Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 08, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | OLYMPIC STEEL INC | |
Entity Central Index Key | 917,470 | |
Trading Symbol | zeus | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 11,008,399 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 4,267 | $ 3,009 |
Accounts receivable, net | 213,422 | 132,737 |
Inventories, net (includes LIFO debit of $662 as of September 30, 2018 and $5,337 as of December 31, 2017) | 366,198 | 275,307 |
Prepaid expenses and other | 5,219 | 8,333 |
Assets held for sale | 750 | |
Total current assets | 589,106 | 420,136 |
Property and equipment, at cost | 398,524 | 376,710 |
Accumulated depreciation | (239,862) | (229,062) |
Net property and equipment | 158,662 | 147,648 |
Intangible assets, net | 27,519 | 22,980 |
Other long-term assets | 13,980 | 13,394 |
Total assets | 789,267 | 604,158 |
Liabilities | ||
Current portion of long-term debt | 930 | |
Accounts payable | 118,134 | 84,034 |
Accrued payroll | 19,265 | 11,999 |
Other accrued liabilities | 11,595 | 14,184 |
Total current liabilities | 148,994 | 111,147 |
Credit facility revolver | 304,484 | 196,235 |
Other long-term liabilities | 12,724 | 12,048 |
Deferred income taxes | 14,718 | 12,145 |
Total liabilities | 480,920 | 331,575 |
Shareholders' Equity | ||
Preferred stock | ||
Common stock | 130,597 | 129,453 |
Treasury stock | (132) | (337) |
Retained earnings | 177,882 | 143,467 |
Total shareholders' equity | 308,347 | 272,583 |
Total liabilities and shareholders' equity | $ 789,267 | $ 604,158 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory, LIFO debit | $ 662 | $ 5,337 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 456,976 | $ 331,442 | $ 1,285,491 | $ 1,022,530 |
Costs and expenses | ||||
Cost of materials sold (excludes items shown separately below) | 365,362 | 265,351 | 1,016,200 | 806,846 |
Warehouse and processing | 25,330 | 20,531 | 72,579 | 65,870 |
Administrative and general | 21,197 | 16,647 | 61,592 | 52,699 |
Distribution | 12,552 | 10,574 | 38,077 | 31,507 |
Selling | 7,373 | 6,797 | 21,708 | 19,804 |
Occupancy | 2,348 | 2,150 | 7,200 | 6,651 |
Depreciation | 3,953 | 3,883 | 12,141 | 12,516 |
Amortization | 247 | 223 | 716 | 667 |
Total costs and expenses | 438,362 | 326,156 | 1,230,213 | 996,560 |
Operating income | 18,614 | 5,286 | 55,278 | 25,970 |
Other income (loss), net | 17 | (22) | (122) | (76) |
Income before interest and income taxes | 18,631 | 5,264 | 55,156 | 25,894 |
Interest and other expense on debt | 2,923 | 1,966 | 7,579 | 5,380 |
Income before income taxes | 15,708 | 3,298 | 47,577 | 20,514 |
Income tax provision | 4,109 | 1,018 | 12,501 | 5,738 |
Net income and total comprehensive income | $ 11,599 | $ 2,280 | $ 35,076 | $ 14,776 |
Earnings per share: | ||||
Net income per share - basic (in dollars per share) | $ 1.01 | $ 0.20 | $ 3.07 | $ 1.30 |
Weighted average shares outstanding - basic (in shares) | 11,444 | 11,386 | 11,427 | 11,384 |
Net income per share - diluted (in dollars per share) | $ 1.01 | $ 0.20 | $ 3.07 | $ 1.30 |
Weighted average shares outstanding - diluted (in shares) | 11,446 | 11,386 | 11,427 | 11,384 |
Dividends declared per share of common stock (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.06 | $ 0.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from (used for) operating activities: | ||
Net income | $ 35,076 | $ 14,776 |
Adjustments to reconcile net income to net cash from (used for) operating activities - | ||
Depreciation and amortization | 13,199 | 13,872 |
Loss (gain) on disposition of property and equipment | 29 | (38) |
Stock-based compensation | 1,348 | 944 |
Other long-term assets | (825) | (1,264) |
Other long-term liabilities | 3,180 | (1,523) |
52,007 | 26,767 | |
Changes in working capital: | ||
Accounts receivable | (74,076) | (48,790) |
Inventories | (76,122) | (25,697) |
Prepaid expenses and other | 4,176 | 710 |
Accounts payable | 36,926 | 178 |
Change in outstanding checks | (10,039) | 553 |
Accrued payroll and other accrued liabilities | 3,995 | (363) |
(115,140) | (73,409) | |
Net cash used for operating activities | (63,133) | (46,642) |
Cash flows from (used for) investing activities: | ||
Acquisition of net assets | (21,907) | |
Capital expenditures | (20,366) | (6,470) |
Proceeds from disposition of property and equipment | 80 | 814 |
Net cash used for investing activities | (42,193) | (5,656) |
Cash flows from (used for) financing activities: | ||
Credit facility revolver borrowings | 428,782 | 310,734 |
Credit facility revolver repayments | (320,534) | (254,925) |
Principal payment under capital lease obligation | (4) | |
Industrial revenue bond repayments | (930) | (895) |
Credit facility fees and expenses | (70) | (125) |
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases | 9 | |
Dividends paid | (660) | (658) |
Net cash from financing activities | 106,584 | 54,140 |
Net change | 1,258 | 1,842 |
Beginning balance | 3,009 | 2,315 |
Ending balance | 4,267 | 4,157 |
Interest paid | 7,171 | 4,691 |
