| Segment Information |
Note 8. Segment information The Company operates in the United States in two business segments as determined by its products. The fastener segment is comprised of H & L Tool and the parent company’s fastener operations, which includes rivets, cold-formed fasteners, and parts and screw machine products. The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines. The Company determined that its business segments also represent its reportable segments. The reportable segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by the Company's chief operating decision maker (“CODM”) to assess operating performance and allocate resources. The CODM is the Company’s Chief Executive Officer, Mr. Gregory D. Rizzo. The Company's CODM evaluates segment performance based on gross profit, segment operating income (loss) less depreciation, and capital expenditures. The information provided to the Company's CODM excludes for purposes of making decisions and assessing segment performance other assets or other income information. Information by segment is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fastener |
|
|
Assembly
Equipment |
|
|
Other |
|
|
Consolidated |
|
Three Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
6,253,416 |
|
|
$ |
987,561 |
|
|
|
|
|
$ |
7,240,977 |
|
Add: intercompany sales adjustment |
|
|
(4,352 |
) |
|
|
- |
|
|
|
|
|
|
(4,352 |
) |
Total sales to external customers |
|
|
6,249,064 |
|
|
|
987,561 |
|
|
|
|
|
|
7,236,625 |
|
Cost of goods sold |
|
|
6,013,463 |
|
|
|
659,850 |
|
|
|
|
|
|
6,673,313 |
|
Segment gross profit |
|
|
235,601 |
|
|
|
327,711 |
|
|
|
|
|
|
563,312 |
|
Selling and engineering expenses |
|
|
92,649 |
|
|
|
27,272 |
|
|
|
247,715 |
|
|
|
367,636 |
|
Administrative expenses |
|
|
460,139 |
|
|
|
1,749 |
|
|
|
767,499 |
|
|
|
1,229,387 |
|
Operating income (loss) |
|
|
(317,187 |
) |
|
|
298,690 |
|
|
|
(1,015,214 |
) |
|
|
(1,033,711 |
) |
Other income |
|
|
61,197 |
|
|
|
— |
|
|
|
1,190 |
|
|
|
62,387 |
|
Income (loss) before income taxes |
|
$ |
(255,990 |
) |
|
$ |
298,690 |
|
|
$ |
(1,014,024 |
) |
|
$ |
(971,324 |
) |
. |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
$ |
267,817 |
|
|
$ |
24,266 |
|
|
$ |
- |
|
|
$ |
292,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
$ |
96,182 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
96,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
12,052,033 |
|
|
$ |
2,040,460 |
|
|
|
|
|
$ |
14,092,493 |
|
Less: intercompany sales |
|
|
(4,352 |
) |
|
|
- |
|
|
|
|
|
|
(4,352 |
) |
Total sales to external customers |
|
|
12,047,681 |
|
|
|
2,040,460 |
|
|
|
|
|
|
14,088,141 |
|
Cost of goods sold |
|
|
11,266,801 |
|
|
|
1,299,570 |
|
|
|
|
|
|
12,566,371 |
|
Segment gross profit |
|
|
780,880 |
|
|
|
740,890 |
|
|
|
|
|
|
1,521,770 |
|
Selling and engineering expenses |
|
|
151,630 |
|
|
|
53,831 |
|
|
|
461,897 |
|
|
|
667,358 |
|
Administrative expenses |
|
|
922,034 |
|
|
|
2,869 |
|
|
|
1,344,812 |
|
|
|
2,269,715 |
|
Operating income (loss) |
|
|
(292,784 |
) |
|
|
684,190 |
|
|
|
(1,806,709 |
) |
|
|
(1,415,303 |
) |
Other income (1) |
|
|
61,232 |
|
|
|
— |
|
|
|
3,089 |
|
|
|
64,321 |
|
Income (loss) before income taxes |
|
$ |
(231,552 |
) |
|
$ |
684,190 |
|
|
$ |
(1,803,620 |
) |
|
$ |
(1,350,982 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
$ |
534,694 |
|
|
$ |
48,530 |
|
|
$ |
- |
|
|
$ |
