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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

Note 8. Segment information

 

The Company operates in the United States in two business segments as determined by its products. The fastener segment is comprised of H & L Tool and the parent company’s fastener operations, which 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.

 

The Company determined that its business segments also represent its reportable segments. The reportable segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by the Company's chief operating decision maker (“CODM”) to assess operating performance and allocate resources. The CODM is the Company’s Chief Executive Officer, Mr. Gregory D. Rizzo. The Company's CODM evaluates segment performance based on gross profit, segment operating income (loss) less depreciation, and capital expenditures. The information provided to the Company's CODM excludes for purposes of making decisions and assessing segment performance other assets or other income information. Information by segment is as follows:

 

Fastener

 

 

Assembly
Equipment

 

 

Other

 

 

Consolidated

 

Three Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

6,398,873

 

 

$

926,335

 

 

$

—

 

 

$

7,325,208

 

Add: intercompany sales adjustment

 

 

35,076

 

 

 

-

 

 

 

-

 

 

 

35,076

 

Total sales to external customers

 

 

6,433,949

 

 

 

926,335

 

 

 

-

 

 

 

7,360,284

 

Cost of goods sold

 

 

5,555,772

 

 

 

475,016

 

 

 

-

 

 

 

6,030,788

 

Segment gross profit

 

 

878,177

 

 

 

451,319

 

 

 

-

 

 

 

1,329,496

 

Selling and engineering expenses

 

 

60,848

 

 

 

3,520

 

 

 

205,769

 

 

 

270,137

 

Administrative expenses

 

 

444,392

 

 

 

2,352

 

 

 

548,045

 

 

 

994,789

 

Operating income (loss)

 

 

372,937

 

 

 

445,447

 

 

 

(753,814

)

 

 

64,570

 

Other income

 

 

35

 

 

 

473

 

 

 

2,203

 

 

 

2,711

 

Income (loss) before income taxes

 

$

372,972

 

 

$

445,920

 

 

$

(751,611

)

 

$

67,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

277,035

 

 

$

21,428

 

 

$

-

 

 

$

298,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

145,915

 

 

$

-

 

 

$

-

 

 

$

145,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

19,006,722

 

 

$

2,913,861

 

 

$

—

 

 

$

21,920,583

 

Less: intercompany sales

 

 

(16,586

)

 

 

-

 

 

 

-

 

 

 

(16,586

)

Total sales to external customers

 

 

18,990,136

 

 

 

2,913,861

 

 

 

-

 

 

 

21,903,997

 

Cost of goods sold

 

 

16,461,131

 

 

 

1,480,566

 

 

 

-

 

 

 

17,941,697

 

Segment gross profit

 

 

2,529,005

 

 

 

1,433,295

 

 

 

-

 

 

 

3,962,300

 

Selling and engineering expenses

 

 

205,680

 

 

 

19,521

 

 

 

576,834

 

 

 

802,035

 

Administrative expenses

 

 

1,384,588

 

 

 

13,398

 

 

 

2,044,966

 

 

 

3,442,952

 

Operating income (loss)

 

 

938,737

 

 

 

1,400,376

 

 

 

(2,621,800

)

 

 

(282,687

)

Other income (1)

 

 

35

 

 

 

339,992

 

 

 

16,275

 

 

 

356,302

 

Income (loss) before income taxes

 

$

938,772

 

 

$

1,740,368

 

 

$

(2,605,525

)

 

$

73,615

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

843,942

 

 

$

76,286

 

 

$

-

 

 

$

920,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

239,618

 

 

$

-

 

 

$

-

 

 

$

239,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

$

4,178,673

 

 

$

670,551

 

 

$

-

 

 

$

4,849,224

 

Inventories, net

 

 

4,585,904

 

 

 

1,763,291

 

 

 

-

 

 

 

6,349,195

 

Property, plant and equipment, net

 

 

8,824,759

 

 

 

1,224,258

 

 

 

-

 

 

 

10,049,017

 

Other assets

 

 

-

 

 

 

10,460

 

 

 

2,770,354

 

 

 

2,780,814

 

Total assets

 

 

 

 

 

 

 

 

 

 

$

24,028,250

 

 

(1) Includes a one-time gain of $339,520 in the Assembly Equipment segment, from the sale of the Albia manufacturing facility in February 2025.

 

 

Fastener

 

 

Assembly
Equipment

 

 

Other

 

 

Consolidated

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

5,934,820

 

 

$

1,042,605

 

 

$

—

 

 

$

6,977,426

 

Less: intercompany sales

 

 

(7,505

)

 

 

-

 

 

 

-

 

 

 

(7,505

)

Total sales to external customers

 

 

5,927,316

 

 

 

1,042,605

 

 

 

-

 

 

 

6,969,921

 

Cost of goods sold

 

 

5,231,973

 

 

 

1,042,961

 

 

 

-

 

 

 

6,274,934

 

Segment gross profit (loss)

 

 

695,342

 

 

 

(355

)

 

 

-

 

 

 

694,987

 

Selling and engineering expenses

 

 

82,650

 

 

 

4,769

 

 

 

177,211

 

 

 

264,630

 

Administrative expenses

 

 

518,875

 

 

 

104,158

 

 

 

630,895

 

 

 

1,253,928

 

Operating income (loss)

 

 

93,817

 

 

 

(109,282

)

 

 

