Northwest Pipe (NWPX) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Document Information [Line Items]
Entity Central Index Key	0001001385
Entity Registrant Name	Northwest Pipe Co.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	0-27140
Entity Incorporation, State or Country Code	OR
Entity Tax Identification Number	93-0557988
Entity Address, Address Line One	201 NE Park Plaza Drive, Suite 100
Entity Address, City or Town	Vancouver
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98684
City Area Code	360
Local Phone Number	397‑6250
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NWPX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,857,961

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 72,311	$ 68,923
Cost of sales	63,536	59,344
Gross profit	8,775	9,579
Selling, general, and administrative expense	5,830	7,945
Operating income	2,945	1,634
Other income (expense)	59	(401)
Interest income	0	22
Interest expense	(227)	(219)
Income before income taxes	2,777	1,036
Income tax expense	602	472
Net income	$ 2,175	$ 564
us-gaap_EarningsPerShareAbstract
Basic (in dollars per share)	$ 0.22	$ 0.06
Diluted (in dollars per share)	$ 0.22	$ 0.06
Shares used in per share calculations:
Basic (in shares)	9,814	9,751
Diluted (in shares)	9,921	9,829

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 2,175	$ 564
Other comprehensive income, net of tax:
Pension liability adjustment	29	25
Unrealized gain on cash flow hedges	32	79
Other comprehensive income, net of tax	61	104
Comprehensive income	$ 2,236	$ 668

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 29,893	$ 37,927
Trade and other receivables, less allowance for doubtful accounts of $782 and $767	40,214	42,680
Contract assets	75,466	76,985
Inventories	33,177	29,177
Prepaid expenses and other	5,560	5,194
Total current assets	184,310	191,963
Property and equipment, less accumulated depreciation and amortization of $98,702 and $96,684	109,423	110,184
Operating lease right-of-use assets	34,228	30,813
Goodwill	22,985	22,985
Intangible assets, net	10,202	10,518
Other assets	6,167	6,552
Total assets	367,315	373,015
Current liabilities:
Current portion of long-term debt	3,131	7,701
Accounts payable	13,260	12,993
Accrued liabilities	14,607	16,814
Contract liabilities	2,034	6,189
Current portion of operating lease liabilities	2,382	2,204
Total current liabilities	35,414	45,901
Long-term debt	5,106	5,888
Operating lease liabilities	31,236	27,911
Deferred income taxes	12,750	12,481
Other long-term liabilities	10,472	11,208
Total liabilities	94,978	103,389
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued or outstanding	0	0
Common stock, $.01 par value, 15,000,000 shares authorized, 9,857,961 and 9,805,437 shares issued and outstanding	99	98
Additional paid-in-capital	123,487	123,013
Retained earnings	150,556	148,381
Accumulated other comprehensive loss	(1,805)	(1,866)
Total stockholders’ equity	272,337	269,626
Total liabilities and stockholders’ equity	$ 367,315	$ 373,015

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 782	$ 767
Accumulated depreciation and amortization	$ 98,702	$ 96,684
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	9,857,961	9,805,437
Common stock, shares outstanding (in shares)	9,857,961	9,805,437

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Dec. 31, 2019	9,746,979
Balances at Dec. 31, 2019	$ 97	$ 120,544	$ 129,331	$ (1,814)	$ 248,158
Net income	0	0	564	0	564
Pension liability adjustment	0	0	0	25	25
Unrealized gain (loss) on cash flow hedges, net of tax expense/benefit	$ 0	0	0	79	79
Issuance of common stock under stock compensation plans (in shares)	41,016
Issuance of common stock under stock compensation plans	$ 1	(102)	0	0	(101)
Share-based compensation expense	$ 0	460	0	0	460
Balances (in shares) at Mar. 31, 2020	9,787,995
Balances at Mar. 31, 2020	$ 98	120,902	129,895	(1,710)	249,185
Balances (in shares) at Dec. 31, 2020	9,805,437
Balances at Dec. 31, 2020	$ 98	123,013	148,381	(1,866)	269,626
Net income	0	0	2,175	0	2,175
Pension liability adjustment	0	0	0	29	29
Unrealized gain (loss) on cash flow hedges, net of tax expense/benefit	$ 0	0	0	32	32
Issuance of common stock under stock compensation plans (in shares)	52,524
Issuance of common stock under stock compensation plans	$ 1	(223)	0	0	(222)
Share-based compensation expense	$ 0	697	0	0	697
Balances (in shares) at Mar. 31, 2021	9,857,961
Balances at Mar. 31, 2021	$ 99	$ 123,487	$ 150,556	$ (1,805)	$ 272,337

