Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000917470 | |
Entity Registrant Name | OLYMPIC STEEL INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-23320 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1245650 | |
Entity Address, Address Line One | 22901 Millcreek Boulevard, Suite 650 | |
Entity Address, City or Town | Highland Hills | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44122 | |
City Area Code | 216 | |
Local Phone Number | 292-3800 | |
Title of 12(b) Security | Common stock, without par value | |
Trading Symbol | ZEUS | |
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 | 11,077,322 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 8,309 | $ 5,533 |
Accounts receivable, net | 210,695 | 151,601 |
Inventories, net (includes LIFO debit of $1,115 and $2,115 as of March 31, 2021 and December 31, 2020, respectively) | 278,174 | 240,001 |
Prepaid expenses and other | 10,940 | 5,069 |
Total current assets | 508,118 | 402,204 |
Property and equipment, at cost | 436,850 | 434,579 |
Accumulated depreciation | (282,226) | (277,379) |
Net property and equipment | 154,624 | 157,200 |
Goodwill | 5,234 | 5,123 |
Intangible assets, net | 32,026 | 32,593 |
Other long-term assets | 14,260 | 18,131 |
Right of use assets, net | 24,097 | 25,354 |
Total assets | 738,359 | 640,605 |
Liabilities | ||
Accounts payable | 122,485 | 87,291 |
Accrued payroll | 15,661 | 10,985 |
Other accrued liabilities | 29,830 | 22,869 |
Current portion of lease liabilities | 5,436 | 5,580 |
Total current liabilities | 173,412 | 126,725 |
Credit facility revolver | 191,903 | 160,609 |
Other long-term liabilities | 16,408 | 22,478 |
Deferred income taxes | 13,968 | 9,818 |
Lease liabilities | 18,893 | 19,965 |
Total liabilities | 414,584 | 339,595 |
Shareholders' Equity | ||
Preferred stock | 0 | 0 |
Common stock | 132,644 | 132,382 |
Accumulated other comprehensive loss | (3,499) | (4,215) |
Retained earnings | 194,630 | 172,843 |
Total shareholders' equity | 323,775 | 301,010 |
Total liabilities and shareholders' equity | $ 738,359 | $ 640,605 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory, LIFO debit | $ 1,115 | $ 2,115 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 463,124 | $ 354,380 |
Costs and expenses | ||
Cost of materials sold (excludes items shown seperately below) | 354,665 | 282,522 |
Warehouse and processing | 23,407 | 23,076 |
Administrative and general | 23,054 | 19,059 |
Distribution | 13,562 | 12,289 |
Selling | 8,466 | 6,810 |
Occupancy | 3,145 | 2,660 |
Depreciation | 4,650 | 4,516 |
Amortization | 585 | 397 |
Total costs and expenses | 431,534 | 351,329 |
Operating income | 31,590 | 3,051 |
Other income (loss), net | (10) | (17) |
Income before interest and income taxes | 31,580 | 3,034 |
Interest and other expense on debt | 1,655 | 2,239 |
Income before income taxes | 29,925 | 795 |
Income tax provision | 7,917 | 202 |
Net income | 22,008 | 593 |
Gain (loss) on cash flow hedge | 955 | (3,397) |
Tax effect on cash flow hedge | (239) | 849 |
Total comprehensive income (loss) | $ 22,724 | $ (1,955) |
Earnings per share: | ||
Net income per share - basic (in dollars per share) | $ 1.92 | $ 0.05 |
Weighted average shares outstanding - basic (in shares) | 11,490 | 11,444 |
Net income per share - diluted (in dollars per share) | $ 1.91 | $ 0.05 |
Weighted average shares outstanding - diluted (in shares) | 11,496 | 11,459 |
Dividends declared per share of common stock (in dollars per share) | $ 0.02 | $ 0.02 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from (used for) operating activities: | ||
Net income | $ 22,008 | $ 593 |
Adjustments to reconcile net income to net cash from (used for) operating activities - | ||
Depreciation and amortization | 5,372 | 5,042 |
Loss on disposition of property and equipment | 0 | 71 |
Stock-based compensation | 262 | 359 |
Other long-term assets | 5,114 | (312) |
Other long-term liabilities | (1,575) | (764) |
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital | 31,181 | 4,989 |
Changes in working capital: | ||
Accounts receivable | (59,094) | (32,210) |
Inventories | (38,173) | 5,977 |
Prepaid expenses and other | (5,796) | 608 |
Accounts payable | 31,388 | 10,283 |
Change in outstanding checks | 3,806 | 3,227 |
Accrued payroll and other accrued liabilities | 10,968 | (4,859) |
Increase (Decrease) in Operating Capital, Total | (56,901) | (16,974) |
Net cash used for operating activities | (25,720) | (11,985) |
Cash flows from (used for) investing activities: | ||
Capital expenditures | (2,286) | (4,235) |
Net cash used for investing activities | (2,286) | (4,235) |
Cash flows from (used for) financing activities: | ||
Credit facility revolver borrowings | 113,571 | 107,391 |
Credit facility revolver repayments | (82,277) | (91,264) |
Principal payment under capital lease obligation | (176) | 0 |
Credit facility fees and expenses | (115) | 0 |
Repurchase of common stock | 0 | (145) |
Dividends paid | (221) | (220) |
Net cash from financing activities | 30,782 | 15,762 |
Cash and cash equivalents: | ||
Net change | 2,776 | (458) |
Beginning balance | 5,533 | 5,742 |
Ending balance | 8,309 | 5,284 |
Interest paid | 1,479 | 2,153 |
