Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SUPERIOR UNIFORM GROUP INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 6,354,196 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 95574 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net sales | $44,184,000 | $30,599,000 | $106,023,000 | $88,442,000 |
Costs and expenses: | ||||
Cost of goods sold | 29,144,000 | 20,567,000 | 68,492,000 | 59,286,000 |
Selling and administrative expenses | 12,817,000 | 8,334,000 | 31,476,000 | 25,336,000 |
Interest expense | 95,000 | 6,000 | 110,000 | 24,000 |
42,056,000 | 28,907,000 | 100,078,000 | 84,646,000 | |
Income before taxes on income | 2,128,000 | 1,692,000 | 5,945,000 | 3,796,000 |
Income tax expense | 620,000 | 450,000 | 1,770,000 | 1,250,000 |
Net income | 1,508,000 | 1,242,000 | 4,175,000 | 2,546,000 |
(Basic) (in Shares) | 6,346,260 | 6,063,269 | 6,197,921 | 6,051,795 |
(Diluted) (in Shares) | 6,403,893 | 6,148,012 | 6,247,830 | 6,143,871 |
Basic | ||||
Net income (in Dollars per share) | $0.24 | $0.20 | $0.67 | $0.42 |
Diluted | ||||
Net income (in Dollars per share) | $0.24 | $0.20 | $0.67 | $0.41 |
Defined benefit pension plans: | ||||
Amortization of prior service costs included in net periodic pension costs | 2,000 | 3,000 | 6,000 | 9,000 |
Recognition of net losses included in net periodic pension costs | 120,000 | 157,000 | 499,000 | 473,000 |
Recognition of settlement loss included in net periodic pension costs | 133,000 | 294,000 | ||
Current period gains | 1,991,000 | |||
Loss on cash flow hedging activities | -88,000 | -88,000 | ||
Other comprehensive income | 167,000 | 160,000 | 2,702,000 | 482,000 |
Comprehensive income | $1,675,000 | $1,402,000 | $6,877,000 | $3,028,000 |
Cash dividends per common share (in Dollars per share) | $0 | $0.14 | $0 | $0.41 |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $6,419,000 | $3,554,000 | ||
Accounts receivable - trade, net | 25,375,000 | 16,655,000 | ||
Accounts receivable - other | 3,196,000 | 2,995,000 | ||
Prepaid expenses and other current assets | 3,948,000 | 2,794,000 | ||
Inventories | 48,122,000 | [1] | 39,246,000 | [1] |
TOTAL CURRENT ASSETS | 87,060,000 | 65,244,000 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 13,084,000 | 8,723,000 | ||
OTHER INTANGIBLE ASSETS, NET | 18,382,000 | 559,000 | ||
GOODWILL | 5,092,000 | |||
DEFERRED INCOME TAXES | 3,360,000 | 4,205,000 | ||
OTHER ASSETS | 347,000 | 182,000 | ||
127,325,000 | 78,913,000 | |||
CURRENT LIABILITIES: | ||||
Accounts payable | 8,937,000 | 6,629,000 | ||
Other current liabilities | 9,905,000 | 3,222,000 | ||
Current portion of long-term debt | 1,688,000 | |||
TOTAL CURRENT LIABILITIES | 20,530,000 | 9,851,000 | ||
LONG-TERM DEBT | 25,062,000 | |||
LONG-TERM PENSION LIABILITY | 6,644,000 | 10,468,000 | ||
ACQUISITION-RELATED CONTINGENT LIABILITY | 7,200,000 | |||
OTHER LONG-TERM LIABILITIES | 603,000 | 736,000 | ||
DEFERRED INCOME TAXES | 120,000 | 70,000 | ||
COMMITMENTS AND CONTINGENCIES (NOTE 6) | ||||
SHAREHOLDERS' EQUITY: | ||||
Common stock, $.001 par value - authorized 50,000,000 shares, issued and outstanding - 6,346,071 and 6,115,907, shares, respectively. | 6,000 | 6,000 | ||
Additional paid-in capital | 23,901,000 | 21,288,000 | ||
Retained earnings | 48,514,000 | 44,451,000 | ||
Accumulated other comprehensive loss, net of tax: | ||||
Pensions | -5,167,000 | -7,957,000 | ||
Cash flow hedges | -88,000 | |||
TOTAL SHAREHOLDERS' EQUITY | 67,166,000 | 57,788,000 | ||
127,325,000 | 78,913,000 | |||
Finished goods | 35,613,000 | 27,382,000 | ||
Work in process | 112,000 | 71,000 | ||
Raw materials | $12,397,000 | $11,793,000 | ||
[1] | Inventories consist of the following: |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock par value (in Dollars per share) | $1 | $1 |
Preferred stock, shares authorized (in Shares) | 300,000 | 300,000 |
Preferred stock, shares issued (in Shares) | 0 | 0 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in Shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in Shares) | 6,346,071 | 6,115,907 |
Common stock, shares outstanding (in Shares) | 6,346,071 | 6,115,907 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $4,175,000 | $2,546,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,620,000 | 1,740,000 |
Provision for bad debts - accounts receivable | 86,000 | 61,000 |
Share-based compensation expense | 789,000 | 893,000 |
Deferred income tax(benefit) provision | -584,000 | 42,000 |
Gain on sales of property, plant and equipment | -12,000 | -1,000 |
Changes in assets and liabilities, net of acquisition of business: | ||
Accounts receivable - trade | -4,134,000 | -1,651,000 |
Accounts receivable - other | -201,000 | 1,144,000 |
Inventories | 1,498,000 | 362,000 |
Prepaid expenses and other current assets | -58,000 | 538,000 |
Other assets | -165,000 | -150,000 |
Accounts payable | 2,308,000 | 263,000 |
Other current liabilities | 3,875,000 | -1,334,000 |
Pension liability | 485,000 | 579,000 |
Other long-term liabilities | -133,000 | -65,000 |
Net cash provided by operating activities | 9,549,000 | 4,967,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -1,122,000 | -830,000 |
Disposals of property, plant and equipment | 14,000 | 1,000 |
Purchase of business | -32,483,000 | |
Net cash used in investing activities | -33,591,000 | -829,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 44,740,000 | 27,840,000 |
Repayment of long-term debt | -17,990,000 | -28,480,000 |
Payment of cash dividends | -2,451,000 | |
Proceeds received on exercise of stock options | 319,000 | 617,000 |
Common stock reacquired and retired | -162,000 | -437,000 |
Net cash provided by (used in) financing activities | 26,907,000 | -2,911,000 |
Net increase in cash and cash equivalents | 2,865,000 | 1,227,000 |
Cash and cash equivalents balance, beginning of year | 3,554,000 | 2,804,000 |
Cash and cash equivalents balance, end of period | $6,419,000 | $4,031,000 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Interim Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Significant Accounting Policies [Text Block] | NOTE 1 – Summary of Significant Interim Accounting Policies: | ||||||||||||||||
a) Basis of presentation | |||||||||||||||||
The consolidated interim financial statements include the accounts of Superior Uniform Group, Inc. and its wholly-owned subsidiaries, The Office Gurus, LLC, SUG Holding and Fashion Seal Corporation; The Office Gurus, LTDA, De C.V., The Office Masters, LTDA, De C.V. and, The Office Gurus, Ltd., each a subsidiary of Fashion Seal Corporation and SUG Holding; and The Office Gurus, Ltda. and Superior Sourcing, each a wholly-owned subsidiary of SUG Holding. All of these entities are referred to collectively as “the Company”. Intercompany items have been eliminated in consolidation. The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, and filed with the Securities and Exchange Commission. The interim financial information contained herein is not certified or audited; it reflects all adjustments (consisting of only normal recurring accruals) which are, in the opinion of management, necessary for a fair statement of the operating results for the periods presented, stated on a basis consistent with that of the audited financial statements. The results of operations for any interim period are not necessarily indicative of results to be expected for the full year. | |||||||||||||||||
b) Revenue recognition | |||||||||||||||||
The Company records revenue as products are shipped and title passes and as services are provided. A provision for estimated returns and allowances is recorded based on historical experience and current allowance programs. | |||||||||||||||||
c) Recognition of costs and expenses | |||||||||||||||||
Costs and expenses other than product costs are charged to income in interim periods as incurred, or allocated among interim periods based on an estimate of time expired, benefit received or activity associated with the periods. Procedures adopted for assigning specific cost and expense items to an interim period are consistent with the basis followed by the registrant in reporting results of operations at annual reporting dates. However, when a specific cost or expense item charged to expense for annual reporting purposes benefits more than one interim period, the cost or expense item is allocated to the interim periods. | |||||||||||||||||
d) Amortization of other intangible assets | |||||||||||||||||
The Company amortizes identifiable intangible assets on a straight line basis over their expected useful lives. Amortization expense for other intangible assets was $504,000 and $241,000 for the three-month periods ended September 30, 2013 and 2012, respectively, and $577,000 and $723,000, for the nine-month periods ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
e) Advertising expenses | |||||||||||||||||
The Company expenses advertising costs as incurred. Advertising costs for the three-month periods ended September 30, 2013 and 2012, respectively were $11,000 and $11,000. Advertising costs for the nine-month periods ended September 30, 2013 and 2012, respectively were $66,000 and $40,000. | |||||||||||||||||
f) Shipping and handling fees and costs | |||||||||||||||||
The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with in-bound and out-bound freight are generally recorded in cost of goods sold. Other shipping and handling costs such as labor and overhead are included in selling and administrative expenses and totaled $2,035,000 and $1,324,000 for the three months ended September 30, 2013 and 2012, respectively. Other shipping and handling costs included in selling and administrative expenses totaled $4,792,000 and $4,110,000 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
g) Inventories | |||||||||||||||||
Inventories at interim dates are determined by using both perpetual records on a first-in, first-out basis and gross profit calculations. | |||||||||||||||||
h) Accounting for income taxes | |||||||||||||||||
The provision for income taxes is calculated by using the effective tax rate anticipated for the full year. | |||||||||||||||||
i) Employee benefit plan settlements | |||||||||||||||||
The Company recognizes settlement gains and losses in its financial statements when the cost of all settlements in a year is greater than the sum of the service cost and interest cost components of net periodic pension cost for the plan for the year. | |||||||||||||||||
j) Earnings per share | |||||||||||||||||
Historical basic per share data is based on the weighted average number of shares outstanding. Historical diluted per share data is reconciled by adding to weighted average shares outstanding the dilutive impact of the exercise of outstanding stock options and stock appreciation rights. | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net earnings used in the computation of basic and diluted earnings per share | $ | 1,508,000 | $ | 1,242,000 | $ | 4,175,000 | $ | 2,546,000 | |||||||||
Weighted average shares outstanding - basic | 6,346,260 | 6,063,269 | 6,197,921 | 6,051,795 | |||||||||||||
Common stock equivalents | 57,633 | 84,743 | 49,909 | 92,076 | |||||||||||||
Weighted average shares outstanding - diluted | 6,403,893 | 6,148,012 | 6,247,830 | 6,143,871 | |||||||||||||
Per Share Data : | |||||||||||||||||
Basic | |||||||||||||||||
Net earnings | $ | 0.24 | $ | 0.2 | $ | 0.67 | $ | 0.42 | |||||||||
Diluted | |||||||||||||||||
Net earnings | $ | 0.24 | $ | 0.2 | $ | 0.67 | $ | 0.41 | |||||||||
