Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 25, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $0.01 per share | |
Trading Symbol | NWPX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,998,974 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 99,097 | $ 109,331 |
Cost of sales | 82,520 | 94,545 |
Gross profit | 16,577 | 14,786 |
Selling, general, and administrative expense | 11,866 | 9,368 |
Operating income | 4,711 | 5,418 |
Other income (expense) | (29) | 44 |
Interest expense | (1,369) | (560) |
Income before income taxes | 3,313 | 4,902 |
Income tax expense | 951 | 1,343 |
Net income | $ 2,362 | $ 3,559 |
us-gaap_EarningsPerShareAbstract | ||
Basic (in dollars per share) | $ 0.24 | $ 0.36 |
Diluted (in dollars per share) | $ 0.23 | $ 0.36 |
Shares used in per share calculations: | ||
Basic (in shares) | 9,940 | 9,881 |
Diluted (in shares) | 10,087 | 9,973 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 2,362 | $ 3,559 |
Other comprehensive income (loss), net of tax: | ||
Net current period other comprehensive income (loss) | (127) | (285) |
Comprehensive income | 2,235 | 3,274 |
Foreign Exchange Forward [Member] | ||
Other comprehensive income (loss), net of tax: | ||
Unrealized gain (loss) on cash flow hedges | 22 | (307) |
Interest Rate Swap [Member] | ||
Other comprehensive income (loss), net of tax: | ||
Unrealized gain (loss) on cash flow hedges | (178) | 0 |
Pension Plan [Member] | ||
Other comprehensive income (loss), net of tax: | ||
Pension liability adjustment | $ 29 | $ 22 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 3,934 | $ 3,681 |
Trade and other receivables, less allowance for doubtful accounts of $270 and $369 | 60,589 | 71,563 |
Contract assets | 116,341 | 121,778 |
Inventories | 70,970 | 71,029 |
Prepaid expenses and other | 9,007 | 10,689 |
Total current assets | 260,841 | 278,740 |
Property and equipment, less accumulated depreciation and amortization of $120,052 and $117,856 | 134,419 | 133,166 |
Operating lease right-of-use assets | 91,641 | 93,124 |
Goodwill | 55,504 | 55,504 |
Intangible assets, net | 34,203 | 35,264 |
Other assets | 5,771 | 5,542 |
Total assets | 582,379 | 601,340 |
Current liabilities: | ||
Current debt | 10,756 | 10,756 |
Accounts payable | 24,885 | 26,968 |
Accrued liabilities | 24,296 | 30,957 |
Contract liabilities | 25,794 | 17,456 |
Current portion of operating lease liabilities | 4,627 | 4,702 |
Total current liabilities | 90,358 | 90,839 |
Borrowings on line of credit | 62,617 | 83,696 |
Operating lease liabilities | 88,326 | 89,472 |
Deferred income taxes | 12,045 | 11,402 |
Other long-term liabilities | 7,956 | 7,657 |
Total liabilities | 261,302 | 283,066 |
Commitments and contingencies (Note 6) | ||
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, 9,998,292 and 9,927,360 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 100 | 99 |
Additional paid-in-capital | 128,478 | 127,911 |
Retained earnings | 193,415 | 191,053 |
Accumulated other comprehensive loss | (916) | (789) |
Total stockholders’ equity | 321,077 | 318,274 |
Total liabilities and stockholders’ equity | $ 582,379 | $ 601,340 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 270 | $ 369 |
Accumulated depreciation and amortization | $ 120,052 | $ 117,856 |
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, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 9,998,292 | 9,927,360 |
Common stock, shares outstanding (in shares) | 9,998,292 | 9,927,360 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Pension Plan [Member] Common Stock [Member] | Pension Plan [Member] Additional Paid-in Capital [Member] | Pension Plan [Member] Retained Earnings [Member] | Pension Plan [Member] AOCI Attributable to Parent [Member] | Pension Plan [Member] | Foreign Exchange Forward [Member] Common Stock [Member] | Foreign Exchange Forward [Member] Additional Paid-in Capital [Member] | Foreign Exchange Forward [Member] Retained Earnings [Member] | Foreign Exchange Forward [Member] AOCI Attributable to Parent [Member] | Foreign Exchange Forward [Member] | Interest Rate Swap [Member] Common Stock [Member] | Interest Rate Swap [Member] Additional Paid-in Capital [Member] | Interest Rate Swap [Member] Retained Earnings [Member] | Interest Rate Swap [Member] AOCI Attributable to Parent [Member] | Interest Rate Swap [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2021 | 9,870,567 | |||||||||||||||||||
