FINANCIAL INFORMATION BY SEGMENT

12 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

FINANCIAL INFORMATION BY SEGMENT

FINANCIAL INFORMATION BY SEGMENT

The Company offers its broad array of measuring and cutting products to the market through multiple channels of distribution throughout the world. The Company’s products include precision tools, electronic gauges, gauge blocks, optical vision and laser measuring equipment, custom engineered granite solutions, tape measures, levels, chalk products, squares, band saw blades, hole saws, hacksaw blades, jig saw blades, reciprocating saw blades, M1® lubricant and precision ground flat stock.

The chief operating decision maker, who is the Company’s President and CEO, allocates resources and assesses performance based on three segments: North America Industrial "NAI", International Industrial "INI" and Global Test and Measurement "GTM". Balance Sheet information is being excluded because that is not tracked by reportable segment and, therefore, not viewed by the Chief Operating Decision Maker "CODM".

Segment income is measured for internal reporting purposes by excluding restructuring charges, corporate expenses, other income and expense including interest income and interest expense and income taxes. Corporate expenses consist primarily of executive compensation, certain professional fees, and costs associated with the Company’s global headquarters.

The Company consolidates the profit and loss statement by reporting segments and has additionally identified specific product lines for sales and standard gross margins and then relies on allocations to calculate operating income.

Financial results for each reportable segment are as follows (in thousands):

	Year Ended June 30, 2023
	North America Industrial		International Industrial		Global Test & Measurement		Unallocated		Total
Sales1	$	90,291	$	100,872	$	65,021	$	—	$	256,184
Operating income (loss)	2,128		12,488		11,362		(7,062)		18,916

	Year Ended  June 30, 2022, As Restated
	North America Industrial		International Industrial		Global Test & Measurement		Unallocated		Total
Sales2	$	84,186	$	108,250	$	61,265	$	—	$	253,701
Operating income (loss)	4,037		15,563		9,018		(7,063)		21,555

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1.Excludes $1,729 of NAI segment intercompany sales to the INI segment, $688 of GTM segment intercompany sales to INI, $14,934 intercompany sales of the INI segment to the NAI segment and $1,290 of GTM segment intercompany sales to NAI.

2 Excludes $2,995 of NAI segment intercompany sales to the INI segment, $502 of GTM segment intercompany sales to INI, and $17,388 intercompany sales of the INI segment to the NAI segment and $1,431 of GTM segment intercompany sales to NAI.