Annual report pursuant to Section 13 and 15(d)

Segments (Tables)

v3.3.1.900
Segments (Tables)
12 Months Ended
Dec. 31, 2015
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)
2015
 
2014
 
2013
Sales:
 
 
 
 
 
Aerospace
$
549,738

 
$
494,747

 
$
330,530

Test Systems
142,596

 
166,769

 
10,103

Less Inter-segment Sales
(55
)
 
(477
)
 
(696
)
 
142,541

 
166,292

 
9,407

Total Consolidated Sales
$
692,279

 
$
661,039

 
$
339,937

Operating Profit (Loss) and Margins:
 
 
 
 
 
Aerospace
$
85,103

 
$
79,753

 
$
55,200

 
15.5
%
 
16.1
%
 
16.7
 %
Test Systems
25,529

 
12,401

 
(3,756
)
 
17.9
%
 
7.4
%
 
(37.2
)%
Total Operating Profit
110,632

 
92,154

 
51,444

 
16.0
%
 
13.9
%
 
15.1
 %
Deductions from Operating Profit:
 
 
 
 
 
Interest Expense, Net of Interest Income
(4,751
)
 
(8,255
)
 
(4,094
)
Corporate and Other Expenses, Net
(11,831
)
 
(4,792
)
 
(9,139
)
Income before Income Taxes
$
94,050

 
$
79,107

 
$
38,211

Depreciation and Amortization:
 
 
 
 
 
Aerospace
$
19,377

 
$
17,847

 
$
10,058

Test Systems
5,209

 
8,786

 
590

Corporate
723

 
621

 
411

Total Depreciation and Amortization
$
25,309

 
$
27,254

 
$
11,059

Identifiable Assets:
 
 
 
 
 
Aerospace
$
510,884

 
$
468,481

 
$
428,619

Test Systems
64,934

 
69,247

 
11,035

Corporate
33,425

 
25,182

 
51,617

Total Assets
$
609,243

 
$
562,910

 
$
491,271

Capital Expenditures:
 
 
 
 
 
Aerospace
$
16,503

 
$
35,650

 
$
6,711

Test Systems
2,103

 
3,472

 
61

Corporate
35

 
1,760

 
96

Total Capital Expenditures
$
18,641

 
$
40,882

 
$
6,868

Summarizes 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:
 
2015
 
2014
 
2013
(In thousands)
 
 
 
 
 
North America
$
521,768

 
$
452,994

 
$
300,368

Asia
108,967

 
141,247

 
15,570

Europe
57,936

 
64,742

 
21,190

South America
1,112

 
1,192

 
1,851

Other
2,496

 
864

 
958

 
$
692,279

 
$
661,039

 
$
339,937

The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
 
2015
 
2014
 
2013
(In thousands)
 
 
 
 
 
United States
$
115,117

 
$
105,698

 
$
59,803

France
9,092

 
10,347

 
10,771

Canada
533

 
271

 
326

 
$
124,742

 
$
116,316

 
$
70,900

Schedule of Activities with Major Customers
The Company has a significant concentration of business with three major customers; Panasonic Aviation Corporation (“Panasonic”), Apple Inc. (“Apple”), and The Boeing Company (“Boeing”). The following is information relating to the activity with those customers:
 
2015

2014
 
2013
Percent of Consolidated Revenue
 
 
 
 
 
Panasonic
21.0
%
 
17.7
%
 
29.6
%
Apple
13.1
%
 
17.9
%
 

Boeing
13.0
%
 
14.1
%
 
14.5
%
(In thousands)
2015

2014
Accounts Receivable at December 31,
 
 
 
Panasonic
$
14,433

 
$
21,808

Apple
$

 
$
4,342

Boeing
$
9,598

 
$
6,874