Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 05, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | UFP TECHNOLOGIES INC | ||
Entity Central Index Key | 0000914156 | ||
Trading Symbol | ufpt | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,463,260 | ||
Entity Public Float | $ 279,729,924 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 3,743 | $ 3,238 |
Receivables, net | 28,648 | 28,321 |
Inventories | 18,276 | 19,576 |
Prepaid expenses | 2,304 | 2,206 |
Refundable income taxes | 279 | 2,285 |
Total current assets | 53,250 | 55,626 |
Property, plant, and equipment | 116,089 | 111,779 |
Less accumulated depreciation and amortization | (59,350) | (54,112) |
Net property, plant and equipment | 56,739 | 57,667 |
Goodwill | 51,838 | 51,838 |
Intangible assets, net | 20,975 | 22,232 |
Non-qualified deferred compensation plan | 2,775 | 2,034 |
Operating lease right of use assets | 3,034 | 0 |
Other assets | 147 | 201 |
Total assets | 188,758 | 189,598 |
Current liabilities: | ||
Accounts payable | 4,577 | 6,836 |
Accrued expenses | 8,483 | 8,458 |
Deferred revenue | 2,574 | 2,507 |
Operating lease liabilities | 674 | 0 |
Current installments of long-term debt | 2,857 | |
Total current liabilities | 16,308 | 20,658 |
Long-term debt, excluding current portion | 22,286 | |
Deferred income taxes | 4,921 | 4,129 |
Non-qualified deferred compensation plan | 2,788 | 2,044 |
Operating lease liabilities | 2,416 | 0 |
Other liabilities | 334 | 24 |
Total liabilities | 26,767 | 49,141 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value, 1,000,000 shares authorized; no shares issued | 0 | 0 |
Common stock, $.01 par value, 20,000,000 shares authorized; 7,475,768 and 7,446,209 shares issued and outstanding, respectively at December 31, 2019; and 7,415,002 and 7,385,443 shares issued and outstanding, respectively, at December 31, 2018 | 74 | 74 |
Additional paid-in capital | 30,952 | 29,168 |
Retained earnings | 131,552 | 111,802 |
Treasury stock at cost, 29,559 shares at December 31, 2019 and 2018 | (587) | (587) |
Total stockholders' equity | 161,991 | 140,457 |
Total liabilities and stockholders' equity | $ 188,758 | $ 189,598 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,475,768 | 7,415,002 |
Common stock, shares outstanding (in shares) | 7,446,209 | 7,385,443 |
Treasury stock, shares (in shares) | 29,559 | 29,559 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 198,381 | $ 190,455 | $ 147,843 |
Cost of sales | 144,422 | 142,147 | 112,356 |
Gross profit | 53,959 | 48,308 | 35,487 |
Selling, general, and administrative expenses | 29,251 | 27,654 | 23,724 |
Acquisition costs | 1,089 | ||
Restructuring costs | 63 | ||
(Gain) Loss on sales of property, plant and equipment | (47) | 7 | |
Operating income | 24,708 | 19,612 | 11,693 |
Interest income | 0 | 47 | 216 |
Interest expense | (674) | (1,320) | (50) |
Other (expense) income | (388) | 64 | |
Income before income tax provision | 23,646 | 18,403 | 11,859 |
Income tax expense | 3,896 | 4,092 | 2,649 |
Net income | $ 19,750 | $ 14,311 | $ 9,210 |
Net income per common share outstanding: | |||
Basic (in dollars per share) | $ 2.66 | $ 1.95 | $ 1.27 |
Diluted (in dollars per share) | $ 2.63 | $ 1.93 | $ 1.26 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 7,424 | 7,347 | 7,248 |
Diluted (in shares) | 7,516 | 7,430 | 7,337 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 7,212 | 30 | |||
Balance at Dec. 31, 2016 | $ 72 | $ 25,216 | $ 88,352 | $ (587) | $ 113,053 |
Share-based compensation (in shares) | 32 | ||||
Share-based compensation | $ 1 | 1,067 | 1,068 | ||
Exercise of stock options net of shares presented for exercise (in shares) | 47 | ||||
Exercise of stock options net of shares presented for exercise | $ 1 | 676 | 677 | ||
Net share settlement of restricted stock units and stock option tax withholding (in shares) | (11) | ||||
Net share settlement of restricted stock units and stock option tax withholding | $ (1) | (295) | (296) | ||
Net income | 9,210 | 9,210 | |||
Balance (in shares) at Dec. 31, 2017 | 7,280 | 30 | |||
Balance at Dec. 31, 2017 | $ 73 | 26,664 | 97,562 | $ (587) | 123,712 |
Share-based compensation | 1,212 | 1,212 | |||
Exercise of stock options net of shares presented for exercise (in shares) | 79 | ||||
Exercise of stock options net of shares presented for exercise | $ 1 | 1,269 | 1,270 | ||
Net share settlement of restricted stock units and stock option tax withholding (in shares) | (5) | ||||
Net share settlement of restricted stock units and stock option tax withholding | (144) | (144) | |||
Net income | 14,311 | 14,311 | |||
Excess tax benefits on share-based compensation - adjustment | 167 | 167 | |||
ASC 606 adjustments | (71) | (71) | |||
Balance (in shares) at Dec. 31, 2018 | 7,385 | 30 | |||
Balance at Dec. 31, 2018 | $ 74 | 29,168 | 111,802 | $ (587) | 140,457 |
Share-based compensation | 1,591 | 1,591 | |||
Exercise of stock options net of shares presented for exercise (in shares) | 45 | ||||
Exercise of stock options net of shares presented for exercise | 705 | 705 | |||
Net share settlement of restricted stock units and stock option tax withholding (in shares) | (13) | ||||
Net share settlement of restricted stock units and stock option tax withholding | (512) | (512) | |||
Net income | 19,750 | 19,750 | |||
Balance (in shares) at Dec. 31, 2019 | 7,446 | 30 | |||
Balance at Dec. 31, 2019 | $ 74 | $ 30,952 | $ 131,552 | $ (587) | $ 161,991 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income from consolidated operations | $ 19,750 | $ 14,311 | $ 9,210 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 8,172 | 7,831 | 5,635 |
(Gain) loss on sales of property, plant and equipment | (47) | 7 | |
Share-based compensation | 1,591 | 1,212 | 1,068 |
Deferred income taxes | 792 | 1,881 | (1,019) |
Changes in operating assets and liabilities: | |||
Receivables, net | (327) | (2,556) | (132) |
Inventories | 1,300 | (2,295) | 1,288 |
Prepaid expenses | (98) | (249) | 446 |
Refundable income taxes | 2,006 | (1,268) | (210) |
Other assets | 110 | (76) | (228) |
Accounts payable | (2,472) | 1,113 | 93 |
Accrued expenses | 25 | 1,472 | 974 |
Deferred revenue | 67 | 35 | 91 |
Non-qualified deferred compensation plan and other liabilities | 313 | (44) | 246 |
Net cash provided by operating activities | 31,229 | 21,320 | 17,469 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (5,778) | (5,428) | (10,382) |
Acquisition of Dieletrics, net of cash acquired | (76,978) | ||
Proceeds from sale of property, plant and equipment | 4 | 77 | 7 |
Net cash used in investing activities | (5,774) | (82,329) | (10,375) |
Cash flows from financing activities: | |||
Proceeds from advances on revolving line of credit | 36,000 | ||
Payments on revolving line of credit | (8,000) | (28,000) | |
Proceeds from the issuance of long-term debt | 20,000 | ||
Principal repayment of long-term debt | (17,143) | (2,857) | (856) |
Proceeds from the exercise of stock options, net of shares presented for exercise | 705 | 1,270 | 677 |
Payment of statutory withholding for stock options exercised and restricted stock units vested | (512) | (144) | (296) |
Net cash (used in) provided by financing activities | (24,950) | 26,269 | (475) |
Net change in cash and cash equivalents | 505 | (34,740) | 6,619 |
Cash and cash equivalents at beginning of year | 3,238 | 37,978 | 31,359 |
Cash and cash equivalents at end of year | $ 3,743 | $ 3,238 | $ 37,978 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Summary of Significant Accounting Policies UFP Technologies, Inc. (“the Company”) is an innovative designer and custom converter of foams, plastics, composites and natural fiber products principally serving the medical, automotive, aerospace and defense, consumer, electronics and industrial markets. The Company was incorporated in the State of Delaware in 1993. (a) Principles of Consolidation The consolidated financial statements include the accounts and results of operations of UFP Technologies, Inc., its wholly-owned subsidiaries, Moulded Fibre Technology, Inc., Simco Industries, Inc. Dielectrics, Inc. and UFP Realty LLC, and its wholly-owned subsidiaries, UFP MA LLC, UFP CO LLC, UFP FL LLC, UFP TX LLC, UFP MI LLC, and UFP IA LLC. All significant intercompany balances and transactions have been eliminated in consolidation. The Company has evaluated all subsequent events through the date of this filing. (b) Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including allowance for doubtful accounts and the net realizable value of inventory, and the fair value of goodwill, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Fair Value Measurement The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. The Company has not (d) Fair Value of Financial Instruments Cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the Company’s current incremental borrowing rate. (e) Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three December 31, 2019 2018, not The Company maintains its cash in bank deposit accounts, money market funds, and certificates of deposit that at times exceed federally insured limits. The Company periodically reviews the financial stability of institutions holding its accounts and does not December 31, 2019, $4.7 (f) Accounts Receivable The Company periodically reviews the collectability of its accounts receivable. Provisions are recorded for accounts that are potentially uncollectable. Determining adequate reserves for accounts receivable requires management’s