16.

SEGMENTS

We conduct our operations through three business segments based on type of product and how we manage the business:

•

Industrial Products includes specialty mechanical products, fire and smoke protection products, architecturally-specified building products and storage, filtration and application equipment for use with our specialty chemicals and other products for general industrial application.

•

Coatings, Sealants and Adhesives is comprised of coatings and penetrants, pipe thread sealants, firestopping sealants and caulks and adhesives/solvent cements.

•

Specialty Chemicals includes lubricants and greases, drilling compounds, anti-seize compounds, chemical formulations and degreasers and cleaners.

Our corporate headquarters does not constitute a separate segment. We evaluate segment performance and allocate resources based on each reportable segment’s operating income. The Eliminations and Other segment information is included to reconcile segment data to the consolidated financial statements and includes assets and expenses primarily related to CapStar and corporate functions. No individual customer accounted for more than 10% of consolidated net revenues. Currently, we do not allocate interest expense, interest income or other income (expense) by segment.

Three months ended September 30, 2015


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	36,186	$	27,971	$	19,771	$	83,928	$	(184	)	$	83,744
Operating income		11,668		4,938		4,961		21,567		(789	)		20,778

Three months ended September 30, 2014


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	29,902	$	13,539	$	24,322	$	67,763	$	331		$	68,094
Operating income		4,651		2,944		4,173		11,768		(19	)		11,749

Six months ended September 30, 2015


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	76,162	$	56,420	$	39,934	$	172,516	$	138		$	172,654
Operating income		21,358		6,778		7,691		35,827		(761	)		35,066

Six months ended September 30, 2014


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other		Total
Revenues, net	$	64,159	$	26,230	$	45,897	$	136,286	$	605	$	136,891
Operating income		11,458		6,407		8,026		25,891		1		25,892

Total assets as of:


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other		Total
September 30, 2015	$	150,757	$	119,223	$	92,493	$	362,473	$	31,122	$	393,595
March 31, 2015		152,187		38,604		77,937		268,728		17,793		286,521

Geographic Information — We attribute sales to different geographic areas based on the destination of the product or service delivery. Long-lived assets are classified based on the geographic area in which the assets are located and exclude deferred taxes. No individual country, except for the United States, accounted for more than 10% of consolidated net revenues or total long-lived assets. Sales and long-lived assets by geographic area are as follows (in thousands):


	For the three months ended September 30,
	2015				2014
U.S.	$	69,860	83.4	%	$	52,680	77.4	%
Non-U.S.		13,884	16.6	%		15,414	22.6	%

Revenues, net	$	83,744	100.0	%	$	68,094	100.0	%


	For the six months ended September 30,
	2015				2014
U.S.	$	145,593	84.3	%	$	105,639	77.2	%
Non-U.S.		27,061	15.7	%		31,252	22.8	%

Revenues, net	$	172,654	100.0	%	$	136,891	100.0	%


	As of
	September 30, 2015				March 31, 2015
U.S.	$	195,602	93.5	%	$	134,117	90.3	%
Non-U.S.		13,567	6.5	%		14,457	9.7	%

Long-lived assets	$	209,169	100.0	%	$	148,574	100.0	%