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Segment Information
 6 Months Ended
Jun. 30, 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.

The American Access Technologies (AAT) segment manufactures and markets zone cabling and formed metal products of varying designs. Because of the planned disposition of the segment’s operations and net assets, that segment’s results are excluded from segment reporting and presented as discontinued operations. Management has organized the Company around its continuing products and services and has two reportable segments: Technical Products and Services (“TP&S”) and Electrical and Instrumentation Construction (“E&I”). 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 following are selected financial details regarding the Company’s reportable segments (in thousands):

 

 

Three Months Ended June 30,

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

2014

 

 

 

 

 

 

2013

 

 

 

 

 

 

2014

 

 

 

 

 

 

2013

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technical Products and Services

$

12,039

 

 

 

 

 

 

$

11,157

 

 

 

 

 

 

$

26,125

 

 

 

 

 

 

$

21,637

 

 

 

 

 

Electrical and Instrumentation Construction

 

1,391

 

 

 

 

 

 

 

2,342

 

 

 

 

 

 

 

3,153

 

 

 

 

 

 

 

4,870

 

 

 

 

 

 

$

13,430

 

 

 

 

 

 

$

13,499

 

 

 

 

 

 

$

29,278

 

 

 

 

 

 

$

26,507

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technical Products and Services

$

2,004

 

 

 

17

%

 

$

1,832

 

 

 

16

%

 

$

4,134

 

 

 

16

%

 

$

3,689

 

 

 

17

%

Electrical and Instrumentation Construction

 

24

 

 

 

2

%

 

 

257

 

 

 

11

%

 

 

329

 

 

 

10

%

 

 

1,165

 

 

 

24

%

 

$

2,028

 

 

 

15

%

 

$

2,089

 

 

 

15

%

 

$

4,463

 

 

 

15

%

 

$

4,854

 

 

 

18

%

Income from consolidated continuing

     operations and net equity income

     from foreign joint ventures’ operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technical Products and Services

$

1,806

 

 

 

15

%

 

$

1,630

 

 

 

15

%

 

$

3,833

 

 

 

15

%

 

$

3,184

 

 

 

15

%

Electrical and Instrumentation Construction

 

24

 

 

 

2

%

 

 

257

 

 

 

11

%

 

 

329

 

 

 

10

%

 

 

1,165

 

 

 

24

%

Corporate and other unallocated expenses

 

(1,679

)

 

 

-13

%

 

 

(1,432

)

 

 

-11

%

 

 

(3,513

)

 

 

-12

%

 

 

(3,217

)

 

 

-12

%

Income from consolidated continuing operations

 

151

 

 

 

1

%

 

 

455

 

 

 

3

%

 

 

649

 

 

 

2

%

 

 

1,132

 

 

 

4

%

Equity income from BOMAY

 

960

 

 

 

 

 

 

 

647

 

 

 

 

 

 

 

1,508

 

 

 

 

 

 

 

1,648

 

 

 

 

 

Equity income (loss) from MIEFE

 

112

 

 

 

 

 

 

 

138

 

 

 

 

 

 

 

74

 

 

 

 

 

 

 

158

 

 

 

 

 

Equity income (loss) from AAG*

 

38

 

 

 

 

 

 

 

463

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

900

 

 

 

 

 

Foreign operations (expenses)

 

(178

)

 

 

 

 

 

 

(87

)

 

 

 

 

 

 

(290

)

 

 

 

 

 

 

(138

)

 

 

 

 

Net equity income from foreign joint ventures’

     Operations

 

932

 

 

 

 

 

 

 

1,161

 

 

 

 

 

 

 

1,294

 

 

 

 

 

 

 

2,568

 

 

 

 

 

Income from consolidated continuing

     operations and net equity income

     from foreign joint ventures’ operations

$

1,083

 

 

 

 

 

 

$

1,616

 

 

 

 

 

 

$

1,943

 

 

 

 

 

 

$

3,700

 

 

 

 

 

 

*AAG equity income ended on April 30, 2014 when M&I withdrew from the AAG Joint Venture.

The Company’s management does not separately review and analyze its assets on a segment basis for TP&S and E&I, 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.