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Note F - Business Segments | 3 Months Ended
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Sep. 26, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
F. | Business Segments
The Company and its subsidiaries are engaged in the manufacture and sale of marine and heavy duty off-highway power transmission equipment. Principal products include marine transmissions, azimuth drives, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, energy and natural resources, government, and industrial markets. The Company has two reportable segments: manufacturing and distribution. Its segment structure reflects the way chief operating decision-maker (“CODM”) makes operating decisions and manages the growth and profitability of the business. It also corresponds with the CODM’s approach of allocating resources and assessing the financial performance of its segments. The Company’s CODM is the Chief Executive Officer, who reviews financial information presented on a consolidated basis. The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers among segments are at established inter-company selling prices. The CODM evaluates the performance of its segments based on net sales, gross profit, operating income (loss), and net income (loss). The following table presents the selected financial information with respect to the Company’s reportable segments as of September 26, 2025:
|  | Manufacturing |  |  | Distribution |  |  | Corporate |  |  | Elimination and adjustments |  |  | Consolidated |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 74,054 |  |  | $ | 21,778 |  |  | $ | - |  |  | $ | (15,836 | ) |  | $ | 79,996 |
Intra-segment sales |  |  | (2,047 | ) |  |  | (3,162 | ) |  |  | - |  |  |  | 5,209 |  |  |  | - |
Inter-segment sales |  |  | (9,874 | ) |  |  | (753 | ) |  |  | - |  |  |  | 10,627 |  |  |  | - |
Total consolidated net sales |  |  | 62,133 |  |  |  | 17,863 |  |  |  | - |  |  |  | - |  |  |  | 79,996 |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold |  |  | 55,770 |  |  |  | 17,338 |  |  |  | - |  |  |  | 15,626 |  |  |  | 57,062 |
Intra-segment cost of goods sold |  |  | (2,047 | ) |  |  | (3,162 | ) |  |  | - |  |  |  | (5,209 | ) |  |  | - |
Inter-segment cost of goods sold |  |  | (9,874 | ) |  |  | (753 | ) |  |  | - |  |  |  | (10,627 | ) |  |  | - |
Total consoldiated cost of goods sold |  |  | 43,849 |  |  |  | 13,423 |  |  |  | - |  |  |  | (210 | ) |  |  | 57,062 |
Gross profit |  |  | 18,284 |  |  |  | 4,440 |  |  |  | - |  |  |  | 210 |  |  |  | 22,934 |
Marketing, engineering and administrative expenses |  |  | 10,495 |  |  |  | 3,736 |  |  |  | 6,468 |  |  |  | - |  |  |  | 20,699 |
Operating income (loss) |  |  | 7,789 |  |  |  | 704 |  |  |  | (6,468 | ) |  |  | 210 |  |  |  | 2,235 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 398 |  |  |  | 129 |  |  |  | 482 |  |  |  | (990 | ) |  |  | 19 |
Interest expense |  |  | (1,756 | ) |  |  | (2 | ) |  |  | (32 | ) |  |  | 990 |  |  |  | (800 | )
Other income (expense) |  |  | (3,320 | ) |  |  | (1,528 | ) |  |  | 3,991 |  |  |  | (26 | ) |  |  | (883 | )
Total consolidated other income (expense) |  |  | (4,678 | ) |  |  | (1,401 | ) |  |  | 4,441 |  |  |  | (26 | ) |  |  | (1,664 | )
Pretax earnings (loss) |  |  | 3,111 |  |  |  | (697 | ) |  |  | (2,027 | ) |  |  | 184 |  |  |  | 571 |
Income tax benefit (expense) |  |  | (761 | ) |  |  | (225 | ) |  |  | 17 |  |  |  | (14 | ) |  |  | (983 | )
Net income (loss) |  |  | 2,350 |  |  |  | (922 | ) |  |  | (2,010 | ) |  |  | 170 |  |  |  | (412 | )
Minority interest |  |  | - |  |  |  | 106 |  |  |  | - |  |  |  | - |  |  |  | 106 |
Net income (loss) attributable to Twin Disc, Incorporated |  | $ | 2,350 |  |  | $ | (1,028 | ) |  | $ | (2,010 | ) |  | $ | 170 |  |  | $ | (518 | )
Total consolidated assets |  | $ | 533,508 |  |  | $ | 66,003 |  |  | $ | (225,825 | ) |  | $ | (10,150 | ) |  | $ | 363,536 |
Depreciation and amortization |  | $ | 3,066 |  |  | $ | 95 |  |  | $ | 303 |  |  | $ | - |  |  | $ | 3,464 |
Expenditures for segment assets |  |  | 2,288 |  |  |  | 370 |  |  |  | 772 |  |  |  | - |  |  |  | 3,430 |
The following table presents the selected financial information with respect to the Company’s reportable segments as of September 27, 2024:
|  | Manufacturing |  |  | Distribution |  |  | Corporate |  |  | Elimination and adjustments |  |  | Consolidated |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 63,318 |  |  | $ | 29,583 |  |  | $ | - |  |  | $ | (20,004 | ) |  | $ | 72,897 |
Intra-segment sales |  |  | (858 | ) |  |  | (5,117 | ) |  |  | - |  |  |  | 5,975 |  |  |  | - |