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) | $ 0 | ||||||||||||||
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 | |||||||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings | $ 0 | (294) | 0 | 0 | (294) | |||||||||||||||
Balances (in shares) at Mar. 31, 2022 | 9,915,980 | |||||||||||||||||||
Balance at Mar. 31, 2022 | $ 99 | 125,403 | 163,463 | (1,967) | 286,998 | |||||||||||||||
Balances (in shares) at Dec. 31, 2022 | 9,927,360 | |||||||||||||||||||
Balance at Dec. 31, 2022 | $ 99 | 127,911 | 191,053 | (789) | 318,274 | |||||||||||||||
Net income | $ 0 | 0 | 2,362 | 0 | 2,362 | |||||||||||||||
Pension liability adjustment | $ 0 | $ 0 | $ 0 | $ 29 | $ 29 | |||||||||||||||
Unrealized gain (loss) on cash flow hedges | $ 0 | $ 0 | $ 0 | $ 22 | $ 22 | $ 0 | $ 0 | $ 0 | $ (178) | $ (178) | ||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings (in shares) | 70,932 | |||||||||||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings | $ 1 | (423) | 0 | 0 | (422) | |||||||||||||||
Share-based compensation expense | 0 | 990 | 0 | 0 | 990 | |||||||||||||||
Issuance of common stock under stock compensation plans, net of tax withholdings | $ (1) | 423 | 0 | 0 | 422 | |||||||||||||||
Balances (in shares) at Mar. 31, 2023 | 9,998,292 | |||||||||||||||||||
Balance at Mar. 31, 2023 | $ 100 | $ 128,478 | $ 193,415 | $ (916) | $ 321,077 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension Plan [Member] | ||
Pension liability adjustment, tax expense/benefit | $ 0 | $ 0 |
Foreign Exchange Forward [Member] | ||
Unrealized gain (loss) on cash flow hedges, tax expense/benefit | 5 | $ 47 |
Interest Rate Swap [Member] | ||
Unrealized gain (loss) on cash flow hedges, tax expense/benefit | $ 58 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 2,362 | $ 3,559 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and finance lease amortization | 2,799 | 2,935 |
Amortization of intangible assets | 1,061 | 1,194 |
Deferred income taxes | 635 | 383 |
Share-based compensation expense | 990 | 635 |
Other, net | 473 | 117 |
Trade and other receivables | 11,026 | (6,640) |
Contract assets, net | 13,775 | (2,430) |
Inventories | 59 | (3,057) |
Prepaid expenses and other assets | 2,359 | 2,507 |
Accounts payable | (1,518) | 4,616 |
Accrued and other liabilities | (7,739) | (2,171) |
Net cash provided by operating activities | 26,282 | 1,648 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (4,382) | (4,440) |
Other investing activities | 0 | 30 |
Net cash used in investing activities | (4,382) | (4,410) |
Cash flows from financing activities: | ||
Borrowings on line of credit | 34,602 | 38,023 |
Repayments on line of credit | (55,682) | (34,532) |
Payments on finance lease obligations | (145) | (125) |
Tax withholdings related to net share settlements of equity awards | (422) | (294) |
Other financing activities | 0 | (6) |
Net cash provided by (used in) financing activities | (21,647) | 3,066 |
Change in cash and cash equivalents | 253 | 304 |
Cash and cash equivalents, beginning of period | 3,681 | 2,997 |
Cash and cash equivalents, end of period | 3,934 | 3,301 |
Noncash investing and financing activities: | ||
Accrued property and equipment purchases | 750 | 857 |
Right-of-use assets obtained in exchange for operating lease liabilities | 0 | 26 |
