Note 15 - Segments

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

15. Segments

The Company’s two reportable business segments are as follows: 

Work Truck Attachments.  The Work Truck Attachments segment includes commercial snow and ice management attachments sold under the FISHER®, WESTERN® and SNOWEX® brands, as well as our vertically integrated products.  This segment consists of our operations that manufacture and sell snow and ice control products.

Work Truck Solutions.  The Work Truck Solutions segment includes manufactured municipal snow and ice control products under the HENDERSON® brand and the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.

Separate financial information is available for the two reportable segments. In addition, segment results include an allocation of all corporate costs to Work Truck Attachments and Work Truck Solutions.

Segment performance is evaluated based on segment net sales and Adjusted EBITDA. Segment results include an allocation of all corporate costs. No single customer’s revenues amounted to 10% or more of the Company’s total revenue. Sales are primarily within the United States and substantially all assets are located within the United States.

All intersegment sales are eliminated in consolidation. Sales between Work Truck Attachments and Work Truck Solutions reflect the Company’s intercompany pricing policy. The following table shows summarized financial information concerning the Company’s reportable segments:

	Three Months Ended			Three Months Ended
	March 31,			March 31,
	2023			2022
Net sales
Work Truck Attachments	$	19,246		$	45,776
Work Truck Solutions		63,299			56,825
	$	82,545		$	102,601
Adjusted EBITDA
Work Truck Attachments	$	(10,231	)	$	3,044
Work Truck Solutions		2,857			1,592
	$	(7,374	)	$	4,636
Depreciation and amortization expense
Work Truck Attachments	$	3,338		$	3,189
Work Truck Solutions		2,019			2,000
	$	5,357		$	5,189
Assets
Work Truck Attachments	$	387,909		$	357,438
Work Truck Solutions		197,379			193,022
	$	585,288		$	550,460
Capital Expenditures
Work Truck Attachments	$	932		$	1,138
Work Truck Solutions		536			218
	$	1,468		$	1,356

Adjusted EBITDA
Work Truck Attachments	$	(10,231	)	$	3,044
Work Truck Solutions		2,857			1,592
Total Adjusted EBITDA	$	(7,374	)	$	4,636
Less items to reconcile Adjusted EBITDA to Loss before taxes:
Interest expense - net		2,864			2,113
Depreciation expense		2,727			2,559
Amortization		2,630			2,630
Stock based compensation		957			1,900
Other charges (1)		74			359
Loss before taxes	$	(16,626	)	$	(4,925	)

(1) Reflects unrelated legal, severance, restructuring, consulting fees, and incremental costs incurred related to the COVID-19 pandemic for the periods presented.