Segment Operations

3 Months Ended

Aug. 31, 2013

Segment Operations

NOTE L – Segment Operations

During the first quarter of fiscal 2014, we made certain organizational changes impacting the internal reporting and management structure of our Steel Packaging operating segment. As a result of these organizational changes, management responsibilities and internal reporting were realigned under our Steel Processing operating segment. Segment information reported in previous periods has been restated to conform to this new presentation.

Summarized financial information for our reportable segments is shown in the following table:

	Three Months Ended August 31,
(in thousands)	2013			2012
Net sales
Steel Processing	$	402,441		$	385,013
Pressure Cylinders		216,900			194,236
Engineered Cabs		48,461			64,495
Other		24,489			22,291
Consolidated net sales	$	692,291		$	666,035
Operating income (loss)
Steel Processing	$	22,663		$	16,659
Pressure Cylinders		19,454			15,026
Engineered Cabs		(304	)		4,694
Other		(3,175	)		(2,961	)
Consolidated operating income	$	38,638		$	33,418
Restructuring and other expense (income)
Steel Processing	$	(4,762	)	$	-
Pressure Cylinders		402			6
Engineered Cabs		-			-
Other		363			397
Consolidated restructuring and other expense (income)	$	(3,997	)	$	403
Impairment of long-lived assets
Steel Processing	$	4,641		$	-
Pressure Cylinders		-			1,570
Engineered Cabs		-			-
Other		-			-
Consolidated impairment of long-lived assets	$	4,641		$	1,570
Joint venture transactions
Steel Processing	$	-		$	-
Pressure Cylinders		-			-
Engineered Cabs		-			-
Other		142			(1,162	)
Consolidated joint venture transactions	$	142		$	(1,162	)

	August 31,		May 31,
(in thousands)	2013		2013
Total assets
Steel Processing	$	843,385	$	610,464
Pressure Cylinders		718,791		742,686
Engineered Cabs		200,815		201,048
Other		330,069		396,659
Consolidated total assets	$	2,093,060	$	1,950,857