583,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
$ |
189,154 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
189,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
$ |
4,567,149 |
|
|
$ |
592,274 |
|
|
|
|
|
$ |
5,159,423 |
|
Inventories, net |
|
|
4,449,909 |
|
|
|
1,887,119 |
|
|
|
|
|
|
6,337,028 |
|
Assets held for sale |
|
|
179,254 |
|
|
|
— |
|
|
|
|
|
|
179,254 |
|
Property, plant and equipment, net |
|
|
8,011,681 |
|
|
|
1,224,257 |
|
|
|
|
|
|
9,235,938 |
|
Other assets |
|
|
|
|
|
|
|
|
2,686,552 |
|
|
|
2,686,552 |
|
Total assets |
|
|
|
|
|
|
|
|
|
|
$ |
23,598,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fastener |
|
|
Assembly
Equipment |
|
|
Other |
|
|
Consolidated |
|
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
6,412,298 |
|
|
$ |
900,862 |
|
|
$ |
— |
|
|
$ |
7,313,160 |
|
Less: intercompany sales |
|
|
(15,083 |
) |
|
|
- |
|
|
|
- |
|
|
|
(15,083 |
) |
Total sales to external customers |
|
|
6,397,215 |
|
|
|
900,862 |
|
|
|
- |
|
|
|
7,298,077 |
|
Cost of goods sold |
|
|
5,764,491 |
|
|
|
558,524 |
|
|
|
- |
|
|
|
6,323,015 |
|
Segment gross profit |
|
|
632,724 |
|
|
|
342,338 |
|
|
|
- |
|
|
|
975,062 |
|
Selling and engineering expenses |
|
|
60,636 |
|
|
|
16,001 |
|
|
|
181,330 |
|
|
|
257,967 |
|
Administrative expenses |
|
|
454,759 |
|
|
|
3,257 |
|
|
|
676,510 |
|
|
|
1,134,526 |
|
Operating income (loss) |
|
|
117,329 |
|
|
|
323,080 |
|
|
|
(857,840 |
) |
|
|
(417,431 |
) |
Other income |
|
|
- |
|
|
|
- |
|
|
|
2,383 |
|
|
|
2,383 |
|
Income (loss) before income taxes |
|
$ |
117,329 |
|
|
$ |
323,080 |
|
|
$ |
(855,457 |
) |
|
$ |
(415,048 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
$ |
277,108 |
|
|
$ |
27,429 |
|
|
$ |
- |
|
|
$ |
304,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
$ |
51,020 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
51,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
12,607,849 |
|
|
$ |
1,987,526 |
|
|
$ |
— |
|
|
$ |
14,595,375 |
|
Less: intercompany sales |
|
|
(51,663 |
) |
|
|
- |
|
|
|
- |
|
|
|
(51,663 |
) |
Total sales to external customers |
|
|
12,556,186 |
|
|
|
1,987,526 |
|
|
|
- |
|
|
|
14,543,712 |
|
Cost of goods sold |
|
|
10,905,358 |
|
|
|
1,005,550 |
|
|
|
- |
|
|
|
11,910,909 |
|
Segment gross profit |
|
|
1,650,828 |
|
|
|
981,975 |
|
|
|
- |
|
|
|
2,632,803 |
|
Selling and engineering expenses |
|
|
144,832 |
|
|
|
16,001 |
|
|
|
371,064 |
|
|
|
531,898 |
|
Administrative expenses |
|
|
940,196 |
|
|
|
11,046 |
|
|
|
1,496,921 |
|
|
|
2,448,162 |
|
Gain on sale of property (1) |
|
|
- |
|
|
|
(339,520 |
) |
|
|
- |
|
|
|
(339,520 |
) |
Operating income (loss) |
|
|
565,800 |
|
|
|
1,294,448 |
|
|
|
(1,867,985 |
) |
|
|
(7,737 |
) |
Other income |
|
|
- |
|
|
|
- |
|
|
|
14,070 |
|
|
|
14,070 |
|
Income (loss) before income taxes |
|
$ |
565,800 |
|
|
$ |
1,294,448 |
|
|
$ |
(1,853,915 |
) |
|
$ |
6,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
$ |
566,907 |
|
|
$ |
54,858 |
|
|
$ |
- |
|
|
$ |
621,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
$ |
93,703 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
93,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
$ |
4,087,168 |
|
|
$ |
753,688 |
|
|
$ |
- |
|
|
$ |
4,840,856 |
|
Inventories, net |
|
|
4,868,858 |
|
|
|
1,571,352 |
|
|
|
- |
|
|
|
6,440,210 |
|
Property, plant and equipment, net |
|
|
8,982,835 |
|
|
|
1,224,258 |
|
|
|
- |
|
|
|
10,207,093 |
|
Other assets |
|
|
- |
