Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000914156 | |
Entity Registrant Name | UFP TECHNOLOGIES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-12648 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-2314970 | |
Entity Address, Address Line One | 100 Hale Street | |
Entity Address, City or Town | Newburyport | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01950 | |
City Area Code | 978 | |
Local Phone Number | 352-2200 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | UFPT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,531,404 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 33,094 | $ 24,234 |
Receivables, net | 32,456 | 26,428 |
Inventories | 21,674 | 18,642 |
Prepaid expenses and other current assets | 3,077 | 2,560 |
Refundable income taxes | 832 | 0 |
Total current assets | 91,133 | 71,864 |
Property, plant and equipment | 122,184 | 118,388 |
Less accumulated depreciation and amortization | (69,202) | (64,633) |
Net property, plant and equipment | 52,982 | 53,755 |
Goodwill | 51,838 | 51,838 |
Intangible assets, net | 18,776 | 19,718 |
Non-qualified deferred compensation plan | 4,115 | 3,724 |
Finance lease right of use assets | 88 | 100 |
Operating lease right of use assets | 1,555 | 2,052 |
Other assets | 199 | 153 |
Total assets | 220,686 | 203,204 |
Current liabilities: | ||
Accounts payable | 7,556 | 4,121 |
Accrued expenses | 8,361 | 7,944 |
Deferred revenue | 1,671 | 1,887 |
Finance lease liabilities | 15 | 15 |
Operating lease liabilities | 1,157 | 1,154 |
Income taxes payable | 0 | 16 |
Total current liabilities | 18,760 | 15,137 |
Deferred income taxes | 5,539 | 5,057 |
Non-qualified deferred compensation plan | 4,053 | 3,810 |
Finance lease liabilities | 74 | 86 |
Operating lease liabilities | 436 | 950 |
Other liabilities | 1,071 | 1,271 |
Total liabilities | 29,933 | 26,311 |
Commitments and contingencies | ||
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; 7,560,963 and 7,531,404 shares issued and outstanding, respectively, at September 30, 2021; 7,529,625 and 7,500,066 shares issued and outstanding, respectively, at December 31, 2020 | 75 | 75 |
Additional paid-in capital | 33,677 | 32,484 |
Retained earnings | 157,588 | 144,921 |
Treasury stock at cost, 29,559 shares at September 30, 2021 and 29,559 shares at December 31, 2020 | (587) | (587) |
Total stockholders’ equity | 190,753 | 176,893 |
Total liabilities and stockholders' equity | $ 220,686 | $ 203,204 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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 |
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) | 7,560,963 | 7,529,625 |
Common stock, shares outstanding (in shares) | 7,531,404 | 7,500,066 |
Treasury stock, shares (in shares) | 29,559 | 29,559 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Net sales | $ 50,723 | $ 43,299 | [1] | $ 149,977 | $ 134,220 | [1] |
Cost of sales | 38,707 | 32,771 | 111,938 | 100,919 | ||
Gross profit | 12,016 | 10,528 | 38,039 | 33,301 | ||
Selling, general & administrative expenses | 6,806 | 6,791 | 21,343 | 21,208 | ||
Acquisition Costs | 154 | 0 | 154 | 0 | ||
(Gain) loss on sale of property, plant & equipment | (21) | 12 | (42) | 298 | ||
Operating income | 5,077 | 3,725 | 16,584 | 11,795 | ||
Interest (income) expense, net | 16 | 17 | 11 | 66 | ||
Other expenses (income) | 4 | 0 | (2) | 362 | ||
Income before income tax expense | 5,057 | 3,708 | 16,575 | 11,367 | ||
Income tax expense | 1,268 | 720 | 3,908 | 2,170 | ||
Net income | $ 3,789 | $ 2,988 | $ 12,667 | $ 9,197 | ||
Net income per share: | ||||||
Basic (in dollars per share) | $ 0.50 | $ 0.40 | $ 1.68 | $ 1.23 | ||
Diluted (in dollars per share) | $ 0.50 | $ 0.40 | $ 1.67 | $ 1.22 | ||
Weighted average common shares outstanding: | ||||||
Basic (in shares) | 7,531 | 7,495 | 7,522 | 7,480 | ||
Diluted (in shares) | 7,597 | 7,555 | 7,585 | 7,547 | ||
[1] | Certain amounts for the three and nine months ended September 30, 2021 were reclassified between markets to conform to the current period presentation. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2019 | 7,446 | 30 | |||
Balance at Dec. 31, 2019 | $ 74 | $ 30,952 | $ 131,552 | $ (587) | $ 161,991 |
Share-based compensation (in shares) | 28 | 0 | |||
Share-based compensation | $ 0 | 537 | 0 | $ 0 | 537 |
Net share settlement of restricted stock units (in shares) | (11) | 0 | |||
Net share settlement of restricted stock units | $ 0 | (560) | 0 | $ 0 | (560) |
Net income | $ 0 | 0 | 3,891 | $ 0 | 3,891 |
Exercise of stock options (in shares) | 20 | 0 | |||
Exercise of stock options | $ 1 | 415 | 0 | $ 0 | 416 |
Balance (in shares) at Mar. 31, 2020 | 7,483 | 30 | |||
Balance at Mar. 31, 2020 | $ 75 | 31,344 | 135,443 | $ (587) | 166,275 |
Balance (in shares) at Dec. 31, 2019 | 7,446 | 30 | |||
Balance at Dec. 31, 2019 | $ 74 | 30,952 | 131,552 | $ (587) | 161,991 |
Net income | 9,197 | ||||
Balance (in shares) at Sep. 30, 2020 | 7,495 | 30 | |||
Balance at Sep. 30, 2020 | $ 75 | 32,202 | 140,749 | $ (587) | 172,439 |