judgment. Conditions impacting the realizability of the Company’s receivables could cause actual asset write-offs to be materially different than the reserved balances as of December 31, 2019. (g) Inventories Inventories include material, labor, and manufacturing overhead and are valued at the lower of cost or net realizable value. Cost is determined using the first first The Company periodically reviews the realizability of its inventory for potential excess or obsolescence. Determining the net realizable value of inventory requires management’s judgment. Conditions impacting the realizability of the Company’s inventory could cause actual asset write-offs to be materially different than the Company’s current estimates as of December 31, 2019. (h) Property, Plant, and Equipment Property, plant, and equipment are stated at cost and are depreciated or amortized using the straight-line method over the estimated useful lives of the assets or the related lease term, if shorter. Estimated useful lives of property, plant, and equipment are as follows: Leasehold improvements Shorter of estimated useful life Buildings and improvements (in years) 20 - 40 Machinery & equipment (in years) 7 - 15 Furniture, fixtures, computers & software (in years) 3 - 7 Property, plant, and equipment amounts are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not No December 31, 2019 (i) Goodwill Goodwill is tested for impairment annually and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may one 1” December 31, 2018. December 31, 2018, one • The reporting unit’s estimated financials and five • The projected terminal value which reflects the total present value of projected cash flows beyond the last period in the DCF. This value reflects a growth rate for the reporting unit, which is approximately the same growth rate of expected inflation into perpetuity. • The discount rate determined using a Weighted Average Cost of Capital method (“WACC”), which considered market and industry data as well as Company-specific risk factors. Selection of guideline public companies which are similar in size and market capitalization to each other and to the Company. As of December 31, 2018, may The Company’s annual impairment testing date is December 31. 0” December 31, 2019 not not 1” 2018 1 Approximately $47.9 (j) Intangible Assets Intangible assets with a definite life are amortized on a straight-line basis, with estimated useful lives ranging from 5 20 may not No December 31, 2019 (k) Revenue Recognition Beginning in 2018, 606 1 2 3 4 5 not not For the year 2017, 606, (l) Share-Based Compensation When accounting for equity instruments exchanged for employee services, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Forfeitures are expensed as they occur. The Company issues share-based awards through several plans that are described in detail in Note 12. Years Ended December 31, 2019 2018 2017 Share-based compensation expense $ 1,591 $ 1,212 $ 1,068 The compensation expense for stock options granted during the three December 31, 2019, Years Ended December 31, 2019 2018 2017 Expected volatility 28.9 % 27.7 % 27.4% - 29.1% Expected dividends None None None Risk-free interest rate 2.3 % 2.7 % 1.56% - 1.84% Exercise price $ 38.61 $ 31.20 $27.05 - $28.70 Expected term (in years) 6.0 6.0 2.7 to 5.8 Weighted-average grant date fair value $ 12.70 $ 10.15 $5.59 - $8.51 The stock volatility for each grant is determined based on a review of the experience of the weighted average of historical daily price changes of the Company’s common stock over the expected option term, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected term is estimated based on historical option exercise activity. The total income tax benefit recognized in the consolidated statements of income for share-based compensation arrangements was approximately $653 $544 $525 December 31, 2019, 2018 2017, (m) Shipping and Handling Costs Costs incurred related to shipping and handling are included in cost of sales. Amounts charged to customers pertaining to these costs are included in net sales. (n) Income Taxes The Company’s income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax expense or benefit results from the net change during the year in deferred tax assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the need for a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not not The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 50% (o) Segments and Related Information The Company follows the provisions of Accounting Standards Codification (ASC) 280, Segment Reporting 17 (p) Treasury Stock The Company accounts for treasury stock under the cost method, using the first first not December 31, 2019, 2018 2017. (q) Research and Development On a routine basis, the Company incurs costs related to research and development activity. These costs are expensed as incurred. Approximately $9.5 $10.5 $5.0 December 31, 2019, 2018 2017, Recent Accounting Pronouncements In February 2016, No. 2016 02, 842 January 2018 No. 2018 01 July 2018 2018 10 2018 11. 842 January 1, 2019. 13 In January 2017, No. 2017 04, 350 2 not December 15, 2019. January 1, 2017. not In June 2016, not January 1, 2020, not Revisions Certain revisions have been made to the December 31, 2018 2017 $104 $121 December 31, 2018 2017, no |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 2 Revenue Recognition Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to our customers (in thousands) (See Note 17 Years Ended December 31, 2019 2018 2017 Net sales of: Products $ 193,016 $ 183,186 $ 146,275 Tooling and Machinery 2,730 4,302 1,181 Engineering services 2,635 2,967 387 Total net sales $ 198,381 $ 190,455 $ 147,843 Contract balances Timing of revenue recognition may The following table presents opening and closing balances of contract liabilities for the years ended December 31, 2019 2018 Contract Liabilities Years Ended December 31, 2019 2018 Deferred revenue - beginning of period $ 2,507 $ 871 Acquired in Dielectrics business combination - 2,175 Increases due to consideration received from customers 3,216 4,188 Revenue recognized (3,149 ) (4,727 ) Deferred revenue - end of period $ 2,574 $ 2,507 Revenue recognized during the years ended December 31, 2019 2018 $1.7 $0.6 When invoicing occurs after revenue recognition, the Company has unbilled receivables (contract assets) included within “receivables” on the condensed consolidated balance sheet. The following table presents opening and closing balances of contract assets for the years ended December 31, 2019 2018 Contract Assets Years Ended December 31, 2019 2018 Unbilled Receivables - beginning of period $ 65 $ - Increases due to revenue recognized - not invoiced to customers 831 301 Decreases due to customer invoicing (824 ) (236 ) Unbilled Receivables - end of period $ 72 $ 65 |
Note 3 - Supplemental Cash Flow
Note 3 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | ( 3 Supplemental Cash Flow Information Years Ended December 31, 2019 2018 2017 (in thousands) Cash paid for: Interest $ 664 $ 1,303 $ 47 Income taxes, net of refunds $ 1,255 $ 3,463 $ 3,878 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 213 $ 218 $ 85 During the years ended December 31, 2019, 2018 2017, $0, $0 $172 |
Note 4 - Receivables
Note 4 - Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 4 Receivables Receivables consist of the following (in thousands): December 31, 2019 2018 Accounts receivable–trade $ 29,134 $ 28,885 Less allowance for doubtful receivables (486 ) (564 ) Receivables, net $ 28,648 $ 28,321 Receivables are written off against these reserves in the period they are determined to be uncollectable, and payments subsequently received on previously written-off receivables are recorded as a reversal of the bad debt provision. The Company performs credit evaluations on its customers and obtains credit insurance on a large percentage of its accounts but does not $52 $50 December 31, 2019 2018, |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 5 Inventories Inventories consist of the following (in thousands): December 31, 2019 2018 Raw materials $ 10,540 $ 11,727 Work in process 2,279 2,521 Finished goods 5,457 5,328 Total Inventory $ 18,276 $ 19,576 |
Note 6 - Other Intangible Asset
Note 6 - Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 6 Other Intangible Assets The carrying values of the Company’s definite-lived intangible assets as of December 31, 2019 2018 December 31, 2019 Tradename & Brand Non- Customer Total Estimated useful life 10 years 5 years 20 years Gross amount $ 367 $ 462 $ 22,555 $ 23,384 Accumulated amortization (70 ) (177 ) (2,162 ) $ (2,409 ) Net balance $ 297 $ 285 $ 20,393 $ 20,975 December 31, 2018 Tradename & Brand Non- Customer Total Estimated useful life 10 years 5 years 20 years Gross amount $ 367 $ 462 $ 22,555 $ 23,384 Accumulated amortization (33 ) (85 ) (1,034 ) $ (1,152 ) Net balance $ 334 $ 377 $ 21,521 $ 22,232 Amortization expense related to intangible assets was approximately $1.3 $1.2 $0.3 December 31, 2019, 2018 2017, December 31, 2019 2020 1,257 2021 1,257 2022 1,257 2023 1,172 2024 1,164 Thereafter 14,868 Total $ 20,975 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 7 Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): December 31, 2019 2018 Land and improvements $ 3,191 $ 3,191 Buildings and improvements 35,502 35,187 Leasehold improvements 3,022 2,843 Machinery & equipment 66,438 62,440 Furniture, fixtures, computers & software 6,414 7,119 Construction in progress 1,522 999 $ 116,089 $ 111,779 Depreciation and amortization expense of Property, Plant and Equipment for the years ended December 31, 2019, 2018 2017, $6.9 $6.6 $5.3 |
