Segment Information

12 Months Ended

Dec. 31, 2012

Segment Information

Note 19. Segment Information

The Company operates in two business segments: Lifting Equipment and Equipment Distribution.

The Lifting Equipment segment is a leading provider of engineered lifting solutions. The Company designs, manufactures and distributes, predominately through a network of dealers, a diverse group of products that serve different functions and are used in a variety of industries. The Company markets a comprehensive line of boom trucks and sign cranes, a complete line of rough terrain forklifts, including both the Liftking and Noble product lines, as well as special mission oriented vehicles, and other specialized carriers, heavy material handling transporters and steel mill equipment. The Company also manufacturers a number of specialized rough terrain cranes and material handling products, including 15 and 30-ton cab down rough terrain cranes. Company lifting products are used in industrial applications, energy exploration and infrastructure development in the commercial sector and for military applications. The company’s specialized rough terrain cranes primarily serve the needs of the construction, municipality, and railroad industries. Additionally, the Company manufactures and distributes custom trailers and hauling systems typically used for transporting heavy equipment, the trailer business serves niche markets in the commercial construction, railroad, military, and equipment rental industries through a dealer network.

During the third quarter 2010, CVS Ferrari, srl, our recently formed Italian subsidiary located near Milan, commenced operations. CVS Ferrari, srl used through June 30, 2011 certain assets in its operations that it rented from CVS SpA under an exclusive rental agreement while CVS SpA proceeds through the Italian bankruptcy process (concordato preventivo). On June 29, 2011, the Company entered into an agreement with CVS SpA in Liquidation to purchase on July 1, 2011 the assets that were being rented. The rental agreement was terminated on July 1, 2011, when the rented assets were transferred to CVS Ferrari srl. See Note 20 for further details. Results for CVS are included in operations from its date of incorporation in June 2010.

The Equipment Distribution segment located in Bridgeview, Illinois is a distributor of Terex rough terrain and truck cranes and Manitex boom trucks and sky cranes. The Equipment Distribution segment predominately sells its products to end users, including the rental market. Its products are used primarily for infrastructure development and commercial constructions, applications include road and bridge construction, general contracting, roofing, scrap handling and sign construction and maintenance. The Equipment Distribution segment supplies repair parts for a wide variety of medium to heavy duty construction equipment and sells both domestically and internationally. The segment also provides repair services in the Chicago area. In the second quarter of 2010, the Company expanded our Equipment Distribution segment by creating a new division, North American Equipment Exchange, (“NAEE”) to market previously-owned construction and heavy equipment, domestically and internationally. This Division provides a wide range of used lifting and construction equipment of various ages and condition, and the Company has the capability to refurbish the equipment to the customers’ specification.

The following is financial information for our two operating segments, i.e., Lifting Equipment and Equipment Distribution. The below financial information includes results for each of the above acquisitions from the respective date of acquisition:

	Year ended December 31,
	2012			2011			2010
Net Revenues
Lifting Equipment	$	188,792		$	130,330		$	89,669
Equipment Distribution		17,090			11,986			7,139
Inter-segment elimination		(633	)		(25	)		(933	)
Total	$	205,249		$	142,291		$	95,875
Operating Earnings
Lifting Equipment	$	19,870		$	11,069		$	8,722
Equipment Distribution		202			64			33
Corporate expenses		(5,613	)		(4,532	)		(3,218	)
Total operating income	$	14,459		$	6,601		$	5,537
Total Assets
Lifting Equipment	$	144,937		$	115,211		$	99,702
Equipment Distribution		6,374			6,255			5,595
Corporate		193			125			220
Total	$	151,504		$	121,591		$	105,517

Total foreign source net revenue was approximately $90,691, $66,864 and $37,410 for the years ended December 31, 2012, 2011, and 2010, respectively. Total long-lived assets related to the Company’s foreign operations were approximately $5,145 and $5,656 for the years ended December 31, 2012 and 2011, respectively. Information of external net revenues and long lived asset information by country is shown on the below tables:

The following is a summary of goodwill by segment:

	2012		2011
Goodwill—Lifting Equipment Segment
Balance January 1	$	14,992	$	14,177
Goodwill related to CVS acquisition (see Note 20)		—		815
Foreign currency translation		16		—
Balance December 31,		15,008		14,992
Goodwill—Equipment Distribution Segment
Balance January 1 and December 31		275		275
Total goodwill at December 31,	$	15,283	$	15,267

Net Revenues

	2012		2011		2010
United States	$	114,558	$	75,427	$	58,465
Canada		55,540		30,771		23,755
Italy		11,700		15,861		1,064
Australia		3,213		—		—
Korea		2,810		3,398		1,029
Russia		2,189		1,369		435
Germany		2,041		984		—
Mexico		1,867		1,296		510
Czech Republic		1,484		—		—
Brazil		1,205		1,443		2,434
Venezuela		1,188		473		481
France		810		4,647		278
United Arab Emirates		152		1,931		2,264
Switzerland		22		1,134		—
Algeria		—		—		2,790
Other		6,470		3,557		2,370
	$	205,249	$	142,291	$	95,875

Company attributes revenue to different geographic areas based on where items are shipped or services are performed.

Long Lived Assets

	2012		2011
United States	$	41,582	$	44,726
Canada		788		766
Italy		4,357		4,890
Total Long-Lived Assets	$	46,727	$	50,382

Long-Lived Assets are based on where the operating unit is domiciled..