Balance (in shares) at Mar. 31, 2020 | 7,483 | 30 | |||
Balance at Mar. 31, 2020 | $ 75 | 31,344 | 135,443 | $ (587) | 166,275 |
Share-based compensation (in shares) | 6 | 0 | |||
Share-based compensation | $ 0 | 561 | 0 | $ 0 | 561 |
Net share settlement of restricted stock units (in shares) | 0 | 0 | |||
Net share settlement of restricted stock units | $ 0 | (1) | 0 | $ 0 | (1) |
Net income | $ 0 | 0 | 2,318 | $ 0 | 2,318 |
Exercise of stock options (in shares) | 6 | 0 | |||
Exercise of stock options | $ 0 | 59 | 0 | $ 0 | 59 |
Balance (in shares) at Jun. 30, 2020 | 7,495 | 30 | |||
Balance at Jun. 30, 2020 | $ 75 | 31,963 | 137,761 | $ (587) | 169,212 |
Share-based compensation (in shares) | 0 | 0 | |||
Share-based compensation | $ 0 | 239 | 0 | $ 0 | 239 |
Net income | $ 0 | 0 | 2,988 | $ 0 | 2,988 |
Balance (in shares) at Sep. 30, 2020 | 7,495 | 30 | |||
Balance at Sep. 30, 2020 | $ 75 | 32,202 | 140,749 | $ (587) | 172,439 |
Balance (in shares) at Dec. 31, 2020 | 7,500 | 30 | |||
Balance at Dec. 31, 2020 | $ 75 | 32,484 | 144,921 | $ (587) | 176,893 |
Share-based compensation (in shares) | 34 | 0 | |||
Share-based compensation | $ 0 | 501 | 0 | $ 0 | 501 |
Net share settlement of restricted stock units (in shares) | (14) | 0 | |||
Net share settlement of restricted stock units | $ 0 | (738) | 0 | $ 0 | (738) |
Net income | $ 0 | 0 | 4,163 | $ 0 | 4,163 |
Balance (in shares) at Mar. 31, 2021 | 7,520 | 30 | |||
Balance at Mar. 31, 2021 | $ 75 | 32,247 | 149,084 | $ (587) | 180,819 |
Balance (in shares) at Dec. 31, 2020 | 7,500 | 30 | |||
Balance at Dec. 31, 2020 | $ 75 | 32,484 | 144,921 | $ (587) | 176,893 |
Net income | 12,667 | ||||
Balance (in shares) at Sep. 30, 2021 | 7,531 | 30 | |||
Balance at Sep. 30, 2021 | $ 75 | 33,677 | 157,588 | $ (587) | 190,753 |
Balance (in shares) at Mar. 31, 2021 | 7,520 | 30 | |||
Balance at Mar. 31, 2021 | $ 75 | 32,247 | 149,084 | $ (587) | 180,819 |
Share-based compensation | 0 | 620 | 0 | 0 | 620 |
Net share settlement of restricted stock units | 0 | (2) | 0 | 0 | (2) |
Net income | $ 0 | 0 | 4,715 | $ 0 | 4,715 |
Exercise of stock options (in shares) | 7 | 0 | |||
Exercise of stock options | $ 0 | 162 | 0 | $ 0 | 162 |
Balance (in shares) at Jun. 30, 2021 | 7,531 | 30 | |||
Balance at Jun. 30, 2021 | $ 75 | 33,027 | 153,799 | $ (587) | 186,314 |
Share-based compensation | 0 | 650 | 0 | 0 | 650 |
Net income | $ 0 | 0 | 3,789 | $ 0 | 3,789 |
Balance (in shares) at Sep. 30, 2021 | 7,531 | 30 | |||
Balance at Sep. 30, 2021 | $ 75 | $ 33,677 | $ 157,588 | $ (587) | $ 190,753 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 12,667 | $ 9,197 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,209 | 6,210 |
(Gain) Loss on disposal of property, plant & equipment | (43) | 298 |
Share-based compensation | 1,771 | 1,338 |
Deferred income taxes | 482 | 977 |
Changes in operating assets and liabilities: | ||
Receivables, net | (6,028) | 1,284 |
Inventories | (3,032) | (1,212) |
Prepaid expenses and other current assets | (517) | (1,396) |
Refundable income taxes | (848) | (297) |
Other assets | 72 | 76 |
Accounts payable | 3,210 | (255) |
Accrued expenses | 417 | (68) |
Deferred revenue | (216) | (628) |
Non-qualified deferred compensation plan and other liabilities | (469) | 1,214 |
Net cash provided by operating activities | 13,675 | 16,738 |
Cash flows from investing activities: | ||
Additions to property, plant, and equipment | (4,277) | (3,057) |
Proceeds from sale of fixed assets | 51 | 105 |
Net cash used in investing activities | (4,226) | (2,952) |
Cash flows from financing activities: | ||
Proceeds from advances on revolving line of credit | 0 | 5,500 |
Payments on revolving line of credit | 0 | (5,500) |
Principal payments on finance lease obligation | (11) | (7) |
Proceeds from exercise of stock options | 162 | 474 |
Payment of statutory withholdings for restricted stock units vested | (740) | (561) |
Net cash used in financing activities | (589) | (94) |
Net increase in cash and cash equivalents | 8,860 | 13,692 |
Cash and cash equivalents at beginning of period | 24,234 | 3,743 |
Cash and cash equivalents at end of period | $ 33,094 | $ 17,435 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ( 1 Basis of Presentation The interim condensed consolidated financial statements of UFP Technologies, Inc. (the “Company”) presented herein, have been prepared pursuant to the rules of the Securities and Exchange Commission for quarterly reports on Form 10 not December 31, 2020, 2020 10 The condensed consolidated balance sheets as of September 30, 2021 December 31, 2020, three nine September 30, 2021 2020, three nine September 30, 2021 2020, nine September 30, 2021 2020 December 31, 2020 not The preparation of 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three nine September 30, 2021 not December 31, 2021. Recent Accounting Pronouncements There are no |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 2 Revenue Recognition The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for promised