Note 8 - Indebtedness
Note 8 - Indebtedness | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 8 Indebtedness On February 1, 2018, $70 The credit facilities under the Amended and Restated Credit Agreement (the “Amended and Restated Credit Facilities”) consist of a $20 may $50 February 1, 2023. may The Amended and Restated Credit Agreement calls for interest of LIBOR plus a margin that ranges from 1.0% 1.5% .25% December 31, 2019, 2.8% Included in the Amended and Restated Credit Facilities were approximately $0.7 Long-term debt consists of the following (in thousands): December 31, 2019 2018 Revolving credit facility $ - $ 8,000 Term loan - 17,143 Total long-term debt - 25,143 Current portion - (2,857 ) Long-term debt, excluding current portion $ - $ 22,286 Derivative Financial Instruments The Company used interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on certain of its variable-rate debt instruments. The Company does not not The Company assesses interest rate risk by continually identifying and monitoring changes in interest rate exposures that may $20 5 three 2.7% $14,285,712 December 31, 2019. December 31, 2019 325 $388 $64 December 31, 2019 2018, During the fourth 2019, no |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 9 Accrued Expenses Accrued expenses consist of the following (in thousands): December 31, 2019 2018 Compensation $ 3,961 $ 3,542 Benefits / self-insurance reserve 1,033 1,153 Paid time off 1,315 1,131 Other 2,174 2,632 $ 8,483 $ 8,458 |
Note 10 - Income Tax
Note 10 - Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 10 Income Tax The Company’s income tax provision for the years ended December 31, 2019, 2018 2017 Years Ended December 31, 2019 2018 2017 Current Federal $ 2,920 $ 1,772 $ 3,117 State 185 439 551 3,105 2,211 3,668 Deferred Federal 485 1,917 (1,091 ) State 306 (36 ) 72 791 1,881 (1,019 ) Total income tax provision $ 3,896 $ 4,092 $ 2,649 The approximate tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Reserves $ 362 $ 367 Inventory capitalization 396 421 Compensation programs 578 447 Retirement liability - 2 Equity-based compensation 403 290 Lease liability 795 11 Intangible assets 73 141 State tax credits, net of federal impact 274 257 Gross deferred tax assets 2,881 1,936 Valuation allowance (136 ) - Net deferred tax assets 2,745 1,936 Deferred tax liabilities: Excess of book over tax basis of fixed assets (4,877 ) (4,668 ) Goodwill (2,008 ) (1,397 ) Right of use asset (781 ) - Total deferred tax liabilities (7,666 ) (6,065 ) Net long-term deferred tax liabilities $ (4,921 ) $ (4,129 ) The amounts recorded as deferred tax assets as of December 31, 2019 2018, not $2.9 December 31, 2019, not $136 2018 may The Company has approximately $348 one 2020 2033. The actual tax provision for the years presented differs from the “expected” tax provision for those years, computed by applying the U.S. federal corporate rate of 21% Years Ended December 31, 2019 2018 2017 Computed “expected” tax rate 21.0 % 21.0 % 34.0 % Increase (decrease) in income taxes resulting from: State taxes, net of federal tax benefit 1.8 2.8 3.5 Meals and entertainment 0.2 0.2 0.3 Tax credits (6.2 ) (1.9 ) (0.6 ) Domestic production deduction - - (2.6 ) Non-deductible ISO stock option expense - 0.1 0.1 Unrecognized tax benefits (0.7 ) - - Excess tax benefits on equity awards (0.7 ) (1.3 ) (1.4 ) Excess compensation 0.6 0.8 - Impact on deferred taxes of new legislation - - (11.1 ) Other 0.4 0.5 0.1 Change in valuation allowance 0.1 - - Effective tax rate 16.5 % 22.2 % 22.3 % The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company has not 2004, 2007, 2009, 2012, 2017. 2016 2019 A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (“UTB”) resulting from uncertain tax positions is as follows (in thousands): December 31, 2019 2018 Gross UTB balance at beginning of fiscal year $ 150 $ 150 Reductions for tax positions of prior years (150 ) - Gross UTB balance at end of fiscal year $ - $ 150 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of December 31, 2019 2018 $0 $150 In addition, the total amount of accrued interest and penalties on uncertain tax positions at December 31, 2019 2018 $0 $153 At December 31, 2018, January 17, 2019 February 21, 2019 $156,000 |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 11 Net Income Per Share Basic income per share is based upon the weighted average common shares outstanding during each year. Diluted income per share is based upon the weighted average of common shares and dilutive common stock equivalent shares outstanding during each year. The weighted average number of shares used to compute both basic and diluted income per share consisted of the following (in thousands): Years Ended December 31, 2019 2018 2017 Basic weighted average common shares outstanding during the year 7,424 7,347 7,248 Weighted average common equivalent shares due to stock options and restricted stock units 92 83 89 Diluted weighted average common shares outstanding during the year 7,516 7,430 7,337 The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options, when the average market price of the common stock is lower than the exercise price of the related options during the period. These outstanding stock awards are not For the years ended December 31, 2019, 2018 2017, 16,536, 10,344 27,336, |
Note 12 - Stock Option and Equi
Note 12 - Stock Option and Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 12 Stock Option and Equity Incentive Plans Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The Company issues share-based awards through several plans that are described below. The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands): Years Ended December 31, Share-based compensation related to: 2019 2018 2017 Common stock grants $ 400 $ 505 $ 505 Stock option grants 151 149 138 Restricted Stock Unit awards 1,040 558 425 Total share-based compensation $ 1,591 $ 1,212 $ 1,068 Incentive Plan In June 2003, 2003 Two types of equity awards may may Through December 31, 2019, 1,252,613 2003 none 108,424 December 31, 2019, 185,000 10,000 December 31, 2019, 803,244 2003 Director Plan Effective July 15, 1998, 1998 June 3, 2009, 2009 March 7, 2013, 975,000 December 31, 2019, 365,026 95,614 December 31, 2019, 5,442 79,648 The following is a summary of stock option activity under all plans: Shares Under Weighted (per share) Weighted (in years) Aggregate (in thousands) Outstanding December 31, 2018 134,043 $ 20.46 Granted 16,536 38.61 Exercised (44,965 ) 15.68 Outstanding December 31, 2019 105,614 $ 25.34 5.70 $ 2,563 Exercisable at December 31, 2019 85,328 $ 22.62 5.10 $ 2,303 Vested and expected to vest at December 31, 2019 105,614 $ 25.34 5.70 $ 2,563 During the years ended December 31, 2019, 2018 2017, $1.0, $1.2 $0.6 $0.7 $1.3 $0.8 December 31, 2019 2018, no December 31, 2017, 6,511 $26.45. On February 19, 2019, $400 2003 December 12, 2019. On June 5, 2019 16,536 The Company grants RSUs to its executive officers and employees. The stock unit awards are subject to various time-based vesting requirements, and certain portions of these awards are subject to performance criteria of the Company. Compensation expense on these awards is recorded based on the fair value of the award at the date of grant, which is equal to the Company’s closing stock price, and is charged, to expense ratably during the service period. No not December 31, 2019: Restricted Weighted Outstanding at December 31, 2018 72,996 $ 23.60 Awarded 64,701 33.55 Shares vested (20,529 ) 23.74 Forfeitures (3,302 ) 33.31 Outstanding at December 31, 2019 113,866 $ 28.36 At the Company’s discretion, RSU holders are given the option to net-share settle to cover the required minimum withholding tax, and the remaining amount is converted into the equivalent number of common shares. During the year ended December 31, 2019, 8,341 $33.69. December 31, 2018 2017, 5,238 4,377 $27.60 $24.50, The following summarizes the future share-based compensation expense the Company will record as the equity securities granted through December 31, 2019, Options Restricted Total 2020 $ 116 $ 999 $ 1,115 2021 - 746 746 2022 - 409 409 2023 - 48 48 Total $ 116 $ 2,202 $ 2,318 |
Note 13 - Leases
