Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 27, 2022 | |
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 | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 $0.01 per share | |
Trading Symbol | NWPX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,915,980 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 109,331 | $ 72,311 |
Cost of sales | 94,545 | 63,536 |
Gross profit | 14,786 | 8,775 |
Selling, general, and administrative expense | 9,368 | 5,830 |
Operating income | 5,418 | 2,945 |
Other income | 44 | 59 |
Interest expense | (560) | (227) |
Income before income taxes | 4,902 | 2,777 |
Income tax expense | 1,343 | 602 |
Net income | $ 3,559 | $ 2,175 |
us-gaap_EarningsPerShareAbstract | ||
Basic (in dollars per share) | $ 0.36 | $ 0.22 |
Diluted (in dollars per share) | $ 0.36 | $ 0.22 |
Shares used in per share calculations: | ||
Basic (in shares) | 9,881 | 9,814 |
Diluted (in shares) | 9,973 | 9,921 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 3,559 | $ 2,175 |
Other comprehensive income (loss), net of tax: | ||
Pension liability adjustment | 22 | 29 |
Unrealized gain (loss) on cash flow hedges | (307) | 32 |
Net current period other comprehensive income (loss) | (285) | 61 |
Comprehensive income | $ 3,274 | $ 2,236 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 3,301 | $ 2,997 |
Trade and other receivables, less allowance for doubtful accounts of $555 and $503 | 59,227 | 52,664 |
Contract assets | 111,067 | 107,170 |
Inventories | 62,708 | 59,651 |
Prepaid expenses and other | 4,939 | 5,744 |
Total current assets | 241,242 | 228,226 |
Property and equipment, less accumulated depreciation and amortization of $109,490 and $106,957 | 123,047 | 121,266 |
Operating lease right-of-use assets | 97,085 | 98,507 |
Goodwill | 53,684 | 53,684 |
Intangible assets, net | 38,182 | 39,376 |
Other assets | 6,281 | 6,620 |
Total assets | 559,521 | 547,679 |
Current liabilities: | ||
Accounts payable | 36,953 | 32,267 |
Accrued liabilities | 23,912 | 24,498 |
Contract liabilities | 4,090 | 2,623 |
Current portion of operating lease liabilities | 4,769 | 4,704 |
Total current liabilities | 69,724 | 64,092 |
Borrowings on line of credit | 90,252 | 86,761 |
Operating lease liabilities | 92,539 | 93,725 |
Deferred income taxes | 11,370 | 10,984 |
Other long-term liabilities | 8,638 | 8,734 |
Total liabilities | 272,523 | 264,296 |
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, 9,915,980 and 9,870,567 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 99 | 99 |
Additional paid-in-capital | 125,403 | 125,062 |
Retained earnings | 163,463 | 159,904 |
Accumulated other comprehensive loss | (1,967) | (1,682) |
Total stockholders’ equity | 286,998 | 283,383 |
Total liabilities and stockholders’ equity | $ 559,521 | $ 547,679 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 555 | $ 503 |
Accumulated depreciation and amortization | $ 109,490 | $ 106,957 |
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) | 9,915,980 | 9,870,567 |
Common stock, shares outstanding (in shares) | 9,915,980 | 9,870,567 |
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, 2020 | 9,805,437 | ||||
Beginning balance 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 | $ 0 | 0 | 0 | 32 | 32 |
Issuance of common stock under stock compensation plans, net of tax withholdings (in shares) | 52,524 | ||||
Issuance of common stock under stock compensation plans, net of tax withholdings | $ 1 | (223) | 0 | 0 | (222) |
Share-based compensation expense | $ 0 | 697 | 0 | 0 | 697 |
Balances (in shares) at Mar. 31, 2021 | 9,857,961 | ||||
Ending balance at Mar. 31, 2021 | $ 99 | 123,487 | 150,556 | (1,805) | 272,337 |
Balances (in shares) at Dec. 31, 2021 | 9,870,567 | ||||
Beginning balance at Dec. 31, 2021 | $ 99 | 125,062 | 159,904 | (1,682) | 283,383 |
Net income | 0 | 0 | 3,559 | 0 | 3,559 |
Pension liability adjustment | 0 | 0 | 0 | 22 | 22 |
Unrealized gain (loss) on cash flow hedges | $ 0 | 0 | 0 | (307) | (307) |
Issuance of common stock under stock compensation plans, net of tax withholdings (in shares) | 45,413 | ||||
Issuance of common stock under stock compensation plans, net of tax withholdings | $ 0 | (294) | 0 | 0 | (294) |
Share-based compensation expense | $ 0 | 635 | 0 | 0 | 635 |
Balances (in shares) at Mar. 31, 2022 | 9,915,980 | ||||
Ending balance at Mar. 31, 2022 | $ 99 | $ 125,403 | $ 163,463 | $ (1,967) | $ 286,998 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension liability adjustment, tax expense/benefit | $ 0 | $ 0 |