Income taxes paid | $ 240 | $ (7) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Finance lease obligations incurred | $ 1 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2019 | $ 131,647 | $ (335) | $ (2,281) | $ 179,321 | $ 308,352 |
Net income | 0 | 0 | 0 | 593 | 593 |
Payment of dividends | 0 | 0 | 0 | (220) | (220) |
Stock-based compensation | 359 | 0 | 0 | 0 | 359 |
Changes in fair value of hedges, net of tax | 0 | 0 | (2,548) | 0 | (2,548) |
Repurchase of common stock | 0 | (145) | 0 | 0 | (145) |
Other | 0 | 0 | 0 | 1 | 1 |
Balance at Mar. 31, 2020 | 132,006 | (480) | (4,829) | 179,695 | 306,392 |
Balance at Dec. 31, 2020 | 132,382 | 0 | (4,215) | 172,843 | 301,010 |
Net income | 0 | 0 | 0 | 22,008 | 22,008 |
Payment of dividends | 0 | 0 | 0 | (221) | (221) |
Stock-based compensation | 262 | 0 | 0 | 0 | 262 |
Changes in fair value of hedges, net of tax | 0 | 0 | 716 | 0 | 716 |
Balance at Mar. 31, 2021 | $ 132,644 | $ 0 | $ (3,499) | $ 194,630 | $ 323,775 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [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 2021 10 December 31, 2020. The Company operates in three 2019, December 14, 2020, 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 On March 11, 2020, 19 19 19 Impact of Recently Issued Accounting Pronouncements There were no |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. 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 March 31, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 28.1 % 0.0 % 0.0 % 28.1 % Plate 8.7 % 0.0 % 0.0 % 8.7 % Cold Rolled 6.2 % 0.0 % 0.0 % 6.2 % Coated 8.8 % 0.0 % 0.0 % 8.8 % Specialty 0.0 % 25.6 % 0.0 % 25.6 % Tube 0.0 % 0.0 % 19.5 % 19.5 % Other 1.4 % 1.7 % 0.0 % 3.1 % Total 53.2 % 27.3 % 19.5 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended March 31, 2020 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 30.0 % 0.0 % 0.0 % 30.0 % Plate 11.6 % 0.0 % 0.0 % 11.6 % Cold Rolled 5.6 % 0.0 % 0.0 % 5.6 % Coated 8.6 % 0.0 % 0.0 % 8.6 % Specialty 0.0 % 25.0 % 0.0 % 25.0 % Tube 0.0 % 0.0 % 17.8 % 17.8 % Other 1.4 % 0.0 % 0.0 % 1.4 % Total 57.2 % 25.0 % 17.8 % 100.0 % |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 3. Accounts Receivable : Accounts receivable are presented net of allowances for credit losses and unissued credits of $4.1 million and $3.6 million as of March 31, 2021 December 31, 2020, |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories: Inventories consisted of the following: Inventory as of (in thousands) March 31, 2021 December 31, 2020 Unprocessed $ 220,466 $ 194,614 Processed and finished 57,708 45,387 Totals $ 278,174 $ 240,001 The Company values certain of its tubular and pipe products inventory at the last-in, first March 31, 2021 December 31, 2020, first first During the three March 31, 2021, December 31, 2021 December 31, 2020. three March 31, 2020, If the FIFO method had been in use, inventories would have been $1.1 million and $2.1 million lower than reported at March 31, 2021 December 31, 2020, |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill and Intangible Assets: The Company’s intangible assets were recorded in connection with its acquisitions that occurred between 2011 2020. fifteen fifteen one five no Goodwill, by reportable unit, was as follows as of March 31, 2021 December 31, 2020, 2021 (in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2020 $ 1,065 $ 4,058 $ - $ 5,123 Acquisitions - 111 - 111 Impairments - - - - Balance as of March 31, 2021 $ 1,065 $ 4,169 $ - $ 5,234 Intangible assets consisted of the following as of March 31, 2021 December 31, 2020, As of March 31, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 21,259 $ (9,457 ) $ 11,802 Covenant not to compete - subject to amortization 259 (203 ) 56 Trade name - not subject to amortization 20,168 - 20,168 $ 41,686 $ (9,660 ) $ 32,026 As of December 31, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 21,442 $ (9,101 ) $ 12,341 Covenant not to compete - subject to amortization 259 (186 ) 73 Trade name - not subject to amortization 20,179 - 20,179 $ 41,880 $ (9,287 ) $ 32,593 The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $1.5 million per year for the next two three |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. Leases : The components of lease expense were as follows: Three Months Ended Three Months Ended March 31, March 31, (in thousands) 2021 2020 Operating lease cost $ 1,674 $ 1,777 Finance lease cost: Amortization of right-of-use assets $ 212 $ 60 Interest on lease liabilities 27 14 Total finance lease cost $ 239 $ 74 Supplemental cash flow information related to leases was as follows: Three Months Ended Three Months Ended March 31, March 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,645 $ 1,759 Operating cash flows from finance leases 27 14 Financing cash flows from finance leases 202 57 Total cash paid for amounts included in the measurement of lease liabilities $ 1,874 $ 1,830 Supplemental balance sheet information related to leases was as follows: March 31, December 31, (in thousands) 2021 2020 Operating Leases Operating lease $ 35,547 $ 36,060 Operating lease accumulated amortization (11,450 ) (10,706 ) Operating lease right-of-use asset, net 24,097 25,354 Operating lease