Annual report pursuant to Section 13 and 15(d)

Segment Information

v2.4.0.8
Segment Information
12 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Segment Information
12. Segment
Information
The Company’s reportable segments are strategic businesses that offer different products and services.  They are managed separately because each business requires different technology and marketing strategies.

 

Steiner-Atlantic Corp., a wholly-owned subsidiary of the Company, and DRYCLEAN USA Development Corp., a wholly-owned indirect subsidiary of the Company, comprise the commercial and industrial laundry and dry cleaning equipment and boiler segment.  Steiner-Atlantic Corp. sells commercial and industrial laundry and dry cleaning equipment and boilers to customers in the United States, the Caribbean and Latin American markets.  DRYCLEAN USA Development Corp. enters into leases for resale to third parties for future dry cleaning stores. In recent years this area of business has not produced any revenues, but is kept as a subsidiary for future expansion.

  DRYCLEAN USA License Corp., a wholly-owned subsidiary of the Company, comprises the license and franchise operations segment.  
  The Company primarily evaluates the operating performance of its segments based on the categories noted in the table below.  The Company has no sales between segments.

 

  Financial information for the Company’s business segments is as follows:

Year ended June 30,   2013   2012
         
Revenues:                
Commercial and industrial laundry and
   dry cleaning equipment and boilers
  $ 36,033,221     $ 22,246,911  
License and franchise operations     193,363       210,178  
Total revenues   $ 36,226,584     $ 22,457,089  
                 
Operating income (loss):                
Commercial and industrial laundry and
   dry cleaning equipment and boilers
  $ 2,882,030     $ 1,083,807  
License and franchise operations     32,764       44,193  
Corporate     (343,705 )     (319,262 )
Total operating income   $ 2,571,089     $ 808,738  
                 
Identifiable assets:                
Commercial and industrial laundry and
   dry cleaning equipment and boilers
  $ 10,204,113     $ 10,105,561  
License and franchise operations     647,519       594,212  
Corporate     200,698       172,824  
Total assets   $ 11,052,330     $ 10,872,597  

 

 

For the years ended June 30, 2013 and 2012, export revenues, principally to the Caribbean and Latin America, aggregated approximately $4,383,000 and $4,918,000, respectively, of which approximately $4,218,000 and $4,748,000, respectively, related to the commercial and industrial laundry, dry cleaning equipment and boiler segment. All such sales are denominated in U.S. Dollars and, accordingly, the Company is not exposed to risks of foreign currency fluctuations as a result of such sales.