Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 01, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000895456 | |
Entity Registrant Name | ROCKY BRANDS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34382 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-1364046 | |
Entity Address, Address Line One | 39 East Canal Street | |
Entity Address, City or Town | Nelsonville | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45764 | |
City Area Code | 740 | |
Local Phone Number | 753‑9100 | |
Title of 12(b) Security | Common Stock – No Par Value | |
Trading Symbol | RCKY | |
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 | 7,283,434 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 8,892 | $ 28,353 | $ 44,247 |
Trade receivables – net | 84,050 | 48,010 | 33,277 |
Contract receivables | 2,171 | 5,170 | 2,551 |
Other receivables | 231 | 364 | 532 |
Inventories – net | 125,133 | 77,576 | 77,214 |
Prepaid expenses | 4,116 | 3,713 | 3,522 |
Total current assets | 224,593 | 163,186 | 161,343 |
LEASED ASSETS | 1,696 | 1,572 | 1,588 |
PROPERTY, PLANT & EQUIPMENT – net | 51,150 | 33,750 | 28,434 |
IDENTIFIED INTANGIBLES – net | 170,930 | 30,209 | 30,232 |
OTHER ASSETS | 715 | 374 | 333 |
TOTAL ASSETS | 449,084 | 229,091 | 221,930 |
CURRENT LIABILITIES: | |||
Accounts payable | 45,077 | 20,090 | 17,933 |
Contract liabilities | 2,927 | 5,582 | 2,551 |
Current Portion of Long-Term Debt | 3,250 | 0 | 0 |
Accrued expenses: | |||
Salaries and wages | 3,005 | 4,463 | 1,204 |
Taxes - other | 618 | 893 | 588 |
Accrued freight | 1,479 | 911 | 282 |
Commissions | 1,185 | 712 | 362 |
Accrued duty | 6,953 | 4,270 | 4,041 |
Income tax payable | 2,357 | 1,019 | 0 |
Other | 5,343 | 2,043 | 1,430 |
Total current liabilities | 72,194 | 39,983 | 28,391 |
Long-term debt | 183,019 | 0 | 20,000 |
LONG-TERM TAXES PAYABLE | 169 | 169 | 169 |
LONG-TERM LEASE | 1,178 | 944 | 1,031 |
DEFERRED INCOME TAXES | 8,271 | 8,271 | 8,108 |
DEFERRED LIABILITIES | 386 | 219 | 215 |
TOTAL LIABILITIES | 265,217 | 49,586 | 57,914 |
SHAREHOLDERS' EQUITY: | |||
Common stock, no par value; 25,000,000 shares authorized; issued and outstanding March 31, 2021 - 7,280,711; December 31, 2020 - 7,247,631; March 31, 2020 - 7,309,121 | 66,856 | 65,971 | 67,195 |
Retained earnings | 117,011 | 113,534 | 96,821 |
Total shareholders' equity | 183,867 | 179,505 | 164,016 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 449,084 | $ 229,091 | $ 221,930 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 7,280,711 | 7,247,631 | 7,309,121 |
Common stock, shares outstanding (in shares) | 7,280,711 | 7,247,631 | 7,309,121 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
NET SALES | $ 87,667 | $ 55,720 |
COST OF GOODS SOLD | 52,528 | 36,400 |
GROSS MARGIN | 35,139 | 19,320 |
OPERATING EXPENSES | 28,558 | 17,807 |
INCOME FROM OPERATIONS | 6,581 | 1,513 |
OTHER (EXPENSES) INCOME | (747) | (9) |
INCOME BEFORE INCOME TAXES | 5,834 | 1,504 |
INCOME TAX EXPENSE | 1,342 | 316 |
NET INCOME | $ 4,492 | $ 1,188 |
INCOME PER SHARE | ||
Basic (in dollars per share) | $ 0.62 | $ 0.16 |
Diluted (in dollars per share) | $ 0.61 | $ 0.16 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||
Basic (in shares) | 7,258 | 7,351 |
Diluted (in shares) | 7,348 | 7,386 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Dec. 31, 2019 | 7,355 | |||
BALANCE at Dec. 31, 2019 | $ 67,993 | $ 0 | $ 96,663 | $ 164,656 |
Net income | 1,188 | 1,188 | ||
Dividends paid on common stock | (1,030) | (1,030) | ||
Repurchase of common stock (in shares) | (50) | |||
Repurchase of common stock | $ (1,000) | (1,000) | ||
Stock issued for options exercised, including tax benefits (in shares) | 0 | |||
Stock issued for options exercised, including tax benefits | $ 0 | 0 | ||
Stock compensation expense (in shares) | 4 | |||
Stock compensation expense | $ 202 | 202 | ||
BALANCE (in shares) at Mar. 31, 2020 | 7,309 | |||
BALANCE at Mar. 31, 2020 | $ 67,195 | 0 | 96,821 | 164,016 |
BALANCE (in shares) at Dec. 31, 2020 | 7,248 | |||
BALANCE at Dec. 31, 2020 | $ 65,971 | 0 | 113,534 | 179,505 |
Net income | 4,492 | 4,492 | ||
Dividends paid on common stock | (1,015) | (1,015) | ||
Repurchase of common stock (in shares) | 0 | |||
Repurchase of common stock | $ 0 | 0 | ||
Stock issued for options exercised, including tax benefits (in shares) | 31 | |||
Stock issued for options exercised, including tax benefits | $ 607 | 607 | ||
Stock compensation expense (in shares) | 2 | |||
Stock compensation expense | $ 278 | 278 | ||
BALANCE (in shares) at Mar. 31, 2021 | 7,281 | |||
BALANCE at Mar. 31, 2021 | $ 66,856 | $ 0 | $ 117,011 | $ 183,867 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividends paid on common stock, per share (in dollars per share) | $ 0.14 | $ 0.14 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 4,492 | $ 1,188 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,095 | 1,260 |
Stock compensation expense | 278 | 202 |
Change in assets and liabilities: | ||
Receivables | 4,201 | 14,486 |
Inventories | (5,912) | (483) |
Other current assets | 331 | (1,757) |
Other assets | (267) | (40) |
Accounts payable | 5,922 | 3,310 |
Accrued and other liabilities | (6,225) | (3,967) |
Income taxes payable | (1,019) | (23) |
Net cash provided by operating activities | 2,896 | 14,176 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (1,209) | (3,417) |
