Segment Reporting

6 Months Ended

Jun. 30, 2019

Notes

Segment Reporting

7.  Segment Information—The Company operates in two business segments as determined by its products.  The fastener segment includes rivets, cold-formed fasteners and parts and screw machine products.  The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines.

Information by segment is as follows:

	Fastener	Assembly Equipment	Other	Consolidated
Three Months Ended June 30, 2019:
Net sales	$     7,816,704	$     1,058,747	0	$    8,875,451
Depreciation	305,082	31,453	9,743	346,278
Segment operating profit	487,305	315,802	0	803,107
Selling and administrative expenses	0	0	(548,052)	(548,052)
Interest income	0	0	35,504	35,504
Income before income taxes				$       290,559
Capital expenditures	284,573	102,324	0	386,897
Segment assets:
Accounts receivable, net	5,426,139	361,216	0	5,787,355
Inventories, net	4,996,608	1,102,215	0	6,098,823
Property, plant and equipment, net	11,164,067	1,745,444	958,997	13,868,508
Other assets	0	0	7,002,868	7,002,868
				$  32,757,554
Three Months Ended June 30, 2018:
Net sales	$     9,034,275	$        758,509	0	$    9,792,784
Depreciation	292,378	27,298	7,341	327,017
Segment operating profit	1,229,717	249,376	0	1,479,093
Selling and administrative expenses	0	0	(591,640)	(591,640)
Interest income	0	0	26,639	26,639
Income before income taxes				$       914,092
Capital expenditures	281,692	0	127,599	409,291
Segment assets:
Accounts receivable, net	6,508,150	399,276	0	6,907,426
Inventories, net	4,399,770	1,050,451	0	5,450,221
Property, plant and equipment, net	10,164,570	1,619,454	755,110	12,539,134
Other assets	0	0	8,680,688	8,680,688
				$  33,577,469
Six Months Ended June 30, 2019:
Net sales	$   15,395,824	$     2,101,305	0	$  17,497,129
Depreciation	602,805	60,377	19,485	682,667
Segment operating profit	1,076,200	651,876	0	1,728,076
Selling and administrative expenses	0	0	(1,141,454)	(1,141,454)
Interest income	0	0	71,779	71,779
Income before income taxes				$       658,401
Capital expenditures	1,040,680	226,324	26,025	1,293,029
Six Months Ended June 30, 2018:
Net sales	$   17,959,374	$     1,845,051	0	$  19,804,425
Depreciation	584,259	54,596	14,682	653,537
Segment operating profit	2,407,179	633,561	0	3,040,740
Selling and administrative expenses	0	0	(1,268,579)	(1,268,579)
Interest income	0	0	53,719	53,719
Income before income taxes				$    1,825,880
Capital expenditures	465,919	31,495	138,304	635,718