goods or services. The Company recognizes revenue in accordance with the core principles of ASC 606 1 2 3 4 5 not not Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to the Company’s customers (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Net sales of: 2021 2020 2021 2020 Products $ 49,613 $ 41,072 $ 146,402 $ 128,853 Tooling and Machinery 405 887 1,149 2,210 Engineering services 705 1,340 2,426 3,157 Total net sales $ 50,723 $ 43,299 $ 149,977 $ 134,220 Contract balances Timing of revenue recognition may The following table presents a roll-forward of contract liabilities activity for the nine September 30, 2021 2020 Contract Liabilities Nine Months Ended September 30, 2021 2020 Deferred revenue - beginning of period $ 1,887 $ 2,574 Increases due to consideration received from customers 736 2,255 Revenue recognized (952 ) (2,883 ) Deferred revenue - end of period $ 1,671 $ 1,946 Revenue recognized during the nine September 30, 2021 2020 When invoicing occurs after revenue recognition, the Company has contract assets, included within “receivables” on the condensed consolidated balance sheet. The following table presents a roll-forward of contract assets activity for the nine September 30, 2021 2020 Contract Assets Nine Months Ended September 30, 2021 2020 Unbilled receivables - beginning of period $ 271 $ 72 Increases due to revenue recognized, not invoiced to customers 1,461 2,223 Decreases due to customer invoicing (1,509 ) (2,004 ) Unbilled receivables - end of period $ 223 $ 291 |
Note 3 - Supplemental Cash Flow
Note 3 - Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | ( 3 Supplemental Cash Flow Information Nine Months Ended September 30, 2021 2020 (in thousands) Cash paid for: Interest $ 39 $ 55 Income taxes, net of refunds 4,274 1,454 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 225 $ 225 |
Note 4 - Receivables and Allowa
Note 4 - Receivables and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 4 Receivables and Allowance for Credit Losses Receivables consist of the following (in thousands): September 30, December 31, 2021 2020 Accounts receivable–trade $ 32,978 $ 26,912 Less allowance for credit losses (522 ) (484 ) Receivables, net $ 32,456 $ 26,428 The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not The following table provides a roll-forward of the allowance for credit losses that is deducted from accounts receivable to present the net amount expected to be collected as of September 30, 2021 2020 Allowance for Credit Losses Nine Months Ended September 30, 2021 2020 Allowance - beginning of period $ 484 $ 486 Provision for expected credit losses 92 182 Amounts written off against the allowance (54 ) (19 ) Allowance - end of period $ 522 $ 649 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 5 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 September 30, 2021 December 31, 2020 Liabilities: Derivative financial instruments $ (261 ) $ (465 ) 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 6 - Share-based Compensati
Note 6 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 6 Share-Based Compensation 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 in detail in the notes to the consolidated financial statements for the year ended December 31, 2020. Three Months Ended Nine Months Ended September 30, September 30, Share-based compensation related to: 2021 2020 2021 2020 Common stock grants $ 100 $ 100 $ 300 $ 300 Stock option grants 52 59 157 173 Restricted Stock Unit Awards ("RSUs") 498 80 1,314 865 Total share-based compensation $ 650 $ 239 $ 1,771 $ 1,338 The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensa‐tion arrangements was approximately $167 thousand and $60 thousand for the three September 30, 2021 2020, nine September 30, 2021 2020, Common stock grants The compensation expense for common stock grants during the nine September 30, 2021, Stock Option grants The following is a summary of stock option activity under all plans for the nine September 30, 2021: Shares Under Options Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 94,513 $ 30.22 Granted 10,716 57.34 Exercised (6,558 ) 24.77 Outstanding at September 30, 2021 98,671 $ 33.53 6.06 $ 2,769 Exercisable at September 30, 2021 87,955 $ 30.63 5.62 $ 2,723 Vested and expected to vest at September 30, 2021 98,671 $ 33.53 6.06 $ 2,769 On June 9, 2021, Expected volatility 33.7 % Expected dividends None Risk-free interest rate 0.8 % Exercise price $57.34 Expected term (years) 6.2 Weighted-average grant date fair value 19.60 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 correspond‐ing with the expected term of the option. The expected term is estimated based on historical option exercise activity. During the nine September 30, 2021 2020, nine September 30, 2021 2020, Restricted Stock Unit awards The following table summarizes information about RSU activity during the nine Septem‐ber 30, 2021: Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 93,187 $ 35.03 Awarded 51,046 50.07 Shares vested (38,892 ) 32.88 Forfeitures (270 ) 49.46 Outstanding at September 30, 2021 105,071 $ 41.00 At the Company’s discretion, upon vesting, 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 and issued to the RSU holder. During the nine September 30, 2021 2020, As of September 30, 2021, |
