Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.1
Segment Information
 3 Months Ended
Apr. 01, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
Below are the sales and operating profit by segment for the three months ended April 1, 2023 and April 2, 2022 and a reconciliation of segment operating profit to (loss) income before income taxes. Operating profit is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment.
Three Months Ended
(In thousands) April 1, 2023 April 2, 2022
Sales:
Aerospace $ 135,715  $ 101,394 
Less Inter-segment Sales (118) — 
Total Aerospace Sales 135,597  101,394 
Test Systems 20,941  14,798 
Less Inter-segment Sales —  (16)
Total Test Systems Sales 20,941  14,782 
Total Consolidated Sales $ 156,538  $ 116,176 
Segment Measure of Operating Profit and Margins
Aerospace
 $ 4,087  $ 3,050 
3.0  % 3.0  %
Test Systems
 (597) (1,787)
(2.9) % (12.1) %
Total Segment Measure of Operating Profit 3,490  1,263 
2.2  % 1.1  %
Deductions from Segment Measure of Operating Profit:
Net Gain on Sale of Business (3,427) (11,284)
Interest Expense, Net of Interest Income
 5,470  1,631 
Corporate Expenses and Other
 4,572  5,892 
(Loss) Income Before Income Taxes $ (3,125) $ 5,024 
During the three months ended April 1, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability assumed with an acquisition and associated with a customer program within our Test Systems Segment which is no longer expected to occur, which also benefits operating loss for the period. Absent that benefit, Test Systems’ operating loss was $6.4 million. In the quarter ended April 2, 2022, $6.0 million of the AMJP grant was recognized as an offset to the cost of products sold in the Aerospace segment. Corporate expenses and other for the quarter ended April 1, 2023 includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make
the associated payment. This amount is included in Other Income, Net of Other Expense in the Consolidated Condensed Statement of Operations.
Total Assets:
(In thousands)
 April 1, 2023 December 31, 2022
Aerospace
 $ 498,348  $ 481,416 
Test Systems
 103,778  111,513 
Corporate
 14,282  22,102 
Total Assets
 $ 616,408  $ 615,031