Note 19 - Segment Information

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(19)  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 year 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 division operating income which represents the operating segments’ earnings before income tax expense and excludes other income (expense), corporate expenses and acquired intangible amortization. 

We operate our business worldwide and sell our products both domestically and internationally. All of our segments sell to semiconductor manufacturers, third-party test and assembly houses and ATE manufacturers and to a variety of markets outside of the semi market, including the automotive, defense/aerospace, industrial, life sciences, security and other markets.

	Years Ended December 31,
	2022			2021
Revenue:
Electronic Test	$	40,219		$	32,509
Environmental Technologies		30,172			26,896
Process Technologies		46,437			25,473
Total Revenue	$	116,828		$	84,878
Division operating income:
Electronic Test	$	9,931		$	10,926
Environmental Technologies		3,817			4,236
Process Technologies		8,230			3,819
Total division operating income		21,978			18,981
Corporate expenses		(8,563	)		(9,082	)
Acquired intangible amortization		(2,694	)		(1,440	)
Other income (expense)		(576	)		(57	)
Earnings before income tax expense	$	10,145		$	8,402

	December 31,
	2022		2021
Identifiable assets:
Electronic Test	$	31,143	$	26,251
Environmental Technologies		18,040		15,411
Process Technologies		56,866		52,120
Corporate		4,017		10,123
	$	110,066	$	103,905
Capital expenditures:
Electronic Test	$	80	$	423
Environmental Technologies		368		313
Process Technologies		543		206
Corporate		374		52
	$	1,365	$	994

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

	Years Ended December 31,
	2022		2021
Revenue:
U.S.	$	49,096	$	26,802
Foreign		67,732		58,076
	$	116,828	$	84,878

	December 31,
	2022		2021
Property and equipment:
U.S.	$	2,658	$	2,346
Foreign		474		342
	$	3,132	$	2,688