Segment Information

3 Months Ended

Mar. 31, 2014

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, comprising continental Europe and the United Kingdom, 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 eriods:

	Three Months Ended March 31,
(in thousands)	2014			2013
Net Sales
North America	$	136,882		$	127,737
Europe	27,647			23,900
Asia/Pacific	3,759			2,644
Administrative and all other	—			—
Total	$	168,288		$	154,281
Sales to Other Segments*
North America	$	1,130		$	761
Europe	466			280
Asia/Pacific	3,072			4,136
Total	$	4,668		$	5,177
Income (Loss) from Operations
North America	$	22,561		$	15,260
Europe	(919		)	(4,180		)
Asia/Pacific	(1,151		)	(1,184		)
Administrative and all other	(885		)	(883		)
Total	$	19,606		$	9,013

* The sales to other segments are eliminated in consolidation.

					At
	At March 31,				December 31,
(in thousands)	2014		2013		2013
Total Assets
North America	$	630,323	$	580,882	$	627,196
Europe	203,606		182,687		201,384
Asia/Pacific	29,932		29,303		31,560
Administrative and all other	89,308		78,675		93,473
Total	$	953,169	$	871,547	$	953,613

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 $116.1 million, $62.5 million, and $156.0 million, as of March 31, 2014 and 2013, and December 31, 2013, respectively.

The following table illustrates the distribution of the Company’s net sales by product group for the following periods:

	Three Months Ended March 31,
(in thousands)	2014		2013
Wood Construction	$	144,676	$	132,795
Concrete Construction	23,524		21,421
Other	88		65
Total	$	168,288	$	154,281

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.