Note 15 - Segments

3 Months Ended

Mar. 31, 2024

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,
	2024			2023
Net sales
Work Truck Attachments	$	23,840		$	19,246
Work Truck Solutions		71,815			63,299
	$	95,655		$	82,545
Adjusted EBITDA
Work Truck Attachments	$	(4,468	)	$	(10,231	)
Work Truck Solutions		6,002			2,857
	$	1,534		$	(7,374	)
Depreciation and amortization expense
Work Truck Attachments	$	3,347		$	3,338
Work Truck Solutions		1,998			2,019
	$	5,345		$	5,357
Assets
Work Truck Attachments	$	374,045		$	387,909
Work Truck Solutions		203,031			197,379
	$	577,076		$	585,288
Capital Expenditures
Work Truck Attachments	$	675		$	932
Work Truck Solutions		99			536
	$	774		$	1,468

Adjusted EBITDA
Work Truck Attachments	$	(4,468	)	$	(10,231	)
Work Truck Solutions		6,002			2,857
Total Adjusted EBITDA	$	1,534		$	(7,374	)
Less items to reconcile Adjusted EBITDA to Loss before taxes:
Interest expense - net		3,524			2,864
Depreciation expense		2,715			2,727
Amortization		2,630			2,630
Stock based compensation		355			957
Impairment charges (1)		1,224			-
Other charges (2)		1,029			74
Loss before taxes	$	(9,943	)	$	(16,626	)

(1)	Reflects impairment charges taken on certain internally developed software in the three months ended March 31, 2024.
(2)	Reflects unrelated legal, severance, restructuring, and consulting fees for the periods presented.