Unrealized gain (loss) on cash flow hedges, tax expense/benefit | $ 47 | $ 8 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 3,559 | $ 2,175 |
Depreciation and finance lease amortization | 2,935 | 2,698 |
Amortization of intangible assets | 1,194 | 316 |
Deferred income taxes | 383 | 271 |
Share-based compensation expense | 635 | 697 |
Other, net | 117 | (68) |
Trade and other receivables | (6,640) | 2,308 |
Contract assets, net | (2,430) | (2,636) |
Inventories | (3,057) | (3,988) |
Prepaid expenses and other assets | 2,507 | 1,203 |
Accounts payable | 4,616 | 165 |
Accrued and other liabilities | (2,171) | (3,727) |
Net cash provided by (used in) operating activities | 1,648 | (586) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (4,440) | (1,861) |
Other investing activities | 30 | 99 |
Net cash used in investing activities | (4,410) | (1,762) |
Cash flows from financing activities: | ||
Borrowings on line of credit | 38,023 | 0 |
Repayments on line of credit | (34,532) | 0 |
Payments on long-term debt | 0 | (5,364) |
Payments on finance lease obligations | (125) | (100) |
Tax withholdings related to net share settlements of equity awards | (294) | (222) |
Other financing activities | (6) | 0 |
Net cash provided by (used in) financing activities | 3,066 | (5,686) |
Change in cash and cash equivalents | 304 | (8,034) |
Cash and cash equivalents, beginning of period | 2,997 | 37,927 |
Cash and cash equivalents, end of period | 3,301 | 29,893 |
Noncash investing and financing activities: | ||
Accrued property and equipment purchases | 857 | 428 |
Right-of-use assets obtained in exchange for operating lease liabilities | 26 | 4,656 |
Right-of-use assets obtained in exchange for finance lease liabilities | $ 338 | $ 0 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Basis of Presentation Northwest Pipe Company (collectively with its subsidiaries, the “Company”) is a leading manufacturer of water related infrastructure products, and operates in two segments, Engineered Steel Pressure Pipe (“SPP”) and Precast Infrastructure and Engineered Systems (“Precast”). This segment presentation is consistent with how the Company’s chief operating decision maker, its Chief Executive Officer, evaluates performance of the Company and makes decisions regarding the allocation of resources. In addition to being the largest manufacturer of engineered steel water pipeline systems in North America, the Company manufactures high-quality precast and reinforced concrete products; water, wastewater, and stormwater equipment; steel casing pipe, bar-wrapped concrete cylinder pipe, and 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. Effective in the fourth 2021, one 12, 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, 2021 10‑K December 31, 2021 “2021 10‑K” 2021 10‑K. Operating results for the three March 31, 2022 not may December 31, 2022, 2019 |
Note 2 - Business Combination
Note 2 - Business Combination | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Business Combination On October 5, 2021, three The following table summarizes the purchase consideration and fair value of the assets acquired and liabilities assumed as of October 5, 2021 Assets Cash and cash equivalents $ 278 Trade and other receivables 11,034 Inventories 12,773 Prepaid expenses and other 293 Property and equipment 8,076 Operating lease right-of-use assets 58,301 Intangible assets 31,000 Deferred income taxes 347 Total assets acquired 122,102 Liabilities Accounts payable 2,029 Accrued liabilities 4,067 Operating lease liabilities 58,301 Total liabilities assumed 64,397 Goodwill 30,699 Total purchase consideration $ 88,404 The tangible and intangible assets acquired and liabilities assumed were recognized based on their estimated fair values on the acquisition date, with the excess purchase consideration recorded as goodwill. The asset and liability fair value measurements primarily related to inventories, identifiable intangible assets, deferred income taxes, accrued liabilities, and goodwill, are preliminary and subject to change as additional information is obtained. The acquisition accounting will be finalized as soon as practicable within the measurement period, but not one 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 10.0 $ 19,800 Trade names and trademarks 10.0 9,600 Patents 21.0 1,300 Backlog 0.6 300 Total intangible assets 10.2 $ 31,000 Goodwill arose from the acquisition of an assembled workforce, expansion