| Segment Information |
Segment Information
The following table summarizes certain information regarding segments of the Company's operations:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Net sales |
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Metals Segment |
$ |
64,503,373 |
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$ |
56,374,479 |
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$ |
135,606,452 |
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$ |
101,866,726 |
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Specialty Chemicals Segment |
14,274,603 |
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15,519,284 |
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27,975,356 |
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28,507,639 |
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$ |
78,777,976 |
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$ |
71,893,763 |
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$ |
163,581,808 |
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$ |
130,374,365 |
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Operating income (loss) |
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Metals Segment |
$ |
1,192,644 |
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$ |
9,090,516 |
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$ |
2,629,285 |
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$ |
15,107,047 |
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Specialty Chemicals Segment |
926,032 |
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1,106,672 |
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1,540,246 |
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1,970,161 |
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Unallocated corporate expenses |
1,944,221 |
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2,219,618 |
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4,252,643 |
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3,722,339 |
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Acquisition related costs |
20,073 |
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690,217 |
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301,928 |
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690,217 |
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Earn-out adjustments |
(417,808 |
) |
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2,307,598 |
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(401,285 |
) |
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2,461,658 |
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Operating income |
572,190 |
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4,979,755 |
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16,245 |
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10,202,994 |
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Interest expense |
1,009,797 |
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403,852 |
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2,033,738 |
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717,835 |
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Change in fair value of interest rate swaps |
76,533 |
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(19,255 |
) |
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124,094 |
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(92,458 |
) |
Other (income) loss, net |
(109,773 |
) |
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(59,111 |
) |
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(404,441 |
) |
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29,185 |
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(Loss) income before income taxes |
$ |
(404,367 |
) |
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$ |
4,654,269 |
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$ |
(1,737,146 |
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$ |
9,548,432 |
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As of |
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June 30, 2019 |
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December 31, 2018 |
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Identifiable assets |
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Metals Segment |
$ |
208,097,980 |
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$ |
192,195,733 |
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Specialty Chemicals Segment |
27,940,364 |
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28,174,675 |
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Corporate (1)
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45,027,327 |
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8,028,438 |
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$ |
281,065,671 |
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$ |
228,398,846 |
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Goodwill |
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Metals Segment |
$ |
16,202,890 |
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$ |
8,445,262 |
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Specialty Chemicals Segment |
1,354,730 |
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1,354,730 |
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$ |
17,557,620 |
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$ |
9,799,992 |
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(1) As of June 30, 2019, this amount included 36,428,751 in right-of-use assets that were recorded with the adoption of ASC 842 ("Leases"). Refer to Note 12 for additional information.
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