Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Segments

v3.24.1.u1
Note 15 - Segments
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

15.

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, as well as our vertically integrated products.  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:

 

   

Three Months Ended

    

Three Months Ended

  
   

March 31,

    

March 31,

  
   

2024

    

2023

  

Net sales

                

Work Truck Attachments

   $ 23,840     $ 19,246  

Work Truck Solutions

     71,815       63,299  
    $ 95,655     $ 82,545  

Adjusted EBITDA

                

Work Truck Attachments

   $ (4,468 )   $ (10,231 )

Work Truck Solutions

     6,002       2,857  
    $ 1,534     $ (7,374 )

Depreciation and amortization expense

                

Work Truck Attachments

   $ 3,347     $ 3,338  

Work Truck Solutions

     1,998       2,019  
    $ 5,345     $ 5,357  

Assets

                

Work Truck Attachments

   $ 374,045     $ 387,909  

Work Truck Solutions

     203,031       197,379  
    $ 577,076     $ 585,288  

Capital Expenditures

                

Work Truck Attachments

   $ 675     $ 932  

Work Truck Solutions

     99       536  
    $ 774     $ 1,468  

 ​

Adjusted EBITDA

                

Work Truck Attachments

   $ (4,468 )   $ (10,231 )

Work Truck Solutions

     6,002       2,857  

Total Adjusted EBITDA

   $ 1,534     $ (7,374 )

Less items to reconcile Adjusted EBITDA to Loss before taxes:

                

Interest expense - net

     3,524       2,864  

Depreciation expense

     2,715       2,727  

Amortization

     2,630       2,630  

Stock based compensation

     355       957  

Impairment charges (1)

     1,224       -  

Other charges (2)

     1,029       74  

Loss before taxes

   $ (9,943 )   $ (16,626 )

 

  (1) Reflects impairment charges taken on certain internally developed software in the three months ended March 31, 2024. 
 

(2)

Reflects unrelated legal, severance, restructuring, and consulting fees for the periods presented.

 ​