Company Quick10K Filing
Quick10K
Foster L B
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$21.90 11 $232
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-30 Exhibits
8-K 2019-05-23 Shareholder Vote
8-K 2019-05-09 Exhibits
8-K 2019-04-30 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-03-18 Earnings, Exhibits
8-K 2019-03-14 Other Events, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-08-21
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-24 Officers, Shareholder Vote, Exhibits
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-04-09 Officers
8-K 2018-03-19 Officers
8-K 2018-02-27 Earnings, Exhibits
CHTR Charter Communications 83,630
GOLD Golden Grain Energy 21,670
RCM R1 RCM 1,310
NTGR Netgear 907
NTG Natco Group 879
HMTV Hemisphere Media Group 290
BRID Bridgford Foods 261
WEYL Weyland Tech 0
EACQ Easterly Acquisition 0
EEQ Enbridge Energy Management 0
FSTR 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Financial Statements
Note 2. Business Segments
Note 3. Revenue
Note 4. Goodwill and Other Intangible Assets
Note 5. Accounts Receivable
Note 6. Inventory
Note 7. Property, Plant, and Equipment
Note 8. Leases
Note 9. Long-Term Debt and Related Matters
Note 10. Fair Value Measurements
Note 11. Earnings per Common Share
Note 12. Stock-Based Compensation
Note 13. Retirement Plans
Note 14. Commitments and Contingent Liabilities
Note 15. Income Taxes
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-10.2 ex-102q22019.htm
EX-31.1 ex-311q22019.htm
EX-31.2 ex-312q22019.htm
EX-32.0 ex-320q22019.htm

Foster L B Earnings 2019-06-30

FSTR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended June 30, 2019
Or
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from                      to                     
Commission File Number: 000-10436
L.B. Foster Company
(Exact name of Registrant as specified in its charter)
Pennsylvania
25-1324733
(State of Incorporation)
(I. R. S. Employer Identification No.)

415 Holiday Drive, Suite 100, Pittsburgh, Pennsylvania
15220
(Address of principal executive offices)(Zip Code)
(412) 928-3400
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01FSTRNASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☐
Accelerated filer
Non-accelerated filer ☐
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of July 24, 2019, there were 10,587,191 shares of the registrant’s common stock, par value $0.01 per share, outstanding.




L.B. FOSTER COMPANY AND SUBSIDIARIES
INDEX
 
Page



Table of Contents
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30,
2019
December 31,
2018
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$12,001 $10,282 
Accounts receivable - net (Note 5)98,684 86,123 
Inventories - net (Note 6)134,448 124,504 
Other current assets6,990 5,763 
Total current assets252,123 226,672 
Property, plant, and equipment - net (Note 7)84,441 86,857 
Operating lease right-of-use assets - net (Note 8)13,235 — 
Other assets:
Goodwill (Note 4)19,219 19,258 
Other intangibles - net (Note 4)46,437 49,836 
Other assets1,355 626 
TOTAL ASSETS$416,810 $383,249 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $78,538 $78,269 
Deferred revenue8,543 6,619 
Accrued payroll and employee benefits10,538 12,993 
Accrued warranty (Note 14)1,678 2,057 
Current portion of accrued settlement (Note 14)8,000 10,000 
Current maturities of long-term debt (Note 9)3,142 629 
Other accrued liabilities13,126 13,624 
Total current liabilities123,565 124,191 
Long-term debt (Note 9)87,973 74,353 
Deferred tax liabilities (Note 15)4,884 5,287 
Long-term portion of accrued settlement (Note 14)38,000 40,000 
Long-term operating lease liabilities (Note 8)9,901  
Other long-term liabilities16,266 17,299 
Stockholders' equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at June 30, 2019 and December 31, 2018, 11,115,779; shares outstanding at June 30, 2019 and December 31, 2018, 10,420,092 and 10,366,007, respectively
111 111 
Paid-in capital48,159 48,040 
Retained earnings128,211 114,324 
Treasury stock - at cost, 695,687 and 749,772 common stock shares at June 30, 2019 and December 31, 2018, respectively
(16,841)(18,165)
Accumulated other comprehensive loss(23,419)(22,191)
Total stockholders' equity136,221 122,119 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$416,810 $383,249 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