Income taxes paid | $ 8,216 | $ 7,918 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation: The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), without audit and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods covered by this report. Year-to-date results are not 2018 10 December 31, 2017. The Company operates in three April 2, 2018, Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three Impact of Recently Issued Accounting Pronouncements In August, 2018, No. 2018 15, 350 40 December 15, 2019, 2018 15 third 2018 not In August 2017, No 2017 12, 2016 310 , 815 December 15, 2018, not not not In May 2017, No 2017 09, 718 1 2 718, 718. 2016 360, 718 December 15, 2017. not In August 2016, No 2016 15, eight zero December 15, 2017, not In February 2016, No. 2016 02, December 15, 2018 In August 2015, 2015 14, 606 2014 09 one December 15, 2017, December 15, 2016, 2014 09 January 2017; 2015 14 January 2018, two no 2015 14 January 1, 2018 not January 1, 2018 not not 606 not three nine September 30, 2018. 3. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisitions : On April 2, 2018, $21.9 1967 one The acquisition is not not As of Details of Acquisition (in thousands) April 2, 2018 Assets acquired Accounts receivable, net 6,609 Inventories 14,769 Property and equipment 2,898 Prepaid expenses and other 345 Intangible assets 5,255 Total assets acquired 29,876 Total liabilities assumed (7,969 ) Cash paid $ 21,907 The purchase price allocation presented above is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using valuation techniques including income, cost and market approaches. The fair value estimates involve the use of estimates and assumptions, including, but not As of the effective date of the acquisition, Berlin Metals’ results are included in the Company’s specialty metals flat products segment in the Company’s 2018 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition : The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat rolled sheet, coil and plate products, aluminum, and stainless flat rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, and fabricated parts. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one not Within the metals industry, revenue is frequently disaggregated by products sold. The table below disaggregates the Company’s revenues by segment and products sold. Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 34.0% - - 34.0% Plate 13.4% - - 13.4% Cold Rolled 5.1% - - 5.1% Coated 7.1% - - 7.1% Specialty - 18.4% - 18.4% Pipe & Tube - - 17.9% 17.9% Other 2.3% 1.8% - 4.1% Total 61.9% 20.2% 17.9% 100.0% Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 35.1% - - 35.1% Plate 12.8% - - 12.8% Cold Rolled 5.3% - - 5.3% Coated 7.6% - - 7.6% Specialty - 18.5% - 18.5% Pipe & Tube - - 17.7% 17.7% Other 1.7% 1.3% - 3.0% Total 62.5% 19.8% 17.7% 100.0% |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 4. Accounts Receivable : Accounts receivable are presented net of allowances for doubtful accounts and unissued credits of $3.5 $2.8 September 30, 2018 December 31, 2017, |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories : Inventories consisted of the following: Inventory as of (in thousands) September 30, 2018 December 31, 2017 Unprocessed $ 306,147 $ 225,187 Processed and finished 60,051 50,120 Totals $ 366,198 $ 275,307 The Company values certain of its tubular and pipe products inventory at the last-in, first September 30, 2018 December 31, 2017, $53.9 14.7% $48.1 17.5% first first During the three nine September 30, 2018, $2.7 $4.7 three nine September 30, 2017, $0.7 $1.5 If the FIFO method had been in use, inventories would have been $0.7 $5.3 September 30, 2018 December 31, 2017, |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and Intangible Assets : The Company’s intangible assets were recorded in connection with its April 2, 2018 2011 fifteen fifteen no Goodwill, by reportable segment, was as follows as of September 30, 2018 December 31, 2017, (in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2017 $ - $ - $ - $ - Acquisitions - 2,358 - 2,358 Impairments - - - - Balance as of September 30, 2018 $ - $ 2,358 $ - $ 2,358 Intangible assets, net, consisted of the following as of September 30, 2018 December 31, 2017, As of September 30, 2018 (in thousands) Gross Carrying Amount Acquisitions Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ 640 $ (6,465 ) $ 7,507 Covenant not to compete - subject to amortization - 157 (28 ) 129 Trade name - not subject to amortization 15,425 2,100 - 17,525 $ 28,757 $ 2,897 $ (6,493 ) $ 25,161 As of December 31, 2017 (in thousands) Gross Carrying Amount Acquisitions Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ - $ (5,777 ) $ 7,555 Trade name - not subject to amortization 15,425 - - 15,425 $ 28,757 $ - $ (5,777 ) $ 22,980 The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $1.0 five |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt : The Company’s debt is comprised of the following components: As of September 30, December 31, (in thousands) 2018 2017 Asset-based revolving credit facility due December 8, 2022 $ 304,484 $ 196,235 Industrial revenue bond due April 1, 2018 - 930 Total debt 304,484 197,165 Less current amount - (930 ) Total long-term debt $ 304,484 $ 196,235 The Company’s asset-based