Note 7 - Inventories
Note 7 - Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 Inventories Inventories are stated at the lower of cost (determined using the first first September 30, December 31, 2021 2020 Raw materials $ 12,357 $ 12,229 Work in process 4,007 1,991 Finished goods 5,310 4,422 Total inventory $ 21,674 $ 18,642 |
Note 8 - Leases
Note 8 - Leases | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 8 Leases The Company has operating and finance 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 lease liabilities represent the Company's obligation to make lease payments pursuant to the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's assumed lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets are also adjusted for any deferred or accrued rent. As the Company's leases do not Nine Months Ended September 30, ($ in thousands) 2021 2020 Lease Cost: Finance lease cost: Amortization of right of use assets $ 12 $ 7 Interest on lease liabilities 2 1 Operating lease cost 896 907 Variable lease cost 169 164 Short-term lease cost 30 21 Total lease cost $ 1,109 $ 1,100 Nine Months Ended September 30, ($ in thousands) 2021 2020 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 909 $ 908 Financing cash flows from finance leases 11 7 ROU assets obtained in exchange for finance lease obligations - 110 Weighted-average remaining lease term (years): Finance 5.58 6.58 Operating 1.39 2.02 Weighted-average discount rate: Finance 2.26 % 2.26 % Operating 3.95 % 4.42 % The aggregate future lease payments for leases as of September 30, 2021 Finance Operating Remainder of 2021 $ 4 $ 304 2022 17 1,054 2023 17 115 2024 17 73 2025 17 62 Thereafter 23 32 Total lease payments 95 1,640 Less: Interest (6 ) (47 ) Present value of lease liabilities $ 89 $ 1,593 |
Note 9 - Net Income Per Share
Note 9 - Net Income Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 9 Net Income Per Share Basic net income per share is based on the weighted average number of shares of common stock outstanding. Diluted net income per share is based upon the weighted average number of common shares outstanding and dilutive common stock equivalent shares outstanding during each period. The weighted average number of shares used to compute basic and diluted net income per share consisted of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 7,531 7,495 7,522 7,480 Weighted average common equivalent shares due to restricted stock, stock options and RSUs 66 60 63 67 Diluted weighted average common shares outstanding 7,597 7,555 7,585 7,547 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 three nine September 30, 2021, three nine September 30, 2020, |
Note 10 - Segment Reporting
Note 10 - Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 10 Segment Reporting The Company consists of a single operating and reportable segment. Revenues from customers outside of the United States are not 10% three nine September 30, 2021 2020. September 30, 2021 December 31, 2020, one The Company’s products are primarily sold to customers within the Medical, Consumer, Aerospace & Defense, Automotive, Industrial, and Electronics markets. Net sales by market for the three nine September 30, 2021 2020 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 (1) 2021 2020 (1) Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 32,380 63.8 % $ 26,869 62.1 % $ 95,100 63.4 % $ 92,179 68.7 % Consumer 6,449 12.7 % 5,581 12.9 % 18,125 12.1 % 12,216 9.1 % Aerospace & Defense 3,873 7.6 % 3,388 7.8 % 12,628 8.4 % 9,223 6.9 % Automotive 3,851 7.6 % 4,473 10.3 % 12,065 8.0 % 10,525 7.8 % Industrial 2,168 4.3 % 1,765 4.1 % 6,494 4.2 % 5,840 4.4 % Electronics 2,002 3.9 % 1,223 2.8 % 5,565 3.7 % 4,237 3.2 % Net Sales $ 50,723 100.0 % $ 43,299 100.0 % $ 149,977 100.0 % $ 134,220 100.0 % ( 1 Certain amounts for the three nine September 30, 2021 |
Note 11 - Other Intangible Asse
Note 11 - Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 11 Other Intangible Assets The carrying values of the Company’s definite lived intangible assets as of September 30, 2021 Tradename & Brand Non- Compete Customer List Total Estimated useful life 10 years 5 years 20 years Gross amount $ 367 $ 462 $ 22,555 $ 23,384 Accumulated amortization (135 ) (338 ) (4,135 ) (4,608 ) Net balance $ 232 $ 124 $ 18,420 $ 18,776 Amortization expense related to intangible assets was approximately $314 thousand and $314 thousand for the three September 30, 2021 2020 nine September 30, 2021 2020. September 30, 2021 Remainder of 2021 $ 314 2022 1,257 2023 1,257 2024 1,164 2025 1,164 Thereafter 13,620 Total $ 18,776 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 12 Income Taxes The determination of income tax expense in the accompanying unaudited condensed consolidated statements of income is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the period in which they occur. The Company recorded income tax expense of approximately 25.1% and 19.4% of income before income tax expense for the three September 30, 2021 2020, nine September 30, 2021 2020, |
