Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2.2
Segment Information
9 Months Ended
Oct. 01, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
Below are the sales and operating loss by segment for the three and nine months ended October 1, 2022 and October 2, 2021 and a reconciliation of segment operating loss to loss before income taxes. Operating loss 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.
Nine Months Ended Three Months Ended
(In thousands) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021
Sales:
Aerospace $ 322,871  $ 266,425  $ 112,177  $ 95,775 
Less Inter-segment Sales (10) (23) —  (9)
Total Aerospace Sales 322,861  266,402  112,177  95,766 
Test Systems 53,899  62,811  19,261  16,128 
Less Inter-segment Sales (19) (357) —  (53)
Total Test Systems Sales 53,880  62,454  19,261  16,075 
Total Consolidated Sales $ 376,741  $ 328,856  $ 131,438  $ 111,841 
Segment Measure of Operating Loss and Margins
Aerospace
$ (7,085) $ (6,352) $ (6,859) $ 1,917 
(2.2) % (2.4) % (6.1) % 2.0  %
Test Systems
(4,125) (1,958) (2,312) (2,201)
(7.7) % (3.1) % (12.0) % (13.7) %
Total Segment Measure of Operating Loss (11,210) (8,310) (9,171) (284)
(3.0) % (2.5) % (7.0) % (0.3) %
Deductions from Segment Measure of Operating Loss
Net Gain on Sale of Business (11,284) —  —  — 
Interest Expense, Net of Interest Income
5,812  5,252  2,519  1,795 
Corporate Expenses and Other
16,847  13,247  5,570  4,760 
Loss Before Income Taxes $ (22,585) $ (26,809) $ (17,260) $ (6,839)
During the three and nine months ended October 1, 2022, the Company settled a customer accommodation dispute for $2.1 million and a litigation for $2.0 million, both recorded within Selling, General and Administrative expense and impacting Aerospace segment profitability.
Total Assets:
(In thousands)
October 1, 2022 December 31, 2021
Aerospace
$ 478,385  $ 458,334 
Test Systems
108,473  105,335 
Corporate
12,029  45,469 
Total Assets
$ 598,887  $ 609,138