of product offerings, and management’s industry know-how, and is expected to be deductible for tax purposes. The Company incurred transaction costs associated with this acquisition of approximately $0 and $0.1 million during the three March 31, 2022 2021, Unaudited Pro Forma Disclosures The following unaudited pro forma summary presents the consolidated results of the Company as if the acquisition of ParkUSA had occurred on January 1 Three Months Ended March 31, 2021 Net sales $ 85,530 Net income 3,972 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, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories Inventories consist of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 47,297 $ 44,697 Work-in-process 2,905 3,018 Finished goods 10,620 10,096 Supplies 1,886 1,840 Total inventories $ 62,708 $ 59,651 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 Financial assets: Deferred compensation plan $ 4,085 $ 3,567 $ 518 $ - Foreign currency forward contracts 4 - 4 - Total financial assets $ 4,089 $ 3,567 $ 522 $ - Financial liabilities: Foreign currency forward contracts $ (814 ) $ - $ (814 ) $ - As of December 31, 2021 Financial assets: Deferred compensation plan $ 4,321 $ 3,830 $ 491 $ - Foreign currency forward contracts 17 - 17 - Total financial assets $ 4,338 $ 3,830 $ 508 $ - Financial liabilities: Foreign currency forward contracts $ (661 ) $ - $ (661 ) $ - 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 borrowings on the line of credit approximate fair value due to the short-term nature of these instruments. |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2022 | |
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 (loss) 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, 2022, CAD$19.8 EUR$9.0 December 31, 2021, CAD$24.1 March 31, 2022, April 2023 As of March 31, 2022 December 31, 2021, not three March 31, 2022 2021. no not three March 31, 2022 2021. March 31, 2022, twelve $0.2 twelve 10, On March 23, 2022, April 29, 2022, April 30, 2024. |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Cost of sales $ 240 $ 230 Selling, general, and administrative expense 395 467 Total $ 635 $ 697 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 and PSAs are service-based awards that vest according to the terms of the grant. PSAs have performance-based payout conditions. 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, 2021 161,131 $ 30.26 RSUs and PSAs vested (2) (68,581 ) 29.29 Unvested RSUs and PSAs as of March 31, 2022 92,550 30.98 ( 1 The number of PSAs disclosed in this table are at the target level of 100%. ( 2 For the PSAs vested on March 31, 2022, 100%, 2020 2021 2021 The unvested balance of RSUs and PSAs as of March 31, 2022 Based on the estimated level of achievement of the performance targets associated with the PSAs, as of March 31, 2022, |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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 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 Commitments As of March 31, 2022, not Guarantees The Company has entered into certain letters of credit that total $1.1 million as of March 31, 2022. |
Note 8 - Revenue
Note 8 - Revenue | 3 Months Ended |
Mar. 31, 2022 | |
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 SPP 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 SPP net sales of $(0.8) million and $1.3 million for the three March 31, 2022 2021, Precast 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, 2022 2021 Over time (Engineered Steel Pressure Pipe) $ 74,715 $ 60,057 Point in time (Precast Infrastructure and Engineered Systems) 34,616 12,254 Net sales $ 109,331 $ 72,311 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 $1.6 three March 31, 2022 2021, Backlog Backlog represents the balance of remaining performance obligations under signed contracts for SPP water infrastructure steel pipe products for which revenue is recognized over time. As of March 31, 2022, 2022 2023 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
