Quarterly report pursuant to Section 13 or 15(d)

Segments (Tables)

v3.22.1
Segments (Tables)
3 Months Ended
Mar. 31, 2022
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

March 31,

March 31,

2022

2021

Net sales

Work Truck Attachments

$

45,776

$

41,981

Work Truck Solutions

56,825

61,361

$

102,601

$

103,342

Adjusted EBITDA

Work Truck Attachments

$

3,044

$

8,239

Work Truck Solutions

1,592

2,419

$

4,636

$

10,658

Depreciation and amortization expense

Work Truck Attachments

$

3,189

$

2,801

Work Truck Solutions

2,000

2,212

$

5,189

$

5,013

Assets

Work Truck Attachments

$

357,438

$

355,428

Work Truck Solutions

193,022

201,174

$

550,460

$

556,602

Capital Expenditures

Work Truck Attachments

$

1,138

$

2,097

Work Truck Solutions

218

293

$

1,356

$

2,390

Adjusted EBITDA

Work Truck Attachments

$

3,044

$

8,239

Work Truck Solutions

1,592

2,419

Total Adjusted EBITDA

$

4,636

$

10,658

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

Interest expense - net

2,113

2,975

Depreciation expense

2,559

2,308

Amortization

2,630

2,705

Stock based compensation

1,900

1,965

COVID-19 (1)

20

40

Other charges (2)

339

-

Income (loss) before taxes

$

(4,925)

$

665

(1) 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.
(2) Reflects unrelated legal, severance, restructuring and consulting fees for the periods presented.