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Segment Reporting
 6 Months Ended
Feb. 29, 2012
Segment Reporting  
Segment Reporting Disclosure [Text Block]

13.           SEGMENT INFORMATION

 

The Company has four principal reportable segments. These reportable segments were determined based on the nature of the products offered.  Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. 

 

The Company evaluates performance based on several factors, of which the primary financial measure is business segment income before taxes.  The following tables show the operations of the Company's reportable segments.

 

Following is a summary of segmented information for the six month periods ended February 29, 2012 and February 28, 2011:

 

 

2012

 

2011

 

 

 

 

 

 

Sales to unaffiliated customers:

 

 

 

 

Industrial wood products

$ 3,707,195

 

$ 3,950,434

 

Lawn, garden, pet and other

10,950,187

 

10,707,328

 

Seed processing and sales

3,260,536

 

2,353,401

 

Industrial tools and clamps

1,074,489

 

933,902

 

 

$ 18,992,407

 

$17,945,065

 

 

 

 

 

 

Income (loss) before income taxes:

 

 

 

 

Industrial wood products

$ (120,214)

 

$ (243,156)

 

Lawn, garden, pet and other

879,921

*

983,154

*

Seed processing and sales

120,593

 

113,225

 

Industrial tools and clamps

9,548

 

40,824

 

Unallocated overhead

(54,477)

 

(55,654)

 

 

$ 835,371

 

$ 838,393

 

 

 

 

 

 

Identifiable assets:

 

 

 

 

Industrial wood products

$ 2,293,515

 

$ 2,716,702

 

Lawn, garden, pet and other

15,102,911

 

16,605,723

 

Seed processing and sales

380,542

 

848,392

 

Industrial tools and clamps

611,423

 

612,665

 

Unallocated overhead

57,990

 

74,347

 

 

$18,446,381

 

$ 20,857,829

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

Industrial wood products

$ 806

 

$ 931

 

Lawn, garden, pet and other

113,017

 

119,062

 

Seed processing and sales

9,367

 

9,871

 

Industrial tools and clamps

2,305

 

1,270

 

 

$ 125,495

 

$ 131,134

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

Industrial wood products

$   -

 

$  -

 

Lawn, garden, pet and other

19,053

 

1,590

 

Seed processing and sales

1,478

 

33,979

 

Industrial tools and clamps

10,000

 

-

 

 

$ 30,531

 

$ 35,569

 

 

 

 

 

 

Interest expense:

 

 

 

 

Lawn, garden, pet and other

$   -

 

$ 16,023

 

 

* For comparability purposes, the 2012 amount excludes reversal of litigation reserve of $1,443,629. The 2011 amount excludes one-time charges for litigation reserve of ($962,137) and related interest of ($408,014).

 

The following table lists sales made by the Company to customers which were in excess of 10% of total sales for the six months ended February 29, 2012 and February 28, 2011:

 

 

2012

 

2011

Sales

$  3,025,478

 

$   5,428,364

 

The Company conducts business primarily in the United States, but also has limited amounts of sales in foreign countries. The following table lists sales by country for the six months ended February 29, 2012 and February 28, 2011:

 

 

2012

 

2011

 

 

 

 

United States

$  17,124,159

 

$  15,814,213

Canada

1,078,507

 

1,381,387

Mexico

449,967

 

125,013

Europe

260,345

 

215,953

Asia/Pacific

79,429

 

346,843

Africa

-

 

34,381

South America

-

 

27,275

 

All of the Company’s significant identifiable assets were located in the United States as of February 29, 2012 and February 28, 2011.