Awards to purchase 234,000 and 197,000 shares of common stock with weighted average exercise prices of $12.99 and $13.27 per share were outstanding during the three-month periods ending September 30, 2013 and 2012, respectively, but were not included in the computation of diluted EPS because the awards’ exercise prices were greater than the average market price of the common shares. | |||||||||||||||||
Awards to purchase 297,000 and 238,000 shares of common stock with weighted average exercise prices of $12.75 and $13.10 per share were outstanding during the nine-month periods ending September 30, 2013 and 2012, respectively, but were not included in the computation of diluted EPS because the awards’ exercise prices were greater than the average market price of the common shares. | |||||||||||||||||
k) Derivative financial instruments | |||||||||||||||||
The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates. The Company records derivatives on the balance sheet at fair value and establishes criteria for designation and effectiveness of hedging relationships. On the date a derivative contract is entered into, the Company may elect to designate the derivative as a fair value hedge, a cash flow hedge, or the hedge of a net investment in a foreign operation. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in the hedging transaction is highly effective. For those instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income (“OCI”), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. In situations in which the Company does not elect hedge accounting or hedge accounting is discontinued and the derivative is retained, the Company carries or continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value through earnings. | |||||||||||||||||
The nature of the Company’s business activities involves the management of various financial and market risks, including those related to changes in interest rates. The Company does not enter into derivative instruments for speculative purposes. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of September 30, 2013, the Company’s derivative counterparty had investment grade credit ratings. | |||||||||||||||||
In July 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on a portion of the outstanding balance of the term loan was effectively converted to a fixed rate of 2.53% beginning July 1, 2014. The Company entered into this interest rate swap arrangement to mitigate future interest rate risk associated with its borrowings and has designated it as a cash flow hedge. (See Note 3). | |||||||||||||||||
l) Use of estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
m) Comprehensive income | |||||||||||||||||
Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net earnings. For the Company, the only other components of total comprehensive income are the change in pension costs and change in fair value of qualifying hedges. | |||||||||||||||||
n) Operating segments | |||||||||||||||||
Accounting standards require disclosures of certain information about operating segments and about products and services, geographic areas in which the Company operates, and their major customers. The Company has evaluated its operations and has determined that it has two reportable segments – uniforms and related products and remote staffing solutions. (See Note 7) | |||||||||||||||||
o) Share-Based Compensation | |||||||||||||||||
The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. Historically, the Company has issued options and stock settled stock appreciation rights. | |||||||||||||||||
In 2003, the stockholders of the Company approved the 2003 Incentive Stock and Awards Plan (the “2003 Plan”), authorizing the granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, performance stock and other stock based compensation. This plan expired in May of 2013, at which time, the stockholders of the Company approved the 2013 Incentive Stock and Awards Plan (the “2013 Plan”), authorizing the granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, performance stock and other stock based compensation. A total of 2,500,000 shares of common stock (subject to adjustment for expirations and cancellations of options outstanding from the 2003 Plan subsequent to its termination) have been reserved for issuance under the 2013 Plan. All options under both plans have been or will be granted at prices at least equal to the fair market value of the shares on the date of grant. At September 30, 2013, the Company had 2,481,731 shares of common stock authorized for awards of share-based compensation under the 2013 Plan. | |||||||||||||||||
For the three month periods ended September 30, 2013 and 2012, the Company recognized $170,000 and $181,000 of share-based compensation, recorded in selling and administrative expense in the Consolidated Statements of Comprehensive Income. For the nine months ended September 30, 2013 and 2012, respectively, the Company recognized $789,000 and $893,000 of share-based compensation, recorded in selling and administrative expense in the Consolidated Statements of Comprehensive Income. These expenses were offset by a $72,000 and a $96,000 deferred tax benefit for non-qualified share–based compensation for the nine-month periods ended September 30, 2013 and 2012, respectively. As of September 30, 2013, the Company had no unrecognized compensation cost expected to be recognized for prior share-based awards. | |||||||||||||||||
The Company grants stock options and stock settled stock appreciation rights (“SARS”) to employees that allow them to purchase shares of the Company’s common stock. Options are also granted to outside members of the Board of Directors of the Company. The Company determines the fair value of stock options and SARS at the date of grant using the Black-Scholes valuation model. | |||||||||||||||||
All options and SARS vest immediately at the date of grant. Awards generally expire five years after the date of grant with the exception of options granted to outside directors, which expire ten years after the date of grant. The Company issues new shares upon the exercise of stock options and SARS. | |||||||||||||||||
During the nine-month periods ended September 30, 2013 and 2012, respectively, the Company received $319,000 and $617,000 in cash from stock option exercises. No tax benefit was recognized for these exercises, as the options exercised were qualified incentive stock options. During the nine months ended September 30, 2012, the Company received 8,403 shares of its common stock as payment for the issuance of 8,896 shares of its common stock related to the exercise of stock option agreements. | |||||||||||||||||
A summary of options transactions during the nine months ended September 30, 2013 follows: | |||||||||||||||||
No. of | Weighted Average | ||||||||||||||||
Shares | Exercise Price | ||||||||||||||||
Outstanding December 31, 2012 | 614,917 | $ | 11.24 | ||||||||||||||
Granted | 202,884 | 11.43 | |||||||||||||||
Exercised | (34,758 | ) | 9.19 | ||||||||||||||
Lapsed | (31,150 | ) | 10.68 | ||||||||||||||
Cancelled | (21,481 | ) | 11.66 | ||||||||||||||
Outstanding September 30, 2013 | 730,412 | $ | 11.4 | ||||||||||||||
At September 30, 2013, options outstanding, all of which were fully vested and exercisable, had an aggregate intrinsic value of $895,000. | |||||||||||||||||
Options exercised during the three-month periods ended September 30, 2013 and 2012 had intrinsic values of $52,000 and $54,000, respectively. Options exercised during the nine-month periods ended September 30, 2013 and 2012 had intrinsic values of $92,000 and $187,000, respectively. The weighted average grant date fair value of the Company’s options granted during the three-month periods ended September 30, 2013 and 2012 was $3.19 and $3.10, respectively. The weighted average grant date fair value of the Company’s options granted during the nine-month periods ended September 30, 2013 and 2012 was $3.01 and $3.38, respectively. | |||||||||||||||||
A summary of SARS transactions during the nine months ended September 30, 2013 follows: | |||||||||||||||||
No. of | Weighted Average | ||||||||||||||||
Shares | Exercise Price | ||||||||||||||||
Outstanding December 31, 2012 | 176,476 | $ | 11.6 | ||||||||||||||
Granted | 59,716 | 11.29 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Lapsed | - | - | |||||||||||||||
Cancelled | - | - | |||||||||||||||
Outstanding September 30, 2013 | 236,192 | $ | 11.52 | ||||||||||||||
At September 30, 2013, SARS outstanding, all of which were fully vested and exercisable, had an aggregate intrinsic value of $261,000. | |||||||||||||||||
There were no SARS exercised during the nine-month period ended September 30, 2013. SARS exercised during the nine-month period ended September 30, 2012 had an intrinsic value of $78,000. There were 59,716 and 65,752 SARS granted during the nine-month periods ended September 30, 2013 and 2012, respectively. The weighted average grant date fair value of the Company’s SARS granted during the nine-month periods ended September 30, 2013 and 2012 was $2.97 and $3.59, respectively. | |||||||||||||||||
The following table summarizes significant assumptions utilized to determine the fair value of share-based compensation awards. | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
SARS | Options | ||||||||||||||||
Exercise price | |||||||||||||||||
2013 | N/A | - | $11.76 | - | |||||||||||||
2012 | N/A | $11.72 | |||||||||||||||
Market price | |||||||||||||||||
2013 | N/A | $11.76 | |||||||||||||||
2012 | N/A | $11.72 | |||||||||||||||
Risk free interest rate (1) | |||||||||||||||||
2013 | N/A | 1.40% | |||||||||||||||
2012 | N/A | 0.70% | |||||||||||||||
Expected award life (years) (2) | N/A | 5 | |||||||||||||||
Expected volatility (3) | |||||||||||||||||
2013 | N/A | 45.70% | |||||||||||||||
2012 | N/A | 45.90% | |||||||||||||||
Expected dividend yield (4) | |||||||||||||||||
2013 | N/A | 4.60% | |||||||||||||||
2012 | N/A | 4.60% | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
SARS | Options | ||||||||||||||||
Exercise price | |||||||||||||||||
2013 | $11.29 | $11.29 | - | $11.76 | |||||||||||||
2012 | $13.15 | $11.72 | - | $13.15 | |||||||||||||
Market price | |||||||||||||||||
2013 | $11.29 | $11.29 | - | $11.76 | |||||||||||||
2012 | $13.15 | $11.72 | - | $13.15 | |||||||||||||
Risk free interest rate (1) | |||||||||||||||||
2013 | 0.90% | 0.9% | - | 1.70% | |||||||||||||
2012 | 0.80% | 0.7% | - | 1.90% | |||||||||||||
Expected award life (years) (2) | 5 | 5 | - | 10 | |||||||||||||
Expected volatility (3) | |||||||||||||||||
2013 | 46.00% | 36.7% | - | 46.00% | |||||||||||||
2012 | 45.10% | 36.4% | - | 45.90% | |||||||||||||
Expected dividend yield (4) | |||||||||||||||||
2013 | 4.80% | 4.6% | - | 4.80% | |||||||||||||
2012 | 4.10% | 4.1% | - | 4.60% | |||||||||||||
(1) The risk-free interest rate is based on the yield of a U.S. treasury bond with a similar maturity as the expected life of the awards. | |||||||||||||||||
(2) The expected life in years for awards granted was based on the historical exercise patterns experienced by the Company when the award is made. | |||||||||||||||||
(3) The determination of expected stock price volatility for awards granted in each of the three and nine-month periods ending September 30, was based on historical Superior common stock prices over a period commensurate with the expected life. | |||||||||||||||||
(4) The dividend yield assumption is based on the history and expectation of the Company’s dividend payouts. |
Note_2_License_Agreement
Note 2 - License Agreement | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | NOTE 2 – License Agreement: |