credit facility (the ABL Credit Facility) is collateralized by the Company’s accounts receivable, inventory and personal property. The ABL Credit Facility consists of (i) a revolving credit facility of $370 $20 first $30 may $200 $400 December 8, 2022. The ABL Credit Facility contains customary representations and warranties and certain covenants that limit the ability of the Company to, among other things: (i) incur or guarantee additional indebtedness; (ii) pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; (iii) make investments; (iv) sell assets; (v) enter into agreements that restrict distributions or other payments from restricted subsidiaries to the Company; (vi) incur liens securing indebtedness; (vii) consolidate, merge or transfer all or substantially all of its assets; and (viii) engage in transactions with affiliates. In addition, the ABL Credit Facility contains a financial covenant which requires (i) if any commitments or obligations are outstanding and the Company’s availability is less than the greater of $30 10.0% $40.0 September 30, 2018) 10.0% $40.0 September 30, 2018), 1.00 1.00 twelve The Company has the option to borrow under its revolver based on the agent’s base rate plus a premium ranging from 0.00% 1.50% 1.25% 2.75%. As of September 30, 2018, $93 As of September 30, 2018, $1.6 five |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. Derivative Instruments: Metals swaps and embedded customer derivatives During 2018 2017, third 2018. third third These derivatives have not third not September 30, 2018. not December 31, 2017. Interest rate swap CTI entered into an interest rate swap to reduce the impact of changes in interest rates on its Industrial Revenue Bond (IRB). The swap agreement was terminated in March 2018 There was no three nine September 30, 2018 2017. three nine September 30, 2018 2017. Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Interest rate swap (CTI) $ - $ (6 ) $ (5 ) $ (24 ) Metals swaps (221 ) 156 14 79 Embedded customer derivatives 221 (156 ) (14 ) (79 ) Total loss $ - $ (6 ) $ (5 ) $ (24 ) |
Note 9 - Fair Value of Financia
Note 9 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value of Financial Instruments: During the three September 30, 2018, no 1, 2 3 no December 31, 2017. September 30, 2018 December 31, 2017: Metals swaps and embedded customer derivatives 2 Interest rate swaps 2 The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: Value of Items Recorded at Fair Value As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 32 $ - $ 32 Total assets at fair value $ - $ 32 $ - $ 32 Liabilities: Embedded customer derivative $ - $ 32 $ - $ 32 Total liabilities recorded at fair value $ - $ 32 $ - $ 32 As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Revolver - 304,484 - 304,484 Total liabilities not recorded at fair value $ - $ 304,484 $ - $ 304,484 The value of the items not As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 382 $ - $ 382 Total assets at fair value $ - $ 382 $ - $ 382 Liabilities: Embedded customer derivatives $ - $ 382 $ - $ 382 Interest rate swap (CTI) - 5 - 5 Total liabilities recorded at fair value $ - $ 387 $ - $ 387 As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 930 $ - $ - $ 930 Revolver - 196,235 - 196,235 Total liabilities not recorded at fair value $ 930 $ 196,235 $ - $ 197,165 The fair value of the IRB was determined using Level 1 $0.9 December 31, 2017. The fair value of the revolver is determined using Level 2 2 |
Note 10 - Equity Plans
Note 10 - Equity Plans | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Equity Plans: Restricted Stock Units and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 may 1,000,000 On an annual basis the compensation committee of the Company’s Board of Directors awards restricted stock units (RSUs), to each non-employee director as part of their annual compensation. The annual awards for 2018 2017 $80,000 $70,000, one not On July 1, 2016, 10% $17,500. five July 1, 2016 January 1, 2017. Stock-based compensation expense recognized on RSUs for the three nine September 30, 2018 2017, For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2018 2017 2018 2017 RSU expense before taxes $ 181 $ 141 $ 463 $ 408 RSU expense after taxes $ 133 $ 97 $ 341 $ 294 All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RSUs for the nine September 30, 2018: Number of Weighted Average Shares Granted Price Outstanding at December 31, 2017 469,068 $ 20.11 Granted 84,283 22.33 Converted into shares (19,097 ) 16.09 Forfeited (6,709 ) 16.98 Outstanding at September 30, 2018 527,545 $ 20.65 Vested at September 30, 2018 436,069 $ 20.42 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Income Taxes: On December 22, 2017, 35% 21% January 1, 2018. While the Company has substantially completed its analysis of the income tax effects of the Tax Act and recorded a reasonable estimate of such effects, certain items related to the Tax Act may may may one December 22, 2018, 118 For the three September 30, 2018, $4.1 26.2% $1.0 30.9% three September 30, 2017. nine September 30, 2018, $12.5 26.3% $5.7 28.0%, nine September 30, 2017. first 2017, 162 six 2017 162 not 2005, $1.9 2017. not The tax provision or benefit for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter the Company updates the estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company makes a cumulative adjustment. The quarterly tax provision and the quarterly estimate of the annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting the Company’s pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not |