Acquisition of business, net of cash acquired | (206,970) | 0 |
Net cash used in investing activities | (208,179) | (3,417) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facility and term loan | 210,000 | 20,000 |
Repayments on revolving credit facility | (19,500) | 0 |
Debt issuance costs | (4,270) | 0 |
Proceeds from stock options | 607 | 0 |
Repurchase of common stock | 0 | (1,000) |
Dividends paid on common stock | (1,015) | (1,030) |
Net cash provided by financing activities | 185,822 | 17,970 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (19,461) | 28,729 |
CASH AND CASH EQUIVALENTS: | ||
BEGINNING OF PERIOD | 28,353 | 15,518 |
END OF PERIOD | $ 8,892 | $ 44,247 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. We are a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky, Georgia Boot, Durango, Lehigh, The Original Muck Boot Company, XTRATUF, Servus, NEOS and Ranger. Our brands have a long history of representing high quality, comfortable, functional and durable footwear and our products are organized around six In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments that are necessary for a fair presentation of the financial results. All such adjustments reflected in the unaudited condensed consolidated financial statements are considered to be of a normal and recurring nature. The results of operations for the three March 31, 2021 2020 not December 31, 2020 not 10 10 December 31, 2020 |
Note 2 - Accounting Standards U
Note 2 - Accounting Standards Updates | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recently Issued Accounting Pronouncements Rocky Brands, Inc. is currently evaluating the impact of certain Accounting Standards Updates (“ASU”) on its Unaudited Condensed Consolidated Financial Statements or Notes to the Unaudited Condensed Consolidated Financial Statements: Standard Description Anticipated Adoption Period Effect on the financial statements or other significant matters ASU 2016 13, The pronouncement seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Q1 2023 We are evaluating the impacts of the new standard on our existing financial instruments, including trade receivables. Accounting Standards Adopted in the Current Year Standard Description Effect on the financial statements or other significant matters ASU 2018 13 820 This pronouncement changes the fair value measurement disclosure requirements of ASC 820. 8: We adopted the new standard in Q1 2020 not ASU 2019 12, 740 This pronouncement is intended to simplify various aspects related to accounting for income taxes. ASU 2019 12 740 We adopted the new standard in Q1 2021 not |
Note 3 - Fair Value
Note 3 - Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Generally accepted accounting standards establish a framework for measuring fair value. The fair value accounting standard defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. This standard clarifies how to measure fair value as permitted under other accounting pronouncements. The fair value accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. This standard also establishes a three three ● Level 1 ● Level 2 1, not ● Level 3 no The fair values of cash and cash equivalents, receivables, and payables approximated their carrying values because of the short-term nature of these instruments. Receivables consist primarily of amounts due from our customers, net of allowances, amounts due from employees (sales persons’ advances in excess of commissions earned and employee travel advances); other customer receivables, net of allowances; and expected insurance recoveries. The carrying amounts of our long-term credit facility and other short-term financing obligations also approximate fair value, as they are comparable to the available financing in the marketplace during the year. The fair value of our credit facilities are categorized as Level 2. We hold assets and liabilities in a separate trust in connection with deferred compensation plans. The fair value of these assets are based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1 |
Note 4 - Acquisition
Note 4 - Acquisition | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combinations Policy [Policy Text Block] | 4. The Performance and Lifestyle Footwear Business of Honeywell International, Inc. On January 24, 2021, On March 15, 2021 ( two Note 9 two The Acquisition expanded our brand portfolio to include The Original Muck Boot Company, XTRATUF, Servus, NEOS and Ranger brands (the "Acquired Brands"). We acquired 100% of the voting interests of certain subsidiaries and additional assets comprising the performance and lifestyle footwear business of Honeywell with the Acquisition. With the acquisition of the Acquired Brands, we will greatly enhance our powerful portfolio of footwear brands and significantly increase our sales and profitability. We are acquiring a well-run business with a corporate culture and a customer base similar to ours, which provides meaningful growth opportunities within our existing product categories as well as an entry into new market segments. Its innovative and authentic product collections complement our existing offering with minimal overlap, which will allow us to strengthen our wholesale relationships and serve a wider consumer audience. At the