| Schedule of Segment Reporting Information |
Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
2024 |
|
2023 |
|
2022 |
| Sales: |
|
|
|
|
|
| Aerospace |
$ |
706,746 |
|
|
$ |
605,001 |
|
|
$ |
461,206 |
|
| Less Inter-segment Sales |
(62) |
|
|
(171) |
|
|
(10) |
|
| Total Aerospace Sales |
706,684 |
|
|
604,830 |
|
|
461,196 |
|
|
|
|
|
|
|
| Test Systems |
88,874 |
|
|
84,376 |
|
|
73,717 |
|
| Less Inter-segment Sales |
(132) |
|
|
— |
|
|
(19) |
|
| Test Systems |
88,742 |
|
|
84,376 |
|
|
73,698 |
|
| Total Consolidated Sales |
$ |
795,426 |
|
|
$ |
689,206 |
|
|
$ |
534,894 |
|
Less1
|
|
|
|
|
|
| Cost of Products Sold: |
|
|
|
|
|
| Aerospace |
$ |
549,017 |
|
|
$ |
499,948 |
|
|
$ |
399,834 |
|
|
77.7 |
% |
|
82.7 |
% |
|
86.7 |
% |
| Test Systems |
$ |
78,067 |
|
|
$ |
68,462 |
|
|
$ |
63,520 |
|
|
88.0 |
% |
|
81.1 |
% |
|
86.2 |
% |
Other Segment Items2
|
|
|
|
|
|
| Aerospace |
$ |
95,261 |
|
|
$ |
80,253 |
|
|
$ |
63,245 |
|
| Test Systems |
$ |
19,152 |
|
|
$ |
24,659 |
|
|
$ |
18,296 |
|
|
|
|
|
|
|
| Operating Income (Loss) and Margins: |
|
|
|
|
|
| Aerospace |
$ |
62,406 |
|
|
$ |
24,629 |
|
|
$ |
(1,883) |
|
|
8.8 |
% |
|
4.1 |
% |
|
(0.4) |
% |
| Test Systems |
(8,477) |
|
|
(8,745) |
|
|
(8,118) |
|
|
(9.6) |
% |
|
(10.4) |
% |
|
(11.0) |
% |
| Total Operating Income (Loss) |
$ |
53,929 |
|
|
$ |
15,884 |
|
|
$ |
(10,001) |
|
|
6.8 |
% |
|
2.3 |
% |
|
(1.9) |
% |
| Additions to (Deductions from) Operating Profit: |
|
|
|
|
|
| Net Gain on Sale of Businesses |
$ |
— |
|
|
$ |
3,427 |
|
|
$ |
11,284 |
|
| Loss on Extinguishment of Debt |
(10,148) |
|
|
— |
|
|
— |
|
| Interest Expense, Net of Interest Income |
(21,998) |
|
|
(23,328) |
|
|
(9,422) |
|
| Corporate and Other Expenses, Net |
(29,650) |
|
|
(22,294) |
|
|
(21,654) |
|
| Loss before Income Taxes |
$ |
(7,867) |
|
|
$ |
(26,311) |
|
|
$ |
(29,793) |
|
|
|
|
|
|
|
|
1 The significant expenses and amounts presented align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
2 Other segment items include Selling, General and Administrative Expenses and sublease and rental income.
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|
|
|
|
|
|
|
|
| (In thousands) |
2024 |
|
2023 |
|
2022 |
| Depreciation and Amortization: |
|
|
|
|
|
| Aerospace |
$ |
19,458 |
|
|
$ |
20,801 |
|
|
$ |
22,384 |
|
| Test Systems |
4,813 |
|
|
5,068 |
|
|
4,341 |
|
| Corporate |
195 |
|
|
235 |
|
|
1,052 |
|
| Total Depreciation and Amortization |
$ |
24,466 |
|
|
$ |
26,104 |
|
|
$ |
27,777 |
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
| Aerospace |
$ |
498,528 |
|
|
$ |
493,660 |
|
|
|
| Test Systems |
128,828 |
|
|
122,681 |
|
|
|
| Corporate |
21,408 |
|
|
17,451 |
|
|
|
| Total Assets |
$ |
648,764 |
|
|
$ |
633,792 |
|
|
|
| Capital Expenditures: |
|
|
|
|
|
| Aerospace |
$ |
7,346 |
|
|
$ |
5,003 |
|
|
$ |
4,289 |
|
| Test Systems |
1,066 |
|
|
2,640 |
|
|
3,299 |
|
| Corporate |
16 |
|
|
— |
|
|
87 |
|
| Total Capital Expenditures |
$ |
8,428 |
|
|
$ |
7,643 |
|
|
$ |
7,675 |
|
|
| Schedule 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:
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|
|
|
|
|
|
|
|
|
| (In thousands) |
2024 |
|
2023 |
|
2022 |
| United States |
$ |
593,943 |
|
|
$ |
518,096 |
|
|
$ |
419,431 |
|
| North America (excluding United States) |
13,107 |
|
|
14,878 |
|
|
9,222 |
|
| Asia |
44,176 |
|
|
26,165 |
|
|
21,242 |
|
| Europe |
139,384 |
|
|
123,682 |
|
|
78,625 |
|
| South America |
1,445 |
|
|
2,071 |
|
|
3,629 |
|
| Other |
3,371 |
|
|
4,314 |
|
|
2,745 |
|
| Total |
$ |
795,426 |
|
|
$ |
689,206 |
|
|
$ |
534,894 |
|
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
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|
|
|
|
|
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|
|
| (In thousands) |
2024 |
|
2023 |
| United States |
$ |
73,749 |
|
|
$ |
77,939 |
|
| France |
5,625 |
|
|
6,417 |
|
| India |
357 |
|
|
487 |
|
| Canada |
956 |
|
|
593 |
|
| Total |
$ |
80,687 |
|
|
$ |
85,436 |
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|