Right-of-use assets obtained in exchange for finance lease liabilities | $ 394 | $ 338 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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. See Note 11, In addition to being the largest manufacturer of engineered steel water pipeline systems in North America, the Company manufactures stormwater and wastewater technology products; high-quality precast and reinforced concrete products; pump lift stations; 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. 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, 2022 10‑K December 31, 2022 “2022 10‑K” 2022 10‑K. Operating results for the three March 31, 2023 not may December 31, 2023. |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2. Inventories Inventories consist of the following (in thousands): March 31, 2023 December 31, 2022 Raw materials $ 45,139 $ 47,978 Work-in-process 7,520 5,114 Finished goods 16,134 15,773 Supplies 2,177 2,164 Total inventories $ 70,970 $ 71,029 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. 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, 2023 Financial assets: Deferred compensation plan $ 3,677 $ 3,173 $ 504 $ - Foreign currency forward contracts 463 - 463 - Interest rate swaps 626 - 626 - Total financial assets $ 4,766 $ 3,173 $ 1,593 $ - Financial liabilities: Foreign currency forward contracts $ (18 ) $ - $ (18 ) $ - As of December 31, 2022 Financial assets: Deferred compensation plan $ 3,587 $ 3,090 $ 497 $ - Foreign currency forward contracts 728 - 728 - Interest rate swaps 862 - 862 - Total financial assets $ 5,177 $ 3,090 $ 2,087 $ - Financial liabilities: Foreign currency forward contracts $ (80 ) $ - $ (80 ) $ - 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 foreign currency forward contracts and interest rate swaps 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, current debt, and borrowings on the line of credit approximate fair value due to the short-term nature of these instruments. |
Note 4 - Derivative Instruments
Note 4 - Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 4. Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to interest rate and foreign currency exchange rate fluctuations. Consistent with the Company’s strategy for financial risk management, the Company has established a program that utilizes foreign currency forward contracts and interest rate swaps to offset the risks associated with the effects of these exposures. For each derivative 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 derivatives to specific firm commitments or forecasted transactions and designating the derivatives as cash flow hedges. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives 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 derivative is not As of March 31, 2023, CAD$19.5 EUR€1.1 CAD$0.4 not December 31, 2022, CAD$23.2 EUR€1.1 CAD $0.4 not March 31, 2023, September 2024 The Company has an interest rate swap which effectively converts a portion of its variable-rate debt to fixed-rate debt and is designated as a cash flow hedge. The Company receives floating interest payments monthly based on the Secured Overnight Finance Rate (“SOFR”) and pays a fixed rate of 1.941% to the counterparty. As of March 31, 2023 December 31, 2022, zero April 2024 On August 9, 2022, April 3, 2023 zero April 2028 30 The following table summarizes the gains (losses) recognized on derivatives in the Condensed Consolidated Financial Statements (in thousands): Three Months Ended March 31, 2023 2022 Foreign currency forward contracts: Net sales $ (282 ) $ 12 Property and equipment (87 ) - Interest rate swaps: Interest expense 158 - Total $ (211 ) $ 12 As of March 31, 2023, twelve 9, |
Note 5 - Share-based Compensati
Note 5 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 5. Share-based Compensation The Company has one active stock incentive plan for employees and directors, the 2022 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, 2023 2022 Cost of sales $ 275 $ 240 Selling, general, and administrative expense 715 395 Total $ 990 $ 635 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 at specified times. 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 a nd PSAs (1) Weighted- Average Grant D ate Fair Value Unvested RSUs and PSAs as of December 31, 2022 200,924 $ 30.80 Unvested RSUs and PSAs canceled (2,475 ) 31.94 RSUs and PSAs vested (2) (95,442 ) 30.12 Unvested RSUs and PSAs as of March 31, 2023 103,007 31.40 ( 1 The number of PSAs disclosed in this table are at the target level of 100%. ( 2 For the PSAs vested on March 31, 2023, 100%, 2020 2022 2021 2022 2022 The unvested balance of RSUs and PSAs as of March 31, 2023 100%. Based on the estimated level of achievement of the performance targets associated with the PSAs as of March 31, 2023, |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. 