same time, we plan to leverage our existing advanced fulfillment capabilities to improve distribution of the Acquired Brands to wholesale customers and accelerate direct-to-consumer penetration. In connection with the Acquisition, we also entered into employment agreements with seven seven In connection with the Acquisition, Honeywell will provide certain services to us under the Transition Service Agreement (TSA). The costs associated with the TSA are both fixed and variable. We expect these costs to decline over time as we integrate the businesses. The Acquisition contributed net sales and net income of approximately $6.5 million and $0.5 million, respectively, to the unaudited condensed consolidated operating results for the period March 15, 2021 March 31, 2021. Acquisition-related costs Costs incurred to complete and integrate the Acquisition are expensed as incurred and included in "operating expenses" in the accompanying condensed consolidated statements of operations. During the three March 31, 2021, Preliminary Purchase Price Allocation The Acquisition has been accounted for under the business combinations accounting guidance. As a result, we have applied acquisition accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The aggregate preliminary closing price noted above was allocated to the major categories of assets acquired and liabilities assumed based on their fair values at the Acquisition Date using primarily Level 2 3 2 3 The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based upon preliminary information and subject to change within the measurement period (up to 90 The following table summarizes the consideration paid for the Acquisition and the amounts of the assets acquired and liabilities assumed as of the Acquisition Date, which have been allocated on a preliminary basis and are subject to change based on the final working capital true-up. ($ in thousands) Fair Value Cash $ 2,655 Accounts receivable (1) 37,109 Inventories (2) 41,640 Property, plant and equipment 15,576 Intangible assets (3) 140,727 Other assets 933 Accounts payable (17,395 ) Accrued expenses (11,620 ) Total identifiable net assets 209,625 Cash acquired (2,655 ) Total cash paid, net of cash acquired $ 206,970 ( 1 ( 2 three March 31, 2021 ( 3 Unaudited Pro Forma Financial Information The following unaudited pro forma results of operations assume that the Acquisition occurred at the beginning of the periods presented. These unaudited pro forma results are presented for information purposes only and are not three March 31, 2021. three March 31, 2020. Three Months Ended March 31, ($ in thousands, expect per share amount) 2021 2020 Net sales $ 126,345 $ 94,630 Net income $ 13,949 $ 2,500 Diluted earnings per share $ 1.90 $ 0.34 |
Note 5 - Revenue
Note 5 - Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 5. Nature of Performance Obligations Our products are distributed through three ten thousand Significant Accounting Policies and Judgements Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; this generally occurs upon shipment of our product to our customer, which is when the transfer of control of our products passes to the customer. The duration of our arrangements with our customers are typically one Revenues from sales are recorded at the net sales price, which includes estimates of variable consideration for which reserves are established. Components of variable consideration include prompt payment discounts, volume rebates, and product returns. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a current liability (if the amount is payable to a party other than a customer). The amount of variable consideration which is included in the transaction price may not not March 31, 2021 may When a customer has a right to a prompt payment discount, we estimate the likelihood that the customer will earn the discount using historical data and adjust our estimate when the estimate of the likelihood that a customer will earn the discount changes or the consideration becomes fixed, whichever occurs earlier. The estimated amount of variable consideration is recognized as a credit to trade receivables and a reduction in revenue until the uncertainty of the variable consideration is alleviated. Because most of our customers have payment terms less than six not When a customer is offered a rebate on purchases retroactively this is accounted for as variable consideration because the consideration for the current and past purchases is not When a right of return is part of the arrangement with the customer, we estimate the expected returns based on an analysis using historical data. We adjust our estimate either when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed, whichever occurs earlier. Please see Note 6 Note 7 Trade receivables represent our right to unconditional payment that only relies on the passage of time. Contract receivables represent contractual minimum payments required under non-cancellable contracts with the U.S. Military and other customers with a duration of one Contract liabilities are performance obligations that we expect to satisfy or relieve within the next twelve Items considered immaterial within the context of the contract are recognized as an expense. