Annual report pursuant to Section 13 and 15(d)

SEGMENTS

v3.22.4
SEGMENTS
12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENTS SEGMENTSSegment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
(In thousands) 2022 2021 2020
Sales:
Aerospace $ 461,206  $ 365,261  $ 418,079 
Less Inter-segment Sales (10) (23) (91)
Total Aerospace Sales 461,196  365,238  417,988 
Test Systems 73,717  80,027  85,589 
Less Inter-segment Sales (19) (357) (990)
Test Systems 73,698  79,670  84,599 
Total Consolidated Sales $ 534,894  $ 444,908  $ 502,587 
Operating Loss and Margins:
Aerospace $ (1,883) $ (8,614) $ (89,833)
(0.4) % (2.4) % (21.5) %
Test Systems (8,118) (3,765) 5,549 
(11.0) % (4.7) % 6.6  %
Total Operating Loss $ (10,001) $ (12,379) $ (84,284)
(1.9) % (2.8) % (16.8) %
Additions to (Deductions from) Operating Profit:
Net Gain on Sale of Businesses $ 11,284  $ 10,677  $ — 
Interest Expense, Net of Interest Income (9,422) (6,804) (6,741)
Corporate and Other Expenses, Net (21,654) (18,454) (21,385)
Loss before Income Taxes $ (29,793) $ (26,960) $ (112,410)
Depreciation and Amortization:
Aerospace $ 22,384  $ 23,349  $ 25,624 
Test Systems 4,341  5,022  5,577 
Corporate 1,052  634  653 
Total Depreciation and Amortization $ 27,777  $ 29,005  $ 31,854 
Assets:
Aerospace $ 481,416  $ 458,334 
Test Systems 111,513  105,335 
Corporate 22,102  45,469 
Total Assets $ 615,031  $ 609,138 
Capital Expenditures:
Aerospace $ 4,289  $ 4,932  $ 6,494 
Test Systems 3,299  1,082  952 
Corporate 87  20  13 
Total Capital Expenditures $ 7,675  $ 6,034  $ 7,459 
Operating loss is sales less cost of products sold and other operating expenses, excluding interest expense and other corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. Operating loss in the Aerospace segment in 2020 included goodwill impairment and restructuring charges, discussed in Note 7 and Note 22, respectively.
The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
(In thousands) 2022 2021 2020
United States $ 419,431  $ 350,428  $ 377,218 
North America (excluding United States) 9,222  6,990  7,656 
Asia 21,242  21,089  27,579 
Europe 78,625  62,138  85,306 
South America 3,629  1,082  1,788 
Other 2,745  3,181  3,040 
Total $ 534,894  $ 444,908  $ 502,587 
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
(In thousands) 2022 2021
United States $ 82,317  $ 85,681 
France 6,974  7,688 
India 653  936 
Canada 714  931 
Total $ 90,658  $ 95,236 
Sales recorded by the Company’s foreign operations were $50.0 million, $36.6 million and $52.3 million in 2022, 2021 and 2020, respectively. Net loss was $0.2 million, $3.8 million and $6.6 million in 2022, 2021 and 2020, respectively. Net assets held outside of the U.S. total $36.6 million and $40.5 million at December 31, 2022 and 2021, respectively. The exchange gain (loss) included in determining net (loss) income was insignificant in 2022, 2021 and 2020. Cumulative translation adjustments amounted to $7.3 million and $5.4 million at December 31, 2022 and 2021, respectively.
The Company had a significant concentration of business in 2022 and 2021 with The Boeing Company (“Boeing”), and had a significant concentration with Panasonic Aviation Corporation (“Panasonic”) in 2020. Sales to Boeing and Panasonic are primarily in the Aerospace segment. The following is information relating to the activity with those customers:
2022 2021 2020
Percent of Consolidated Sales
Boeing 11.0% 10.0% *
Panasonic * * 11.1%
(In thousands) 2022 2021
Accounts Receivable at December 31,
Boeing $ 16,860  $ 14,545 
Panasonic *
*
* Sales represented less than 10% of total consolidated sales in during the given period.