On January 4, 2011, the Company entered into a License and Distribution Agreement (the “License Agreement”) with EyeLevel Interactive, LLC (“Licensor”), a leading technology company, pursuant to which the Company was granted a license to market, promote, sell and distribute garments utilizing certain intellectual property of Licensor (the “Products”) to the Company’s current and potential clients. The License Agreement expires three years and 180 days following the Effective Date (the “Term”). | |
In conjunction with the execution of the License Agreement, the Company paid Licensor a license fee (the “License Fee”) equal to (1) $2.0 million cash, plus (2) a warrant to acquire 360,000 shares of the Company’s common stock (the “Warrant”) at the greater of the Company’s closing price as quoted on the Nasdaq Stock Market or the book value per share of the Company’s common stock as of the Effective Date. This Warrant was exercisable until January 4, 2016, and had an exercise price of $10.63 per share. On March 6, 2012, Licensor exercised their warrant and acquired 44,912 shares of the Company’s stock in exchange for the surrender of the remainder of the warrant. The Company determined the fair value of the Warrant at $800,000 utilizing the Black-Scholes valuation model. Additionally, the Company incurred $61,000 in expenses associated with the acquisition of the License Agreement. The total capitalized cost of the License Agreement was $2,861,000 at inception. | |
During 2012, we concluded that we did not have adequate, verifiable cash flows to support recovery of the intangible asset, related to the License Agreement, on our statement of financial position at December 31, 2012. Therefore, we recorded a pre-tax, non-cash impairment charge of $1,226,000 in the fourth quarter of 2012 to write off the remaining balance of the License Agreement. The Company agreed to terminate the License Agreement during the third quarter of 2013. |
Note_3_LongTerm_Debt
Note 3 - Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Long-term Debt [Text Block] | NOTE 3 - Long-Term Debt: | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Term loan payable to Fifth Third Bank, maturing July 1, 2018 | $ | 26,750,000 | $ | - | |||||
Note payable to Fifth Third Bank, pursuant to revolving credit agreement, maturing June 24, 2013 | - | - | |||||||
$ | 26,750,000 | $ | - | ||||||
Less payments due within one year included in current liabilities | 1,688,000 | - | |||||||
Long-term debt less current maturities | $ | 25,062,000 | $ | - | |||||
Effective July 1, 2013, the Company entered into an amended and restated 5-year credit agreement with Fifth Third Bank that made available to the Company up to $15,000,000 on a revolving credit basis in addition to a $30,000,000 term loan utilized to finance the acquisition of substantially all of the assets of HPI Direct, Inc. as discussed in Note 8. Interest is payable on both the revolving credit agreement and the term loan at LIBOR (rounded up to the next 1/8th of 1%) plus 0.95% based upon the one-month LIBOR rate for U.S. dollar based borrowings (1.20% at September 30, 2013). The Company pays an annual commitment fee of 0.10% on the average unused portion of the commitment. The available balance under the credit agreement is reduced by outstanding letters of credit. As of September 30, 2013, there were no balances outstanding under letters of credit. | |||||||||
Effective October 22, 2013, the credit agreement was amended to, among other things, increase the amount of permitted investments in subsidiaries that are not parties to the credit and related agreements, from $1 million to $5 million. | |||||||||
In order to reduce interest rate risk on the term loan, the Company entered into an interest rate swap agreement with Fifth Third Bank, N.A. in July 2013 that was designed to effectively convert or hedge the variable interest rate on a portion of this borrowing to achieve a net fixed rate of 2.53% per annum, beginning July 1, 2014 with a notional amount of $14,250,000 that is adjusted to match the outstanding principal on the related debt. The notional amount of the interest rate swap is reduced by the scheduled amortization of the principal balance of the term loan of $187,500 per month through July 1, 2015 and $250,000 per month through June 1, 2018. The remaining notional balance of $3,250,000 will be eliminated at the maturity of the term loan on July 1, 2018. | |||||||||
Under the terms of the interest rate swap, the Company will receive variable interest rate payments and make fixed interest rate payments on an amount equal to the notional at that time. Changes in the fair value of the interest rate swap designated as the hedging instrument that effectively offset the variability of cash flows associated with the variable-rate, long-term debt obligation are reported in OCI, net of related income tax effects. At September 30, 2013, the interest rate swap had a negative fair value of $128,000, which is presented within other current liabilities within the Consolidated Balance Sheet. The entire change of $128,000, net of tax benefit of $40,000, since the inception of the hedge in July 2013 has been recorded within OCI for both the three and nine months ended September 30, 2013. The Company does not currently expect any of those losses to be reclassified into earnings over the subsequent twelve-month period. | |||||||||
The remaining scheduled amortization for the term loan is as follows: 2013 $375,000; 2014 $1,875,000; 2015 $2,625,000; 2016 $3,000,000; 2017 $3,000,000; 2018 $15,875,000. The term loan does not include a prepayment penalty. In connection with the credit agreement, the Company incurred approximately $68,000 of debt financing costs, which primarily consisted of legal fees. These costs are being amortized over the life of the credit agreement and are recorded as additional interest expense. | |||||||||
The amended and restated credit agreement with Fifth Third Bank is secured by substantially all of the operating assets of Superior Uniform Group, Inc. and is guaranteed by all domestic subsidiaries of Superior Uniform Group, Inc. The agreement contains restrictive provisions concerning a maximum funded senior indebtedness to EBITDA ratio as defined in the agreement (3.5:1), a maximum funded indebtedness to EBITDA ratio as defined in the agreement (4.0:1) and fixed charge coverage ratio (1.25:1). The Company is in full compliance with all terms, conditions and covenants of the credit agreement. |
Note_4_Periodic_Pension_Expens
Note 4 - Periodic Pension Expense | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 4 – Periodic Pension Expense: | ||||||||||||||||
The following table presents the net periodic pension expense under our plans for the following periods: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost - benefits earned during the period | $ | 32,000 | $ | 149,000 | $ | 331,000 | $ | 447,000 | |||||||||
Interest cost on projected benefit obligation | 252,000 | 256,000 | 773,000 | 767,000 | |||||||||||||
Expected return on plan assets | (332,000 | ) | (318,000 | ) | (998,000 | ) | (953,000 | ) | |||||||||
Amortization of prior service cost | 3,000 | 5,000 | 9,000 | 13,000 | |||||||||||||
Recognized actuarial loss | 185,000 | 239,000 | 758,000 | 718,000 | |||||||||||||
Settlement loss | 208,000 | - | 457,000 | - | |||||||||||||
Net periodic pension cost | $ | 348,000 | $ | 331,000 | $ | 1,330,000 | $ | 992,000 | |||||||||
Effective June 30, 2013, the Company no longer accrues additional benefits for future service or for future increases in compensation levels for the Company’s primary defined benefit pension plan. As a result of this change, the Company re-measured its pension obligations as of June 30, 2013 and the Company recognized a curtailment gain of $1,991,000, which is net of a tax expense of $1,097,000. This net gain is reflected in other comprehensive income on the consolidated statements of comprehensive income for the nine-month period ended September 30, 2013. | |||||||||||||||||
Contributions of $1,000,000 were made to the Company’s benefit plans during the nine-month period ended September 30, 2013. Contributions of $550,000 were made to the Company’s benefit plans during the nine-month period ended September 30, 2012. |
Note_5_Supplemental_Cash_Flow_
Note 5 - Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 5 – Supplemental Cash Flow Information: |
Cash paid for income taxes was $1,533,000 and $1,296,000, respectively, for the nine-month periods ended September 30, 2013 and 2012. Cash paid for interest was $76,000 and $24,000, respectively, for the nine-month periods ended September 30, 2013 and 2012. | |
On March 6, 2012, Licensor exercised their warrant and acquired 44,912 shares of the Company’s stock in exchange for the surrender of the remainder of the warrant. | |
During the nine months ended September 30, 2013, the company issued 208,617 shares of its common stock as partial consideration for the acquisition of HPI. | |
During the nine months ended September 30, 2012, the company received 8,403 shares of its common stock as payment for the exercise of stock options for 8,896 shares. |
Note_6_Contingencies
Note 6 - Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6 – Contingencies: |
The Company is involved in various legal actions and claims arising from the normal course of business. In the opinion of management, the ultimate outcome of these matters will not have a material impact on the Company’s results of operations, cash flows, or financial position. |
Note_7_Operating_Segment_Infor
Note 7 - Operating Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 7 – Operating Segment Information: | ||||||||||||||||
The Company classifies its businesses into two operating segments based on the types of products and services provided. The uniform and related products segment consists of the sale of uniforms and related items. The remote staffing solutions segment consists of sales of staffing solutions. | |||||||||||||||||
The Company evaluates the performance of each operating segment based on several factors of which the primary financial measures are operating segment net sales and income before income taxes. The accounting policies of the operating segments are the same as those described in Note 1 entitled Significant Interim Accounting Policies. Amounts for corporate expenses are included in the Uniforms and Related Products Segment totals. Information related to the operations of the Company's operating segments is set forth below. | |||||||||||||||||
Uniforms and | Remote | Intersegment | Total | ||||||||||||||
Related Products | Staffing | Eliminations | |||||||||||||||
Solutions | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Net sales | $ | 42,758,000 | $ | 2,368,000 | $ | (942,000 | ) | $ | 44,184,000 | ||||||||
Gross margin | 14,215,000 | 1,442,000 | (617,000 | ) | 15,040,000 | ||||||||||||
Selling and administrative expenses | 12,580,000 | 854,000 | (617,000 | ) | 12,817,000 | ||||||||||||
Interest expense | 95,000 | - | - | 95,000 | |||||||||||||
Income before income taxes | $ | 1,540,000 | $ | 588,000 | $ | - | $ | 2,128,000 | |||||||||
Depreciation and amortization | $ | 858,000 | $ | 53,000 | $ | - | $ | 911,000 | |||||||||
Capital expenditures | $ | 115,000 | $ | 42,000 | $ | - | $ | 157,000 | |||||||||
Total assets | $ | 122,383,000 | $ | 6,373,000 | $ | (1,431,000 | ) | $ | 127,325,000 | ||||||||
Uniforms and | Remote | Intersegment | Total | ||||||||||||||
Related Products | Staffing | Eliminations | |||||||||||||||
Solutions | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Sep-12 | |||||||||||||||||
