Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 24, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | SUPERIOR UNIFORM GROUP INC | |
Entity Central Index Key | 95,574 | |
Trading Symbol | sgc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 14,772,352 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income tax expense | $ 1,360,000 | $ 1,307,000 | $ 2,930,000 | $ 2,275,000 |
Net income | $ 4,341,000 | $ 3,308,000 | $ 8,176,000 | $ 5,750,000 |
Weighted average number of shares outstanding during the period | ||||
(Basic) (in shares) | 14,501,399 | 14,120,617 | 14,426,060 | 14,023,840 |
(Diluted) (in shares) | 15,040,431 | 14,957,469 | 14,985,063 | 14,813,064 |
Basic | ||||
Net income (in dollars per share) | $ 0.30 | $ 0.23 | $ 0.57 | $ 0.41 |
Diluted | ||||
Net income (in dollars per share) | $ 0.29 | $ 0.22 | $ 0.55 | $ 0.39 |
Other comprehensive income, net of tax: | ||||
Recognition of net losses included in net periodic pension costs | $ 147,000 | $ 171,000 | $ 323,000 | $ 342,000 |
Recognition of settlement loss included in net periodic pension costs | 173,000 | 33,000 | 173,000 | 198,000 |
Gain (loss) on cash flow hedging activities | (52,000) | 21,000 | (180,000) | 6,000 |
Foreign currency translation adjustments | (43,000) | 173,000 | 7,000 | 294,000 |
Other comprehensive income | 225,000 | 398,000 | 323,000 | 840,000 |
Comprehensive income | $ 4,566,000 | $ 3,706,000 | $ 8,499,000 | $ 6,590,000 |
Cash dividends per common share (in dollars per share) | $ 0.0875 | $ 0.0825 | $ 0.175 | $ 0.165 |
Net sales | $ 65,604,000 | $ 64,660,000 | $ 126,591,000 | $ 122,628,000 |
Costs and expenses: | ||||
Cost of goods sold | 42,230,000 | 42,897,000 | 81,003,000 | 80,844,000 |
Selling and administrative expenses | 17,478,000 | 16,956,000 | 35,121,000 | 33,419,000 |
Interest expense | 195,000 | 192,000 | 379,000 | 340,000 |
59,903,000 | 60,045,000 | 116,503,000 | 114,603,000 | |
Gain on sale of property, plant and equipment | 1,018,000 | |||
Income before taxes on income | $ 5,701,000 | $ 4,615,000 | $ 11,106,000 | $ 8,025,000 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 7,583,000 | $ 3,649,000 | |
Accounts receivable, less allowance for doubtful accounts of $1,755,000 and $1,276,000, respectively | 40,620,000 | 41,823,000 | |
Accounts receivable - other | 2,412,000 | 3,085,000 | |
Inventories | [1] | 67,596,000 | 69,240,000 |
Prepaid expenses and other current assets | 8,567,000 | 7,214,000 | |
TOTAL CURRENT ASSETS | 126,778,000 | 125,011,000 | |
PROPERTY, PLANT AND EQUIPMENT, NET | 26,173,000 | 27,533,000 | |
OTHER INTANGIBLE ASSETS, NET | 22,097,000 | 23,238,000 | |
GOODWILL | 11,265,000 | 11,269,000 | |
DEFERRED INCOME TAXES | 7,090,000 | 6,800,000 | |
OTHER ASSETS | 4,780,000 | 2,997,000 | |
198,183,000 | 196,848,000 | ||
CURRENT LIABILITIES: | |||
Accounts payable | 13,988,000 | 13,507,000 | |
Other current liabilities | 8,247,000 | 10,716,000 | |
Current portion of long-term debt | 6,000,000 | 5,893,000 | |
Current portion of acquisition-related contigent liabilities | 3,135,000 | 1,788,000 | |
TOTAL CURRENT LIABILITIES | (31,370,000) | (31,904,000) | |
LONG-TERM DEBT | 34,454,000 | 36,227,000 | |
LONG-TERM PENSION LIABILITY | 7,780,000 | 9,467,000 | |
LONG-TERM ACQUISITION-RELATED CONTINGENT LIABILITY | 4,173,000 | 7,238,000 | |
OTHER LONG-TERM LIABILITIES | 2,292,000 | 1,462,000 | |
COMMITMENTS AND CONTINGENCIES (NOTE 5) | |||
SHAREHOLDERS' EQUITY: | |||
Preferred stock, $.001 par value - authorized 300,000 shares (none issued) | |||
Common stock, $.001 par value - authorized 50,000,000 shares, issued and outstanding - 14,768,272 and 14,513,207, respectively. | 15,000 | 15,000 | |
Additional paid-in capital | 44,701,000 | 42,416,000 | |
Retained earnings | 79,239,000 | 74,283,000 | |
Accumulated other comprehensive income (loss), net of tax: | |||
Pensions | (5,762,000) | (6,258,000) | |
Cash flow hedges | (159,000) | 21,000 | |
