated in consolidation; 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)

 

     Three Months Ended  
     September 30,
2012		     September 30,
2011		  

Gross revenues

     

Electrical Infrastructure

    $ 33,270      $ 22,012   

Oil Gas & Chemical

      67,097        45,999   

Storage Solutions

      105,418        95,922   

Industrial

      4,975        6,575   
  

 

 

    

 

 

  

Total gross revenues

    $ 210,760      $ 170,508   
  

 

 

    

 

 

  

Less: Inter-segment revenues

     

Electrical Infrastructure

    $ —        $ —     

Oil Gas & Chemical

      —          175   

Storage Solutions

      1,152        1,012   

Industrial

      —          —     
  

 

 

    

 

 

  

Total inter-segment revenues

    $ 1,152      $ 1,187   
  

 

 

    

 

 

  

Consolidated revenues

     

Electrical Infrastructure

    $ 33,270      $ 22,012   

Oil Gas & Chemical

      67,097        45,824   

Storage Solutions

      104,266        94,910   

Industrial

      4,975        6,575   
  

 

 

    

 

 

  

Total consolidated revenues

    $ 209,608      $ 169,321   
  

 

 

    

 

 

  

Gross profit (loss)

     

Electrical Infrastructure

    $ 4,706      $ 2,785   

Oil Gas & Chemical

      7,867        4,347   

Storage Solutions

      9,969        10,387   

Industrial

      (298 )      574   
  

 

 

    

 

 

  

Total gross profit

    $ 22,244      $ 18,093   
  

 

 

    

 

 

  

Operating income (loss)

     

Electrical Infrastructure

    $ 2,319      $ 729   

Oil Gas & Chemical

      3,775        1,412   

Storage Solutions

      3,449        4,226   

Industrial

      (1,619 )      243   
  

 

 

    

 

 

  

Total operating income

    $ 7,924      $ 6,610   
  

 

 

    

 

 

  

Segment assets

     

Electrical Infrastructure

    $ 56,826      $ 40,550   

Oil Gas & Chemical

      71,848        54,036   

Storage Solutions

      186,600        139,820   

Industrial

      14,179        17,949   

Other

      33,397        46,918   
  

 

 

    

 

 

  

Total segment assets

    $ 362,850      $ 299,273