Net sales | $ | 29,698,000 | $ | 1,824,000 | $ | (923,000 | ) | $ | 30,599,000 | ||||||||
Gross margin | 9,533,000 | 1,073,000 | (574,000 | ) | 10,032,000 | ||||||||||||
Selling and administrative expenses | 8,353,000 | 555,000 | (574,000 | ) | 8,334,000 | ||||||||||||
Interest expense | 6,000 | - | - | 6,000 | |||||||||||||
Income before income taxes | $ | 1,174,000 | $ | 518,000 | $ | - | $ | 1,692,000 | |||||||||
Depreciation and amortization | $ | 521,000 | $ | 40,000 | $ | - | $ | 561,000 | |||||||||
Capital expenditures | $ | 147,000 | $ | 8,000 | $ | - | $ | 155,000 | |||||||||
Total assets | $ | 75,230,000 | $ | 6,933,000 | $ | (1,443,000 | ) | $ | 80,720,000 | ||||||||
Uniforms and | Remote | Intersegment | Total | ||||||||||||||
Related Products | Staffing | Eliminations | |||||||||||||||
Solutions | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Net sales | $ | 102,067,000 | $ | 6,708,000 | $ | (2,752,000 | ) | $ | 106,023,000 | ||||||||
Gross margin | 35,211,000 | 4,137,000 | (1,817,000 | ) | 37,531,000 | ||||||||||||
Selling and administrative expenses | 30,825,000 | 2,468,000 | (1,817,000 | ) | 31,476,000 | ||||||||||||
Interest expense | 110,000 | - | - | 110,000 | |||||||||||||
Income before income taxes | $ | 4,276,000 | $ | 1,669,000 | $ | - | $ | 5,945,000 | |||||||||
Depreciation and amortization | $ | 1,469,000 | $ | 151,000 | $ | - | $ | 1,620,000 | |||||||||
Capital expenditures | $ | 940,000 | $ | 182,000 | $ | - | $ | 1,122,000 | |||||||||
Total assets | $ | 122,383,000 | $ | 6,373,000 | $ | (1,431,000 | ) | $ | 127,325,000 | ||||||||
Uniforms and | Remote | Intersegment | Total | ||||||||||||||
Related Products | Staffing | Eliminations | |||||||||||||||
Solutions | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
30-Sep-12 | |||||||||||||||||
Net sales | $ | 86,177,000 | $ | 5,088,000 | $ | (2,823,000 | ) | $ | 88,442,000 | ||||||||
Gross margin | 27,954,000 | 2,994,000 | (1,792,000 | ) | 29,156,000 | ||||||||||||
Selling and administrative expenses | 25,484,000 | 1,644,000 | (1,792,000 | ) | 25,336,000 | ||||||||||||
Interest expense | 24,000 | - | - | 24,000 | |||||||||||||
Income before income taxes | $ | 2,446,000 | $ | 1,350,000 | $ | - | $ | 3,796,000 | |||||||||
Depreciation and amortization | $ | 1,620,000 | $ | 120,000 | $ | - | $ | 1,740,000 | |||||||||
Capital expenditures | $ | 648,000 | $ | 182,000 | $ | - | $ | 830,000 | |||||||||
Total assets | $ | 75,230,000 | $ | 6,933,000 | $ | (1,443,000 | ) | $ | 80,720,000 | ||||||||
Note_8_Acquisition_of_Business
Note 8 - Acquisition of Business | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | NOTE 8 – Acquisition of Business: | ||||||||
On July 1, 2013, the Company acquired substantially all of the assets of HPI Direct, Inc. (“HPI”). Since 1993, HPI has built a stellar reputation for quality and responsiveness as a privately owned company specializing in the design, manufacture and distribution of uniforms to major domestic retailers, foodservice chains, transportation and other service industries throughout the United States. HPI’s award-winning image apparel is worn by some of the most prestigious brands in the markets that they serve. The purchase price for the asset acquisition consists of approximately $32.5 million in cash, subject to adjustment and inclusive of the real estate purchase described below, the issuance of approximately 209,000 restricted shares of Superior Uniform Group’s common stock, the potential future payment of up to $7.2 million in additional contingent consideration through 2017, and the assumption of certain liabilities of HPI. The transaction also includes the acquisition of the corporate offices and warehouse distribution facility from an entity related to HPI. | |||||||||
The foregoing description of the asset purchase agreement and real estate purchase agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of those agreements, which were filed as exhibits to the Quarterly Report on Form 10-Q for June 30, 2013 and are incorporated herein by reference. These agreements have been attached to provide investors with information regarding their terms. It is not intended to modify or supplement any factual disclosures about the Company in its public reports filed with the Securities and Exchange Commission and it is not intended to be, and should not be relied upon as, disclosures regarding any facts and circumstances relating to the Company or HPI. In particular, the representations, warranties and covenants set forth in each agreement (a) were made solely for purposes of the agreement and solely for the benefit of the contracting parties, (b) may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made to a contracting party in connection with the agreement, (c) in certain cases, will survive for only a limited period of time, (d) are qualified in certain circumstances by a materiality standard which may differ from what may be viewed as material by investors, (e) were made only as of the date of the agreement or such other date as is specified in the agreement, and (f) may have been included in the agreement for the purpose of allocating risk between the parties rather than establishing matters as facts. Investors are not third-party beneficiaries under the agreements, and should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or conditions of the parties. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the agreement, which subsequent information may or may not be fully reflected in subsequent public disclosures. Accordingly, the representations and warranties in the agreements should not be viewed or relied upon as statements of actual facts or the actual state of affairs of the Company or any of their its subsidiaries or affiliates. | |||||||||
Fair Value of Consideration Transferred | |||||||||
A summary of the purchase price is as follows: | |||||||||
Cash consideration at closing | $ | 32,483,000 | |||||||
Restricted shares of Superior common stock issued | 1,555,000 | ||||||||
Total Consideration | $ | 34,038,000 | |||||||
Assets Acquired and Liabilities Assumed | |||||||||
The total purchase price was allocated to the acquired tangible and intangible assets and assumed liabilities of HPI based on their estimated fair values as of July 1, 2013. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed was allocated to goodwill. | |||||||||
The following table presents the preliminary allocation of the total fair value of consideration transferred, as shown above, to the acquired tangible and intangible assets and assumed liabilities of HPI based on their estimated fair values as of the closing date of the transaction. | |||||||||
The assets and liabilities of HPI shown below are based on our preliminary estimates of their acquisition date fair values. Our final fair value determinations may be significantly different than those shown below. | |||||||||
The following is our preliminary assignment of the aggregate consideration: | |||||||||
Accounts receivable | $ | 4,672,000 | |||||||
Prepaid expenses and other current assets | 1,096,000 | ||||||||
Inventories | 10,374,000 | ||||||||
Property, plant and equipment | 4,284,000 | ||||||||
Identifiable intangible assets | 18,400,000 | ||||||||
Goodwill | 5,092,000 | ||||||||
Total assets | $ | 43,918,000 | |||||||
Other current liabilities | $ | 2,680,000 | |||||||
Future contingent liabilities | 7,200,000 | ||||||||
Total liabilities | $ | 9,880,000 | |||||||
The Company recorded $18,400,000 in identifiable intangibles at fair value, consisting of $8,700,000 in acquired customer relationships, $5,000,000 in non-compete agreements from the former owners of HPI, and $4,700,000 for the acquired trade name. | |||||||||
At the closing of the acquisition, the estimated value for acquisition-related contingent consideration payable was $7,200,000. The Company will continue to evaluate this liability for remeasurement at the end of each reporting period and any change will be recorded in the Company's consolidated statement of comprehensive income. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the estimated value of the liability. | |||||||||
Goodwill was calculated as the difference between the fair value of the consideration and the preliminary values assigned to the assets acquired and liabilities assumed. The purchase price and goodwill allocation are expected to be finalized during the remainder of 2013 as the Company completes its process of evaluating all relevant data associated with the transaction. | |||||||||
The intangible assets associated with the customer relationships will be amortized for ten years beginning on July 1, 2013 and the non-compete agreement will be amortized for five years. The trade name is considered an indefinite-life asset and as such will not be amortized. | |||||||||
The Company recognized amortization expense on these acquired intangible assets of $467,000 for the three and nine-month periods ended September 30, 2013. | |||||||||
For the three and nine-month periods ended September 30, 2013, the Company incurred and expensed transaction related expenses of approximately $765,000 and $995,000, respectively. These amounts are included in selling and administrative expenses on the consolidated statements of comprehensive income. | |||||||||
Revenues and expenses of HPI Direct have been included in the consolidated financial statements beginning July 1, 2013. | |||||||||
Actual and Pro Forma Impact of the Transaction (Unaudited) | |||||||||
Net revenues and net income for HPI of $9,038,000 and $170,000, respectively, are included in the Company's consolidated statements of comprehensive income from the acquisition date, July 1, 2013 through September 30, 2013. | |||||||||
The following table presents pro forma results of operations for the three and nine-month periods ended September 30, 2013 and 2012, respectively, and gives effect to the transaction as if it had been consummated on January 1, 2012. The unaudited pro forma results of operations have been prepared for comparative purposes only and are not necessarily indicative of what would have occurred had the acquisition been completed at the beginning of the period or of the results that may occur in the future. Furthermore, the pro forma financial information does not reflect the impact of any reorganization or restructuring expenses or operating efficiencies resulting from combining the two companies. | |||||||||
Three Months Ended | Three Months Ended | ||||||||
9/30/13 | 9/30/12 | ||||||||
Net sales | $ | 44,184,000 | $ | 37,971,000 | |||||
Income before taxes on income | 2,893,000 | 1,899,000 | |||||||
Net income | $ | 2,003,000 | $ | 1,379,000 | |||||
Weighted average number of shares outstanding during the period | |||||||||
(Basic) | 6,346,260 | 6,271,886 | |||||||
(Diluted) | 6,403,893 | 6,356,629 | |||||||
Per Share Data: | |||||||||
Basic | |||||||||
Net income | $ | 0.32 | $ | 0.22 | |||||
Diluted | |||||||||
Net income | $ | 0.31 | $ | 0.22 | |||||
Nine Months Ended | Nine Months Ended | ||||||||
9/30/13 | 9/30/12 | ||||||||
Net sales | $ | 123,365,000 | $ | 110,029,000 | |||||
Income before taxes on income | 7,133,000 | 2,869,000 | |||||||
Net income | $ | 4,943,000 | $ | 1,949,000 | |||||
Weighted average number of shares outstanding during the period | |||||||||
(Basic) | 6,337,694 | 6,260,412 | |||||||
(Diluted) | 6,387,603 | 6,352,488 | |||||||
Per Share Data: | |||||||||
Basic | |||||||||
Net income | $ | 0.78 | $ | 0.31 | |||||
Diluted | |||||||||
Net income | $ | 0.77 | $ | 0.31 | |||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation | ||||||||||||||||
