Industry Segment Information

9 Months Ended

May. 31, 2015

Industry Segment Information [Abstract]

Industry Segment Information

Note 15 – Industry Segment Information

The Company manages its business activities in two reportable segments: Irrigation and Infrastructure.  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 had no single major customer who represented 10 percent or more of its total revenues during the three and nine months ended May 31, 2015 and 2014.

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, controls, and filtration solutions.  The irrigation reporting segment consists of four 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, crash cushions and end terminals, and road marking and road safety equipment; the manufacture and sale of large diameter steel tubing and railroad signals and structures; and the provision of outsourced manufacturing and production services.  The infrastructure reporting segment consists of one operating segment.

	Three months ended				Nine months ended
	May 31,		May 31,		May 31,		May 31,
($ in thousands)	2015		2014		2015		2014
Operating revenues:
Irrigation	$	131,289	$	149,010	$	354,336	$	414,077
Infrastructure		29,418		20,926		82,305		56,334
Total operating revenues	$	160,707	$	169,936	$	436,641	$	470,411
Operating income:
Irrigation (1)	$	19,860	$	28,040	$	46,471	$	72,899
Infrastructure (1)		6,498		895		16,016		1,409
Segment operating income (1)		26,358		28,935		62,487		74,308
Unallocated general and administrative expenses		(4,870)		(3,713)		(14,561)		(12,181)
Interest and other expense, net		(1,065)		278		(1,704)		(21)
Earnings before income taxes	$	20,423	$	25,500	$	46,222	$	62,106
Capital Expenditures:
Irrigation	$	4,102	$	2,390	$	9,567	$	7,327
Infrastructure		550		93		1,661		509
	$	4,652	$	2,483	$	11,228	$	7,836
Depreciation and Amortization:
Irrigation	$	2,925	$	2,424	$	8,450	$	7,123
Infrastructure		1,206		1,323		3,698		4,008
	$	4,131	$	3,747	$	12,148	$	11,131
(1) Environmental remediation expenses of $1.3 million and $0.2 million were allocated to the irrigation segment and infrastructure segment, respectively, for the nine months ended May 31, 2015. There were no environmental remediation expenses for the three months ended May 31, 2015 or the three and nine months ended May 31, 2014.

	May 31,		May 31,		August 31,
($ in thousands)	2015		2014		2014
Total Assets:
Irrigation	$	447,988	$	404,832	$	407,447
Infrastructure		129,906		133,739		119,104
	$	577,894	$	538,571	$	526,551