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction, that are collected from customers, are excluded from revenue. Costs associated with our manufacturer’s warranty continue to be recognized as expense when the products are sold in accordance with guidance surrounding product warranties. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are in included in operating expenses. Costs associated with obtaining a contract are expensed as incurred in accordance with the practical expedient in ASC 340 40 one Contract Balances The following table provides information about contract liabilities from contracts with our customers. March 31, December 31, ($ in thousands) 2021 2020 Contract liabilities $ 2,927 $ 5,582 Significant changes in the contract liabilities balance during the period are as follows: ($ in thousands) Contract liabilities Balance, December 31, 2020 5,582 Non-cancelable contracts with customers entered into during the period 116 Revenue recognized related to non-cancelable contracts with customers during the period (2,771 ) Balance, March 31, 2021 2,927 Disaggregation of Revenue All revenues are recognized at a point in time when control of our products pass to the customer at point of shipment. Because all revenues are recognized at a point in time and are disaggregated by channel, our segment disclosures are consistent with ASC 606 Note 13 |
Note 6 - Trade Receivables
Note 6 - Trade Receivables | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 6. Trade receivables are presented net of the related allowance for uncollectible accounts of approximately $394,000, $242,000 and $262,000 at March 31, 2021 December 31, 2020 March 31, 2020 may In accordance with ASC 606, March 31, 2021 December 31, 2020 March 31, 2020 |
Note 7 - Inventory
Note 7 - Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. Inventories are comprised of the following: March 31, December 31, March 31, ($ in thousands) 2021 2020 2020 Raw materials $ 19,372 $ 12,875 $ 12,634 Work-in-process 1,505 1,128 960 Finished goods 104,256 63,573 63,620 Total $ 125,133 $ 77,576 $ 77,214 In accordance with ASC 606, March 31, 2021 December 31, 2020 March 31, 2020 |
Note 8 - Identified Intangible
Note 8 - Identified Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8. A schedule of identified intangible assets is as follows: Gross Accumulated Carrying ($ in thousands) Amount Amortization Amount March 31, 2021 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 785 110 Acquired Intangibles (1) 140,728 $ - 140,728 Total Intangibles $ 171,715 $ 785 $ 170,930 ( 1 Gross Accumulated Carrying Amount Amortization Amount December 31, 2020 Trademarks Wholesale $ 27,192 $ - $ 27,192 Retail 2,900 - 2,900 Patents 895 778 117 Total Intangibles $ 30,987 $ 778 $ 30,209 Gross Accumulated Carrying Amount Amortization Amount March 31, 2020 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 755 140 Total Intangibles $ 30,987 $ 755 $ 30,232 The weighted average life for our patents is 3.6 years. A schedule of approximate amortization expense related to finite-lived intangible assets for the three March 31, 2021 2020 Three Months Ended March 31, ($ in thousands) 2021 2020 Amortization expense $ 7 $ 8 A schedule of approximate expected amortization expense related to finite-lived intangible assets for the years ending December 31, Amortization ($ in thousands) Expense 2021 $ 19 2022 22 2023 20 2024 17 2025 12 2026+ 20 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. LONG-TERM DEBT On March 15, 2021, June 30, 2021. 3.25, 3.25, Our Term Facility is collateralized by a second first March 15, 2026. On March 15, 2021, may first March 31, 2021 The ABL Facility is collateralized by first second March 15, 2026. Average Availability as a Revolver Pricing Level (1) Percentage of Commitments Base Rate LIBOR Rate Base Rate for FILO LIBOR Rate for FILO I > 66.7% 0.00 % 1.25 % 0.50 % 1.75 % II >33.3% and < or equal to 66.7% 0.00 % 1.50 % 0.50 % 2.00 % III < or equal to 33.3% 0.25 % 1.75 % 0.75 % 2.25 % ( 1 June 30, 2021, Deferred Financing Fees In connection with the Term Facility and ABL Facility, we had to pay certain fees that will be capitalized and amortized over the life of each respective loan. In addition, the ABL Facility requires us to pay an annual collateral management fee in the amount of $75,000 due on each anniversary of the ABL Facility issuance date, until it matures. Current and long-term debt consisted of the following: March 31, ($ in thousands) 2021 Term Facility that matures in 2026 with an effective interest rate of 8.00% $ 130,000 ABL Facility that matures in 2026 with an effective interest rate of 3.25% 60,500 Total debt 190,500 Less: Unamortized debt issuance costs (4,231 ) Total debt, net of debt issuance costs 186,269 Less: Debt maturing within one year (3,250 ) Long-term debt $ 183,019 Credit Facility Covenants The Term Facility contains restrictive covenants which requires us to maintain a maximum total leverage ratio and a minimum fixed charge coverage ratio, as defined in the agreement. We believe we are in compliance with all credit facility covenants as of March 31, 2021 Our ABL Facility contains a restrictive covenant which requires us to maintain a fixed charge coverage ratio upon a triggering event taking place (as defined in the ABL facility). During the three March 31, 2021, no not Both the Term Facility and the ABL Facility