Foreign currency translation adjustment | 80,000 | 73,000 | |
TOTAL SHAREHOLDERS' EQUITY | 118,114,000 | 110,550,000 | |
$ 198,183,000 | $ 196,848,000 | ||
[1] | Inventories consist of the following: June 30, 2017 December 31, (Unaudited) 2016 Finished goods $ 56,582,000 $ 57,887,000 Work in process 566,000 853,000 Raw materials 10,448,000 10,500,000 $ 67,596,000 $ 69,240,000 |
Consolidated Balance Sheets (C4
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 1,755,000 | $ 1,276,000 |
Finished goods | 56,582,000 | 57,887,000 |
Work in process | 566,000 | 853,000 |
Raw materials | $ 10,448,000 | $ 10,500,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
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) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 14,768,272 | 14,513,207 |
Common stock, shares outstanding (in shares) | 14,768,272 | 14,513,207 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 8,176,000 | $ 5,750,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,715,000 | 2,333,000 |
Provision for bad debts - accounts receivable | 575,000 | 180,000 |
Share-based compensation expense | 1,108,000 | 1,097,000 |
Deferred income tax benefit | (509,000) | (69,000) |
Gain on sale of property, plant and equipment | (1,018,000) | |
Accretion of acquisition-related contingent liability | 81,000 | 81,000 |
Changes in assets and liabilities, net of acquisition of business: | ||
Accounts receivable - trade | 552,000 | (2,181,000) |
Accounts receivable - other | 674,000 | 1,125,000 |
Inventories | 1,632,000 | 653,000 |
Prepaid expenses and other current assets | (1,353,000) | (1,648,000) |
Other assets | (1,784,000) | (353,000) |
Accounts payable | 585,000 | 2,238,000 |
Other current liabilities | (2,808,000) | (1,464,000) |
Long-term pension liability | (894,000) | 259,000 |
Other long-term liabilities | 829,000 | 40,000 |
Net cash provided by operating activities | 8,561,000 | 8,041,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (2,004,000) | (5,527,000) |
Proceeds from disposals of property, plant and equipment | 2,810,000 | |
Purchase of business net of acquired cash | (15,252,000) | |
Net cash provided by (used in) investing activities | 806,000 | (20,779,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 72,422,000 | 90,514,000 |
Repayment of long-term debt | (74,088,000) | (71,138,000) |
Payment of cash dividends | (2,490,000) | (2,270,000) |
Payment of contingent liability | (1,800,000) | (1,800,000) |
Proceeds received on exercise of stock options | 798,000 | 781,000 |
Tax withholding on exercise of stock rights | (421,000) | (267,000) |
Net cash (used in) provided by financing activities | (5,509,000) | 16,355,000 |
Effect of currency exchange rates on cash | 76,000 | 82,000 |
Net increase in cash and cash equivalents | 3,934,000 | 3,699,000 |
Cash and cash equivalents balance, beginning of year | 3,649,000 | 1,036,000 |
Cash and cash equivalents balance, end of period | 7,583,000 | 4,735,000 |
Restricted Stock [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Tax benefit from vesting of acquisition related restricted stock | $ 70,000 | $ 535,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Interim Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 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, Fashion Seal Corporation, and BAMKO, LLC; 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; Power Three Web, Ltda. and Superior Sourcing, each a wholly-owned subsidiary of SUG Holding; BAMKO Importação, Exportação e Comércio de Brindes Ltda., a subsidiary of BAMKO, LLC and SUG Holding; Guangzhou Ben Gao Trading Limited, Worldwide Sourcing Solutions Limited, and BAMKO UK, Limited, each a direct or indirect subsidiary of BAMKO, LLC; and BAMKO India Private Limited, a 99% 10 December 31, 2016, not not 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 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 $570,000 $607,000 three June 30, 2017 2016, $1,141,000 $1,154,000 six June 30, 2017 2016, e) Advertising expenses The Company expenses advertising costs as incurred. Advertising costs for the three June 30, 2017 2016 $22,000 $22,000, six June 30, 2017 2016 $39,000 $32,000, 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 $2,680,000 $2,497,000 three June 30, 2017 2016, $5,441,000 $5,152,000 six June 30, 2017 2016, g) Inventories Inventories at interim dates are determined by using both perpetual records on a first first 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, stock appreciation rights, unvested shares, and performance shares. k) Derivative financial instruments The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency. 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 no no not 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 and foreign currency. The Company does not may Effective March 3, 2017, March 1, 2018 $18,000,000. February 24, 2017. ( 2. On January 3, 2017, $1,800,000 June 29, 2017. June 30, 2017, $92,000 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, change in fair value of qualifying hedges, and foreign currency translation adjustments. 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 three 8. 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 granted options, stock-settled stock appreciation rights, and restricted stock. In 2016, June 30, 2017, 3,766,362 2013 The Company recognizes share-based compensation expense for all awards granted to employees, which is based on the fair value of the award on the date of grant. Determining the appropriate fair value model and calculating the fair value of stock compensation awards requires the input of certain highly complex and subjective assumptions, including the expected life of the stock compensation awards and the Company’s common stock price volatility, risk free interest rate and dividend rate. The assumptions used in calculating the fair value of stock compensation awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and the Company deems it necessary to use different assumptions, stock compensation expense could be materially different from what has been recorded in the current period. p) Recent Accounting Pronouncements In May 2014, No. 2014 09, 606 five January 1, 2018. may third 2017 January 1, 2018. In February 2016, 2016 02 December 15, 2018. not In March 2016, 2016 09, 718 December 15, 2016. fourth 2016 January 1, 2016. $405,000 $0.03 $628,000 $0.04 three six June 30, 2017, fourth $233,000 $0.01 $415,000 $0.03 three six June 30, 2016, second 2016. no 2016 2017. |
Note 2 - Long-term Debt
Note 2 - Long-term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 2 June 30, December 31, 2017 2016 Term loan payable to Fifth Third Bank, paid February 28, 2017 $ - $ 39,643,000 Note payable to Fifth Third Bank, pursuant to revolving credit agreement, paid February 28, 2017 - 2,540,000 Term loan payable to BB&T maturing February 26, 2024 40,500,000 - Note payable to BB&T, pursuant to revolving credit agreement, maturing February 25, 2022 - - $ 40,500,000 $ 42,183,000 Less: Payments due within one year included in current liabilities $ 6,000,000 $ 5,893,000 Debt issuance costs 46,000 63,000 Long-term debt less current maturities $ 34,454,000 $ 36,227,000 Effective July 1, 2013, 5 $15,000,000 $30,000,000 Effective March 8, 2016, 5 $15,000,000 $20,000,000 $45,000,000 one 0.85% 1/8 th 1% 0.85%. 0.10% February 28, 2017 Effective February 28, 2017, 7 February 26, 2024) $35,000,000 February 25, 2022 $42,000,000 one 1/100 th 1% 0.75% 1.92% June 30, 2017). 0.10% June 30, 2017, no no The remaining scheduled amortization for the Term Loan is as follows: 2017 $3,000,000; 2018 2023 $6,000,000 2024 $1,500,000. not $48,000 The Company’s obligations under the Credit Agreement are secured by substantially all of the operating assets of Superior Uniform Group, Inc. and are guaranteed by all domestic subsidiaries of Superior Uniform Group, Inc. The agreement contains restrictive provisions concerning a maximum funded indebtedness to EBITDA ratio not 4.0:1 1.25:1 Effective July 1, 2013, 2.53% July 1, 2014 $14,250,000. $187,500 July 1, 2015 $250,000 June 1, 2018 $3,250,000 July 1, 2018. March 8, 2016, 2.43%. February 24, 2017, $65,000 Effective March 3, 2017, 3.12% March 1, 2018 $18,000,000. $250,000 February 26, 2024. June 30, 2017, $253,000 |