Note 12 - Shares Outstanding an
Note 12 - Shares Outstanding and Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Shares Outstanding and Earnings Per Share: Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2018 2017 2018 2017 Weighted average basic shares outstanding 11,444 11,386 11,427 11,384 Assumed issuance related to stock awards 2 - - - Weighted average diluted shares outstanding 11,446 11,386 11,427 11,384 Net income $ 11,599 $ 2,280 $ 35,076 $ 14,776 Basic earnings per share $ 1.01 $ 0.20 $ 3.07 $ 1.30 Diluted earnings per share $ 1.01 $ 0.20 $ 3.07 $ 1.30 Anti-dilutive securities outstanding 91 65 91 65 |
Note 13 - Segment Information
Note 13 - Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. Segment Information: The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. Our CODM evaluates performance and allocates resources based primarily on operating income (loss). Our operating segments are based primarily on internal management reporting. The Company operates in three April 2, 2018, Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three nine September 30, 2018 2017. For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Net sales Carbon flat products $ 282,810 $ 215,843 $ 802,995 $ 669,817 Specialty metals flat products 92,153 57,554 255,037 173,789 Tubular and pipe products 82,013 58,045 227,459 178,924 Total net sales $ 456,976 $ 331,442 $ 1,285,491 $ 1,022,530 Depreciation and amortization Carbon flat products $ 2,524 $ 2,493 $ 7,665 $ 8,287 Specialty metals flat products 341 185 880 609 Tubular and pipe products 1,311 1,403 4,237 4,211 Corporate 24 25 75 76 Total depreciation and amortization $ 4,200 $ 4,106 $ 12,857 $ 13,183 Operating income Carbon flat products $ 14,493 $ 3,698 $ 40,901 $ 18,312 Specialty metals flat products 4,954 2,074 13,493 8,918 Tubular and pipe products 3,102 1,608 11,917 6,439 Corporate expenses (3,935 ) (2,094 ) (11,033 ) (7,699 ) Total operating income $ 18,614 $ 5,286 $ 55,278 $ 25,970 Other income (loss), net 17 (22 ) (122 ) (76 ) Income before interest and income taxes 18,631 5,264 55,156 25,894 Interest and other expense on debt 2,923 1,966 7,579 5,380 Income before income taxes $ 15,708 $ 3,298 $ 47,577 $ 20,514 For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Capital expenditures Flat products segments $ 4,980 $ 1,110 $ 15,289 $ 4,292 Tubular and pipe products 1,505 891 4,598 2,178 Corporate 106 - 479 - Total capital expenditures $ 6,591 $ 2,001 $ 20,366 $ 6,470 As of September 30, December 31, (in thousands) 2018 2017 Total assets Flat products segments $ 579,602 $ 409,116 Tubular and pipe products 209,007 194,787 Corporate 658 255 Total assets $ 789,267 $ 604,158 There were no The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Pronouncements In August, 2018, No. 2018 15, 350 40 December 15, 2019, 2018 15 third 2018 not In August 2017, No 2017 12, 2016 310 , 815 December 15, 2018, not not not In May 2017, No 2017 09, 718 1 2 718, 718. 2016 360, 718 December 15, 2017. not In August 2016, No 2016 15, eight zero December 15, 2017, not In February 2016, No. 2016 02, December 15, 2018 In August 2015, 2015 14, 606 2014 09 one December 15, 2017, December 15, 2016, 2014 09 January 2017; 2015 14 January 2018, two no 2015 14 January 1, 2018 not January 1, 2018 not not 606 not three six June 30, 2018. 3. |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As of Details of Acquisition (in thousands) April 2, 2018 Assets acquired Accounts receivable, net 6,609 Inventories 14,769 Property and equipment 2,898 Prepaid expenses and other 345 Intangible assets 5,255 Total assets acquired 29,876 Total liabilities assumed (7,969 ) Cash paid $ 21,907 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 34.0% - - 34.0% Plate 13.4% - - 13.4% Cold Rolled 5.1% - - 5.1% Coated 7.1% - - 7.1% Specialty - 18.4% - 18.4% Pipe & Tube - - 17.9% 17.9% Other 2.3% 1.8% - 4.1% Total 61.9% 20.2% 17.9% 100.0% Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 35.1% - - 35.1% Plate 12.8% - - 12.8% Cold Rolled 5.3% - - 5.3% Coated 7.6% - - 7.6% Specialty - 18.5% - 18.5% Pipe & Tube - - 17.7% 17.7% Other 1.7% 1.3% - 3.0% Total 62.5% 19.8% 17.7% 100.0% |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventory as of (in thousands) September 30, 2018 December 31, 2017 Unprocessed $ 306,147 $ 225,187 Processed and finished 60,051 50,120 Totals $ 366,198 $ 275,307 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2017 $ - $ - $ - $ - Acquisitions - 2,358 - 2,358 Impairments - - - - Balance as of September 30, 2018 $ - $ 2,358 $ - $ 2,358 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of September 30, 2018 (in thousands) Gross Carrying Amount Acquisitions Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ 640 $ (6,465 ) $ 7,507 Covenant not to