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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2014
Notes to Financial Statements |
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 four segments. AIM manufactures components and subassemblies for the defense and aerospace industry. NTW manufactures aerospace components, principally landing gear for F-16 and F-18 fighter aircraft. WMI provides specialty welding services and metal fabrications to the defense and commercial aerospace industry and the results of Woodbine are included within the WMI segment beginning on April 1, 2014, the date it was acquired. Eur-Pac’s primary business is “kitting” of supplies for all branches of the United States Defense Department including ordnance parts, hose assemblies, hydraulic, mechanical and electrical assemblies. The results of Eur-Pac are included from its date of acquisition. The results of ECC are included within Eur-Pac as of September 1, 2014, the date it was acquired. While each of these segments service the same industries and a similar customer base, we evaluate the performance of each segment separately in deciding how to allocate resources and in assessing profitability. Beginning on January 1, 2013, the Company began to allocate all of the corporate selling and general and administrative costs of AIRI to three of its subsidiaries. For both 2014 and 2013, these are allocated 50% to AIM and 25% to each of WMI and NTW. There was no corporate allocation made to Eur-Pac during 2014. Financial information about the Company's operating segments for the three months ended September 30, 2014 and 2013 are as follows:
Three Months Ended September 30,
|  |  | 2014 |  |  | 2013 |
|  |  | (Unaudited) |  |  | (Unaudited) |
AIM |  |  |  |  |  |
| Net Sales |  | $ | 9,678,000 |  |  | $ | 9,863,000 |
| Gross Profit |  |  | 1,744,000 |  |  |  | 1,926,000 |
| Pre Tax Income |  |  | 723,000 |  |  |  | 949,000 |
| Assets |  |  | 20,952,000 |  |  |  | 25,336,000 |
WMI |  |  |  |  |  |  |  |
| Net Sales |  |  | 3,339,000 |  |  |  | 3,800,000 |
| Gross Profit |  |  | 815,000 |  |  |  | 953,000 |
| Pre Tax Loss |  |  | (352,000 | ) |  |  | (126,000 | )
| Assets |  |  | 18,386,000 |  |  |  | 10,334,000 |
NTW |  |  |  |  |  |  |  |
| Net Sales |  |  | 731,000 |  |  |  | 2,389,000 |
| Gross Profit |  |  | 284,000 |  |  |  | 864,000 |
| Pre Tax (Loss) Income |  |  | (503,000 | ) |  |  | 25,000 |
| Assets |  |  | 11,970,000 |  |  |  | 13,005,000 |
EPC |  |  |  |  |  |  |  |
| Net Sales |  |  | 1,406,000 |  |  |  | - |
| Gross Profit |  |  | 714,000 |  |  |  | - |
| Pre Tax Income |  |  | 492,000 |  |  |  | - |
| Assets |  |  | 2,858,000 |  |  |  | - |
Corporate |  |  |  |  |  |  |  |
| Net Sales |  |  | - |  |  |  | - |
| Gross Profit |  |  | - |  |  |  | - |
| Pre Tax Loss |  |  | (61,000 | ) |  |  | (109,000 | )
| Assets |  |  | 15,772,000 |  |  |  | 9,964,000 |
Consolidated |  |  |  |  |  |  |  |
| Net Sales |  |  | 15,154,000 |  |  |  | 16,052,000 |
| Gross Profit |  |  | 3,557,000 |  |  |  | 3,743,000 |
| Pre Tax Income |  |  | 299,000 |  |  |  | 739,000 |
| Benefit From Income Taxes |  |  | (81,000 | ) |  |  | (1,795,000 | )
| Net Income |  |  | 380,000 |  |  |  | 2,534,000 |
| Elimination of Assets |  |  | (10,822,000 | ) |  |  | (4,852,000 | )
| Assets |  |  | 59,116,000 |  |  |  | 53,787,000 |
Financial information about the Company's operating segments for the nine months ended September 30, 2014 and 2013 are as follows:
Nine Months Ended September 30, |
|  |  | 2014 |  |  | 2013 |
|  |  | (Unaudited) |  |  | (Unaudited) |
AIM |  |  |  |  |  |
| Net Sales |  | $ | 23,944,000 |  |  | $ | 25,528,000 |
| Gross Profit |  |  | 4,315,000 |  |  |  | 4,986,000 |
| Pre Tax Income |  |  | 1,208,000 |  |  |  | 2,037,000 |
| Assets |  |  | 20,952,000 |  |  |  | 25,336,000 |
WMI |  |  |  |  |  |  |  |
| Net Sales |  |  | 10,414,000 |  |  |  | 10,246,000 |
| Gross Profit |  |  | 2,758,000 |  |  |  | 2,694,000 |
| Pre Tax Loss |  |  | (886,000 | ) |  |  | (131,000 | )
| Assets |  |  | 18,386,000 |  |  |  | 10,334,000 |
NTW |  |  |  |  |  |  |  |
| Net Sales |  |  | 7,926,000 |  |  |  | 9,242,000 |
| Gross Profit |  |  | 3,025,000 |  |  |  | 3,340,000 |
| Pre Tax Income |  |  | 441,000 |  |  |  | 746,000 |
| Assets |  |  | 11,970,000 |  |  |  | 13,005,000 |
EPC |  |  |  |  |  |  |  |
| Net Sales |  |  | 1,683,000 |  |  |  | - |
| Gross Profit |  |  | 857,000 |  |  |  | - |
| Pre Tax Income |  |  | 587,000 |  |  |  | - |
| Assets |  |  | 2,858,000 |  |  |  | - |
Corporate |  |  |  |  |  |  |  |
| Net Sales |  |  | - |  |  |  | - |
| Gross Profit |  |  | - |  |  |  | - |
| Pre Tax Loss |  |  | (235,000 | ) |  |  | (489,000 | )
| Assets |  |  | 15,772,000 |  |  |  | 9,964,000 |
Consolidated |  |  |  |  |  |  |  |
| Net Sales |  |  | 43,967,000 |  |  |  | 45,016,000 |
| Gross Profit |  |  | 10,955,000 |  |  |  | 11,020,000 |
| Pre Tax Income |  |  | 1,115,000 |  |  |  | 2,163,000 |
| Benefit From Income Taxes |  |  | (222,000 | ) |  |  | (876,000 | )
| Net Income |  |  | 1,337,000 |  |  |  | 3,039,000 |
| Elimination of Assets |  |  | (10,822,000 | ) |  |  | (4,852,000 | )
| Assets |  |  | 59,116,000 |  |  |  | 53,787,000 |

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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 Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: 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 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 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: 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 7: 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 8: 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 9: 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 10: 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 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 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: 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 14: 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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