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Note 8 - Segment Information | 6 Months Ended
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Apr. 30, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 8 – 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 April 30, 2024, we had two reportable segments – RF Connector and Cable Assembly (“RF Connector”) segment and Custom Cabling Manufacturing and Assembly (“Custom Cabling”) segment. On August 1, 2023, C Enterprises moved and transitioned its physical operations into the RF Connector office in San Diego, CA. Given the synergies in consolidating both the operating divisions into one building, C Enterprises has now been included in the RF Connector segment. Further, since the acquisition of C Enterprises in 2019, the customer base for the division has shifted more towards distribution as opposed to direct to end customer which is more aligned with the RF Connector segment. The segment change of including C Enterprise as part of the RF Connector segment was made retroactive to the beginning of our fiscal year starting November 1, 2022 and reclassified for fiscal 2022 for comparative purposes. Prior to the transition, C Enterprises was included in the Custom Cabling segment. The RF Connector segment consists of three divisions and the Custom Cabling segment consists of three 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 or 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 customer. 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, C Enterprises and Microlab divisions constitutes the RF Connector segment, and the Cables Unlimited, Rel-Tech, and Schrofftech divisions constitute the Custom Cabling segment. As reviewed by our chief operating decision maker, 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 six months ended April 30, 2024 and 2023 (in thousands):
|  | Three Months Ended April 30, |  |  | Six Months Ended April 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 14,415 |  |  | $ | 20,908 |  |  | $ | 26,475 |  |  | $ | 37,012 |
Foreign Countries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 949 |  |  |  | 588 |  |  |  | 1,830 |  |  |  | 1,172 |
Italy |  |  | 155 |  |  |  | 294 |  |  |  | 185 |  |  |  | 1,392 |
Mexico |  |  | - |  |  |  | 1 |  |  |  | 3 |  |  |  | 3 |
All Other |  |  | 591 |  |  |  | 507 |  |  |  | 1,075 |  |  |  | 1,063 |
|  |  | 1,695 |  |  |  | 1,390 |  |  |  | 3,093 |  |  |  | 3,630 |
Totals |  | $ | 16,110 |  |  | $ | 22,298 |  |  | $ | 29,568 |  |  | $ | 40,642 |
Net sales, (loss) income before provision (benefit) for income taxes and other related segment information for the three months ended April 30, 2024 and 2023 are as follows (in thousands):
|  | RF Connector |  |  | Custom Cabling |  |  |  |  |  |  |  |  |
|  | and |  |  | Manufacturing and |  |  |  |  |  |  |  |  |
|  | Cable Assembly |  |  | Assembly |  |  | Corporate |  |  | Total |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 9,902 |  |  | $ | 6,208 |  |  | $ | - |  |  | $ | 16,110 |
(Loss) income before benefit for income taxes |  |  | (660 | ) |  |  | 350 |  |  |  | (336 | ) |  |  | (645 | )
Depreciation and amortization |  |  | 572 |  |  |  | 61 |  |  |  | - |  |  |  | 633 |
Total assets |  |  | 51,007 |  |  |  | 17,746 |  |  |  | 4,070 |  |  |  | 72,823 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 12,625 |  |  | $ | 9,673 |  |  | $ | - |  |  | $ | 22,298 |
(Loss) income before benefit for income taxes |  |  | 249 |  |  |  | 257 |  |  |  | (89 | ) |  |  | 417 |
Depreciation and amortization |  |  | 496 |  |  |  | 127 |  |  |  | - |  |  |  | 623 |
Total assets |  |  | 54,050 |  |  |  | 21,101 |  |  |  | 8,968 |  |  |  | 84,119 |
Net sales, income (loss) before provision (benefit) for income taxes and other related segment information for the six months ended April 30, 2024 and 2023 are as follows (in thousands):
|  | RF Connector |  |  | Custom Cabling |  |  |  |  |  |  |  |  |
|  | and |  |  | Manufacturing and |  |  |  |  |  |  |  |  |
|  | Cable Assembly |  |  | Assembly |  |  | Corporate |  |  | Total |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 18,709 |  |  | $ | 10,859 |  |  | $ | - |  |  | $ | 29,568 |
(Loss) income before benefit from income taxes |  |  | (2,388 | ) |  |  | 89 |  |  |  | (539 | ) |  |  | (2,838 | )
Depreciation and amortization |  |  | 1,085 |  |  |  | 181 |  |  |  | - |  |  |  | 1,266 |
Total assets |  |  | 51,007 |  |  |  | 17,746 |  |  |  | 4,070 |  |  |  | 72,823 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 24,346 |  |  | $ | 16,296 |  |  | $ | - |  |  | $ | 40,642 |
(Loss) income before benefit for income taxes |  |  | 365 |  |  |  | (534 | ) |  |  | (736 | ) |  |  | (905 | )
Depreciation and amortization |  |  | 911 |  |  |  | 253 |  |  |  | - |  |  |  | 1,165 |
Total assets |  |  | 54,050 |  |  |  | 21,101 |  |  |  | 8,968 |  |  |  | 84,119 |

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