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 2017. The Company recorded income tax expense at an estimated effective income tax rate of 27.4% and 21.7% for the three March 31, 2022 2021, three March 31, 2022 three March 31, 2021 |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Accumulated Other Comprehensive Loss The following table summarizes changes in the components of Accumulated other comprehensive loss (in thousands). All amounts are net of income tax: Pension Liability Ad justment Unrealized Loss o n Cash Flow He dges Total Balance, December 31, 2021 $ (1,487 ) $ (195 ) $ (1,682 ) Other comprehensive income (loss) before reclassifications 20 (296 ) (276 ) Amounts reclassified from Accumulated other comprehensive loss 2 (11 ) (9 ) Net current period other comprehensive income (loss) 22 (307 ) (285 ) Balance, March 31, 2022 $ (1,465 ) $ (502 ) $ (1,967 ) The following table provides additional detail about Accumulated other comprehensive loss components that were reclassified to the Condensed Consolidated Statements of Operations (in thousands): Amount reclassified from Acc umulated Other Co mprehensive Loss Affected line item in the Co ndensed Consolidated St atements of Operations Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, 2022 2021 Pension liability adjustment: Net periodic pension cost: Service cost $ (2 ) $ (4 ) Cost of sales (2 ) (4 ) Net of tax Unrealized gain (loss) on cash flow hedges: Gain (loss) on cash flow hedges 14 (36 ) Net sales Associated income tax (expense) benefit (3 ) 9 Income tax expense 11 (27 ) Net of tax Total reclassifications for the period $ 9 $ (31 ) |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. 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, 2022 2021 Net income $ 3,559 $ 2,175 Basic weighted-average common shares outstanding 9,881 9,814 Effect of potentially dilutive common shares (1) 92 107 Diluted weighted-average common shares outstanding 9,973 9,921 Net income per common share: Basic $ 0.36 $ 0.22 Diluted $ 0.36 $ 0.22 ( 1 The weighted-average number of antidilutive shares not three March 31, 2022 2021, |
Note 12 - Segment Information
Note 12 - Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. Segment Information The operating segments reported below are based on the nature of the products sold and the manufacturing process used by the Company and are the segments of the Company for which separate financial information is available and for which operating results are regularly evaluated by the Company’s chief operating decision maker, its Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance. Management evaluates segment performance based on gross profit. The Company does not The Company’s Engineered Steel Pressure Pipe segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, and other applications. In addition, SPP makes products for industrial plant piping systems and certain structural applications. SPP has manufacturing facilities located in Portland, Oregon; Adelanto, California; Saginaw, Texas; Tracy, California; Parkersburg, West Virginia; St. Louis, Missouri; and San Luis Río Colorado, Mexico. The Company’s Precast Infrastructure and Engineered Systems segment manufactures high-quality precast and reinforced concrete products, including manholes, box culverts, vaults, catch basins, oil water separators, pump lift stations, biofiltration, and other environmental and engineered solutions. Precast has manufacturing facilities located in Houston, Texas; Orem, Utah; Dallas, Texas; Salt Lake City, Utah; San Antonio, Texas; and St. George, Utah. The following table disaggregates revenue and gross profit based on the Company’s reportable segments (in thousands): Three Months Ended March 31, 2022 2021 Net sales: Engineered Steel Pressure Pipe $ 74,715 $ 60,057 Precast Infrastructure and Engineered Systems 34,616 12,254 Total $ 109,331 $ 72,311 Gross profit: Engineered Steel Pressure Pipe $ 7,189 $ 7,154 Precast Infrastructure and Engineered Systems 7,597 1,621 Total $ 14,786 $ 8,775 |
Note 12 - Recent Accounting and
Note 12 - Recent Accounting and Reporting Developments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 13. Recent Accounting and Reporting Developments There have been no 2021 10‑K. |
Note 2 - Business Combination (
Note 2 - Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Assets Cash and cash equivalents $ 278 Trade and other receivables 11,034 Inventories 12,773 Prepaid expenses and other 293 Property and equipment 8,076 Operating lease right-of-use assets 58,301 Intangible assets 31,000 Deferred income taxes 347 Total assets acquired 122,102 Liabilities Accounts payable 2,029 Accrued liabilities 4,067 Operating lease liabilities 58,301 Total liabilities assumed 64,397 Goodwill 30,699 Total purchase consideration $ 88,404 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Estimated Useful Life Fair Value (In years) (In thousands) Customer relationships 10.0 $ 19,800 Trade names and