|
|
|
19,907 |
|
|
|
2,132,266 |
|
|
|
2,152,173 |
|
Total assets |
|
|
|
|
|
|
|
|
|
|
$ |
23,640,332 |
|
(1) Includes a one-time gain of $339,520 in the Assembly Equipment segment, from the sale of the Albia manufacturing facility in February 2025. The Company does not allocate certain selling and administrative expenses for internal reporting, thus, no allocation was made for these expenses for segment disclosure purposes. Other income represents interest on securities. Segment assets reported internally are limited to accounts receivable, contract assets, inventory and long-lived assets. Certain long-lived assets of one plant location are allocated between the two segments based on estimated plant utilization, as this plant serves both fastener and assembly equipment activities. Other assets are not allocated to segments internally and to do so would be impracticable. The following table presents revenue by segment, further disaggregated by end-market:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fastener |
|
|
Assembly
Equipment |
|
|
Consolidated |
|
Three Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
Automotive |
|
$ |
4,226,830 |
|
|
$ |
22,042 |
|
|
$ |
4,248,872 |
|
Non-automotive |
|
|
2,022,234 |
|
|
|
965,519 |
|
|
|
2,987,753 |
|
Total net sales |
|
$ |
6,249,064 |
|
|
$ |
987,561 |
|
|
$ |
7,236,625 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
Automotive |
|
$ |
3,849,079 |
|
|
$ |
108,530 |
|
|
$ |
3,957,609 |
|
Non-automotive |
|
|
2,548,136 |
|
|
|
792,332 |
|
|
|
3,340,468 |
|
Total net sales |
|
$ |
6,397,215 |
|
|
$ |
900,862 |
|
|
$ |
7,298,077 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
Automotive |
|
$ |
7,816,595 |
|
|
$ |
66,046 |
|
|
$ |
7,882,641 |
|
Non-automotive |
|
|
4,231,086 |
|
|
|
1,974,414 |
|
|
|
6,205,500 |
|
Total net sales |
|
$ |
12,047,681 |
|
|
$ |
2,040,460 |
|
|
$ |
14,088,141 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
Automotive |
|
$ |
7,647,737 |
|
|
$ |
150,641 |
|
|
$ |
7,798,378 |
|
Non-automotive |
|
|
4,908,449 |
|
|
|
1,836,885 |
|
|
|
6,745,334 |
|
Total net sales |
|
$ |
12,556,186 |
|
|
$ |
1,987,526 |
|
|
$ |
14,543,712 |
|
The following table presents revenue by segment, further disaggregated by location:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fastener |
|
|
Assembly
Equipment |
|
|
Consolidated |
|
Three Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
United States |
|
$ |
4,827,314 |
|
|
$ |
817,089 |
|
|
$ |
5,644,403 |
|
Foreign |
|
|
1,421,750 |
|
|
|
170,472 |
|
|
|
1,592,222 |
|
Total net sales |
|
$ |
6,249,064 |
|
|
$ |
987,561 |
|
|
$ |
7,236,625 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
United States |
|
$ |
4,460,995 |
|
|
$ |
650,105 |
|
|
$ |
5,111,100 |
|
Foreign |
|
|
1,936,220 |
|
|
|
250,757 |
|
|
|
2,186,977 |
|
Total net sales |
|
$ |
6,397,215 |
|
|
$ |
900,862 |
|
|
$ |
7,298,077 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
United States |
|
$ |
9,390,722 |
|
|
$ |
1,664,727 |
|
|
$ |
11,055,449 |
|
Foreign |
|
|
2,656,959 |
|
|
|
375,733 |
|
|
|
3,032,692 |
|
Total net sales |
|
$ |
12,047,681 |
|
|
$ |
2,040,460 |
|
|
$ |
14,088,141 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
United States |
|
$ |
9,236,162 |
|
|
$ |
1,565,797 |
|
|
$ |
10,801,959 |
|
Foreign |
|
|
3,320,024 |
|
|
|
421,729 |
|
|
|
3,741,753 |
|
Total net sales |
|
$ |
12,556,186 |
|
|
$ |
1,987,526 |
|
|
$ |
14,543,712 |
|
|