The consolidated interim financial statements include the accounts of Superior Uniform Group, Inc. and its wholly-owned subsidiaries, The Office Gurus, LLC, SUG Holding and Fashion Seal Corporation; The Office Gurus, LTDA, De C.V., The Office Masters, LTDA, De C.V. and, The Office Gurus, Ltd., each a subsidiary of Fashion Seal Corporation and SUG Holding; and The Office Gurus, Ltda. and Superior Sourcing, each a wholly-owned subsidiary of SUG Holding. All of these entities are referred to collectively as “the Company”. Intercompany items have been eliminated in consolidation. The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, and filed with the Securities and Exchange Commission. The interim financial information contained herein is not certified or audited; it reflects all adjustments (consisting of only normal recurring accruals) which are, in the opinion of management, necessary for a fair statement of the operating results for the periods presented, stated on a basis consistent with that of the audited financial statements. The results of operations for any interim period are not necessarily indicative of results to be expected for the full year. | |||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition | ||||||||||||||||
The Company records revenue as products are shipped and title passes and as services are provided. A provision for estimated returns and allowances is recorded based on historical experience and current allowance programs. | |||||||||||||||||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Recognition of costs and expenses | ||||||||||||||||
Costs and expenses other than product costs are charged to income in interim periods as incurred, or allocated among interim periods based on an estimate of time expired, benefit received or activity associated with the periods. Procedures adopted for assigning specific cost and expense items to an interim period are consistent with the basis followed by the registrant in reporting results of operations at annual reporting dates. However, when a specific cost or expense item charged to expense for annual reporting purposes benefits more than one interim period, the cost or expense item is allocated to the interim periods. | |||||||||||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Amortization of other intangible assets | ||||||||||||||||
The Company amortizes identifiable intangible assets on a straight line basis over their expected useful lives. Amortization expense for other intangible assets was $504,000 and $241,000 for the three-month periods ended September 30, 2013 and 2012, respectively, and $577,000 and $723,000, for the nine-month periods ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising expenses | ||||||||||||||||
The Company expenses advertising costs as incurred. Advertising costs for the three-month periods ended September 30, 2013 and 2012, respectively were $11,000 and $11,000. Advertising costs for the nine-month periods ended September 30, 2013 and 2012, respectively were $66,000 and $40,000. | |||||||||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and handling fees and costs | ||||||||||||||||
The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with in-bound and out-bound freight are generally recorded in cost of goods sold. Other shipping and handling costs such as labor and overhead are included in selling and administrative expenses and totaled $2,035,000 and $1,324,000 for the three months ended September 30, 2013 and 2012, respectively. Other shipping and handling costs included in selling and administrative expenses totaled $4,792,000 and $4,110,000 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||||||||||
Inventories at interim dates are determined by using both perpetual records on a first-in, first-out basis and gross profit calculations. | |||||||||||||||||
Income Tax, Policy [Policy Text Block] | Accounting for income taxes | ||||||||||||||||
The provision for income taxes is calculated by using the effective tax rate anticipated for the full year. | |||||||||||||||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Employee benefit plan settlements | ||||||||||||||||
The Company recognizes settlement gains and losses in its financial statements when the cost of all settlements in a year is greater than the sum of the service cost and interest cost components of net periodic pension cost for the plan for the year. | |||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings per share | ||||||||||||||||
Historical basic per share data is based on the weighted average number of shares outstanding. Historical diluted per share data is reconciled by adding to weighted average shares outstanding the dilutive impact of the exercise of outstanding stock options and stock appreciation rights. | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net earnings used in the computation of basic and diluted earnings per share | $ | 1,508,000 | $ | 1,242,000 | $ | 4,175,000 | $ | 2,546,000 | |||||||||
Weighted average shares outstanding - basic | 6,346,260 | 6,063,269 | 6,197,921 | 6,051,795 | |||||||||||||
Common stock equivalents | 57,633 | 84,743 | 49,909 | 92,076 | |||||||||||||
Weighted average shares outstanding - diluted | 6,403,893 | 6,148,012 | 6,247,830 | 6,143,871 | |||||||||||||
Per Share Data : | |||||||||||||||||
Basic | |||||||||||||||||
Net earnings | $ | 0.24 | $ | 0.2 | $ | 0.67 | $ | 0.42 | |||||||||
Diluted | |||||||||||||||||
Net earnings | $ | 0.24 | $ | 0.2 | $ | 0.67 | $ | 0.41 | |||||||||
Awards to purchase 234,000 and 197,000 shares of common stock with weighted average exercise prices of $12.99 and $13.27 per share were outstanding during the three-month periods ending September 30, 2013 and 2012, respectively, but were not included in the computation of diluted EPS because the awards’ exercise prices were greater than the average market price of the common shares. | |||||||||||||||||
Awards to purchase 297,000 and 238,000 shares of common stock with weighted average exercise prices of $12.75 and $13.10 per share were outstanding during the nine-month periods ending September 30, 2013 and 2012, respectively, but were not included in the computation of diluted EPS because the awards’ exercise prices were greater than the average market price of the common shares. | |||||||||||||||||
Derivatives, Policy [Policy Text Block] | Derivative financial instruments | ||||||||||||||||
The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates. The Company records derivatives on the balance sheet at fair value and establishes criteria for designation and effectiveness of hedging relationships. On the date a derivative contract is entered into, the Company may elect to designate the derivative as a fair value hedge, a cash flow hedge, or the hedge of a net investment in a foreign operation. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in the hedging transaction is highly effective. For those instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income (“OCI”), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. In situations in which the Company does not elect hedge accounting or hedge accounting is discontinued and the derivative is retained, the Company carries or continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value through earnings. | |||||||||||||||||
The nature of the Company’s business activities involves the management of various financial and market risks, including those related to changes in interest rates. The Company does not enter into derivative instruments for speculative purposes. The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of September 30, 2013, the Company’s derivative counterparty had investment grade credit ratings. | |||||||||||||||||
In July 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on a portion of the outstanding balance of the term loan was effectively converted to a fixed rate of 2.53% beginning July 1, 2014. The Company entered into this interest rate swap arrangement to mitigate future interest rate risk associated with its borrowings and has designated it as a cash flow hedge. (See Note 3). | |||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of estimates | ||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income | ||||||||||||||||
Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net earnings. For the Company, the only other components of total comprehensive income are the change in pension costs and change in fair value of qualifying hedges. | |||||||||||||||||
Segment Reporting, Policy [Policy Text Block] | Operating segments | ||||||||||||||||
Accounting standards require disclosures of certain information about operating segments and about products and services, geographic areas in which the Company operates, and their major customers. The Company has evaluated its operations and has determined that it has two reportable segments – uniforms and related products and remote staffing solutions. (See Note 7) | |||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation | ||||||||||||||||
The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. Historically, the Company has issued options and stock settled stock appreciation rights. | |||||||||||||||||
In 2003, the stockholders of the Company approved the 2003 Incentive Stock and Awards Plan (the “2003 Plan”), authorizing the granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, performance stock and other stock based compensation. This plan expired in May of 2013, at which time, the stockholders of the Company approved the 2013 Incentive Stock and Awards Plan (the “2013 Plan”), authorizing the granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, performance stock and other stock based compensation. A total of 2,500,000 shares of common stock (subject to adjustment for expirations and cancellations of options outstanding from the 2003 Plan subsequent to its termination) have been reserved for issuance under the 2013 Plan. All options under both plans have been or will be granted at prices at least equal to the fair market value of the shares on the date of grant. At September 30, 2013, the Company had 2,481,731 shares of common stock authorized for awards of share-based compensation under the 2013 Plan. | |||||||||||||||||
For the three month periods ended September 30, 2013 and 2012, the Company recognized $170,000 and $181,000 of share-based compensation, recorded in selling and administrative expense in the Consolidated Statements of Comprehensive Income. For the nine months ended September 30, 2013 and 2012, respectively, the Company recognized $789,000 and $893,000 of share-based compensation, recorded in selling and administrative expense in the Consolidated Statements of Comprehensive Income. These expenses were offset by a $72,000 and a $96,000 deferred tax benefit for non-qualified share–based compensation for the nine-month periods ended September 30, 2013 and 2012, respectively. As of September 30, 2013, the Company had no unrecognized compensation cost expected to be recognized for prior share-based awards. | |||||||||||||||||
The Company grants stock options and stock settled stock appreciation rights (“SARS”) to employees that allow them to purchase shares of the Company’s common stock. Options are also granted to outside members of the Board of Directors of the Company. The Company determines the fair value of stock options and SARS at the date of grant using the Black-Scholes valuation model. | |||||||||||||||||
