BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 10—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, 2014 and 2013. 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.

Year ended December 31, 2014	Consolidated		Tools		Hardware
Net revenues from unaffiliated customers	$	75,035,000	$	56,114,000	$	18,921,000
Segment operating income	$	10,313,000	$	6,715,000	$	3,598,000
General corporate expense		(5,996,000)
Interest expense		(540,000)
Income before income taxes	$	3,777,000
Segment assets	$	71,376,000	$	60,348,000	$	11,028,000
Corporate assets		1,700,000
Total assets	$	73,076,000
Long-lived assets, including $51,000 of corporate assets	$	35,009,000	$	30,326,000	$	4,632,000
Depreciation Expense, including $11,000 of corporate expense	$	1,551,000	$	1,336,000	$	204,000
Amortization Expense	$	718,000	$	661,000	$	57,000

Year ended December 31, 2013	Consolidated		Tools		Hardware
Net revenues from unaffiliated customers	$	76,066,000	$	55,574,000	$	20,492,000
Segment operating income	$	10,328,000	$	7,204,000	$	3,124,000
General corporate expense		(5,234,000)
Interest expense		(490,000)
Income before income taxes	$	4,604,000
Segment assets	$	49,893,000	$	38,984,000	$	10,909,000
Corporate assets		3,348,000
Total assets	$	53,241,000
Long-lived assets, including $22,000 of corporate assets	$	16,881,000	$	12,303,000	$	4,556,000
Depreciation Expense, including $14,000 of corporate expense	$	1,559,000	$	1,350,000	$	195,000
Amortization Expense	$	250,000	$	190,000	$	60,000

There was no impairment charge recorded in 2014 or 2013.

Revenue and long-lived assets by geographic region were as follows:

	Year ended December 31,
	2014		2013
Revenue:
North America	$	72,881,000	$	74,933,000
Europe		1,563,000		339,000
All other		591,000		794,000
Total Revenue	$	75,035,000	$	76,066,000
Long-Lived Assets:
North America	$	33,709,000	$	16,881,000
Europe		1,300,000		--
Total Long-Lived Assets	$	35,009,000	$	16,881,000