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pension liability adjustment, tax expense/benefit	$ 0	$ 0
Unrealized gain (loss) on cash flow hedges, tax expense/benefit	$ 8	$ 23

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 2,175	$ 564
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and finance lease amortization	2,698	3,031
Amortization of intangible assets	316	399
Deferred income taxes	271	712
Share-based compensation expense	697	460
Other, net	(68)	(232)
Trade and other receivables	2,308	5,213
Contract assets, net	(2,636)	8,683
Inventories	(3,988)	(3,068)
Prepaid expenses and other assets	1,203	2,179
Accounts payable	165	1,320
Accrued and other liabilities	(3,727)	(4,225)
Net cash provided by (used in) operating activities	(586)	15,036
Cash flows from investing activities:
Acquisition of business, net of cash acquired	0	(48,728)
Purchases of property and equipment	(1,861)	(2,936)
Other investing activities	99	0
Net cash used in investing activities	(1,762)	(51,664)
Cash flows from financing activities:
Borrowings on line of credit	0	41,377
Repayments on line of credit	0	(41,377)
Borrowings on long-term debt	0	15,879
Payments on long-term debt	(5,364)	0
Payments on finance lease obligations	(100)	(103)
Payments of debt issuance costs	0	(405)
Tax withholdings related to net share settlements of restricted stock and performance share awards	(222)	(101)
Net cash provided by (used in) financing activities	(5,686)	15,270
Change in cash and cash equivalents	(8,034)	(21,358)
Cash and cash equivalents, beginning of period	37,927	31,014
Cash and cash equivalents, end of period	29,893	9,656
Noncash investing and financing activities:
Accrued property and equipment purchases	428	445
Right-of-use assets obtained in exchange for operating lease liabilities	$ 4,656	$ 0

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization and Basis of Presentation Northwest Pipe Company (the “Company”) is a leading manufacturer for water related infrastructure products. In addition to being the largest manufacturer of engineered steel water pipeline systems in North America, the Company produces high-quality precast and reinforced concrete products, Permalok® steel casing pipe, bar-wrapped concrete cylinder pipe, as well as linings, coatings, joints, and one one The Condensed Consolidated Financial Statements are expressed in United States Dollars and include the accounts of the Company and its subsidiaries over which the Company exercises control as of the financial statement date. Intercompany accounts and transactions have been eliminated. The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. The financial information as of December 31, 2020 10‑K December 31, 2020 “2020 10‑K” 2020 10‑K. Operating results for the three March 31, 2021 not may December 31, 2021, 2019 “COVID‑19” Impact of the COVID 19 In March 2020, COVID‑19 COVID‑19 not first three 2021, COVID‑19 may may COVID‑19 may COVID‑19

Note 2 - Business Combination

Note 2 - Business Combination	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Business Combination Disclosure [Text Block]	2. Business Combination On January 31, 2020, three The following table summarizes the purchase consideration and fair value of the assets acquired and liabilities assumed as of January 31, 2020 Assets Cash and cash equivalents $ 691 Trade and other receivables 7,089 Inventories 5,673 Prepaid expenses and other 356 Property and equipment 9,096 Operating lease right-of-use assets 21,684 Intangible assets 11,165 Total assets acquired 55,754 Liabilities Accounts payable 1,395 Accrued liabilities 1,189 Operating lease liabilities 20,454 Deferred income taxes 5,343 Other long-term liabilities 939 Total liabilities assumed 29,320 Goodwill 22,985 Total purchase consideration $ 49,419 The purchase consideration for this business combination was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase consideration recorded as goodwill. As a result of additional information obtained during the measurement period about facts and circumstances that existed as of the acquisition date, the Company recorded measurement period adjustments during the three June 30, 2020 The following table summarizes the components of the intangible assets acquired and their estimated useful lives: Estimated Useful Life Fair Value (In years) (In thousands) Customer relationships 11.0 $ 8,031 Trade names 10.0 2,093 Backlog 0.9 1,041 Total intangible assets 9.9 $ 11,165 Goodwill arose from the acquisition of an assembled workforce, expansion of product offerings, and management’s industry know-how. The Company does not The Company incurred transaction costs associated with this acquisition of $2.5 million during the three March 31, 2020. The following unaudited pro forma summary presents the consolidated results of the Company as if the acquisition of Geneva had occurred on January 1 Three Months Ended March 31, 2020 Net sales $ 72,512 Net income 2,424 This unaudited pro forma consolidated financial data is included only for the purpose of illustration and does not January 1 not January 1 January 1