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, January 2025, 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 thereunder 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 party to a variety of legal actions, including claims, suits, complaints, and investigations arising out of the ordinary 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, 2023, not Guarantees The Company has entered into certain letters of credit that total $1.1 million as of March 31, 2023. |
Note 7 - Revenue
Note 7 - Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 7. 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 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 $0.4 million and $(0.8) million for the three March 31, 2023 2022, 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 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, 2023 2022 Over time (Engineered Steel Pressure Pipe) $ 63,546 $ 74,715 Point in time (Precast Infrastructure and Engineered Systems) 35,551 34,616 Net sales $ 99,097 $ 109,331 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 $10.5 million and $1.6 million during the three March 31, 2023 2022, 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, 2023, 2023, 2024 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. 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 2018. The Company recorded income tax expense at an estimated effective income tax rate of 28.7% and 27.4% for the three March 31, 2023 2022, three March 31, 2023 2022 |
Note 9 - Accumulated Other Comp
Note 9 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 9. 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 Adjustment Unrealized Gain on Foreign Currency Forward Contracts Designated as Cash Flow Hedges Unrealized Gain on Interest Rate Swap Designated as Cash Flow Hedge Total Balances, December 31, 2022 $ (1,532 ) $ 94 $ 649 $ (789 ) Other comprehensive income (loss) before reclassifications 26 (10 ) (59 ) (43 ) Amounts reclassified from Accumulated other comprehensive loss 3 32 (119 ) (84 ) Net current period other comprehensive income (loss) 29 22 (178 ) (127 ) Balances, March 31, 2023 $ (1,503 ) $ 116 $ 471 $ (916 ) 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 Accumulated Other Comprehensive Loss Affected line item in the C ondensed Consolidated Three Months Ended March 31, 2023 2022 Statements of Operations Pension liability adjustment: Net periodic pension cost: Service cost $ (3 ) $ (2 ) Cost of sales (3 ) (2 ) Unrealized gain (loss) on foreign currency forward contracts: Gain on cash flow hedges 44 14 Net sales Loss on cash flow hedges (87 ) - Property and equipment Associated income tax (expense) benefit 11 (3 ) Income tax expense (32 ) 11 Unrealized gain on interest rate swap: Gain on cash flow hedges 158 - Interest expense Associated income tax expense (39 ) - Income tax expense 119 - Total reclassifications for the period $ 84 $ 9 |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Net Income per Share Basic net income per share is computed by dividing the 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, 2023 2022 Net income $ 2,362 $ 3,559 Basic weighted-average common shares outstanding 9,940 9,881 Effect of potentially dilutive common shares (1) 147 92 Diluted weighted-average common shares outstanding 10,087 9,973 Net income per common share: Basic $ 0.24 $ 0.36 Diluted $ 0.23 $ 0.36 ( 1 The weighted-average number of antidilutive shares not three March 31, 2022. three March 31, 2023. |
Note 11 - Segment Information
