SEGMENT REPORTING

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

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 & Electronics which consists of WMI, WPI, Miller Stuart, Eur-Pac, ECC and Compac; and Turbine Engine Components which consists of AMK and Sterling.

The accounting policies of each segment 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.

Financial information about the Company’s operating segments for the three and nine months ended September 30, 2016 and 2015 are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
COMPLEX MACHINING
Net Sales	$	9,254,000		$	10,687,000		$	27,022,000		$	29,281,000
Gross Profit		1,476,000			2,568,000			5,898,000			6,886,000
Pre Tax (Loss) Income		(963,000)			549,000			(856,000	)		733,000
Assets		54,159,000			47,811,000			54,159,000			47,811,000
AEROSTRUCTURES & ELECTRONICS
Net Sales		3,738,000			7,408,000			14,939,000			19,468,000
Gross Profit		674,000			1,449,000			3,068,000			5,008,000
Pre Tax (Loss) Income		(893,000	)		(126,000	)		(1,832,000	)		598,000
Assets		19,562,000			22,683,000			19,562,000			22,683,000
TURBINE ENGINE COMPONENTS
Net Sales		2,718,000			2,981,000			8,296,000			8,195,000
Gross Profit		(153,000)			161,000			7,000			550,000
Pre Tax  (Loss) Income		(1,248,000	)		(812,000	)		(2,900,000	)		(2,010,000	)
Assets		17,645,000			18,078,000			17,645,000			18,078,000
CORPORATE
Net Sales		-			-			-			-
Gross Profit		-			-			-			-
Pre Tax (Loss) Income		(263,000)			-			(243,000)			-
Assets		574,000			596,000			574,000			596,000
CONSOLIDATED
Net Sales		15,710,000			21,076,000			50,257,000			56,944,000
Gross Profit		1,997,000			4,178,000			8,973,000			12,444,000
Pre Tax (Loss) Income		(3,367,000	)		(389,000	)		(5,831,000	)		(679,000	)
Benefit from Income Taxes		1,320,000			726,000			2,102,000			519,000
Net (Loss) Income		(2,047,000	)		337,000			(3,729,000	)		(160,000	)
Assets	$	91,940,000		$	89,168,000		$	91,940,000		$	89,168,000