Note 16 - Segment Information

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(16)  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 operating segments which are also our reportable segments and 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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Revenue:
Electronic Test	$	10,408		$	8,103		$	28,983		$	25,658
Environmental Technologies		7,631			6,875			22,131			19,720
Process Technologies		12,732			6,166			33,309			17,142
Total revenue	$	30,771		$	21,144		$	84,423		$	62,520
Income from divisional operations:
Electronic Test	$	2,406		$	2,634		$	6,486		$	8,858
Environmental Technologies		1,021			1,090			2,893			3,126
Process Technologies		2,465			1,078			5,764			2,695
Total income from divisional operations		5,892			4,802			15,143			14,679
Corporate expenses		(2,138	)		(1,944	)		(6,312	)		(5,597	)
Acquired intangible amortization		(595	)		(309	)		(2,142	)		(918	)
Other income (expense)		(120	)		(17	)		(425	)		2
Earnings before income tax expense	$	3,039		$	2,532		$	6,264		$	8,166

	September 30,		December 31,
	2022		2021
Identifiable assets:
Electronic Test	$	28,370	$	26,251
Environmental Technologies		17,728		15,411
Process Technologies		55,148		52,120
Corporate		5,455		10,123
	$	106,701	$	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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue:
U.S.	$	12,619	$	6,271	$	35,921	$	18,650
Foreign		18,152		14,873		48,502		43,870
	$	30,771	$	21,144	$	84,423	$	62,520

	September 30,		December 31,
	2022		2021
Property and equipment:
U.S.	$	2,689	$	2,346
Foreign		380		342
	$	3,069	$	2,688