contain restrictions on the amount of dividend payments. Huntington Credit Facility On February 13, 2019, may Applicable Spread Rates for Applicable Spread Rates Domestic Rate Average Excess Revolver Availability for Eurodollar Rate Revolving Revolver Pricing Level for Previous Quarter Revolving Advances Advances I $25,000,000+ 1.00 % 0.50 % II $17,500,000 to < 25,000,000 1.25 % 0.50 % III $10,000,000 to < 17,500,000 1.50 % 2.50 % IV $< 10,000,000 1.75 % 0.00 % The total amount available under the Huntington Credit Facility was subject to a borrowing base calculation based on various percentages of accounts receivable and inventory. As of March 31, 2020, December 31, 2020 Credit Facility Covenants The Huntington Credit Facility contained restrictive covenants which required us to maintain a fixed charge coverage ratio. These restrictive covenants were only in effect upon a triggering event taking place. The Huntington Credit Facility contained restrictions on the amount of dividends that may three March 31, 2020, no not |
Note 10 - Taxes
Note 10 - Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. We are subject to tax examinations in various taxing jurisdictions. The earliest years open for examination are as follows: Earliest Exam Year Taxing Authority Jurisdiction: U.S. Federal 2017 China 2017 Various U.S. States 2016 Puerto Rico (U.S. Territory) 2015 Canada 2015 Our policy is to accrue interest and penalties on any uncertain tax position as a component of income tax expense. No such expenses were recognized during the three March 31, 2021 2020 not 12 Accounting for uncertainty in income taxes requires financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise’s financial statements. Under this guidance, income tax positions must meet a more-likely-than- not not no Our estimated effective tax rate was 23.0% and 21.0% for the three March 31, 2021 2020 |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Basic earnings per share (“EPS”) is computed by dividing net income applicable to common shareholders by the weighted average number of common shares outstanding during each period. The diluted earnings per share computation includes common share equivalents, when dilutive. A reconciliation of the shares used in the basic and diluted income per common share computation for the three March 31, 2021 2020 Three Months Ended March 31, (shares in thousands) 2021 2020 Basic - weighted average shares outstanding 7,258 7,351 Dilutive stock options 90 35 Diluted - weighted average shares outstanding 7,348 7,386 Anti-dilutive securities 34 151 |
Note 12 - Supplemental Cash Flo
Note 12 - Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 12. Supplemental cash flow information for the three March 31, 2021 2020 ($ in thousands) 2021 2020 Interest paid $ 20 $ 19 Federal, state, and local income taxes paid, net $ 4 $ - Change in contract receivables, net $ 2,999 $ 2,195 Change in contract liabilities, net $ (2,655 ) $ (2,195 ) Property, plant, and equipment purchases in accounts payable $ 1,668 $ 1,308 |
Note 13 - Segment Information
Note 13 - Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. We have identified three three March 31, 2021 2020 Three Months Ended March 31, ($ in thousands) 2021 2020 NET SALES: Wholesale $ 59,235 $ 34,986 Retail 23,986 16,890 Military 4,446 3,844 Total Net Sales $ 87,667 $ 55,720 GROSS MARGIN: Wholesale $ 22,261 $ 11,241 Retail 11,549 7,454 Military 1,329 625 Total Gross Margin $ 35,139 $ 19,320 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ($ in thousands) Fair Value Cash $ 2,655 Accounts receivable (1) 37,109 Inventories (2) 41,640 Property, plant and equipment 15,576 Intangible assets (3) 140,727 Other assets 933 Accounts payable (17,395 ) Accrued expenses (11,620 ) Total identifiable net assets 209,625 Cash acquired (2,655 ) Total cash paid, net of cash acquired $ 206,970 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended March 31, ($ in thousands, expect per share amount) 2021 2020 Net sales $ 126,345 $ 94,630 Net income $ 13,949 $ 2,500 Diluted earnings per share $ 1.90 $ 0.34 |
Note 5 - Revenue (Tables)
Note 5 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, ($ in thousands) 2021 2020 Contract liabilities $ 2,927 $ 5,582 |
Revenue, Initial Application Period, Cumulative Effect Transition [Table Text Block] | ($ in thousands) Contract liabilities Balance, December 31, 2020 5,582 Non-cancelable contracts with customers entered into during the period 116 Revenue recognized related to non-cancelable contracts with customers during the period (2,771 ) Balance, March 31, 2021 2,927 |
Note 7 - Inventory (Tables)
Note 7 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, March 31, ($ in thousands) 2021 2020 2020 Raw materials $ 19,372 $ 12,875 $ 12,634 Work-in-process 1,505 1,128 960 Finished goods 104,256 63,573 63,620 Total $ 125,133 $ 77,576 $ 77,214 |
Note 8 - Identified Intangibl_2
