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Segment Information
 3 Months Ended
Mar. 31, 2014
Segment Information

4. Segment Information

The Company follows the guidance prescribed by the Accounting Standard Codification (“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. The E&I segment installs electrical equipment for the energy, water, industrial, marine and commercial markets. The AAT segment manufactures and markets zone cabling and formed metal products of varying designs.

The following are selected financial details regarding the Company’s reportable segments (in thousands):

 

 

Three Months Ended March 31,

 

 

2014

 

 

2013

 

Net sales:

 

 

 

 

 

 

 

Technical Products and Services

$

14,086

 

 

$

10,480

 

Electrical and Instrumentation Construction

 

1,762

 

 

 

2,528

 

American Access Technologies

 

1,552

 

 

 

1,422

 

 

$

17,400

 

 

$

14,430

 

Gross profit:

 

 

 

 

 

 

 

Technical Products and Services

$

2,130

 

 

$

1,857

 

Electrical and Instrumentation Construction

 

305

 

 

 

908

 

American Access Technologies

 

137

 

 

 

215

 

 

$

2,572

 

 

$

2,980

 

Income from domestic operations and net equity income

   from foreign joint ventures’ operations:

 

 

 

 

 

 

 

Technical Products and Services

$

2,027

 

 

$

1,554

 

Electrical and Instrumentation Construction

 

305

 

 

 

908

 

American Access Technologies

 

(268

)

 

 

(75

)

Corporate and other unallocated expenses

 

(1,834

)

 

 

(1,785

)

Income from domestic operations

 

230

 

 

 

602

 

Equity income from BOMAY

 

548

 

 

 

1,001

 

Equity income (loss) from MIEFE

 

(36

)

 

 

20

 

Equity income (loss) from AAG

 

(38

)

 

 

437

 

Foreign operations (expenses)

 

(112

)

 

 

(51

)

Net equity income from foreign joint ventures’ operations

 

362

 

 

 

1,407

 

Income from domestic operations and net equity income

   from foreign joint ventures’ operations

$

592

 

 

$

2,009

 

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’ operations and joint venture management related expenses, all other costs, expenses and other income have been allocated to their respective segments.