Note 13 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 13 Leases The Company adopted ASC 842 842” January 1, 2019, January 1, 2019 840, no 842 $4.0 $4.1 January 1, 2019. not not The Company has operating leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 not not ROU assets represent the Company's right to use an underlying asset during the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. ROU assets will also be adjusted for any deferred or accrued rent. As the Company's operating leases do not Year Ended December 31, 2019 ($ in thousands) Lease cost: Operating $ 1,222 Variable 219 Short-term 27 Total lease cost $ 1,468 Cash paid for amounts included in measurement of lease liabilities: Operating $ 1,208 Weighted-average remaining lease term (years): Operating 2.69 Weighted-average discount rate: Operating 4.45 % The aggregate future lease payments for operating leases as of December 31, 2019 2020 1,173 2021 1,118 2022 957 2023 36 2024 - Thereafter - Total lease payments 3,284 Less: Interest (194 ) Present value of lease liabilities $ 3,090 The aggregate future lease payments for operating leases as of December 31, 2018 2019 $ 1,051 2020 1,070 2021 1,063 2022 975 2023 36 Total $ 4,195 Rent expense amounted to approximately $1.2 $1.2 $0.9 2019, 2018 2017, |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 14 Commitments and Contingencies (a) Leases 2023. 13 (b) Legal may not |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 15 Employee Benefit Plans The Company maintains a profit-sharing plan for eligible employees. Contributions to the Plan are made in the form of matching contributions to employee 401 March 15 $1.0 $1.1 $0.8 2019, 2018 2017, The Company has a partially self-insured health insurance program that covers all eligible participating employees. The maximum liability is limited by a stop loss of $225 The Company has an Executive, Non-qualified “Excess” Plan (“the Plan”), which is a deferred compensation plan available to certain executives. The Plan permits participants to defer receipt of part of their current compensation to a later date as part of their personal retirement or financial planning. Participants have an unsecured contractual commitment from the Company to pay amounts due under the Plan. The compensation withheld from Plan participants, together with gains or losses determined by the participants’ deferral elections is reflected as a deferred compensation obligation to participants and is classified within the liabilities section in the accompanying balance sheets. At December 31, 2019 2018, $2.8 $2.0 $2.8 $2.0 December 31, 2019 2018, |
Note 16 - Fair Value of Financi
Note 16 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 16 Fair Value of Financial Instruments Financial instruments recorded at fair value in the consolidated balance sheets, or disclosed at fair value in the footnotes, are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels defined by ASC 820, Fair Value Measurements and Disclosures Level 1 Valued based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Valued based on either directly or indirectly observable prices for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 Valued based on management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table presents the fair value and hierarchy levels, for financial assets that are measured at fair value on a recurring basis (in thousands): Level 2 December 31, Assets: Derivative financial instruments $ (325 ) Derivative financial instruments consist of an interest rate swap for which fair value is determined through the use of a pricing model that utilizes verifiable inputs such as market interest rates that are observable at commonly quoted intervals for the full term of the swap agreement. The Company has financial instruments, such as accounts receivable, accounts payable, and accrued expenses, that are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the estimated borrowing rate currently available to the Company. |
Note 17 - Segment Data
Note 17 - Segment Data | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 17 Segment Data The Company consists of a single operating and reportable segment. Revenues from customers outside of the United States are not No 10% December 31, 2019. The Company’s custom products are primarily sold to customers within the Medical, Automotive, Consumer, Aerospace and Defense, Industrial, and Electronics markets. Sales by market for the years ended December 31, 2019, 2018 2017 2019 2018 2017 Market Net Sales % Net Sales % Net Sales % Medical $ 128,915 65.0 % $ 110,282 57.9 % $ 70,090 47.4 % Automotive 20,004 10.1 % 20,022 10.5 % 23,119 15.6 % Consumer 17,669 8.9 % 24,989 13.1 % 21,328 14.4 % Aerospace & Defense 13,778 6.9 % 13,130 6.9 % 11,521 7.8 % Industrial 9,607 4.8 % 10,579 5.6 % 9,826 6.6 % Electronics 8,408 4.2 % 11,453 6.0 % 11,959 8.1 % Net Sales $ 198,381 100.0 % $ 190,455 100.0 % $ 147,843 100.0 % Certain amounts for the years ended December 31, 2018 2017 |
Note 18 - Quarterly Financial I
Note 18 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 18 Quarterly Financial Information (unaudited) Summarized quarterly financial data is as follows (in thousands, except per share data): 2019 Q1 Q2 Q3 Q4 Net sales $ 47,328 $ 51,399 $ 49,394 $ 50,260 Gross profit 12,497 14,371 13,321 13,770 Net income 3,734 4,598 5,641 5,777 Basic net income per share 0.50 0.62 0.76 0.78 Diluted net income per share 0.50 0.62 0.75 0.76 2018 Q1 Q2 Q3 Q4 Net sales $ 42,931 $ 49,019 $ 47,808 $ 50,697 Gross profit 10,185 12,986 12,431 12,706 Net income 1,777 3,990 4,134 4,410 Basic net income per share 0.24 0.54 0.56 0.60 Diluted net income per share 0.24 0.54 0.56 0.59 |
Note 19 - Acquisition
Note 19 - Acquisition | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 19 Acquisition On February 1, 2018 100% $80 $250 Founded in 1954 five two five The following table summarizes the allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands): Consideration Paid: Cash paid at closing $ 80,000 Working capital adjustment 250 Cash from Dielectrics (3,272 ) Total consideration $ 76,978 Purchase Price Allocation: Accounts receivable $ 4,384 Inventory 4,418 Other current assets 122 Property, plant and equipment 4,600 Customer list 22,555 Non-compete 462 Trade name and brand 367 Goodwill 44,516 Total identifiable assets $ 81,424 Accounts payable (1,325 ) Accrued expenses (946 ) Deferred revenue (2,175 ) Net assets acquired $ 76,978 Acquisition costs associated with the transaction were approximately $1.1 December 31, 2018. The following table contains an unaudited pro forma condensed consolidated statement of operations for the years ended December 31, 2018 2017, Year Ended December 31, 2018 2017 (Unaudited) (Unaudited) Sales $ 193,510 $ 180,419 Operating Income $ 19,464 $ 18,990 Net Income $ 14,110 $ 13,126 Earnings per share: Basic $ 1.92 $ 1.81 Diluted $ 1.90 $ 1.79 The above unaudited pro forma information is presented for illustrative purposes only and may not may |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II UFP TECHNOLOGIES, INC. Consolidated Financial Statement Schedule Valuation and Qualifying Accounts Years ended December 31, 2019, 2018 2017 Accounts receivable, allowance for doubtful accounts: 2019 2018 2017 Balance at beginning of year $ 564 $ 652 $ 567 Provision for bad debt (52 ) (50 ) 116 Write-offs, net of recoveries (26 ) (38 ) (31 ) Balance at end of year $ 486 $ 564 $ 652 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | (a) Principles of Consolidation The consolidated financial statements include the accounts and results of operations of UFP Technologies, Inc., its wholly-owned subsidiaries, Moulded Fibre Technology, Inc., Simco Industries, Inc. Dielectrics, Inc. and UFP Realty LLC, and its wholly-owned subsidiaries, UFP MA LLC, UFP CO LLC, UFP FL LLC, UFP TX LLC, UFP MI LLC, and UFP IA LLC. All significant intercompany balances and transactions have been eliminated in consolidation. The Company has evaluated all subsequent events through the date of this filing. |
Use of Estimates, Policy [Policy Text Block] | (b) Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including allowance for doubtful accounts and the net realizable value of inventory, and the fair value of goodwill, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Measurement, Policy [Policy Text Block] | (c) Fair Value Measurement The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. The Company has not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (d) Fair Value of Financial Instruments Cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the Company’s current incremental borrowing rate. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (e) Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three December 31, 2019 2018, not The Company maintains its cash in bank deposit accounts, money market funds, and certificates of deposit that at times exceed federally insured limits. The Company periodically reviews the financial stability of institutions holding its accounts and does not December 31, 2019, $4.7 |
Inventory, Cash Flow Policy [Policy Text Block] | (f) Accounts Receivable The Company periodically reviews the collectability of its accounts receivable. Provisions are recorded for accounts that are potentially uncollectable. Determining adequate reserves for accounts receivable requires management’s judgment. Conditions impacting the realizability of the Company’s receivables could cause actual asset write-offs to be materially different than the reserved balances as of December 31, 2019. |
Inventory, Policy [Policy Text Block] | (g) Inventories Inventories include material, labor, and manufacturing overhead and are valued at the lower of cost or net realizable value. Cost is determined using the first first The Company periodically reviews the realizability of its inventory for potential excess or obsolescence. Determining the net realizable value of inventory requires management’s judgment. Conditions impacting the realizability of the Company’s inventory could cause actual asset write-offs to be materially different than the Company’s current estimates as of December 31, 2019. |