Note 3 - Inventories

Note 3 - Inventories	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories Inventories consist of the following (in thousands): March 31, 2021 December 31, 2020 Raw materials $ 24,570 $ 20,631 Work-in-process 1,076 1,416 Finished goods 5,799 5,489 Supplies 1,732 1,641 Total inventories $ 33,177 $ 29,177

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three 1 2 3 no The following table summarizes information regarding the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands): Total Level 1 Level 2 Level 3 As of March 31, 2021 Financial assets: Deferred compensation plan $ 4,410 $ 3,734 $ 676 $ - Financial liabilities: Foreign currency forward contracts $ (910 ) $ - $ (910 ) $ - As of December 31, 2020 Financial assets: Deferred compensation plan $ 4,717 $ 3,884 $ 833 $ - Financial liabilities: Foreign currency forward contracts $ (1,150 ) $ - $ (1,150 ) $ - The deferred compensation plan assets consist of cash and several publicly traded stock and bond mutual funds, valued using quoted market prices in active markets, classified as Level 1 2 The Company’s foreign currency forward contracts are derivatives valued using various pricing models or discounted cash flow analyses that incorporate observable market parameters, such as interest rate yield curves and currency rates, and are classified as Level 2 The net carrying amounts of cash and cash equivalents, trade and other receivables, accounts payable, accrued liabilities, and revolving loan borrowings approximate fair value due to the short-term nature of these instruments. The Company is obligated to repay the carrying value of the Company’s long-term debt. The fair value of the Company’s long-term debt is calculated using interest rates for the Company’s existing debt arrangements which are classified as Level 2 March 31, 2021,

Note 5 - Derivative Instruments

Note 5 - Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	5. Derivative Instruments and Hedging Activities For each foreign currency forward contract entered into in which the Company seeks to obtain cash flow hedge accounting treatment, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method of measuring ineffectiveness. This process includes linking all foreign currency forward contracts to specific firm commitments or forecasted transactions and designating the foreign currency forward contracts as cash flow hedges. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the foreign currency forward contracts that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of these hedged items is reflected in Unrealized gain on cash flow hedges on the Condensed Consolidated Statements of Comprehensive Income. If it is determined that a foreign currency forward contract is not As of March 31, 2021 December 31, 2020, CAD$12.5 CAD$19.5 March 31, 2021, May 2022 As of March 31, 2021 December 31, 2020, not three March 31, 2021 2020, March 31, 2021, twelve