trademarks 10.0 9,600 Patents 21.0 1,300 Backlog 0.6 300 Total intangible assets 10.2 $ 31,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended March 31, 2021 Net sales $ 85,530 Net income 3,972 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule Of Inventory Current And Non Current [Table Text Block] | March 31, 2022 December 31, 2021 Raw materials $ 47,297 $ 44,697 Work-in-process 2,905 3,018 Finished goods 10,620 10,096 Supplies 1,886 1,840 Total inventories $ 62,708 $ 59,651 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 Financial assets: Deferred compensation plan $ 4,085 $ 3,567 $ 518 $ - Foreign currency forward contracts 4 - 4 - Total financial assets $ 4,089 $ 3,567 $ 522 $ - Financial liabilities: Foreign currency forward contracts $ (814 ) $ - $ (814 ) $ - As of December 31, 2021 Financial assets: Deferred compensation plan $ 4,321 $ 3,830 $ 491 $ - Foreign currency forward contracts 17 - 17 - Total financial assets $ 4,338 $ 3,830 $ 508 $ - Financial liabilities: Foreign currency forward contracts $ (661 ) $ - $ (661 ) $ - |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2022 2021 Cost of sales $ 240 $ 230 Selling, general, and administrative expense 395 467 Total $ 635 $ 697 |
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, 2021 161,131 $ 30.26 RSUs and PSAs vested (2) (68,581 ) 29.29 Unvested RSUs and PSAs as of March 31, 2022 92,550 30.98 |
Note 8 - Revenue (Tables)
Note 8 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 2021 Over time (Engineered Steel Pressure Pipe) $ 74,715 $ 60,057 Point in time (Precast Infrastructure and Engineered Systems) 34,616 12,254 Net sales $ 109,331 $ 72,311 |
Note 10 - Accumulated Other C_2
Note 10 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Changes in Accumulated Other Comprehensive Income Loss [Table Text Block] | Pension Liability Ad justment Unrealized Loss o n Cash Flow He dges Total Balance, December 31, 2021 $ (1,487 ) $ (195 ) $ (1,682 ) Other comprehensive income (loss) before reclassifications 20 (296 ) (276 ) Amounts reclassified from Accumulated other comprehensive loss 2 (11 ) (9 ) Net current period other comprehensive income (loss) 22 (307 ) (285 ) Balance, March 31, 2022 $ (1,465 ) $ (502 ) $ (1,967 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount reclassified from Acc umulated Other Co mprehensive Loss Affected line item in the Co ndensed Consolidated St atements of Operations Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, 2022 2021 Pension liability adjustment: Net periodic pension cost: Service cost $ (2 ) $ (4 ) Cost of sales (2 ) (4 ) Net of tax Unrealized gain (loss) on cash flow hedges: Gain (loss) on cash flow hedges 14 (36 ) Net sales Associated income tax (expense) benefit (3 ) 9 Income tax expense 11 (27 ) Net of tax Total reclassifications for the period $ 9 $ (31 ) |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Net income $ 3,559 $ 2,175 Basic weighted-average common shares outstanding 9,881 9,814 Effect of potentially dilutive common shares (1) 92 107 Diluted weighted-average common shares outstanding 9,973 9,921 Net income per common share: Basic $ 0.36 $ 0.22 Diluted $ 0.36 $ 0.22 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 2021 Net sales: Engineered Steel Pressure Pipe $ 74,715 $ 60,057 Precast Infrastructure and Engineered Systems 34,616 12,254 Total $ 109,331 $ 72,311 Gross profit: Engineered Steel Pressure Pipe $ 7,189 $ 7,154 Precast Infrastructure and Engineered Systems 7,597 1,621 Total $ 14,786 $ 8,775 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Operating Segments | 2 |
Number of Manufacturing Facilities | 13 |
Note 2 - Business Combination_2
Note 2 - Business Combination (Details Textual) - Park Environmental Equipment, LLC [Member] - USD ($) $ in Thousands | Oct. 05, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 88,400 | ||
Business Combination, Acquisition Related Costs | $ 0 | $ 100 |
Note 2 - Business Combination -
Note 2 - Business Combination - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 05, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Liabilities | |||
Goodwill | $ 53,684 | $ 53,684 | |
Park Environmental Equipment, LLC [Member] | |||
Assets | |||
Cash and cash equivalents | $ 278 | ||
Trade and other receivables | 11,034 | ||
Inventories | 12,773 | ||
Prepaid expenses and other | 293 | ||
Property and equipment | 8,076 | ||
Operating lease right-of-use assets | 58,301 | ||
Intangible assets | 31,000 | ||
Deferred income taxes | 347 | ||
