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