| Summary of Segment Reporting Information |
Segment information and reconciliations to consolidated amounts for
the years ended December 31 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$ |
494,747 |
|
|
$ |
330,530 |
|
|
$ |
254,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Test Systems
|
|
|
166,769 |
|
|
|
10,103 |
|
|
|
11,491 |
|
|
Less Inter-segment Sales
|
|
|
(477 |
) |
|
|
(696 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
166,292 |
|
|
|
9,407 |
|
|
|
11,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated Sales
|
|
$ |
661,039 |
|
|
$ |
339,937 |
|
|
$ |
266,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss) and Margins:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$ |
79,753 |
|
|
$ |
55,200 |
|
|
$ |
44,137 |
|
|
|
|
16.1 |
% |
|
|
16.7 |
% |
|
|
17.3 |
% |
|
Test Systems
|
|
|
12,401 |
|
|
|
(3,756 |
) |
|
|
(4,985 |
) |
|
|
|
7.4 |
% |
|
|
(37.2 |
)% |
|
|
(43.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Profit
|
|
|
92,154 |
|
|
|
51,444 |
|
|
|
39,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13.9 |
% |
|
|
15.1 |
% |
|
|
14.7 |
% |
|
Deductions from Operating Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense, Net of Interest Income
|
|
|
(8,255 |
) |
|
|
(4,094 |
) |
|
|
(1,042 |
) |
|
Corporate and Other Expenses, Net
|
|
|
(4,792 |
) |
|
|
(9,139 |
) |
|
|
(6,527 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes
|
|
$ |
79,107 |
|
|
$ |
38,211 |
|
|
$ |
31,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$ |
17,847 |
|
|
$ |
10,058 |
|
|
$ |
6,043 |
|
|
Test Systems
|
|
|
8,786 |
|
|
|
590 |
|
|
|
634 |
|
|
Corporate
|
|
|
621 |
|
|
|
411 |
|
|
|
228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Depreciation and Amortization
|
|
$ |
27,254 |
|
|
$ |
11,059 |
|
|
$ |
6,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identifiable Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$ |
468,481 |
|
|
$ |
428,619 |
|
|
$ |
177,168 |
|
|
Test Systems
|
|
|
69,247 |
|
|
|
11,035 |
|
|
|
18,121 |
|
|
Corporate
|
|
|
25,182 |
|
|
|
51,617 |
|
|
|
16,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ |
562,910 |
|
|
$ |
491,271 |
|
|
$ |
211,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$ |
35,650 |
|
|
$ |
6,711 |
|
|
$ |
16,324 |
|
|
Test Systems
|
|
|
3,472 |
|
|
|
61 |
|
|
|
396 |
|
|
Corporate
|
|
|
1,760 |
|
|
|
96 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Expenditures
|
|
$ |
40,882 |
|
|
$ |
6,868 |
|
|
$ |
16,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summarizes the Company's Sales by Geographic Regions |
The following table summarizes the Company’s sales into the
following geographic regions for the years ended
December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
| (In thousands) |
|
|
|
|
|
|
|
|
|
|
North America
|
|
$ |
452,994 |
|
|
$ |
300,368 |
|
|
$ |
233,245 |
|
|
Asia
|
|
|
141,247 |
|
|
|
15,570 |
|
|
|
14,030 |
|
|
Europe
|
|
|
64,742 |
|
|
|
21,190 |
|
|
|
16,188 |
|
|
South America
|
|
|
1,192 |
|
|
|
1,851 |
|
|
|
1,937 |
|
|
Other
|
|
|
864 |
|
|
|
958 |
|
|
|
1,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
661,039 |
|
|
$ |
339,937 |
|
|
$ |
266,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summarizes the Company's Property, Plant and Equipment by Geographic Region |
The following table summarizes the Company’s property, plant
and equipment by country for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
| (In thousands) |
|
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
105,698 |
|
|
$ |
59,803 |
|
|
$ |
53,235 |
|
|
France
|
|
|
10,347 |
|
|
|
10,771 |
|
|
|
— |
|
|
Canada
|
|
|
271 |
|
|
|
326 |
|
|
|
302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
116,316 |
|
|
$ |
70,900 |
|
|
$ |
53,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Activities with Major Customers |
The Company has a significant concentration of business with three
major customers; Apple Inc. (“Apple”), Panasonic
Aviation Corporation (“Panasonic”), and The Boeing
Company (“Boeing”). The following is information
relating to the activity with those customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
Percent of Consolidated Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apple
|
|
|
17.9 |
% |
|
|
— |
|
|
|
— |
|
|
Panasonic
|
|
|
17.7 |
% |
|
|
29.6 |
% |
|
|
38.0 |
% |
|
Boeing
|
|
|
14.1 |
% |
|
|
14.5 |
% |
|
|
5.5 |
% |
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
2014 |
|
|
2013 |
|
|
Accounts Receivable at December 31,
|
|
|
|
|
|
|
|
|
|
Apple
|
|
$ |
4,342 |
|
|
$ |
— |
|
|
Panasonic
|
|
$ |
21,808 |
|
|
$ |
14,090 |
|
|
Boeing
|
|
$ |
6,874 |
|
|
$ |
6,458 |
|
|