| Summary of Segment Reporting Information |
Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
2015 |
|
2014 |
|
2013 |
Sales: |
|
|
|
|
|
Aerospace |
$ |
549,738 |
|
|
$ |
494,747 |
|
|
$ |
330,530 |
|
Test Systems |
142,596 |
|
|
166,769 |
|
|
10,103 |
|
Less Inter-segment Sales |
(55 |
) |
|
(477 |
) |
|
(696 |
) |
|
142,541 |
|
|
166,292 |
|
|
9,407 |
|
Total Consolidated Sales |
$ |
692,279 |
|
|
$ |
661,039 |
|
|
$ |
339,937 |
|
Operating Profit (Loss) and Margins: |
|
|
|
|
|
Aerospace |
$ |
85,103 |
|
|
$ |
79,753 |
|
|
$ |
55,200 |
|
|
15.5 |
% |
|
16.1 |
% |
|
16.7 |
% |
Test Systems |
25,529 |
|
|
12,401 |
|
|
(3,756 |
) |
|
17.9 |
% |
|
7.4 |
% |
|
(37.2 |
)% |
Total Operating Profit |
110,632 |
|
|
92,154 |
|
|
51,444 |
|
|
16.0 |
% |
|
13.9 |
% |
|
15.1 |
% |
Deductions from Operating Profit: |
|
|
|
|
|
Interest Expense, Net of Interest Income |
(4,751 |
) |
|
(8,255 |
) |
|
(4,094 |
) |
Corporate and Other Expenses, Net |
(11,831 |
) |
|
(4,792 |
) |
|
(9,139 |
) |
Income before Income Taxes |
$ |
94,050 |
|
|
$ |
79,107 |
|
|
$ |
38,211 |
|
Depreciation and Amortization: |
|
|
|
|
|
Aerospace |
$ |
19,377 |
|
|
$ |
17,847 |
|
|
$ |
10,058 |
|
Test Systems |
5,209 |
|
|
8,786 |
|
|
590 |
|
Corporate |
723 |
|
|
621 |
|
|
411 |
|
Total Depreciation and Amortization |
$ |
25,309 |
|
|
$ |
27,254 |
|
|
$ |
11,059 |
|
Identifiable Assets: |
|
|
|
|
|
Aerospace |
$ |
510,884 |
|
|
$ |
468,481 |
|
|
$ |
428,619 |
|
Test Systems |
64,934 |
|
|
69,247 |
|
|
11,035 |
|
Corporate |
33,425 |
|
|
25,182 |
|
|
51,617 |
|
Total Assets |
$ |
609,243 |
|
|
$ |
562,910 |
|
|
$ |
491,271 |
|
Capital Expenditures: |
|
|
|
|
|
Aerospace |
$ |
16,503 |
|
|
$ |
35,650 |
|
|
$ |
6,711 |
|
Test Systems |
2,103 |
|
|
3,472 |
|
|
61 |
|
Corporate |
35 |
|
|
1,760 |
|
|
96 |
|
Total Capital Expenditures |
$ |
18,641 |
|
|
$ |
40,882 |
|
|
$ |
6,868 |
|
|
| Summarizes the Company's Sales and Long-Lived Assets by Geographic Region |
The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
2013 |
(In thousands) |
|
|
|
|
|
North America |
$ |
521,768 |
|
|
$ |
452,994 |
|
|
$ |
300,368 |
|
Asia |
108,967 |
|
|
141,247 |
|
|
15,570 |
|
Europe |
57,936 |
|
|
64,742 |
|
|
21,190 |
|
South America |
1,112 |
|
|
1,192 |
|
|
1,851 |
|
Other |
2,496 |
|
|
864 |
|
|
958 |
|
|
$ |
692,279 |
|
|
$ |
661,039 |
|
|
$ |
339,937 |
|
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
2013 |
(In thousands) |
|
|
|
|
|
United States |
$ |
115,117 |
|
|
$ |
105,698 |
|
|
$ |
59,803 |
|
France |
9,092 |
|
|
10,347 |
|
|
10,771 |
|
Canada |
533 |
|
|
271 |
|
|
326 |
|
|
$ |
124,742 |
|
|
$ |
116,316 |
|
|
$ |
70,900 |
|
|
| Schedule of Activities with Major Customers |
The Company has a significant concentration of business with three major customers; Panasonic Aviation Corporation (“Panasonic”), Apple Inc. (“Apple”), and The Boeing Company (“Boeing”). The following is information relating to the activity with those customers:
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
2013 |
Percent of Consolidated Revenue |
|
|
|
|
|
Panasonic |
21.0 |
% |
|
17.7 |
% |
|
29.6 |
% |
Apple |
13.1 |
% |
|
17.9 |
% |
|
— |
|
Boeing |
13.0 |
% |
|
14.1 |
% |
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
(In thousands) |
2015 |
|
2014 |
Accounts Receivable at December 31, |
|
|
|
Panasonic |
$ |
14,433 |
|
|
$ |
21,808 |
|
Apple |
$ |
— |
|
|
$ |
4,342 |
|
Boeing |
$ |
9,598 |
|
|
$ |
6,874 |
|
|