Segment Reporting (Tables)

3 Months Ended

Apr. 01, 2022

The below table presents financial information for each segment and a reconciliation of EBITDA to Net Income (the most directly comparable GAAP financial measure) for the first quarter of 2022 and 2021:


(Thousands)	Three months ended April 1, 2022		Three months ended April 2, 2021
Net sales:
Performance Materials (1)	149,630		114,143
Electronic Materials(1)	270,836		204,644
Precision Optics	28,579		35,599
Other	—		—
Net sales	$	449,045	$	354,386
Segment EBITDA:
Performance Materials	24,792		16,792
Electronic Materials	12,148		10,930
Precision Optics	2,191		7,471
Other	(5,177)		(5,600)
Total Segment EBITDA	33,954		29,593
Income tax expense	3,021		3,466
Interest expense - net	3,735		761
Depreciation, depletion and amortization	13,179		8,599
Net income	14,019		16,767

(1) Excludes inter-segment sales of $5.5 million for the first quarter of 2022 and $2.7 million for the first quarter of 2021 for Electronic Materials and $0.3 million for the first quarter of 2022 for Performance Materials. Inter-segment sales are eliminated in consolidation.

Disaggregation of Revenue

The following table disaggregates revenue for each segment by end market for the first quarter of 2022 and 2021:


(Thousands)	Performance Materials		Electronic Materials		Precision Optics		Other		Total
First Quarter 2022
End Market
Semiconductor	$	1,800	$	214,922	$	1,327	$	—	$	218,049
Industrial	40,819		15,866		8,434		—		65,119
Aerospace and defense	23,684		2,614		5,145		—		31,443
Consumer electronics	13,002		325		5,312		—		18,639
Automotive	22,235		1,657		2,464		—		26,356
Energy	10,099		29,119		—		—		39,218
Telecom and data center	16,081		45		—		—		16,126
Other	21,910		6,288		5,897		—		34,095
Total	$	149,630	$	270,836	$	28,579	$	—	$	449,045

First Quarter 2021
End Market
Semiconductor	$	997	$	155,061	$	471	$	—	$	156,529
Industrial	24,030		12,590		7,375		—		43,995
Aerospace and defense	21,842		1,398		6,576		—		29,816
Consumer electronics	10,044		165		9,460		—		19,669
Automotive	23,507		1,669		2,193		—		27,369
Energy	4,137		27,190		—		—		31,327
Telecom and data center	11,343		70		—		—		11,413
Other	18,243		6,501		9,524		—		34,268
Total	$	114,143	$	204,644	$	35,599	$	—	$	354,386