NOTE M – Segment Operations

During the first quarter of fiscal 2014, we made certain organizational changes impacting the internal reporting and management structure of our Steel Packaging operating segment. As a result of these organizational changes, management responsibilities and internal reporting were realigned under our Steel Processing operating segment. Segment information reported in previous periods has been restated to conform to this new presentation.

Summarized financial information for our reportable segments is shown in the following table:

 

		Three Months Ended February 28,								Nine Months Ended February 28,
(in thousands)		2014				2013				2014				2013
Net sales
Steel Processing		$	477,983			$	353,879			$	1,372,558			$	1,082,998
Pressure Cylinders			233,290				205,206				664,212				606,936
Engineered Cabs			51,485				48,628				147,814				170,927
Other			10,472				11,814				50,837				47,323
Consolidated net sales		$	773,230			$	619,527			$	2,235,421			$	1,908,184
Operating income (loss)
Steel Processing		$	28,264			$	17,701			$	85,713			$	48,166
Pressure Cylinders			21,278				17,860				49,007				49,965
Engineered Cabs			(1,088	)			108				(22,284	)			5,367
Other			(3,165	)			(2,263	)			(9,010	)			(7,852	)
Consolidated operating income		$	45,289			$	33,406			$	103,426			$	95,646
Restructuring and other expense (income)
Steel Processing		$	1,380			$	-			$	(3,382	)		$	-
Pressure Cylinders			412				177				(1,035	)			183
Engineered Cabs			-				-				-				-
Other			(394	)			(31	)			636				1,628
Consolidated restructuring and other expense (income)		$	1,398			$	146			$	(3,781	)		$	1,811
Impairment of long-lived assets
Steel Processing		$	-			$	-			$	4,641			$	-
Pressure Cylinders			-				-				11,634				1,520
Engineered Cabs			-				-				19,100				-
Other			-				-				-				-
Consolidated impairment of long-lived assets		$	-			$	-			$	35,375			$	1,520
Joint venture transactions
Steel Processing		$	-			$	-			$	-			$	-
Pressure Cylinders			-				-				-				-
Engineered Cabs			-				-				-				-
Other			120				253				1,048				(1,188	)
Consolidated joint venture transactions		$	120			$	253			$	1,048			$	(1,188	)

 

(in thousands)		February 28, 2014				May 31, 2013
Total assets
Steel Processing		$	856,119			$	610,464
Pressure Cylinders			780,191				742,686
Engineered Cabs			176,620				201,048
Other			312,977				396,659
Consolidated total assets		$	2,125,907			$	1,950,857