Note 11 - Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. 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 (SPP) 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, seismic resiliency, 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 and Tracy, California; Parkersburg, West Virginia; Saginaw, Texas; St. Louis, Missouri; and San Luis Río Colorado, Mexico. The Company’s Precast Infrastructure and Engineered Systems segment (Precast) manufactures stormwater and wastewater technology products, high-quality precast and reinforced concrete products, including manholes, box culverts, vaults, and catch basins, pump lift stations, oil water separators, biofiltration, and other environmental and engineered solutions. Precast has manufacturing facilities located in Dallas, Houston, and San Antonio, Texas; and Orem, Salt Lake City, 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, 2023 2022 Net sales: Engineered Steel Pressure Pipe $ 63,546 $ 74,715 Precast Infrastructure and Engineered Systems 35,551 34,616 Total net sales $ 99,097 $ 109,331 Gross profit: Engineered Steel Pressure Pipe $ 7,782 $ 7,189 Precast Infrastructure and Engineered Systems 8,795 7,597 Total gross profit $ 16,577 $ 14,786 |
Note 12 - Recent Accounting and
Note 12 - Recent Accounting and Reporting Developments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 12. Recent Accounting and Reporting Developments There have been no 2022 10‑K, Accounting Changes In October 2021, No. 2021‑08, 805 2021‑08” 606, 2021‑08 January 1, 2023 not Recent Accounting Standards In March 2023, No. 2023 01 842 2023‑01” 1 2 no 2023‑01 January 1, 2024, 2024, not |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule Of Inventory Current And Non Current [Table Text Block] | March 31, 2023 December 31, 2022 Raw materials $ 45,139 $ 47,978 Work-in-process 7,520 5,114 Finished goods 16,134 15,773 Supplies 2,177 2,164 Total inventories $ 70,970 $ 71,029 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 Financial assets: Deferred compensation plan $ 3,677 $ 3,173 $ 504 $ - Foreign currency forward contracts 463 - 463 - Interest rate swaps 626 - 626 - Total financial assets $ 4,766 $ 3,173 $ 1,593 $ - Financial liabilities: Foreign currency forward contracts $ (18 ) $ - $ (18 ) $ - As of December 31, 2022 Financial assets: Deferred compensation plan $ 3,587 $ 3,090 $ 497 $ - Foreign currency forward contracts 728 - 728 - Interest rate swaps 862 - 862 - Total financial assets $ 5,177 $ 3,090 $ 2,087 $ - Financial liabilities: Foreign currency forward contracts $ (80 ) $ - $ (80 ) $ - |
Note 4 - Derivative Instrumen_2
Note 4 - Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2023 2022 Foreign currency forward contracts: Net sales $ (282 ) $ 12 Property and equipment (87 ) - Interest rate swaps: Interest expense 158 - Total $ (211 ) $ 12 |
Note 5 - Share-based Compensa_2
Note 5 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2023 2022 Cost of sales $ 275 $ 240 Selling, general, and administrative expense 715 395 Total $ 990 $ 635 |
Schedule of Unvested Restricted Stock Units and Performance Share Awards Activity [Table Text Block] | Number of RSUs a nd PSAs (1) Weighted- Average Grant D ate Fair Value Unvested RSUs and PSAs as of December 31, 2022 200,924 $ 30.80 Unvested RSUs and PSAs canceled (2,475 ) 31.94 RSUs and PSAs vested (2) (95,442 ) 30.12 Unvested RSUs and PSAs as of March 31, 2023 103,007 31.40 |
Note 7 - Revenue (Tables)
Note 7 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2023 2022 Over time (Engineered Steel Pressure Pipe) $ 63,546 $ 74,715 Point in time (Precast Infrastructure and Engineered Systems) 35,551 34,616 Net sales $ 99,097 $ 109,331 |
Note 9 - Accumulated Other Co_2