Total assets acquired | 122,102 | ||
Liabilities | |||
Accounts payable | 2,029 | ||
Accrued liabilities | 4,067 | ||
Operating lease liabilities | 58,301 | ||
Total liabilities assumed | 64,397 | ||
Goodwill | 30,699 | ||
Total purchase consideration | $ 88,404 |
Note 2 - Business Combination_3
Note 2 - Business Combination - Intangible Assets Acquired (Details) - Park Environmental Equipment, LLC [Member] $ in Millions | Oct. 05, 2021USD ($) |
Intangible Asset Acquired, Useful Life (Year) | 10 years 2 months 12 days |
Intangible Asset Acquired, Fair Value | $ 31 |
Customer Relationships [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 10 years |
Intangible Asset Acquired, Fair Value | $ 19.8 |
Trademarks and Trade Names [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 10 years |
Intangible Asset Acquired, Fair Value | $ 9.6 |
Patents [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 21 years |
Intangible Asset Acquired, Fair Value | $ 1.3 |
Backlog [Member] | |
Intangible Asset Acquired, Useful Life (Year) | 7 months 6 days |
Intangible Asset Acquired, Fair Value | $ 0.3 |
Note 2 - Business Combination_4
Note 2 - Business Combination - Pro Forma Summary (Details) - Park Environmental Equipment, LLC [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Net sales | $ 85,530 |
Net income | $ 3,972 |
Note 3 - Inventories - Componen
Note 3 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 47,297 | $ 44,697 |
Work-in-process | 2,905 | 3,018 |
Finished goods | 10,620 | 10,096 |
Supplies | 1,886 | 1,840 |
Total inventories | $ 62,708 | $ 59,651 |
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, 2022 | Dec. 31, 2021 |
Deferred compensation plan | $ 4,085 | $ 4,321 |
Foreign currency forward contracts | 4 | 17 |
Total financial assets | 4,089 | 4,338 |
Foreign currency forward contracts | (814) | (661) |
Fair Value, Inputs, Level 1 [Member] | ||
Deferred compensation plan | 3,567 | 3,830 |
Foreign currency forward contracts | 0 | 0 |
Total financial assets | 3,567 | 3,830 |
Foreign currency forward contracts | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Deferred compensation plan | 518 | 491 |
Foreign currency forward contracts | 4 | 17 |
Total financial assets | 522 | 508 |
Foreign currency forward contracts | (814) | (661) |
Fair Value, Inputs, Level 3 [Member] | ||
Deferred compensation plan | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total financial assets | 0 | 0 |
Foreign currency forward contracts | $ 0 | $ 0 |
Note 5 - Derivative Instrumen_2
Note 5 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands, € in Millions, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Apr. 29, 2022USD ($) | Mar. 31, 2022CAD ($) | Mar. 31, 2022EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | |
Unrealized Loss on Foreign Currency Derivatives, before Tax | $ 600 | ||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 200 | ||||||
Interest Rate Swap [Member] | Subsequent Event [Member] | |||||||
Derivative, Notional Amount | $ 40,000 | ||||||
Derivative, Fixed Interest Rate | 1.94% | ||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||||
Derivative, Notional Amount | 15,900 | $ 19.8 | $ 19,000 | $ 24.1 | |||
Designated as Hedging Instrument [Member] | Second Foreign Exchange Forward Contract [Member] | |||||||
Derivative, Notional Amount | 9,900 | € 9 | |||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ 0 | $ 0 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)shares | Dec. 31, 2021 | Dec. 31, 2020 | |
Number Of Active Stock Incentive Plans | 1 | ||
Performance Shares [Member] | |||
Performance Share Award Target Level, Percentage | 100.00% | ||
Performance Awards Issued Multiplier | 93.00% | 141.00% | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number At Target Level Of Performance (in shares) | shares | 69,000 | ||
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 Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 2 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based compensation expense | $ 635 | $ 697 |
Cost of Sales [Member] | ||
Share-based compensation expense | 240 | 230 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | $ 395 | $ 467 |
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, 2022$ / sharesshares | ||
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 | |
RSUs and PSAs vested (in shares) | shares | (68,581) | [1],[2] |
RSUs and PSAs vested (in dollars per share) | $ / shares | $ 29.29 | [2] |
