Note 9 Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information [Abstract]

Segment Reporting Disclosure [Text Block]

Segment Information

TriMas groups its operating segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. Within these reportable segments, there are no individual products or product families for which reported net sales accounted for more than 10% of the Company's consolidated net sales. See below for more information regarding the types of products and services provided within each reportable segment:

Packaging-Steel and plastic closure caps, drum enclosures, rings and levers and dispensing systems for industrial and consumer markets.

Energy-Metallic and non-metallic industrial sealant products and bolts and fasteners for the petroleum refining, petrochemical and other industrial markets.

Aerospace & Defense-Highly engineered specialty fasteners and screws for the commercial and military aerospace industries and military munitions components for the defense industry.

Engineered Components-High-pressure and low-pressure cylinders for the transportation, storage and dispensing of compressed gases, natural gas engines, compressors, gas production equipment and chemical pumps engineered at well sites for the oil and gas industry, specialty fittings for the automotive industry, precision cutting instruments for the medical industry and specialty precision tools such as center drills, cutters, end mills and countersinks for the industrial metal-working market.

Cequent Asia Pacific & Cequent North America-Custom-engineered towing, trailering and electrical products including trailer couplers, winches, jacks, trailer brakes and brake control solutions, lighting accessories and roof racks for the recreational vehicle, agricultural/utility, marine, automotive and commercial trailer markets, functional vehicle accessories and cargo management solutions including vehicle hitches and receivers, sway controls, weight distribution and fifth-wheel hitches, hitch-mounted accessories and other accessory components.

The Company's management uses Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") as a primary indicator of financial operating performance and as a measure of cash generating capability. Adjusted EBITDA is defined as net income (loss) before cumulative effect of accounting change and before interest, taxes, depreciation, amortization, debt extinguishment costs, non-cash asset and goodwill impairment charges and write-offs and non-cash losses on sale-leaseback of property and equipment.

Segment activity is as follows:

	Three months ended June 30,						Six months ended June 30,
	2011			2010			2011			2010
	(dollars in thousands)
Net Sales
Packaging	$	47,900		$	45,520		$	91,800		$	89,120
Energy	42,170			30,370			83,120			62,690
Aerospace & Defense	21,330			17,220			39,830			34,300
Engineered Components	55,490			36,700			103,600			67,180
Cequent Asia Pacific	21,560			18,460			41,370			38,760
Cequent North America	111,270			103,790			209,670			180,070
Total	$	299,720		$	252,060		$	569,390		$	472,120
Operating Profit (Loss)
Packaging	$	15,070		$	13,480		$	26,900		$	25,340
Energy	5,020			4,070			10,360			8,260
Aerospace & Defense	4,860			3,810			8,580			7,670
Engineered Components	8,340			5,210			14,680			8,010
Cequent Asia Pacific	1,940			3,330			4,470			6,990
Cequent North America	14,380			12,720			21,050			17,180
Corporate expenses	(7,110		)	(6,100		)	(13,510		)	(11,880		)
Total	$	42,500		$	36,520		$	72,530		$	61,570
Adjusted EBITDA
Packaging	$	18,310		$	16,420		$	33,140		$	31,340
Energy	5,570			4,450			10,730			9,100
Aerospace & Defense	5,500			4,490			9,860			9,010
Engineered Components	9,910			6,650			17,600			10,470
Cequent Asia Pacific	2,650			3,880			5,920			8,240
Cequent North America	17,220			15,970			26,790			23,730
Corporate expenses	(7,280		)	(6,040		)	(13,560		)	(11,940		)
Subtotal from continuing operations	51,880			45,820			90,480			79,950
Discontinued operations	—			9,940			—			9,610
Total company	$	51,880		$	55,760		$	90,480		$	89,560

The following is a reconciliation of the Company's net income to Adjusted EBITDA:

	Three months ended June 30,				Six months ended June 30,
	2011		2010		2011		2010
	(dollars in thousands)
Net income	$	17,090	$	21,430	$	28,840	$	26,860
Income tax expense	9,270		11,660		14,370		16,130
Interest expense	11,620		13,230		23,640		27,520
Depreciation and amortization	9,930		9,440		19,660		19,050
Debt extinguishment costs	3,970		—		3,970		—
Adjusted EBITDA, total company	$	51,880	$	55,760	$	90,480	$	89,560
Adjusted EBITDA, discontinued operations	—		9,940		—		9,610
Adjusted EBITDA, continuing operations	$	51,880	$	45,820	$	90,480	$	79,950