Note 9 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Changes in Accumulated Other Comprehensive Income Loss [Table Text Block] | Pension Liability Adjustment Unrealized Gain on Foreign Currency Forward Contracts Designated as Cash Flow Hedges Unrealized Gain on Interest Rate Swap Designated as Cash Flow Hedge Total Balances, December 31, 2022 $ (1,532 ) $ 94 $ 649 $ (789 ) Other comprehensive income (loss) before reclassifications 26 (10 ) (59 ) (43 ) Amounts reclassified from Accumulated other comprehensive loss 3 32 (119 ) (84 ) Net current period other comprehensive income (loss) 29 22 (178 ) (127 ) Balances, March 31, 2023 $ (1,503 ) $ 116 $ 471 $ (916 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount reclassified from Accumulated Other Comprehensive Loss Affected line item in the C ondensed Consolidated Three Months Ended March 31, 2023 2022 Statements of Operations Pension liability adjustment: Net periodic pension cost: Service cost $ (3 ) $ (2 ) Cost of sales (3 ) (2 ) Unrealized gain (loss) on foreign currency forward contracts: Gain on cash flow hedges 44 14 Net sales Loss on cash flow hedges (87 ) - Property and equipment Associated income tax (expense) benefit 11 (3 ) Income tax expense (32 ) 11 Unrealized gain on interest rate swap: Gain on cash flow hedges 158 - Interest expense Associated income tax expense (39 ) - Income tax expense 119 - Total reclassifications for the period $ 84 $ 9 |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 Net income $ 2,362 $ 3,559 Basic weighted-average common shares outstanding 9,940 9,881 Effect of potentially dilutive common shares (1) 147 92 Diluted weighted-average common shares outstanding 10,087 9,973 Net income per common share: Basic $ 0.24 $ 0.36 Diluted $ 0.23 $ 0.36 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2023 2022 Net sales: Engineered Steel Pressure Pipe $ 63,546 $ 74,715 Precast Infrastructure and Engineered Systems 35,551 34,616 Total net sales $ 99,097 $ 109,331 Gross profit: Engineered Steel Pressure Pipe $ 7,782 $ 7,189 Precast Infrastructure and Engineered Systems 8,795 7,597 Total gross profit $ 16,577 $ 14,786 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Operating Segments | 2 |
Number of Manufacturing Facilities | 13 |
Note 2 - Inventories - Componen
Note 2 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 45,139 | $ 47,978 |
Work-in-process | 7,520 | 5,114 |
Finished goods | 16,134 | 15,773 |
Supplies | 2,177 | 2,164 |
Total inventories | $ 70,970 | $ 71,029 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total financial assets | $ 4,766 | $ 5,177 |
Fair Value, Inputs, Level 1 [Member] | ||
Total financial assets | 3,173 | 3,090 |
Fair Value, Inputs, Level 2 [Member] | ||
Total financial assets | 1,593 | 2,087 |
Fair Value, Inputs, Level 3 [Member] | ||
Total financial assets | 0 | 0 |
Deferred Compensation Plan [Member] | ||
Deferred compensation plan | 3,677 | 3,587 |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Deferred compensation plan | 3,173 | 3,090 |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Deferred compensation plan | 504 | 497 |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Deferred compensation plan | 0 | 0 |
Foreign Exchange Forward [Member] | ||
Derivative assets | 463 | 728 |
Foreign currency forward contracts | (18) | (80) |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | 463 | 728 |
Foreign currency forward contracts | (18) | (80) |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Interest Rate Swap [Member] | ||
Derivative assets | 626 | 862 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | 626 | 862 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | $ 0 | $ 0 |
Note 4 - Derivative Instrumen_3
Note 4 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands, € in Millions, $ in Millions | Apr. 03, 2023 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 EUR (€) |
Foreign Currency Cash Flow Hedge Gain (Loss) | $ 800 | ||||||
Reclassified to Net Sales [Member] | |||||||
Foreign Currency Cash Flow Hedge Gain (Loss) | 200 | ||||||
Reclassified to Property and Equipment [Member] | |||||||
Foreign Currency Cash Flow Hedge Gain (Loss) | 0 | ||||||
Reclassified to Interest Expense [Member] | |||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 600 | ||||||
Interest Rate Swap [Member] | |||||||
Derivative, Notional Amount | $ 21,700 | $ 26,700 | |||||
Derivative, Fixed Interest Rate | 1.941% | 1.941% | 1.941% | 1.941% | 1.941% | 1.941% | |
Interest Rate Swap [Member] | Forecast [Member] | |||||||
Derivative, Notional Amount | $ 15,000 | ||||||
Derivative, Fixed Interest Rate | 2.96% | ||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||||