Note 8 - Identified Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Accumulated Carrying ($ in thousands) Amount Amortization Amount March 31, 2021 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 785 110 Acquired Intangibles (1) 140,728 $ - 140,728 Total Intangibles $ 171,715 $ 785 $ 170,930 Gross Accumulated Carrying Amount Amortization Amount December 31, 2020 Trademarks Wholesale $ 27,192 $ - $ 27,192 Retail 2,900 - 2,900 Patents 895 778 117 Total Intangibles $ 30,987 $ 778 $ 30,209 Gross Accumulated Carrying Amount Amortization Amount March 31, 2020 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 755 140 Total Intangibles $ 30,987 $ 755 $ 30,232 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended March 31, ($ in thousands) 2021 2020 Amortization expense $ 7 $ 8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization ($ in thousands) Expense 2021 $ 19 2022 22 2023 20 2024 17 2025 12 2026+ 20 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Qualitative Measure of Debt Facility [Table Text Block] | Average Availability as a Revolver Pricing Level (1) Percentage of Commitments Base Rate LIBOR Rate Base Rate for FILO LIBOR Rate for FILO I > 66.7% 0.00 % 1.25 % 0.50 % 1.75 % II >33.3% and < or equal to 66.7% 0.00 % 1.50 % 0.50 % 2.00 % III < or equal to 33.3% 0.25 % 1.75 % 0.75 % 2.25 % |
Schedule of Debt [Table Text Block] | March 31, ($ in thousands) 2021 Term Facility that matures in 2026 with an effective interest rate of 8.00% $ 130,000 ABL Facility that matures in 2026 with an effective interest rate of 3.25% 60,500 Total debt 190,500 Less: Unamortized debt issuance costs (4,231 ) Total debt, net of debt issuance costs 186,269 Less: Debt maturing within one year (3,250 ) Long-term debt $ 183,019 |
Schedule of Revolving Advances [Table Text Block] | Applicable Spread Rates for Applicable Spread Rates Domestic Rate Average Excess Revolver Availability for Eurodollar Rate Revolving Revolver Pricing Level for Previous Quarter Revolving Advances Advances I $25,000,000+ 1.00 % 0.50 % II $17,500,000 to < 25,000,000 1.25 % 0.50 % III $10,000,000 to < 17,500,000 1.50 % 2.50 % IV $< 10,000,000 1.75 % 0.00 % |
Note 10 - Taxes (Tables)
Note 10 - Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Summary of Income Tax Examinations [Table Text Block] | Earliest Exam Year Taxing Authority Jurisdiction: U.S. Federal 2017 China 2017 Various U.S. States 2016 Puerto Rico (U.S. Territory) 2015 Canada 2015 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, (shares in thousands) 2021 2020 Basic - weighted average shares outstanding 7,258 7,351 Dilutive stock options 90 35 Diluted - weighted average shares outstanding 7,348 7,386 Anti-dilutive securities 34 151 |
Note 12 - Supplemental Cash F_2
Note 12 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ($ in thousands) 2021 2020 Interest paid $ 20 $ 19 Federal, state, and local income taxes paid, net $ 4 $ - Change in contract receivables, net $ 2,999 $ 2,195 Change in contract liabilities, net $ (2,655 ) $ (2,195 ) Property, plant, and equipment purchases in accounts payable $ 1,668 $ 1,308 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, ($ in thousands) 2021 2020 NET SALES: Wholesale $ 59,235 $ 34,986 Retail 23,986 16,890 Military 4,446 3,844 Total Net Sales $ 87,667 $ 55,720 GROSS MARGIN: Wholesale $ 22,261 $ 11,241 Retail 11,549 7,454 Military 1,329 625 Total Gross Margin $ 35,139 $ 19,320 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - Honeywell International, Inc. [Member] - USD ($) $ in Thousands | Mar. 15, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Combination, Consideration Transferred, Total | $ 230,000 | |||
Payments to Acquire Businesses, Gross | $ 207,000 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 25,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 6,500 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 500 | |||
Business Combination, Acquisition Related Costs | $ 5,200 | $ 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables, Allowance for Doubtful Accounts | $ 200 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 3,000 | |||
Cost of Sales [Member] | ||||
Expense Related to Step Up Value of Acquired Inventory | $ 300 |
Note 4 - Acquisition - Consider
Note 4 - Acquisition - Consideration Paid for the Acquisition (Details) - USD ($) $ in Thousands | Mar. 15, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Total cash paid, net of cash acquired | $ 206,970 | $ 0 | ||
Honeywell International, Inc. [Member] | ||||
Cash | $ 2,655 | |||
Accounts receivable (1) | [1] | 37,109 | ||
Inventories (2) | [2] | 41,640 | ||
Property, plant and equipment | 15,576 | |||
Intangible assets (3) | [3] | 140,727 | ||
Other assets | 933 | |||
Accounts payable | (17,395) | |||
Accrued expenses | (11,620) | |||
Total identifiable net assets | 209,625 | |||
Cash acquired | (2,655) | |||
Total cash paid, net of cash acquired | $ 206,970 | |||
[1] | The recorded amount for accounts receivable considers expected uncollectible amounts of approximately $0.2 million in its determination of fair value. | |||
[2] | Fair value of finished goods inventories included a preliminary step up value of approximately $3 million, of which approximately $0.3 million was expensed in the three months ended March 31, 2021 and included in "Cost of Goods Sold" in accompanying the condensed consolidated statements of operations. | |||
[3] | Intangible assets consist of trademarks and goodwill, allocated on a preliminary basis. The goodwill consists largely of synergies and economies of scale expected from the combining of the operations of Rocky and the Acquired Brands. Upon completion of the working capital true-up and fair value determinations noted above, goodwill will be assigned to the Company's wholesale and retail segments. |
