Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.8.0.1
Segment Information
 6 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Segment Information
Segment Information
We operate in four reportable segments based on four geographic countries or regions in which we operate: the United States, Canada, Europe and Asia. Within our four reportable segments, our primary products and services are focused on thermal solutions primarily related to the electrical heat tracing industry. Each of our reportable segments serves a similar class of customers, including engineering, procurement and construction (“EPC”) companies, international and regional oil and gas companies, commercial sub-contractors, electrical component distributors and direct sales to existing plant or industrial applications. Profitability within our segments is measured by operating income. Profitability can vary in each of our reportable segments based on the competitive environment within the region, the level of corporate overhead, such as the salaries of our senior executives, and the level of research and development and marketing activities in the region, as well as the mix of products and services. Since March 2015, we acquired Unitemp, IPI and Sumac. Both Unitemp and IPI offer thermal solutions and have been included in our Europe and United States reportable segments, respectively. Sumac provides temporary power products that differ from our core thermal solutions business. As we anticipate that our full year operating results from Sumac will comprise less than 10% of our total sales and operating income, Sumac has been aggregated in our Canada segment. For purposes of this note, revenue is attributed to individual countries or regions on the basis of the physical location and jurisdiction of organization of the subsidiary that invoices the material and services.
Total sales to external customers, inter-segment sales, depreciation expense, amortization expense, income from operations, property, plant and equipment, net and total assets for each of our four reportable segments are as follows:
 
Three Months Ended September 30, 2017
 
Three Months Ended September 30, 2016
 
Six Months Ended September 30, 2017
 
Six Months Ended September 30, 2016
Sales to External Customers:
 

 
 

 
 
 
 
United States
$
21,318

 
$
29,838

 
$
44,869

 
$
59,992

Canada
15,437

 
13,051

 
27,536

 
23,160

Europe
17,447

 
18,554

 
28,064

 
32,317

Asia
7,429

 
7,369

 
12,898

 
16,739

 
$
61,631

 
$
68,812

 
$
113,367

 
$
132,208

Inter-Segment Sales:
 
 
 
 
 
 
 
United States
$
14,309

 
$
13,096

 
$
23,891

 
$
23,735

Canada
1,895

 
436

 
3,359

 
1,025

Europe
362

 
405

 
723

 
1,006

Asia
174

 
505

 
547

 
633

 
$
16,740

 
$
14,442

 
$
28,520

 
$
26,399

Depreciation Expense:
 
 
 
 
 
 
 
United States
$
1,078

 
$
890

 
$
2,064

 
$
1,751

Canada
635

 
499

 
1,240

 
951

Europe
124

 
73

 
214

 
142

Asia
32

 
37

 
64

 
69

 
$
1,869

 
$
1,499

 
$
3,582

 
$
2,913

Amortization Expense:
 
 
 
 
 
 
 
United States
$
1,505

 
$
1,536

 
$
3,010

 
$
2,850

Canada
901

 
890

 
1,741

 
1,791

Europe
350

 
333

 
679

 
668

Asia
266

 
266

 
532

 
532

 
$
3,022

 
$
3,025

 
$
5,962

 
$
5,841

Income (loss) from operations:
 

 
 

 
 
 
 
United States
$
(1,050
)
 
$
424

 
$
(2,097
)
 
$
463

Canada
6,549

 
2,711

 
9,997

 
4,444

Europe
2,378

 
2,913

 
2,232

 
4,564

Asia
845

 
839

 
1,307

 
2,883

Unallocated:


 


 


 


Stock compensation
(947
)
 
(915
)
 
(1,732
)
 
(1,821
)
Public company costs
(358
)
 
(297
)
 
(732
)
 
(668
)
 
$
7,417

 
$
5,675

 
$
8,975

 
$
9,865


 
September 30, 2017
 
March 31, 2017
Property, plant and equipment, net:
 
 
 
United States
$
34,938

 
$
34,563

Canada
5,796

 
4,674

Europe
3,572

 
3,532

Asia
500

 
497

 
$
44,806

 
$
43,266

Total Assets:
 
 
 
United States
$
178,492

 
$
186,300

Canada
152,944

 
136,688

Europe
85,868

 
80,589

Asia
50,435

 
50,503

 
$
467,739

 
$
454,080