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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2013
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 15 — SEGMENT REPORTING The Company is organized into reporting segments based on the nature of the products and services offered and business activities from which it earns revenues and incurs expenses for which discrete financial information is available and regularly reviewed by the Company’s chief operating decision maker. The Company’s segments and their product and service offerings are summarized below: Towers and Weldments The Company manufactures towers for wind turbines, specifically the large and heavier wind towers that are designed for 2 megawatt (“MW”) and larger wind turbines. Production facilities, located in Manitowoc, Wisconsin and Abilene, Texas, are situated in close proximity to the primary U.S. domestic wind energy and equipment manufacturing hubs. The two facilities have a combined annual tower production capacity of approximately 500 towers, sufficient to support turbines generating more than 1,200 MW of power. This product segment also encompasses the manufacture of specialty fabrications and specialty weldments for mining and other industrial customers. Gearing The Company engineers, builds and remanufactures precision gears and gearing systems for oil and gas, wind, mining, steel and other industrial applications. The Company uses an integrated manufacturing process, which includes machining and finishing processes in Cicero, Illinois, and heat treatment in Neville Island, Pennsylvania. Services The Company offers a comprehensive range of services, primarily to wind farm developers and operators. The Company specializes in non-routine maintenance services for both kilowatt and MW turbines. The Company also offers comprehensive field services to the wind industry. The Company is increasingly focusing its efforts on the identification and/or development of product and service offerings which will improve the reliability and efficiency of wind turbines, and therefore enhance the economic benefits to its customers. The Company provides wind services across the U.S., with primary service locations in South Dakota and Texas. In February 2011, the Company put into operation its Abilene, Texas gearbox service facility (the “Gearbox Facility”), which is focused on servicing the growing installed base of MW wind turbines as they come off warranty and, to a limited extent, industrial gearboxes requiring precision repair and testing. Corporate and Eliminations “Corporate” includes the assets and selling, general and administrative expenses of the Company’s corporate office. “Eliminations” comprises adjustments to reconcile segment results to consolidated results. Summary financial information by reportable segment for the three and nine months ended September 30, 2013 and 2012 is as follows:
For the Three Months Ended September 30, 2013: |  | Towers and Weldments |  | Gearing |  | Services |  | Corporate |  | Eliminations |  | Consolidated |
|  | (Restated) |  | (Restated) |  |  |  | (Restated) |  |  |  | (Restated) |
Revenues from external customers |  | $ | 47,020 |  | $ | 10,138 |  | $ | 3,704 |  | $ | — |  | $ | — |  | $ | 60,862 |
Intersegment revenues (1) |  | 64 |  | 251 |  | — |  | — |  | (315 | ) | — |
Operating profit (loss) |  | 6,561 |  | (5,375 | ) | (1,276 | ) | (2,220 | ) | 22 |  | (2,288 | )
Depreciation and amortization |  | 941 |  | 2,014 |  | 409 |  | 15 |  | — |  | 3,379 |
Capital expenditures |  | 750 |  | 849 |  | 7 |  | 22 |  | — |  | 1,628 |
For the Three Months Ended September 30, 2012: |  | Towers and Weldments |  | Gearing |  | Services |  | Corporate |  | Eliminations |  | Consolidated |
Revenues from external customers |  | $ | 37,423 |  | $ | 10,778 |  | $ | 6,844 |  | $ | — |  | $ | — |  | $ | 55,045 |
Intersegment revenues (1) |  | — |  | 478 |  | 55 |  | — |  | (533 | ) | — |
Operating profit (loss) |  | 1,740 |  | (2,637 | ) | (570 | ) | (2,048 | ) | (12 | ) | (3,527 | )
Depreciation and amortization |  | 942 |  | 2,995 |  | 413 |  | 17 |  | — |  | 4,367 |
Capital expenditures |  | 127 |  | 893 |  | 44 |  | 71 |  | — |  | 1,135 |
For the Nine Months Ended September 30, 2013: |  | Towers and Weldments |  | Gearing |  | Services |  | Corporate |  | Eliminations |  | Consolidated |
|  | (Restated) |  | (Restated) |  |  |  | (Restated) |  |  |  | (Restated) |
Revenues from external customers |  | $ | 115,977 |  | $ | 28,098 |  | $ | 15,238 |  | $ | — |  | $ | — |  | $ | 159,313 |
Intersegment revenues (1) |  | 67 |  | 3,456 |  | 15 |  | — |  | (3,538 | ) | — |
Operating profit (loss) |  | 13,779 |  | (12,326 | ) | (3,239 | ) | (7,455 | ) | (19 | ) | (9,260 | )
Depreciation and amortization |  | 2,841 |  | 7,469 |  | 1,064 |  | 38 |  | — |  | 11,412 |
Capital expenditures |  | 1,235 |  | 2,504 |  | 240 |  | 378 |  | — |  | 4,357 |
For the Nine Months Ended September 30, 2012: |  | Towers and Weldments |  | Gearing |  | Services |  | Corporate |  | Eliminations |  | Consolidated |
Revenues from external customers |  | $ | 109,587 |  | $ | 40,256 |  | $ | 15,956 |  | $ | — |  | $ | — |  | $ | 165,799 |
Intersegment revenues (1) |  | — |  | 1,096 |  | 81 |  | — |  | (1,177 | ) | — |
Operating profit (loss) |  | 3,306 |  | (5,390 | ) | (3,331 | ) | (6,224 | ) | 12 |  | (11,627 | )
Depreciation and amortization |  | 2,722 |  | 8,217 |  | 1,237 |  | 51 |  | — |  | 12,227 |
Capital expenditures |  | 540 |  | 1,657 |  | 944 |  | 159 |  | — |  | 3,300 |
|  | Total Assets as of |
|  | September 30, |  | December 31, |
Segments: |  | 2013 |  | 2012 |
|  | (Restated) |  |  |
Towers and Weldments |  | $ | 51,067 |  | $ | 50,801 |
Gearing |  | 70,629 |  | 71,371 |
Services |  | 15,906 |  | 13,976 |
Assets held for sale |  | 2,152 |  | 8,042 |
Corporate |  | 303,401 |  | 308,336 |
Eliminations |  | (278,845 | ) | (309,616 | )
|  | $ | 164,310 |  | $ | 142,910 |
(1) Intersegment revenues generally include a 10% markup over costs and primarily consist of sales from Gearing to Services. Sales from Gearing to Services totaled $3,456 and $1,096 for the nine months ended September 30, 2013 and 2012, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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