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Operating Segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Operating Segments

11. Operating Segments

 

In accordance with ASC 280, “Segment Reporting”, the Company defines an operating segment as a business activity: (1) from which we may earn revenue and incur expenses; (2) whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance; and (3) for which discrete financial information is available.

 

Our reporting segments are defined below:

 

TREATMENT SEGMENT, which includes:

 

-nuclear, low-level radioactive, mixed waste (containing both hazardous and low-level radioactive constituents), hazardous and non-hazardous waste treatment, processing and disposal services primarily through four uniquely licensed and permitted treatment and storage facilities; and
-Research and Development (“R&D”) activities to identify, develop and implement innovative waste processing techniques for problematic waste streams.

 

 

SERVICES SEGMENT, which includes:

 

-Technical services, which include:

 

○professional radiological measurement and site survey of large government and commercial installations using advanced methods, technology and engineering;
   
○integrated Occupational Safety and Health services including industrial hygiene (“IH”) assessments; hazardous materials surveys, e.g., exposure monitoring; lead and asbestos management/abatement oversight; indoor air quality evaluations; health risk and exposure assessments; health & safety plan/program development, compliance auditing and training services; and Occupational Safety and Health Administration (“OSHA”) citation assistance;
   
○global technical services providing consulting, engineering, project management, waste management, environmental, and decontamination and decommissioning field, technical, and management personnel and services to commercial and government customers; and
   
○on-site waste management services to commercial and governmental customers.

 

-Nuclear services, which include:

 

○technology-based services including engineering, decontamination and decommissioning (“D&D”), specialty services and construction, logistics, transportation, processing and disposal;
   
○remediation of nuclear licensed and federal facilities and the remediation cleanup of nuclear legacy sites. Such services capability includes: project investigation; radiological engineering; partial and total plant D&D; facility decontamination, dismantling, demolition, and planning; site restoration; logistics; transportation; and emergency response; and

 

-A company owned equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources (i.e., rental) health physics, IH and customized nuclear, environmental, and occupational safety and health (“NEOSH”) instrumentation.

 

Our reporting segments exclude our corporate headquarters and our discontinued operations (see “Note 10 – Discontinued Operations”) which do not generate revenues.

 

 

The table below presents certain financial information of our operating segments for the three and six months ended June 30, 2023 and 2022 (in thousands):

 

Segment Reporting for the Quarter Ended June 30, 2023

 

                   (1)      
   Treatment   Services   Segments Total   Corporate (1)   Consolidated Total 
Revenue from external customers  $12,834   $12,198   $25,032   $—   $25,032 
Intercompany revenues   26    17    43    —    — 
Gross profit   2,491    2,025    4,516    —    4,516 
Research and development   91    7    98    23    121 
Interest income   —    —    —    172    172 
Interest expense   (23)   —    (23)   (24)   (47)
Interest expense-financing fees   —    —    —    (24)   (24)
Depreciation and amortization   589    89    678    14    692 
Segment income (loss) before income taxes   1,356    1,189    2,545    (1,594)   951 
Income tax expense   83    349    432    —    432 
Segment income (loss)   1,273    840    2,113    (1,594)   519 
Expenditures for segment assets   293    5    298    —    298(2)

 

Segment Reporting for the Six Months Ended June 30, 2023

 

                   (1)      
   Treatment   Services   Segments Total   Corporate (1)   Consolidated Total 
Revenue from external customers  $22,428   $22,711   $45,139   $—   $45,139 
Intercompany revenues   230    36    266    —    — 
Gross profit   3,743    3,782    7,525    —    7,525 
Research and development   158    10    168    52    220 
Interest income   —    —    —    298    298 
Interest expense   (45)   (1)   (46)   (54)   (100)
Interest expense-financing fees   —    —    —    (44)   (44)
Depreciation and amortization   1,162    249    1,411    28    1,439 
Segment income (loss) before income taxes   1,514    2,132    3,646    (3,216)   430 
Income tax (benefit) expense   (91)   319    228    —    228 
Segment income (loss)   1,605    1,813    3,418    (3,216)   202 
Expenditures for segment assets   1,043    4    1,047    —    1,047(2)

 

Segment Reporting for the Quarter Ended June 30, 2022

 

                   (1)      
   Treatment   Services   Segments Total   Corporate (1)   Consolidated Total 
Revenue from external customers  $8,393   $11,062   $19,455   $—   $19,455 
Intercompany revenues   —    17    17    —    — 
Gross profit   1,563    1,321    2,884    —    2,884 
Research and development   59    8    67    13    80 
Interest income   —    —    —    29    29 
Interest expense   (19)   3    (16)   (25)   (41)
Interest expense-financing fees   —    —    —    (15)   (15)
Depreciation and amortization   381    86    467    13    480 
Segment income (loss) before income taxes   364    515    879    (1,789)   (910)
Income tax expense   304    43    347    —    347 
Segment income (loss)   60    472    532    (1,789)   (1,257)
Expenditures for segment assets   373    39    412    —    412(3)

 

Segment Reporting for the Six Months Ended June 30, 2022

 

                   (1)      
   Treatment   Services   Segments Total   Corporate (1)   Consolidated Total 
Revenue from external customers  $15,872   $19,498   $35,370   $—   $35,370 
Intercompany revenues   —    27    27    —    — 
Gross profit   2,201    2,319    4,520    —    4,520 
Research and development   124    23    147    29    176 
Interest income   —    —    —    40    40 
Interest expense   (33)   2    (31)   (45)   (76)
Interest expense-financing fees   —    —    —    (28)   (28)
Depreciation and amortization   752    157    909    27    936 
Segment (loss) income before income taxes   (117)   799    682    (3,514)   (2,832)
Income tax benefit   (254)   (72)   (326)   —    (326)
Segment income (loss)   137    871    1,008    (3,514)   (2,506)
Expenditures for segment assets   670    88    758    —    758(3)

 

(1)Amounts reflect the activity for corporate headquarters not included in the segment information.

 

(2)Net of financed amount of $107,000 and $157,000 for the three and six months ended June 30, 2023, respectively.

 

(3)Net of financed amount of $0 and $114,000 for the three and six months ended June 30, 2022, respectively.