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SEGMENT REPORTING
 6 Months Ended 12 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Segment Reporting [Abstract]    
SEGMENT REPORTING

 

Note 12. SEGMENT REPORTING

 

In accordance with FASB ASC 280, “Segment Reporting”, the Company discloses financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

 

  Financial information about the Company's operating segments for the three and six months ended June 30, 2012 and 2011 are as follows:

 

  Three Months Ended June 30,            
      2012     2011  
               
Air Industries Machining            
  Net Sales   $ 11,585,000     $ 10,645,000  
  Gross Profit     2,193,000       1,878,000  
  Pre Tax Income     1,098,000       946,000  
  Assets     27,159,000       28,099,000  
                   
Nassau Tool Works                
  Net Sales     513,000       -  
  Gross Profit     199,000       -  
  Pre Tax Income     154,000       -  
  Assets     13,366,000       -  
                   
Welding Metallurgy                
  Net Sales     3,142,000       2,478,000  
  Gross Profit     1,044,000       694,000  
  Pre Tax Income     266,000       205,000  
  Assets     8,746,000       7,365,000  
                   
Corporate                  
  Net Sales     -       -  
  Gross Profit     -       -  
  Pre Tax Loss     (836,000 )     (635,000 )
  Assets     16,860,000       9,856,000  
                   
Consolidated                
  Net Sales     15,240,000       13,123,000  
  Gross Profit     3,436,000       2,572,000  
  Pre Tax Income     682,000       516,000  
  Provision for Taxes     363,000       25,000  
  Net Income     319,000       491,000  
  Elimination of Assets     (13,860,000 )     (9,922,000 )
  Assets     52,271,000       35,398,000  

 

  

  Six Months Ended June 30,            
      2012     2011  
               
Air Industries Machining            
  Net Sales   $ 23,728,000     $ 20,738,000  
  Gross Profit     4,439,000       3,635,000  
  Pre Tax Income     2,294,000       1,698,000  
  Assets     27,159,000       28,099,000  
                   
Nassau Tool Works                
  Net Sales     513,000       -  
  Gross Profit     199,000       -  
  Pre Tax Income     154,000       -  
  Assets     13,366,000       -  
                   
Welding Metallurgy                
  Net Sales     7,037,000       4,985,000  
  Gross Profit     2,069,000       1,396,000  
  Pre Tax Income     854,000       592,000  
  Assets     8,746,000       7,365,000  
                   
Corporate                  
  Net Sales     -       -  
  Gross Profit     -       -  
  Pre Tax Loss     (1,515,000 )     (1,405,000 )
  Assets     16,860,000       9,856,000  
                   
Consolidated                
  Net Sales     31,278,000       25,723,000  
  Gross Profit     6,707,000       5,031,000  
  Pre Tax Income     1,787,000       885,000  
  Provision for Taxes     648,000       25,000  
  Net Income     1,139,000       860,000  
  Elimination of Assets     (13,860,000 )     (9,922,000 )
  Assets     52,271,000       35,398,000  

 

Note 16. SEGMENT REPORTING

 

In accordance with FASB ASC 280, “Segment Reporting”, the Company discloses financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

 

The Company is operating in two segments. As discussed above, Sigma was discontinued in October 2008.  Financial information about the Company's operating segments for the year ended December 31, 2011 and 2010 are as follows:

 

Year Ended December 31,            
      2011     2010  
               
Air Industries Machining            
  Net Sales   $ 42,668,000     $ 40,477,000  
  Gross Profit     8,013,000       5,487,000  
  Pre Tax Income     3,527,000       376,000  
  Assets     27,735,000       29,077,000  
                   
Sigma Metals                
  Income From  Discontinued Operations     -       342,000  
  Assets Held for Sale     -       -  
                   
Welding Metallurgy                
  Net Sales     11,077,000       8,124,000  
  Gross Profit     2,915,000       1,980,000  
  Pre Tax Income     1,288,000       1,005,000  
  Assets     8,028,000       6,047,000  
                   
Corporate                  
  Net Sales     -       -  
  Gross Profit     -       -  
  Pre Tax Loss     (2,511,000 )     (4,632,000 )
  Assets     7,883,000       8,937,000  
                   
Consolidated                
  Net Sales     53,745,000       48,601,000  
  Gross Profit     10,928,000       7,467,000  
  Income from Discontinued Ops     -       342,000  
  Pre Tax Income (Loss)     2,304,000       (3,251,000 )
  Provision for Taxes     57,000       -  
  Net Income (Loss)     2,247,000       (2,909,000 )
  Elimination of Assets     (6,665,000 )     (9,677,000 )
  Assets     36,981,000       34,384,000