Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Net Sales and Income from Operation by Business Segment

The financial segment information is presented in the following tables:

	Three Months Ended June 30,					Six Months Ended June 30,
(dollars in thousands)	2016			2015		2016			2015
Net Sales (less intra-, inter-segment sales)
Environmental Segment	$	44,211		$	41,798	$	83,333		$	83,514
Energy Segment		52,867			27,303		100,799			51,652
Fluid Handling and Filtration Segment		15,413			17,745		32,008			32,939
Corporate and Other⁽¹⁾		(233	)		115		(707	)		(159	)
Net sales	$	112,258		$	86,961	$	215,433		$	167,946

⁽¹⁾	Includes adjustment for revenue on intercompany jobs.

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2016			2015			2016			2015
Income from Operations
Environmental Segment	$	6,119		$	5,140		$	10,865		$	9,158
Energy Segment		6,367			215			11,563			635
Fluid Handling and Filtration Segment		3,200			4,431			6,398			7,387
Corporate and Other⁽²⁾		(6,618	)		(5,074	)		(13,537	)		(8,891	)
Eliminations		(507	)		(224	)		(921	)		(822	)
Income from operations	$	8,561		$	4,488		$	14,368		$	7,467

⁽²⁾	Includes corporate compensation, professional services, information technology, acquisition and integration expenses, and other general and administrative corporate expenses.

Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2016		2015		2016		2015
Property and Equipment Additions
Environmental Segment	$	115	$	17	$	228	$	81
Energy Segment		220		139		304		179
Fluid Handling and Filtration Segment⁽³⁾		3,301		63		3,310		68
Corporate and Other		2		3		6		13
Property and equipment additions	$	3,638	$	222	$	3,848	$	341

⁽³⁾	Includes noncash additions of $3,296 for property, plant, and equipment acquired under capital leases during the second quarter of 2016. See Note 15 for further detail.

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2016		2015		2016		2015
Depreciation and Amortization
Environmental Segment	$	907	$	1,104	$	1,874	$	2,257
Energy Segment		2,939		760		5,741		1,431
Fluid Handling and Filtration Segment		1,254		1,590		2,648		3,186
Corporate and Other		32		37		65		69
Depreciation and Amortization	$	5,132	$	3,491	$	10,328	$	6,943

(dollars in thousands)	June 30, 2016		December 31, 2015
Identifiable Assets
Environmental Segment	$	131,047	$	135,171
Energy Segment		270,196		283,002
Fluid Handling and Filtration Segment		161,378		161,394
Corporate and Other⁽⁴⁾		29,081		19,252
Identifiable Assets	$	591,702	$	598,819

⁽⁴⁾	Corporate assets primarily consist of cash and income tax related assets.

Goodwill

(dollars in thousands)	June 30, 2016		December 31, 2015
Goodwill
Environmental Segment	$	55,031	$	55,031
Energy Segment		72,587		72,075
Fluid Handling and Filtration Segment		93,057		93,057
Goodwill	$	220,675	$	220,163

Intra-Segment and Inter-Segment Revenues

The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales) as indicated in the following tables:

	Three Months Ended June 30, 2016
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Environmental			Energy			FHF			Corp and Other			Net Sales to Outside Customers
Net Sales
Environmental Segment	$	45,522	$	(844	)	$	—		$	(427	)	$	(40	)	$	—		$	44,211
Energy Segment		53,740		(654	)		(219	)		—			—			—			52,867
Fluid Handling and Filtration Segment		16,045		(452	)		(180	)		—			—			—			15,413
Corporate and Other⁽⁵⁾		—		—			—			—			—			(233	)		(233	)
Net Sales	$	115,307	$	(1,950	)	$	(399	)	$	(427	)	$	(40	)	$	(233	)	$	112,258

	Three Months Ended June 30, 2015
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Environmental			Energy			FHF		Corp and Other		Net Sales to Outside Customers
Net Sales
Environmental Segment	$	43,833	$	(1,476	)	$	—		$	(559	)	$	—	$	—	$	41,798
Energy Segment		29,445		(1,560	)		(582	)		—			—		—		27,303
Fluid Handling and Filtration Segment		18,459		(699	)		(15	)		—			—		—		17,745
Corporate and Other⁽⁵⁾		—		—			—			—			—		115		115
Net Sales	$	91,737	$	(3,735	)	$	(597	)	$	(559	)	$	—	$	115	$	86,961

	Six Months Ended June 30, 2016
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Environmental			Energy			FHF			Corp and Other			Net Sales to Outside Customers
Net Sales
Environmental Segment	$	87,575	$	(2,598	)	$	—		$	(1,467	)	$	(177	)	$	—		$	83,333
Energy Segment		102,321		(1,145	)		(377	)		—			—			—			100,799
Fluid Handling and Filtration Segment		33,057		(855	)		(194	)		—			—			—			32,008
Corporate and Other⁽⁵⁾		—		—			—			—			—			(707	)		(707	)
Net Sales	$	222,953	$	(4,598	)	$	(571	)	$	(1,467	)	$	(177	)	$	(707	)	$	215,433

	Six Months Ended June 30, 2015
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Environmental			Energy			FHF		Corp and Other			Net Sales to Outside Customers
Net Sales
Environmental Segment	$	87,390	$	(3,283	)	$	—		$	(593	)	$	—	$	—		$	83,514
Energy Segment		54,526		(2,255	)		(619	)		—			—		—		$	51,652
Fluid Handling and Filtration Segment		34,193		(1,151	)		(103	)		—			—		—		$	32,939
Corporate and Other⁽⁵⁾		—		—			—			—			—		(159	)		(159	)
Net Sales	$	176,109	$	(6,689	)	$	(722	)	$	(593	)	$	-	$	(159	)	$	167,946

⁽⁵⁾	Includes adjustment for revenue on intercompany jobs.