Segment Reporting

6 Months Ended

Jun. 30, 2022

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, 2022:
Net sales	$     8,059,612	$     963,786	0	$     9,023,398
Depreciation	281,841	33,363	5,220	320,424
Segment operating profit	499,531	191,011	0	690,542
Selling and administrative expenses	0	0	(497,736)	(497,736)
Interest income	0	0	2,098	2,098
Income before income taxes				$     194,904
Capital expenditures	65,482	0	25,627	91,109
Segment assets:
Accounts receivable, net	6,330,240	511,987	0	6,842,227
Inventories, net	8,341,612	1,273,761	0	9,615,373
Property, plant and equipment, net	9,396,988	1,367,179	1,260,552	12,044,719
Other assets	0	0	4,028,553	4,028,553
				$    32,530,872
Three Months Ended June 30, 2021:
Net sales	$    7,142,044	$    1,222,346	0	$    8,364,390
Depreciation	291,342	33,533	5,449	330,324
Segment operating profit	574,638	340,002	0	914,640
Selling and administrative expenses	0	0	(512,526)	(512,526)
Interest income	0	0	4,393	4,393
Income before income taxes				$    406,507
Capital expenditures	228,750	0	0	228,750
Segment assets:
Accounts receivable, net	5,443,167	466,811	0	5,909,978
Inventories, net	5,861,971	1,194,698	0	7,056,669
Property, plant and equipment, net	10,214,388	1,501,796	1,103,343	12,819,527
Other assets	0	0	6,635,401	6,635,401
				$    32,421,575
Six Months Ended June 30, 2022:
Net sales	$   16,213,445	$   2,007,649	0	$   18,221,094
Depreciation	563,682	66,726	10,440	640,848
Segment operating profit	1,335,038	423,390	0	1,758,428
Selling and administrative expenses	0	0	(997,064)	(997,064)
Interest income	0	0	3,853	3,853
Income before income taxes				$    765,217
Capital expenditures	178,346	0	33,357	211,703
Six Months Ended June 30, 2021:
Net sales	$   15,290,722	$   2,378,617	0	$   17,669,339
Depreciation	582,525	67,066	10,898	660,489
Segment operating profit	1,501,796	636,702	0	2,138,498
Selling and administrative expenses	0	0	(1,056,298)	(1,056,298)
Interest income	0	0	14,435	14,435
Income before income taxes				$   1,096,635
Capital expenditures	333,274	0	11,939	345,213