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Segment Reporting

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

SEGMENT REPORTING

Note 11. 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 two operating segments: Complex Machining, which consists of AIM and NTW; and Turbine Engine Components, which consists of Sterling. Along with its operating subsidiaries, the Company reports the results of our corporate division as an independent segment.

For reporting purposes, EPC and ECC have been classified as discontinued operations for the three months ending March 31, 2019.

The accounting policies of each of the segments are the same as those described in the Summary of Significant Accounting Policies. Intersegment transfers are recorded at the transferors cost, and there is no intercompany profit or loss on intersegment transfers. We evaluate performance based on revenue, gross profit contribution and assets employed.

Financial information about the Company's reporting segments for the three months ended March 31, 2020 and 2019 are as follows: 

		For the Three Months Ended March 31,
		2020				2019
		(unaudited)				(unaudited)
COMPLEX MACHINING
Net Sales		$	12,064,000			$	12,418,000
Gross Profit			2,168,000				2,213,000
Pre Tax Income from continuing operations			1,170,000				1,443,000
Assets			48,732,000				45,554,000
TURBINE ENGINE COMPONENTS
Net Sales			1,383,000				1,460,000
Gross Profit			13,000				61,000
Pre Tax Loss from continuing operations			(126,000	)			(170,000	)
Assets			4,569,000				5,235,000
CORPORATE
Net Sales			-				-
Gross Profit			-				-
Pre Tax Loss from continuing operations			(1,400,000	)			(2,268,000	)
Assets			750,000				507,000
CONSOLIDATED
Net Sales			13,447,000				13,878,000
Gross Profit			2,181,000				2,274,000
Pre Tax Loss from continuing operations			(356,000	)			(995,000	)
Benefit from Income Taxes			(1,414,000	)			-
Income from Discontinued Operations, net of taxes			-				72,000
Net Income (Loss)			1,058,000				(923,000	)
Assets		$	54,051,000			$	51,296,000

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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

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