Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Net Sales and Income from Operation by Business Segment

The financial segment information is presented in the following tables:

	Three Months Ended March 31,
(dollars in thousands)	2018		2017
Net Sales (less intra-, inter-segment sales)
Energy Solutions Segment	$	39,973	$	53,709
Industrial Solutions Segment		17,797		23,303
Fluid Handling Solutions Segment		16,207		15,816
Corporate and Other⁽¹⁾		162		(177	)
Net sales	$	74,139	$	92,651

⁽¹⁾	Includes adjustment for revenue on intercompany jobs.

	Three Months Ended March 31,
(dollars in thousands)	2018			2017
Income from Operations
Energy Solutions Segment	$	3,624		$	3,824
Industrial Solutions Segment		1,369			2,898
Fluid Handling Solutions Segment		3,210			3,309
Corporate and Other⁽²⁾		4,533			(8,011	)
Eliminations		(586	)		(670	)
Income from operations	$	12,150		$	1,350

⁽²⁾

Includes gain on divestitures, net of selling costs, corporate compensation, professional services, information technology, executive transition expenses, acquisition and integration expenses, and other general and administrative corporate expenses. This figure excludes earnout expenses, which are recorded in the segment in which the expense occurs. See Note 7 for the earnout expenses by segment.

Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets

	Three Months Ended March 31,
(dollars in thousands)	2018		2017
Property and Equipment Additions
Energy Solutions Segment	$	18	$	236
Industrial Solutions Segment		75		9
Fluid Handling Solutions Segment		273		149
Corporate and Other		100		16
Property and equipment additions	$	466	$	410

	Three Months Ended March 31,
(dollars in thousands)	2018		2017
Depreciation and Amortization
Energy Solutions Segment	$	2,158	$	2,518
Industrial Solutions Segment		282		391
Fluid Handling Solutions Segment		994		1,198
Corporate and Other		63		31
Depreciation and amortization	$	3,497	$	4,138

(dollars in thousands)	March 31, 2018		December 31, 2017
Identifiable Assets
Energy Solutions Segment	$	275,550	$	258,218
Industrial Solutions Segment		62,816		66,723
Fluid Handling Solutions Segment		75,714		100,917
Corporate and Other⁽³⁾		8,039		12,691
Identifiable assets	$	422,119	$	438,549

⁽³⁾	Corporate assets primarily consist of cash and income tax related assets.

Goodwill

(dollars in thousands)	March 31, 2018		December 31, 2017
Goodwill
Energy Solutions Segment	$	98,554	$	98,408
Industrial Solutions Segment		22,419		22,419
Fluid Handling Solutions Segment		31,807		46,124
Goodwill	$	152,780	$	166,951

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 March 31, 2018
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial			Energy			Fluid		Corp and Other		Net Sales to Outside Customers
Net Sales
Energy Solutions Segment	$	43,128	$	(2,469	)	$	(686	)	$	—		$	—	$	—	$	39,973
Industrial Solutions Segment		18,728		(791	)		—			(140	)		—		—		17,797
Fluid Handling Solutions Segment		16,766		(515	)		(44	)		—			—		—		16,207
Corporate and Other⁽⁴⁾		—		—			—			—			—		162		162
Net Sales	$	78,622	$	(3,775	)	$	(730	)	$	(140	)	$	—	$	162	$	74,139

	Three Months Ended March 31, 2017
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial			Energy			Fluid		Corp and Other			Net Sales to Outside Customers
Net Sales
Energy Solutions Segment	$	56,039	$	(2,308	)	$	(22	)	$	—		$	—	$	—		$	53,709
Industrial Solutions Segment		24,922		(890	)		—			(729	)		—		—			23,303
Fluid Handling Solutions Segment		16,692		(618	)		(164	)		(94	)		—		—			15,816
Corporate and Other⁽⁴⁾		—		—			—			—			—		(177	)		(177	)
Net Sales	$	97,653	$	(3,816	)	$	(186	)	$	(823	)	$	—	$	(177	)	$	92,651

⁽⁴⁾	Includes adjustment for revenue on intercompany jobs.