compete - subject to amortization - 157 (28 ) 129 Trade name - not subject to amortization 15,425 2,100 - 17,525 $ 28,757 $ 2,897 $ (6,493 ) $ 25,161 As of December 31, 2017 (in thousands) Gross Carrying Amount Acquisitions Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ - $ (5,777 ) $ 7,555 Trade name - not subject to amortization 15,425 - - 15,425 $ 28,757 $ - $ (5,777 ) $ 22,980 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of September 30, December 31, (in thousands) 2018 2017 Asset-based revolving credit facility due December 8, 2022 $ 304,484 $ 196,235 Industrial revenue bond due April 1, 2018 - 930 Total debt 304,484 197,165 Less current amount - (930 ) Total long-term debt $ 304,484 $ 196,235 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Interest rate swap (CTI) $ - $ (6 ) $ (5 ) $ (24 ) Metals swaps (221 ) 156 14 79 Embedded customer derivatives 221 (156 ) (14 ) (79 ) Total loss $ - $ (6 ) $ (5 ) $ (24 ) |
Note 9 - Fair Value of Financ_2
Note 9 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Value of Items Recorded at Fair Value As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 32 $ - $ 32 Total assets at fair value $ - $ 32 $ - $ 32 Liabilities: Embedded customer derivative $ - $ 32 $ - $ 32 Total liabilities recorded at fair value $ - $ 32 $ - $ 32 As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 382 $ - $ 382 Total assets at fair value $ - $ 382 $ - $ 382 Liabilities: Embedded customer derivatives $ - $ 382 $ - $ 382 Interest rate swap (CTI) - 5 - 5 Total liabilities recorded at fair value $ - $ 387 $ - $ 387 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Revolver - 304,484 - 304,484 Total liabilities not recorded at fair value $ - $ 304,484 $ - $ 304,484 As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 930 $ - $ - $ 930 Revolver - 196,235 - 196,235 Total liabilities not recorded at fair value $ 930 $ 196,235 $ - $ 197,165 |
Note 10 - Equity Plans (Tables)
Note 10 - Equity Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2018 2017 2018 2017 RSU expense before taxes $ 181 $ 141 $ 463 $ 408 RSU expense after taxes $ 133 $ 97 $ 341 $ 294 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Number of Weighted Average Shares Granted Price Outstanding at December 31, 2017 469,068 $ 20.11 Granted 84,283 22.33 Converted into shares (19,097 ) 16.09 Forfeited (6,709 ) 16.98 Outstanding at September 30, 2018 527,545 $ 20.65 Vested at September 30, 2018 436,069 $ 20.42 |
Note 12 - Shares Outstanding _2
Note 12 - Shares Outstanding and Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2018 2017 2018 2017 Weighted average basic shares outstanding 11,444 11,386 11,427 11,384 Assumed issuance related to stock awards 2 - - - Weighted average diluted shares outstanding 11,446 11,386 11,427 11,384 Net income $ 11,599 $ 2,280 $ 35,076 $ 14,776 Basic earnings per share $ 1.01 $ 0.20 $ 3.07 $ 1.30 Diluted earnings per share $ 1.01 $ 0.20 $ 3.07 $ 1.30 Anti-dilutive securities outstanding 91 65 91 65 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Net sales Carbon flat products $ 282,810 $ 215,843 $ 802,995 $ 669,817 Specialty metals flat products 92,153 57,554 255,037 173,789 Tubular and pipe products 82,013 58,045 227,459 178,924 Total net sales $ 456,976 $ 331,442 $ 1,285,491 $ 1,022,530 Depreciation and amortization Carbon flat products $ 2,524 $ 2,493 $ 7,665 $ 8,287 Specialty metals flat products 341 185 880 609 Tubular and pipe products 1,311 1,403 4,237 4,211 Corporate 24 25 75 76 Total depreciation and amortization $ 4,200 $ 4,106 $ 12,857 $ 13,183 Operating income Carbon flat products $ 14,493 $ 3,698 $ 40,901 $ 18,312 Specialty metals flat products 4,954 2,074 13,493 8,918 Tubular and pipe products 3,102 1,608 11,917 6,439 Corporate expenses (3,935 ) (2,094 ) (11,033 ) (7,699 ) Total operating income $ 18,614 $ 5,286 $ 55,278 $ 25,970 Other income (loss), net 17 (22 ) (122 ) (76 ) Income before interest and income taxes 18,631 5,264 55,156 25,894 Interest and other expense on debt 2,923 1,966 7,579 5,380 Income before income taxes $ 15,708 $ 3,298 $ 47,577 $ 20,514 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Capital expenditures Flat products segments $ 4,980 $ 1,110 $ 15,289 $ 4,292 Tubular and pipe products 1,505 891 4,598 2,178 Corporate 106 - 479 - Total capital expenditures $ 6,591 $ 2,001 $ 20,366 $ 6,470 As of September 30, December 31, (in thousands) 2018 2017 Total assets Flat products segments $ 579,602 $ 409,116 Tubular and pipe products 209,007 194,787 Corporate 658 255 Total assets $ 789,267 $ 604,158 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 9 Months Ended |
Sep. 30, 2018 | |
Number of Reportable Segments | 3 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) $ in Millions | Apr. 02, 2018USD ($) |
Berlin Metals [Member] | |
Business Combination, Consideration Transferred, Total | $ 21.9 |
Note 2 - Acquisitions - Purchas
Note 2 - Acquisitions - Purchase Price Allocation (Details) - Berlin Metals [Member] $ in Thousands | Apr. 02, 2018USD ($) |
Accounts receivable, net | $ 6,609 |
Inventories | 14,769 |
Property and equipment | 2,898 |
Prepaid expenses and other | 345 |
Intangible assets | 5,255 |