Property, Plant and Equipment, Policy [Policy Text Block] | (h) Property, Plant, and Equipment Property, plant, and equipment are stated at cost and are depreciated or amortized using the straight-line method over the estimated useful lives of the assets or the related lease term, if shorter. Estimated useful lives of property, plant, and equipment are as follows: Leasehold improvements Shorter of estimated useful life Buildings and improvements (in years) 20 - 40 Machinery & equipment (in years) 7 - 15 Furniture, fixtures, computers & software (in years) 3 - 7 Property, plant, and equipment amounts are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not No December 31, 2019 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | (i) Goodwill Goodwill is tested for impairment annually and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may one 1” December 31, 2018. December 31, 2018, one • The reporting unit’s estimated financials and five • The projected terminal value which reflects the total present value of projected cash flows beyond the last period in the DCF. This value reflects a growth rate for the reporting unit, which is approximately the same growth rate of expected inflation into perpetuity. • The discount rate determined using a Weighted Average Cost of Capital method (“WACC”), which considered market and industry data as well as Company-specific risk factors. Selection of guideline public companies which are similar in size and market capitalization to each other and to the Company. As of December 31, 2018, may The Company’s annual impairment testing date is December 31. 0” December 31, 2019 not not 1” 2018 1 Approximately $47.9 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | (j) Intangible Assets Intangible assets with a definite life are amortized on a straight-line basis, with estimated useful lives ranging from 5 20 may not No December 31, 2019 |
Revenue from Contract with Customer [Policy Text Block] | (k) Revenue Recognition Beginning in 2018, 606 1 2 3 4 5 not not For the year 2017, 606, |
Share-based Payment Arrangement [Policy Text Block] | (l) Share-Based Compensation When accounting for equity instruments exchanged for employee services, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Forfeitures are expensed as they occur. The Company issues share-based awards through several plans that are described in detail in Note 12. Years Ended December 31, 2019 2018 2017 Share-based compensation expense $ 1,591 $ 1,212 $ 1,068 The compensation expense for stock options granted during the three December 31, 2019, Years Ended December 31, 2019 2018 2017 Expected volatility 28.9 % 27.7 % 27.4% - 29.1% Expected dividends None None None Risk-free interest rate 2.3 % 2.7 % 1.56% - 1.84% Exercise price $ 38.61 $ 31.20 $27.05 - $28.70 Expected term (in years) 6.0 6.0 2.7 to 5.8 Weighted-average grant date fair value $ 12.70 $ 10.15 $5.59 - $8.51 The stock volatility for each grant is determined based on a review of the experience of the weighted average of historical daily price changes of the Company’s common stock over the expected option term, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected term is estimated based on historical option exercise activity. The total income tax benefit recognized in the consolidated statements of income for share-based compensation arrangements was approximately $653 $544 $525 December 31, 2019, 2018 2017, |
Shipping and Handling Costs [Policy Text Block] | (m) Shipping and Handling Costs Costs incurred related to shipping and handling are included in cost of sales. Amounts charged to customers pertaining to these costs are included in net sales. |
Income Tax, Policy [Policy Text Block] | (n) Income Taxes The Company’s income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax expense or benefit results from the net change during the year in deferred tax assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the need for a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not not The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 50% |
Segment Reporting, Policy [Policy Text Block] | (o) Segments and Related Information The Company follows the provisions of Accounting Standards Codification (ASC) 280, Segment Reporting 17 |
Stockholders Equity, Treasury Stock [Policy Text Block] | (p) Treasury Stock The Company accounts for treasury stock under the cost method, using the first first not December 31, 2019, 2018 2017. |
Research and Development Expense, Policy [Policy Text Block] | (q) Research and Development On a routine basis, the Company incurs costs related to research and development activity. These costs are expensed as incurred. Approximately $9.5 $10.5 $5.0 December 31, 2019, 2018 2017, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In February 2016, No. 2016 02, 842 January 2018 No. 2018 01 July 2018 2018 10 2018 11. 842 January 1, 2019. 13 In January 2017, No. 2017 04, 350 2 not December 15, 2019. January 1, 2017. not In June 2016, not January 1, 2020, not |
Reclassification, Policy [Policy Text Block] | Revisions Certain revisions have been made to the December 31, 2018 2017 $104 $121 December 31, 2018 2017, no |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Leasehold improvements Shorter of estimated useful life Buildings and improvements (in years) 20 - 40 Machinery & equipment (in years) 7 - 15 Furniture, fixtures, computers & software (in years) 3 - 7 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended December 31, 2019 2018 2017 Share-based compensation expense $ 1,591 $ 1,212 $ 1,068 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2019 2018 2017 Expected volatility 28.9 % 27.7 % 27.4% - 29.1% Expected dividends None None None Risk-free interest rate 2.3 % 2.7 % 1.56% - 1.84% Exercise price $ 38.61 $ 31.20 $27.05 - $28.70 Expected term (in years) 6.0 6.0 2.7 to 5.8 Weighted-average grant date fair value $ 12.70 $ 10.15 $5.59 - $8.51 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years Ended December 31, 2019 2018 2017 Net sales of: Products $ 193,016 $ 183,186 $ 146,275 Tooling and Machinery 2,730 4,302 1,181 Engineering services 2,635 2,967 387 Total net sales $ 198,381 $ 190,455 $ 147,843 |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Liabilities Years Ended December 31, 2019 2018 Deferred revenue - beginning of period $ 2,507 $ 871 Acquired in Dielectrics business combination - 2,175 Increases due to consideration received from customers 3,216 4,188 Revenue recognized (3,149 ) (4,727 ) Deferred revenue - end of period $ 2,574 $ 2,507 Contract Assets Years Ended December 31, 2019 2018 Unbilled Receivables - beginning of period $ 65 $ - Increases due to revenue recognized - not invoiced to customers 831 301 Decreases due to customer invoicing (824 ) (236 ) Unbilled Receivables - end of period $ 72 $ 65 |
Note 3 - Supplemental Cash Fl_2
Note 3 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years Ended December 31, 2019 2018 2017 (in thousands) Cash paid for: Interest $ 664 $ 1,303 $ 47 Income taxes, net of refunds $ 1,255 $ 3,463 $ 3,878 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 213 $ 218 $ 85 |
Note 4 - Receivables (Tables)
Note 4 - Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2019 2018 Accounts receivable–trade $ 29,134 $ 28,885 Less allowance for doubtful receivables (486 ) (564 ) Receivables, net $ 28,648 $ 28,321 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2019 2018 Raw materials $ 10,540 $ 11,727 Work in process 2,279 2,521 Finished goods 5,457 5,328 Total Inventory $ 18,276 $ 19,576 |
Note 6 - Other Intangible Ass_2
Note 6 - Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2019 Tradename & Brand Non- Customer Total Estimated useful life 10 years 5 years 20 years Gross amount $ 367 $ 462 $ 22,555 $ 23,384 Accumulated amortization (70 ) (177 ) (2,162 ) $ (2,409 ) Net balance $ 297 $ 285 $ 20,393 $ 20,975 December 31, 2018 Tradename & Brand Non- Customer Total Estimated useful life 10 years 5 years 20 years Gross amount $ 367 $ 462 $ 22,555 $ 23,384 Accumulated amortization (33 ) (85 ) (1,034 ) $ (1,152 ) Net balance $ 334 $ 377 $ 21,521 $ 22,232 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2020 1,257 2021 1,257 2022 1,257 2023 1,172 2024 1,164 Thereafter 14,868 Total $ 20,975 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 2018 Land and improvements $ 3,191 $ 3,191 Buildings and improvements 35,502 35,187 Leasehold improvements 3,022 2,843 Machinery & equipment 66,438 62,440 Furniture, fixtures, computers & software 6,414 7,119 Construction in progress 1,522 999 $ 116,089 $ 111,779 |
Note 8 - Indebtedness (Tables)
Note 8 - Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2019 2018 Revolving credit facility $ - $ 8,000 Term loan - 17,143 Total long-term debt - 25,143 Current portion - (2,857 ) Long-term debt, excluding current portion $ - $ 22,286 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2019 2018 Compensation $ 3,961 $ 3,542 Benefits / self-insurance reserve 1,033 1,153 Paid time off 1,315 1,131 Other 2,174 2,632 $ 8,483 $ 8,458 |
Note 10 - Income Tax (Tables)
