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Nature of Operations, Segment Reporting and Geographical Information
 12 Months Ended
Jan. 31, 2024
Segment Reporting [Abstract]  
Nature of Operations, Segment Reporting and Geographical Information

Note 16—Nature of Operations, Segment Reporting and Geographical Information

Our operations consist of the design, development, manufacture and sale of specialty printers and data acquisition and analysis systems, including both hardware and software and related consumable supplies. We organize and manage our business as a portfolio of products and services designed around a common theme of data acquisition and information output. We have two reporting segments consistent with our revenue product groups: Product Identification (“PI”) and Test & Measurement (“T&M”).

Our PI segment produces an array of high-technology digital color and monochrome label printers and mini presses, labeling software and supplies for a variety of commercial industries worldwide and includes our fiscal 2023 acquisition of Astro Machine. Our T&M segment produces data acquisition systems used worldwide for a variety of recording, monitoring and troubleshooting applications for many industries including aerospace, automotive, defense, rail, energy, industrial and general manufacturing. The T&M segment also includes our line of aerospace flight deck and cabin printers.

Business is conducted in the United States and through foreign branch offices and subsidiaries in Canada, Europe, China, Southeast Asia and Mexico. Manufacturing activities are primarily conducted in the United States. Revenue and service activities outside the United States are conducted through wholly owned entities and, to a lesser extent, through authorized distributors and agents. Transfer prices are intended to produce gross profit margins as would be associated with an arms-length transaction.

The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies herein. We evaluate segment performance based on the segment profit before corporate and financial administration expenses.

Summarized below are the revenue and segment operating profit (both in dollars and as a percentage of revenue) for each reporting segment:

 

 

 

Revenue

 

 

Segment Operating Profit

 

 

Segment Operating Profit
as a % of Revenue

 

($ in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Product Identification

 

$

104,041

 

 

$

103,089

 

 

$

90,915

 

 

$

10,087

 

 

$

7,889

 

 

$

10,411

 

 

 

9.7

%

 

 

7.7

%

 

 

11.5

%

T&M

 

 

44,045

 

 

 

39,438

 

 

 

26,565

 

 

 

10,200

 

 

 

8,989

 

 

 

3,398

 

 

 

23.2

%

 

 

22.8

%

 

 

12.8

%

Total

 

$

148,086

 

 

$

142,527

 

 

$

117,480

 

 

 

20,287

 

 

 

16,878

 

 

 

13,809

 

 

 

13.7

%

 

 

11.8

%

 

 

11.8

%

Corporate Expenses

 

 

 

 

 

 

 

 

 

 

 

11,491

 

 

 

11,435

 

 

 

9,553

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

 

 

 

8,796

 

 

 

5,443

 

 

 

4,256

 

 

 

 

 

 

 

 

 

 

Other Income (Expense), Net

 

 

 

 

 

 

 

 

 

 

 

(2,723

)

 

 

(2,033

)

 

 

2,778

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

6,073

 

 

 

3,410

 

 

 

7,034

 

 

 

 

 

 

 

 

 

 

Income Tax Provision

 

 

 

 

 

 

 

 

 

 

 

1,379

 

 

 

749

 

 

 

605

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

 

 

 

 

$

4,694

 

 

$

2,661

 

 

$

6,429

 

 

 

 

 

 

 

 

 

 

 

No customer accounted for greater than 10% of net revenue in fiscal 2024, 2023 or 2022.

Other information by segment is presented below:

 

 

 

Assets

 

 

 

January 31,

 

(In thousands)

 

2024

 

 

2023

 

Product Identification

 

$

64,686

 

 

$

69,607

 

T&M

 

 

61,125

 

 

 

60,730

 

Corporate*

 

 

7,440

 

 

 

8,870

 

Total

 

$

133,251

 

 

$

139,207

 

 

* Corporate assets consist principally of cash, cash equivalents, deferred tax assets and refunds, and certain prepaid corporate assets.

 

 

 

Depreciation and Amortization

 

 

Capital Expenditures

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Product Identification

 

$

2,572

 

 

$

2,219

 

 

$

1,157

 

 

$

1,686

 

 

$

121

 

 

$

847

 

T&M

 

 

1,694

 

 

 

1,697

 

 

 

2,837

 

 

 

10

 

 

 

108

 

 

 

949

 

Total

 

$

4,266

 

 

$

3,916

 

 

$

3,994

 

 

$

1,696

 

 

$

229

 

 

$

1,796

 

 

Geographical Data

Presented below is selected financial information by geographic area:

 

 

 

 

 

 

 

 

 

 

 

 

Long-Lived Assets (2)

 

 

 

Revenue (1)

 

 

January 31,

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

United States

 

$

84,757

 

 

$

83,559

 

 

$

68,185

 

 

$

32,090

 

 

$

34,277

 

Europe

 

 

41,761

 

 

 

38,859

 

 

 

31,922

 

 

 

754

 

 

 

1,230

 

Canada

 

 

8,742

 

 

 

8,690

 

 

 

6,519

 

 

 

171

 

 

 

4

 

Asia

 

 

7,216

 

 

 

5,547

 

 

 

5,926

 

 

 

6

 

 

 

9

 

Central and South America

 

 

4,221

 

 

 

4,589

 

 

 

3,271

 

 

 

—

 

 

 

—

 

Other

 

 

1,389

 

 

 

1,283

 

 

 

1,657

 

 

 

—

 

 

 

—

 

Total

 

$

148,086

 

 

$

142,527

 

 

$

117,480

 

 

$

33,021

 

 

$

35,520

 

 

(1) Certain amounts have been reclassified to conform to the current year's presentation.

(2) Long-lived assets exclude goodwill assigned to the T&M segment of $4.5 million at both January 31, 2024 and 2023 and $10.1 million assigned to the PI segment at both January 31, 2024 and 2023.