Total assets acquired | 29,876 |
Total liabilities assumed | (7,969) |
Cash paid | $ 21,907 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Percentage of net sales | 100.00% | 100.00% |
Hot Rolled Products [Member] | ||
Percentage of net sales | 34.00% | 35.10% |
Plate Products [Member] | ||
Percentage of net sales | 13.40% | 12.80% |
Cold Rolled Products [Member] | ||
Percentage of net sales | 5.10% | 5.30% |
Coated Products [Member] | ||
Percentage of net sales | 7.10% | 7.60% |
Specialty [Member] | ||
Percentage of net sales | 18.40% | 18.50% |
Pipe and Tube Products [Member] | ||
Percentage of net sales | 17.90% | 17.70% |
Product and Service, Other [Member] | ||
Percentage of net sales | 4.10% | 3.00% |
Carbon Flat Products [Member] | ||
Percentage of net sales | 61.90% | 62.50% |
Carbon Flat Products [Member] | Hot Rolled Products [Member] | ||
Percentage of net sales | 34.00% | 35.10% |
Carbon Flat Products [Member] | Plate Products [Member] | ||
Percentage of net sales | 13.40% | 12.80% |
Carbon Flat Products [Member] | Cold Rolled Products [Member] | ||
Percentage of net sales | 5.10% | 5.30% |
Carbon Flat Products [Member] | Coated Products [Member] | ||
Percentage of net sales | 7.10% | 7.60% |
Carbon Flat Products [Member] | Specialty [Member] | ||
Percentage of net sales | ||
Carbon Flat Products [Member] | Pipe and Tube Products [Member] | ||
Percentage of net sales | ||
Carbon Flat Products [Member] | Product and Service, Other [Member] | ||
Percentage of net sales | 2.30% | 1.70% |
Specialty Metals Flat Products [Member] | ||
Percentage of net sales | 20.20% | 19.80% |
Specialty Metals Flat Products [Member] | Hot Rolled Products [Member] | ||
Percentage of net sales | ||
Specialty Metals Flat Products [Member] | Plate Products [Member] | ||
Percentage of net sales | ||
Specialty Metals Flat Products [Member] | Cold Rolled Products [Member] | ||
Percentage of net sales | ||
Specialty Metals Flat Products [Member] | Coated Products [Member] | ||
Percentage of net sales | ||
Specialty Metals Flat Products [Member] | Specialty [Member] | ||
Percentage of net sales | 18.40% | 18.50% |
Specialty Metals Flat Products [Member] | Pipe and Tube Products [Member] | ||
Percentage of net sales | ||
Specialty Metals Flat Products [Member] | Product and Service, Other [Member] | ||
Percentage of net sales | 1.80% | 1.30% |
Tubular and Pipe Products [Member] | ||
Percentage of net sales | 17.90% | 17.70% |
Tubular and Pipe Products [Member] | Hot Rolled Products [Member] | ||
Percentage of net sales | ||
Tubular and Pipe Products [Member] | Plate Products [Member] | ||
Percentage of net sales | ||
Tubular and Pipe Products [Member] | Cold Rolled Products [Member] | ||
Percentage of net sales | ||
Tubular and Pipe Products [Member] | Coated Products [Member] | ||
Percentage of net sales | ||
Tubular and Pipe Products [Member] | Specialty [Member] | ||
Percentage of net sales | ||
Tubular and Pipe Products [Member] | Pipe and Tube Products [Member] | ||
Percentage of net sales | 17.90% | 17.70% |
Tubular and Pipe Products [Member] | Product and Service, Other [Member] | ||
Percentage of net sales |
Note 4 - Accounts Receivable (D
Note 4 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | $ 3.5 | $ 2.8 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
LIFO Inventory Amount | $ 53.9 | $ 53.9 | $ 48.1 | ||
Percentage of LIFO Inventory | 14.70% | 14.70% | 17.50% | ||
Inventory, LIFO Reserve, Period Charge | $ 2.7 | $ 0.7 | $ 4.7 | $ 1.5 | |
Inventory Difference Using FIFO Basis | $ 0.7 | $ 0.7 | $ 5.3 |
Note 5 - Inventories - Steel In
Note 5 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Unprocessed | $ 306,147 | $ 225,187 |
Processed and finished | 60,051 | 50,120 |
Totals | $ 366,198 | $ 275,307 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1 |
Customer Relationships [Member] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Finite-Lived Intangible Assets, Remaining Amortization Period | 15 years |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Balance as of December 31, 2017 | |
Acquisitions | 2,358 |
Impairments | |
Balance as of September 30, 2018 | 2,358 |
Carbon Flat Products [Member] | |
Balance as of December 31, 2017 | |
Acquisitions | |
Impairments | |
Balance as of September 30, 2018 | |
Specialty Metals Flat Products [Member] | |
Balance as of December 31, 2017 | |
Acquisitions | 2,358 |
Impairments | |
Balance as of September 30, 2018 | 2,358 |
Tubular and Pipe Products [Member] | |
Balance as of December 31, 2017 | |
Acquisitions | |
Impairments | |
Balance as of September 30, 2018 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Gross carrying amount | $ 28,757 | $ 28,757 |
Accumulated amortization | (6,493) | (5,777) |
Intangible assets, net | 25,161 | 22,980 |
Acquisitions | 2,897 | |
Trade Names [Member] | ||
Gross carrying amount | 15,425 | 15,425 |
Accumulated amortization | ||
Intangible assets, net | 17,525 | 15,425 |
Acquisitions | 2,100 | |
Customer Relationships [Member] | ||
Gross carrying amount | 13,332 | 13,332 |
Acquisitions | 640 | |
Accumulated amortization | (6,465) | (5,777) |
Intangible assets, net | 7,507 | $ 7,555 |
