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Business segment information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Business segment information

Note 2 – Business segment information:

Our chief operating decision maker (“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).

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Three months ended

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Six months ended

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June 30,

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June 30,

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2024

2025

2024

2025

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(In thousands)

Net sales:

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​

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​

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Security Products

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$

28,213

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$

30,683

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$

58,100

​

$

60,913

Marine Components

​

7,674

​

9,683

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15,758

​

19,725

Total

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$

35,887

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$

40,366

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$

73,858

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$

80,638

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Cost of sales:

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Security Products

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$

19,261

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$

21,129

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$

40,376

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$

42,361

Marine Components

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5,461

​

6,347

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12,650

​

13,224

Total

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$

24,722

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$

27,476

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$

53,026

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$

55,585

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Gross Margin:

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Security Products

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$

8,952

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$

9,554

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$

17,724

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$

18,552

Marine Components

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2,213

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3,336

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3,108

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6,501

Total

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$

11,165

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$

12,890

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$

20,832

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$

25,053

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Segment selling, general and administrative expense:

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Security Products

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$

3,510

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$

3,786

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$

6,832

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$

7,263

Marine Components

​

826

​

942

​

1,687

​

1,866

Total

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$

4,336

​

$

4,728

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$

8,519

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$

9,129

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Operating income:

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​

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Security Products

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$

5,442

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$

5,768

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$

10,892

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$

11,289

Marine Components

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1,387

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2,394

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1,421

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4,635

Segment operating income

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6,829

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8,162

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12,313

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15,924

Corporate operating expenses

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(1,748)

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(1,842)

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(3,517)

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(3,735)

Total operating income

​

5,081

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6,320

​

8,796

​

12,189

Interest income

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1,295

​

846

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2,519

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1,719

Income before income taxes

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$

6,376

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$

7,166

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$

11,315

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$

13,908

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Depreciation and amortization:

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​

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Security Products

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$

621

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$

622

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$

1,246

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$

1,266

Marine Components

​

299

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301

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600

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602

Total

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$

920

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$

923

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$

1,846

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$

1,868

​

Intersegment sales are not material. Our CODM is not regularly provided financial information related to the assets of the reportable segments, including capital expenditures, and he does not evaluate the reportable segments’ performance or allocate resources to them based on assets. Therefore, total assets by reportable segment are not included in our segment disclosure.

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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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