BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 13—BUSINESS SEGMENTS

The Company has organized its business into two reportable business segments: “Tools” and “Hardware”. The Company is organized around these two distinct product segments, each of which has very different end users. For reporting purposes, Florida Pneumatic, and Hy-Tech are combined in the Tools segment, with Nationwide being the sole entity reported in the Hardware segment. The Company evaluates segment performance based primarily on segment operating income. The accounting policies of each of the segments are the same as those described in Note 1.

The following table presents financial information by segment for the years ended December 31, 2011 and 2010. Segment operating income excludes general corporate expenses, interest expense and income taxes. Identifiable assets are those assets directly owned or utilized by the particular business.

	Consolidated			Tools		Hardware
Year ended December 31, 2011
Net revenues from unaffiliated customers	$	54,541,000		$	39,849,000	$	14,692,000
Segment operating income	$	8,282,000		$	6,340,000	$	1,942,000
General corporate expense - net		(5,528,000	)
Interest expense		(756,000	)
Income from continuing operations before income taxes	$	1,998,000
Segment assets	$	43,679,000		$	33,106,000	$	10,573,000
Corporate assets		2,907,000
Total assets	$	46,586,000
Long-lived assets, including $198,000 of corporate assets	$	17,866,000		$	13,187,000	$	4,481,000

	Consolidated			Tools		Hardware
Year ended December 31, 2010
Net revenues from unaffiliated customers	$	50,609,000		$	36,478,000	$	14,131,000
Segment operating income	$	6,689,000		$	4,994,000	$	1,695,000
General corporate expense		(5,070,000	)
Interest expense - net		(1,243,000	)
Income from continuing operations before income taxes	$	376,000
Segment assets	$	45,702,000		$	34,955,000	$	10,747,000
Corporate assets		3,193,000
Total assets	$	48,895,000
Long-lived assets, including $336,000 of corporate assets	$	19,221,000		$	14,339,000	$	4,546,000

Depreciation expense for the Tools and Hardware segments for the year ended December 31, 2011 was $1,181,000 and $198,000, respectively, and $1,166,000 and $229,000, respectively, for the year ended December 31, 2010. Amortization expense for the Tools and Hardware segments for the year ended December 31, 2011 was $354,000 and $10,000, respectively, and $354,000 and $10,000, respectively, for the year ended December 31, 2010. There were no impairment charges recorded in 2011.

The Tools segment has one customer that accounted for approximately 24.0% and 28.4%, respectively, of consolidated revenue for the years ended December 31, 2011 and 2010 and 44.6% and 43.1%, respectively, of consolidated accounts receivable as of December 31, 2011 and 2010. There are no significant customers in the Hardware segment.