| Segment Reporting Disclosure [Text Block] |
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 reportable 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:
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Three Months Ended |
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Three Months Ended |
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Nine Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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| Net sales |
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| Work Truck Attachments |
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$ |
108,235 |
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|
$ |
81,373 |
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|
$ |
284,375 |
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|
$ |
227,992 |
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| Work Truck Solutions |
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|
57,865 |
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|
46,263 |
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|
171,887 |
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|
160,516 |
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| |
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$ |
166,100 |
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$ |
127,636 |
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$ |
456,262 |
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$ |
388,508 |
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| Adjusted EBITDA |
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|
|
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|
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| Work Truck Attachments |
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$ |
22,929 |
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$ |
14,790 |
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$ |
59,562 |
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$ |
55,206 |
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| Work Truck Solutions |
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|
2,202 |
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|
700 |
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|
4,307 |
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|
4,433 |
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$ |
25,131 |
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$ |
15,490 |
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$ |
63,869 |
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$ |
59,639 |
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| Depreciation and amortization expense |
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|
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| Work Truck Attachments |
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$ |
3,228 |
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$ |
3,038 |
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$ |
9,618 |
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|
$ |
8,836 |
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| Work Truck Solutions |
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|
2,005 |
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|
1,984 |
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|
6,008 |
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|
6,399 |
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$ |
5,233 |
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$ |
5,022 |
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$ |
15,626 |
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$ |
15,235 |
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| Assets |
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| Work Truck Attachments |
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$ |
454,739 |
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$ |
405,401 |
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| Work Truck Solutions |
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|
200,048 |
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|
194,833 |
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|
|
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|
|
|
|
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$ |
654,787 |
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|
$ |
600,234 |
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|
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| Capital Expenditures |
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|
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|
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| Work Truck Attachments |
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$ |
2,741 |
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$ |
2,221 |
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$ |
6,807 |
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$ |
6,202 |
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| Work Truck Solutions |
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|
630 |
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|
331 |
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|
1,211 |
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|
1,108 |
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$ |
3,371 |
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$ |
2,552 |
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$ |
8,018 |
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$ |
7,310 |
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| Adjusted EBITDA |
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|
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|
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|
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|
|
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| Work Truck Attachments |
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$ |
22,929 |
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$ |
14,790 |
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|
$ |
59,562 |
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|
$ |
55,206 |
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| Work Truck Solutions |
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|
2,202 |
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|
|
700 |
|
|
|
4,307 |
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|
|
4,433 |
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| Total Adjusted EBITDA |
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$ |
25,131 |
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|
$ |
15,490 |
|
|
$ |
63,869 |
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|
$ |
59,639 |
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| Less items to reconcile Adjusted EBITDA to Income before taxes: |
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| Interest expense - net |
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|
3,266 |
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|
2,167 |
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|
7,852 |
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|
|
9,514 |
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| Depreciation expense |
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|
2,603 |
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|
|
2,380 |
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|
|
7,736 |
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|
|
7,183 |
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| Amortization |
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|
2,630 |
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|
|
2,642 |
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|
|
7,890 |
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|
|
8,052 |
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| Stock based compensation |
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|
510 |
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5 |
|
|
|
5,563 |
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|
6,025 |
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| Loss on extinguishment of debt |
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|
- |
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- |
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- |
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|
4,936 |
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| COVID-19 (1) |
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|
7 |
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|
12 |
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|
|
39 |
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|
|
67 |
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| Other charges (2) |
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(60 |
) |
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|
50 |
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|
449 |
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|
44 |
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| Income before taxes |
|
$ |
16,175 |
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$ |
8,234 |
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$ |
34,340 |
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|
$ |
23,818 |
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(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. |
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(2) |
Reflects unrelated legal, severance, restructuring and consulting fees for the periods presented. |
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