current liabilities 5,436 5,580 Operating lease liabilities 18,893 19,965 Total operating lease liabilities $ 24,329 $ 25,545 Finance Leases Finance lease $ 3,582 $ 3,582 Finance lease accumulated depreciation (545 ) (333 ) Finance lease, net 3,037 3,249 Finance lease current liabilities 822 815 Finance lease liabilities 2,245 2,453 Total finance lease liabilities $ 3,067 $ 3,268 Weighted Average Remaining Lease Term Operating leases (in years) 7 7 Finance leases (in years) 5 6 Weighted Average Discount Rate Operating leases 3.75 % 3.76 % Finance leases 3.50 % 3.80 % Maturities of lease liabilities were as follows: Operating Finance (in thousands) Leases Leases Year Ending December 31, 2021 $ 4,775 $ 685 2022 5,475 851 2023 4,496 578 2024 3,791 492 2025 2,491 325 Thereafter 6,409 388 Total future minimum lease payments $ 27,437 $ 3,319 Less remaining imputed interest (3,108 ) (252 ) Total $ 24,329 $ 3,067 |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt : The Company’s debt is comprised of the following components: As of March 31, December 31, (in thousands) 2021 2020 Asset-based revolving credit facility due December 8, 2022 $ 191,903 $ 160,609 Total debt $ 191,903 $ 160,609 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 $445 million, including a $20 million sub-limit for letters of credit and (ii) a first may 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 the Company’s 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 million or 10.0% of the aggregate amount of revolver commitments ($47.5 million at March 31, 2021) March 31, 2021) 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% to 0.25% or the London Interbank Offered Rate (LIBOR) plus a premium ranging from 1.25% to 2.75%. On January 10, 2019, five As of March 31, 2021, As of March 31, 2021 December 31, 2020, five |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. Derivative Instruments : Metals swaps and embedded customer derivatives During 2021 2020, third 2021. third third These derivatives have not third not March 31, 2021 March 31, 2021. no December 31, 2020. Fixed rate interest rate hedge On January 10, 2019, five March 31, 2021. The table below shows the total impact to the Company’s Consolidated Statements of Comprehensive Income (Loss) through net income of the derivatives for the three March 31, 2021 2020, Net Gain (Loss) Recognized For the Three Months Ended March 31, (in thousands) 2021 2020 Fixed interest rate hedge $ (463 ) $ (202 ) Metals swaps (17 ) (112 ) Embedded customer derivatives 17 112 Total loss $ (463 ) $ (202 ) |
Note 9 - Fair Value of Assets a
Note 9 - Fair Value of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value of Assets and Liabilities : During the three March 31, 2021, no 1, 2 3 no March 31, 2021 December 31, 2020. 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 March 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 15 $ - $ 15 Total assets at fair value $ - $ 15 $ - $ 15 Liabilities: Metal Swaps $ - $ 15 $ - $ 15 Fixed interest rate hedge 4,666 4,666 Total liabilities recorded at fair value $ - $ 4,681 $ - $ 4,681 Value of Items Recorded at Fair Value As of December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Fixed interest rate hedge $ - $ 5,620 $ - $ 5,620 Total liabilities recorded at fair value $ - $ 5,620 $ - $ 5,620 The value of the items not The carrying value of the ABL Credit Facility was $191.9 million and $160.6 million at March 31, 2021 December 31, 2020, December 14, 2020, |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Accumulated Other Comprehensive Loss : On January 10, 2019, five March 31, 2021. |
Note 11 - Equity Plans
Note 11 - Equity Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Equity Plans : Restricted Stock Units and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 may On an annual basis the compensation committee of the Company’s Board of Directors awards RSUs, to each non-employee director as part of their annual compensation. The annual awards for 2021 2020 one not Under the Incentive Plan, each eligible participant is awarded RSUs with a dollar value equal to 10% of the participant’s base salary, up to an annual maximum of $17,500. The RSUs have a five 19 2020. Under the Incentive Plan, the Company awards RSUs to newly-appointed executive officers, based upon a percentage of their base salary. Upon Mr. Greiff’s promotion to President and Chief Operating Officer on January 1, 2020, five Stock-based compensation expense recognized on RSUs for the three March 31, 2021 2020, For the Three Months Ended March 31, (in thousands, except per share data) 2021 2020 RSU expense before taxes $ 262 $ 360 RSU expense after taxes $ 193 $ 269 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 three March 31, 2021 2020, As of March 31, 2021 As of March 31, 2020 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 610,540 $ 18.25 636,086 $ 19.25 Granted 20,604 23.29 70,588 11.92 Converted into shares - - (5,329 ) 15.94 Forfeited (2,172 ) 16.96 (494 ) 27.31 Outstanding at March 31 628,972 $ 18.42 700,851 $ 18.53 Vested at March 31 414,902 $ 17.94 445,781 $ 20.22 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes : For the three March 31, 2021, three March 31, 2020. For the three March 31, 2021, 19 three March 31, 2020. 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 13 - Shares Outstanding an
