Industry Segments (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Reporting Information by Segment

Summarized segment detail for the quarters and six months ended June 30, 2022 and 2021 are presented in the following table:


	For the Quarter Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Net Sales
Material Handling	$	173,090		$	137,227		$	349,726		$	267,120
Distribution		60,075			50,156			108,936			94,706
Inter-company sales		(9	)		(14	)		(20	)		(28	)
Total net sales	$	233,156		$	187,369		$	458,642		$	361,798

Operating income
Material Handling (1)	$	28,034		$	17,902		$	59,254		$	34,829
Distribution (2)		4,269			4,214			7,570			5,652
Corporate (2)		(9,686	)		(6,247	)		(19,802	)		(13,747	)
Total operating income		22,617			15,869			47,022			26,734
Interest expense, net		(1,211	)		(999	)		(2,358	)		(1,994	)
Income before income taxes	$	21,406		$	14,870		$	44,664		$	24,740

(1)

In the quarter and six months ended June 30, 2021, the Company recognized a $1.0 million gain on the sale of a building within the Material Handling Segment as described in Note 4.

(2)

In the six months ended June 30, 2021, the Company recognized $0.8 million of executive severance, of which $0.5 million was recognized in the Distribution Segment and $0.3 million was recognized in Corporate. This executive severance cost includes $0.5 million of severance and benefits and $0.3 million of charges for acceleration of stock compensation.