Annual report pursuant to Section 13 and 15(d)

SEGMENTS (Tables)

v3.22.4
SEGMENTS (Tables)
12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Summary of Segment Reporting Information Segment 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 
Summary of 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:
(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 
Summary of Activities with Major Customers 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.