All options and SARS vest immediately at the date of grant. Awards generally expire five years after the date of grant with the exception of options granted to outside directors, which expire ten years after the date of grant. The Company issues new shares upon the exercise of stock options and SARS. | |||||||||||||||||
During the nine-month periods ended September 30, 2013 and 2012, respectively, the Company received $319,000 and $617,000 in cash from stock option exercises. No tax benefit was recognized for these exercises, as the options exercised were qualified incentive stock options. During the nine months ended September 30, 2012, the Company received 8,403 shares of its common stock as payment for the issuance of 8,896 shares of its common stock related to the exercise of stock option agreements. | |||||||||||||||||
A summary of options transactions during the nine months ended September 30, 2013 follows: | |||||||||||||||||
No. of | Weighted Average | ||||||||||||||||
Shares | Exercise Price | ||||||||||||||||
Outstanding December 31, 2012 | 614,917 | $ | 11.24 | ||||||||||||||
Granted | 202,884 | 11.43 | |||||||||||||||
Exercised | (34,758 | ) | 9.19 | ||||||||||||||
Lapsed | (31,150 | ) | 10.68 | ||||||||||||||
Cancelled | (21,481 | ) | 11.66 | ||||||||||||||
Outstanding September 30, 2013 | 730,412 | $ | 11.4 | ||||||||||||||
At September 30, 2013, options outstanding, all of which were fully vested and exercisable, had an aggregate intrinsic value of $895,000. | |||||||||||||||||
Options exercised during the three-month periods ended September 30, 2013 and 2012 had intrinsic values of $52,000 and $54,000, respectively. Options exercised during the nine-month periods ended September 30, 2013 and 2012 had intrinsic values of $92,000 and $187,000, respectively. The weighted average grant date fair value of the Company’s options granted during the three-month periods ended September 30, 2013 and 2012 was $3.19 and $3.10, respectively. The weighted average grant date fair value of the Company’s options granted during the nine-month periods ended September 30, 2013 and 2012 was $3.01 and $3.38, respectively. | |||||||||||||||||
A summary of SARS transactions during the nine months ended September 30, 2013 follows: | |||||||||||||||||
No. of | Weighted Average | ||||||||||||||||
Shares | Exercise Price | ||||||||||||||||
Outstanding December 31, 2012 | 176,476 | $ | 11.6 | ||||||||||||||
Granted | 59,716 | 11.29 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Lapsed | - | - | |||||||||||||||
Cancelled | - | - | |||||||||||||||
Outstanding September 30, 2013 | 236,192 | $ | 11.52 | ||||||||||||||
At September 30, 2013, SARS outstanding, all of which were fully vested and exercisable, had an aggregate intrinsic value of $261,000. | |||||||||||||||||
There were no SARS exercised during the nine-month period ended September 30, 2013. SARS exercised during the nine-month period ended September 30, 2012 had an intrinsic value of $78,000. There were 59,716 and 65,752 SARS granted during the nine-month periods ended September 30, 2013 and 2012, respectively. The weighted average grant date fair value of the Company’s SARS granted during the nine-month periods ended September 30, 2013 and 2012 was $2.97 and $3.59, respectively. | |||||||||||||||||
The following table summarizes significant assumptions utilized to determine the fair value of share-based compensation awards. | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
SARS | Options | ||||||||||||||||
Exercise price | |||||||||||||||||
2013 | N/A | - | $11.76 | - | |||||||||||||
2012 | N/A | $11.72 | |||||||||||||||
Market price | |||||||||||||||||
2013 | N/A | $11.76 | |||||||||||||||
2012 | N/A | $11.72 | |||||||||||||||
Risk free interest rate (1) | |||||||||||||||||
2013 | N/A | 1.40% | |||||||||||||||
2012 | N/A | 0.70% | |||||||||||||||
Expected award life (years) (2) | N/A | 5 | |||||||||||||||
Expected volatility (3) | |||||||||||||||||
2013 | N/A | 45.70% | |||||||||||||||
2012 | N/A | 45.90% | |||||||||||||||
Expected dividend yield (4) | |||||||||||||||||
2013 | N/A | 4.60% | |||||||||||||||
2012 | N/A | 4.60% | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
SARS | Options | ||||||||||||||||
Exercise price | |||||||||||||||||
2013 | $11.29 | $11.29 | - | $11.76 | |||||||||||||
2012 | $13.15 | $11.72 | - | $13.15 | |||||||||||||
Market price | |||||||||||||||||
2013 | $11.29 | $11.29 | - | $11.76 | |||||||||||||
2012 | $13.15 | $11.72 | - | $13.15 | |||||||||||||
Risk free interest rate (1) | |||||||||||||||||
2013 | 0.90% | 0.9% | - | 1.70% | |||||||||||||
2012 | 0.80% | 0.7% | - | 1.90% | |||||||||||||
Expected award life (years) (2) | 5 | 5 | - | 10 | |||||||||||||
Expected volatility (3) | |||||||||||||||||
2013 | 46.00% | 36.7% | - | 46.00% | |||||||||||||
2012 | 45.10% | 36.4% | - | 45.90% | |||||||||||||
Expected dividend yield (4) | |||||||||||||||||
2013 | 4.80% | 4.6% | - | 4.80% | |||||||||||||
2012 | 4.10% | 4.1% | - | 4.60% | |||||||||||||
(1) The risk-free interest rate is based on the yield of a U.S. treasury bond with a similar maturity as the expected life of the awards. | |||||||||||||||||
(2) The expected life in years for awards granted was based on the historical exercise patterns experienced by the Company when the award is made. | |||||||||||||||||
(3) The determination of expected stock price volatility for awards granted in each of the three and nine-month periods ending September 30, was based on historical Superior common stock prices over a period commensurate with the expected life. | |||||||||||||||||
(4) The dividend yield assumption is based on the history and expectation of the Company’s dividend payouts. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Interim Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net earnings used in the computation of basic and diluted earnings per share | $ | 1,508,000 | $ | 1,242,000 | $ | 4,175,000 | $ | 2,546,000 | |||||||||
Weighted average shares outstanding - basic | 6,346,260 | 6,063,269 | 6,197,921 | 6,051,795 | |||||||||||||
Common stock equivalents | 57,633 | 84,743 | 49,909 | 92,076 | |||||||||||||
Weighted average shares outstanding - diluted | 6,403,893 | 6,148,012 | 6,247,830 | 6,143,871 | |||||||||||||
Per Share Data : | |||||||||||||||||
Basic | |||||||||||||||||
Net earnings | $ | 0.24 | $ | 0.2 | $ | 0.67 | $ | 0.42 | |||||||||
Diluted | |||||||||||||||||
Net earnings | $ | 0.24 | $ | 0.2 | $ | 0.67 | $ | 0.41 | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | No. of | Weighted Average | |||||||||||||||
Shares | Exercise Price | ||||||||||||||||
Outstanding December 31, 2012 | 614,917 | $ | 11.24 | ||||||||||||||
Granted | 202,884 | 11.43 | |||||||||||||||
Exercised | (34,758 | ) | 9.19 | ||||||||||||||
Lapsed | (31,150 | ) | 10.68 | ||||||||||||||
Cancelled | (21,481 | ) | 11.66 | ||||||||||||||
Outstanding September 30, 2013 | 730,412 | $ | 11.4 | ||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | No. of | Weighted Average | |||||||||||||||
Shares | Exercise Price | ||||||||||||||||
Outstanding December 31, 2012 | 176,476 | $ | 11.6 | ||||||||||||||
Granted | 59,716 | 11.29 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Lapsed | - | - | |||||||||||||||
Cancelled | - | - | |||||||||||||||
Outstanding September 30, 2013 | 236,192 | $ | 11.52 | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended September 30, | ||||||||||||||||
SARS | Options | ||||||||||||||||
Exercise price | |||||||||||||||||
2013 | N/A | - | $11.76 | - | |||||||||||||
2012 | N/A | $11.72 | |||||||||||||||
Market price | |||||||||||||||||
2013 | N/A | $11.76 | |||||||||||||||
2012 | N/A | $11.72 | |||||||||||||||
Risk free interest rate (1) | |||||||||||||||||
2013 | N/A | 1.40% | |||||||||||||||
2012 | N/A | 0.70% | |||||||||||||||
Expected award life (years) (2) | N/A | 5 | |||||||||||||||
Expected volatility (3) | |||||||||||||||||
2013 | N/A | 45.70% | |||||||||||||||
2012 | N/A | 45.90% | |||||||||||||||
Expected dividend yield (4) | |||||||||||||||||
2013 | N/A | 4.60% | |||||||||||||||
2012 | N/A | 4.60% | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
SARS | Options | ||||||||||||||||
Exercise price | |||||||||||||||||
2013 | $11.29 | $11.29 | - | $11.76 | |||||||||||||
2012 | $13.15 | $11.72 | - | $13.15 | |||||||||||||
Market price | |||||||||||||||||
2013 | $11.29 | $11.29 | - | $11.76 | |||||||||||||
2012 | $13.15 | $11.72 | - | $13.15 | |||||||||||||
Risk free interest rate (1) | |||||||||||||||||
2013 | 0.90% | 0.9% | - | 1.70% | |||||||||||||
2012 | 0.80% | 0.7% | - | 1.90% | |||||||||||||
Expected award life (years) (2) | 5 | 5 | - | 10 | |||||||||||||
Expected volatility (3) | |||||||||||||||||
2013 | 46.00% | 36.7% | - | 46.00% | |||||||||||||
2012 | 45.10% | 36.4% | - | 45.90% | |||||||||||||
Expected dividend yield (4) | |||||||||||||||||
2013 | 4.80% | 4.6% | - | 4.80% | |||||||||||||
2012 | 4.10% | 4.1% | - | 4.60% |
Note_3_LongTerm_Debt_Tables
Note 3 - Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Debt [Table Text Block] | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Term loan payable to Fifth Third Bank, maturing July 1, 2018 | $ | 26,750,000 | $ | - | |||||
Note payable to Fifth Third Bank, pursuant to revolving credit agreement, maturing June 24, 2013 | - | - | |||||||
$ | 26,750,000 | $ | - | ||||||
Less payments due within one year included in current liabilities | 1,688,000 | - | |||||||
Long-term debt less current maturities | $ | 25,062,000 | $ | - |
Note_4_Periodic_Pension_Expens1
Note 4 - Periodic Pension Expense (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost - benefits earned during the period | $ | 32,000 | $ | 149,000 | $ | 331,000 | $ | 447,000 | |||||||||
Interest cost on projected benefit obligation | 252,000 | 256,000 | 773,000 | 767,000 | |||||||||||||
Expected return on plan assets | (332,000 | ) | (318,000 | ) | (998,000 | ) | (953,000 | ) | |||||||||
Amortization of prior service cost | 3,000 | 5,000 | 9,000 | 13,000 | |||||||||||||
Recognized actuarial loss | 185,000 | 239,000 | 758,000 | 718,000 | |||||||||||||
Settlement loss | 208,000 | - | 457,000 | - | |||||||||||||
Net periodic pension cost | $ | 348,000 | $ | 331,000 | $ | 1,330,000 | $ | 992,000 |
Note_7_Operating_Segment_Infor1
Note 7 - Operating Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Uniforms and | Remote | Intersegment | Total | |||||||||||||
Related Products | Staffing | Eliminations | |||||||||||||||
Solutions | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Net sales | $ | 42,758,000 | $ | 2,368,000 | $ | (942,000 | ) | $ | 44,184,000 | ||||||||
Gross margin | 14,215,000 | 1,442,000 | (617,000 | ) | 15,040,000 | ||||||||||||
Selling and administrative expenses | 12,580,000 | 854,000 | (617,000 | ) | 12,817,000 | ||||||||||||
Interest expense | 95,000 | - | - | 95,000 | |||||||||||||
Income before income taxes | $ | 1,540,000 | $ | 588,000 | $ | - | $ | 2,128,000 | |||||||||
Depreciation and amortization | $ | 858,000 | $ | 53,000 | $ | - | $ | 911,000 | |||||||||
Capital expenditures | $ | 115,000 | $ | 42,000 | $ | - | $ | 157,000 | |||||||||
Total assets | $ | 122,383,000 | $ | 6,373,000 | $ | (1,431,000 | ) | $ | 127,325,000 | ||||||||
Uniforms and | Remote | Intersegment | Total | ||||||||||||||
Related Products | Staffing | Eliminations | |||||||||||||||
Solutions | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Sep-12 | |||||||||||||||||
Net sales | $ | 29,698,000 | $ | 1,824,000 | $ | (923,000 | ) | $ | 30,599,000 | ||||||||
Gross margin | 9,533,000 | 1,073,000 | (574,000 | ) | 10,032,000 | ||||||||||||
Selling and administrative expenses | 8,353,000 | 555,000 | (574,000 | ) | 8,334,000 | ||||||||||||