Noncompete Agreements [Member] | ||
Gross carrying amount | ||
Acquisitions | 157 | |
Accumulated amortization | (28) | |
Intangible assets, net | $ 129 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Prepaid Expense and Other Assets, Current | $ 5,219 | $ 8,333 |
Amortized Banking Fees [Member] | ||
Prepaid Expense and Other Assets, Current | $ 1,600 | |
ABL Credit Facility [Member] | ||
Debt Instrument, Term | 5 years | |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 370,000 | |
Letters of Credit, Maximum Borrowing Capacity | 20,000 | |
Maximum First In, Last Out Revolving Credit Facility | 30,000 | |
Line of Credit Facility, Additional Commitments, Maximum | 200,000 | |
Line of Credit Facility, Current Borrowing Capacity | 400,000 | |
Line Of Credit Facility Covenant Terms Monetary | $ 30,000 | |
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 10.00% | |
Line of Credit Facility Covenant Terms Aggregate Borrowing Base | $ 40,000 | |
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 93,000 | |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Note 7 - Debt - Summary of Debt
Note 7 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Revolver | $ 304,484 | $ 196,235 |
Total debt | 304,484 | 197,165 |
Less current amount | (930) | |
Total long-term debt | 304,484 | 196,235 |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Revolver | 304,484 | 196,235 |
Industrial Revenue Bonds [Member] | ||
IRB | $ 930 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivatives | $ (6) | $ (5) | $ (24) | |
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member] | ||||
Derivatives | (6) | (5) | (24) | |
Metal Swaps [Member] | ||||
Derivatives | (221) | 156 | 14 | 79 |
Embedded Customer Derivatives [Member] | ||||
Derivatives | $ 221 | $ (156) | $ (14) | $ (79) |
Note 9 - Fair Value of Financ_3
Note 9 - Fair Value of Financial Instruments (Details Textual) $ in Millions | Dec. 31, 2017USD ($) |
Industrial Revenue Bonds [Member] | |
Long-term Debt, Fair Value | $ 0.9 |
Note 9 - Fair Value of Financ_4
Note 9 - Fair Value of Financial Instruments - Fair Value Measurements, Recorded (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Total assets at fair value | $ 32 | $ 382 |
Liabilities: | ||
Embedded customer derivative | 32 | |
Total liabilities recorded at fair value | 32 | 387 |
Embedded customer derivatives | 382 | |
Assets: | ||
Total assets at fair value | 32 | 382 |
Metal Swaps [Member] | ||
Total assets at fair value | 32 | 382 |
Assets: | ||
Total assets at fair value | 32 | 382 |
Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 5 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total assets at fair value | ||
Liabilities: | ||
Embedded customer derivative | ||
Total liabilities recorded at fair value | ||
Embedded customer derivatives | ||
Assets: | ||
Total assets at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member] | ||
Total assets at fair value | ||
Assets: | ||
Total assets at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Total assets at fair value | 32 | 382 |
Liabilities: | ||
Embedded customer derivative | 32 | |
Total liabilities recorded at fair value | 32 | 387 |
Embedded customer derivatives | 382 | |
Assets: | ||
Total assets at fair value | 32 | 382 |
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member] | ||
Total assets at fair value | 32 | 382 |
Assets: | ||
Total assets at fair value | 32 | 382 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 5 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total assets at fair value | ||
Liabilities: | ||
Embedded customer derivative | ||
Total liabilities recorded at fair value | ||
Embedded customer derivatives | ||
Assets: | ||
Total assets at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member] | ||
Total assets at fair value | ||
Assets: | ||
Total assets at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities |
Note 9 - Fair Value of Financ_5
Note 9 - Fair Value of Financial Instruments - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Liabilities | ||
Revolver | $ 304,484 | $ 196,235 |
Carrying Value [Member] | ||
Liabilities | ||
Total liabilities not recorded at fair value | 304,484 | 197,165 |
Industrial Revenue Bonds [Member] | ||
Liabilities | ||
IRB | 930 | |
Fair Value, Inputs, Level 1 [Member] | Carrying Value [Member] | ||
Liabilities | ||
Total liabilities not recorded at fair value | 930 | |
Fair Value, Inputs, Level 1 [Member] | Industrial Revenue Bonds [Member] | ||
Liabilities | ||
IRB | 930 | |
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member] | ||
Liabilities | ||
Total liabilities not recorded at fair value | 304,484 | 196,235 |
Fair Value, Inputs, Level 2 [Member] | Industrial Revenue Bonds [Member] | ||
Liabilities | ||
IRB | ||
Fair Value, Inputs, Level 3 [Member] | Carrying Value [Member] | ||
Liabilities | ||
Total liabilities not recorded at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Industrial Revenue Bonds [Member] | ||
Liabilities | ||
IRB | ||
Revolver [Member] | ||
Liabilities | ||
Revolver | 304,484 | 196,235 |
Revolver [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Revolver | ||