Note 4 - Acquisition - Unaudite
Note 4 - Acquisition - Unaudited Pro Forma Financial Information (Details) - Honeywell International, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net sales | $ 126,345 | $ 94,630 | |
Net income | $ 13,949 | [1] | $ 2,500 |
Diluted earnings per share (in dollars per share) | $ 1.90 | $ 0.34 | |
[1] | The Acquisition-related costs mentioned above are excluded from the unaudited pro forma net income. |
Note 5 - Revenue (Details Textu
Note 5 - Revenue (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Operating Segments | 3 |
Maximum [Member] | |
Contract with Customer, Period (Year) | 1 year |
Capitalized Contract Cost, Amortization Period (Year) | 1 year |
Note 5 - Revenue - Contract Lia
Note 5 - Revenue - Contract Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Contract liabilities | $ 2,927 | $ 5,582 | $ 2,551 |
Note 5 - Revenue - Changes in C
Note 5 - Revenue - Changes in Contract Liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Balance | $ 5,582 |
Non-cancelable contracts with customers entered into during the period | 116 |
Revenue recognized related to non-cancelable contracts with customers during the period | (2,771) |
Balance | $ 2,927 |
Note 6 - Trade Receivables (Det
Note 6 - Trade Receivables (Details Textual) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 394,000 | $ 242,000 | $ 262,000 |
Contract with Customer, Refund Liability, Current | $ 1,619,000 | $ 1,348,000 | $ 838,000 |
Note 7 - Inventory (Details Tex
Note 7 - Inventory (Details Textual) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Contract with Customer, Returns Reserve Asset | $ 641,000 | $ 744,000 | $ 492,000 |
Note 7 - Inventory - Schedule o
Note 7 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Raw materials | $ 19,372 | $ 12,875 | $ 12,634 |
Work-in-process | 1,505 | 1,128 | 960 |
Finished goods | 104,256 | 63,573 | 63,620 |
Total | $ 125,133 | $ 77,576 | $ 77,214 |
Note 8 - Identified Intangibl_3
Note 8 - Identified Intangible Assets (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Patents [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years 7 months 6 days |
Note 8 - Identified Intangibl_4
Note 8 - Identified Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Accumulated amortization | $ 785 | $ 778 | $ 755 | |
Indefinite-lived intangible assets including goodwill | [1] | 140,728 | ||
Total Intangibles | 171,715 | |||
Carrying amount | 170,930 | 30,209 | 30,232 | |
Gross amount | 30,987 | 30,987 | ||
Trademarks [Member] | Wholesale [Member] | ||||
Indefinite-lived intangible assets | 27,192 | |||
Accumulated amortization | 0 | 0 | ||
Gross amount | 27,192 | 27,192 | ||
Carrying amount | 27,192 | 27,192 | ||
Trademarks [Member] | Retail [Member] | ||||
Indefinite-lived intangible assets | 2,900 | |||
Accumulated amortization | 0 | 0 | ||
Gross amount | 2,900 | 2,900 | ||
Carrying amount | 2,900 | 2,900 | ||
Patents [Member] | ||||
Gross amount, finite-lived intangible assets | 895 | |||
Accumulated amortization | 785 | 778 | 755 | |
Carrying amount, finite-lived intangible assets | $ 110 | |||
Gross amount | 895 | 895 | ||
Carrying amount | $ 117 | $ 140 | ||
[1] | Acquired intangibles consist of trademarks and goodwill, allocated on a preliminary basis. |
Note 8 - Identified Intangibl_5
Note 8 - Identified Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization expense | $ 7 | $ 8 |
Note 8 - Identified Intangibl_6
Note 8 - Identified Intangible Assets - Expected Amortization Expense (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2021 | $ 19 |
2022 | 22 |
2023 | 20 |
2024 | 17 |
2025 | 12 |
2026+ | $ 20 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) | Jul. 01, 2021 | Mar. 15, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Feb. 13, 2019 |
Long-term Line of Credit, Total | $ 20,000,000 | ||||
Line of Credit Facility, Interest Rate at Period End | 1.92% | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | ||||
Line of Credit Facility, Additional Increase in Maximum Borrowing Capacity | 25,000,000 | ||||
Long-term Line of Credit, Total | $ 0 | ||||
Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500,000 | ||||
Term Facility [Member] | |||||
Debt Instrument, Face Amount | $ 130,000,000 | ||||
Debt Instrument, LIBOR Floor | 1.00% | ||||
Term Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 7.00% | ||||
Term Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate if Total Average Leverage Ratio is Greater or Equal to 3.25 | 7.00% | ||||
Debt Instrument, Basis Spread on Variable Rate if Total Average Leverage Ratio is Less Than 3.25 | 6.50% | ||||
Term Facility [Member] | Prime Rate [Member] | Forecast [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate if Total Average Leverage Ratio is Greater or Equal to 3.25 | 6.00% | ||||
Debt Instrument, Basis Spread on Variable Rate if Total Average Leverage Ratio is Less Than 3.25 | 5.50% | ||||
The ABL Facility [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | ||||
Line of Credit Facility, Additional Borrowing Capacity upon Request | 50,000,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 55,700,000 | ||||
Debt Instrument, Collateral Fee | 75,000 | ||||
The ABL Facility [Member] | Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 |
