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Business and geographic segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Business and geographic segments

Note 2 – Business and geographic segments:

We are organized into two operating segments based on the nature of the products offered. Our chief operating decision maker (“CODM”) is our Vice Chairman of the Board. Our CODM is responsible for determining how to allocate resources and assessing performance. The CODM 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 CODM considers current-period segment operating income compared to plan and prior-period on a monthly and/or quarterly basis for evaluating performance of each segment and making decisions about allocating capital and other resources. 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. Our two reportable operating segments are 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.

The 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.

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, marketable securities 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,
​	​	2022			2023			2024
​	​	(In thousands)
Net sales:	​	​			​			​
Security Products	​	$	114,519	​	$	121,182	​	$	115,243
Marine Components	​		52,043	​		40,105	​		30,698
Total	​	$	166,562	​	$	161,287	​	$	145,941
​	​	​	​	​	​	​	​	​	​
Cost of sales:	​	​	​	​	​	​	​	​	​
Security Products	​	$	79,068	​	$	82,781	​	$	80,509
Marine Components	​	​	38,695	​	​	29,287	​	​	24,069
Total	​	$	117,763	​	$	112,068	​	$	104,578
​	​	​	​	​	​	​	​	​	​
Gross margin:	​	​	​	​	​	​	​	​	​
Security Products	​	$	35,451	​	$	38,401	​	$	34,734
Marine Components	​	​	13,348	​	​	10,818	​	​	6,629
Total	​	$	48,799	​	$	49,219	​	$	41,363
​	​	​	​	​	​	​	​	​	​
Segment selling, general and administrative expense:	​	​	​	​	​	​	​	​	​
Security Products	​	$	12,707	​	$	13,460	​	$	13,894
Marine Components	​	​	3,787	​	​	3,600	​	​	3,327
Total	​	$	16,494	​	$	17,060	​	$	17,221
​	​	​	​	​	​	​	​	​	​
Operating income:	​			​			​
Security Products	​	$	22,744	​	$	24,941	​	$	20,840
Marine Components	​		9,561	​		7,218	​		3,302
Segment operating income	​	​	32,305	​	​	32,159	​	​	24,142
Corporate operating expenses	​		(6,869)	​		(6,724)	​		(7,119)
Operating income	​		25,436	​		25,435	​		17,023
Interest income	​		1,877	​		4,168	​		4,714
Income before income taxes	​	$	27,313	​	$	29,603	​	$	21,737
​	​	​	​	​	​	​	​	​	​
Depreciation and amortization:	​			​			​
Security Products	​	$	2,801	​	$	2,748	​	$	2,489
Marine Components	​		1,167	​		1,217	​		1,202
Corporate	​		9	​		8	​		—
Total	​	$	3,977	​	$	3,973	​	$	3,691

​

​	​	​	​	​	​	​	​	​	​
Capital expenditures:		​	​		​	​		​	​
Security Products	​	$	2,015	​	$	970	​	$	603
Marine Components	​		1,680	​		160	​		829
Total	​	$	3,695	​	$	1,130	​	$	1,432

​

​	​	​	​	​	​	​	​	​	​
Net sales point of destination:		​	​		​	​		​	​
United States	​	$	153,982	​	$	155,092	​	$	141,328
Canada	​		9,227	​		3,153	​		1,860
Mexico	​		722	​		829	​		774
Other	​		2,631	​		2,213	​		1,979
Total	​	$	166,562	​	$	161,287	​	$	145,941

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​		2022			2023			2024
​	​	(In thousands)
Total assets:		​			​			​
Security Products	​	$	80,671	​	$	78,519	​	$	74,999
Marine Components	​		26,372	​		24,619	​		22,591
Corporate	​		70,344	​		84,466	​		65,454
Total	​	$	177,387	​	$	187,604	​	$	163,044

​

Net property and equipment for 2022, 2023 and 2024 is entirely located within the United States.

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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.

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