Interest expense | 6,000 | - | - | 6,000 | |||||||||||||
Income before income taxes | $ | 1,174,000 | $ | 518,000 | $ | - | $ | 1,692,000 | |||||||||
Depreciation and amortization | $ | 521,000 | $ | 40,000 | $ | - | $ | 561,000 | |||||||||
Capital expenditures | $ | 147,000 | $ | 8,000 | $ | - | $ | 155,000 | |||||||||
Total assets | $ | 75,230,000 | $ | 6,933,000 | $ | (1,443,000 | ) | $ | 80,720,000 | ||||||||
Uniforms and | Remote | Intersegment | Total | ||||||||||||||
Related Products | Staffing | Eliminations | |||||||||||||||
Solutions | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Net sales | $ | 102,067,000 | $ | 6,708,000 | $ | (2,752,000 | ) | $ | 106,023,000 | ||||||||
Gross margin | 35,211,000 | 4,137,000 | (1,817,000 | ) | 37,531,000 | ||||||||||||
Selling and administrative expenses | 30,825,000 | 2,468,000 | (1,817,000 | ) | 31,476,000 | ||||||||||||
Interest expense | 110,000 | - | - | 110,000 | |||||||||||||
Income before income taxes | $ | 4,276,000 | $ | 1,669,000 | $ | - | $ | 5,945,000 | |||||||||
Depreciation and amortization | $ | 1,469,000 | $ | 151,000 | $ | - | $ | 1,620,000 | |||||||||
Capital expenditures | $ | 940,000 | $ | 182,000 | $ | - | $ | 1,122,000 | |||||||||
Total assets | $ | 122,383,000 | $ | 6,373,000 | $ | (1,431,000 | ) | $ | 127,325,000 | ||||||||
Uniforms and | Remote | Intersegment | Total | ||||||||||||||
Related Products | Staffing | Eliminations | |||||||||||||||
Solutions | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
30-Sep-12 | |||||||||||||||||
Net sales | $ | 86,177,000 | $ | 5,088,000 | $ | (2,823,000 | ) | $ | 88,442,000 | ||||||||
Gross margin | 27,954,000 | 2,994,000 | (1,792,000 | ) | 29,156,000 | ||||||||||||
Selling and administrative expenses | 25,484,000 | 1,644,000 | (1,792,000 | ) | 25,336,000 | ||||||||||||
Interest expense | 24,000 | - | - | 24,000 | |||||||||||||
Income before income taxes | $ | 2,446,000 | $ | 1,350,000 | $ | - | $ | 3,796,000 | |||||||||
Depreciation and amortization | $ | 1,620,000 | $ | 120,000 | $ | - | $ | 1,740,000 | |||||||||
Capital expenditures | $ | 648,000 | $ | 182,000 | $ | - | $ | 830,000 | |||||||||
Total assets | $ | 75,230,000 | $ | 6,933,000 | $ | (1,443,000 | ) | $ | 80,720,000 |
Note_8_Acquisition_of_Business1
Note 8 - Acquisition of Business (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration at closing | $ | 32,483,000 | ||||||
Restricted shares of Superior common stock issued | 1,555,000 | ||||||||
Total Consideration | $ | 34,038,000 | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable | $ | 4,672,000 | ||||||
Prepaid expenses and other current assets | 1,096,000 | ||||||||
Inventories | 10,374,000 | ||||||||
Property, plant and equipment | 4,284,000 | ||||||||
Identifiable intangible assets | 18,400,000 | ||||||||
Goodwill | 5,092,000 | ||||||||
Total assets | $ | 43,918,000 | |||||||
Other current liabilities | $ | 2,680,000 | |||||||
Future contingent liabilities | 7,200,000 | ||||||||
Total liabilities | $ | 9,880,000 | |||||||
Condensed Income Statement [Table Text Block] | Three Months Ended | Three Months Ended | |||||||
9/30/13 | 9/30/12 | ||||||||
Net sales | $ | 44,184,000 | $ | 37,971,000 | |||||
Income before taxes on income | 2,893,000 | 1,899,000 | |||||||
Net income | $ | 2,003,000 | $ | 1,379,000 | |||||
Weighted average number of shares outstanding during the period | |||||||||
(Basic) | 6,346,260 | 6,271,886 | |||||||
(Diluted) | 6,403,893 | 6,356,629 | |||||||
Per Share Data: | |||||||||
Basic | |||||||||
Net income | $ | 0.32 | $ | 0.22 | |||||
Diluted | |||||||||
Net income | $ | 0.31 | $ | 0.22 | |||||
Nine Months Ended | Nine Months Ended | ||||||||
9/30/13 | 9/30/12 | ||||||||
Net sales | $ | 123,365,000 | $ | 110,029,000 | |||||
Income before taxes on income | 7,133,000 | 2,869,000 | |||||||
Net income | $ | 4,943,000 | $ | 1,949,000 | |||||
Weighted average number of shares outstanding during the period | |||||||||
(Basic) | 6,337,694 | 6,260,412 | |||||||
(Diluted) | 6,387,603 | 6,352,488 | |||||||
Per Share Data: | |||||||||
Basic | |||||||||
Net income | $ | 0.78 | $ | 0.31 | |||||
Diluted | |||||||||
Net income | $ | 0.77 | $ | 0.31 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Interim Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 31-May-13 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Scenario, Forecast [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Share-Based Compensation [Member] | Share-Based Compensation [Member] | ||||||
Effective July 1, 2014 [Member] | ||||||||||||||
Note 1 - Summary of Significant Interim Accounting Policies (Details) [Line Items] | ||||||||||||||
Amortization of Intangible Assets | $504,000 | $241,000 | $577,000 | $723,000 | ||||||||||
Advertising Expense | 11,000 | 11,000 | 66,000 | 40,000 | ||||||||||
Shipping, Handling and Transportation Costs | 2,035,000 | 1,324,000 | 4,792,000 | 4,110,000 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 234,000 | 197,000 | 297,000 | 238,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease), Weighted Average Exercise Price (in Dollars per share) | $12.99 | $13.27 | $12.75 | $13.10 | ||||||||||
Derivative, Fixed Interest Rate | 2.53% | |||||||||||||
Number of Reportable Segments | 2 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 2,481,731 | 2,481,731 | 2,500,000 | |||||||||||
Share-based Compensation | 170,000 | 181,000 | 789,000 | 893,000 | ||||||||||
Deferred Income Tax Expense (Benefit) | -584,000 | 42,000 | -72,000 | -96,000 | ||||||||||
Grant Period | 5 years | 5 years | ||||||||||||
Director Grant Period | 10 years | 10 years | ||||||||||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 319,000 | 617,000 | ||||||||||||
Shares Received as Payment for Stock Options Exercised (in Shares) | 8,403 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 34,758 | 8,896 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 895,000 | 895,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 52,000 | 54,000 | 92,000 | 187,000 | 78,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $3.19 | $3.10 | $3.01 | $3.38 | $2.97 | $3.59 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $261,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares) | 59,716 | 65,752 |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Interim Accounting Policies (Details) - Earnings Per Share Data (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share Data [Abstract] | ||||
Net earnings used in the computation of basic and diluted earnings per share (in Dollars) | $1,508,000 | $1,242,000 | $4,175,000 | $2,546,000 |
Weighted average shares outstanding - basic | 6,346,260 | 6,063,269 | 6,197,921 | 6,051,795 |
Common stock equivalents | 57,633 | 84,743 | 49,909 | 92,076 |
Weighted average shares outstanding - diluted | 6,403,893 | 6,148,012 | 6,247,830 | 6,143,871 |
Basic | ||||
Net earnings (in Dollars per share) | $0.24 | $0.20 | $0.67 | $0.42 |
Diluted | ||||
Net earnings (in Dollars per share) | $0.24 | $0.20 | $0.67 | $0.41 |
Note_1_Summary_of_Significant_4
Note 1 - Summary of Significant Interim Accounting Policies (Details) - Options Transactions (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Options Transactions [Abstract] | ||
Outstanding December 31, 2012 | 614,917 | |
Outstanding December 31, 2012 (in Dollars per share) | $11.24 | |
Granted | 202,884 | |
Granted (in Dollars per share) | $11.43 | |
Exercised | -34,758 | -8,896 |
Exercised (in Dollars per share) | $9.19 | |
Lapsed | -31,150 | |
Lapsed (in Dollars per share) | $10.68 | |
Cancelled | -21,481 | |
Cancelled (in Dollars per share) | $11.66 | |
Outstanding September 30, 2013 | 730,412 | |
Outstanding September 30, 2013 (in Dollars per share) | $11.40 |
Note_1_Summary_of_Significant_5
Note 1 - Summary of Significant Interim Accounting Policies (Details) - SARS Transactions (Stock Appreciation Rights (SARs) [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Appreciation Rights (SARs) [Member] | |
Class of Warrant or Right [Line Items] | |
Outstanding December 31, 2012 | 176,476 |
Outstanding December 31, 2012 (in Dollars per share) | $11.60 |
Granted | 59,716 |
Granted (in Dollars per share) | $11.29 |
Outstanding September 30, 2013 | 236,192 |
Outstanding September 30, 2013 (in Dollars per share) | $11.52 |
Note_1_Summary_of_Significant_6
Note 1 - Summary of Significant Interim Accounting Policies (Details) - Significant Assumptions to Determine Fair Value of Share-Based Compensation Awards (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Stock Appreciation Rights (SARs) [Member] | ||||||||
Exercise price | ||||||||
Exercise Price (in Dollars per share) | $11.29 | $13.15 | $11.29 | $13.15 | ||||
Market price | ||||||||
Market Price (in Dollars per share) | $11.29 | $13.15 | ||||||
Risk free interest rate (1) | ||||||||
Risk-free Interest Rate | [1] | [1] | 0.90% | [1] | 0.80% | [1] | ||
Expected award life (years) | [2] | 5 years | [2] | |||||
Expected volatility (3) | ||||||||
Expected Volatiility | [3] | [3] | 46.00% | [3] | 45.10% | [3] | ||
Expected dividend yield (4) | ||||||||
Expected Dividend Yield | [4] | [4] | 4.80% | [4] | 4.10% | [4] | ||
Employee Stock Option [Member] | ||||||||
Exercise price | ||||||||
Exercise Price (in Dollars per share) | $11.76 | $11.72 | $11.76 | $11.72 | ||||
Market price | ||||||||
Market Price (in Dollars per share) | $11.76 | $11.72 | ||||||
Risk free interest rate (1) | ||||||||
Risk-free Interest Rate | 1.40% | [1] | 0.70% | [1] | [1] | |||
Expected award life (years) | 5 years | [2] | ||||||
Expected volatility (3) | ||||||||
Expected Volatiility | 45.70% | [3] | 45.90% | [3] | [3] | |||
Expected dividend yield (4) | ||||||||
Expected Dividend Yield | 4.60% | [4] | 4.60% | [4] | [4] | |||
Employee Stock Option [Member] | Minimum [Member] | ||||||||
Exercise price | ||||||||
Exercise Price (in Dollars per share) | $11.29 | $11.72 | $11.29 | $11.72 | ||||
Market price | ||||||||
Market Price (in Dollars per share) | $11.29 | $11.72 | ||||||
Risk free interest rate (1) | ||||||||
Risk-free Interest Rate | 0.90% | [1] | 0.70% | [1] | ||||
Expected award life (years) | 5 years | [2] | ||||||
Expected volatility (3) | ||||||||
Expected Volatiility | 36.70% | [3] | 36.40% | [3] | ||||
Expected dividend yield (4) | ||||||||
Expected Dividend Yield | 4.60% | [4] | 4.10% | [4] | ||||
Employee Stock Option [Member] | Maximum [Member] | ||||||||
Exercise price | ||||||||
Exercise Price (in Dollars per share) | $11.76 | $13.15 | $11.76 | $13.15 | ||||
Market price | ||||||||
Market Price (in Dollars per share) | $11.76 | $13.15 | ||||||
Risk free interest rate (1) | ||||||||
Risk-free Interest Rate | 1.70% | 1.90% | [1] | |||||
Expected award life (years) | 10 years | [2] | ||||||
Expected volatility (3) | ||||||||
Expected Volatiility | 46.00% | 45.90% | [3] | |||||
Expected dividend yield (4) | ||||||||
Expected Dividend Yield | 4.80% | 4.60% | [4] | |||||
[1] | The risk-free interest rate is based on the yield of a U.S. treasury bond with a similar maturity as the expected life of the awards. | |||||||
[2] | The expected life in years for awards granted was based on the historical exercise patterns experienced by the Company when the award is made. | |||||||
[3] | The determination of expected stock price volatility for awards granted in each of the three and nine-month periods ending September 30, was based on historical Superior common stock prices over a period commensurate with the expected life. | |||||||
[4] | The dividend yield assumption is based on the history and expectation of the Company's dividend payouts. |
