REPORTABLE SEGMENTS

12 Months Ended

Jan. 03, 2015

REPORTABLE SEGMENTS [Abstract]

REPORTABLE SEGMENTS

11. Reportable Segments

The accounting policies of the segments are the same as those described in Note 2. Operating profit is total revenue less operating expenses, excluding interest and miscellaneous non-operating income and expenses. Inter-segment revenue, which is eliminated, is recorded on the same basis as sales to unaffiliated customers. Identifiable assets by reportable segment consist of those directly identified with the segment’s operations.

One customer of the Metal Products segment, Jennmar Corporation, accounted for 10.5% of total sales in 2014 and 11.5% of total sales in 2013.  No other customer exceeded 10% of total revenue in 2014, 2013 or 2012.

	2014		2013		2012
Revenue: Sales to unaffiliated customers:
Industrial Hardware	$	58,666,229	$	60,367,209	$	72,268,559
Security Products		49,381,553		48,751,688		50,138,121
Metal Products		32,777,578		33,339,382		35,102,505
	$	140,825,360	$	142,458,279	$	157,509,185

Inter-segment Revenue:
Industrial Hardware	$	984,192	$	373,797	$	270,911
Security Products		2,565,733		2,558,127		2,914,667
Metal Products		—		11,540		—
	$	3,549,925	$	2,943,464	$	3,185,578

Income Before Income Taxes:
Industrial Hardware	$	5,063,786		$	4,797,254		$	7,566,512
Security Products		4,058,554			2,780,403			4,113,661
Metal Products		2,596,308			2,808,664			1,871,250
Operating Profit		11,718,648			10,386,321			13,551,423
Interest expense		(254,576	)		(322,731	)		(369,357	)
Other income		64,691			50,305			42,452
	$	11,528,763		$	10,113,895		$	13,224,518
Geographic Information:
Net Sales:
United States	$	117,478,557		$	114,085,322		$	120,604,363
Foreign		23,346,803			28,372,957			36,904,822
	$	140,825,360		$	142,458,279		$	157,509,185

Foreign sales are primarily to customers in North America.

Identifiable Assets:
United States	$	105,771,961	$	96,289,200	$	95,441,029
Foreign		15,498,595		17,569,209		20,413,121
	$	121,270,556	$	113,858,409	$	115,854,150
Industrial Hardware	$	29,660,695	$	31,820,269	$	34,425,594
Security Products		51,573,251		43,582,088		41,857,156
Metal Products		21,037,058		19,282,393		18,281,619
		102,271,004		94,684,750		94,564,369
General corporate		18,999,552		19,173,659		21,289,781
	$	121,270,556	$	113,858,409	$	115,854,150

	2014		2013		2012
Depreciation and Amortization:
Industrial Hardware	$	1,631,521	$	2,085,618	$	1,769,097
Security Products		621,501		592,555		628,652
Metal Products		1,233,280		1,147,113		1,042,051
	$	3,486,302	$	3,825,286	$	3,439,800

Capital Expenditures:
Industrial Hardware	$	1,929,022	$	1,967,335		$	1,552,147
Security Products		973,365		469,669			260,692
Metal Products		664,851		3,002,556			2,337,104
		3,567,238		5,439,560			4,149,943
Currency translation adjustment		10,347		(245	)		(2,730	)
General corporate		55,580		84,427			69,757
	$	3,633,165	$	5,523,742		$	4,216,970