Note 13 - Indebtedness
Note 13 - Indebtedness | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 13 Indebtedness On February 1, 2018, On December 31, 2020, February 1, 2018 ( The First Amendment amended the Restated Credit Agreement by extending the scheduled maturity date from February 1, 2023 December 31, 2025 zero The credit facilities under the Restated Credit Agreement consist of a $20 million unsecured term loan to the Company and an unsecured revolving credit facility, under which the Company may may Under the Restated Credit Agreement, the Company is subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to EBITDA financial covenant. The Restated Credit Agreement contains other covenants customary for transactions of this type, including restrictions on certain payments, permitted indebtedness, and permitted investments. As of September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020, Derivative Financial Instruments The Company used interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not not may 5‑year three no may September 30, 2021. September 30, 2021 December 31, 2020 three nine September 30, 2021. 2020, no |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 14 Subsequent Events As previously disclosed, on October 12, 2021, 12 June 30, 2022. third 2021. |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Net sales of: 2021 2020 2021 2020 Products $ 49,613 $ 41,072 $ 146,402 $ 128,853 Tooling and Machinery 405 887 1,149 2,210 Engineering services 705 1,340 2,426 3,157 Total net sales $ 50,723 $ 43,299 $ 149,977 $ 134,220 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities Nine Months Ended September 30, 2021 2020 Deferred revenue - beginning of period $ 1,887 $ 2,574 Increases due to consideration received from customers 736 2,255 Revenue recognized (952 ) (2,883 ) Deferred revenue - end of period $ 1,671 $ 1,946 Contract Assets Nine Months Ended September 30, 2021 2020 Unbilled receivables - beginning of period $ 271 $ 72 Increases due to revenue recognized, not invoiced to customers 1,461 2,223 Decreases due to customer invoicing (1,509 ) (2,004 ) Unbilled receivables - end of period $ 223 $ 291 |
Note 3 - Supplemental Cash Fl_2
Note 3 - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended September 30, 2021 2020 (in thousands) Cash paid for: Interest $ 39 $ 55 Income taxes, net of refunds 4,274 1,454 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 225 $ 225 |
Note 4 - Receivables and Allo_2
Note 4 - Receivables and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2021 2020 Accounts receivable–trade $ 32,978 $ 26,912 Less allowance for credit losses (522 ) (484 ) Receivables, net $ 32,456 $ 26,428 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses Nine Months Ended September 30, 2021 2020 Allowance - beginning of period $ 484 $ 486 Provision for expected credit losses 92 182 Amounts written off against the allowance (54 ) (19 ) Allowance - end of period $ 522 $ 649 |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 2 September 30, 2021 December 31, 2020 Liabilities: Derivative financial instruments $ (261 ) $ (465 ) |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs, By Award Type [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Share-based compensation related to: 2021 2020 2021 2020 Common stock grants $ 100 $ 100 $ 300 $ 300 Stock option grants 52 59 157 173 Restricted Stock Unit Awards ("RSUs") 498 80 1,314 865 Total share-based compensation $ 650 $ 239 $ 1,771 $ 1,338 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Options Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 94,513 $ 30.22 Granted 10,716 57.34 Exercised (6,558 ) 24.77 Outstanding at September 30, 2021 98,671 $ 33.53 6.06 $ 2,769 Exercisable at September 30, 2021 87,955 $ 30.63 5.62 $ 2,723 Vested and expected to vest at September 30, 2021 98,671 $ 33.53 6.06 $ 2,769 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 33.7 % Expected dividends None Risk-free interest rate 0.8 % Exercise price $57.34 Expected term (years) 6.2 Weighted-average grant date fair value 19.60 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 93,187 $ 35.03 Awarded 51,046 50.07 Shares vested (38,892 ) 32.88 Forfeitures (270 ) 49.46 Outstanding at September 30, 2021 105,071 $ 41.00 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2021 2020 Raw materials $ 12,357 $ 12,229 Work in process 4,007 1,991 Finished goods 5,310 4,422 Total inventory $ 21,674 $ 18,642 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Nine Months Ended September 30, ($ in thousands) 2021 2020 Lease Cost: Finance lease cost: Amortization of right of use assets $ 12 $ 7 Interest on lease liabilities 2 1 Operating lease cost 896 907 Variable lease cost 169 164 Short-term lease cost 30 21 Total lease cost $ 1,109 $ 1,100 Nine Months Ended September 30, ($ in thousands) 2021 2020 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 909 $ 908 Financing cash flows from finance leases 11 7 ROU assets obtained in exchange for finance lease obligations - 110 Weighted-average remaining lease term (years): Finance 5.58 6.58 Operating 1.39 2.02 Weighted-average discount rate: Finance 2.26 % 2.26 % Operating 3.95 % 4.42 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Finance Operating Remainder of 2021 $ 4 $ 304 2022 17 1,054 2023 17 115 2024 17 73 2025 17 62 Thereafter 23 32 Total lease payments 95 1,640 Less: Interest (6 ) (47 ) Present value of lease liabilities $ 89 $ 1,593 |