Note 3 - Periodic Pension Expen
Note 3 - Periodic Pension Expense | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 3 – Periodic Pension Expense: The following table details the net periodic pension expense under the Company's plans for the periods presented: Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Service cost - benefits earned during the period $ 16,000 $ 14,000 $ 32,000 $ 28,000 Interest cost on projected benefit obligation 242,000 247,000 483,000 494,000 Expected return on plan assets (305,000 ) (297,000 ) (609,000 ) (594,000 ) Recognized actuarial loss 270,000 258,000 547,000 523,000 Settlement loss 277,000 52,000 277,000 307,000 Net periodic pension cost $ 500,000 $ 274,000 $ 730,000 $ 758,000 Effective June 30, 2013, no Effective December 31, 2014, no There were $1,520,000 $500,000 six June 30, 2017 2016, |
Note 4 - Supplemental Cash Flow
Note 4 - Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 4 - Sup plemental Cash Flow Information: Cash paid for income taxes was $3,748,000 $3,173,000, six June 30, 2017 2016. $313,000 $278,000, six June 30, 2017 2016. During the three June 30, 2017 2016, 27,341 10,434 71,599 30,416 During the six June 30, 2017 2016, 43,841 10,434 113,143 30,416 |
Note 5 - Contingencies
Note 5 - Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 5 – 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 |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 6 In 2003, 2003 “2003 May 2013, 2013 “2013 5,000,000 2003 2013 June 30, 2017, 3,766,362 2013 Share-based compensation is recorded in selling and administrative expense in the consolidated statements of comprehensive income. The following table details the share-based compensation expense by plan and the total related tax benefit for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Stock options and SARS $ 82,000 $ 81,000 $ 747,000 $ 833,000 Restricted stock 80,000 71,000 164,000 151,000 Performance shares 104,000 68,000 197,000 113,000 Total share-based compensation expense $ 266,000 $ 220,000 $ 1,108,000 $ 1,097,000 Related income tax benefit $ 58,000 $ 53,000 $ 168,000 $ 172,000 Stock options and SARS The Company grants stock options and stock settled 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 ten A summary of stock option transactions during the six June 30, 2017 No. of Weighted Average Shares Exercise Price Outstanding December 31, 2016 825,251 $ 10.46 Granted 101,012 $ 17.09 Exercised (205,330 ) $ 8.08 Lapsed - $ - Cancelled - $ - Outstanding June 30, 2017 720,933 $ 12.06 At June 30, 2017, $7,418,000. 43 Options exercised during the three June 30, 2017 2016 $1,677,000 $595,000, six June 30, 2017 2016 $2,289,000 $1,196,000, The weighted average fair values of the Company’s 11,000 11,000 three June 30, 2017 2016 $7.41 $7.38, 101,012 120,332 six June 30, 2017 2016 $5.11 $4.75, During the three June 30, 2017 2016, $693,000 $459,000 three June 30, 2017 2016, 27,341 10,434 71,599 30,416 six June 30, 2017 2016, $798,000 $781,000 six June 30, 2017 2016, 43,841 10,434 113,143 30,416 three June 30, 2017 2016 $196,000 $165,000, six June 30, 2017 2016 $209,000 $190,000, The following table summarizes information about stock options outstanding as of June 30, 2017. Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $3.82 - $5.55 66,000 2.61 $ 4.79 $5.65 - $7.36 231,566 1.93 $ 6.55 $7.96 - $10.38 54,400 4.53 $ 9.13 $16.35 - $18.66 368,967 4.65 $ 17.25 $3.82 - $18.66 720,933 3.58 $ 12.06 A summary of stock-settled SARS transactions during the six June 30, 2017 No. of Weighted Average Shares Exercise Price Outstanding December 31, 2016 325,506 $ 10.26 Granted 43,988 16.97 Exercised (128,062 ) 6.87 Lapsed - - Cancelled - - Outstanding June 30, 2017 241,432 $ 13.28 At June 30, 2017, $2,191,000. 