Note 13 - Shares Outstanding and Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. 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 March 31, (in thousands, except per share data) 2021 2020 Weighted average basic shares outstanding 11,490 11,444 Assumed issuance of stock awards 6 15 Weighted average diluted shares outstanding 11,496 11,459 Net income $ 22,008 $ 593 Basic earnings per share $ 1.92 $ 0.05 Diluted earnings per share $ 1.91 $ 0.05 Unvested RSUs 214 255 |
Note 14 - Stock Repurchase Prog
Note 14 - Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 14. Stock Repurchase Program : On October 2, 2015, may 10b5 1 may may twelve March 31, 2021) March 31, 2021) 1.00. During the three March 31, 2020, three March 31, 2021. March 31, 2021, |
Note 15 - Segment Information
Note 15 - Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. 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. The CODM evaluates performance and allocates resources based primarily on operating income (loss). The operating segments are based primarily on internal management reporting. The Company operates in three 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 March 31, 2021 2020, For the Three Months Ended March 31, (in thousands) 2021 2020 Net sales Specialty metals flat products $ 126,320 $ 88,488 Carbon flat products 246,373 202,967 Tubular and pipe products 90,431 62,925 Total net sales $ 463,124 $ 354,380 Depreciation and amortization Specialty metals flat products $ 903 $ 497 Carbon flat products 2,923 3,010 Tubular and pipe products 1,391 1,364 Corporate 18 42 Total depreciation and amortization $ 5,235 $ 4,913 Operating income (loss) Specialty metals flat products $ 8,022 $ 2,735 Carbon flat products 21,200 (1,346 ) Tubular and pipe products 6,320 4,305 Corporate expenses (3,952 ) (2,643 ) Total operating income $ 31,590 $ 3,051 Other income (loss), net (10 ) (17 ) Income before interest and income taxes 31,580 3,034 Interest and other expense on debt 1,655 2,239 Income before income taxes $ 29,925 $ 795 For the Three Months Ended March 31, (in thousands) 2021 2020 Capital expenditures Flat products segments $ 1,561 $ 3,981 Tubular and pipe products 725 254 Corporate - - Total capital expenditures $ 2,286 $ 4,235 As of March 31, December 31, (in thouands) 2020 2020 Assets Flat products segments $ 495,002 $ 404,269 Tubular and pipe products 242,607 235,516 Corporate 750 820 Total assets $ 738,359 $ 640,605 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) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Pronouncements There were no |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Three Months Ended March 31, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 28.1 % 0.0 % 0.0 % 28.1 % Plate 8.7 % 0.0 % 0.0 % 8.7 % Cold Rolled 6.2 % 0.0 % 0.0 % 6.2 % Coated 8.8 % 0.0 % 0.0 % 8.8 % Specialty 0.0 % 25.6 % 0.0 % 25.6 % Tube 0.0 % 0.0 % 19.5 % 19.5 % Other 1.4 % 1.7 % 0.0 % 3.1 % Total 53.2 % 27.3 % 19.5 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended March 31, 2020 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 30.0 % 0.0 % 0.0 % 30.0 % Plate 11.6 % 0.0 % 0.0 % 11.6 % Cold Rolled 5.6 % 0.0 % 0.0 % 5.6 % Coated 8.6 % 0.0 % 0.0 % 8.6 % Specialty 0.0 % 25.0 % 0.0 % 25.0 % Tube 0.0 % 0.0 % 17.8 % 17.8 % Other 1.4 % 0.0 % 0.0 % 1.4 % Total 57.2 % 25.0 % 17.8 % 100.0 % |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventory as of (in thousands) March 31, 2021 December 31, 2020 Unprocessed $ 220,466 $ 194,614 Processed and finished 57,708 45,387 Totals $ 278,174 $ 240,001 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 $ 1,065 $ 4,058 $ - $ 5,123 Acquisitions - 111 - 111 Impairments - - - - Balance as of March 31, 2021 $ 1,065 $ 4,169 $ - $ 5,234 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of March 31, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 21,259 $ (9,457 ) $ 11,802 Covenant not to compete - subject to amortization 259 (203 ) 56 Trade name - not subject to amortization 20,168 - 20,168 $ 41,686 $ (9,660 ) $ 32,026 As of December 31, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 21,442 $ (9,101 ) $ 12,341 Covenant not to compete - subject to amortization 259 (186 ) 73 Trade name - not subject to amortization 20,179 - 20,179 $ 41,880 $ (9,287 ) $ 32,593 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Three Months Ended March 31, March 31, (in thousands) 2021 2020 Operating lease cost $ 1,674 $ 1,777 Finance lease cost: Amortization of right-of-use assets $ 212 $ 60 Interest on lease liabilities 27 14 Total finance lease cost $ 239 $ 74 |
Lease, Payment [Table Text Block] | Three Months Ended Three Months Ended March 31, March 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,645 $ 1,759 Operating cash flows from finance leases 27 14 Financing cash flows from finance leases 202 57 Total cash paid for amounts included in the measurement of lease liabilities $ 1,874 $ 1,830 |
