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Segment Reporting
 12 Months Ended
Dec. 31, 2013
Segment Reporting

(14)

Segment Reporting

The Company follows the guidance prescribed by ASC Topic 280, Segment Reporting, which governs the way the Company reports information about its operating segments.

Management has organized the Company around its products and services and has three reportable segments: Technical Products and Services (“TP&S”), Electrical and Instrumentation Construction (“E&I”) and American Access Technologies (“AAT”). TP&S develops, manufactures, provides and markets switchgear and variable speed drives. The service component of this segment includes retrofitting equipment upgrades, startups, testing and troubleshooting electrical substations, switchgear, drives and control systems. Equity income from foreign joint ventures and joint venture management related expenses are reported in the section net equity income (loss) from foreign operations. The E&I segment installs electrical equipment for the energy, water, industrial, marine and commercial markets. The AAT segment manufacturers and markets zone cabling products and manufactures formed metal products of varying designs.

The table below represents segment results for the years ended December 31, 2013, and 2012.

 

 

2013

 

 

2012

 

Net sales:

 

 

  

  

 

 

 

Technical Products and Services

$

49,150

 

 

$

38,973

 

Electrical and Instrumentation Construction

 

10,089

 

 

 

9,196

 

American Access Technologies

 

6,091

 

 

 

5,896

 

 

$

65,330

 

 

$

54,065

 

Gross profit (loss):

 

 

 

 

 

 

 

Technical Products and Services

$

9,072

 

 

$

6,649

 

Electrical and Instrumentation Construction

 

2,095

 

 

 

513

 

American Access Technologies

 

648

 

 

 

961

 

 

$

11,815

 

 

$

8,123

 

Income (loss) from domestic operations and net
equity income from foreign joint ventures’ operations

 

 

 

 

 

 

 

Technical Products and Services

$

8,061

 

 

$

6,012

 

Electrical and Instrumentation Construction

 

2,096

 

 

 

513

 

American Access Technologies

 

(712

)

 

 

(484

)

Corporate and other unallocated expenses

 

(6,995

)

 

 

(5,622

)

Income (loss) from domestic operations

 

2,450

 

 

 

419

 

Equity income from BOMAY

 

2,066

 

 

 

2,569

 

Equity income from MIEFE

 

115

 

 

 

16

 

Equity income (loss) from AAG

 

843

 

 

 

503

 

Foreign operations expenses

 

(267

)

 

 

(343

)

Net equity income from foreign joint ventures’ operations

 

2,757

 

 

 

2,745

 

Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations

$

5,207

 

 

$

3,164

 

The Company’s management does not separately review and analyze its assets on a segment basis for TP&S, E&I, and AAT and all assets for the segments are recorded within the corporate segment’s records. Corporate and other unallocated general and administrative expenses include compensation costs and other expenses that cannot be meaningfully associated with the individual segments. With the exception of equity income from foreign joint ventures and joint venture management related expenses, all other costs, expenses and other income have been allocated to their respective segments.

The following table reflects the quarterly information for the applicable time periods.

 

 

2013

 

 

 

Q1

 

 

 

Q2

 

 

 

Q3

 

 

 

Q4

 

 

 

Total

 

Net Sales

$

14,430

 

 

$

15,169

 

 

$

17,585

 

 

$

18,146

 

 

$

65,330

 

Gross Profit

 

2,980

 

 

 

2,396

 

 

 

2,867

 

 

 

3,572

 

 

 

11,815

 

Net income (loss)

 

1,653

 

 

 

1,063

 

 

 

901

 

 

 

592

 

 

 

4,209

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.21

 

 

$

0.13

 

 

$

0.11

 

 

$

0.07

 

 

$

0.53

 

 

 

2012

 

 

 

Q1

 

 

 

Q2

 

 

 

Q3

 

 

 

Q4

 

 

 

Total

 

Net Sales

$

14,432

 

 

$

12,872

 

 

$

11,725

 

 

$

15,035

 

 

$

54,065

 

Gross Profit

 

1,772

 

 

 

2,172

 

 

 

1,689

 

 

 

2,490

 

 

 

8,123

 

Net income (loss)

 

334

 

 

 

761

 

 

 

500

 

 

 

487

 

 

 

2,084

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.04

 

 

$

0.10

 

 

$

0.06

 

 

$

0.06

 

 

$

0.26