31 The weighted average fair values of the Company’s 43,988 58,108 six June 30, 2017 2016 $4.83 $4.49, There were 68,698 39,584 three June 30, 2017 2016, three June 30, 2017 2016 $806,000 $485,000. three June 30, 2017 2016 $302,000 $146,000, There were 128,062 75,792 six June 30, 2017 2016, six June 30, 2017 2016 $1,544,000 $928,000. six June 30, 2017 2016 $572,000 $311,000, The following table summarizes information about SARS outstanding as of June 30, 2017: Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $5.65 - $7.36 94,928 1.34 $ 6.95 $16.35 - $18.66 146,504 3.42 $ 17.38 $5.65 - $18.66 241,432 2.60 $ 13.28 At June 30, 2017 3,766,362. The following table summarizes significant assumptions utilized to determine the fair value of options and SARS. Three months ended June 30, SARS Options Exercise price 2017 N/A $ 18.05 2016 N/A $ 18.55 Market price 2017 N/A $ 18.05 2016 N/A $ 18.55 Risk free interest rate 1 2017 N/A 2.4 % 2016 N/A 1.8 % Expected award life (years) 2 N/A 10 Expected volatility 3 2017 N/A 41.4 % 2016 N/A 40.3 % Expected dividend yield 4 2017 N/A 1.9 % 2016 N/A 1.8 % Six months ended June 30, SARS Options Exercise price 2017 $ 16.97 $16.97 - $18.05 2016 $ 16.35 $16.35 - $18.55 Market price 2017 $ 16.97 $16.97 - $18.05 2016 $ 16.35 $16.35 - $18.55 Risk free interest rate 1 2017 1.9 % 1.9% - 2.4% 2016 1.3 % 1.3% - 1.8% Expected award life (years) 2 5 5 - 10 Expected volatility 3 2017 36.6 % 36.6% - 41.4% 2016 36.5 % 36.5% - 40.3% Expected dividend yield 4 2017 2.1 % 1.9% - 2.1% 2016 2.0 % 1.8% - 2.0% 1 2 3 June 30, 2017 2016 4 Restricted Stock The Company has granted restricted stock to directors and certain employees under the terms of the 2013 three 2013 June 30, 2017, $704,000 2.2 A summary of restricted stock transactions during the six June 30, 2017 No. of Weighted Average Shares Exercise Price Outstanding December 31, 2016 123,688 $ 8.94 Granted 34,619 16.97 Vested (100,000 ) 7.36 Forfeited - - Outstanding June 30, 2017 58,307 $ 16.42 Performance Shares The Compensation Committee of the Board of Directors has approved grants of performance shares under the terms of the 2013 three five five 2013 June 30, 2017, $1,838,000 3.8 A summary of performance share transactions during the six June 30, 2017 No. of Weighted Average Shares Exercise Price Outstanding December 31, 2016 101,000 $ 16.36 Granted 37,392 16.97 Vested - - Forfeited - - Outstanding June 30, 2017 138,392 $ 16.53 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 7 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, stock appreciation rights, unvested shares, and performance shares. Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net earnings used in the computation of basic and diluted earnings per share $ 4,341,000 $ 3,308,000 $ 8,176,000 $ 5,750,000 Weighted average shares outstanding - basic 14,501,399 14,120,617 14,426,060 14,023,840 Common stock equivalents 539,032 836,852 559,003 789,224 Weighted average shares outstanding - diluted 15,040,431 14,957,469 14,985,063 14,813,064 Per Share Data: Basic Net earnings $ 0.30 $ 0.23 $ 0.57 $ 0.41 Diluted Net earnings $ 0.29 $ 0.22 $ 0.55 $ 0.39 Awards to purchase approximately 153,000 $18.65 three June 30, 2016, not no three June 30, 2017. Awards to purchase approximately 149,800 173,075 $18.65 $18.50 six June 30, 2017 2016, not |
Note 8 - Operating Segment Info