Note 9 - Net Income Per Share (
Note 9 - Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 7,531 7,495 7,522 7,480 Weighted average common equivalent shares due to restricted stock, stock options and RSUs 66 60 63 67 Diluted weighted average common shares outstanding 7,597 7,555 7,585 7,547 |
Note 10 - Segment Reporting (Ta
Note 10 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 (1) 2021 2020 (1) Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 32,380 63.8 % $ 26,869 62.1 % $ 95,100 63.4 % $ 92,179 68.7 % Consumer 6,449 12.7 % 5,581 12.9 % 18,125 12.1 % 12,216 9.1 % Aerospace & Defense 3,873 7.6 % 3,388 7.8 % 12,628 8.4 % 9,223 6.9 % Automotive 3,851 7.6 % 4,473 10.3 % 12,065 8.0 % 10,525 7.8 % Industrial 2,168 4.3 % 1,765 4.1 % 6,494 4.2 % 5,840 4.4 % Electronics 2,002 3.9 % 1,223 2.8 % 5,565 3.7 % 4,237 3.2 % Net Sales $ 50,723 100.0 % $ 43,299 100.0 % $ 149,977 100.0 % $ 134,220 100.0 % |
Note 11 - Other Intangible As_2
Note 11 - Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Tradename & Brand Non- Compete Customer List Total Estimated useful life 10 years 5 years 20 years Gross amount $ 367 $ 462 $ 22,555 $ 23,384 Accumulated amortization (135 ) (338 ) (4,135 ) (4,608 ) Net balance $ 232 $ 124 $ 18,420 $ 18,776 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2021 $ 314 2022 1,257 2023 1,257 2024 1,164 2025 1,164 Thereafter 13,620 Total $ 18,776 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Deferred Revenue [Member] | ||
Contract with Customer, Liability, Revenue Recognized | $ 659 | $ 1,500 |
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 | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Net sales | $ 50,723 | $ 43,299 | [1] | $ 149,977 | $ 134,220 | [1] |
Product [Member] | ||||||
Net sales | 49,613 | 41,072 | 146,402 | 128,853 | ||
Tooling and Machinery [Member] | ||||||
Net sales | 405 | 887 | 1,149 | 2,210 | ||
Engineering and Development [Member] | ||||||
Net sales | $ 705 | $ 1,340 | $ 2,426 | $ 3,157 | ||
[1] | Certain amounts for the three and nine months ended September 30, 2021 were reclassified between markets to conform to the current period presentation. |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Deferred revenue | $ 1,887 | $ 2,574 |
Increases due to consideration received from customers | 736 | 2,255 |
Revenue recognized | (952) | (2,883) |
Deferred revenue | 1,671 | 1,946 |
Unbilled receivables - beginning of period | 271 | 72 |
Increases due to revenue recognized, not invoiced to customers | 1,461 | 2,223 |
Decreases due to customer invoicing | (1,509) | (2,004) |
Unbilled receivables - end of period | $ 223 | $ 291 |
Note 3 - Supplemental Cash Fl_3
Note 3 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for: | ||
Interest | $ 39 | $ 55 |
Income taxes, net of refunds | 4,274 | 1,454 |
Non-cash investing and financing activities: | ||
Capital additions accrued but not yet paid | $ 225 | $ 225 |
Note 4 - Receivables and Allo_3
Note 4 - Receivables and Allowance for Credit Losses - Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts receivable–trade | $ 32,978 | $ 26,912 |
Less allowance for credit losses | (522) | (484) |
Receivables, net | $ 32,456 | $ 26,428 |
Note 4 - Receivables and Allo_4
Note 4 - Receivables and Allowance for Credit Losses - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Allowance - beginning of period | $ 484 | $ 486 |
Provision for expected credit losses | 92 | 182 |
Amounts written off against the allowance | (54) | (19) |
Allowance - end of period | $ 522 | $ 649 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative financial instruments | $ (261) | $ (465) |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 09, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 167 | $ 60 | $ 608 | $ 612 | |
Share Price (in dollars per share) | $ 57.34 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,200 | $ 3,200 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | ||||
Employee and Nonemployee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 10,716 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 164 | 757 | |||
Proceeds from Stock Options Exercised | $ 162 | $ 474 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 0 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 14,112 | 11,233,000 | |||