Lease, Balance Sheet Information [Table Text Block] | March 31, December 31, (in thousands) 2021 2020 Operating Leases Operating lease $ 35,547 $ 36,060 Operating lease accumulated amortization (11,450 ) (10,706 ) Operating lease right-of-use asset, net 24,097 25,354 Operating lease current liabilities 5,436 5,580 Operating lease liabilities 18,893 19,965 Total operating lease liabilities $ 24,329 $ 25,545 Finance Leases Finance lease $ 3,582 $ 3,582 Finance lease accumulated depreciation (545 ) (333 ) Finance lease, net 3,037 3,249 Finance lease current liabilities 822 815 Finance lease liabilities 2,245 2,453 Total finance lease liabilities $ 3,067 $ 3,268 Weighted Average Remaining Lease Term Operating leases (in years) 7 7 Finance leases (in years) 5 6 Weighted Average Discount Rate Operating leases 3.75 % 3.76 % Finance leases 3.50 % 3.80 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) Leases Leases Year Ending December 31, 2021 $ 4,775 $ 685 2022 5,475 851 2023 4,496 578 2024 3,791 492 2025 2,491 325 Thereafter 6,409 388 Total future minimum lease payments $ 27,437 $ 3,319 Less remaining imputed interest (3,108 ) (252 ) Total $ 24,329 $ 3,067 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of March 31, December 31, (in thousands) 2021 2020 Asset-based revolving credit facility due December 8, 2022 $ 191,903 $ 160,609 Total debt $ 191,903 $ 160,609 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized For the Three Months Ended March 31, (in thousands) 2021 2020 Fixed interest rate hedge $ (463 ) $ (202 ) Metals swaps (17 ) (112 ) Embedded customer derivatives 17 112 Total loss $ (463 ) $ (202 ) |
Note 9 - Fair Value of Assets_2
Note 9 - Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 15 $ - $ 15 Total assets at fair value $ - $ 15 $ - $ 15 Liabilities: Metal Swaps $ - $ 15 $ - $ 15 Fixed interest rate hedge 4,666 4,666 Total liabilities recorded at fair value $ - $ 4,681 $ - $ 4,681 Value of Items Recorded at Fair Value As of December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Fixed interest rate hedge $ - $ 5,620 $ - $ 5,620 Total liabilities recorded at fair value $ - $ 5,620 $ - $ 5,620 |
Note 11 - Equity Plans (Tables)
Note 11 - Equity Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Three Months Ended March 31, (in thousands, except per share data) 2021 2020 RSU expense before taxes $ 262 $ 360 RSU expense after taxes $ 193 $ 269 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | As of March 31, 2021 As of March 31, 2020 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 610,540 $ 18.25 636,086 $ 19.25 Granted 20,604 23.29 70,588 11.92 Converted into shares - - (5,329 ) 15.94 Forfeited (2,172 ) 16.96 (494 ) 27.31 Outstanding at March 31 628,972 $ 18.42 700,851 $ 18.53 Vested at March 31 414,902 $ 17.94 445,781 $ 20.22 |
Note 13 - Shares Outstanding _2
Note 13 - Shares Outstanding and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, (in thousands, except per share data) 2021 2020 Weighted average basic shares outstanding 11,490 11,444 Assumed issuance of stock awards 6 15 Weighted average diluted shares outstanding 11,496 11,459 Net income $ 22,008 $ 593 Basic earnings per share $ 1.92 $ 0.05 Diluted earnings per share $ 1.91 $ 0.05 Unvested RSUs 214 255 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended March 31, (in thousands) 2021 2020 Net sales Specialty metals flat products $ 126,320 $ 88,488 Carbon flat products 246,373 202,967 Tubular and pipe products 90,431 62,925 Total net sales $ 463,124 $ 354,380 Depreciation and amortization Specialty metals flat products $ 903 $ 497 Carbon flat products 2,923 3,010 Tubular and pipe products 1,391 1,364 Corporate 18 42 Total depreciation and amortization $ 5,235 $ 4,913 Operating income (loss) Specialty metals flat products $ 8,022 $ 2,735 Carbon flat products 21,200 (1,346 ) Tubular and pipe products 6,320 4,305 Corporate expenses (3,952 ) (2,643 ) Total operating income $ 31,590 $ 3,051 Other income (loss), net (10 ) (17 ) Income before interest and income taxes 31,580 3,034 Interest and other expense on debt 1,655 2,239 Income before income taxes $ 29,925 $ 795 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Three Months Ended March 31, (in thousands) 2021 2020 Capital expenditures Flat products segments $ 1,561 $ 3,981 Tubular and pipe products 725 254 Corporate - - Total capital expenditures $ 2,286 $ 4,235 As of March 31, December 31, (in thouands) 2020 2020 Assets Flat products segments $ 495,002 $ 404,269 Tubular and pipe products 242,607 235,516 Corporate 750 820 Total assets $ 738,359 $ 640,605 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Percentage of net sales | 100.00% | 100.00% |
Hot Rolled Products [Member] | ||
Percentage of net sales | 28.10% | 30.00% |
Plate Products [Member] | ||
Percentage of net sales | 8.70% | 11.60% |
Cold Rolled Products [Member] | ||
Percentage of net sales | 6.20% | 5.60% |
Coated Products [Member] | ||
Percentage of net sales | 8.80% | 8.60% |
Specialty [Member] | ||
Percentage of net sales | 25.60% | 25.00% |
Tube Products [Member] | ||
Percentage of net sales | 19.50% | 17.80% |
Product and Service, Other [Member] | ||
Percentage of net sales | 3.10% | 1.40% |
Carbon Flat Products [Member] | ||
Percentage of net sales | 53.20% | 57.20% |
Carbon Flat Products [Member] | Hot Rolled Products [Member] | ||