Note 8 - Operating Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 – Operating Segment Information : The Company classifies its businesses into three 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 taxes on income. The accounting policies of the operating segments are the same as those described in Note 1 The amounts presented have been restated for the three six June 30, 2016 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended June 30, 2017 Net sales $ 52,112,000 $ 5,562,000 $ 8,859,000 $ (929,000 ) $ 65,604,000 Gross margin 18,172,000 3,005,000 2,796,000 (599,000 ) 23,374,000 Selling and administrative expenses 13,622,000 1,761,000 2,694,000 (599,000 ) 17,478,000 Interest expense 107,000 - 88,000 - 195,000 Income before taxes on income $ 4,443,000 $ 1,244,000 $ 14,000 $ - $ 5,701,000 Depreciation and amortization $ 1,046,000 $ 197,000 $ 114,000 $ - $ 1,357,000 Capital expenditures $ 797,000 $ 253,000 $ 24,000 $ - $ 1,074,000 Total assets $ 174,008,000 $ 19,784,000 $ 30,981,000 $ (26,590,000 ) $ 198,183,000 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended June 30, 2016 Net sales $ 51,223,000 $ 4,500,000 $ 9,839,000 $ (902,000 ) $ 64,660,000 Gross margin 16,535,000 2,466,000 3,346,000 (584,000 ) 21,763,000 Selling and administrative expenses 12,821,000 1,490,000 3,229,000 (584,000 ) 16,956,000 Interest expense 128,000 - 64,000 - 192,000 Income before taxes on income $ 3,586,000 $ 976,000 $ 53,000 $ - $ 4,615,000 Depreciation and amortization $ 969,000 $ 91,000 $ 156,000 $ - $ 1,216,000 Capital expenditures $ 991,000 $ 1,783,000 $ 51,000 $ - $ 2,825,000 Total assets $ 167,376,000 $ 18,944,000 $ 27,875,000 $ (25,770,000 ) $ 188,425,000 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Six Months Ended June 30, 2017 Net sales $ 100,443,000 $ 10,225,000 $ 17,792,000 $ (1,869,000 ) $ 126,591,000 Gross margin 35,154,000 5,552,000 6,099,000 (1,217,000 ) 45,588,000 Selling and administrative expenses 27,372,000 3,466,000 5,500,000 (1,217,000 ) 35,121,000 Gain (loss) on sale of property, plant and equipment (2,000 ) 1,020,000 - - 1,018,000 Interest expense 210,000 - 169,000 - 379,000 Income before taxes on income $ 7,570,000 $ 3,106,000 $ 430,000 $ - $ 11,106,000 Depreciation and amortization $ 2,099,000 $ 385,000 $ 231,000 $ - $ 2,715,000 Capital expenditures $ 1,644,000 $ 307,000 $ 53,000 $ - $ 2,004,000 Total assets $ 174,008,000 $ 19,784,000 $ 30,981,000 $ (26,590,000 ) $ 198,183,000 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Six Months Ended June 30, 2016 Net sales $ 101,906,000 $ 8,858,000 $ 13,639,000 $ (1,775,000 ) $ 122,628,000 Gross margin 33,572,000 4,782,000 4,586,000 (1,156,000 ) 41,784,000 Selling and administrative expenses 26,473,000 2,897,000 5,205,000 (1,156,000 ) 33,419,000 Interest expense 252,000 - 88,000 - 340,000 Income before taxes on income $ 6,847,000 $ 1,885,000 $ (707,000 ) $ 8,025,000 Depreciation and amortization $ 1,972,000 $ 184,000 $ 163,000 $ - $ 2,319,000 Capital expenditures $ 1,829,000 $ 3,637,000 $ 66,000 $ - $ 5,532,000 Total assets $ 167,376,000 $ 18,944,000 $ 27,875,000 $ (25,770,000 ) $ 188,425,000 |
Note 9 - Acquisition of Busines
Note 9 - Acquisition of Business | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 9 – Acquisition of Business: On March 8, 2016 , the Company closed on the acquisition of substantially all of the assets of BAMKO, Inc. (“BAMKO”). The transaction had an effective date of March 1, 2016. $15,161,000 324,000 five $5,500,000 2021, The foregoing description of the asset purchase agreement does not 10 April 28, 2016 . Fair Value of Consideration Transferred A summary of the purchase price is as follows: Cash consideration at closing, net of cash acquired $ 15,161,000 Restricted shares of Superior common stock issued 4,558,000 Contingent consideration 5,205,000 Total Consideration $ 24,924,000 Assets Acquired and Liabilities Assumed The total purchase price was allocated to the acquired tangible and intangible assets and assumed liabilities of BAMKO based on their estimated fair values as of March 1, 2016. The following table presents the allocation of the total fair value of consideration transferred, as shown above, to the acquired tangible and intangible assets and assumed liabilities of BAMKO based on their fair values as of the