Derivative, Notional Amount | $ 14,400 | $ 19.5 | $ 17,100 | $ 23.2 | |||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward 1 [Member] | |||||||
Derivative, Notional Amount | 1,100 | € 1.1 | 1,100 | € 1.1 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||||
Derivative, Notional Amount | $ 300 | $ 0.4 | $ 300 | $ 0.4 |
Note 4 - Derivative Instrumen_4
Note 4 - Derivative Instruments and Hedging Activities - Summary of Gains (Losses) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gains (losses) recognized on derivatives | $ (211) | $ 12 |
Foreign Exchange Forward [Member] | Sales [Member] | ||
Gains (losses) recognized on derivatives | (282) | 12 |
Foreign Exchange Forward [Member] | Property and Equipment [Member] | ||
Gains (losses) recognized on derivatives | (87) | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||
Gains (losses) recognized on derivatives | $ 158 | $ 0 |
Note 5 - Share-based Compensa_3
Note 5 - Share-based Compensation (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number Of Active Stock Incentive Plans | 1 | |||
Number Of Inactive Stock Incentive Plans | 1 | |||
Performance Shares [Member] | ||||
Performance Share Award Target Level, Percentage | 100% | |||
Performance Awards Issued Multiplier | 132% | 126% | 159% | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number At Target Level Of Performance (in shares) | shares | 77,000 | |||
Performance Shares [Member] | Minimum [Member] | ||||
Performance Awards Issued Multiplier | 0% | |||
Performance Shares [Member] | Maximum [Member] | ||||
Performance Awards Issued Multiplier | 200% | |||
Restricted Stock Units and Performance Stock Awards [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 2.5 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months |
Note 5 - Share-based Compensa_4
Note 5 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based compensation expense | $ 990 | $ 635 |
Cost of Sales [Member] | ||
Share-based compensation expense | 275 | 240 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | $ 715 | $ 395 |
Note 5 - Share-based Compensa_5
Note 5 - Share-based Compensation - RSU and PSA Activity (Details) - Restricted Stock Units and Performance Stock Awards [Member] | 3 Months Ended | |
Mar. 31, 2023 $ / shares shares | ||
Unvested RSUs and PSAs (in shares) | shares | 200,924 | [1] |
Unvested RSUs and PSAs, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.80 | |
Unvested RSUs and PSAs canceled (in shares) | shares | (2,475) | [1] |
Unvested RSUs and PSAs canceled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 31.94 | |
RSUs and PSAs vested (in shares) | shares | (95,442) | [1],[2] |
RSUs and PSAs vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.12 | [2] |
Unvested RSUs and PSAs (in shares) | shares | 103,007 | [1] |
Unvested RSUs and PSAs, weighted average grant date fair value (in dollars per share) | $ / shares | $ 31.40 | |
[1]The number of PSAs disclosed in this table are at the target level of 100%.[2]For the PSAs vested on March 31, 2023, the actual number of common shares that were issued was determined by multiplying the PSAs at the target level of 100%, as disclosed in this table, by a payout percentage based on the performance-based conditions achieved. The payout percentage was 159% for the 2020-2022 performance period, 126% for the 2021-2022 performance period, and 132% for the 2022 performance period. |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) $ in Millions | 1 Months Ended | ||
Jan. 31, 2017 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2014 USD ($) | |
Other Commitment, Amount Paid for Equipment Purchased Yet Not Received | $ 1.1 | ||
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 7 - Revenue 1 (Details Tex
Note 7 - Revenue 1 (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Increase (Decrease) in Revenue from Contract with Customers, Including Assessed Tax | $ 0.4 | $ (0.8) |
Contract with Customer, Liability, Revenue Recognized | 10.5 | $ 1.6 |
Revenue, Remaining Performance Obligation, Amount | $ 297 |
Note 7 - Revenue 2 (Details Tex
