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Business Segments (Tables)
 3 Months Ended
Mar. 31, 2021
Business Segments  
Schedule of information regarding operations in business segment

11.           Business Segments

The Company operates in two business segments, Advanced Technology Group (“ATG”) and Consumer Products Group (“CPG”). The Company’s reportable segments are strategic business units that offer different products and services. The segments are composed of separate corporations and are managed separately. Operations in ATG primarily involve the design, manufacture, and marketing of servo-control components (i.e., torque motors, control valves, actuators, etc.) for government, commercial and industrial applications. CPG’s operations involve the design, manufacture and marketing of a variety of cutlery products for use by consumers and government agencies. The Company derives its primary sales revenue from domestic customers, although a portion of finished products are for foreign end use.

As of March 31, 2021, the Company had total assets of approximately $51,671,000 ($50,328,000 – December 31, 2020) of which approximately $42,360,000 ($40,826,000 – December 31, 2020) was for ATG and approximately $9,311,000 ($9,502,000 – December 31, 2020) was for CPG.

Information regarding the Company’s operations in these segments is summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($000's omitted except per share data)

 

 

 

ATG

 

CPG

 

Consolidated

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31, 

 

March 31, 

 

March 31, 

 

 

    

2021

    

2020

    

2021

    

2020

    

2021

    

2020

 

Revenues from unaffiliated customers

 

$

7,223

 

$

13,814

 

$

1,837

 

$

1,634

 

$

9,060

 

$

15,448

 

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

Cost of goods sold, inclusive of depreciation

 

 

(6,210)

 

 

(9,366)

 

 

(1,857)

 

 

(1,370)

 

$ 

(8,067)

 

 

(10,736)

 

Gross margin

 

 

1,013

 

 

4,448

 

 

(20)

 

 

264

 

 

993

 

 

4,712

 

Gross margin %

  

 

14.0

%  

 

32.2

%  

 

(1.1)

%  

 

16.2

%  

 

11.0

%  

 

30.5

%

 

 

 

 

 

 

  

 

 

 

 

 

  

 

 

 

 

 

  

 

Selling, general and administrative

 

 

(1,585)

 

 

(1,743)

 

 

(388)

 

 

(525)

 

 

(1,973)

 

 

(2,268)

 

Total operating costs and expenses

 

 

(7,795)

 

 

(11,109)

 

 

(2,245)

 

 

(1,895)

 

 

(10,040)

 

 

(13,004)

 

Operating (loss)/income

 

 

(572)

 

 

2,705

 

 

(408)

 

 

(261)

 

 

(980)

 

 

2,444

 

 

 

 

 

 

 

  

 

 

 

 

 

  

 

 

 

 

 

  

 

Other income: employee retention credit (ERC)

 

 

1,413

 

 

 —

 

 

317

 

 

 —

 

 

1,730

 

 

 —

 

Interest expense

 

 

(60)

 

 

(38)

 

 

(1)

 

 

(4)

 

 

(61)

 

 

(42)

 

Total other income / (expense)

 

 

1,353

 

 

(38)

 

 

316

 

 

(4)

 

 

1,669

 

 

(42)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income tax provision

 

 

781

 

 

2,667

 

 

(92)

 

 

(265)

 

 

689

 

 

2,402

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision (benefits)

 

 

168

 

 

560

 

 

(20)

 

 

(56)

 

 

148

 

 

504

 

Net income /(loss)

 

$

613

 

$

2,107

 

$

(72)

 

$

(209)

 

$

541

 

$

1,898

 

Capital expenditures

 

$

10

 

$

413

 

$

 4

 

$

 —

 

$

14

 

$

413