effective date of the transaction. The following is our assignment of the aggregate consideration: Accounts receivable $ 4,885,000 Prepaid expenses and other current assets 3,200,000 Inventories 236,000 Property, plant and equipment 199,000 Other assets 100,000 Identifiable intangible assets 11,360,000 Goodwill 6,994,000 Total assets $ 26,974,000 Accounts payable $ 1,314,000 Other current liabilities 736,000 Total liabilities $ 2,050,000 The Company recorded $11,360,000 $2,090,000 $370,000 $8,900,000 The estimated fair value for acquisition-related contingent consideration payable was $5,338,000 June 30, 2017. may may Goodwill was calculated as the difference between the fair value of the consideration and the values assigned to the assets acquired and liabilities assumed. The intangible assets associated with the customer relationships are being amortized for seven March 1, 2016 five ten not The Company recognized amortization expense on these acquired intangible assets of $90,000 $90,000 three June 30, 2017 2016 $181,000 $121,000 six June 30, 2017 2016, For the three six June 30, 2016, $173,000 $1,072,000, Net sales for BAMKO of $17,792,000 $13,639,000, six June 30, 2017 2016. six June 30, 2017 2016, $430,000 $707,000 On a pro forma basis as if the results of this acquisition had been included in our consolidated results for the entire six June 30, 2016, $6,587,000. six June 30, 2016 $1,021,000. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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, Fashion Seal Corporation, and BAMKO, LLC; 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; Power Three Web, Ltda. and Superior Sourcing, each a wholly-owned subsidiary of SUG Holding; BAMKO Importação, Exportação e Comércio de Brindes Ltda., a subsidiary of BAMKO, LLC and SUG Holding; Guangzhou Ben Gao Trading Limited, Worldwide Sourcing Solutions Limited, and BAMKO UK, Limited, each a direct or indirect subsidiary of BAMKO, LLC; and BAMKO India Private Limited, a 99% 10 December 31, 2016, not not |
Revenue Recognition, Policy [Policy Text Block] | 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. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | 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 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | 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 $570,000 $607,000 three June 30, 2017 2016, $1,141,000 $1,154,000 six June 30, 2017 2016, |
Advertising Costs, Policy [Policy Text Block] | e) Advertising expenses The Company expenses advertising costs as incurred. Advertising costs for the three June 30, 2017 2016 $22,000 $22,000, six June 30, 2017 2016 $39,000 $32,000, |
Shipping and Handling Cost, Policy [Policy Text Block] | 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 $2,680,000 $2,497,000 three June 30, 2017 2016, $5,441,000 $5,152,000 six June 30, 2017 2016, |
Inventory, Policy [Policy Text Block] | g) Inventories Inventories at interim dates are determined by using both perpetual records on a first first |
Income Tax, Policy [Policy Text Block] | h) 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] | 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. |
Earnings Per Share, Policy [Policy Text Block] | 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, stock appreciation rights, unvested shares, and performance shares. |
Derivatives, Policy [Policy Text Block] | k) Derivative financial instruments The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency. 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 no no not 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 and foreign currency. The Company does not may Effective March 3, 2017, March 1, 2018 $18,000,000. February 24, 2017. ( 2. On January 3, 2017, $1,800,000 June 29, 2017. June 30, 2017, $92,000 |
Use of Estimates, Policy [Policy Text Block] | 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. |
