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Business and Geographic Segments
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Business and Geographic Segments

Note 2 – 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, 2015, we had two operating segments – Security Products and Marine Components.

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 and cash equivalents.  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,

 

 

  

2013

 

 

2014

 

 

2015

 

 

  

(In thousands)

 

Net sales:

  

 

 

 

 

 

 

 

 

 

 

 

Security Products

  

$

81,510

 

 

$

91,470

 

 

$

95,614

 

Marine Components

  

 

10,535

 

 

 

12,376

 

 

 

13,380

 

 

Total

  

$

92,045

 

 

$

103,846

 

 

$

108,994

 

 

Operating income (loss):

  

 

 

 

 

 

 

 

 

 

 

 

Security Products

  

$

16,142

 

 

$

18,740

 

 

$

18,585

 

Marine Components

  

 

(148

)

 

 

705

 

 

 

1,433

 

Corporate

  

 

(6,666

)

 

 

(5,838

)

 

 

(6,047

)

 

Total operating income

  

 

9,328

 

 

 

13,607

 

 

 

13,971

 

 

Other non-operating income, net

  

 

40

 

 

 

66

 

 

 

50

 

Interest expense

  

 

(127

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

  

$

9,241

 

 

$

13,673

 

 

$

14,021

 

 

 

 

  

Years ended December 31,

 

 

  

2013

 

  

2014

 

 

2015

 

 

  

(In thousands)

 

Depreciation and amortization:

  

 

 

 

  

 

 

 

 

 

 

 

Security Products

  

$

2,460

 

 

$

2,771

 

 

$

2,831

 

Marine Components

  

 

741

 

 

 

732

 

 

 

695

 

Corporate

  

 

69

 

 

 

30

 

 

 

10

 

 

Total

  

$

3,270

 

 

$

3,533

 

 

$

3,536

 

 

Capital expenditures:

  

 

 

 

 

 

 

 

 

 

 

 

Security Products

  

$

3,171

 

 

$

2,571

 

 

$

3,805

 

Marine Components

  

 

310

 

 

 

250

 

 

 

408

 

Corporate

  

 

20

 

 

 

4

 

 

 

5

 

 

Total

  

$

3,501

 

 

$

2,825

 

 

$

4,218

 

 

 

  

 

 

Net sales point of destination:

  

 

 

 

  

 

 

 

 

 

 

 

United States

  

$

87,307

 

 

$

98,994

 

 

$

103,737

 

Canada

  

 

2,195

 

 

 

1,927

 

 

 

2,352

 

Mexico

  

 

1,129

 

 

 

1,124

 

 

 

1,334

 

Other

  

 

1,414

 

 

 

1,801

 

 

 

1,571

 

 

Total

  

$

92,045

 

 

$

103,846

 

 

$

108,994

 

 

 

  

Years ended December 31,

 

 

  

2013

 

  

2014

 

 

2015

 

 

  

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets:

  

 

 

 

 

 

 

 

 

 

 

 

Security Products

  

$

68,110

 

 

$

70,244

 

 

$

72,561

 

Marine Components

  

 

9,782

 

 

 

9,951

 

 

 

12,761

 

Corporate and eliminations

  

 

41,293

 

 

 

48,896

 

 

 

49,470

 

 

Total

  

$

119,185

 

 

$

129,091

 

 

$

134,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net property and equipment for 2013, 2014 and 2015 is entirely located in the United States.