Shares Paid for Tax Withholding for Share Based Compensation Market Price (in dollars per share) | $ 52.47 | $ 49.98 | |||
Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 10,716 |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Compensation Cost (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based compensation | $ 650 | $ 239 | $ 1,771 | $ 1,338 |
Common Stock [Member] | ||||
Share-based compensation | 100 | 100 | 300 | 300 |
Employee and Nonemployee Stock Option [Member] | ||||
Share-based compensation | 52 | 59 | 157 | 173 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation | $ 498 | $ 80 | $ 1,314 | $ 865 |
Note 6 - Share-based Compensa_5
Note 6 - Share-based Compensation - Summary of Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Outstanding, shares under options (in shares) | shares | 94,513 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 30.22 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 10,716 |
Granted (in dollars per share) | $ / shares | $ 57.34 |
Exercised, shares under options (in shares) | shares | (6,558) |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 24.77 |
Outstanding, shares under options (in shares) | shares | 98,671 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 33.53 |
Outstanding, weighted average remaining contractual life (Year) | 6 years 21 days |
Outstanding, aggregate intrinsic value | $ | $ 2,769 |
Exercisable, shares under options (in shares) | shares | 87,955 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 30.63 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 7 months 13 days |
Exercisable, aggregate intrinsic value | $ | $ 2,723 |
Vested and expected to vest, shares under options (in shares) | shares | 98,671 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 33.53 |
Vested and expected to vest, weighted average remaining contractual life (Year) | 6 years 21 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 2,769 |
Note 6 - Share-based Compensa_6
Note 6 - Share-based Compensation - Black-Scholes Option Pricing Model (Details) | Jun. 09, 2021$ / shares |
Expected volatility | 33.70% |
Expected dividends | 0.00% |
Risk-free interest rate | 0.80% |
Exercise price (in dollars per share) | $ 57.34 |
Expected term (years) (Year) | 6 years 2 months 12 days |
Weighted-average grant date fair value (in dollars per share) | $ 19.60 |
Note 6 - Share-based Compensa_7
Note 6 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Outstanding, restricted stock units (in shares) | shares | 93,187 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 35.03 |
Awarded, restricted stock units (in shares) | shares | 51,046 |
Awarded, weighted average award date fair value (in dollars per share) | $ / shares | $ 50.07 |
Shares vested, restricted stock units (in shares) | shares | (38,892) |
Shares vested, weighted average award date fair value (in dollars per share) | $ / shares | $ 32.88 |
Forfeitures, restricted stock unit (in shares) | shares | (270) |
Forfeitures, weighted average award date fair value (in dollars per share) | $ / shares | $ 49.46 |
Outstanding, restricted stock units (in shares) | shares | 105,071 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 41 |
Note 7 - Inventories - Summary
Note 7 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Raw materials | $ 12,357 | $ 12,229 |
Work in process | 4,007 | 1,991 |
Finished goods | 5,310 | 4,422 |
Total inventory | $ 21,674 | $ 18,642 |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Lease Cost: | ||
Amortization of right of use assets | $ 12 | $ 7 |
Interest on lease liabilities | 2 | 1 |
Operating lease cost | 896 | 907 |
Variable lease cost | 169 | 164 |
Short-term lease cost | 30 | 21 |
Total lease cost | 1,109 | 1,100 |
Operating cash flows from operating leases | 909 | 908 |
Financing cash flows from finance leases | 11 | 7 |
ROU assets obtained in exchange for finance lease obligations | $ 0 | $ 110 |
Finance (Year) | 5 years 6 months 29 days | 6 years 6 months 29 days |
Operating (Year) | 1 year 4 months 20 days | 2 years 7 days |
Finance | 2.26% | 2.26% |
Operating | 3.95% | 4.42% |
Note 8 - Leases - Aggregate Fut
Note 8 - Leases - Aggregate Future Lease Payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Remainder of 2021, finance | $ 4 |
Remainder of 2021, operating | 304 |
2022, finance | 17 |
2022, operating | 1,054 |
2023, finance | 17 |
2023, operating | 115 |
2024, finance | 17 |
2024, operating | 73 |
2025, finance | 17 |
2025, operating | 62 |
Thereafter, finance | 23 |
Thereafter, operating | 32 |
Total lease payments, finance | 95 |
Total lease payments, operating | 1,640 |
Less: Interest, finance | (6) |
Less: Interest, operating | (47) |
Present value of lease liabilities, finance | 89 |
Present value of lease liabilities, operating | $ 1,593 |
Note 9 - Net Income Per Share_2
Note 9 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 10,716 | 14,892 | 10,716 | 14,892 |
Note 9 - Net Income Per Share -
Note 9 - Net Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Basic weighted average common shares outstanding (in shares) | 7,531 | 7,495 | 7,522 | 7,480 |