Percentage of net sales | 28.10% | 30.00% |
Carbon Flat Products [Member] | Plate Products [Member] | ||
Percentage of net sales | 8.70% | 11.60% |
Carbon Flat Products [Member] | Cold Rolled Products [Member] | ||
Percentage of net sales | 6.20% | 5.60% |
Carbon Flat Products [Member] | Coated Products [Member] | ||
Percentage of net sales | 8.80% | 8.60% |
Carbon Flat Products [Member] | Specialty [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Carbon Flat Products [Member] | Tube Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Carbon Flat Products [Member] | Product and Service, Other [Member] | ||
Percentage of net sales | 1.40% | 1.40% |
Specialty Metals Flat Products [Member] | ||
Percentage of net sales | 27.30% | 25.00% |
Specialty Metals Flat Products [Member] | Hot Rolled Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Plate Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Cold Rolled Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Coated Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Specialty [Member] | ||
Percentage of net sales | 25.60% | 25.00% |
Specialty Metals Flat Products [Member] | Tube Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Product and Service, Other [Member] | ||
Percentage of net sales | 1.70% | 0.00% |
Tubular and Pipe Products [Member] | ||
Percentage of net sales | 19.50% | 17.80% |
Tubular and Pipe Products [Member] | Hot Rolled Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Plate Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Cold Rolled Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Coated Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Specialty [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Tube Products [Member] | ||
Percentage of net sales | 19.50% | 17.80% |
Tubular and Pipe Products [Member] | Product and Service, Other [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4.1 | $ 3.6 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
LIFO Inventory Amount | $ 45.9 | $ 50.3 | |
Percentage of LIFO Inventory | 16.50% | 21.00% | |
Inventory, LIFO Reserve, Period Charge | $ 1 | $ 0.5 | |
Inventory Difference Using FIFO Basis | $ (1.1) | $ (2.1) |
Note 4 - Inventories - Steel In
Note 4 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Unprocessed | $ 220,466 | $ 194,614 |
Processed and finished | 57,708 | 45,387 |
Totals | $ 278,174 | $ 240,001 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 1.5 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1.4 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1.5 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1.4 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 1.4 |
Customer Relationships [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 15 years |
Noncompete Agreements [Member] | Minimum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year |
Noncompete Agreements [Member] | Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Balance | $ 5,123 |
Acquisitions | 111 |
Impairments | 0 |
Balance | 5,234 |
Carbon Flat Products [Member] | |
Balance | 1,065 |
Acquisitions | 0 |
Impairments | 0 |
Balance | 1,065 |
Specialty Metals Flat Products [Member] | |
Balance | 4,058 |
Acquisitions | 111 |
Impairments | 0 |
Balance | 4,169 |
Tubular and Pipe Products [Member] | |
Balance | 0 |
Acquisitions | 0 |
Impairments | 0 |
Balance | $ 0 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated amortization | $ (9,660) | $ (9,287) |
Intangible assets, gross | 41,686 | 41,880 |
Intangible assets, net | 32,026 | 32,593 |
Trade Names [Member] | ||
Trade name - not subject to amortization | 20,168 | 20,179 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 21,259 | 21,442 |
Accumulated amortization | (9,457) | (9,101) |
Finite-lived intangible assets, net | 11,802 | 12,341 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 259 | 259 |
Accumulated amortization | (203) | (186) |
Finite-lived intangible assets, net | $ 56 | $ 73 |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease cost | $ 1,674 | $ 1,777 |
Finance lease cost: | ||
Amortization of right-of-use assets | 212 | 60 |
Interest on lease liabilities | 27 | 14 |
Total finance lease cost | $ 239 | $ 74 |
Note 6 - Leases - Lease Payment
Note 6 - Leases - Lease Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating cash flows from operating leases | $ 1,645 | $ 1,759 |
Operating cash flows from finance leases | 27 | 14 |
Financing cash flows from finance leases | 202 | 57 |
Total cash paid for amounts included in the measurement of lease liabilities | $ 1,874 | $ 1,830 |
Note 6 - Leases - Balance Sheet
Note 6 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating lease | $ 35,547 | $ 36,060 |
Operating lease accumulated amortization | (11,450) | (10,706) |
Operating lease right-of-use asset, net | 24,097 | 25,354 |
Current portion of lease liabilities | 5,436 | 5,580 |
Operating lease, operating lease liabilities | 18,893 | 19,965 |
Total operating lease liabilities | 24,329 | 25,545 |
Property and equipment, at cost | 436,850 | 434,579 |
Accumulated depreciation | (282,226) | (277,379) |
Finance lease, net | 3,037 | 3,249 |
Finance lease current liabilities | 822 | 815 |
Finance lease liabilities | 2,245 | 2,453 |