Note 10 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2019 2018 2017 Current Federal $ 2,920 $ 1,772 $ 3,117 State 185 439 551 3,105 2,211 3,668 Deferred Federal 485 1,917 (1,091 ) State 306 (36 ) 72 791 1,881 (1,019 ) Total income tax provision $ 3,896 $ 4,092 $ 2,649 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 Deferred tax assets: Reserves $ 362 $ 367 Inventory capitalization 396 421 Compensation programs 578 447 Retirement liability - 2 Equity-based compensation 403 290 Lease liability 795 11 Intangible assets 73 141 State tax credits, net of federal impact 274 257 Gross deferred tax assets 2,881 1,936 Valuation allowance (136 ) - Net deferred tax assets 2,745 1,936 Deferred tax liabilities: Excess of book over tax basis of fixed assets (4,877 ) (4,668 ) Goodwill (2,008 ) (1,397 ) Right of use asset (781 ) - Total deferred tax liabilities (7,666 ) (6,065 ) Net long-term deferred tax liabilities $ (4,921 ) $ (4,129 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2019 2018 2017 Computed “expected” tax rate 21.0 % 21.0 % 34.0 % Increase (decrease) in income taxes resulting from: State taxes, net of federal tax benefit 1.8 2.8 3.5 Meals and entertainment 0.2 0.2 0.3 Tax credits (6.2 ) (1.9 ) (0.6 ) Domestic production deduction - - (2.6 ) Non-deductible ISO stock option expense - 0.1 0.1 Unrecognized tax benefits (0.7 ) - - Excess tax benefits on equity awards (0.7 ) (1.3 ) (1.4 ) Excess compensation 0.6 0.8 - Impact on deferred taxes of new legislation - - (11.1 ) Other 0.4 0.5 0.1 Change in valuation allowance 0.1 - - Effective tax rate 16.5 % 22.2 % 22.3 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | December 31, 2019 2018 Gross UTB balance at beginning of fiscal year $ 150 $ 150 Reductions for tax positions of prior years (150 ) - Gross UTB balance at end of fiscal year $ - $ 150 |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended December 31, 2019 2018 2017 Basic weighted average common shares outstanding during the year 7,424 7,347 7,248 Weighted average common equivalent shares due to stock options and restricted stock units 92 83 89 Diluted weighted average common shares outstanding during the year 7,516 7,430 7,337 |
Note 12 - Stock Option and Eq_2
Note 12 - Stock Option and Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs, By Award Type [Table Text Block] | Years Ended December 31, Share-based compensation related to: 2019 2018 2017 Common stock grants $ 400 $ 505 $ 505 Stock option grants 151 149 138 Restricted Stock Unit awards 1,040 558 425 Total share-based compensation $ 1,591 $ 1,212 $ 1,068 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Weighted (per share) Weighted (in years) Aggregate (in thousands) Outstanding December 31, 2018 134,043 $ 20.46 Granted 16,536 38.61 Exercised (44,965 ) 15.68 Outstanding December 31, 2019 105,614 $ 25.34 5.70 $ 2,563 Exercisable at December 31, 2019 85,328 $ 22.62 5.10 $ 2,303 Vested and expected to vest at December 31, 2019 105,614 $ 25.34 5.70 $ 2,563 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Weighted Outstanding at December 31, 2018 72,996 $ 23.60 Awarded 64,701 33.55 Shares vested (20,529 ) 23.74 Forfeitures (3,302 ) 33.31 Outstanding at December 31, 2019 113,866 $ 28.36 |
Schedule of Future Share-based Compensation Expense [Table Text Block] | Options Restricted Total 2020 $ 116 $ 999 $ 1,115 2021 - 746 746 2022 - 409 409 2023 - 48 48 Total $ 116 $ 2,202 $ 2,318 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2019 ($ in thousands) Lease cost: Operating $ 1,222 Variable 219 Short-term 27 Total lease cost $ 1,468 Cash paid for amounts included in measurement of lease liabilities: Operating $ 1,208 Weighted-average remaining lease term (years): Operating 2.69 Weighted-average discount rate: Operating 4.45 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 1,173 2021 1,118 2022 957 2023 36 2024 - Thereafter - Total lease payments 3,284 Less: Interest (194 ) Present value of lease liabilities $ 3,090 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2019 $ 1,051 2020 1,070 2021 1,063 2022 975 2023 36 Total $ 4,195 |
Note 16 - Fair Value of Finan_2
Note 16 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 2 December 31, Assets: Derivative financial instruments $ (325 ) |
Note 17 - Segment Data (Tables)
Note 17 - Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2019 2018 2017 Market Net Sales % Net Sales % Net Sales % Medical $ 128,915 65.0 % $ 110,282 57.9 % $ 70,090 47.4 % Automotive 20,004 10.1 % 20,022 10.5 % 23,119 15.6 % Consumer 17,669 8.9 % 24,989 13.1 % 21,328 14.4 % Aerospace & Defense 13,778 6.9 % 13,130 6.9 % 11,521 7.8 % Industrial 9,607 4.8 % 10,579 5.6 % 9,826 6.6 % Electronics 8,408 4.2 % 11,453 6.0 % 11,959 8.1 % Net Sales $ 198,381 100.0 % $ 190,455 100.0 % $ 147,843 100.0 % |
Note 18 - Quarterly Financial_2
Note 18 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2019 Q1 Q2 Q3 Q4 Net sales $ 47,328 $ 51,399 $ 49,394 $ 50,260 Gross profit 12,497 14,371 13,321 13,770 Net income 3,734 4,598 5,641 5,777 Basic net income per share 0.50 0.62 0.76 0.78 Diluted net income per share 0.50 0.62 0.75 0.76 2018 Q1 Q2 Q3 Q4 Net sales $ 42,931 $ 49,019 $ 47,808 $ 50,697 Gross profit 10,185 12,986 12,431 12,706 Net income 1,777 3,990 4,134 4,410 Basic net income per share 0.24 0.54 0.56 0.60 Diluted net income per share 0.24 0.54 0.56 0.59 |
Note 19 - Acquisition (Tables)
Note 19 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration Paid: Cash paid at closing $ 80,000 Working capital adjustment 250 Cash from Dielectrics (3,272 ) Total consideration $ 76,978 Purchase Price Allocation: Accounts receivable $ 4,384 Inventory 4,418 Other current assets 122 Property, plant and equipment 4,600 Customer list 22,555 Non-compete 462 Trade name and brand 367 Goodwill 44,516 Total identifiable assets $ 81,424 Accounts payable (1,325 ) Accrued expenses (946 ) Deferred revenue (2,175 ) Net assets acquired $ 76,978 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2018 2017 (Unaudited) (Unaudited) Sales $ 193,510 $ 180,419 Operating Income $ 19,464 $ 18,990 Net Income $ 14,110 $ 13,126 Earnings per share: Basic $ 1.92 $ 1.81 Diluted $ 1.90 $ 1.79 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Summary of Allowance for Doubtful Accounts and Revenue Adjustments [Table Text Block] | 2019 2018 2017 Balance at beginning of year $ 564 $ 652 $ 567 Provision for bad debt (52 ) (50 ) 116 Write-offs, net of recoveries (26 ) (38 ) (31 ) Balance at end of year $ 486 $ 564 $ 652 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Equivalents, at Carrying Value, Total | $ 0 | $ 0 | |
Cash, Uninsured Amount | 4,700 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 47,900 | ||
Treasury Stock, Shares, Acquired | 0 | 0 | 0 |
Research and Development Expense, Total | $ 9,500 | $ 10,500 | $ 5,000 |
Selling, General and Administrative Expense, Total | 29,251 | 27,654 | 23,724 |
Reclassification of Material Overcharge Settlement to Selling, General and Administrative Expenses [Member] | |||
Selling, General and Administrative Expense, Total | (104) | (121) | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 653 | $ 544 | $ 525 |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 20 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 7 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 15 years |
Furniture, Fixtures, and Computers [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Furniture, Fixtures, and Computers [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 7 years |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Compensation Cost Charged Against Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation expense | $ 1,591 | $ 1,212 | $ 1,068 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Fair Value Assumptions (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expected volatility | 28.90% | 27.70% | |
Expected dividends | |||
Risk-free interest rate | 2.30% | 2.70% | |
Exercise price (in dollars per share) | $ 38.61 | $ 31.20 | |
Expected term (Year) | 6 years | 6 years | |
Weighted-average grant date fair value (in dollars per share) | $ 12.70 | $ 10.15 | |
Minimum [Member] | |||
Expected volatility | 27.40% | ||
Expected dividends | |||
Risk-free interest rate | 1.56% | ||
Exercise price (in dollars per share) | $ 27.05 | ||
Expected term (Year) | 2 years 255 days | ||
Weighted-average grant date fair value (in dollars per share) | $ 5.59 | ||
Maximum [Member] | |||
Expected volatility | 29.10% | ||
Expected dividends | |||
Risk-free interest rate | 1.84% | ||
Exercise price (in dollars per share) | $ 28.70 | ||
Expected term (Year) | 5 years 292 days | ||
Weighted-average grant date fair value (in dollars per share) | $ 8.51 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contract with Customer, Liability, Revenue Recognized | $ 3,149 | $ 4,727 |
Deferred Revenue [Member] | ||
Contract with Customer, Liability, Revenue Recognized | $ 1,700 | $ 600 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Revenue Disaggregated by the Major Types of Goods and Services Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 50,260 | $ 49,394 | $ 51,399 | $ 47,328 | $ 50,697 | $ 47,808 | $ 49,019 | $ 42,931 | $ 198,381 | $ 190,455 | $ 147,843 |
Product [Member] | |||||||||||
Net sales | 193,016 | 183,186 | 146,275 | ||||||||
Tooling and Machinery [Member] | |||||||||||
Net sales | 2,730 | 4,302 | 1,181 | ||||||||
Engineering and Development [Member] | |||||||||||
Net sales | $ 2,635 | $ 2,967 | $ 387 |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred revenue | $ 2,507 | $ 871 |
Acquired in Dielectrics business combination | 2,175 | |
Increases due to consideration received from customers | 3,216 | 4,188 |
Revenue recognized | (3,149) | (4,727) |
Deferred revenue | 2,574 | 2,507 |
Unbilled Receivables - beginning of period | 65 | |
Increases due to revenue recognized - not invoiced to customers | 831 | 301 |
Decreases due to customer invoicing | (824) | (236) |
Unbilled Receivables - end of period | $ 72 | $ 65 |
Note 3 - Supplemental Cash Fl_3
Note 3 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cashless Exercise of Stock Options | $ 0 | $ 0 | $ 172 |
Note 3 - Supplemental Cash Fl_4
Note 3 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash paid for: | |||
