Industry Segment Information

9 Months Ended

May 31, 2020

Note 16 – 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 nine months ended May 31, 2020 and 2019.

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, remote irrigation management and scheduling technology, irrigation consulting and design and industrial “internet of things”, or IoT, solutions. 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						Nine months ended
($ in thousands)	May 31, 2020			May 31, 2019			May 31, 2020			May 31, 2019
Operating revenues:
Irrigation:
North America	$	60,917		$	62,974		$	179,197		$	177,118
International		32,606			35,644			88,751			104,876
Irrigation total		93,523			98,618			267,948			281,994
Infrastructure		29,583			22,436			78,339			60,193
Total operating revenues	$	123,106		$	121,054		$	346,287		$	342,187

Operating income:
Irrigation	$	15,014		$	11,037		$	34,385		$	26,341
Infrastructure		8,560			3,537			23,686			7,259
Corporate		(7,746	)		(10,099	)		(21,325	)		(31,545	)
Total operating income		15,828			4,475			36,746			2,055

Interest and other expense, net		(3,563	)		(1,246	)		(6,359	)		(2,213	)
Earnings (loss) before income taxes	$	12,265		$	3,229		$	30,387		$	(158	)

($ in thousands)	May 31, 2020		May 31, 2019		August 31, 2019
Total assets:
Irrigation	$	313,216	$	306,714	$	292,202
Infrastructure		105,832		80,971		85,848
Corporate		138,438		118,237		122,264
	$	557,486	$	505,922	$	500,314