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Business segment information

9 Months Ended

Sep. 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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Nine months ended

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September 30,

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September 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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Security Products

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$

26,567

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$

30,266

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$

84,667

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$

91,179

Marine Components

​

7,100

​

9,684

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22,858

​

29,409

Total

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$

33,667

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$

39,950

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$

107,525

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$

120,588

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Cost of sales:

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Security Products

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$

18,486

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$

21,698

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$

58,862

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$

64,059

Marine Components

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5,713

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7,223

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18,363

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20,447

Total

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$

24,199

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$

28,921

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$

77,225

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$

84,506

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Gross margin:

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Security Products

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$

8,081

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$

8,568

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$

25,805

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$

27,120

Marine Components

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1,387

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2,461

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4,495

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8,962

Total

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$

9,468

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$

11,029

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$

30,300

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$

36,082

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Segment selling, general and administrative expense:

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Security Products

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$

3,528

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$

3,583

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$

10,360

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$

10,846

Marine Components

​

784

​

915

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2,471

​

2,781

Total

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$

4,312

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$

4,498

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$

12,831

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$

13,627

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Operating income:

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Security Products

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$

4,553

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$

4,985

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$

15,445

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$

16,274

Marine Components

​

603

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1,546

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2,024

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6,181

Segment operating income

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5,156

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6,531

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17,469

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22,455

Corporate operating expenses

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(1,807)

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(1,770)

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(5,324)

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(5,505)

Total operating income

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3,349

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4,761

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12,145

​

16,950

Interest income

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1,235

​

800

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3,754

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2,519

Income before income taxes

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$

4,584

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$

5,561

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$

15,899

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$

19,469

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Depreciation and amortization:

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​

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Security Products

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$

614

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$

601

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$

1,861

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$

1,867

Marine Components

​

303

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295

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902

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897

Total

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$

917

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$

896

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$

2,763

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$

2,764

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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.

+ References

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