Segment Information

6 Months Ended

Jun. 30, 2014

Segment Information [Abstract]

SEGMENT INFORMATION

NOTE 12 - SEGMENT INFORMATION

For the three and six months ended June 30, 2014 and 2013, the Company operated in two reportable business segments - (1) the manufacture of forged rolled rings and related components for the wind power and other industries segment, which also includes the manufacture of the Company’s solar industry products, and (2) the manufacture of textile dyeing and finishing equipment segment. The Company’s reportable segments are strategic business units that offer different products. They are managed separately based on the fundamental differences in their operations. All of the Company’s operations are conducted in the PRC. Information with respect to these reportable business segments for the three and six months ended June 30, 2014 and 2013 was as follows

19,056,344    

	Three Months Ended June 30,							Six Months Ended June 30,
	2014				2013			2014			2013
Revenue:
Forged rolled rings and related components	$	7,849,812			$	8,197,830		$	16,106,945		$	14,724,531
Dyeing and finishing equipment		9,678,206				9,016,304					16,374,302
		17,528,018				17,214,134			35,163,289			31,098,833
Depreciation:
Forged rolled rings and related components		1,207,337				1,059,267			2,424,395			2,105,844
Dyeing and finishing equipment		744,192				592,341			1,492,408			1,115,315
Other (a)		167,987			-			167,987			-
		2,119,516				1,651,608			4,084,790			3,221,159
Interest expense:
Forged rolled rings and related components		22,638				32,761			45,203			79,913
Dyeing and finishing equipment		37,461				31,765			72,623			89,740
		60,099				64,526			117,826			169,653
Net income (loss)
Forged rolled rings and related components		1,044,684				1,223,554			2,274,120			2,020,120
Dyeing and finishing equipment		1,328,042				1,258,828			2,673,598			2,219,987
Other (b)		(154,822	)			(159,829	)		(333,456	)		(294,954	)
	$	2,217,904			$	2,322,553		$	4,614,262		$	3,945,153
Identifiable long-lived tangible assets at June 30, 2014 and December 31, 2013 by segment:	June 30, 2014				December 31, 2013
Forged rolled rings and related components	$	41,250,263			$	43,987,670
Dyeing and finishing equipment		31,577,395				26,607,468
Equipment held for operating lease		4,549,061				4,751,206
	$	77,376,719			$	75,346,344
Identifiable long-lived tangible assets at June 30, 2014 and December 31, 2013 by geographical location:	June 30, 2014			December 31, 2013
China	$	77,376,719			$	75,346,344
United States		-				-
	$	77,376,719			$	75,346,344

(a)    The Company does not allocate the depreciation for equipment held for operating lease to any operating segment.

(b)   The Company does not allocate any general and administrative expenses of its U.S. activities to its reportable segments, because these activities are managed at a corporate level.