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Note 9 - Segment Information | 9 Months Ended
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Jul. 31, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 9 – Segment information We aggregate operating divisions into two reporting segments that have similar economic characteristics primarily in the following areas: (1) the nature of the product and services; (2) the nature of the production process; (3) the type or class of customer for their products and services; (4) the methods used to distribute their products or services; and (5) if applicable, the nature of the regulatory environment. Based upon this evaluation, as of July 31, 2023, we had two reportable segments – RF Connector and Cable Assembly (“RF Connector”) segment and Custom Cabling Manufacturing and Assembly (“Custom Cabling”) segment. The RF Connector segment consists of two divisions and the Custom Cabling segment consists of four divisions. The six divisions that met the quantitative thresholds for segment reporting are the RF Connector and Cable Assembly division (“RF Connector division”), Cables Unlimited, Rel-Tech, C Enterprises, Schrofftech, and Microlab. While each segment has similar products and services, there was little overlapping of these services to their customer base. The biggest difference in segments is in the channels of sales: sales of product and services for the RF Connector segment were primarily through the distribution channel, while the Custom Cabling segment sales were through a combination of distribution and direct to the end user. Management identifies segments based on strategic business units that are, in turn, based along market lines. These strategic business units offer products and services to different markets in accordance with their customer base and product usage. For segment reporting purposes, the RF Connector and Microlab divisions constitutes the RF Connector segment, and the Cables Unlimited, Rel-Tech, C Enterprises, and Schrofftech divisions constitute the Custom Cabling segment. We evaluate the performance of each segment based on income or loss before income taxes. We charge depreciation and amortization directly to each division within the segment. Accounts receivable, inventory, property and equipment, right of use assets, goodwill and intangible assets are the only assets identified by segment. Except as discussed above, the accounting policies for segment reporting are the same for the Company as a whole. All of our operations are conducted in the United States; however, we derive a portion of our revenue from export sales. We attribute sales to geographic areas based on the location of the customers. The following table presents the sales by geographic area for the three and nine months ended July 31, 2023 and 2022 (in thousands):
|  | Three Months Ended July 31, |  |  | Nine Months Ended July 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 13,955 |  |  | $ | 19,925 |  |  | $ | 50,967 |  |  | $ | 56,292 |
Foreign Countries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 703 |  |  |  | 2,218 |  |  |  | 1,875 |  |  |  | 3,179 |
Italy |  |  | 300 |  |  |  | 1,214 |  |  |  | 1,692 |  |  |  | 1,387 |
Mexico |  |  | - |  |  |  | 29 |  |  |  | 3 |  |  |  | 106 |
All Other |  |  | 694 |  |  |  | 456 |  |  |  | 1,757 |  |  |  | 1,301 |
|  |  | 1,697 |  |  |  | 3,917 |  |  |  | 5,327 |  |  |  | 5,973 |
Totals |  | $ | 15,652 |  |  | $ | 23,842 |  |  | $ | 56,294 |  |  | $ | 62,265 |
Net sales, (loss) income before (benefit) provision for income taxes and other related segment information for the three months ended July 31, 2023 and 2022 are as follows (in thousands):
|  | RF Connector |  |  | Custom Cabling |  |  |  |  |  |  |  |  |
|  | and |  |  | Manufacturing and |  |  |  |  |  |  |  |  |
|  | Cable Assembly |  |  | Assembly |  |  | Corporate |  |  | Total |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 7,799 |  |  | $ | 7,853 |  |  | $ | - |  |  | $ | 15,652 |
(Loss) income before benefit for income taxes |  |  | (1,103 | ) |  |  | (713 | ) |  |  | (311 | ) |  |  | (2,127 | )
Depreciation and amortization |  |  | 488 |  |  |  | 143 |  |  |  | - |  |  |  | 631 |
Total assets |  |  | 49,175 |  |  |  | 20,528 |  |  |  | 8,353 |  |  |  | 78,056 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 10,495 |  |  | $ | 13,347 |  |  | $ | - |  |  | $ | 23,842 |
Income (loss) before provision for income taxes |  |  | 988 |  |  |  | 600 |  |  |  | (677 | ) |  |  | 911 |
Depreciation and amortization |  |  | 390 |  |  |  | 147 |  |  |  | - |  |  |  | 537 |
Total assets |  |  | 48,351 |  |  |  | 26,553 |  |  |  | 12,291 |  |  |  | 87,195 |
Net sales, (loss) income before (benefit) provision for income taxes and other related segment information for the nine months ended July 31, 2023 and 2022 are as follows (in thousands):
|  | RF Connector |  |  | Custom Cabling |  |  |  |  |  |  |  |  |
|  | and |  |  | Manufacturing and |  |  |  |  |  |  |  |  |
|  | Cable Assembly |  |  | Assembly |  |  | Corporate |  |  | Total |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 25,507 |  |  | $ | 30,787 |  |  | $ | - |  |  | $ | 56,294 |
(Loss) income before benefit from income taxes |  |  | (1,162 | ) |  |  | (823 | ) |  |  | (1,047 | ) |  |  | (3,032 | )
Depreciation and amortization |  |  | 1,359 |  |  |  | 436 |  |  |  | - |  |  |  | 1,795 |
Total assets |  |  | 49,175 |  |  |  | 20,528 |  |  |  | 8,353 |  |  |  | 78,056 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 21,928 |  |  | $ | 40,337 |  |  | $ | - |  |  | $ | 62,265 |
Income (loss) before benefit from income taxes |  |  | 1,621 |  |  |  | 1,721 |  |  |  | (2,149 | ) |  |  | 1,193 |
Depreciation and amortization |  |  | 720 |  |  |  | 435 |  |  |  | - |  |  |  | 1,155 |
Total assets |  |  | 48,351 |  |  |  | 26,553 |  |  |  | 12,291 |  |  |  | 87,195 |

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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 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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