Industry Segment Information

6 Months Ended

Feb. 28, 2019

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 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 included in the amounts disclosed. The Company had no single customer who represented 10 percent or more of its total revenues during the three or six months ended February 28, 2019 and February 28, 2018.

Irrigation - This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, wireless irrigation management, M2M communication technology, and smartphone applications. The irrigation reporting segment consists of one operating segment.

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 manufacturing and selling of large diameter steel tubing and railroad signals and structures; and providing outsourced manufacturing and production services. The infrastructure reporting segment consists of one operating segment.

	Three months ended						Six months ended
($ in thousands)	February 28, 2019			February 28, 2018			February 28, 2019			February 28, 2018
Operating revenues:
Irrigation:
North America	$	57,681		$	78,863		$	114,145		$	146,616
International		38,085			33,002			69,231			68,602
Irrigation total		95,766			111,865			183,376			215,218
Infrastructure		13,416			18,474			37,757			39,647
Total operating revenues	$	109,182		$	130,339		$	221,133		$	254,865

Operating income (loss):
Irrigation	$	7,521		$	11,933		$	15,304		$	19,784
Infrastructure		(446	)		2,519			3,722			5,810
Corporate		(11,535	)		(7,161	)		(21,446	)		(12,102	)
Total operating income (loss)		(4,460	)		7,291			(2,420	)		13,492

Interest and other expense, net		(608	)		(1,615	)		(967	)		(3,024	)
Earnings (loss) before income taxes	$	(5,068	)	$	5,676		$	(3,387	)	$	10,468

Capital expenditures:
Irrigation	$	2,341		$	2,362		$	4,478		$	4,035
Infrastructure		176			268			366			464
Corporate		3,483			94			6,857			216
	$	6,000		$	2,724		$	11,701		$	4,715
Depreciation and amortization:
Irrigation	$	2,366		$	2,994		$	4,698		$	6,073
Infrastructure		919			1,144			1,884			2,282
Corporate		180			126			307			244
	$	3,465		$	4,264		$	6,889		$	8,599

($ in thousands)	February 28, 2019		February 28, 2018		August 31, 2018
Total assets:
Irrigation	$	309,532	$	348,298	$	277,712
Infrastructure		69,829		79,342		69,919
Corporate		120,744		94,714		152,625
	$	500,105	$	522,354	$	500,256