3

Table of Contents
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2019201820192018
Sales of goods$160,227 $127,093 $273,310 $218,904 
Sales of services40,706 45,797 78,092 76,440 
Total net sales200,933 172,890 351,402 295,344 
Cost of goods sold132,438 105,297 224,769 180,433 
Cost of services sold31,367 34,530 60,343 59,656 
Total cost of sales163,805 139,827 285,112 240,089 
Gross profit37,128 33,063 66,290 55,255 
Selling and administrative expenses22,855 23,368 44,772 43,826 
Amortization expense1,679 1,775 3,391 3,560 
Interest expense - net1,597 1,630 2,952 3,517 
Other (income) expense - net(252)128 (402)(477)
Total expenses25,879 26,901 50,713 50,426 
Income before income taxes11,249 6,162 15,577 4,829 
Income tax expense1,685 728 2,323 1,253 
Net income$9,564 $5,434 $13,254 $3,576 
Basic earnings per common share$0.92 $0.52 $1.27 $0.35 
Diluted earnings per common share$0.90 $0.52 $1.25 $0.34 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

Table of Contents
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2019201820192018
Net income$9,564 $5,434 $13,254 $3,576 
Other comprehensive loss, net of tax:
Foreign currency translation adjustment(675)(2,785)378 (2,761)
Unrealized (loss) gain on cash flow hedges, net of tax expense of $0 for all periods
(1,132)298 (1,158)1,036 
Reclassification of pension liability adjustments to earnings, net of tax expense of $0 for all periods*
92 141 185 255 
Other comprehensive loss(1,715)(2,346)(595)(1,470)
Comprehensive income$7,849 $3,088 $12,659 $2,106 
 
*
Reclassifications out of accumulated other comprehensive loss for pension obligations are charged to selling and administrative expenses.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

Table of Contents
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended
June 30,
20192018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$13,254 $3,576 
Adjustments to reconcile net income to cash (used in) provided by operating activities:
Deferred income taxes(401)(1,395)
Depreciation5,540 5,882 
Amortization3,391 3,560 
Equity in (gain) loss of nonconsolidated investments(21)3 
(Gain) loss on sales and disposals of property, plant, and equipment(7)394 
Stock-based compensation2,034 1,904 
Change in operating assets and liabilities:
Accounts receivable(12,402)(20,060)
Inventories(9,842)(5,251)
Other current assets(612)(2,228)
Prepaid income tax(3,077)(1,823)
Other noncurrent assets(490)460 
Accounts payable895 21,574 
Deferred revenue1,940 2,110 
Accrued payroll and employee benefits(2,487)(1,831)
Accrued settlement(4,000) 
Other current liabilities(1,933)1,145 
Other long-term liabilities(1,211)(118)
Net cash (used in) provided by operating activities(9,429)7,902 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment76 2,086 
Capital expenditures on property, plant, and equipment(3,848)(1,816)
Net cash (used in) provided by investing activities(3,772)270 
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt(97,269)(99,925)
Proceeds from debt113,402 68,995 
Debt issuance costs(836) 
Treasury stock acquisitions(591)(310)
Net cash provided by (used in) financing activities14,706 (31,240)
Effect of exchange rate changes on cash and cash equivalents214 (1,339)
Net increase (decrease) in cash and cash equivalents1,719 (24,407)
Cash and cash equivalents at beginning of period10,282 37,678 
Cash and cash equivalents at end of period$12,001 $13,271 
Supplemental disclosure of cash flow information:
Interest paid$2,492 $3,347 
Income taxes paid$5,395 $3,304 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(Dollars in thousands)