Interest | $ 664 | $ 1,303 | $ 47 |
Income taxes, net of refunds | 1,255 | 3,463 | 3,878 |
Non-cash investing and financing activities: | |||
Capital additions accrued but not yet paid | $ 213 | $ 218 | $ 85 |
Note 4 - Receivables (Details T
Note 4 - Receivables (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ (52) | $ (50) |
Note 4 - Receivables - Receivab
Note 4 - Receivables - Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable–trade | $ 29,134 | $ 28,885 |
Less allowance for doubtful receivables | (486) | (564) |
Receivables, net | $ 28,648 | $ 28,321 |
Note 5 - Inventories - Summary
Note 5 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 10,540 | $ 11,727 |
Work in process | 2,279 | 2,521 |
Finished goods | 5,457 | 5,328 |
Total Inventory | $ 18,276 | $ 19,576 |
Note 6 - Other Intangible Ass_3
Note 6 - Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amortization of Intangible Assets, Total | $ 1.3 | $ 1.2 | $ 0.3 |
Note 6 - Other Intangible Ass_4
Note 6 - Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Gross amount | $ 23,384 | $ 23,384 |
Accumulated amortization | (2,409) | (1,152) |
Net balance | 20,975 | 22,232 |
Trade Name and Brand [Member] | ||
Gross amount | 367 | 367 |
Accumulated amortization | (70) | (33) |
Net balance | 297 | 334 |
Noncompete Agreements [Member] | ||
Gross amount | 462 | 462 |
Accumulated amortization | (177) | (85) |
Net balance | 285 | 377 |
Customer Lists [Member] | ||
Gross amount | 22,555 | 22,555 |
Accumulated amortization | (2,162) | (1,034) |
Net balance | $ 20,393 | $ 21,521 |
Note 6 - Other Intangible Ass_5
Note 6 - Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,257 |
2021 | 1,257 |
2022 | 1,257 |
2023 | 1,172 |
2024 | 1,164 |
Thereafter | 14,868 |
Total | $ 20,975 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 6.9 | $ 6.6 | $ 5.3 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant, and equipment | $ 116,089 | $ 111,779 |
Land and Land Improvements [Member] | ||
Property, plant, and equipment | 3,191 | 3,191 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment | 35,502 | 35,187 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment | 3,022 | 2,843 |
Machinery and Equipment [Member] | ||
Property, plant, and equipment | 66,438 | 62,440 |
Furniture, Fixtures, and Computers [Member] | ||
Property, plant, and equipment | 6,414 | 7,119 |
Construction in Progress [Member] | ||
Property, plant, and equipment | $ 1,522 | $ 999 |
Note 8 - Indebtedness (Details
Note 8 - Indebtedness (Details Textual) - USD ($) | Feb. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 20,000,000 | $ 14,285,712 | |
Derivative, Term of Contract | 5 years | ||
Derivative, Fixed Interest Rate | 2.70% | ||
Interest Rate Swap [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative, Gain (Loss) on Derivative, Net, Total | 388,000 | $ 64,000 | |
Interest Rate Swap [Member] | Other Current Liabilities [Member] | |||
Derivative, Fair Value, Net, Total | $ 325,000 | ||
Subsidiary Guarantors [Member] | Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Subsidiary Guarantors [Member] | Amended and Restated Credit Agreement [Member] | |||
Debt Instrument, Face Amount | $ 70,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.80% | ||
Letters of Credit Outstanding, Amount | $ 700,000 | ||
Subsidiary Guarantors [Member] | Amended and Restated Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Subsidiary Guarantors [Member] | Amended and Restated Credit Agreement [Member] | Prime Rate [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||
Subsidiary Guarantors [Member] | Amended and Restated Credit Agreement [Member] | Prime Rate [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Subsidiary Guarantors [Member] | Amended and Restated Credit Agreement [Member] | Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | ||
Subsidiary Guarantors [Member] | Amended and Restated Credit Agreement [Member] | Unsecured Term Loan [Member] | |||
Debt Instrument, Face Amount | $ 20,000,000 |
Note 8 - Indebtedness - Long-te
Note 8 - Indebtedness - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt | $ 25,143 | |
Current portion | (2,857) | |
Long-term debt, excluding current portion | 22,286 | |
Term Loan [Member] | ||
Long-term debt | 17,143 | |
Revolving Credit Facility [Member] | ||
Long-term debt | $ 8,000 |
Note 9 - Accrued Expenses - Acc
Note 9 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compensation | $ 3,961 | $ 3,542 |
Benefits / self-insurance reserve | 1,033 | 1,153 |
Paid time off | 1,315 | 1,131 |
Other | 2,174 | 2,632 |
Accrued expenses | $ 8,483 | $ 8,458 |
Note 10 - Income Tax (Details T
Note 10 - Income Tax (Details Textual) - USD ($) $ in Thousands | Feb. 21, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets, Gross, Total | $ 2,881 | $ 1,936 | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 136 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 34.00% | |
Open Tax Year | 2016 2017 2018 2019 | |||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 150 | $ 150 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | $ 153 | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 156,000 | |||
One State Jurisdiction [Member] | ||||
Tax Credit Carryforward, Amount | $ 348 |
Note 10 - Income Tax - Income T
Note 10 - Income Tax - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal | $ 2,920 | $ 1,772 | $ 3,117 |
State | 185 | 439 | 551 |
Current income taxes | 3,105 | 2,211 | 3,668 |
Federal | 485 | 1,917 | (1,091) |
State | 306 | (36) | 72 |
Deferred income taxes | 792 | 1,881 | (1,019) |
Total income tax provision | $ 3,896 | $ 4,092 | $ 2,649 |
Note 10 - Income Tax - Deferred
Note 10 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Reserves | $ 362 | $ 367 |
Inventory capitalization | 396 | 421 |
Compensation programs | 578 | 447 |
Retirement liability | 2 | |
Equity-based compensation | 403 | 290 |
Lease liability | 795 | 11 |
Intangible assets | 73 | 141 |
State tax credits, net of federal impact | 274 | 257 |
Gross deferred tax assets | 2,881 | 1,936 |
Valuation allowance | (136) | |
Net deferred tax assets | 2,745 | 1,936 |
Excess of book over tax basis of fixed assets | (4,877) | (4,668) |
Goodwill | (2,008) | (1,397) |
Right of use asset | (781) | |
Total deferred tax liabilities | (7,666) | (6,065) |
Net long-term deferred tax liabilities | $ (4,921) | $ (4,129) |
Note 10 - Income Tax - Income_2
Note 10 - Income Tax - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Computed “expected” tax rate | 21.00% | 21.00% | 34.00% |
State taxes, net of federal tax benefit | 1.80% | 2.80% | 3.50% |
Meals and entertainment | 0.20% | 0.20% | 0.30% |
Tax credits | (6.20%) | (1.90%) | (0.60%) |
Domestic production deduction | (2.60%) | ||
Non-deductible ISO stock option expense | 0.10% | 0.10% | |
Unrecognized tax benefits | (0.70%) | ||
Excess tax benefits on equity awards | (0.70%) | (1.30%) | (1.40%) |
Excess compensation | 0.60% | 0.80% | |
Impact on deferred taxes of new legislation | (11.10%) | ||
Other | 0.40% | 0.50% | 0.10% |
Change in valuation allowance | 0.10% | ||
Effective tax rate | 16.50% | 22.20% | 22.30% |
Note 10 - Income Tax - Unrecogn
Note 10 - Income Tax - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gross UTB balance at beginning of fiscal year | $ 150 | $ 150 |
Reductions for tax positions of prior years | (150) | |
Gross UTB balance at end of fiscal year | $ 0 | $ 150 |
Note 11 - Net Income Per Shar_2
Note 11 - Net Income Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 16,536 | 10,344 | 27,336 |
Note 11 - Net Income Per Shar_3
Note 11 - Net Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic weighted average common shares outstanding during the year (in shares) | 7,424 | 7,347 | 7,248 |
Weighted average common equivalent shares due to stock options and restricted stock units (in shares) | 92 | 83 | 89 |
Diluted weighted average common shares outstanding during the year (in shares) | 7,516 | 7,430 | 7,337 |
Note 12 - Stock Option and Eq_3
Note 12 - Stock Option and Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 05, 2019 | Feb. 19, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 08, 2011 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 1,591 | $ 1,212 | $ 1,068 | |||
Employee and Nonemployee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 105,614 | 134,043 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 16,536 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,000 | $ 1,200 | 600 | |||
Proceeds from Stock Options Exercised | $ 700 | $ 1,300 | $ 800 | |||
Shares Paid for Exercise Price and Tax Withholding for Share Based Compensation | 0 | 0 | 6,511 | |||
Shares Paid for Exercise Price and Tax Withholding for Share-based Compensation, Average Market Price | $ 26.45 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 64,701 | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 8,341 | 5,238 | 4,377 | |||
Shares Paid for Tax Withholding for Share Based Compensation Market Price | $ 33.69 | $ 27.60 | $ 24.50 | |||
The 2003 Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,252,613 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 108,424 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants | 185,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 10,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 803,244 | |||||
The 2003 Incentive Plan [Member] | Chairman Chief Executive Officer and President [Member] | Common Stock [Member] | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 400 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 16,536 | |||||