Note 6 - Share-based Compensati

Note 6 - Share-based Compensation	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	6. Share-based Compensation The Company has one 2007 The Company recognizes the compensation cost of employee and director services received in exchange for awards of equity instruments based on the grant date estimated fair value of the awards. The Company estimates the fair value of RSUs and PSAs using the value of the Company’s stock on the date of grant. Share-based compensation cost is recognized over the period during which the employee or director is required to provide service in exchange for the award and, as forfeitures occur, the associated compensation cost recognized to date is reversed. For awards with performance-based payout conditions, the Company recognizes compensation cost based on the probability of achieving the performance conditions, with changes in expectations recognized as an adjustment to earnings in the period of change. Any recognized compensation cost is reversed if the conditions are ultimately not The following table summarizes share-based compensation expense recorded (in thousands): Three Months Ended March 31, 2021 2020 Cost of sales $ 230 $ 142 Selling, general, and administrative expense 467 318 Total $ 697 $ 460 Restricted Stock Units and Performance Share Awards The Company’s stock incentive plan provides for equity instruments, such as RSUs and PSAs, which grant the right to receive a specified number of shares over a specified period of time. RSUs are service-based awards and vest according to vesting schedules, which range from immediate to ratably over a three The following table summarizes the Company’s RSU and PSA activity: Number of RSUs and PSAs (1) Weighted- Average Grant Date Fair Value Unvested RSUs and PSAs as of December 31, 2020 129,572 $ 25.86 RSUs and PSAs granted 90,368 33.30 RSUs and PSAs vested (2) (58,809 ) 25.53 Unvested RSUs and PSAs as of March 31, 2021 161,131 30.26 ( 1 The number of PSAs disclosed in this table are at the target level of 100%. ( 2 For the PSAs vested on March 31, 2021, 2019 2020 2020 The unvested balance of RSUs and PSAs as of March 31, 2021 As of March 31, 2021,

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	7. Commitments and Contingencies Portland Harbor Superfund Site In December 2000, not December 2000, February 2016, June 2016, January 2017, not no The ODEQ is separately providing oversight of voluntary investigations and source control activities by the Company involving the Company's site, which are focused on controlling any current “uplands” releases of contaminants into the Willamette River. No not Concurrent with the activities of the EPA and the ODEQ, the Portland Harbor Natural Resources Trustee Council (“Trustees”) sent some or all of the same parties, including the Company, a notice of intent to perform a Natural Resource Damage Assessment (“NRDA”) for the Portland Harbor Superfund Site to determine the nature and extent of natural resource damages under CERCLA Section 107. three one June 2014, not may In January 2017, 2009, not The Company has insurance policies for defense costs, as well as indemnification policies it believes will provide reimbursement for the remediation assessed. However, the Company can provide no may All Sites The Company operates its facilities under numerous governmental permits and licenses relating to air emissions, stormwater runoff, and other environmental matters. The Company’s operations are also governed by many other laws and regulations, including those relating to workplace safety and worker health, principally the Occupational Safety and Health Act and regulations there under which, among other requirements, establish noise and dust standards. The Company believes it is in material compliance with its permits and licenses and these laws and regulations, and the Company does not Other Contingencies and Legal Proceedings From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of its business. The Company maintains insurance coverage against potential claims in amounts that are believed to be adequate. To the extent that insurance does not not Guarantees The Company has entered into certain letters of credit that total $1.6 million as of March 31, 2021.

Note 8 - Revenue

Note 8 - Revenue	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	8. Revenue The Company manufactures water infrastructure steel pipe products, which are generally made to custom specifications for installation contractors serving projects funded by public water agencies, as well as precast and reinforced concrete products. Generally, each of the Company’s contracts with its customers contains a single performance obligation, as the promise to transfer products is not not Revenue for water infrastructure steel pipe products is recognized over time as the manufacturing process progresses because of the Company’s right to payment for work performed to date plus a reasonable profit on cancellations for unique products that have no may Revisions in contract estimates resulted in an increase (decrease) in revenue of $1.3 million and $(0.4) million for the three March 31, 2021 2020, Revenue for water infrastructure concrete pipe and precast concrete products is recognized at the time control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. All variable consideration that may not The Company does not Disaggregation of Revenue The following table disaggregates revenue by recognition over time or at a point in time, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors (in thousands): Three Months Ended March 31, 2021 2020 Over time $ 60,057 $ 60,878 Point in time 12,254 8,045 Net sales $ 72,311 $ 68,923 Contract Assets and Liabilities Contract assets primarily represent revenue earned over time but not 30 Contract liabilities represent advance billings on contracts, typically for steel. The Company recognized revenue that was included in the contract liabilities balance at the beginning of each period of $4.7 three March 31, 2021 2020, Backlog Backlog represents the balance of remaining performance obligations under signed contracts for water infrastructure steel pipe products for which revenue is recognized over time. As of March 31, 2021, $178 65% 2021 32% 2022

Note 9 - Income Taxes

Note 9 - Income Taxes	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. Income Taxes The Company files income tax returns in the United States Federal jurisdiction, in a limited number of foreign jurisdictions, and in many state jurisdictions. With few exceptions, the Company is no 2016. The Company recorded income tax expense at an estimated effective income tax rate of 21.7% and 45.6% for the three March 31, 2021 2020, three March 31, 2021 three March 31, 2020