Three Months Ended June 30, 2019 
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balance, March 31, 2019$111 $47,400 $118,647 $(17,196)$(21,704)$127,258 
Net income— — 9,564 — — 9,564 
Other comprehensive loss, net of tax:
Pension liability adjustment— — — — 92 92 
Foreign currency translation adjustment— — — — (675)(675)
Unrealized derivative loss on cash flow hedges— — — — (1,132)(1,132)
Issuance of 15,745 common shares, net of shares withheld for taxes
— (420)— 355 — (65)
Stock-based compensation— 1,179 — — — 1,179 
Balance, June 30, 2019$111 $48,159 $128,211 $(16,841)$(23,419)$136,221 

Three Months Ended June 30, 2018
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balance, March 31, 2018$111 $45,307 $143,634 $(18,180)$(16,891)$153,981 
Net income— — 5,434 — — 5,434 
Other comprehensive loss, net of tax:
Pension liability adjustment— — — — 141 141 
Foreign currency translation adjustment— — — — (2,785)(2,785)
Unrealized derivative gain on cash flow hedges— — — — 298 298 
Stock-based compensation— 822 — — — 822 
Balance, June 30, 2018$111 $46,129 $149,068 $(18,180)$(19,237)$157,891 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(Dollars in thousands)

Six Months Ended June 30, 2019 
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balance, December 31, 2018$111 $48,040 $114,324 $(18,165)$(22,191)$122,119 
Adjustment to adopt ASU 2018-02— — 633 — (633)— 
Net income— — 13,254 — — 13,254 
Other comprehensive loss, net of tax:
Pension liability adjustment— — — — 185 185 
Foreign currency translation adjustment— — — — 378 378 
Unrealized derivative loss on cash flow hedges— — — — (1,158)(1,158)
Issuance of 54,085 common shares, net of shares withheld for taxes
— (1,915)— 1,324 — (591)
Stock-based compensation— 2,034 — — — 2,034 
Balance, June 30, 2019$111 $48,159 $128,211 $(16,841)$(23,419)$136,221 


Six Months Ended June 30, 2018
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balance, December 31, 2017$111 $45,017 $145,797 $(18,662)$(17,767)$154,496 
Adjustment to adopt ASU 2016-16— — (305)— — (305)
Net income— — 3,576 — — 3,576 
Other comprehensive loss, net of tax:
Pension liability adjustment— — — — 255 255 
Foreign currency translation adjustment— — — — (2,761)(2,761)
Unrealized derivative gain on cash flow hedges— — — — 1,036 1,036 
Issuance of 24,769 common shares, net of shares withheld for taxes
— (792)— 482 — (310)
Stock-based compensation— 1,904 — — — 1,904 
Balance, June 30, 2018$111 $46,129 $149,068 $(18,180)$(19,237)$157,891 


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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L.B. FOSTER COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in thousands, except share data)
Note 1. Financial Statements
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals, unless otherwise stated herein) considered necessary for a fair presentation of the financial position of L.B. Foster Company and subsidiaries as of June 30, 2019 and December 31, 2018, its Condensed Consolidated Statements of Operations and its Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2019 and 2018, and its Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018, have been included. However, actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The Condensed Consolidated Balance Sheet as of December 31, 2018 was derived from audited financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. In this Quarterly Report on Form 10-Q, references to “we,” “us,” “our,” and the “Company” refer collectively to L.B. Foster Company and its consolidated subsidiaries.

Recently Issued Accounting Standards
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software” (“ASU 2018-15”). The ASU requires capitalization of certain implementation costs incurred in a cloud computing arrangement that qualifies as a service contract. The amendments in the ASU are effective for fiscal years beginning after December 15, 2019 and for interim periods therein with early adoption permitted. The Company is currently evaluating the potential impact of the ASU on its consolidated financial statements.