Nonemployee Director Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 975,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 79,648 | |||||
Nonemployee Director Stock Incentive Plan [Member] | Employee and Nonemployee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 95,614 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 365,026 | |||||
Nonemployee Director Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,442 |
Note 12 - Stock Option and Eq_4
Note 12 - Stock Option and Equity Incentive Plans - Compensation Cost (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based compensation expense | $ 1,591 | $ 1,212 | $ 1,068 |
Common Stock [Member] | |||
Share-based compensation expense | 400 | 505 | 505 |
Employee and Nonemployee Stock Option [Member] | |||
Share-based compensation expense | 151 | 149 | 138 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based compensation expense | $ 1,040 | $ 558 | $ 425 |
Note 12 - Stock Option and Eq_5
Note 12 - Stock Option and Equity Incentive Plans - Summary of Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Outstanding, shares under options (in shares) | shares | 134,043 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 20.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 16,536 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 38.61 |
Exercised, shares under options (in shares) | shares | (44,965) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 15.68 |
Outstanding, shares under options (in shares) | shares | 105,614 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 25.34 |
Outstanding, weighted average remaining contractual life (Year) | 5 years 255 days |
Outstanding, aggregate intrinsic value | $ | $ 2,563 |
Exercisable, shares under options (in shares) | shares | 85,328 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 22.62 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 36 days |
Exercisable, aggregate intrinsic value | $ | $ 2,303 |
Vested and expected to vest, shares under options (in shares) | shares | 105,614 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 25.34 |
Vested and expected to vest, weighted average remaining contractual life (Year) | 5 years 255 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 2,563 |
Note 12 - Stock Option and Eq_6
Note 12 - Stock Option and Equity Incentive Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Outstanding, restricted stock units (in shares) | shares | 72,996 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 23.60 |
Awarded, restricted stock units (in shares) | shares | 64,701 |
Awarded, weighted average award date fair value (in dollars per share) | $ / shares | $ 33.55 |
Shares vested, restricted stock units (in shares) | shares | (20,529) |
Shares vested, weighted average award date fair value (in dollars per share) | $ / shares | $ 23.74 |
Forfeitures (in shares) | shares | (3,302) |
Forfeitures, weighted average award date fair value (in dollars per share) | $ / shares | $ 33.31 |
Outstanding, restricted stock units (in shares) | shares | 113,866 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 28.36 |
Note 12 - Stock Option and Eq_7
Note 12 - Stock Option and Equity Incentive Plans - Future Share-based Compensation Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,115 |
2021 | 746 |
2022 | 409 |
2023 | 48 |
Total | 2,318 |
Employee and Nonemployee Stock Option [Member] | |
2020 | 116 |
2021 | |
2022 | |
2023 | |
Total | 116 |
Restricted Stock Units (RSUs) [Member] | |
2020 | 999 |
2021 | 746 |
2022 | 409 |
2023 | 48 |
Total | $ 2,202 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 3,034 | $ 0 | ||
Operating Lease, Liability, Total | 3,090 | |||
Finance Lease, Liability, Total | $ 0 | |||
Operating Leases, Rent Expense, Total | $ 1,200 | $ 1,200 | $ 900 | |
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | 4,000 | |||
Operating Lease, Liability, Total | $ 4,100 |
Note 13 - Leases - Lease Cost (
Note 13 - Leases - Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease cost: | |
Operating | $ 1,222 |
Variable | 219 |
Short-term | 27 |
Total lease cost | 1,468 |
Operating, cash paid for amounts included in measurement of lease liabilities | $ 1,208 |
Operating, weighted average remaining lease term (Year) | 2 years 251 days |
Operating, weighted-average discount rate | 4.45% |
Note 13 - Leases - Aggregate Fu
Note 13 - Leases - Aggregate Future Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,173 |
2021 | 1,118 |
2022 | 957 |
2023 | 36 |
2024 | |
Thereafter | |
Total lease payments | 3,284 |
Less: Interest | (194) |
Present value of lease liabilities | $ 3,090 |
Note 13 - Leases - Future Minim
Note 13 - Leases - Future Minimum Lease Payments For Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 1,051 |
2020 | 1,070 |
2021 | 1,063 |
2022 | 975 |
2023 | 36 |
Total | $ 4,195 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan, Cost | $ 1,000 | $ 1,100 | $ 800 |
Self-insured Health Insurance Program, Stop Loss Amount | 225 | ||
Deferred Compensation Liability, Classified, Noncurrent, Total | 2,788 | 2,044 | |
Assets for Plan Benefits, Defined Benefit Plan | $ 2,800 | $ 2,000 |
Note 16 - Fair Value of Finan_3
Note 16 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
Derivative financial instruments | $ (325) |
Note 17 - Segment Data - Net Sa
Note 17 - Segment Data - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 50,260 | $ 49,394 | $ 51,399 | $ 47,328 | $ 50,697 | $ 47,808 | $ 49,019 | $ 42,931 | $ 198,381 | $ 190,455 | $ 147,843 |
Percentage of concentration risk | 100.00% | 100.00% | 100.00% | ||||||||
Medical [Member] | |||||||||||
Net sales | $ 128,915 | $ 110,282 | $ 70,090 | ||||||||
Percentage of concentration risk | 65.00% | 57.90% | 47.40% | ||||||||
Automotive [Member] | |||||||||||
Net sales | $ 20,004 | $ 20,022 | $ 23,119 | ||||||||
Percentage of concentration risk | 10.10% | 10.50% | 15.60% | ||||||||
Consumer [Member] | |||||||||||
Net sales | $ 17,669 | $ 24,989 | $ 21,328 | ||||||||
Percentage of concentration risk | 8.90% | 13.10% | 14.40% | ||||||||
Aerospace & Defense [Member] | |||||||||||
Net sales | $ 13,778 | $ 13,130 | $ 11,521 | ||||||||
Percentage of concentration risk | 6.90% | 6.90% | 7.80% | ||||||||
Industrial [Member] | |||||||||||
Net sales | $ 9,607 | $ 10,579 | $ 9,826 | ||||||||
Percentage of concentration risk | 4.80% | 5.60% | 6.60% | ||||||||
Electronics [Member] | |||||||||||
Net sales | $ 8,408 | $ 11,453 | $ 11,959 | ||||||||
Percentage of concentration risk | 4.20% | 6.00% | 8.10% |
Note 18 - Quarterly Financial_3
Note 18 - Quarterly Financial Information (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 50,260 | $ 49,394 | $ 51,399 | $ 47,328 | $ 50,697 | $ 47,808 | $ 49,019 | $ 42,931 | $ 198,381 | $ 190,455 | $ 147,843 |
Gross profit | 13,770 | 13,321 | 14,371 | 12,497 | 12,706 | 12,431 | 12,986 | 10,185 | $ 53,959 | $ 48,308 | $ 35,487 |
Net income | $ 5,777 | $ 5,641 | $ 4,598 | $ 3,734 | $ 4,410 | $ 4,134 | $ 3,990 | $ 1,777 | |||
Basic net income per share (in dollars per share) | $ 0.78 | $ 0.76 | $ 0.62 | $ 0.50 | $ 0.60 | $ 0.56 | $ 0.54 | $ 0.24 | $ 2.66 | $ 1.95 | $ 1.27 |
Diluted net income per share (in dollars per share) | $ 0.76 | $ 0.75 | $ 0.62 | $ 0.50 | $ 0.59 | $ 0.56 | $ 0.54 | $ 0.24 | $ 2.63 | $ 1.93 | $ 1.26 |
Note 19 - Acquisition (Details
Note 19 - Acquisition (Details Textual) $ in Thousands | Feb. 01, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Combination, Acquisition Related Costs | $ 1,089 | ||||
Dielectrics [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Payments to Acquire Businesses, Gross | $ 80,000 | ||||
Business Combination, Consideration Transferred, Working Capital Adjustment | $ 250 | ||||
Lessee, Operating Lease, Term of Contract | 5 years | ||||
Number of Lease Term Options | 2 | ||||
Business Combination, Acquisition Related Costs | $ 1,100 | ||||
Lessee, Operating Lease, Renewal Term | 5 years |
Note 19 - Acquisition - Assets
Note 19 - Acquisition - Assets Acquires and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill | $ 51,838 | $ 51,838 | |
Dielectrics [Member] | |||
Cash paid at closing | $ 80,000 | ||
Working capital adjustment | 250 | ||
Cash from Dielectrics | (3,272) | ||
Total consideration | 76,978 | ||
Accounts receivable | 4,384 | ||
Inventory | 4,418 | ||
Other current assets | 122 | ||
Property, plant and equipment | 4,600 | ||
Goodwill | 44,516 | ||
Total identifiable assets | 81,424 | ||
Accounts payable | (1,325) | ||
Accrued expenses | (946) | ||
Deferred revenue | (2,175) | ||
Net assets acquired | 76,978 | ||
Dielectrics [Member] | Customer Lists [Member] | |||
Intangible assets | 22,555 | ||
Dielectrics [Member] | Noncompete Agreements [Member] | |||
Intangible assets | 462 | ||
Dielectrics [Member] | Trade Name and Brand [Member] | |||
Intangible assets | $ 367 |
Note 19 - Acquisition - Pro For
Note 19 - Acquisition - Pro Forma Information (Unaudited) (Details) - Dielectrics [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Sales | $ 193,510 | $ 180,419 |
Operating Income | 19,464 | 18,990 |
Net Income | $ 14,110 | $ 13,126 |
Basic (in dollars per share) | $ 1.92 | $ 1.81 |
Diluted (in dollars per share) | $ 1.90 | $ 1.79 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of year | $ 564 | $ 652 | $ 567 |
Provision for bad debt | (52) | (50) | 116 |
Write-offs, net of recoveries | (26) | (38) | (31) |
Balance at end of year | $ 486 | $ 564 | $ 652 |