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Business and Geographic Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Business and Geographic Segments

Note 2 – Business and geographic segments:

Our operating segments are defined as components of our 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, 2022, we had two reportable 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 postal, transportation, 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 wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs and related hardware and accessories primarily for ski/wakeboard boats and performance boats.

The chief operating decision maker evaluates segment performance based on segment operating income, which is defined as income before income taxes, 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 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, cash equivalents and note receivable from affiliate. 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,
​	​	2020			2021			2022
​	​	(In thousands)
Net sales:	​	​			​			​
Security Products	​	$	87,863	​	$	105,124	​	$	114,519
Marine Components	​		26,674	​		35,691	​		52,043
Total net sales	​	$	114,537	​	$	140,815	​	$	166,562
​	​	​	​	​	​	​	​	​	​
Operating income:	​			​			​
Security Products	​	$	14,926	​	$	21,622	​	$	22,744
Marine Components	​		4,088	​		5,591	​		9,561
Corporate operating expenses	​		(7,197)	​		(6,687)	​		(6,869)
Total operating income	​		11,817	​		20,526	​		25,436
Interest income	​		1,680	​		1,197	​		1,877
Income before income taxes	​	$	13,497	​	$	21,723	​	$	27,313
​	​	​	​	​	​	​	​	​	​
Depreciation and amortization:	​			​			​
Security Products	​	$	3,069	​	$	2,890	​	$	2,801
Marine Components	​		757	​		940	​		1,167
Corporate	​		1	​		9	​		9
Total	​	$	3,827	​	$	3,839	​	$	3,977

​

​	​	​	​	​	​	​	​	​	​
Capital expenditures:		​	​		​	​		​	​
Security Products	​	$	1,252	​	$	1,044	​	$	2,015
Marine Components	​		458	​		3,050	​		1,680
Corporate	​		30	​		—	​		—
Total	​	$	1,740	​	$	4,094	​	$	3,695

​

​	​	​	​	​	​	​	​	​	​
Net sales point of destination:		​	​		​	​		​	​
United States	​	$	107,712	​	$	129,160	​	$	153,982
Canada	​		4,423	​		8,061	​		9,227
Mexico	​		431	​		589	​		722
Other	​		1,971	​		3,005	​		2,631
Total	​	$	114,537	​	$	140,815	​	$	166,562

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​		2020			2021			2022
​	​	(In thousands)
Total assets:		​			​			​
Security Products	​	$	70,755	​	$	78,193	​	$	80,671
Marine Components	​		15,515	​		18,167	​		26,372
Corporate	​		97,775	​		96,092	​		70,344
Total	​	$	184,045	​	$	192,452	​	$	177,387

​

Net property and equipment for 2020, 2021 and 2022 is entirely located within the United States.

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- References

No definition available.

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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