Recently Adopted Accounting Standards
In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The new accounting requirements include the accounting for, presentation of, and classification of leases. The guidance resulted in most leases being capitalized as a right-of-use asset with a related balance sheet liability. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company adopted the provisions of ASU 2016-02 on January 1, 2019, using the modified retrospective approach as of the beginning of the period of adoption. Additionally, the Company has elected to apply the practical expedient package for leases that commenced prior to the effective date, not to apply the recognition requirements in the standard to short-term leases, and not to separate non-lease components from lease components. The Company has presented the disclosures required by ASU 2016-02 in Note 8.

In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income; Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows companies to reclassify stranded tax effects caused by the US Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. The amendments eliminate the stranded tax effects resulting from the Tax Act and improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the Tax Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The Company adopted ASU 2018-02 during the first quarter of 2019 and has chosen to record the reclassification as of the beginning of the period of adoption. As a result of adopting this standard, we reclassified stranded tax effects of $633 from Accumulated other comprehensive loss to Retained earnings.

The SEC Disclosure Update and Simplification release announces the SEC's adoption of certain amendments in August 2018. While most of the amendments eliminate outdated or duplicative disclosure requirements, the final rule amends the interim financial statement requirements to require a reconciliation of changes in stockholders’ equity in the notes to the financial statements or as a separate statement. This analysis should reconcile the beginning balance to the ending balance of each caption in stockholders’ equity for each period for which an income statement is required to be filed and comply with the remaining content requirements of Rule 3-04 of Regulation S-X. As a result, registrants are required to provide the reconciliation for both the comparable quarterly and year-to-date periods in their Quarterly Reports on Form 10-Q but only for the year-to-date periods in registration statements, beginning in the first quarter of 2019. The Company has included the reconciliation of changes in stockholders’ equity as a separate statement.

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Note 2. Business Segments
The Company is a leading manufacturer and distributor of products and services for transportation and energy infrastructure with locations in North America and Europe. The Company is organized and operates in three different operating segments: the Rail Products and Services segment, the Construction Products segment, and the Tubular and Energy Services segment. The segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred; (b) whose operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who makes decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. Operating segments are evaluated on their segment profit contribution to the Company's consolidated results. Other income and expenses, interest, income taxes, and certain other items are managed on a consolidated basis. The Company's segment accounting policies are the same as those described in Note 2. Business Segments of the Notes to the Company's Consolidated Financial Statements contained in its Annual Report on Form 10-K for the year-ended December 31, 2018.

The following table illustrates the Company's revenues and profit from operations by segment for the periods indicated:
Three Months Ended
June 30, 2019
Three Months Ended
June 30, 2018
Net SalesSegment ProfitNet SalesSegment Profit
Rail Products and Services$101,401 $7,919 $91,884 $5,308 
Construction Products55,406 3,413 42,207 2,857 
Tubular and Energy Services44,126 5,019 38,799 4,545 
Total$200,933 $16,351 $172,890 $12,710 
Six Months Ended
June 30, 2019
Six Months Ended
June 30, 2018
Net SalesSegment ProfitNet SalesSegment Profit
Rail Products and Services$177,095 $11,398 $154,054 $7,356 
Construction Products92,751 4,247 71,107 2,875 
Tubular and Energy Services81,556 9,707 70,183 6,430 
Total$351,402 $25,352 $295,344 $16,661 

Segment profit from operations, as shown above, includes allocated corporate operating expenses. Operating expenses related to corporate headquarter functions that directly support the segment activity are allocated based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. The expense allocation excludes certain corporate costs that are separately managed from the segments.

