Quarterly report pursuant to Section 13 or 15(d)

Segments

v3.20.1
Segments
3 Months Ended
Mar. 31, 2020
Segments  
Segments

16. Segments

The Company’s two reportable business segments are as follows: 

Work Truck Attachments.  The Work Truck Attachments segment includes commercial snow and ice management attachments sold under the FISHER®, WESTERN® and SNOWEX® brands.  This segment consists of our operations that manufacture and sell snow and ice control products.

 

Work Truck Solutions.  The Work Truck Solutions segment includes manufactured municipal snow and ice control products under the HENDERSON® brand and the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.

Separate financial information is available for the two operating segments. In addition, segment results include an allocation of all corporate costs to Work Truck Attachments and Work Truck Solutions.

Segment performance is evaluated based on segment net sales and Adjusted EBITDA. Segment results include an allocation of all corporate costs. No single customer’s revenues amounted to 10% or more of the Company’s total revenue. Sales are primarily within the United States and substantially all assets are located within the United States.

All intersegment sales are eliminated in consolidation. Sales between Work Truck Attachments and Work Truck Solutions reflect the Company’s intercompany pricing policy. The following table shows summarized financial information concerning the Company’s reportable segments:

Three Months Ended

Three Months Ended

March 31,

March 31,

2020

2019

Net sales

Work Truck Attachments

$

19,120

$

25,817

Work Truck Solutions

49,070

67,370

$

68,190

$

93,187

Adjusted EBITDA

Work Truck Attachments

$

(2,076)

$

2,284

Work Truck Solutions

361

6,735

$

(1,715)

$

9,019

Depreciation and amortization expense

Work Truck Attachments

$

2,659

$

2,538

Work Truck Solutions

2,235

2,270

$

4,894

$

4,808

Assets

Work Truck Attachments

$

349,671

$

330,731

Work Truck Solutions

342,865

345,288

$

692,536

$

676,019

Capital Expenditures

Work Truck Attachments

$

1,858

$

611

Work Truck Solutions

396

77

$

2,254

$

688

Adjusted EBITDA

Work Truck Attachments

$

(2,076)

$

2,284

Work Truck Solutions

361

6,735

Total Adjusted EBITDA

$

(1,715)

$

9,019

Less items to reconcile Adjusted EBITDA to Loss before taxes:

Interest expense - net

5,040

4,150

Depreciation expense

2,156

2,067

Amortization

2,738

2,741

Purchase accounting

(17)

(217)

Stock based compensation

1,368

1,054

COVID-19 (1)

317

-

Other charges

31

(16)

Loss before taxes

$

(13,348)

$

(760)

(1) - Reflects incremental costs incurred related to the COVID-19 crisis for the periods presented.