Note 10 - Net Income Per Share

Note 10 - Net Income Per Share	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	10. Net Income per Share Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by giving effect to all potential shares of common stock, including stock options, RSUs, and PSAs, to the extent dilutive. Performance-based PSAs are considered dilutive when the related performance conditions have been met assuming the end of the reporting period represents the end of the performance period. In periods with a net loss, all potential shares of common stock are excluded from the computation of diluted net loss per share as the impact would be antidilutive. Net income per basic and diluted weighted-average common share outstanding was calculated as follows (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Net income $ 2,175 $ 564 Basic weighted-average common shares outstanding 9,814 9,751 Effect of potentially dilutive common shares (1) 107 78 Diluted weighted-average common shares outstanding 9,921 9,829 Net income per common share: Basic $ 0.22 $ 0.06 Diluted $ 0.22 $ 0.06 ( 1 The weighted-average number of antidilutive shares not three March 31, 2021. three March 31, 2020.

Note 11 - Recent Accounting and

Note 11 - Recent Accounting and Reporting Developments	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	11. Recent Accounting and Reporting Developments There have been no 2020 10‑K, Accounting Changes In August 2018, No. 2018 ‑ 14, 715 ‑ 20 2018 ‑ 14” 2018 ‑ 14 January 1, 2021 not In December 2019, No. 2019 ‑ 12, 740 2019 ‑ 12” 740, 740” 2019 ‑ 12 740 2019 ‑ 12 January 1, 2021 not

Note 2 - Business Combination (

Note 2 - Business Combination (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Assets Cash and cash equivalents $ 691 Trade and other receivables 7,089 Inventories 5,673 Prepaid expenses and other 356 Property and equipment 9,096 Operating lease right-of-use assets 21,684 Intangible assets 11,165 Total assets acquired 55,754 Liabilities Accounts payable 1,395 Accrued liabilities 1,189 Operating lease liabilities 20,454 Deferred income taxes 5,343 Other long-term liabilities 939 Total liabilities assumed 29,320 Goodwill 22,985 Total purchase consideration $ 49,419
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]	Estimated Useful Life Fair Value (In years) (In thousands) Customer relationships 11.0 $ 8,031 Trade names 10.0 2,093 Backlog 0.9 1,041 Total intangible assets 9.9 $ 11,165
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended March 31, 2020 Net sales $ 72,512 Net income 2,424

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule Of Inventory Current And Non Current [Table Text Block]	March 31, 2021 December 31, 2020 Raw materials $ 24,570 $ 20,631 Work-in-process 1,076 1,416 Finished goods 5,799 5,489 Supplies 1,732 1,641 Total inventories $ 33,177 $ 29,177

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Total Level 1 Level 2 Level 3 As of March 31, 2021 Financial assets: Deferred compensation plan $ 4,410 $ 3,734 $ 676 $ - Financial liabilities: Foreign currency forward contracts $ (910 ) $ - $ (910 ) $ - As of December 31, 2020 Financial assets: Deferred compensation plan $ 4,717 $ 3,884 $ 833 $ - Financial liabilities: Foreign currency forward contracts $ (1,150 ) $ - $ (1,150 ) $ -

Note 6 - Share-based Compensa_2

Note 6 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2021 2020 Cost of sales $ 230 $ 142 Selling, general, and administrative expense 467 318 Total $ 697 $ 460
Schedule of Unvested Restricted Stock Units and Performance Share Awards Activity [Table Text Block]	Number of RSUs and PSAs (1) Weighted- Average Grant Date Fair Value Unvested RSUs and PSAs as of December 31, 2020 129,572 $ 25.86 RSUs and PSAs granted 90,368 33.30 RSUs and PSAs vested (2) (58,809 ) 25.53 Unvested RSUs and PSAs as of March 31, 2021 161,131 30.26

Note 8 - Revenue (Tables)

Note 8 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2021 2020 Over time $ 60,057 $ 60,878 Point in time 12,254 8,045 Net sales $ 72,311 $ 68,923

