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6 - Segment Information
 12 Months Ended
Dec. 31, 2014
Notes  
6 - Segment Information

6—Segment Information—The Company operates, primarily in the United States, in two business segments as determined by its products.  The fastener segment, which comprises

H & L Tool and the parent company’s fastener operations, includes rivets, cold-formed fasteners and parts and screw machine products.  The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines.  Information by segment is as follows:

 

 

Fastener

Assembly Equipment

Other

Consolidated

Year Ended December 31,  2014:

 

 

 

 

Net Sales………………………………………

$      34,116,301

$      3,018,906

$                   - -

$        37,135,207

 

 

 

 

 

Depreciation……………………………………...

1,123,818

65,621

73,286

1,262,725

 

 

 

 

 

Segment operating profit……………………………………

4,219,161

745,682

- -

4,964,843

Selling and administrative expenses…………..

0

0

(2,114,893)

(2,114,893)

Other income……………………………………..

0

0

56,939

56,939

Income before income taxes……………………

 

 

 

2,906,889

 

 

 

 

 

Capital expenditures…………………………….

1,667,248

42,411

25,382

1,735,041

 

 

 

 

 

 

 

 

 

 

Segment assets:

 

 

 

 

   Accounts receivable, net……………………...

5,362,201

307,453

- -

5,669,654

   Inventories, net………………………………...

4,308,987

853,487

- -

5,162,474

   Property, plant and equipment, net………….

9,267,529

1,113,923

496,543

10,877,995

   Other assets……………………………………

- -

- -

7,257,512

7,257,512

 

 

 

 

28,967,635

 

 

 

 

 

Year Ended December 31, 2013:

 

 

 

 

Net sales………………………………………….

$      33,616,593

$       3,501,237

$                    - -

$        37,117,830

 

 

 

 

 

Depreciation……………………………………...

957,078

59,195

76,789

1,093,062

 

 

 

 

 

Segment operating profit……………………………………

4,659,006

943,887

- -

5,602,893

Selling and administrative expenses…………..

0

0

(2,137,699)

(2,137,699)

Other income……………………………………..

0

0

160,835

160,835

Income before income taxes……………………

 

 

 

3,626,029

 

 

 

 

 

Capital expenditures…………………………….

3,092,842

90,010

292,006

3,474,858

 

 

 

 

 

Segment assets:

 

 

 

 

   Accounts receivable, net……………………

5,277,378

233,392

- -

5,510,770

   Inventories, net………………………………...

4,076,781

804,007

- -

4,880,788

   Property, plant and equipment, net………….

8,727,541

1,137,133

544,446

10,409,120

   Other assets……………………………………

- -

- -

7,356,668

7,356,668

 

 

 

 

28,157,346

The Company does not allocate certain selling and administrative expenses for internal reporting, thus, no allocation was made for these expenses for segment disclosure purposes.  Segment assets reported internally are limited to accounts receivable, inventory and long-lived assets.  Certain long-lived assets of one plant location are allocated between the two segments based on estimated plant utilization, as this plant serves both fastener and assembly equipment activities.  Other assets are not allocated to segments internally and to do so would be impracticable.  Sales to two customers in the fastener segment accounted for 20 and 18 percent and 13 and 14 percent of consolidated revenues during 2014 and 2013, respectively.  The accounts receivable balances for these customers accounted for 23 and 20 percent of consolidated accounts receivable for the larger customer and 12 and 16 percent for the other customer as of December 31, 2014 and 2013, respectively.