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Business and Geographic Segments | 12 Months Ended
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Dec. 31, 2013
Business and Geographic Segments | Note 3 – Business and geographic segments: Our operating segments are defined as components of our continuing operations about which separate financial information is available that is regularly evaluated by our chief operating decision maker in determining how to allocate resources and in assessing performance. At December 31, 2013, we had two operating segments – Security Products and Marine Components. In December 2012, we sold our Furniture Components segment. See Note 2. The Security Products segment, with a facility in South Carolina and a facility shared with Marine Components in Illinois, manufactures locking mechanisms and other security products for sale to the transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare and other industries. Our Marine Components segment, with a facility in Wisconsin and a facility shared with Security Products in Illinois, manufactures and distributes stainless steel exhaust systems, gauges and throttle controls primarily for recreational boats. The chief operating decision maker evaluates segment performance based on segment operating income, which is defined as income before income taxes and interest expense, exclusive of certain general corporate income and expense items (primarily interest income) and certain non-recurring items (such as gains or losses on the disposition of business units and other long-lived assets outside the ordinary course of business). The accounting policies of the reportable operating segments are the same as those described in Note 1. Capital expenditures include additions to property and equipment, but exclude amounts attributable to business combinations. Segment assets are comprised of all assets attributable to the reportable segments. Corporate assets are not attributable to the operating segments and consist primarily of cash (including cash generated from the sale of disposed operations in December 2012), cash equivalents, notes receivable and assets held for sale. See Note 7. For geographic information, the point of origin (place of manufacture) for all net sales is the U.S., the point of destination for net sales is based on the location of the customer, and property and equipment are attributable to their physical location. Intersegment sales are not material.
|  | Years ended December 31, |
|  | 2011 |  |  | 2012 |  |  | 2013 |
|  | (In thousands) |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
Security Products |  | $ | 71,397 |  |  | $ | 73,715 |  |  | $ | 81,510 |
Marine Components |  |  | 8,418 |  |  |  | 9,481 |  |  |  | 10,535 |
Total |  | $ | 79,815 |  |  | $ | 83,196 |  |  | $ | 92,045 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Security Products |  | $ | 14,361 |  |  | $ | 14,143 |  |  | $ | 16,142 |
Marine Components |  |  | (1,223 | ) |  |  | (819 | ) |  |  | (148 | )
Corporate |  |  | (6,726 | )(a) |  |  | (7,906 | )(a) |  |  | (6,666 | )
Total operating income |  |  | 6,412 |  |  |  | 5,418 |  |  |  | 9,328 |
Other non-operating income, net |  |  | 358 |  |  |  | - |  |  |  | 40 |
Interest expense |  |  | (722 | ) |  |  | (479 | ) |  |  | (127 | )
Income from continuing operations before income taxes |  | $ | 6,048 |  |  | $ | 4,939 |  |  | $ | 9,241 |
(a) | Corporate operating expenses include write-downs and loss on the disposal of certain assets held for sale of $1.1 in 2011 and $1.2 million in 2012. See Note 7.
|  | Years ended December 31, |
|  | 2011 |  |  | 2012 |  |  | 2013 |
|  | (In thousands) |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Security Products |  | $ | 2,976 |  |  | $ | 2,618 |  |  | $ | 2,460 |
Furniture Components* |  |  | 2,853 |  |  |  | 2,404 |  |  |  | - |
Marine Components |  |  | 907 |  |  |  | 687 |  |  |  | 741 |
Corporate |  |  | 42 |  |  |  | 63 |  |  |  | 69 |
Total |  | $ | 6,778 |  |  | $ | 5,772 |  |  | $ | 3,270 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Security Products |  | $ | 1,714 |  |  | $ | 2,029 |  |  | $ | 3,171 |
Furniture Components* |  |  | 1,333 |  |  |  | 1,721 |  |  |  | - |
Marine Components |  |  | 112 |  |  |  | 713 |  |  |  | 310 |
Corporate |  |  | 36 |  |  |  | 14 |  |  |  | 20 |
Total |  | $ | 3,195 |  |  | $ | 4,477 |  |  | $ | 3,501 |
|  | Years ended December 31, |
|  | 2011 |  |  | 2012 |  |  | 2013 |
|  | (In thousands) |
Net sales point of destination: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 75,594 |  |  | $ | 78,268 |  |  | $ | 87,307 |
Canada |  |  | 1,982 |  |  |  | 2,194 |  |  |  | 2,195 |
Mexico |  |  | 1,060 |  |  |  | 1,249 |  |  |  | 1,129 |
Other |  |  | 1,179 |  |  |  | 1,485 |  |  |  | 1,414 |
Total |  | $ | 79,815 |  |  | $ | 83,196 |  |  | $ | 92,045 |
Total assets: |  |  |  |  |  |  |  |  |  |  |  |
Security Products |  | $ | 69,185 |  |  | $ | 69,143 |  |  | $ | 69,918 |
Furniture Components* |  |  | 50,174 |  |  |  | - |  |  |  | - |
Marine Components |  |  | 10,531 |  |  |  | 9,689 |  |  |  | 9,782 |
Corporate and eliminations |  |  | 11,636 |  |  |  | 71,351 |  |  |  | 41,978 |
Total |  | $ | 141,526 |  |  | $ | 150,183 |  |  | $ | 121,678 |
Net property and equipment: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 33,704 |  |  | $ | 33,727 |  |  | $ | 33,752 |
Canada* |  |  | 9,681 |  |  |  | - |  |  |  | - |
Taiwan* |  |  | 7,742 |  |  |  | - |  |  |  | - |
Total |  | $ | 51,127 |  |  | $ | 33,727 |  |  | $ | 33,752 |
* | Denotes disposed operations. See Note 2.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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