Unvested RSUs and PSAs (in shares) | shares | 92,550 | [1] |
Unvested RSUs and PSAs, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.98 | |
[1] | The number of PSAs disclosed in this table are at the target level of 100%. | |
[2] | For the PSAs vested on March 31, 2022, 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 141% for the 2020-2021 performance period and 93% for the 2021 performance period. |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) $ in Millions | 1 Months Ended | ||
Jan. 31, 2017USD ($) | Mar. 31, 2022USD ($) | Jun. 30, 2014USD ($) | |
Other Commitment, Amount Paid for Equipment Purchased Yet Not Received | $ 10 | ||
Letters of Credit Outstanding, Amount | $ 1.1 | ||
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, 2022 | Mar. 31, 2021 | |
Increase (Decrease) in Revenue from Contract with Customers, Including Assessed Tax | $ 0.8 | $ 1.3 |
Contract with Customer, Liability, Revenue Recognized | $ 4.7 | |
Revenue, Remaining Performance Obligation, Amount | $ 200 |
Note 8 - Revenue 2 (Details Tex
Note 8 - Revenue 2 (Details Textual) | Mar. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Percentage | 65.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
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, 2022 | Mar. 31, 2021 | |
Net sales | $ 109,331 | $ 72,311 |
Transferred over Time [Member] | ||
Net sales | 74,715 | 60,057 |
Transferred at Point in Time [Member] | ||
Net sales | $ 34,616 | $ 12,254 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.40% | 21.70% |
Note 10 - Accumulated Other C_3
Note 10 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance | $ 283,383 | $ 269,626 |
Net current period other comprehensive income (loss) | (285) | 61 |
Ending balance | 286,998 | 272,337 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Beginning balance | (1,487) | |
Other comprehensive income (loss) before reclassifications | 20 | |
Amounts reclassified from Accumulated other comprehensive loss | 2 | |
Net current period other comprehensive income (loss) | 22 | |
Ending balance | (1,465) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Beginning balance | (195) | |
Other comprehensive income (loss) before reclassifications | (296) | |
Amounts reclassified from Accumulated other comprehensive loss | (11) | |
Net current period other comprehensive income (loss) | (307) | |
Ending balance | (502) | |
AOCI Attributable to Parent [Member] | ||
Beginning balance | (1,682) | (1,866) |
Other comprehensive income (loss) before reclassifications | (276) | |
Amounts reclassified from Accumulated other comprehensive loss | (9) | |
Net current period other comprehensive income (loss) | (285) | |
Ending balance | $ (1,967) | $ (1,805) |
Note 10 - Accumulated Other C_4
Note 10 - Accumulated Other Comprehensive Loss - Reclassification of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cost of sales | $ 94,545 | $ 63,536 |
Net income | 3,559 | 2,175 |
Net sales | 109,331 | 72,311 |
Tax (expense) benefit | (1,343) | (602) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Net income | 9 | (31) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Cost of sales | (2) | (4) |
Net income | (2) | (4) |
Tax (expense) benefit | (3) | 9 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Net income | 11 | (27) |
Net sales | $ 14 | $ (36) |
Note 11 - Net Income Per Shar_2
Note 11 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 16,000 | 7,000 |
Note 11 - Net Income Per Shar_3
Note 11 - Net Income Per Share - Loss Per Basic and Diluted Weighted Average Common Share Outstanding for Continuing and Discontinued Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Net income | $ 3,559 | $ 2,175 | |
Basic (in shares) | 9,881 | 9,814 | |
Effect of potentially dilutive common shares (in shares) | [1] | 92 | 107 |
Diluted weighted-average common shares outstanding (in shares) | 9,973 | 9,921 | |
Basic (in dollars per share) | $ 0.36 | $ 0.22 | |
Diluted (in dollars per share) | $ 0.36 | $ 0.22 | |
[1] | There were no antidilutive shares for the years ended December 31, 2021, 2020 or 2019. |
Note 12 - Segment Information -
Note 12 - Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 109,331 | $ 72,311 |
Gross profit | 14,786 | 8,775 |
Operating Segments [Member] | Engineered Steel Pressure Pipe [Member] | ||
Net sales | 74,715 | 60,057 |
Gross profit | 7,189 | 7,154 |
Operating Segments [Member] | Precast Infrastructure and Engineered Systems [Member] | ||
Net sales | 34,616 | 12,254 |
Gross profit | $ 7,597 | $ 1,621 |