Segment Information

12 Months Ended

Dec. 31, 2024

Segment Information [Abstract]

Segment Information

10. Segment Information

The Company aligns its businesses into three reportable business segments based on geographical location. This segment structure reflects (i) the manner in which the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, regularly assesses information for decision-making purposes, including the allocation of resources, and (ii) how the Company operates its businesses, assesses performance, and communicates results and strategy, among other items, to the Board and its stockholders.

The Company’s reportable business segments consist of: (1) United States; (2) Canada; and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, the Company’s CODM reviews the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of i) first aid and medical products and ii) cutting and sharpening tools to school, home, office, hardware, sporting and industrial markets.

The Company's CODM evaluates the performance of each operating segment based on segment revenues and operating income. Segment revenues are defined as total revenues, excluding inter-segment revenue. Segment operating earnings are defined as segment revenues, less cost of goods sold and operating expenses. Assets are reviewed by the CODM on a consolidated basis and therefore are not presented by reportable business segment.

The following table sets forth certain financial data by segment for the years ended December 31, 2024 and 2023:

Financial data by segment:

(000’s omitted)

For the twelve months ended December 31, 2024
(amounts in 000's)
	United States		Canada		Europe		Total
Net Sales	$	166,152	$	13,261	$	15,077	$	194,490
Less: Segment cost of sales		100,092		8,294		9,753		118,139
Less: Segment selling, general, and administrative expenses		52,815		4,269		5,127		62,211
Segment operating income	$	13,245	$	698	$	197	$	14,140
Interest expense								(2,083	)
Interest income								141
Other income, net								95
Income before income taxes							$	12,293
Assets		143,538		9,677		8,956		162,171
Additions to property, plant and equipment		6,866		197		85		7,148
Depreciation and amortization		5,663		350		56		6,069
For the twelve months ended December 31, 2023
(amounts in 000's)
	United States		Canada		Europe		Total
Net Sales	$	163,205	$	13,891	$	14,405	$	191,501
Less: Segment cost of sales		101,531		8,407		9,353		119,291
Less: Segment selling, general, and administrative expenses		50,198		4,618		4,206		59,022
Segment operating income	$	11,477	$	866	$	845	$	13,188
Interest expense								(3,096	)
Interest income								119
Gain on sale of business								12,564
Other (expense), net								(41	)
Income before income taxes							$	22,734
Assets		131,382		8,557		9,302		149,241
Additions to property, plant and equipment		4,626		—		47		4,673
Depreciation and amortization		4,833		102		76		5,011

The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer.

(000’s omitted)

Revenues	2024		2023
United States	$	165,080	$	162,070
International:
Canada		13,261		13,891
Europe		15,077		14,405
Other		1,072		1,135
Total International	$	29,410	$	29,431
Total Revenues	$	194,490	$	191,501

The table below presents long-lived assets by geographic area. Long-lived assets are attributed to countries based on location of the asset.

(000’s omitted)

Long-lived assets	2024		2023
United States	$	62,499	$	55,006
International:
Canada		3,814		1,691
Europe		266		252
Other		130		268
Total International	$	4,210	$	2,211
Total Long-lived assets	$	66,709	$	57,217