Total finance lease liabilities | $ 3,067 | $ 3,268 |
Operating leases (in years) (Year) | 7 years | |
Finance leases (in years) (Year) | 6 years | |
Operating leases | 3.75% | 3.76% |
Finance leases | 3.50% | 3.80% |
Assets Held Under Finance Leases [Member] | ||
Property and equipment, at cost | $ 3,582 | $ 3,582 |
Accumulated depreciation | $ (545) | $ (333) |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating lease, 2021 | $ 4,775 | |
Finance lease, 2021 | 685 | |
Operating lease, 2022 | 5,475 | |
Finance lease, 2022 | 851 | |
Operating lease, 2023 | 4,496 | |
Finance lease, 2023 | 578 | |
Operating lease, 2024 | 3,791 | |
Finance lease, 2024 | 492 | |
Operating lease, 2025 | 2,491 | |
Finance lease, 2025 | 325 | |
Operating lease, Thereafter | 6,409 | |
Finance lease, Thereafter | 388 | |
Operating lease, Total future minimum lease payments | 27,437 | |
Finance lease, Total future minimum lease payments | 3,319 | |
Operating lease, Less remaining imputed interest | (3,108) | |
Finance lease, Less remaining imputed interest | (252) | |
Operating lease, Total | 24,329 | $ 25,545 |
Finance lease, Total | 3,067 | $ 3,268 |
Current Portion and Lease Liabilities [Member] | ||
Operating lease, Total | $ 24,329 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Millions | Dec. 14, 2020USD ($) | Jan. 10, 2019USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Industrial Revenue Bond Member [Member] | ||||
Repayments of Long-term Debt, Total | $ 0.8 | $ 0.9 | ||
Interest Rate Swap [Member] | ||||
Debt Instrument, Term (Year) | 5 years | |||
Derivative, Notional Amount | $ 75 | |||
Derivative, Fixed Interest Rate | 2.57% | |||
ABL Credit Facility [Member] | ||||
Derivative, Term of Contract (Year) | 5 years | |||
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 445 | |||
Letters of Credit, Maximum Borrowing Capacity | 20 | |||
Maximum First In, Last Out Revolving Credit Facility | 30 | |||
Line of Credit Facility, Additional Commitments, Maximum | 200 | |||
Line of Credit Facility, Current Borrowing Capacity | 475 | |||
Line Of Credit Facility Covenant Terms Monetary | $ 30 | |||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 10.00% | |||
Balance Required for Compliance with Revolver Commitments | $ 47.5 | |||
Line of Credit Facility Covenant Terms Percentage of Aggregate Borrowing Base | 10.00% | |||
Line of Credit Facility Covenant Terms Aggregate Borrowing Base | $ 35.8 | |||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 162 | |||
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 | 0.25% | |||
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Asset-based revolving credit facility due December 8, 2022 | $ 191,903 | $ 160,609 |
Total debt | 191,903 | 160,609 |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Asset-based revolving credit facility due December 8, 2022 | $ 191,903 | $ 160,609 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments (Details Textual) - Interest Rate Swap [Member] $ in Millions | Jan. 10, 2019USD ($) |
Debt Instrument, Term (Year) | 5 years |
Derivative, Notional Amount | $ 75 |
Derivative, Fixed Interest Rate | 2.57% |
Note 8 - Derivative Instrumen_4
Note 8 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Gain (Loss) Recognized | $ (463) | $ (202) |
Interest Rate Swap [Member] | ||
Net Gain (Loss) Recognized | (463) | (202) |
Metal Swaps [Member] | ||
Net Gain (Loss) Recognized | (17) | (112) |
Embedded Customer Derivatives [Member] | ||
Net Gain (Loss) Recognized | $ 17 | $ 112 |
Note 9 - Fair Value of Assets_3
Note 9 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Revolving Credit Facility [Member] | ||
Long-term Debt, Fair Value | $ 191.9 | $ 160.6 |
Note 9 - Fair Value of Assets_4
Note 9 - Fair Value of Assets and Liabilities - Fair Value Measurements, Recorded (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Embedded customer derivative | $ 15 | |
Total assets at fair value | 15 | |
Total liabilities recorded at fair value | $ 5,620 | 4,681 |
Interest Rate Swap [Member] | ||
Derivative liability | 5,620 | 4,666 |
Metal Swaps [Member] | ||
Derivative liability | 15 | |
Fair Value, Inputs, Level 1 [Member] | ||
Embedded customer derivative | 0 | |
Total assets at fair value | 0 | |
Total liabilities recorded at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member] | ||
Derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Embedded customer derivative | 15 | |
Total assets at fair value | 15 | |
Total liabilities recorded at fair value | 5,620 | 4,681 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative liability | 5,620 | 4,666 |
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member] | ||
Derivative liability | 15 | |
Fair Value, Inputs, Level 3 [Member] | ||
Embedded customer derivative | 0 | |
Total assets at fair value | 0 | |
Total liabilities recorded at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative liability | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member] | ||
Derivative liability | $ 0 |
Note 10 - Accumulated Other C_2
Note 10 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Millions | Jan. 10, 2019 | Mar. 31, 2021 |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 4.7 | |