Note_2_License_Agreement_Detai
Note 2 - License Agreement (Details) (USD $) | 0 Months Ended | 3 Months Ended | 60 Months Ended | |
Jan. 04, 2011 | Dec. 31, 2012 | Jan. 04, 2016 | Mar. 06, 2012 | |
Note 2 - License Agreement (Details) [Line Items] | ||||
License Costs | $2,000,000 | |||
Investment Warrants, Exercise Price (in Dollars per share) | $10.63 | |||
Shares, Issued (in Shares) | 44,912 | |||
Professional Fees | 61,000 | |||
Finite-Lived License Agreements, Gross | 2,861,000 | |||
Impairment of Intangible Assets, Finite-lived | 1,226,000 | |||
Warrant [Member] | ||||
Note 2 - License Agreement (Details) [Line Items] | ||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued (in Shares) | 360,000 | |||
Shares, Issued (in Shares) | 44,912 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 800,000 |
Note_3_LongTerm_Debt_Details
Note 3 - Long-Term Debt (Details) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||
Sep. 30, 2013 | Jul. 31, 2013 | Oct. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Subsequent Event [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Per Month Through July 1, 2015 [Member] | Per Month Through June 1, 2018 [Member] | Senior Debt [Member] | Interest Rate Swap [Member] | |||
Amended Credit Agreement [Member] | LIBOR [Member] | LIBOR [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Effective July 1, 2014 [Member] | |||||||||
Revolving Credit Facility [Member] | U.S. [Member] | |||||||||||||
Note 3 - Long-Term Debt (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $15,000,000 | |||||||||||||
Debt Instrument, Face Amount | 30,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.20% | 0.95% | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | |||||||||||||
Permitted Investments in Subsidiaries | 5,000,000 | 1,000,000 | ||||||||||||
Derivative, Fixed Interest Rate | 2.53% | |||||||||||||
Derivative, Notional Amount | 14,250,000 | |||||||||||||
Debt Instrument, Periodic Payment, Principal | 3,250,000 | 187,500 | 250,000 | |||||||||||
Interest Rate Derivative Assets, at Fair Value | 128,000 | |||||||||||||
Increase (Decrease) in Derivative Assets | 128,000 | |||||||||||||
Other Tax Expense (Benefit) | 40,000 | |||||||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 375,000 | |||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,875,000 | |||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2,625,000 | |||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 3,000,000 | |||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,000,000 | |||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 15,875,000 | |||||||||||||
Debt Issuance Cost | $68,000 | |||||||||||||
Ratio of Maximum Funded Indebtedness to EBITDA | 4 | 3.5 | ||||||||||||
Fixed Charges Numerator | 1.25 |
Note_3_LongTerm_Debt_Details_L
Note 3 - Long-Term Debt (Details) - Long-Term Debt (USD $) | Sep. 30, 2013 |
Note 3 - Long-Term Debt (Details) - Long-Term Debt [Line Items] | |
Long Term Debt | $26,750,000 |
Less payments due within one year included in current liabilities | 1,688,000 |
Long-term debt less current maturities | 25,062,000 |
Term Loan [Member] | |
Note 3 - Long-Term Debt (Details) - Long-Term Debt [Line Items] | |
Long Term Debt | $26,750,000 |
Note_3_LongTerm_Debt_Details_L1
Note 3 - Long-Term Debt (Details) - Long-Term Debt (Parentheticals) | 9 Months Ended |
Sep. 30, 2013 | |
Term Loan [Member] | |
Note 3 - Long-Term Debt (Details) - Long-Term Debt (Parentheticals) [Line Items] | |
Long Term Debt Maturity Date | 1-Jul-18 |
Note Payable [Member] | |
Note 3 - Long-Term Debt (Details) - Long-Term Debt (Parentheticals) [Line Items] | |
Long Term Debt Maturity Date | 24-Jun-13 |
Note_4_Periodic_Pension_Expens2
Note 4 - Periodic Pension Expense (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Note 4 - Periodic Pension Expense (Details) [Line Items] | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $1,991,000 | |
Pension Contributions | 1,000,000 | 550,000 |
Curtailment [Member] | ||
Note 4 - Periodic Pension Expense (Details) [Line Items] | ||
Other Tax Expense (Benefit) | $1,097,000 |
Note_4_Periodic_Pension_Expens3
Note 4 - Periodic Pension Expense (Details) - Net Periodic Pension Expense (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net Periodic Pension Expense [Abstract] | ||||
Service cost - benefits earned during the period | $32,000 | $149,000 | $331,000 | $447,000 |
Interest cost on projected benefit obligation | 252,000 | 256,000 | 773,000 | 767,000 |
Expected return on plan assets | -332,000 | -318,000 | -998,000 | -953,000 |
Amortization of prior service cost | 3,000 | 5,000 | 9,000 | 13,000 |
Recognized actuarial loss | 185,000 | 239,000 | 758,000 | 718,000 |
Settlement loss | 208,000 | 457,000 | ||
Net periodic pension cost | $348,000 | $331,000 | $1,330,000 | $992,000 |
Note_5_Supplemental_Cash_Flow_1
Note 5 - Supplemental Cash Flow Information (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 06, 2012 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Income Taxes Paid (in Dollars) | $1,533,000 | $1,296,000 | ||
Interest Paid (in Dollars) | $76,000 | $24,000 | ||
Shares, Issued | 44,912 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 209,000 | 208,617 | ||
Shares Received as Payment for Stock Options Exercised | 8,403 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 34,758 | 8,896 |
Note_7_Operating_Segment_Infor2
Note 7 - Operating Segment Information (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Note_7_Operating_Segment_Infor3
Note 7 - Operating Segment Information (Details) - Information Related to Operations of Operating Segments (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $44,184,000 | $30,599,000 | $106,023,000 | $88,442,000 | |
Gross margin | 15,040,000 | 10,032,000 | 37,531,000 | 29,156,000 | |
Selling and administrative expenses | 12,817,000 | 8,334,000 | 31,476,000 | 25,336,000 | |
Interest expense | 95,000 | 6,000 | 110,000 | 24,000 | |
Income before income taxes | 2,128,000 | 1,692,000 | 5,945,000 | 3,796,000 | |
Depreciation and amortization | 911,000 | 561,000 | 1,620,000 | 1,740,000 | |
Capital expenditures | 157,000 | 155,000 | 1,122,000 | 830,000 | |
Total assets | 127,325,000 | 80,720,000 | 127,325,000 | 80,720,000 | 78,913,000 |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | -942,000 | -923,000 | -2,752,000 | -2,823,000 | |
Gross margin | -617,000 | -574,000 | -1,817,000 | -1,792,000 | |
Selling and administrative expenses | -617,000 | -574,000 | -1,817,000 | -1,792,000 | |
Total assets | -1,431,000 | -1,443,000 | -1,431,000 | -1,443,000 | |
Uniform And Related Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 42,758,000 | 29,698,000 | 102,067,000 | 86,177,000 | |
Gross margin | 14,215,000 | 9,533,000 | 35,211,000 | 27,954,000 | |
Selling and administrative expenses | 12,580,000 | 8,353,000 | 30,825,000 | 25,484,000 | |
Interest expense | 95,000 | 6,000 | 110,000 | 24,000 | |
Income before income taxes | 1,540,000 | 1,174,000 | 4,276,000 | 2,446,000 | |
Depreciation and amortization | 858,000 | 521,000 | 1,469,000 | 1,620,000 | |
Capital expenditures | 115,000 | 147,000 | 940,000 | 648,000 | |
Total assets | 122,383,000 | 75,230,000 | 122,383,000 | 75,230,000 | |
Remote Staffing Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,368,000 | 1,824,000 | 6,708,000 | 5,088,000 | |
Gross margin | 1,442,000 | 1,073,000 | 4,137,000 | 2,994,000 | |
Selling and administrative expenses | 854,000 | 555,000 | 2,468,000 | 1,644,000 | |
Income before income taxes | 588,000 | 518,000 | 1,669,000 | 1,350,000 | |
Depreciation and amortization | 53,000 | 40,000 | 151,000 | 120,000 | |
Capital expenditures | 42,000 | 8,000 | 182,000 | 182,000 | |
Total assets | $6,373,000 | $6,933,000 | $6,373,000 | $6,933,000 |
Note_8_Acquisition_of_Business2
Note 8 - Acquisition of Business (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Note 8 - Acquisition of Business (Details) [Line Items] | |||||
Payments to Acquire Businesses, Gross | $32,483,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 209,000 | 208,617 | |||
Business Combination, Contingent Consideration, Liability | 7,200,000 | 7,200,000 | 7,200,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 18,400,000 | ||||
Amortization of Intangible Assets | 504,000 | 241,000 | 577,000 | 723,000 | |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 765,000 | 995,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 9,038,000 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 170,000 | ||||
HPI [Member] | |||||
Note 8 - Acquisition of Business (Details) [Line Items] | |||||
Amortization of Intangible Assets | 467,000 | ||||
Customer Relationships [Member] | |||||
Note 8 - Acquisition of Business (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,700,000 | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Noncompete Agreements [Member] | |||||
Note 8 - Acquisition of Business (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,000,000 | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||
Trade Names [Member] | |||||
Note 8 - Acquisition of Business (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $4,700,000 |
Note_8_Acquisition_of_Business3
Note 8 - Acquisition of Business (Details) - Summary of Purchase Price (USD $) | 0 Months Ended |
Jun. 30, 2013 | |
Summary of Purchase Price [Abstract] | |
Cash consideration at closing | $32,483,000 |
Restricted shares of Superior common stock issued | 1,555,000 |
Total Consideration | $34,038,000 |
Note_8_Acquisition_of_Business4
Note 8 - Acquisition of Business (Details) - Summary of Assets and Liabilities Assumed (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Summary of Assets and Liabilities Assumed [Abstract] | ||
Accounts receivable | $4,672,000 | |
Prepaid expenses and other current assets | 1,096,000 | |
Inventories | 10,374,000 | |
Property, plant and equipment | 4,284,000 | |
Identifiable intangible assets | 18,400,000 | |
Goodwill | 5,092,000 | 5,092,000 |
Total assets | 43,918,000 | |
Other current liabilities | 2,680,000 | |
Future contingent liabilities | 7,200,000 | 7,200,000 |
Total liabilities | $9,880,000 |
Note_8_Acquisition_of_Business5
Note 8 - Acquisition of Business (Details) - Pro Forma Results of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $44,184,000 | $30,599,000 | $106,023,000 | $88,442,000 |
Income before taxes on income | 2,128,000 | 1,692,000 | 5,945,000 | 3,796,000 |
Net income | 1,508,000 | 1,242,000 | 4,175,000 | 2,546,000 |
(Basic) (in Shares) | 6,346,260 | 6,063,269 | 6,197,921 | 6,051,795 |
(Diluted) (in Shares) | 6,403,893 | 6,148,012 | 6,247,830 | 6,143,871 |
Basic | ||||
Net income (in Dollars per share) | $0.24 | $0.20 | $0.67 | $0.42 |
Diluted | ||||
Net income (in Dollars per share) | $0.24 | $0.20 | $0.67 | $0.41 |
Scenario, Actual [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 44,184,000 | |||
Income before taxes on income | 2,893,000 | |||
Net income | 2,003,000 | |||
(Basic) (in Shares) | 6,346,260 | |||
(Diluted) (in Shares) | 6,403,893 | |||
Basic | ||||
Net income (in Dollars per share) | $0.32 | |||
Diluted | ||||
Net income (in Dollars per share) | $0.31 | |||
Pro Forma [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 37,971,000 | 123,365,000 | 110,029,000 | |
Income before taxes on income | 1,899,000 | 7,133,000 | 2,869,000 | |
Net income | $1,379,000 | $4,943,000 | $1,949,000 | |
(Basic) (in Shares) | 6,271,886 | 6,337,694 | 6,260,412 | |
(Diluted) (in Shares) | 6,356,629 | 6,387,603 | 6,352,488 | |
Basic | ||||
Net income (in Dollars per share) | $0.22 | $0.78 | $0.31 | |
Diluted | ||||
Net income (in Dollars per share) | $0.22 | $0.77 | $0.31 |