Inter-segment sales |  |  | (12,695 | ) |  |  | (1,334 | ) |  |  | - |  |  |  | 14,029 |  |  |  | - |
Total consolidated net sales |  |  | 49,765 |  |  |  | 23,132 |  |  |  | - |  |  |  | - |  |  |  | 72,897 |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold |  |  | 50,038 |  |  |  | 22,902 |  |  |  | - |  |  | $ | 19,365 |  |  |  | 53,575 |
Intra-segment cost of goods sold |  |  | (858 | ) |  |  | (5,117 | ) |  |  | - |  |  |  | (5,975 | ) |  |  | - |
Inter-segment cost of goods sold |  |  | (12,695 | ) |  |  | (1,334 | ) |  |  | - |  |  |  | (14,029 | ) |  |  | - |
Total consoldiated cost of goods sold |  |  | 36,485 |  |  |  | 16,451 |  |  |  | - |  |  |  | (639 | ) |  |  | 53,575 |
Gross profit |  |  | 13,280 |  |  |  | 6,681 |  |  |  | - |  |  |  | 639 |  |  |  | 19,322 |
Marketing, engineering and administrative expenses |  |  | 9,424 |  |  |  | 3,828 |  |  |  | 6,235 |  |  |  | - |  |  |  | 19,487 |
Operating income (loss) |  |  | 3,856 |  |  |  | 2,853 |  |  |  | (6,235 | ) |  |  | 639 |  |  |  | (165 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 205 |  |  |  | 133 |  |  |  | - |  |  |  | (299 | ) |  |  | 39 |
Interest expense |  |  | (899 | ) |  |  | (2 | ) |  |  | (34 | ) |  |  | 299 |  |  |  | (636 | )
Other income (expense) |  |  | (889 | ) |  |  | (1,372 | ) |  |  | 902 |  |  |  | (24 | ) |  |  | (1,383 | )
Total consolidated other income (expense) |  |  | (1,583 | ) |  |  | (1,241 | ) |  |  | 868 |  |  |  | (24 | ) |  |  | (1,980 | )
Pretax earnings (loss) |  |  | 2,273 |  |  |  | 1,612 |  |  |  | (5,367 | ) |  |  | 615 |  |  |  | (2,145 | )
Income tax benefit (expense) |  |  | (404 | ) |  |  | (668 | ) |  |  | 227 |  |  |  | 218 |  |  |  | (627 | )
Net income (loss) |  |  | 1,869 |  |  |  | 944 |  |  |  | (5,140 | ) |  |  | 833 |  |  |  | (2,772 | )
Minority interest |  |  | - |  |  |  | (7 | ) |  |  | - |  |  |  | - |  |  |  | (7 | )
Net income (loss) attributable to Twin Disc, Incorporated |  | $ | 1,869 |  |  | $ | 951 |  |  | $ | (5,140 | ) |  | $ | 833 |  |  | $ | (2,765 | )
Total consolidated assets |  | $ | 474,502 |  |  | $ | 63,108 |  |  | $ | (203,841 | ) |  | $ | (10,222 | ) |  | $ | 323,547 |
Depreciation and amortization |  | $ | 2,872 |  |  | $ | 92 |  |  | $ | 274 |  |  | $ | - |  |  | $ | 3,238 |
Expenditures for segment assets |  |  | 1,713 |  |  |  | 357 |  |  |  | 292 |  |  |  | - |  |  |  | 2,362 |
Disaggregated revenue: The following table presents details deemed most relevant to the users of the financial statements for the quarters ended September 26, 2025 and September 27, 2024. Net sales by product group for the quarter ended September 26, 2025 is summarized as follows:
|  |  |  |  |  |  |  |  |  | Elimination of |  |  |  |  |
|  | Manufacturing |  |  | Distribution |  |  | Intercompany Sales |  |  | Total |
Industrial |  | $ | 10,304 |  |  | $ | 997 |  |  | $ | (923 | ) |  | $ | 10,378 |
Land-based transmissions |  |  | 17,880 |  |  |  | 2,951 |  |  |  | (3,273 | ) |  |  | 17,558 |
Marine and propulsion systems |  |  | 45,870 |  |  |  | 13,483 |  |  |  | (11,127 | ) |  |  | 48,226 |
Other |  |  | - |  |  |  | 4,347 |  |  |  | (513 | ) |  |  | 3,834 |
Total |  | $ | 74,054 |  |  | $ | 21,778 |  |  | $ | (15,836 | ) |  | $ | 79,996 |
Net sales by product group for the quarter ended September 27, 2024 is summarized as follows:
|  |  |  |  |  |  |  |  |  | Elimination of |  |  |  |  |
|  | Manufacturing |  |  | Distribution |  |  | Intercompany Sales |  |  | Total |
Industrial |  | $ | 8,797 |  |  | $ | 1,053 |  |  | $ | (681 | ) |  | $ | 9,169 |
Land-based transmissions |  |  | 18,153 |  |  |  | 3,563 |  |  |  | (4,432 | ) |  |  | 17,284 |
Marine and propulsion systems |  |  | 36,347 |  |  |  | 20,331 |  |  |  | (14,578 | ) |  |  | 42,100 |
Other |  |  | 21 |  |  |  | 4,636 |  |  |  | (313 | ) |  |  | 4,344 |
Total |  | $ | 63,318 |  |  | $ | 29,583 |  |  | $ | (20,004 | ) |  | $ | 72,897 |
Industrial products include clutches, power take-offs and pump drives sold to the agriculture, recycling, construction and oil and gas markets. The land-based transmission products include applications for oil field and natural gas, military and airport rescue and firefighting. The marine and propulsion systems include marine transmission, azimuth drives, controls, surface drives, and propellers for the global commercial marine, pleasure craft and patrol boat markets. Other include non-Twin Disc manufactured product sold through Company-owned distribution entities.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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