Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2017

Net Sales and Income from Operation by Business Segment

The financial segment information is presented in the following tables:

	Three Months Ended June 30,					Six Months Ended June 30,
(dollars in thousands)	2017		2016			2017		2016
Net Sales (less intra-, inter-segment sales)
Energy Segment	$	37,416	$	52,867		$	78,499	$	100,799
Environmental Segment		37,879		44,211			73,808		83,333
Fluid Handling and Filtration Segment		18,348		15,413			34,164		32,008
Corporate and Other⁽¹⁾		227		(233	)		50		(707	)
Net sales	$	93,870	$	112,258		$	186,521	$	215,433

⁽¹⁾	Includes adjustment for revenue on intercompany jobs.

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2017			2016			2017			2016
Income from Operations
Energy Segment	$	7,528		$	6,367		$	9,141		$	11,563
Environmental Segment		4,777			6,119			9,886			10,865
Fluid Handling and Filtration Segment		4,148			3,200			7,457			6,398
Corporate and Other⁽²⁾		(6,769	)		(6,618	)		(14,780	)		(13,537	)
Eliminations		(429	)		(507	)		(1,099	)		(921	)
Income from operations	$	9,255		$	8,561		$	10,605		$	14,368

⁽²⁾

Includes corporate compensation, professional services, information technology, acquisition and integration expenses, and other general and administrative corporate expenses / income. This figure excludes earn-out expenses / income, which are recorded in the segment in which the expense / income occurs. See Note 7 for the earn-out expenses / income by segment.

Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2017		2016		2017		2016
Property and Equipment Additions
Energy Segment	$	114	$	220	$	350	$	304
Environmental Segment		31		115		40		228
Fluid Handling and Filtration Segment⁽³⁾		72		3,301		221		3,310
Corporate and Other		14		2		30		6
Property and equipment additions	$	231	$	3,638	$	641	$	3,848

⁽³⁾	Includes non-cash additions of $3,296 for property, plant, and equipment acquired under capital leases during the second quarter of 2016.

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2017		2016		2017		2016
Depreciation and Amortization
Energy Segment	$	1,966	$	2,939	$	4,030	$	5,741
Environmental Segment		842		907		1,687		1,874
Fluid Handling and Filtration Segment		1,197		1,254		2,395		2,648
Corporate and Other		25		32		56		65
Depreciation and Amortization	$	4,030	$	5,132	$	8,168	$	10,328

(dollars in thousands)	June 30, 2017		December 31, 2016
Identifiable Assets
Energy Segment	$	229,918	$	257,566
Environmental Segment		109,215		118,680
Fluid Handling and Filtration Segment		104,924		104,294
Corporate and Other⁽⁴⁾		14,303		18,094
Identifiable Assets	$	458,360	$	498,634

⁽⁴⁾	Corporate assets primarily consist of cash and income tax related assets.

Goodwill

(dollars in thousands)	June 30, 2017		December 31, 2016
Goodwill
Energy Segment	$	76,521	$	75,827
Environmental Segment		48,203		48,203
Fluid Handling and Filtration Segment		46,123		46,123
Goodwill	$	170,847	$	170,153

Intra-Segment and Inter-Segment Revenues

The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales) as indicated in the following tables:

	Three Months Ended June 30, 2017
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Environmental			Energy			FHF			Corp and Other		Net Sales to Outside Customers
Net Sales
Energy Segment	$	40,255	$	(2,839	)	$	—		$	—		$	—		$	—	$	37,416
Environmental Segment		38,718		(800	)		—			—			(39	)		—		37,879
Fluid Handling and Filtration Segment		19,160		(539	)		(258	)		(15	)		—			—		18,348
Corporate and Other⁽⁵⁾		—		—			—			—			—			227		227
Net Sales	$	98,133	$	(4,178	)	$	(258	)	$	(15	)	$	(39	)	$	227	$	93,870

	Three Months Ended June 30, 2016
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Environmental			Energy			FHF			Corp and Other			Net Sales to Outside Customers
Net Sales
Energy Segment	$	53,740	$	(654	)	$	(219	)	$	—		$	—		$	—		$	52,867
Environmental Segment		45,522		(844	)		—			(427	)		(40	)		—			44,211
Fluid Handling and Filtration Segment		16,045		(452	)		(180	)		—			—			—			15,413
Corporate and Other⁽⁵⁾		—		—			—			—			—			(233	)		(233	)
Net Sales	$	115,307	$	(1,950	)	$	(399	)	$	(427	)	$	(40	)	$	(233	)	$	112,258

	Six Months Ended June 30, 2017
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Environmental			Energy			FHF			Corp and Other		Net Sales to Outside Customers
Net Sales
Energy Segment	$	83,668	$	(5,147	)	$	(22	)	$	—		$	—		$	—	$	78,499
Environmental Segment		76,266		(1,690	)		—			(729	)		(39	)		—		73,808
Fluid Handling and Filtration Segment		35,852		(1,157	)		(422	)		(109	)		—			—		34,164
Corporate and Other⁽⁵⁾		—		—			—			—			—			50		50
Net Sales	$	195,786	$	(7,994	)	$	(444	)	$	(838	)	$	(39	)	$	50	$	186,521

	Six Months Ended June 30, 2016
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Environmental			Energy			FHF			Corp and Other			Net Sales to Outside Customers
Net Sales
Energy Segment	$	102,321	$	(1,145	)	$	(377	)	$	—		$	—		$	—		$	100,799
Environmental Segment		87,575		(2,598	)		—			(1,467	)		(177	)		—			83,333
Fluid Handling and Filtration Segment		33,057		(855	)		(194	)		—			—			—			32,008
Corporate and Other⁽⁵⁾		—		—			—			—			—			(707	)		(707	)
Net Sales	$	222,953	$	(4,598	)	$	(571	)	$	(1,467	)	$	(177	)	$	(707	)	$	215,433

⁽⁵⁾	Includes adjustment for revenue on intercompany jobs.