| Schedule of Segment Reporting Information |
Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
2025 |
|
2024 |
|
2023 |
| Sales: |
|
|
|
|
|
| Aerospace |
$ |
797,353 |
|
|
$ |
706,746 |
|
|
$ |
605,001 |
|
| Less Inter-segment Sales |
(34) |
|
|
(62) |
|
|
(171) |
|
| Total Aerospace Sales |
797,319 |
|
|
706,684 |
|
|
604,830 |
|
|
|
|
|
|
|
| Test Systems |
65,243 |
|
|
88,874 |
|
|
84,376 |
|
| Less Inter-segment Sales |
(434) |
|
|
(132) |
|
|
— |
|
| Test Systems |
64,809 |
|
|
88,742 |
|
|
84,376 |
|
| Total Consolidated Sales |
$ |
862,128 |
|
|
$ |
795,426 |
|
|
$ |
689,206 |
|
Less1
|
|
|
|
|
|
| Cost of Products Sold: |
|
|
|
|
|
| Aerospace |
$ |
548,879 |
|
|
$ |
502,558 |
|
|
$ |
451,911 |
|
|
68.8 |
% |
|
71.1 |
% |
|
74.7 |
% |
| Test Systems |
$ |
55,091 |
|
|
$ |
72,440 |
|
|
$ |
62,763 |
|
|
85.0 |
% |
|
81.6 |
% |
|
74.4 |
% |
Other Segment Items2
|
|
|
|
|
|
| Aerospace |
$ |
135,236 |
|
|
$ |
141,720 |
|
|
$ |
128,290 |
|
| Test Systems |
$ |
17,563 |
|
|
$ |
24,779 |
|
|
$ |
30,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
2025 |
|
2024 |
|
2023 |
|
|
|
|
|
|
| Operating Income (Loss) and Margins: |
|
|
|
|
|
| Aerospace |
$ |
113,204 |
|
|
$ |
62,406 |
|
|
$ |
24,629 |
|
|
14.2 |
% |
|
8.8 |
% |
|
4.1 |
% |
| Test Systems |
(7,845) |
|
|
(8,477) |
|
|
(8,745) |
|
|
(12.1) |
% |
|
(9.6) |
% |
|
(10.4) |
% |
| Total Operating Income (Loss) |
$ |
105,359 |
|
|
$ |
53,929 |
|
|
$ |
15,884 |
|
|
12.2 |
% |
|
6.8 |
% |
|
2.3 |
% |
| Additions to (Deductions from) Operating Profit: |
|
|
|
|
|
| Net Gain on Sale of Businesses |
$ |
— |
|
|
$ |
— |
|
|
$ |
3,427 |
|
| Loss on Settlement of Debt |
(32,644) |
|
|
(10,148) |
|
|
— |
|
| Interest Expense, Net of Interest Income |
(12,561) |
|
|
(21,998) |
|
|
(23,328) |
|
| Corporate and Other Expenses, Net |
(28,209) |
|
|
(29,650) |
|
|
(22,294) |
|
| Income (Loss) before Income Taxes |
$ |
31,945 |
|
|
$ |
(7,867) |
|
|
$ |
(26,311) |
|
|
|
|
|
|
|
|
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, Research and Development Expenses, and sublease and rental income.
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|
|
|
|
|
|
| Depreciation and Amortization: |
|
|
|
|
|
| Aerospace |
$ |
18,866 |
|
|
$ |
19,458 |
|
|
$ |
20,801 |
|
| Test Systems |
2,932 |
|
|
4,813 |
|
|
5,068 |
|
| Corporate |
40 |
|
|
195 |
|
|
235 |
|
| Total Depreciation and Amortization |
$ |
21,838 |
|
|
$ |
24,466 |
|
|
$ |
26,104 |
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
| Aerospace |
$ |
570,294 |
|
|
$ |
498,528 |
|
|
|
| Test Systems |
119,603 |
|
|
128,828 |
|
|
|
| Corporate |
16,781 |
|
|
21,408 |
|
|
|
| Total Assets |
$ |
706,678 |
|
|
$ |
648,764 |
|
|
|
| Capital Expenditures: |
|
|
|
|
|
| Aerospace |
$ |
30,741 |
|
|
$ |
7,346 |
|
|
$ |
5,003 |
|
| Test Systems |
932 |
|
|
1,066 |
|
|
2,640 |
|
| Corporate |
— |
|
|
16 |
|
|
— |
|
| Total Capital Expenditures |
$ |
31,673 |
|
|
$ |
8,428 |
|
|
$ |
7,643 |
|
|
| 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) |
2025 |
|
2024 |
|
2023 |
| United States |
$ |
615,096 |
|
|
$ |
593,943 |
|
|
$ |
518,096 |
|
| North America (excluding United States) |
14,635 |
|
|
13,107 |
|
|
14,878 |
|
| Asia |
73,265 |
|
|
44,176 |
|
|
26,165 |
|
| Europe |
153,396 |
|
|
139,384 |
|
|
123,682 |
|
| South America |
2,117 |
|
|
1,445 |
|
|
2,071 |
|
| Other |
3,619 |
|
|
3,371 |
|
|
4,314 |
|
| Total |
$ |
862,128 |
|
|
$ |
795,426 |
|
|
$ |
689,206 |
|
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
2025 |
|
2024 |
| United States |
$ |
97,325 |
|
|
$ |
73,749 |
|
| France |
6,507 |
|
|
5,625 |
|
| Germany |
2,155 |
|
|
— |
|
| India |
255 |
|
|
357 |
|
| Canada |
836 |
|
|
956 |
|
| Total |
$ |
107,078 |
|
|
$ |
80,687 |
|
|