Segment Information

9 Months Ended

Sep. 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, and natural gas engines, compressors, gas production equipment and chemical pumps engineered at well sites for the oil and gas industry.

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 September 30,						Nine months ended September 30,
	2011			2010			2011			2010
	(dollars in thousands)
Net Sales
Packaging	$	46,090		$	44,490		$	137,890		$	133,610
Energy	42,690			31,710			125,810			94,400
Aerospace & Defense	20,330			19,170			60,160			53,470
Engineered Components	46,010			30,530			126,870			77,810
Cequent Asia Pacific	26,020			18,280			67,390			57,040
Cequent North America	96,520			93,550			306,190			273,620
Total	$	277,660		$	237,730		$	824,310		$	689,950
Operating Profit (Loss)
Packaging	$	10,240		$	13,140		$	37,140		$	38,480
Energy	4,560			3,100			14,920			11,360
Aerospace & Defense	5,420			5,350			14,000			13,020
Engineered Components	7,730			3,220			19,010			8,630
Cequent Asia Pacific	5,250			2,430			9,720			9,420
Cequent North America	9,580			11,000			30,630			28,180
Corporate expenses	(6,990		)	(6,510		)	(20,500		)	(18,390		)
Total	$	35,790		$	31,730		$	104,920		$	90,700
Adjusted EBITDA
Packaging	$	13,950		$	16,010		$	47,090		$	47,350
Energy	5,010			3,540			15,740			12,640
Aerospace & Defense	6,140			5,770			16,000			14,780
Engineered Components	8,570			4,010			21,640			10,940
Cequent Asia Pacific	6,240			3,240			12,160			11,480
Cequent North America	12,310			14,080			39,100			37,810
Corporate expenses	(6,150		)	(6,450		)	(19,710		)	(18,390		)
Subtotal from continuing operations	46,070			40,200			132,020			116,610
Discontinued operations	2,590			1,870			7,120			15,020
Total company	$	48,660		$	42,070		$	139,140		$	131,630

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

	Three months ended September 30,				Nine months ended September 30,
	2011		2010		2011		2010
	(dollars in thousands)
Net income	$	18,270	$	12,720	$	47,110	$	39,580
Income tax expense	9,380		7,450		23,750		23,580
Interest expense	10,730		12,680		34,370		40,200
Depreciation and amortization	10,280		9,220		29,940		28,270
Debt extinguishment costs	—		—		3,970		—
Adjusted EBITDA, total company	$	48,660	$	42,070	$	139,140	$	131,630
Adjusted EBITDA, discontinued operations	2,590		1,870		7,120		15,020
Adjusted EBITDA, continuing operations	$	46,070	$	40,200	$	132,020	$	116,610