| Segment Information |
Segment Information
The following table summarizes certain information regarding segments of the Company's operations:
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Three Months Ended September 30, |
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Nine months ended September 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 |
$ |
60,121,145 |
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$ |
61,024,373 |
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$ |
195,727,598 |
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$ |
162,891,099 |
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Specialty Chemicals Segment |
13,518,766 |
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16,768,505 |
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41,494,121 |
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45,276,144 |
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$ |
73,639,911 |
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$ |
77,792,878 |
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$ |
237,221,719 |
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$ |
208,167,243 |
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Operating income (loss) |
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Metals Segment |
$ |
449,553 |
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$ |
7,984,117 |
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$ |
3,078,839 |
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$ |
23,091,164 |
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Specialty Chemicals Segment |
846,328 |
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1,354,617 |
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2,386,574 |
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3,324,778 |
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Unallocated corporate expenses |
2,369,341 |
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1,894,775 |
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6,621,985 |
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5,617,113 |
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Acquisition related costs |
89,590 |
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180,671 |
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391,518 |
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870,888 |
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Earn-out adjustments |
(1,241,697 |
) |
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(269,083 |
) |
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(1,642,982 |
) |
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2,192,574 |
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Operating income |
78,647 |
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7,532,371 |
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94,892 |
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17,735,367 |
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Interest expense |
943,886 |
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585,888 |
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2,977,624 |
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1,303,724 |
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Change in fair value of interest rate swaps |
20,791 |
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(7,490 |
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144,885 |
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(99,948 |
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Other expense (income), net |
179,980 |
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493,413 |
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(224,461 |
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522,598 |
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(Loss) income before income taxes |
$ |
(1,066,010 |
) |
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$ |
6,460,560 |
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$ |
(2,803,156 |
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$ |
16,008,993 |
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As of |
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September 30, 2019 |
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December 31, 2018 |
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Identifiable assets |
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Metals Segment |
$ |
200,824,657 |
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$ |
192,195,733 |
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Specialty Chemicals Segment |
27,283,356 |
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28,174,675 |
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Corporate (1)
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44,026,306 |
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8,028,438 |
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$ |
272,134,319 |
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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 September 30, 2019, this amount included $36,102,240 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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