Note 15 - Segment Information

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(15)  SEGMENT INFORMATION

During the year ended December 31, 2021, we managed our business as two operating segments which were also our reportable segments and reporting units: Thermal and EMS. As previously discussed in Note 1, effective January 1, 2022, we reorganized our segments to better align with our plan to manage and report our business going forward. This change in our operating and reporting structure reflects the evolution of our business, particularly as a result of the broadening of our product portfolio through the acquisitions we completed in the fourth quarter of 2021, which are discussed more fully in Note 3. Accordingly, for 2022, we have three reportable segments which are also our reporting units: Electronic Test (which includes our semiconductor test equipment, flying probe and in-circuit testers), Environmental Technologies (which includes our thermal test, process and storage products) and Process Technologies (which includes our induction heating and video imaging products). Prior period information has been reclassified to be comparable to the current period’s presentation.  

Our management team, including our CEO who is also our Chief Operating Decision Maker as defined under U.S. GAAP, evaluates the performance of our operating segments primarily on income from divisional operations which represents earnings before income tax expense and excludes other income (expense), corporate expenses and acquired intangible amortization.

	Three Months Ended March 31,
	2022			2021
Revenue:
Electronic Test	$	8,778		$	8,501
Environmental Technologies		6,993			6,198
Process Technologies		8,310			4,857
Total revenue	$	24,081		$	19,556
Income from divisional operations:
Electronic Test	$	1,887		$	2,987
Environmental Technologies		802			923
Process Technologies		730			456
Total income from divisional operations		3,419			4,366
Corporate expenses		(1,835	)		(1,482	)
Acquired intangible amortization		(782	)		(304	)
Other income (expense)		(147	)		(2	)
Earnings before income tax expense	$	655		$	2,578

	March 31,		December 31,
	2022		2021
Identifiable assets:
Electronic Test	$	28,319	$	26,251
Environmental Technologies		15,736		15,411
Process Technologies		51,737		52,120
Corporate		7,142		10,123
	$	102,934	$	103,905

The following table provides information about our geographic areas of operation. Revenue is based on the location to which the goods are shipped.

	Three Months Ended March 31,
	2022		2021
Revenue:
U.S.	$	9,234	$	5,747
Foreign		14,847		13,809
	$	24,081	$	19,556

	March 31,		December 31,
	2022		2021
Property and equipment:
U.S.	$	2,433	$	2,346
Foreign		371		342
	$	2,804	$	2,688