Note 10 - Net Income Per Share

Note 10 - Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2021 2020 Net income $ 2,175 $ 564 Basic weighted-average common shares outstanding 9,814 9,751 Effect of potentially dilutive common shares (1) 107 78 Diluted weighted-average common shares outstanding 9,921 9,829 Net income per common share: Basic $ 0.22 $ 0.06 Diluted $ 0.22 $ 0.06

Note 1 - Organization and Bas_2

Note 1 - Organization and Basis of Presentation (Details Textual)	Jan. 31, 2020	Mar. 31, 2021
Number of Operating Segments	1	1

Note 2 - Business Combination_2

Note 2 - Business Combination (Details Textual) $ in Thousands	Jan. 31, 2020USD ($)	Mar. 31, 2021	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Number of Operating Segments	1	1
Geneva Pipe Company, Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, Consideration Transferred, Total	$ 49,419
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Trade and Other Receivables			$ (100)
Business Combination, Acquisition Related Costs				$ 2,500

Note 2 - Business Combination -

Note 2 - Business Combination - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Liabilities
Goodwill		$ 22,985	$ 22,985
Geneva Pipe Company, Inc. [Member]
Assets
Cash and cash equivalents	$ 691
Trade and other receivables	7,089
Inventories	5,673
Prepaid expenses and other	356
Property and equipment	9,096
Operating lease right-of-use assets	21,684
Intangible assets	11,165
Total assets acquired	55,754
Liabilities
Accounts payable	1,395
Accrued liabilities	1,189
Operating lease liabilities	20,454
Deferred income taxes	5,343
Other long-term liabilities	939
Total liabilities assumed	29,320
Goodwill	22,985
Total purchase consideration	$ 49,419

Note 2 - Business Combination_3

Note 2 - Business Combination - Intangible Assets Acquired (Details) - Geneva Pipe Company, Inc. [Member] $ in Thousands	Jan. 31, 2020USD ($)
Intangible Asset Acquired, Useful Life (Year)	9 years 10 months 24 days
Intangible Asset Acquired, Fair Value	$ 11,165
Customer Relationships [Member]
Intangible Asset Acquired, Useful Life (Year)	11 years
Intangible Asset Acquired, Fair Value	$ 8,031
Trade Names [Member]
Intangible Asset Acquired, Useful Life (Year)	10 years
Intangible Asset Acquired, Fair Value	$ 2,093
Backlog [Member]
Intangible Asset Acquired, Useful Life (Year)	10 months 24 days
Intangible Asset Acquired, Fair Value	$ 1,041

Note 2 - Business Combination_4

Note 2 - Business Combination - Pro Forma Summary (Details) - Geneva Pipe Company, Inc. [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Net sales	$ 72,512
Net income	$ 2,424

Note 3 - Inventories - Componen

Note 3 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Raw materials	$ 24,570	$ 20,631
Work-in-process	1,076	1,416
Finished goods	5,799	5,489
Supplies	1,732	1,641
Total inventories	$ 33,177	$ 29,177

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred compensation plan	$ 4,410	$ 4,717
Foreign currency forward contracts	(910)	(1,150)
Fair Value, Inputs, Level 1 [Member]
Deferred compensation plan	3,734	3,884
Foreign currency forward contracts	0	0
Fair Value, Inputs, Level 2 [Member]
Deferred compensation plan	676	833
Foreign currency forward contracts	(910)	(1,150)
Fair Value, Inputs, Level 3 [Member]
Deferred compensation plan	0	0
Foreign currency forward contracts	$ 0	$ 0

Note 5 - Derivative Instrumen_2

Note 5 - Derivative Instruments and Hedging Activities (Details Textual) - Foreign Exchange Forward [Member] $ in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)
Unrealized Loss on Foreign Currency Derivatives, before Tax	$ 100
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	0
Designated as Hedging Instrument [Member]
Derivative, Notional Amount	9,900		$ 12.5	$ 15,300	$ 19.5
Not Designated as Hedging Instrument [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	$ 0	$ 300

