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Segment Data and Foreign Operations (Tables)
 9 Months Ended
May 31, 2020
Segment Data and Foreign Operations  
Summary of information about the Company's reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended May 31, 

 

 

Nine Months Ended May 31, 

 

 

 

    

2020

    

 

2019

 

 

2020

 

    

2019

    

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adhesives, Sealants and Additives

 

$

22,922

 

 

$

26,009

 

 

$

73,184

 

 

$

78,814

 

 

Industrial Tapes

 

 

31,752

 

 

 

33,704

 

 

 

91,931

 

 

 

98,324

 

 

Corrosion Protection and Waterproofing

 

 

10,197

 

 

 

12,399

 

 

 

32,140

 

 

 

34,108

 

 

Total

 

$

64,871

 

 

$

72,112

 

 

$

197,255

 

 

$

211,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adhesives, Sealants and Additives

 

$

6,704

 

 

$

7,509

 

 

$

20,936

 

 

$

20,530

(f)

 

Industrial Tapes

 

 

9,011

 

 

 

6,929

(b)

 

 

24,050

(d)

 

 

20,980

(g)

 

Corrosion Protection and Waterproofing

 

 

4,149

 

 

 

4,817

 

 

 

12,240

 

 

 

11,667

 

 

Total for reportable segments

 

 

19,864

 

 

 

19,255

 

 

 

57,226

 

 

 

53,177

 

 

Corporate and common costs

 

 

(7,337)

(a)

 

 

(7,067)

(c)

 

 

(23,823)

(e)

 

 

(22,249)

(h)

 

Total

 

$

12,527

 

 

$

12,188

 

 

$

33,403

 

 

$

30,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Includes the following costs by segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adhesives, Sealants and Additives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

26

 

 

$

34

 

 

$

68

 

 

$

172

 

 

Depreciation

 

 

199

 

 

 

356

 

 

 

791

 

 

 

1,121

 

 

Amortization

 

 

2,340

 

 

 

2,341

 

 

 

7,033

 

 

 

7,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Tapes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

33

 

 

$

38

 

 

$

87

 

 

$

193

 

 

Depreciation

 

 

428

 

 

 

410

 

 

 

1,247

 

 

 

1,304

 

 

Amortization

 

 

450

 

 

 

450

 

 

 

1,350

 

 

 

1,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corrosion Protection and Waterproofing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

 8

 

 

$

19

 

 

$

23

 

 

$

92

 

 

Depreciation

 

 

144

 

 

 

161

 

 

 

449

 

 

 

500

 

 

Amortization

 

 

108

 

 

 

323

 

 

 

341

 

 

 

969

 

 

 

(a)

Includes $760 in gain related to the April 2020 sale of the Company’s Pawtucket, RI location, $183 in severance expense related to the May 2020 reduction in force, $85 in expenses related to the final transition out of the Pawtucket, RI facility, and $75 of pension-related settlement costs due to the timing of lump-sum distribution

(b)

Includes $193 in exit costs related to the movement of the pulling and detection business out of the Granite Falls, NC location and into the Hickory, NC location during the third quarter of fiscal 2019

(c)

Includes $11 of pension-related settlement costs due to the timing of lump-sum distributions

(d)

Includes $559 in exit costs related to the movement of the pulling and detection business out of the Granite Falls, NC location and into the Hickory, NC location during the first nine months of fiscal 2020

(e)

Includes $150 of expense related to exploratory IT work performed to assess potential future upgrades to the companywide ERP system, a $760 gain related to the April 2020 sale of the Company’s Pawtucket, RI location, $183 in severance expense related to the May 2020 reduction in force, $85 in expenses related to the final transition out of the Pawtucket, RI facility, and $75 of pension-related settlement costs due to the timing of lump-sum distribution

(f)

Includes $2,410 of loss on impairment of goodwill related to the Company’s polyurethane dispersions business

(g)

Includes $260 of expense related to the closure and exit of the Pawtucket, RI location recognized in the first quarter of fiscal 2019,  $193 in exit costs related to the movement of the pulling and detection business out of the Granite Falls, NC location and into the Hickory, NC location during the third quarter of fiscal 2019

(h)

Includes $484 of pension-related settlement costs due to the timing of lump-sum distributions

 

Total assets for the Company’s reportable segments as of May 31, 2020 and August 31, 2019 were:

 

 

 

 

 

 

 

 

 

 

 

 

May 31, 

 

August 31, 

 

 

 

    

2020

    

2019

 

 

Total Assets

 

 

 

 

 

 

 

 

Adhesives, Sealants and Additives

 

$

134,353

 

$

135,583

 

 

Industrial Tapes

 

 

70,489

 

 

77,085

 

 

Corrosion Protection and Waterproofing

 

 

31,722

 

 

32,478

 

 

Total for reportable segments

 

 

236,564

 

 

245,146

 

 

Corporate and common assets

 

 

97,306

 

 

62,822

 

 

Total

 

$

333,870

 

$

307,968

 

 

 

Schedule of revenue by country

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended May 31, 

 

 

Nine Months Ended May 31, 

 

 

 

 

2020

    

 

2019

 

 

2020

 

    

2019

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

56,177

 

 

$

64,046

 

 

$

171,774

 

 

$

186,339

 

 

United Kingdom

 

 

5,070

 

 

 

4,502

 

 

 

14,489

 

 

 

12,946

 

 

All other foreign (1)

 

 

3,624

 

 

 

3,564

 

 

 

10,992

 

 

 

11,961

 

 

Total

 

$

64,871

 

 

$

72,112

 

 

$

197,255

 

 

$

211,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Comprises sales originated from the Company’s Paris, France location, royalty revenue attributable to its licensed manufacturer in Asia, and Chase foreign manufacturing operations.

 

Schedule of total assets for the Company's reportable segments

 

 

 

 

 

 

 

 

 

 

 

May 31, 

 

August 31, 

 

 

 

 

2020

    

2019

 

 

Long-Lived Assets

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

$

23,509

 

$

24,993

 

 

Goodwill and Intangible assets, less accumulated amortization

 

 

120,673

 

 

129,057

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

2,246

 

 

2,493

 

 

Goodwill and Intangible assets, less accumulated amortization

 

 

4,180

 

 

4,446

 

 

 

 

 

 

 

 

 

 

 

All other foreign

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

901

 

 

1,840

 

 

Goodwill and Intangible assets, less accumulated amortization

 

 

1,194

 

 

1,187

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

$

26,656

 

$

29,326

 

 

Goodwill and Intangible assets, less accumulated amortization

 

$

126,047

 

$

134,690