Note 7 - Revenue 2 (Details Textual) | Mar. 31, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Percentage | 54% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 39% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 7 - Revenue - Disaggregati
Note 7 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 99,097 | $ 109,331 |
Transferred over Time [Member] | ||
Net sales | 63,546 | 74,715 |
Transferred at Point in Time [Member] | ||
Net sales | $ 35,551 | $ 34,616 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 28.70% | 27.40% |
Note 9 - Accumulated Other Co_3
Note 9 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance | $ 318,274 | $ 283,383 |
Net current period other comprehensive income (loss) | (127) | (285) |
Balance | 321,077 | 286,998 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (1,532) | |
Other comprehensive income (loss) before reclassifications | 26 | |
Amounts reclassified from Accumulated other comprehensive loss | 3 | |
Net current period other comprehensive income (loss) | 29 | |
Balance | (1,503) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Foreign Exchange Forward [Member] | ||
Balance | 94 | |
Other comprehensive income (loss) before reclassifications | (10) | |
Amounts reclassified from Accumulated other comprehensive loss | 32 | |
Net current period other comprehensive income (loss) | 22 | |
Balance | 116 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||
Balance | 649 | |
Other comprehensive income (loss) before reclassifications | (59) | |
Amounts reclassified from Accumulated other comprehensive loss | (119) | |
Net current period other comprehensive income (loss) | (178) | |
Balance | 471 | |
AOCI Attributable to Parent [Member] | ||
Balance | (789) | (1,682) |
Other comprehensive income (loss) before reclassifications | (43) | |
Amounts reclassified from Accumulated other comprehensive loss | (84) | |
Net current period other comprehensive income (loss) | (127) | |
Balance | $ (916) | $ (1,967) |
Note 9 - Accumulated Other Co_4
Note 9 - Accumulated Other Comprehensive Loss - Reclassification of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cost of sales | $ 82,520 | $ 94,545 |
Net income | 2,362 | 3,559 |
Net sales | 99,097 | 109,331 |
Tax (expense) benefit | (951) | (1,343) |
Interest expense | 1,369 | 560 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Net income | 84 | 9 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Cost of sales | (3) | (2) |
Net income | (3) | (2) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Foreign Exchange Forward [Member] | ||
Net income | (32) | 11 |
Net sales | 44 | 14 |
Property and equipment | (87) | 0 |
Tax (expense) benefit | 11 | (3) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||
Net income | 119 | 0 |
Tax (expense) benefit | (39) | 0 |
Interest expense | $ 158 | $ 0 |
Note 10 - Net Income Per Shar_2
Note 10 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 16,000 |
Note 10 - Net Income Per Shar_3
Note 10 - 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, 2023 | Mar. 31, 2022 | ||
Net income | $ 2,362 | $ 3,559 | |
Basic (in shares) | 9,940 | 9,881 | |
Effect of potentially dilutive common shares (in shares) | [1] | 147 | 92 |
Diluted weighted-average common shares outstanding (in shares) | 10,087 | 9,973 | |
Basic (in dollars per share) | $ 0.24 | $ 0.36 | |
Diluted (in dollars per share) | $ 0.23 | $ 0.36 | |
[1]The weighted-average number of antidilutive shares not included in the computation of diluted net income per share was approximately 16,000 for the three months ended March 31, 2022. There were no antidilutive shares for the three months ended March 31, 2023. |
Note 11 - Segment Information -
Note 11 - Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 99,097 | $ 109,331 |
Gross profit | 16,577 | 14,786 |
Operating Segments [Member] | Engineered Steel Pressure Pipe [Member] | ||
Net sales | 63,546 | 74,715 |
Gross profit | 7,782 | 7,189 |
Operating Segments [Member] | Precast Infrastructure and Engineered Systems [Member] | ||
Net sales | 35,551 | 34,616 |
Gross profit | $ 8,795 | $ 7,597 |