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Segment Reporting | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
SEGMENT REPORTING | Note 10. SEGMENT REPORTING In accordance with FASB ASC 280, “Segment Reporting” (“ASC 280”), 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 follows ASC 280, which establishes standards for reporting information about operating segments in annual and interim financial statements, and requires that companies report financial and descriptive information about their reportable segments based on a management approach. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers. The Company currently divides its operations into three operating segments: Complex Machining, which consists of AIM and NTW; Aerostructures and Electronics which consists of WMI (including WPI, MSI and Compac), Eur-Pac, and ECC; and Turbine Engine Components which consists of Sterling and AMK, for the period January 1, 2017 until it was disposed of on January 27, 2017. Along with our operating subsidiaries, we report the results of our corporate division as an independent segment. The accounting policies of each of the segments are the same as those described in the Summary of Significant Accounting Policies. The Company evaluates performance based on revenue, gross profit contribution and assets employed. Corporate level operating costs are allocated to segments. These costs include corporate costs such as legal, audit, tax and other professional fees including those related to being a public company. Given the pending sale of WMI Group, in the future, the Company may change its reportable operating segments. Financial information about the Company’s operating segments for the three and nine months ended September 30, 2018 and 2017 are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
COMPLEX MACHINING |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 9,690,000 |  |  | $ | 10,198,000 |  |  | $ | 30,022,000 |  |  | $ | 30,562,000 |
Gross Profit |  |  | 1,433,000 |  |  |  | 1,450,000 |  |  |  | 4,925,000 |  |  |  | 5,289,000 |
Pre Tax Income (Loss) |  |  | 530,000 |  |  |  | (90,000 | ) |  |  | 1,303,000 |  |  |  | (383,000 | )
Assets |  |  | 43,418,000 |  |  |  | 44,362,000 |  |  |  | 43,418,000 |  |  |  | 44,362,000 |
AEROSTRUCTURES & ELECTRONICS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  |  | 310,000 |  |  |  | 1,843,000 |  |  |  | 1,585,000 |  |  |  | 4,204,000 |
Gross (Loss) Profit |  |  | (6,000 | ) |  |  | 174,000 |  |  |  | 86,000 |  |  |  | 488,000 |
Pre Tax Income Loss |  |  | (125,000 | ) |  |  | (602,000 | ) |  |  | (652,000 | ) |  |  | (1,750,000 | )
Assets |  |  | 1,320,000 |  |  |  | 2,763,000 |  |  |  | 1,320,000 |  |  |  | 2,763,000 |
TURBINE ENGINE COMPONENTS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  |  | 1,043,000 |  |  |  | 1,649,000 |  |  |  | 3,593,000 |  |  |  | 5,469,000 |
Gross Loss |  |  | (67,000 | ) |  |  | (67,000 | ) |  |  | (60,000 | ) |  |  | (246,000 | )
Pre Tax Loss |  |  | (246,000 | ) |  |  | (613,000 | ) |  |  | (817,000 | ) |  |  | (2,110,000 | )
Assets |  |  | 5,661,000 |  |  |  | 11,220,000 |  |  |  | 5,661,000 |  |  |  | 11,220,000 |
CORPORATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Gross Profit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Pre Tax Loss |  |  | (1,519,000 | ) |  |  | (1,608,000 | ) |  |  | (4,417,000 | ) |  |  | (2,213,000 | )
Assets |  |  | 272,000 |  |  |  | 961,000 |  |  |  | 272,000 |  |  |  | 961,000 |
CONSOLIDATED |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  |  | 11,043,000 |  |  |  | 13,690,000 |  |  |  | 35,200,000 |  |  |  | 40,235,000 |
Gross Profit |  |  | 1,360,000 |  |  |  | 1,557,000 |  |  |  | 4,951,000 |  |  |  | 5,531,000 |
Pre Tax Loss |  |  | (1,360,000 | ) |  |  | (2,913,000 | ) |  |  | (4,583,000 | ) |  |  | (6,456,000 | )
Provision for (Benefit from) Income Taxes |  |  | - |  |  |  | 29,000 |  |  |  | 2,000 |  |  |  | (170,000 | )
(Loss) Income from Discontinued Operations |  |  | (1,770,000 | ) |  |  | 62,000 |  |  |  | 172,000 |  |  |  | 280,000 |
Net Loss |  |  | (3,130,000 | ) |  |  | (2,880,000 | ) |  |  | (4,413,000 | ) |  |  | (6,006,000 | )
Assets Held for Sale |  |  | 12,341,000 |  |  |  | 16,959,000 |  |  |  | 12,341,000 |  |  |  | 16,959,000 |
Assets |  | $ | 63,012,000 |  |  | $ | 76,265,000 |  |  | $ | 63,012,000 |  |  | $ | 76,265,000

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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