Note 9 - Long-term Debt - Debt
Note 9 - Long-term Debt - Debt Facility Information (Details) - Revolving Credit Facility [Member] | Mar. 15, 2021 | [1] |
Commitments Above 66.7% [Member] | Base Rate [Member] | The ABL Facility [Member] | ||
Rate | 0.00% | |
Commitments Above 66.7% [Member] | Base Rate [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 0.50% | |
Commitments Above 66.7% [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility [Member] | ||
Rate | 1.25% | |
Commitments Above 66.7% [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 1.75% | |
Commitmeents Between 33.3% and 66.7% [Member] | Base Rate [Member] | The ABL Facility [Member] | ||
Rate | 0.00% | |
Commitmeents Between 33.3% and 66.7% [Member] | Base Rate [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 0.50% | |
Commitmeents Between 33.3% and 66.7% [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility [Member] | ||
Rate | 1.50% | |
Commitmeents Between 33.3% and 66.7% [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 2.00% | |
Commitments Below 33.3% [Member] | Base Rate [Member] | The ABL Facility [Member] | ||
Rate | 0.25% | |
Commitments Below 33.3% [Member] | Base Rate [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 0.75% | |
Commitments Below 33.3% [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility [Member] | ||
Rate | 1.75% | |
Commitments Below 33.3% [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 2.25% | |
[1] | Until June 30, 2021, Tier II shall apply. |
Note 9 - Long-term Debt - Curre
Note 9 - Long-term Debt - Current and Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Term Facility that matures in 2026 with an effective interest rate of 8.00% | $ 190,500 | ||
Less: Unamortized debt issuance costs | (4,231) | ||
Total debt, net of debt issuance costs | 186,269 | ||
Less: Debt maturing within one year | (3,250) | $ 0 | $ 0 |
Long-term debt | 183,019 | $ 0 | $ 20,000 |
Term Facility [Member] | |||
Term Facility that matures in 2026 with an effective interest rate of 8.00% | 130,000 | ||
The ABL Facility [Member] | |||
Term Facility that matures in 2026 with an effective interest rate of 8.00% | $ 60,500 |
Note 9 - Long-term Debt - Credi
Note 9 - Long-term Debt - Credit Agreement (Details) - Revolving Credit Facility [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Average Excess Revolver Availability of $25,000,000 or More [Member] | Eurodollar [Member] | |
Rate | 1.00% |
Average Excess Revolver Availability of $25,000,000 or More [Member] | Domestic Rate [Member] | |
Rate | 0.50% |
Average Excess Revolver Availability of $17,500,000 to Less Than 25,000,000 [Member] | Eurodollar [Member] | |
Rate | 1.25% |
Average Excess Revolver Availability of $17,500,000 to Less Than 25,000,000 [Member] | Domestic Rate [Member] | |
Rate | 0.50% |
Average Excess Revolver Availability of $10,000,000 to Less Than 17,500,000 [Member] | Eurodollar [Member] | |
Rate | 1.50% |
Average Excess Revolver Availability of $10,000,000 to Less Than 17,500,000 [Member] | Domestic Rate [Member] | |
Rate | 2.50% |
Average Excess Revolver Availability of Less Than $10,000,000 [Member] | Eurodollar [Member] | |
Rate | 1.75% |
Average Excess Revolver Availability of Less Than $10,000,000 [Member] | Domestic Rate [Member] | |
Rate | 0.00% |
Note 10 - Taxes (Details Textua
Note 10 - Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | $ 0 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% | 21.00% |
Note 10 - Taxes - Tax Examinati
Note 10 - Taxes - Tax Examinations (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Domestic Tax Authority [Member] | |
Open tax year | 2017 |
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | |
Open tax year | 2017 |
Foreign Tax Authority [Member] | Departamento de Hacienda de Puerto Rico [Member] | |
Open tax year | 2015 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |
Open tax year | 2015 |
State and Local Jurisdiction [Member] | |
Open tax year | 2016 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Basic and Diluted Income Per Common Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic (in shares) | 7,258 | 7,351 |
Diluted - weighted average shares outstanding (in shares) | 7,348 | 7,386 |
Anti-dilutive securities (in shares) | 34 | 151 |
Share-based Payment Arrangement, Option [Member] | ||
Dilutive stock options (in shares) | 90 | 35 |
Note 12 - Supplemental Cash F_3
Note 12 - Supplemental Cash Flow Information - Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest paid | $ 20 | $ 19 |
Federal, state, and local income taxes paid, net | 4 | 0 |
Change in contract receivables, net | 2,999 | 2,195 |
Change in contract liabilities, net | (2,655) | (2,195) |
Property, plant, and equipment purchases in accounts payable | $ 1,668 | $ 1,308 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Reportable Segments | 3 |
Note 13 - Segment Information -
Note 13 - Segment Information - Summary of Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
NET SALES | $ 87,667 | $ 55,720 |
GROSS MARGIN | 35,139 | 19,320 |
Wholesale [Member] | ||
NET SALES | 59,235 | 34,986 |
GROSS MARGIN | 22,261 | 11,241 |
Retail [Member] | ||
NET SALES | 23,986 | 16,890 |
GROSS MARGIN | 11,549 | 7,454 |
Military [Member] | ||
NET SALES | 4,446 | 3,844 |
GROSS MARGIN | $ 1,329 | $ 625 |