Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Information

v3.25.1
Segment Information
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

Note 15 - Segment Information:

The Company has one reporting segment as its operating segments meet the requirements for aggregation. The Company and its operating subsidiaries design and manufacture mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries. The Company also services and sells spare parts for its equipment. The Company's chief operating decision maker ("CODM") has been identified as its Chief Executive Officer who evaluates performance on an operating segment bases, as well as a consolidated basis, based on Adjusted EBITDA, which is a non-GAAP measure. This measure is used by our CODM, management, our Board of Directors, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in our industry. In addition, our CODM believes Adjusted EBITDA is a useful measure to assess the earnings power of the business without the impact of capital structure and can be used to assess our ability to fund future capital expenditures in the business.

The following table provides our results as a reconciliation from consolidated Net income to our consolidated Adjusted EBITDA:

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Net income

 

$

12,230

 

 

$

4,556

 

 

$

367

 

 Acquisition & integration (income) expense

 

 

(1,170

)

 

 

432

 

 

54

 

 Equity-based compensation

 

 

1,957

 

 

 

1,279

 

 

 

806

 

 ERP implementation costs

 

 

882

 

 

 

241

 

 

 

—

 

 Debt amendment costs

 

 

—

 

 

 

781

 

 

194

 

 Employee Retention Tax Credit, net

 

 

—

 

 

 

(702

)

 

 

—

 

 Net interest (income) expense

 

 

(583

)

 

 

248

 

 

939

 

 Income tax expense

 

 

3,177

 

 

 

1,018

 

 

194

 

 Depreciation & amortization

 

 

5,936

 

 

 

5,432

 

 

 

5,987

 

Adjusted EBITDA

 

$

22,429

 

 

$

13,285

 

 

$

8,541

 

 

In fiscal 2025, the Company had two customers whose sales amounted to 17% and 13% of total consolidated net sales. In fiscal 2024, the Company had two customers whose sales amounted to 16% and 15% of total consolidated net sales. In fiscal 2023, the Company had two customers whose sales amounted to 15% and 12% of total consolidated net sales. One customer representing such sales was the same customer in fiscal 2025, fiscal 2024 and fiscal 2023.