| Segment Reporting Disclosure [Text Block] |
The Company operates through two operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance.
The Company’s chief operating decision maker is its Chief Executive Officer. The chief operating decision maker assesses performance for the Work Truck Attachments and Work Truck Solutions segments and decides how to allocate resources based on Adjusted EBITDA. The chief operating decision maker uses Adjusted EBITDA to evaluate profit generated by the segments in deciding where to reinvest profits, whether it be within the segments or for other purposes such as paying dividends, repurchasing stock, or other general corporate uses. The chief operating decision maker also uses segment Adjusted EBITDA as a metric in benchmarking performance against competitors, as well as in evaluating the compensation of certain employees.
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 the Company's vertically integrated products. This segment consists of the Company's 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.
Segment performance is evaluated based on segment net sales and Adjusted EBITDA. 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. 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.
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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2025 |
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2024 |
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2025 |
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2024 |
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| Net sales |
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|
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| Work Truck Attachments |
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$ |
68,097 |
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|
$ |
60,249 |
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|
$ |
212,668 |
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|
$ |
202,226 |
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| Work Truck Solutions |
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|
94,024 |
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|
69,149 |
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|
258,847 |
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|
222,729 |
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| |
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$ |
162,121 |
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$ |
129,398 |
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$ |
471,515 |
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|
$ |
424,955 |
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| Selling, general and administrative expense |
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|
|
|
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|
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|
|
|
|
|
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| Work Truck Attachments |
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$ |
11,971 |
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$ |
16,583 |
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$ |
35,813 |
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$ |
41,773 |
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| Work Truck Solutions |
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|
10,502 |
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|
9,105 |
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|
31,798 |
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|
28,773 |
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| |
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$ |
22,473 |
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$ |
25,688 |
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$ |
67,611 |
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$ |
70,546 |
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| Other segment items (1) |
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| Work Truck Attachments |
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$ |
45,665 |
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$ |
35,527 |
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$ |
134,497 |
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|
$ |
120,990 |
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| Work Truck Solutions |
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|
73,898 |
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|
52,852 |
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|
197,274 |
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|
172,859 |
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| |
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$ |
119,563 |
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$ |
88,379 |
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$ |
331,771 |
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$ |
293,849 |
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| Adjusted EBITDA |
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|
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| Work Truck Attachments |
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$ |
10,461 |
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$ |
8,139 |
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$ |
42,358 |
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$ |
39,463 |
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| Work Truck Solutions |
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|
9,624 |
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|
7,192 |
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|
29,775 |
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|
|
21,097 |
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| |
|
$ |
20,085 |
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|
$ |
15,331 |
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|
$ |
72,133 |
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$ |
60,560 |
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| Depreciation and amortization expense |
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|
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|
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| Work Truck Attachments |
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$ |
1,902 |
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$ |
2,235 |
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$ |
5,771 |
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$ |
7,945 |
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| Work Truck Solutions |
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|
1,923 |
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|
2,042 |
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|
5,703 |
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|
6,084 |
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$ |
3,825 |
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$ |
4,277 |
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$ |
11,474 |
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$ |
14,029 |
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| Assets |
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| Work Truck Attachments |
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$ |
430,212 |
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$ |
437,402 |
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|
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|
|
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| Work Truck Solutions |
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|
264,724 |
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|
228,185 |
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|
|
|
|
|
|
|
| |
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$ |
694,936 |
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$ |
665,587 |
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| Capital Expenditures |
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| Work Truck Attachments |
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$ |
1,429 |
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$ |
738 |
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$ |
4,645 |
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$ |
1,872 |
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| Work Truck Solutions |
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|
1,595 |
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|
348 |
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|
3,317 |
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|
|
1,659 |
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$ |
3,024 |
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$ |
1,086 |
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$ |
7,962 |
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$ |
3,531 |
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| Adjusted EBITDA |
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|
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|
|
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|
|
|
|
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| Work Truck Attachments |
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$ |
10,461 |
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$ |
8,139 |
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$ |
42,358 |
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$ |
39,463 |
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| Work Truck Solutions |
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9,624 |
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|
7,192 |
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29,775 |
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|
21,097 |
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| Total Adjusted EBITDA |
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$ |
20,085 |
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$ |
15,331 |
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$ |
72,133 |
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$ |
60,560 |
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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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3,762 |
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|
4,469 |
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|
9,119 |
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|
12,116 |
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| Depreciation expense |
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|
2,275 |
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|
2,647 |
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|
6,824 |
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|
8,139 |
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| Amortization |
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1,550 |
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|
1,630 |
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4,650 |
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|
5,890 |
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| Sale leaseback transaction fees |
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- |
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|
5,257 |
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- |
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|
5,257 |
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| Stock based compensation |
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|
1,519 |
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|
794 |
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|
5,223 |
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|
3,627 |
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| Restructuring and severance costs |
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- |
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|
417 |
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|
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- |
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|
1,819 |
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| Impairment charges (2) |
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|
- |
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- |
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|
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- |
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|
1,224 |
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| Debt modification expense |
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|
- |
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|
|
- |
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|
176 |
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|
- |
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| Loss on extinguishment of debt |
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- |
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- |
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|
156 |
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- |
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| Gain on sale leaseback transaction |
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- |
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(42,298 |
) |
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- |
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(42,298 |
) |
| Other charges (3) |
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|
567 |
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|
|
675 |
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|
938 |
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|
|
862 |
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| Income before taxes |
|
$ |
10,412 |
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$ |
41,740 |
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$ |
45,047 |
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$ |
63,924 |
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(1) |
Includes cost of sales, other (income) expense, and the addback of depreciation expense, stock based compensation, impairment charges, gain on sale leaseback transaction, sale leaseback transaction fees, unrelated legal, severance, restructuring, and consulting fees, and write downs of property, plant and equipment for the periods presented. |
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(2) |
Reflects impairment charges taken on certain internally developed software in the nine months ended September 30, 2024. |
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(3) |
Reflects unrelated legal, severance, restructuring and consulting fees, and write downs of property, plant and equipment for the periods presented. |
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