(808,106

)

 

 

(823,571

)

Other income

 

 

38,806

 

 

 

2

 

 

 

(10,662

)

 

 

28,146

 

Income (loss) before income taxes

 

$

132,623

 

 

$

(109,280

)

 

$

(818,768

)

 

$

(795,425

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

305,612

 

 

$

18,384

 

 

$

540

 

 

$

324,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

307,773

 

 

$

2,959

 

 

$

-

 

 

$

310,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

19,592,324

 

 

$

3,321,859

 

 

$

—

 

 

$

22,914,184

 

Less: intercompany sales

 

 

(31,605

)

 

 

-

 

 

 

-

 

 

 

(31,605

)

Total sales to external customers

 

 

19,560,720

 

 

 

3,321,859

 

 

 

-

 

 

 

22,882,579

 

Cost of goods sold

 

 

17,423,963

 

 

 

2,603,621

 

 

 

-

 

 

 

20,027,584

 

Segment gross profit

 

 

2,136,756

 

 

 

718,239

 

 

 

-

 

 

 

2,854,995

 

Selling and engineering expenses

 

 

278,376

 

 

 

5,837

 

 

 

537,240

 

 

 

821,453

 

Administrative expenses

 

 

1,663,190

 

 

 

137,229

 

 

 

1,852,438

 

 

 

3,652,857

 

Operating income (loss)

 

 

195,190

 

 

 

575,173

 

 

 

(2,389,678

)

 

 

(1,619,315

)

Other income

 

 

38,806

 

 

 

2

 

 

 

63,762

 

 

 

102,570

 

Income (loss) before income taxes

 

$

233,996

 

 

$

575,175

 

 

$

(2,325,916

)

 

$

(1,516,745

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

890,986

 

 

$

77,352

 

 

$

1,620

 

 

$

969,958

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

427,001

 

 

$

282,395

 

 

$

-

 

 

$

709,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

$

4,046,025

 

 

$

560,775

 

 

$

-

 

 

$

4,606,800

 

Inventories, net

 

 

6,032,338

 

 

 

1,372,444

 

 

 

-

 

 

 

7,404,782

 

Property, plant and equipment, net

 

 

9,772,397

 

 

 

1,572,657

 

 

 

-

 

 

 

11,345,054

 

Other assets

 

 

-

 

 

 

19,907

 

 

 

3,014,972

 

 

 

3,034,879

 

Total assets

 

 

 

 

 

 

 

 

 

 

$

26,391,515

 

 

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. Other income represents interest on securities and gain on sale of real estate asset. Segment assets reported internally are limited to accounts receivable, contract assets, 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.

The following table presents revenue by segment, further disaggregated by end-market:

 

 

Fastener

 

 

Assembly
Equipment

 

 

Consolidated

 

Three Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

Automotive

 

$

4,228,502

 

 

$

17,971

 

 

$

4,246,473

 

Non-automotive

 

 

2,205,447

 

 

 

908,364

 

 

 

3,113,811

 

Total net sales

 

$

6,433,949

 

 

$

926,335

 

 

$

7,360,284

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Automotive

 

$

3,578,390

 

 

$

14,386

 

 

$

3,592,776

 

Non-automotive

 

 

2,348,926

 

 

 

1,028,219

 

 

 

3,377,145

 

Total net sales

 

$

5,927,316

 

 

$

1,042,605

 

 

$

6,969,921

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

Automotive

 

$

11,876,239

 

 

$

168,612

 

 

$

12,044,851

 

Non-automotive

 

 

7,113,897

 

 

 

2,745,249

 

 

 

9,859,146

 

Total net sales

 

$

18,990,136

 

 

$

2,913,861

 

 

$

21,903,997

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Automotive

 

$

13,050,096

 

 

$

171,094

 

 

$

13,221,190

 

Non-automotive

 

 

6,510,624

 

 

 

3,150,765

 

 

 

9,661,389

 

Total net sales

 

$

19,560,720

 

 

$

3,321,859

 

 

$

22,882,579

 

 

The following table presents revenue by segment, further disaggregated by location:

 

 

Fastener

 

 

Assembly
Equipment

 

 

Consolidated

 

Three Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

United States

 

$

4,749,613

 

 

$

760,526

 

 

$

5,510,139

 

Foreign

 

 

1,684,336

 

 

 

165,809

 

 

 

1,850,145

 

Total net sales

 

$

6,433,949

 

 

$

926,335

 

 

$

7,360,284

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

United States

 

$

4,657,979

 

 

$

659,306

 

 

$

5,317,285

 

Foreign

 

 

1,269,337

 

 

 

383,299

 

 

 

1,652,636

 

Total net sales

 

$

5,927,316

 

 

$

1,042,605

 

 

$

6,969,921

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

United States

 

$

13,985,776

 

 

$

2,326,323

 

 

$

16,312,099

 

Foreign

 

 

5,004,360

 

 

 

587,538

 

 

 

5,591,898

 

Total net sales

 

$

18,990,136

 

 

$

2,913,861

 

 

$

21,903,997

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

United States

 

$

15,694,640

 

 

$

2,871,084

 

 

$

18,565,724

 

Foreign

 

 

3,866,080

 

 

 

450,775

 

 

 

4,316,855

 

Total net sales

 

$

19,560,720

 

 

$

3,321,859

 

 

$

22,882,579