Revolver [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Revolver | 304,484 | 196,235 |
Revolver [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Revolver |
Note 10 - Equity Plans (Details
Note 10 - Equity Plans (Details Textual) - USD ($) | Jul. 01, 2016 | Sep. 30, 2018 | Sep. 30, 2017 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 84,283 | ||
Restricted Stock Units (RSUs) [Member] | Senior Management Stock Incentive Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Participant's Base Salary | 10.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 17,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 80,000 | 70,000 | |
Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,000,000 |
Note 10 - Equity Plans - Stock-
Note 10 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
RSU expense before taxes | $ 181 | $ 141 | $ 463 | $ 408 |
RSU expense after taxes | $ 133 | $ 97 | $ 341 | $ 294 |
Note 10 - Equity Plans - Restri
Note 10 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Outstanding, beginning balance (in shares) | shares | 469,068 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 20.11 |
Granted (in shares) | shares | 84,283 |
Granted (in dollars per share) | $ / shares | $ 22.33 |
Converted into shares (in shares) | shares | (19,097) |
Converted into shares (in dollars per share) | $ / shares | $ 16.09 |
Forfeited (in shares) | shares | (6,709) |
Forfeited (in dollars per share) | $ / shares | $ 16.98 |
Outstanding, ending balance (in shares) | shares | 527,545 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 20.65 |
Vested (in shares) | shares | 436,069 |
Vested (in dollars per share) | $ / shares | $ 20.42 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |||
Income Tax Expense (Benefit), Total | $ 4,109 | $ 1,018 | $ 12,501 | $ 5,738 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.20% | 30.90% | 26.30% | 28.00% | |
Restatement Adjustment [Member] | |||||
Income Tax Expense (Benefit), Total | $ (1,900) |
Note 12 - Shares Outstanding _3
Note 12 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Weighted average basic shares outstanding (in shares) | 11,444 | 11,386 | 11,427 | 11,384 |
Assumed issuance related to stock awards (in shares) | 2 | |||
Weighted average diluted shares outstanding (in shares) | 11,446 | 11,386 | 11,427 | 11,384 |
Net income | $ 11,599 | $ 2,280 | $ 35,076 | $ 14,776 |
Basic earnings per share (in dollars per share) | $ 1.01 | $ 0.20 | $ 3.07 | $ 1.30 |
Diluted earnings per share (in dollars per share) | $ 1.01 | $ 0.20 | $ 3.07 | $ 1.30 |
Anti-dilutive securities outstanding (in shares) | 91 | 65 | 91 | 65 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2018 | |
Number of Reportable Segments | 3 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales: | ||||
Net sales | $ 456,976 | $ 331,442 | $ 1,285,491 | $ 1,022,530 |
Depreciation and amortization: | ||||
Depreciation and amortization | 4,200 | 4,106 | 12,857 | 13,183 |
Operating income (loss): | ||||
Operating income | 18,614 | 5,286 | 55,278 | 25,970 |
Other income (loss), net | 17 | (22) | (122) | (76) |
Income before interest and income taxes | 18,631 | 5,264 | 55,156 | 25,894 |
Interest and other expense on debt | 2,923 | 1,966 | 7,579 | 5,380 |
Income before income taxes | 15,708 | 3,298 | 47,577 | 20,514 |
Carbon Flat Products [Member] | ||||
Net sales: | ||||
Net sales | 282,810 | 215,843 | 802,995 | 669,817 |
Depreciation and amortization: | ||||
Depreciation and amortization | 2,524 | 2,493 | 7,665 | 8,287 |
Operating income (loss): | ||||
Operating income | 14,493 | 3,698 | 40,901 | 18,312 |
Specialty Metals Flat Products [Member] | ||||
Net sales: | ||||
Net sales | 92,153 | 57,554 | 255,037 | 173,789 |
Depreciation and amortization: | ||||
Depreciation and amortization | 341 | 185 | 880 | 609 |
Operating income (loss): | ||||
Operating income | 4,954 | 2,074 | 13,493 | 8,918 |
Tubular and Pipe Products [Member] | ||||
Net sales: | ||||
Net sales | 82,013 | 58,045 | 227,459 | 178,924 |
Depreciation and amortization: | ||||
Depreciation and amortization | 1,311 | 1,403 | 4,237 | 4,211 |
Operating income (loss): | ||||
Operating income | 3,102 | 1,608 | 11,917 | 6,439 |
Corporate Segment [Member] | ||||
Depreciation and amortization: | ||||
Depreciation and amortization | 24 | 25 | 75 | 76 |
Operating income (loss): | ||||
Operating income | $ (3,935) | $ (2,094) | $ (11,033) | $ (7,699) |
Note 13 - Segment Information_3
Note 13 - Segment Information - Segment Reporting Information by Capital Expenditures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Capital expenditures: | |||||
Capital expenditures | $ 6,591 | $ 2,001 | $ 20,366 | $ 6,470 | |
Total assets | 789,267 | 789,267 | $ 604,158 | ||
Flat Products Segment [Member] | |||||
Capital expenditures: | |||||
Capital expenditures | 4,980 | 1,110 | 15,289 | 4,292 | |
Total assets | 579,602 | 579,602 | 409,116 | ||
Tubular and Pipe Products [Member] | |||||
Capital expenditures: | |||||
Capital expenditures | 1,505 | 891 | 4,598 | 2,178 | |
Total assets | 209,007 | 209,007 | 194,787 | ||
Corporate Segment [Member] | |||||
Capital expenditures: | |||||
Capital expenditures | 106 | 479 | |||
Total assets | $ 658 | $ 658 | $ 255 |