XML 47 R35.htm IDEA: XBRL DOCUMENT

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

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)	2019		2018			2019		2018
Net Sales (less intra-, inter-segment sales)
Energy Solutions Segment	$	50,572	$	51,136		$	105,760	$	91,109
Industrial Solutions Segment		20,083		19,517			38,936		37,965
Fluid Handling Solutions Segment		10,524		10,598			22,494		26,155
Corporate and Other⁽¹⁾		—		(162	)		—		—
Net sales	$	81,179	$	81,089		$	167,190	$	155,229

⁽¹⁾	Includes adjustment for revenue on intercompany jobs.

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2019			2018			2019			2018
Income from Operations
Energy Solutions Segment	$	6,351		$	5,901		$	15,642		$	9,525
Industrial Solutions Segment		515			1,480			1,117			2,678
Fluid Handling Solutions Segment		1,481			1,975			3,839			5,356
Corporate and Other⁽²⁾		(6,329	)		(6,539	)		(13,691	)		(2,025	)
Eliminations		—			(236	)		—			(822	)
Income from operations	$	2,018		$	2,581		$	6,907		$	14,712

⁽²⁾

Includes gain (loss) on divestitures, net of selling costs (see Note 17 – Divestitures), corporate compensation, professional services, information technology, and other general and administrative corporate expenses. This figure excludes earnout expenses, which are recorded in the segment in which the expense occurs.

Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2019		2018		2019		2018
Property and Equipment Additions
Energy Solutions Segment	$	111	$	15	$	161	$	32
Industrial Solutions Segment		102		90		163		165
Fluid Handling Solutions Segment		337		11		489		284
Corporate and Other		229		10		388		110
Property and equipment additions	$	779	$	126	$	1,201	$	591

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2019		2018		2019		2018
Depreciation and Amortization
Energy Solutions Segment	$	1,561	$	2,190	$	3,141	$	4,348
Industrial Solutions Segment		337		208		671		494
Fluid Handling Solutions Segment		734		999		1,472		1,989
Corporate and Other		117		62		236		125
Depreciation and amortization	$	2,749	$	3,459	$	5,520	$	6,956

(dollars in thousands)	June 30, 2019		December 31, 2018
Identifiable Assets
Energy Solutions Segment	$	252,051	$	245,842
Industrial Solutions Segment		57,839		55,582
Fluid Handling Solutions Segment		71,461		72,507
Corporate and Other⁽³⁾		10,375		18,651
Identifiable assets	$	391,726	$	392,582

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

Goodwill

(dollars in thousands)	June 30, 2019		December 31, 2018
Goodwill
Energy Solutions Segment	$	97,186	$	97,143
Industrial Solutions Segment		23,436		23,436
Fluid Handling Solutions Segment		31,577		31,577
Goodwill	$	152,199	$	152,156

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, 2019
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial			Energy			Fluid			Net Sales to Outside Customers
Net Sales
Energy Solutions Segment	$	51,656	$	(973	)	$	(111	)	$	—		$	—		$	50,572
Industrial Solutions Segment		22,702		(1,800	)		—			(812	)		(7	)		20,083
Fluid Handling Solutions Segment		10,950		(340	)		(86	)		—			—			10,524
Corporate and Other		—		—			—			—			—			—
Net Sales	$	85,308	$	(3,113	)	$	(197	)	$	(812	)	$	(7	)	$	81,179

	Three Months Ended June 30, 2018
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial			Energy			Fluid			Net Sales to Outside Customers
Net Sales
Energy Solutions Segment	$	53,322	$	(1,929	)	$	(252	)	$	—		$	(5	)	$	51,136
Industrial Solutions Segment		20,864		(814	)		—			(533	)		—			19,517
Fluid Handling Solutions Segment		11,215		(294	)		(323	)		—			—			10,598
Corporate and Other		—		—			—			—			(162	)		(162	)
Net Sales	$	85,401	$	(3,037	)	$	(575	)	$	(533	)	$	(167	)	$	81,089

	Six Months Ended June 30, 2019
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial			Energy			Fluid			Net Sales to Outside Customers
Net Sales
Energy Solutions Segment	$	107,806	$	(1,864	)	$	(170	)	$	—		$	(12	)	$	105,760
Industrial Solutions Segment		44,524		(3,977	)		—			(1,558	)		(53	)		38,936
Fluid Handling Solutions Segment		23,366		(734	)		(138	)		—			—			22,494
Corporate and Other		—		—			—			—			—			—
Net Sales	$	175,696	$	(6,575	)	$	(308	)	$	(1,558	)	$	(65	)	$	167,190

	Six Months Ended June 30, 2018
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial			Energy			Fluid			Net Sales to Outside Customers
Net Sales
Energy Solutions Segment	$	96,450	$	(4,398	)	$	(938	)	$	—		$	(5	)	$	91,109
Industrial Solutions Segment		40,243		(1,605	)		—			(673	)		—		$	37,965
Fluid Handling Solutions Segment		27,331		(809	)		(367	)		—			—		$	26,155
Corporate and Other		—		—			—			—			—		$	—
Net Sales	$	164,024	$	(6,812	)	$	(1,305	)	$	(673	)	$	(5	)	$	155,229