The following table provides a reconciliation of segment net profit from operations to the Company’s consolidated total:
Three Months Ended
June 30,
Six Months Ended
June 30,
2019201820192018
Profit for reportable segments$16,351 $12,710 $25,352 $16,661 
Interest expense - net(1,597)(1,630)(2,952)(3,517)
Other income (expense)252 (128)402 477 
Unallocated corporate expenses and other unallocated charges(3,757)(4,790)(7,225)(8,792)
Income before income taxes$11,249 $6,162 $15,577 $4,829 

The following table illustrates assets of the Company by segment:
June 30,
2019
December 31,
2018
Rail Products and Services$188,924 $175,704 
Construction Products107,025 97,133 
Tubular and Energy Services93,457 90,402 
Unallocated corporate assets27,404 20,010 
Total$416,810 $383,249 


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Note 3. Revenue
Revenue from products or services provided to customers over time accounted for 24.2% and 23.4% of revenue for the three months ended June 30, 2019 and 2018, respectively, and 25.7% and 24.3% of revenue for the six months ended June 30, 2019 and 2018, respectively. Revenue under these long-term agreements is generally recognized over time either using an input measure based upon the proportion of actual costs incurred to estimated total project costs or an input measure based upon actual labor costs as a percentage of estimated total labor costs, depending upon which measure the Company believes best depicts the Company’s performance to date under the terms of the contract. Revenue recognized over time using an input measure was $34,984 and $29,583 for the three months ended June 30, 2019 and 2018, respectively, and $66,821 and $54,144 for the six months ended June 30, 2019 and 2018, respectively. A certain portion of the Company’s revenue recognized over time under these long-term agreements is recognized using an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. Revenue recognized over time using an output measure was $13,611 and $10,893 for the three months ended June 30, 2019 and 2018, respectively, and $23,522 and $17,554 for the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019 and December 31, 2018, the Company had contract assets of $37,457 and $26,692, respectively, that were recorded in “Inventories - net” within the Condensed Consolidated Balance Sheets. As of June 30, 2019 and December 31, 2018, the Company had contract liabilities of $2,162 and $1,505, respectively, that were recorded in “Deferred revenue” within the Condensed Consolidated Balance Sheets.

The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time. Point in time revenue accounted for 75.8% and 76.6% of revenue for the three months ended June 30, 2019 and 2018, respectively, and 74.3% and 75.7% of revenue for the six months ended June 30, 2019 and 2018. The Company recognizes revenue at the point in time at which the customer obtains control of the product or service, which is generally when the product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at its physical location.

The following table summarizes the Company's net sales by major product and service category:
Three Months Ended
June 30,
Six Months Ended
June 30,
2019201820192018
Rail Products$67,990 $54,332 $114,196 $90,366 
Rail Technologies33,411 37,552 62,899 63,688 
Rail Products and Services101,401 91,884 177,095 154,054 
Piling and Fabricated Bridge37,588 25,846 61,320 44,707 
Precast Concrete Products17,818 16,361 31,431 26,400 
Construction Products55,406 42,207 92,751 71,107 
Test, Inspection, and Threading Services13,804 15,008 28,528 29,221 
Protective Coatings and Measurement Systems30,322 23,791 53,028 40,962 
Tubular and Energy Services44,126 38,799 81,556 70,183 
Total net sales$200,933 $172,890 $351,402 $295,344 

Net sales by the timing of the transfer of goods and services was as follows:
Three Months Ended June 30, 2019
Rail Products and
Services
Construction
Products
Tubular and Energy
Services
Total
Point in time$80,701 $38,095 $33,542 $152,338 
Over time20,700 17,311 10,584 48,595 
Total net sales$101,401 $55,406 $44,126 $200,933 
Three Months Ended June 30, 2018
Rail Products and
Services
Construction
Products
Tubular and Energy
Services
Total
Point in time$69,295 $28,196 $34,923 $132,414 
Over time22,589 14,011 3,876 40,476 
Total net sales$91,884 $42,207 $38,799 $172,890 

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Six Months Ended June 30, 2019
Rail Products and
Services
Construction
Products
Tubular and Energy
Services
Total
Point in time$137,193 $61,190 $62,676 $261,059 
Over time39,902 31,561 18,880 90,343 
Total net sales$177,095 $92,751 $81,556 $351,402 
Six Months Ended June 30, 2018