Segment Information

6 Months Ended

Jun. 30, 2013

Segment Information

Segment Information

9. Segment Information

The Company is organized into three reportable segments. The segments are defined by the regions where the Company’s products are manufactured, marketed and distributed to the Company’s customers. The three regional segments are the North America segment, comprising primarily the United States and Canada, the Europe segment, and the Asia/Pacific segment, comprising the Company’s operations in China, Hong Kong, the South Pacific and the Middle East. These segments are similar in several ways, including the types of materials, the production processes, the distribution channels and the product applications.

The Company’s measure of profit or loss for its reportable segments is income (loss) from operations. The reconciling amounts between consolidated income before tax and consolidated income from operations are net interest income, which is primarily attributed to Administrative and All Other.

The following table illustrates certain measurements used by management to assess the performance as of or for the following periods:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2013			2012			2013			2012
Net Sales
North America	$	159,757		$	144,532		$	287,493		$	272,500
Europe	32,099			34,120			56,016			62,356
Asia/Pacific	3,502			2,735			6,147			5,107
Administrative and all other	238			316			474			474
Total	$	195,596		$	181,703		$	350,130		$	340,437
Sales to Other Segments*
North America	$	1,170		$	1,442		$	1,931		$	2,814
Europe	394			19			674			153
Asia/Pacific	4,875			4,573			9,011			8,297
Total	$	6,439		$	6,034		$	11,616		$	11,264
Income (Loss) from Operations
North America	$	29,665		$	26,583		$	44,924		$	44,456
Europe	2,241			2,088			(1,939		)	(284		)
Asia/Pacific	(46		)	(163		)	(1,229		)	(817		)
Administrative and all other	(2,182		)	(1,360		)	(3,065		)	(2,699		)
Total	$	29,678		$	27,148		$	38,691		$	40,656

* The sales to other segments are eliminated in consolidation.

					At
	At June 30,				December 31,
(in thousands)	2013		2012		2012
Total Assets
North America	$	603,981	$	557,502	$	583,501
Europe	188,563		204,864		194,000
Asia/Pacific	32,408		31,734		30,455
Administrative and all other	72,033		84,805		82,366
Total	$	896,985	$	878,905	$	890,322

Cash collected by the Company’s United States subsidiaries is routinely transferred into the Company’s cash management accounts and, therefore, has been included in the total assets of “Administrative and all other.” Cash and cash equivalent balances in the “Administrative and all other” segment were $86.8 million, $82.6 million, and $91.9 million, as of June 30, 2013 and 2012, and December 31, 2012, respectively.

The following table illustrates how the Company’s net sales are distributed by product group for the following periods:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2013		2012		2013		2012
Wood Construction	$	165,869	$	154,810	$	298,666	$	292,589
Concrete Construction	29,421		26,488		50,856		47,230
Other	306		405		608		618
Total	$	195,596	$	181,703	$	350,130	$	340,437

Wood construction products include connectors, truss plates, fastening systems, fasteners and pre-fabricated shearwalls and are used for connecting and strengthening wood-based construction primarily in the residential construction market. Concrete construction products include adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools and fiber reinforcing materials and are used for restoration, protection or strengthening concrete, masonry and steel construction in residential, industrial, commercial and infrastructure construction.