SEGMENT REPORTING

9 Months Ended

Sep. 30, 2017

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 and Electronics which consists of WMI, WPI, Miller Stuart (until merged into WMI in May 2017), Eur-Pac, ECC and Compac; and Turbine Engine Components which consists of Sterling and for the period January 1, 2016, to January 27, 2017, AMK.

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, 2017 and 2016 are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
COMPLEX MACHINING
Net Sales	$	10,198,000		$	9,254,000		$	30,562,000		$	27,022,000
Gross Profit		1,449,000			1,476,000			5,289,000			5,898,000
Pre Tax Loss		(90,000	)		(963,000	)		(383,000	)		(856,000	)
Assets		44,362,000			54,159,000			44,362,000			54,159,000
AEROSTRUCTURES & ELECTRONICS
Net Sales		5,431,000			3,738,000			14,484,000			14,939,000
Gross Profit		775,000			674,000			2,735,000			3,068,000
Pre Tax Loss		(539,000	)		(893,000	)		(1,470,000	)		(1,832,000	)
Assets		19,722,000			19,562,000			19,722,000			19,562,000
TURBINE ENGINE COMPONENTS
Net Sales		1,649,000			2,718,000			5,469,000			8,296,000
Gross Profit		(67,000	)		(153,000	)		(246,000	)		7,000
Pre Tax Loss		(614,000	)		(1,248,000	)		(2,110,000	)		(2,900,000	)
Assets		11,220,000			17,645,000			11,220,000			17,645,000
CORPORATE
Net Sales		—			—			—			—
Gross Profit		—			—			—			—
Pre Tax Income (Loss)		(1,608,000	)		(263,000	)		(2,213,000	)		(243,000	)
Assets		961,000			574,000			961,000			574,000
CONSOLIDATED
Net Sales		17,278,000			15,710,000			50,515,000			50,257,000
Gross Profit		2,157,000			1,997,000			7,778,000			8,973,000
Pre Tax Loss		(2,851,000	)		(3,367,000	)		(6,176,000	)		(5,831,000	)
Benefit from (Provision for) Income Taxes		(29,000	)		1,320,000			170,000			2,102,000
Net Loss		(2,880,000	)		(2,047,000	)		(6,006,000	)		(3,729,000	)
Assets	$	76,265,000		$	91,940,000		$	76,265,000		$	91,940,000