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Segment Information
 9 Months Ended
Sep. 30, 2014
Segment Reporting [Abstract]  
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 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, industrial, marine and commercial markets. The American Access Technologies (AAT) segment manufactures and markets zone cabling and formed metal products of varying designs. Because of the disposition of the (AAT) segment’s operations and net assets in August 2014, that segment’s results are excluded from segment reporting and presented as discontinued operations in the accompanying condensed consolidated statements of operations.

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

 

 

Three Months Ended September 30,

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

2014

 

 

 

 

 

 

2013

 

 

 

 

 

 

2014

 

 

 

 

 

 

2013

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technical Products and Services

$

12,618

 

 

 

 

 

 

$

13,970

 

 

 

 

 

 

$

38,743

 

 

 

 

 

 

$

35,607

 

 

 

 

 

Electrical and Instrumentation Construction **

 

1,665

 

 

 

 

 

 

 

2,266

 

 

 

 

 

 

 

4,818

 

 

 

 

 

 

 

7,136

 

 

 

 

 

 

$

14,283

 

 

 

 

 

 

$

16,236

 

 

 

 

 

 

$

43,561

 

 

 

 

 

 

$

42,743

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technical Products and Services

$

251

 

 

 

2

%

 

$

2,428

 

 

 

17

%

 

$

4,385

 

 

 

11

%

 

$

6,117

 

 

 

17

%

Electrical and Instrumentation Construction **

 

244

 

 

 

15

%

 

 

331

 

 

 

15

%

 

 

573

 

 

 

12

%

 

 

1,496

 

 

 

21

%

 

$

495

 

 

 

3

%

 

$

2,759

 

 

 

17

%

 

$

4,958

 

 

 

11

%

 

$

7,613

 

 

 

18

%

Income (loss) from consolidated continuing

     operations and net equity income

     from foreign joint ventures’ operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technical Products and Services

$

(210

)

 

 

-2

%

 

$

2,188

 

 

 

16

%

 

$

3,623

 

 

 

9

%

 

$

5,372

 

 

 

15

%

Electrical and Instrumentation Construction **

 

62

 

 

 

4

%

 

 

331

 

 

 

15

%

 

 

391

 

 

 

8

%

 

 

1,496

 

 

 

21

%

Corporate and other unallocated expenses

 

(2,039

)

 

 

-14

%

 

 

(1,548

)

 

 

-9.5

%

 

 

(5,552

)

 

 

-13

%

 

 

(4,764

)

 

 

-11

%

Income (loss) from consolidated continuing operations

 

(2,187

)

 

 

-15

%

 

 

971

 

 

 

6

%

 

 

(1,538

)

 

 

-4

%

 

 

2,104

 

 

 

5

%

Equity income from BOMAY

 

285

 

 

 

 

 

 

 

475

 

 

 

 

 

 

 

1,793

 

 

 

 

 

 

 

2,123

 

 

 

 

 

Equity income (loss) from MIEFE

 

65

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

139

 

 

 

 

 

 

 

146

 

 

 

 

 

Equity income (loss) from AAG*

 

-

 

 

 

 

 

 

 

(29

)

 

 

 

 

 

 

2

 

 

 

 

 

 

 

871

 

 

 

 

 

Foreign operations (expenses)

 

(122

)

 

 

 

 

 

 

(66

)

 

 

 

 

 

 

(412

)

 

 

 

 

 

 

(204

)

 

 

 

 

Net equity income from foreign joint ventures’

     operations

 

228

 

 

 

 

 

 

 

368

 

 

 

 

 

 

 

1,522

 

 

 

 

 

 

 

2,936

 

 

 

 

 

Income (loss) from consolidated continuing

     operations and net equity income

     from foreign joint ventures’ operations

$

(1,959

)

 

 

 

 

 

$

1,339

 

 

 

 

 

 

$

(16

)

 

 

 

 

 

$

5,040

 

 

 

 

 

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

**Brazil operations are included in E&I amounts for the three months and nine months ended September 30, 2014.  The Brazil operations for the three months and nine months ended September 30, 2014 are: Net sales: $184; Gross profit (loss): ($29); and Net income (loss): ($208).

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.