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v2.4.0.6
Segment Information
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Segment Information

Note 5— Segment Information

 

The Company reports financial information based on the organizational structure used by management for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, management reviews the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and safety products for school, office, home, hardware and industrial use.

 

Domestic sales orders are filled from the Company’s distribution center in North Carolina. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products.  Orders filled from the Company’s inventory are generally for less than container-sized lots.

 

Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers, who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 12% and 16% of the Company’s total net sales for the three and nine months ended September 30, 2012 compared to 16% for the comparable periods in 2011.

 

The chief operating decision maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment amounts below are presented after converting to U.S. dollars and consolidating eliminations

 

Financial data by segment:

 

(in thousands)

 

   

Three months ended 

September 30,

   

Nine months ended 

September 30,

 
Sales to external customers:   2012     2011     2012     2011  
United States   $ 16,541     $ 15,020     $ 51,702     $ 44,104  
Canada     2,170       1,829       7,137       7,008  
Europe     1,652       2,187       5,996       6,354  
Consolidated   $ 20,363     $ 19,036     $ 64,835     $ 57,466  
                                 
Operating income (loss):                                
United States   $ 1,240     $ 923     $ 3,992     $ 2,904  
Canada     182       114       753       863  
Europe     (63 )     83       149       (4 )
Consolidated   $ 1,359     $ 1,120     $ 4,895     $ 3,763  
                                 
Interest expense, net     83       70       200       191  
Other expense (income), net     7       20       93       (2 )
Consolidated income before income taxes   $ 1,269     $ 1,030     $ 4,602     $ 3,574  

 

Assets by segment:            
( in thousands )            
             
    September 30,     December 31,  
    2012     2011  
United States   $ 56,400     $ 43,174  
Canada     6,110       6,033  
Europe     5,151       6,015  
Consolidated   $ 67,661     $ 55,222