| Schedule of Segment Information |
The following table summarizes certain information regarding segments of the Company's operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
2022 |
|
2021 |
|
|
| Net sales |
|
|
|
|
|
| Tubular Products |
$ |
306,605 |
|
|
$ |
267,238 |
|
|
|
| Specialty Chemicals |
107,542 |
|
|
67,477 |
|
|
|
| |
$ |
414,147 |
|
|
$ |
334,715 |
|
|
|
| Operating income |
|
|
|
|
|
| Tubular Products |
$ |
27,607 |
|
|
$ |
33,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Specialty Chemicals |
6,971 |
|
|
3,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
34,578 |
|
|
37,217 |
|
|
|
|
|
|
|
|
|
| Corporate |
|
|
|
|
|
| Unallocated corporate expenses |
(12,997) |
|
|
(6,828) |
|
|
|
| Acquisition costs and other |
(1,200) |
|
|
(1,001) |
|
|
|
| Proxy contest costs and recoveries |
— |
|
|
(168) |
|
|
|
| Earn-out adjustments |
7 |
|
|
(1,872) |
|
|
|
|
|
|
|
|
|
| Total Corporate |
(14,190) |
|
|
(9,869) |
|
|
|
| Operating income |
20,388 |
|
|
27,348 |
|
|
|
| Interest expense |
2,742 |
|
|
1,486 |
|
|
|
| Change in fair value of interest rate swap |
— |
|
|
(2) |
|
|
|
| Loss on extinguishment of debt |
— |
|
|
223 |
|
|
|
| Other income, net |
(209) |
|
|
143 |
|
|
|
| Income before income taxes |
$ |
17,855 |
|
|
$ |
25,498 |
|
|
|
|
|
|
|
|
|
| Identifiable assets |
|
|
|
|
|
| Tubular Products |
$ |
158,664 |
|
|
$ |
160,625 |
|
|
|
| Specialty Chemicals |
72,990 |
|
|
72,908 |
|
|
|
| Corporate |
37,389 |
|
|
32,469 |
|
|
|
|
|
|
|
|
|
| |
$ |
269,043 |
|
|
$ |
266,002 |
|
|
|
| Depreciation and amortization |
|
|
|
|
|
| Tubular Products |
$ |
7,906 |
|
|
$ |
8,206 |
|
|
|
| Specialty Chemicals |
4,749 |
|
|
2,005 |
|
|
|
| Corporate |
62 |
|
|
130 |
|
|
|
| |
$ |
12,717 |
|
|
$ |
10,341 |
|
|
|
| Capital expenditures |
|
|
|
|
|
| Tubular Products |
$ |
3,756 |
|
|
$ |
1,011 |
|
|
|
| Specialty Chemicals |
1,140 |
|
|
486 |
|
|
|
| Corporate |
178 |
|
|
— |
|
|
|
| |
$ |
5,074 |
|
|
$ |
1,497 |
|
|
|
| Sales by product group |
|
|
|
|
|
| Fiberglass and steel liquid storage tanks and separation equipment |
$ |
411 |
|
|
$ |
1,343 |
|
|
|
| Heavy wall seamless carbon steel pipe and tube |
48,227 |
|
|
40,539 |
|
|
|
| Stainless steel pipe and tube |
222,892 |
|
|
186,651 |
|
|
|
| Galvanized pipe and tube |
35,075 |
|
|
38,705 |
|
|
|
| Specialty chemicals |
107,542 |
|
|
67,477 |
|
|
|
|
$ |
414,147 |
|
|
$ |
334,715 |
|
|
|
| Geographic sales |
|
|
|
|
|
| United States |
$ |
403,956 |
|
|
$ |
325,335 |
|
|
|
| Elsewhere |
10,191 |
|
|
9,380 |
|
|
|
| |
$ |
414,147 |
|
|
$ |
334,715 |
|
|
|
|