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Note 10 - Activity of Business Segments
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

10.

Activity of Business Segments

 

The Company operates through two business segments:

 

(1) Building Supply: consisting of construction weatherization products, such as housewrap, housewrap accessories including window and door flashing, and seam tape, synthetic roof underlayment and synthetic roof underlayment accessories, as well as other woven materials. The majority of the Company’s equity in income of unconsolidated affiliate (Harmony) is included in the total segment income for the Building Supply segment.

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(2) Disposable Protective Apparel: consisting of a complete line of disposable protective garments, including shoecovers (including the Aqua Trak® and spunbond shoecovers), bouffant caps, coveralls, frocks, lab coats, gowns and hoods, as well as face masks and face shields for the pharmaceutical, cleanroom, industrial, medical and dental markets. A portion of the Company’s equity in income of unconsolidated affiliate (Harmony) is included in the total segment income for the Disposable Protective Apparel segment.

 

Segment data excludes charges allocated to the principal executive office and other unallocated corporate overhead expenses and income tax. The Company evaluates the performance of its segments and allocates resources to them based primarily on net sales.

 

The accounting policies of the segments are the same as those described previously under Summary of Significant Accounting Policies (see Note 3 in the notes to our consolidated financial statements in Item 8 of the 2023 Form 10-K).

 

The following table presents consolidated net sales for each segment for the three and nine months ended September 30, 2024 and 2023:

 

   

For the Three Months Ended

    

For the Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  

Building Supply

   $ 8,798,000     $ 11,449,000     $ 26,979,000     $ 30,616,000  

Disposable Protective Apparel

     5,453,000       4,604,000       17,044,000       15,351,000  

Consolidated net sales

   $ 14,251,000     $ 16,053,000     $ 44,023,000     $ 45,967,000  

 

The following table presents the reconciliation of consolidated segment income to consolidated net income for the three and nine months ended September 30, 2024 and 2023:

 

   

For the Three Months Ended

    

For the Nine Months Ended

  
    Septmeber 30,    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  

Building Supply

   $ 1,294,000     $ 1,973,000     $ 4,086,000     $ 4,456,000  

Disposable Protective Apparel

     1,012,000       982,000       3,884,000       3,090,000  

Total segment income

     2,306,000       2,955,000       7,970,000       7,546,000  
                                 

Unallocated corporate overhead expenses

     1,207,000       1,130,000       4,030,000       3,444,000  

Provision for income taxes

     237,000       395,000       858,000       974,000  

Consolidated net income

   $ 862,000     $ 1,430,000     $ 3,082,000     $ 3,128,000  

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

The following table presents the consolidated net property and equipment, goodwill and definite-lived intangible assets (“consolidated assets”) by segment as of September 30, 2024 and December 31, 2023:

 

   

September 30,

    

December 31,

  
   

2024

    

2023

  
                 

Building Supply

   $ 4,880,000     $ 3,389,000  

Disposable Protective Apparel

     1,388,000       1,213,000  

Total segment assets

     6,268,000       4,602,000  
                 

Unallocated corporate assets

     1,003,000       1,040,000  

Total consolidated assets

   $ 7,271,000     $ 5,642,000