Industry Segment Information

9 Months Ended

May 31, 2016

Industry Segment Information [Abstract]

Industry Segment Information

Note 14 – 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 includes 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 customer who represented 10 percent or more of its total revenues during the three and nine months ended May 31, 2016 and May 31, 2015.

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, filtration solutions and machine-to-machine (“M2M”) technology.  The irrigation reporting segment consists of five 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)	2016		2015		2016		2015
Operating revenues:
Irrigation	$	117,325	$	131,289	$	321,733	$	354,336
Infrastructure		23,994		29,418		61,781		82,305
Total operating revenues	$	141,319	$	160,707	$	383,514	$	436,641
Operating income:
Irrigation	$	16,560	$	19,860	$	40,333	$	47,771
Infrastructure		4,654		6,498		9,268		16,216
Segment operating income		21,214		26,358		49,601		63,987
Unallocated general and administrative expenses (1)		(5,889)		(4,870)		(27,222)		(16,061)
Interest and other expense, net		(1,260)		(1,065)		(4,111)		(1,704)
Earnings before income taxes	$	14,065	$	20,423	$	18,268	$	46,222
Capital expenditures:
Irrigation	$	2,157	$	4,102	$	7,363	$	9,567
Infrastructure		524		550		2,710		1,661
	$	2,681	$	4,652	$	10,073	$	11,228
Depreciation and amortization:
Irrigation	$	3,077	$	2,925	$	9,235	$	8,450
Infrastructure		1,158		1,206		3,536		3,698
	$	4,235	$	4,131	$	12,771	$	12,148
(1) Includes environmental remediation expenses of $13.0 million and $1.5 million for the nine months ended May 31, 2016 and May 31, 2015, respectively.  There were no environmental remediation expenses for the three months ended May 31, 2016 and May 31, 2015, respectively.

	May 31,		May 31,		August 31,
($ in thousands)	2016		2015		2015
Total assets:
Irrigation	$	394,739	$	447,988	$	429,224
Infrastructure		106,966		129,906		107,244
	$	501,705	$	577,894	$	536,468