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Note 17 - Segment Information | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
(17) | SEGMENT INFORMATION
We have three operating segments which are also our reportable segments and reporting units: Electronic Test (which includes our semiconductor test equipment, flying probe and in-circuit testers), Environmental Technologies (which includes our thermal test, process and storage products) and Process Technologies (which includes our induction heating and video imaging products). We operate our business worldwide and sell our products both domestically and internationally. All of our segments sell to semiconductor manufacturers, third-party test and assembly houses and ATE manufacturers and to a variety of markets outside of the semi market, including the industrial, automotive, life sciences, defense/aerospace, security and other markets. Our management team, including our CEO who is also our CODM as defined under U.S. GAAP, evaluates the performance of our operating segments primarily on income from divisional operations which represents divisional revenue, less associated costs of revenue and other divisional costs, and excludes interest expense, other income (expense), corporate expenses and acquired intangible amortization. Other divisional costs represent engineering and product development costs, selling expenses, general and administrative expenses directly attributable to the division.
|  | Year Ended December 31, 2024 |
(in thousands) |  | Electronic Test |  |  | Environmental Technologies |  |  | Process Technologies |  |  | Corporate & Other |  |  | Consolidated |
Revenue |  | $ | 63,878 |  |  | $ | 28,898 |  |  | $ | 37,914 |  |  | $ | - |  |  | $ | 130,690 |
Cost of revenue |  |  | 35,843 |  |  |  | 17,780 |  |  |  | 21,643 |  |  |  | - |  |  |  | 75,266 |
Other divisional costs |  |  | 19,303 |  |  |  | 9,002 |  |  |  | 11,299 |  |  |  | - |  |  |  | 39,604 |
Division operating income |  |  | 8,732 |  |  |  | 2,116 |  |  |  | 4,972 |  |  |  | - |  |  |  | 15,820 |
Acquired intangible amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,545 |  |  |  | 2,545 |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,881 |  |  |  | 9,881 |
Operating income |  |  | 8,732 |  |  |  | 2,116 |  |  |  | 4,972 |  |  |  | (12,426 | ) |  |  | 3,394 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (846 | ) |  |  | (846 | )
Other income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 906 |  |  |  | 906 |
Earnings before income tax expense |  | $ | 8,732 |  |  | $ | 2,116 |  |  | $ | 4,972 |  |  | $ | (12,366 | ) |  | $ | 3,454 |
Supplemental Divisional Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | $ | 596 |  |  | $ | 301 |  |  | $ | 387 |  |  | $ | 115 |  |  | $ | 1,399 |
Stock-based compensation |  |  | 217 |  |  |  | 182 |  |  |  | 140 |  |  |  | 1,318 |  |  |  | 1,857 |
Capital expenditures |  |  | 347 |  |  |  | 561 |  |  |  | 176 |  |  |  | 240 |  |  |  | 1,324 |
Total assets |  |  | 75,671 |  |  |  | 21,163 |  |  |  | 50,921 |  |  |  | 4,533 |  |  |  | 152,288 |
|  | Year Ended December 31, 2023 |
(in thousands) |  | Electronic Test |  |  | Environmental Technologies |  |  | Process Technologies |  |  | Corporate & Other |  |  | Consolidated |
Revenue |  | $ | 41,016 |  |  | $ | 30,801 |  |  | $ | 51,485 |  |  | $ | - |  |  | $ | 123,302 |
Cost of revenue |  |  | 18,076 |  |  |  | 18,631 |  |  |  | 29,617 |  |  |  | - |  |  |  | 66,324 |
Other divisional costs |  |  | 12,751 |  |  |  | 9,097 |  |  |  | 12,324 |  |  |  | - |  |  |  | 34,172 |
Division operating income |  |  | 10,189 |  |  |  | 3,073 |  |  |  | 9,544 |  |  |  | - |  |  |  | 22,806 |
Acquired intangible amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,094 |  |  |  | 2,094 |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,273 |  |  |  | 10,273 |
Operating income |  |  | 10,189 |  |  |  | 3,073 |  |  |  | 9,544 |  |  |  | (12,367 | ) |  |  | 10,439 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (679 | ) |  |  | (679 | )
Other income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,288 |  |  |  | 1,288 |
Earnings before income tax expense |  | $ | 10,189 |  |  | $ | 3,073 |  |  | $ | 9,544 |  |  | $ | (11,758 | ) |  | $ | 11,048 |
Supplemental Divisional Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | $ | 283 |  |  | $ | 251 |  |  | $ | 399 |  |  | $ | 89 |  |  | $ | 1,022 |
Stock-based compensation |  |  | 150 |  |  |  | 85 |  |  |  | 209 |  |  |  | 1,603 |  |  |  | 2,047 |
Capital expenditures |  |  | 599 |  |  |  | 495 |  |  |  | 170 |  |  |  | 27 |  |  |  | 1,291 |
Total assets |  |  | 32,505 |  |  |  | 16,772 |  |  |  | 56,842 |  |  |  | 28,710 |  |  |  | 134,829 |
The following table provides information about our geographic areas of operation. Revenue is based on the location to which the goods are shipped.
|  | Years Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Revenue: |  |  |  |  |  |  |  |
U.S. |  | $ | 53,712 |  |  | $ | 45,222 |
Foreign |  |  | 76,978 |  |  |  | 78,080 |
|  | $ | 130,690 |  |  | $ | 123,302 |
|  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Property and equipment: |  |  |  |  |  |  |  |
U.S. |  | $ | 2,280 |  |  | $ | 2,502 |
Foreign |  |  | 2,177 |  |  |  | 688 |
|  | $ | 4,457 |  |  | $ | 3,190 |

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