Segment Reporting

3 Months Ended

May 31, 2012

Segment Reporting

Segment Reporting Disclosure [Text Block]

13.          SEGMENT INFORMATION

The Company has four principal reportable segments. These reportable segments were determined based on the nature of the products offered.  Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. 

The Company evaluates performance based on several factors, of which the primary financial measure is business segment income before taxes.  The following tables show the operations of the Company's reportable segments.

Following is a summary of segmented information for the nine month periods ended May 31, 2012 and 2011:

	2012		2011
Sales to unaffiliated customers:
Industrial wood products	$    5,700,139		$    6,038,169
Lawn, garden, pet and other	22,874,080		19,378,907
Seed processing and sales	4,452,635		3,974,494
Industrial tools and clamps	2,078,988		1,466,826
	$  35,105,842		$  30,858,396
Income (loss) before income taxes:
Industrial wood products	$      (150,505)		$      (359,134)
Lawn, garden, pet and other	2,375,934	*	2,031,644	*
Seed processing and sales	116,771		200,501
Industrial tools and clamps	108,239		77,694
Unallocated overhead	(59,112)		(83,466)
	$    2,391,327		$    1,867,239
Identifiable assets:
Industrial wood products	$    2,181,410		$    2,046,179
Lawn, garden, pet and other	15,561,693		16,997,153
Seed processing and sales	388,133		704,261
Industrial tools and clamps	786,072		668,139
Unallocated overhead	42,955		41,853
	$  18,960,263		$  20,457,585
Depreciation and amortization:
Industrial wood products	$           1,209		$            1,335
Lawn, garden, pet and other	168,711		178,013
Seed processing and sales	13,198		15,177
Industrial tools and clamps	3,655		1,905
	$       186,773		$       196,430
Capital expenditures:
Industrial wood products	$                   -		$                   -
Lawn, garden, pet and other	23,721		27,142
Seed processing and sales	2,485		33,980
Industrial tools and clamps	10,000		-
	$         36,206		$         61,122
Interest expense:
Lawn, garden, pet and other	$              743		$       424,344

* For comparability purposes, the 2012 amount excludes reversal of litigation reserve of $1,443,629 and related interest of $6,734. The 2011 amount excludes one-time charges for litigation reserve of ($962,137) and related interest of ($424,396).

The following table lists sales made by the Company to customers which were in excess of 10% of total sales for the nine months ended May 31, 2012 and 2011:

	2012	2011
Sales	$  11,743,006	$   9,797,366

The Company conducts business primarily in the United States, but also has limited amounts of sales in foreign countries. The following table lists sales by country for the nine months ended May 31, 2012 and 2011:

	2012	2011
United States	$ 31,908,507	$  27,300,354
Canada	1,831,358	2,261,451
Mexico	944,623	351,728
Europe	341,925	394,502
Asia/Pacific	79,429	488,705
Africa	-	34,381
South America	-	27,275
	$ 35,105,842	$  30,838,396

All of the Company’s significant identifiable assets were located in the United States as of May 31, 2012 and 2011.