Weighted average common equivalent shares due to restricted stock, stock options and RSUs (in shares) | 66 | 60 | 63 | 67 |
Diluted weighted average common shares outstanding (in shares) | 7,597 | 7,555 | 7,585 | 7,547 |
Note 10 - Segment Reporting (De
Note 10 - Segment Reporting (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue Benchmark [Member] | |||||
Number of Major Customers | 0 | 0 | 0 | 0 | |
Accounts Receivable [Member] | |||||
Number of Major Customers | 1 | 1 | |||
Accounts Receivable [Member] | One Customer [Member] | |||||
Concentration Risk, Percentage | 10.60% | 13.30% |
Note 10 - Segment Reporting - N
Note 10 - Segment Reporting - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | [1] | Sep. 30, 2021 | Sep. 30, 2020 | [1] | |
Net sales | $ 50,723 | $ 43,299 | $ 149,977 | $ 134,220 | ||
Percentage of concentration risk | 100.00% | 100.00% | 100.00% | 100.00% | ||
Medical [Member] | ||||||
Net sales | $ 32,380 | $ 26,869 | $ 95,100 | $ 92,179 | ||
Percentage of concentration risk | 63.80% | 62.10% | 63.40% | 68.70% | ||
Consumer [Member] | ||||||
Net sales | $ 6,449 | $ 5,581 | $ 18,125 | $ 12,216 | ||
Percentage of concentration risk | 12.70% | 12.90% | 12.10% | 9.10% | ||
Aerospace & Defense [Member] | ||||||
Net sales | $ 3,873 | $ 3,388 | $ 12,628 | $ 9,223 | ||
Percentage of concentration risk | 7.60% | 7.80% | 8.40% | 6.90% | ||
Automotive [Member] | ||||||
Net sales | $ 3,851 | $ 4,473 | $ 12,065 | $ 10,525 | ||
Percentage of concentration risk | 7.60% | 10.30% | 8.00% | 7.80% | ||
Industrial [Member] | ||||||
Net sales | $ 2,168 | $ 1,765 | $ 6,494 | $ 5,840 | ||
Percentage of concentration risk | 4.30% | 4.10% | 4.20% | 4.40% | ||
Electronics [Member] | ||||||
Net sales | $ 2,002 | $ 1,223 | $ 5,565 | $ 4,237 | ||
Percentage of concentration risk | 3.90% | 2.80% | 3.70% | 3.20% | ||
[1] | Certain amounts for the three and nine months ended September 30, 2021 were reclassified between markets to conform to the current period presentation. |
Note 11 - Other Intangible As_3
Note 11 - Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Amortization of Intangible Assets, Total | $ 314 | $ 314 | $ 943 | $ 943 |
Note 11 - Other Intangible As_4
Note 11 - Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Gross amount | $ 23,384 | |
Accumulated amortization | (4,608) | |
Net balance | $ 18,776 | $ 19,718 |
Trade Name and Brand [Member] | ||
Estimated useful life (Year) | 10 years | |
Gross amount | $ 367 | |
Accumulated amortization | (135) | |
Net balance | $ 232 | |
Noncompete Agreements [Member] | ||
Estimated useful life (Year) | 5 years | |
Gross amount | $ 462 | |
Accumulated amortization | (338) | |
Net balance | $ 124 | |
Customer Lists [Member] | ||
Estimated useful life (Year) | 20 years | |
Gross amount | $ 22,555 | |
Accumulated amortization | (4,135) | |
Net balance | $ 18,420 |
Note 11 - Other Intangible As_5
Note 11 - Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands | Sep. 30, 2021USD ($) |
2022 | $ 1,257 |
2023 | 1,257 |
2024 | 1,164 |
2025 | 1,164 |
Thereafter | 13,620 |
Total | $ 18,776 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.10% | 19.40% | 23.60% | 19.10% |
Note 13 - Indebtedness (Details
Note 13 - Indebtedness (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Feb. 01, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Interest Rate Swap [Member] | ||||||
Derivative, Notional Amount | $ 20,000 | $ 9,300 | $ 9,300 | |||
Derivative, Term of Contract (Year) | 5 years | |||||
Derivative, Fixed Interest Rate | 2.70% | |||||
Derivative, Fair Value, Net, Total | $ (465) | (261) | (261) | |||
Interest Rate Swap [Member] | Other Nonoperating Income (Expense) [Member] | ||||||
Derivative, Gain (Loss) on Derivative, Net, Total | (4) | $ 0 | 2 | $ (362) | ||
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 | |||||
Long-term Debt, Total | $ 0 | $ 0 | $ 0 | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.08% | 1.08% | 1.08% | |||
Letters of Credit Outstanding, Amount | $ 700 | $ 700 | $ 700 | |||
Subsidiary Guarantors [Member] | Amended and Restated Credit Agreement [Member] | Unsecured Term Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 20,000 | |||||
Subsidiary Guarantors [Member] | Amended and Restated Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Subsidiary Guarantors [Member] | Amended and Restated Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 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% | 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 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | Oct. 12, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Business Combination, Acquisition Related Costs | $ 154 | $ 0 | $ 154 | $ 0 | |
Contech Medical, Inc [Member] | |||||
Business Combination, Acquisition Related Costs | $ 154 | ||||
Contech Medical, Inc [Member] | Subsequent Event [Member] | |||||
Payments to Acquire Businesses, Gross | $ 9,500 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 5,000 |