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Industry Segments
12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Industry Segments

16.  Industry Segments

Using the criteria of ASC 280, Segment Reporting, the Company manages its business under two operating segments, Material Handling and Distribution, consistent with the manner in which our Chief Operating Decision Maker evaluates performance and makes resource allocation decisions. None of the reportable segments include operating segments that have been aggregated.  These segments contain individual business components that have been combined on the basis of common management, customers, products, production processes and other economic characteristics. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up.

The Material Handling Segment manufactures a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products and rotationally-molded plastic tanks for water, fuel and waste handling. This segment conducts its primary operations in the United States and Canada. Markets served include industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational vehicles, marine vehicles, healthcare, appliance, bakery, electronics, textiles, consumer, and others. Products are sold both directly to end-users and through distributors.

The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive undervehicle repair and the manufacture of tire repair and retreading products. The product line includes categories such as tire valves and accessories, tire changing and balancing equipment, lifts and alignment equipment, service equipment and tools, and tire repair/retread supplies. The Distribution Segment operates domestically through its sales offices and four regional distribution centers in the United States, and in certain foreign countries through export sales. In addition, the Distribution Segment operates directly in certain foreign markets, principally Central America, through foreign branch operations. Markets served include retail and truck tire dealers, commercial auto and truck fleets, auto dealers, general service and repair centers, tire retreaders, and government agencies.

Total sales from foreign business units were approximately $50.6 million, $53.9 million, and $64.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Total export sales to countries outside the U.S. were approximately $19.6 million, $17.2 million, and $18.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. Sales made to customers in Canada accounted for approximately 4.1% of total net sales in 2018, 2.4% in 2017 and 4.6% in 2016. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, primarily in Canada, consisted of property, plant and equipment, and were approximately $14.1 million at December 31, 2018 and $17.6 million at December 31, 2017.

 

 

2018

 

 

2017

 

 

2016

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

Material Handling

$

417,199

 

 

$

391,313

 

 

$

363,956

 

Distribution

 

149,636

 

 

 

156,428

 

 

 

170,660

 

Inter-company sales

 

(100

)

 

 

(698

)

 

 

(237

)

Total net sales

$

566,735

 

 

$

547,043

 

 

$

534,379

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

 

 

 

 

 

 

 

 

 

 

Material Handling

$

57,948

 

 

$

38,874

 

 

$

40,776

 

Distribution

 

7,441

 

 

 

9,073

 

 

 

12,834

 

Corporate

 

(59,062

)

 

 

(23,059

)

 

 

(26,248

)

Total operating income

 

6,327

 

 

 

24,888

 

 

 

27,362

 

Interest expense, net

 

(4,938

)

 

 

(7,292

)

 

 

(8,643

)

Loss on extinguishment of debt

 

 

 

 

(1,888

)

 

 

 

Income from continuing operations before income taxes

$

1,389

 

 

$

15,708

 

 

$

18,719

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable Assets

 

 

 

 

 

 

 

 

 

 

 

Material Handling

$

229,962

 

 

$

257,863

 

 

$

268,634

 

Distribution

 

48,575

 

 

 

49,822

 

 

 

56,072

 

Corporate

 

70,108

 

 

 

48,257

 

 

 

36,271

 

Discontinued operations

 

 

 

 

 

 

 

20,707

 

Total identifiable assets

$

348,645

 

 

$

355,942

 

 

$

381,684

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Additions, Net

 

 

 

 

 

 

 

 

 

 

 

Material Handling

$

4,500

 

 

$

5,165

 

 

$

10,933

 

Distribution

 

587

 

 

 

622

 

 

 

1,424

 

Corporate

 

36

 

 

 

27

 

 

 

132

 

Total capital additions, net

$

5,123

 

 

$

5,814

 

 

$

12,489

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

Material Handling

$

24,159

 

 

$

28,506

 

 

$

29,270

 

Distribution

 

1,169

 

 

 

1,174

 

 

 

1,221

 

Corporate

 

811

 

 

 

1,151

 

 

 

1,301

 

Total depreciation and amortization

$

26,139

 

 

$

30,831

 

 

$

31,792