Segment Operations

9 Months Ended

Feb. 28, 2014

Segment Operations

NOTE M – 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 February 28,						Nine Months Ended February 28,
(in thousands)	2014			2013			2014			2013
Net sales
Steel Processing	$	477,983		$	353,879		$	1,372,558		$	1,082,998
Pressure Cylinders		233,290			205,206			664,212			606,936
Engineered Cabs		51,485			48,628			147,814			170,927
Other		10,472			11,814			50,837			47,323
Consolidated net sales	$	773,230		$	619,527		$	2,235,421		$	1,908,184
Operating income (loss)
Steel Processing	$	28,264		$	17,701		$	85,713		$	48,166
Pressure Cylinders		21,278			17,860			49,007			49,965
Engineered Cabs		(1,088	)		108			(22,284	)		5,367
Other		(3,165	)		(2,263	)		(9,010	)		(7,852	)
Consolidated operating income	$	45,289		$	33,406		$	103,426		$	95,646
Restructuring and other expense (income)
Steel Processing	$	1,380		$	-		$	(3,382	)	$	-
Pressure Cylinders		412			177			(1,035	)		183
Engineered Cabs		-			-			-			-
Other		(394	)		(31	)		636			1,628
Consolidated restructuring and other expense (income)	$	1,398		$	146		$	(3,781	)	$	1,811
Impairment of long-lived assets
Steel Processing	$	-		$	-		$	4,641		$	-
Pressure Cylinders		-			-			11,634			1,520
Engineered Cabs		-			-			19,100			-
Other		-			-			-			-
Consolidated impairment of long-lived assets	$	-		$	-		$	35,375		$	1,520
Joint venture transactions
Steel Processing	$	-		$	-		$	-		$	-
Pressure Cylinders		-			-			-			-
Engineered Cabs		-			-			-			-
Other		120			253			1,048			(1,188	)
Consolidated joint venture transactions	$	120		$	253		$	1,048		$	(1,188	)

(in thousands)	February 28, 2014		May 31, 2013
Total assets
Steel Processing	$	856,119	$	610,464
Pressure Cylinders		780,191		742,686
Engineered Cabs		176,620		201,048
Other		312,977		396,659
Consolidated total assets	$	2,125,907	$	1,950,857