Segment Reporting

9 Months Ended

Sep. 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 September 30, 2022:
Net sales	$     7,805,622	$     762,163	0	$      8,567,785
Depreciation	281,842	33,363	4,086	319,291
Segment operating profit	350,536	92,977	0	443,513
Selling and administrative expenses	0	0	(565,740)	(565,740)
Gain on sale of property	0	0	4,738,394	4,738,394
Interest income	0	0	4,893	4,893
Income before income taxes				$     4,621,060
Capital expenditures	462,445	0	21,925	484,370
Segment assets:
Accounts receivable, net	6,185,810	392,304	0	6,578,114
Inventories, net	8,549,836	1,371,636	0	9,921,472
Property, plant and equipment, net	9,575,293	1,333,816	998,545	11,907,654
Other assets	0	0	8,491,734	8,491,734
				$    36,898,974
Three Months Ended September 30, 2021:
Net sales	$    7,552,619	$    1,003,112	0	$      8,555,731
Depreciation	291,512	33,534	5,448	330,494
Segment operating profit	480,288	215,869	0	696,157
Selling and administrative expenses	0	0	(491,547)	(491,547)
Interest income	0	0	3,049	3,049
Income before income taxes				$       207,659
Capital expenditures	77,007	0	165,395	242,402
Segment assets:
Accounts receivable, net	5,623,045	451,698	0	6,074,743
Inventories, net	6,553,617	1,191,653	0	7,745,270
Property, plant and equipment, net	9,986,600	1,468,262	1,263,290	12,718,152
Other assets	0	0	6,093,884	6,093,884
				$    32,632,049
Nine Months Ended September 30, 2022:
Net sales	$   24,019,067	$   2,769,812	0	$   26,788,879
Depreciation	845,524	100,089	14,526	960,139
Segment operating profit	1,685,574	516,367	0	2,201,941
Selling and administrative expenses	0	0	(1,562,804)	(1,562,804)
Gain on sale of property	0	0	4,738,394	4,738,394
Interest income	0	0	8,746	8,746
Income before income taxes				$    5,386,277
Capital expenditures	597,991	0	98,082	696,073
Nine Months Ended September 30, 2021:
Net sales	$   22,843,341	$   3,381,729	0	$   26,225,070
Depreciation	847,037	100,600	16,346	990,983
Segment operating profit	1,982,084	852,571	0	2,834,655
Selling and administrative expenses	0	0	(1,547,845)	(1,547,845)
Interest income	0	0	17,484	17,484
Income before income taxes				$   1,304,294
Capital expenditures	410,281	0	177,334	587,615