Accumulated Other Comprehensive Income (Loss), Tax | $ 1.2 | |
Interest Rate Swap [Member] | ||
Debt Instrument, Term (Year) | 5 years | |
Derivative, Notional Amount | $ 75 | |
Derivative, Fixed Interest Rate | 2.57% |
Note 11 - Equity Plans (Details
Note 11 - Equity Plans (Details Textual) - USD ($) | Jan. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,604 | 70,588 | 0 | |
Restricted Stock Units (RSUs) [Member] | Senior Management Stock Incentive Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
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 | |||
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, Value | $ 80,000 | $ 80,000 | ||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Chief Financial Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,694 | |||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,000,000 |
Note 11 - Equity Plans - Stock-
Note 11 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
RSU expense before taxes | $ 262 | $ 360 |
RSU expense after taxes | $ 193 | $ 269 |
Note 11 - Equity Plans - Restri
Note 11 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Outstanding, number of shares (in shares) | 610,540 | 636,086 | 636,086 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.25 | $ 19.25 | $ 19.25 |
Granted, number of shares (in shares) | 20,604 | 70,588 | 0 |
Granted, weighted average estimated fair value (in dollars per share) | $ 23.29 | $ 11.92 | |
Converted into shares, number of shares (in shares) | 0 | (5,329) | |
Converted into shares, weighted average estimated fair value (in dollars per share) | $ 0 | $ 15.94 | |
Forfeited, number of shares (in shares) | (2,172) | (494) | |
Forfeited, weighted average estimated fair value (in dollars per share) | $ 16.96 | $ 27.31 | |
Outstanding, number of shares (in shares) | 628,972 | 700,851 | 610,540 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.42 | $ 18.53 | $ 18.25 |
Vested, number of shares (in shares) | 414,902 | 445,781 | |
Vested, weighted average estimated fair value (in dollars per share) | $ 17.94 | $ 20.22 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 7,917 | $ 202 |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.50% | 25.40% |
Note 13 - Shares Outstanding _3
Note 13 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted average basic shares outstanding (in shares) | 11,490 | 11,444 |
Assumed issuance of stock awards (in shares) | 6 | 15 |
Weighted average diluted shares outstanding (in shares) | 11,496 | 11,459 |
Net income | $ 22,008 | $ 593 |
Basic earnings per share (in dollars per share) | $ 1.92 | $ 0.05 |
Diluted earnings per share (in dollars per share) | $ 1.91 | $ 0.05 |
Unvested RSUs (in shares) | 214 | 255 |
Note 14 - Stock Repurchase Pr_2
Note 14 - Stock Repurchase Program (Details Textual) $ in Thousands | Oct. 02, 2015USD ($)shares | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($)shares |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 550,000 | ||
Treasury Stock, Shares, Acquired (in shares) | shares | 0 | 15,000 | |
Treasury Stock, Value, Acquired, Cost Method | $ 145 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares | 360,212 | ||
ABL Credit Facility [Member] | |||
Unrestricted Common Stock Purchases, Maximum, Value | $ 5,000 | ||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 1 [Member] | Minimum [Member] | |||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 20.00% | ||
Balance Required for Compliance with Revolver Commitments | $ 95,000 | ||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 2 [Member] | Minimum [Member] | |||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 15.00% | ||
Balance Required for Compliance with Revolver Commitments | $ 71,300 | ||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Reportable Segments | 3 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 463,124 | $ 354,380 |
Depreciation and amortization | 5,235 | 4,913 |
Operating income (loss) | 31,590 | 3,051 |
Other income (loss), net | (10) | (17) |
Income before interest and income taxes | 31,580 | 3,034 |
Interest and other expense on debt | 1,655 | 2,239 |
Income before income taxes | 29,925 | 795 |
Specialty Metals Flat Products [Member] | ||
Net sales | 126,320 | 88,488 |
Depreciation and amortization | 903 | 497 |
Operating income (loss) | 8,022 | 2,735 |
Carbon Flat Products [Member] | ||
Net sales | 246,373 | 202,967 |
Depreciation and amortization | 2,923 | 3,010 |
Operating income (loss) | 21,200 | (1,346) |
Tubular and Pipe Products [Member] | ||
Net sales | 90,431 | 62,925 |
Depreciation and amortization | 1,391 | 1,364 |
Operating income (loss) | 6,320 | 4,305 |
Corporate Segment [Member] | ||
Depreciation and amortization | 18 | 42 |
Operating income (loss) | $ (3,952) | $ (2,643) |
Note 15 - Segment Information_3
Note 15 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Capital expenditures | $ 2,286 | $ 4,235 | |
Assets | 738,359 | $ 640,605 | |
Flat Products Segment [Member] | |||
Capital expenditures | 1,561 | 3,981 | |
Assets | 495,002 | 404,269 | |
Tubular and Pipe Products [Member] | |||
Capital expenditures | 725 | 254 | |
Assets | 242,607 | 235,516 | |
Corporate Segment [Member] | |||
Capital expenditures | 0 | $ 0 | |
Assets | $ 750 | $ 820 |