Note 6 - Share-based Compensa_3

Note 6 - Share-based Compensation (Details Textual) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)shares	Dec. 31, 2020	Dec. 31, 2019
Number Of Active Stock Incentive Plans	1
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Performance Shares [Member]
Restricted Stock Units and Performance Share Award Target Level, Percentage	100.00%
Performance Awards Issued Multiplier		200.00%	126.00%
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number At Target Level Of Performance (in shares) | shares	116,000
Performance Shares [Member] | Minimum [Member]
Performance Awards Issued Multiplier	0.00%
Performance Shares [Member] | Maximum [Member]
Performance Awards Issued Multiplier	200.00%
Restricted Stock Units and Performance Stock Awards [Member]
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $	$ 5
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years

Note 6 - Share-based Compensa_4

Note 6 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation expense	$ 697	$ 460
Cost of Sales [Member]
Share-based compensation expense	230	142
Selling, General and Administrative Expenses [Member]
Share-based compensation expense	$ 467	$ 318

Note 6 - Share-based Compensa_5

Note 6 - Share-based Compensation - RSU and PSA Activity (Details) - Restricted Stock Units and Performance Stock Awards [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Unvested RSUs and PSAs (in shares) | shares	129,572	[1]
Unvested RSUs and PSAs, weighted average grant date fair value (in dollars per share) | $ / shares	$ 25.86
RSUs and PSAs granted (in shares) | shares	90,368	[1]
RSUs and PSAs granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 33.30
RSUs and PSAs vested (2) (in shares) | shares	(58,809)	[1],[2]
RSUs and PSAs vested (2) (in dollars per share) | $ / shares	$ 25.53	[2]
Unvested RSUs and PSAs (in shares) | shares	161,131	[1]
Unvested RSUs and PSAs, weighted average grant date fair value (in dollars per share) | $ / shares	$ 30.26
[1]	The number of PSAs disclosed in this table are at the target level of 100%.
[2]	For the PSAs vested on March 31, 2021, the actual number of common shares that were issued was determined by multiplying the PSAs by a payout percentage based on the performance-based conditions achieved. The payout percentage was 126% for the 2019-2020 performance period and 200% for the 2020 performance period.

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Details Textual) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2017USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2014USD ($)
Fire [Member]
Business Interruption, Incremental Production Costs, Net of Insurance Recovery		$ 1.6
Portland Harbor Natural Resources Trustee Council [Member]
Loss Contingency, Accrual, Current			$ 0.4
Portland Harbor Superfund Site [Member]
Number Of Potentially Responsible Parties	150
Estimated Cost of EPA Selected Remedy	$ 1,000
Estimated Time to Complete Selected EPA Remedy (Year)	13 years
Lower Willamette Group [Member]
Number Of Potentially Responsible Parties	14

Note 8 - Revenue 1 (Details Tex

Note 8 - Revenue 1 (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Revenue from Contract with Customers, Including Assessed Tax	$ 1.3	$ (0.4)
Contract with Customer, Liability, Revenue Recognized	4.7	$ 6.2
Revenue, Remaining Performance Obligation, Amount	$ 178

Note 8 - Revenue 2 (Details Tex

Note 8 - Revenue 2 (Details Textual)	Mar. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Percentage	65.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Percentage	32.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note 8 - Revenue - Disaggregati

Note 8 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 72,311	$ 68,923
Transferred over Time [Member]
Net sales	60,057	60,878
Transferred at Point in Time [Member]
Net sales	$ 12,254	$ 8,045

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Effective Income Tax Rate Reconciliation, Percent, Total	21.70%	45.60%

Note 10 - Net Income Per Shar_2

Note 10 - Net Income Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	7,000	0

Note 10 - Net Income Per Shar_3

Note 10 - Net Income Per Share - Net Loss Per Basic and Diluted Weighted Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Net income		$ 2,175	$ 564
Basic weighted-average common shares outstanding (in shares)		9,814	9,751
Effect of potentially dilutive common shares (1) (in shares)	[1]	107	78
Diluted weighted-average common shares outstanding (in shares)		9,921	9,829
Basic (in dollars per share)		$ 0.22	$ 0.06
Diluted (in dollars per share)		$ 0.22	$ 0.06
[1]	The weighted-average number of antidilutive shares not included in the computation of diluted net income per share was approximately 7,000 for the three months ended March 31, 2021.