Industry Segment Information

12 Months Ended

Aug. 31, 2012

Industry Segment Information [Abstract]

Industry Segment Information

O.  INDUSTRY SEGMENT INFORMATION

The Company manages its business activities in two reportable segments:

Irrigation
This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems as well as various water pumping stations and controls.  The irrigation reporting segment consists of twelve operating segments that have similar economic characteristics and meet the aggregation criteria, including similar products, production processes, type or class of customer and methods for distribution.

Infrastructure

This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers and crash cushions; providing outsource manufacturing services and the manufacturing and selling of large diameter steel tubing and railroad signals and structures.  The infrastructure reporting segment consists of three operating segments that have similar economic characteristics and meet the aggregation criteria.

The accounting policies of the two reportable segments are described in the “Accounting Policies” section of Note A.  The Company evaluates the performance of its reportable segments based on segment sales, gross profit, and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes.  Operating income for segment purposes does include general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment.  There are no inter-segment sales. 

The Company has no single major customer representing 10 percent or more of its total revenues during fiscal 2012, 2011, or 2010.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables:

$ in thousands	2012		2011		2010
Operating revenues:
Irrigation	$	475,299	$	369,930	$	258,666
Infrastructure		75,956		108,960		99,774
Total operating revenues	$	551,255	$	478,890	$	358,440
Operating income:
Irrigation	$	80,259	$	59,703	$	40,869
Infrastructure		(11)		11,901		11,083
Segment operating income	$	80,248	$	71,604	$	51,952
Unallocated general and administrative expenses		(14,738)		(15,018)		(14,110)
Interest and other income (expense), net		(402)		(72)		(1,060)
Earnings before income taxes	$	65,108	$	56,514	$	36,782
Total Capital Expenditures:
Irrigation	$	7,942	$	5,490	$	3,125
Infrastructure		1,948		2,915		2,659
	$	9,890	$	8,405	$	5,784
Total Depreciation and Amortization:
Irrigation	$	6,959	$	6,009	$	4,597
Infrastructure		5,509		5,725		6,113
	$	12,468	$	11,734	$	10,710
Total Assets:
Irrigation	$	303,741	$	267,275	$	206,885
Infrastructure		111,790		113,869		118,596
	$	415,531	$	381,144	$	325,481

Summarized financial information concerning the Company’s geographical areas is shown in the following tables. No individual foreign country’s operating revenues were material for separate disclosure purposes.

		For the years ended August 31,
$ in thousands		2012			2011			2010
			% of Total			% of Total			% of Total
	Revenues		Revenues	Revenues		Revenues	Revenues		Revenues
United States	$	354,649	64	$	307,694	64	$	204,465	57
International		196,606	36		171,196	36		153,975	43
Total Revenues	$	551,255	100	$	478,890	100	$	358,440	100
		For the years ended August 31,
$ in thousands		2012			2011			2010
			% of Total			% of Total			% of Total
	Long-Lived Tangible Assets		Long-Lived Tangible Assets	Long-Lived Tangible Assets		Long-Lived Tangible Assets	Long-Lived Tangible Assets		Long-Lived Tangible Assets
United States	$	45,100	80	$	45,091	77	$	45,881	80
International		11,080	20		13,374	23		11,765	20
Total Long-Lived Assets	$	56,180	100	$	58,465	100	$	57,646	100