Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.21.1
Segment Information
 12 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
    We operate in four reportable segments based on four geographic countries or regions in which we operate: (i) United States and Latin America ("US-LAM"), (ii) Canada, (iii) Europe, Middle East and Africa ("EMEA") and (iv) Asia-Pacific ("APAC"). Within our four reportable segments, our core 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 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. 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 and total assets classified by major geographic area in which the Company operates are as follows:
Year Ended March 31, 2021 Year Ended March 31, 2020 Year Ended March 31, 2019
Sales to External Customers:
United States and Latin America $ 95,441  $ 155,465  $ 165,648 
Canada 90,853  128,364  127,392 
Europe, Middle East and Africa 54,219  53,762  77,508 
Asia-Pacific 35,668  45,895  42,094 
  $ 276,181  $ 383,486  $ 412,642 
Inter-segment Sales:
United States and Latin America $ 40,793  $ 48,891  $ 52,662 
Canada 7,272  4,764  6,231 
Europe, Middle East and Africa 2,003  2,890  3,406 
Asia-Pacific 1,221  991  859 
$ 51,289  $ 57,536  $ 63,158 
Depreciation Expense:
United States and Latin America $ 6,290  $ 6,304  $ 4,935 
Canada 4,454  3,462  3,616 
Europe, Middle East and Africa 341  551  466 
Asia-Pacific 192  185  177 
$ 11,277  $ 10,502  $ 9,194 
Amortization of Intangibles:
United States and Latin America $ 1,464  $ 5,752  $ 5,841 
Canada 7,301  9,665  12,515 
Europe, Middle East and Africa 453  1,292  1,351 
Asia-Pacific 227  1,064  1,064 
$ 9,445  $ 17,773  $ 20,771 
Income/(Loss) from Operations:
United States and Latin America $ (9,119) $ 6,346  $ 16,421 
Canada 15,242  24,946  20,601 
Europe, Middle East and Africa 3,181  1,196  11,295 
Asia-Pacific 3,917  6,628  5,847 
Unallocated:
Public company costs (1,716) (1,493) (1,507)
Stock compensation (3,728) (4,960) (4,148)
  $ 7,777  $ 32,663  $ 48,509 
March 31, 2021 March 31, 2020
Fixed Assets:
United States and Latin America $ 36,155  $ 39,815 
Canada 32,583  28,703 
Europe, Middle East and Africa 3,141  3,246 
Asia-Pacific 751  778 
$ 72,630  $ 72,542 
Total Assets:
United States and Latin America $ 218,699  $ 239,751 
Canada 287,907  270,055 
Europe, Middle East and Africa 77,798  73,334 
Asia-Pacific 33,474  37,765 
$ 617,878  $ 620,905 
    At March 31, 2021 and 2020, non-current deferred tax assets of $5,557 and $4,483 respectively, were applicable to the United States.
    Capital expenditures by geographic area were as follows:
Year Ended March 31, 2021 Year Ended March 31, 2020 Year Ended March 31, 2019
Capital Expenditures:
United States and Latin America $ 3,075  $ 5,607  $ 8,432 
Canada 4,866  4,221  2,753 
Europe, Middle East and Africa 68  654  612 
Asia-Pacific 123  373  239 
  $ 8,132  $ 10,855  $ 12,036