Quarterly report pursuant to Section 13 or 15(d)

Segments (Table)

v3.21.2
Segments (Table)
9 Months Ended
Sep. 30, 2021
Segments  
Schedule of Reconciliation of Operating Profit (Loss)

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

Nine Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2021

2020

2021

2020

Net sales

Work Truck Attachments

$

81,373

$

76,903

$

227,992

$

169,853

Work Truck Solutions

46,263

56,858

160,516

152,141

$

127,636

$

133,761

$

388,508

$

321,994

Adjusted EBITDA

Work Truck Attachments

$

14,790

$

20,155

$

55,206

$

38,527

Work Truck Solutions

700

2,917

4,433

3,162

$

15,490

$

23,072

$

59,639

$

41,689

Depreciation and amortization expense

Work Truck Attachments

$

3,038

$

2,683

$

8,836

$

7,994

Work Truck Solutions

1,984

2,224

6,399

6,710

$

5,022

$

4,907

$

15,235

$

14,704

Assets

Work Truck Attachments

$

405,401

$

396,793

Work Truck Solutions

194,833

214,471

$

600,234

$

611,264

Capital Expenditures

Work Truck Attachments

$

2,221

$

4,850

$

6,202

$

9,105

Work Truck Solutions

331

375

1,108

1,110

$

2,552

$

5,225

$

7,310

$

10,215

Adjusted EBITDA

Work Truck Attachments

$

14,790

$

20,155

$

55,206

$

38,527

Work Truck Solutions

700

2,917

4,433

3,162

Total Adjusted EBITDA

$

15,490

$

23,072

$

59,639

$

41,689

Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes:

Interest expense - net

2,167

5,007

9,514

15,709

Depreciation expense

2,380

2,170

7,183

6,490

Amortization

2,642

2,737

8,052

8,214

Purchase accounting (1)

-

-

-

(2,017)

Stock based compensation

5

199

6,025

2,768

Impairment charges

-

-

-

127,872

Debt modification expense

-

237

-

3,429

Loss on extinguishment of debt

-

-

4,936

-

COVID-19 (2)

12

157

67

1,322

Other charges (3)

50

101

44

101

Income (loss) before taxes

$

8,234

$

12,464

$

23,818

$

(122,199)

(1) Reflects $2,000 reversal of earn-out compensation in conjunction with the acquisition of Dejana in the periods presented. Reflects $17 reversal of earn-out compensation in conjunction with the acquisition of Henderson in the periods presented.
(2) Reflects incremental costs incurred related to the COVID-19 pandemic for the periods presented. Such COVID-19 related costs include increased expenses directly related to the pandemic, and do not include either production related overhead inefficiencies or lost or deferred sales.
(3) Reflects unrelated legal and consulting fees for the periods presented.