Comprehensive Income, Policy [Policy Text Block] | 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, change in fair value of qualifying hedges, and foreign currency translation adjustments. |
Segment Reporting, Policy [Policy Text Block] | 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 three 8. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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 granted options, stock-settled stock appreciation rights, and restricted stock. In 2016, June 30, 2017, 3,766,362 2013 The Company recognizes share-based compensation expense for all awards granted to employees, which is based on the fair value of the award on the date of grant. Determining the appropriate fair value model and calculating the fair value of stock compensation awards requires the input of certain highly complex and subjective assumptions, including the expected life of the stock compensation awards and the Company’s common stock price volatility, risk free interest rate and dividend rate. The assumptions used in calculating the fair value of stock compensation awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and the Company deems it necessary to use different assumptions, stock compensation expense could be materially different from what has been recorded in the current period. |
New Accounting Pronouncements, Policy [Policy Text Block] | p) Recent Accounting Pronouncements In May 2014, No. 2014 09, 606 five January 1, 2018. may third 2017 January 1, 2018. In February 2016, 2016 02 December 15, 2018. not In March 2016, 2016 09, 718 December 15, 2016. fourth 2016 January 1, 2016. $405,000 $0.03 $628,000 $0.04 three six June 30, 2017, fourth $233,000 $0.01 $415,000 $0.03 three six June 30, 2016, second 2016. no 2016 2017. |
Note 2 - Long-term Debt (Tables
Note 2 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, 2017 2016 Term loan payable to Fifth Third Bank, paid February 28, 2017 $ - $ 39,643,000 Note payable to Fifth Third Bank, pursuant to revolving credit agreement, paid February 28, 2017 - 2,540,000 Term loan payable to BB&T maturing February 26, 2024 40,500,000 - Note payable to BB&T, pursuant to revolving credit agreement, maturing February 25, 2022 - - $ 40,500,000 $ 42,183,000 Less: Payments due within one year included in current liabilities $ 6,000,000 $ 5,893,000 Debt issuance costs 46,000 63,000 Long-term debt less current maturities $ 34,454,000 $ 36,227,000 |
Note 3 - Periodic Pension Exp17
Note 3 - Periodic Pension Expense (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Service cost - benefits earned during the period $ 16,000 $ 14,000 $ 32,000 $ 28,000 Interest cost on projected benefit obligation 242,000 247,000 483,000 494,000 Expected return on plan assets (305,000 ) (297,000 ) (609,000 ) (594,000 ) Recognized actuarial loss 270,000 258,000 547,000 523,000 Settlement loss 277,000 52,000 277,000 307,000 Net periodic pension cost $ 500,000 $ 274,000 $ 730,000 $ 758,000 |
Note 6 - Share-based Compensa18
Note 6 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Stock options and SARS $ 82,000 $ 81,000 $ 747,000 $ 833,000 Restricted stock 80,000 71,000 164,000 151,000 Performance shares 104,000 68,000 197,000 113,000 Total share-based compensation expense $ 266,000 $ 220,000 $ 1,108,000 $ 1,097,000 Related income tax benefit $ 58,000 $ 53,000 $ 168,000 $ 172,000 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | No. of Weighted Average Shares Exercise Price Outstanding December 31, 2016 825,251 $ 10.46 Granted 101,012 $ 17.09 Exercised (205,330 ) $ 8.08 Lapsed - $ - Cancelled - $ - Outstanding June 30, 2017 720,933 $ 12.06 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $3.82 - $5.55 66,000 2.61 $ 4.79 $5.65 - $7.36 231,566 1.93 $ 6.55 $7.96 - $10.38 54,400 4.53 $ 9.13 $16.35 - $18.66 368,967 4.65 $ 17.25 $3.82 - $18.66 720,933 3.58 $ 12.06 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | No. of Weighted Average Shares Exercise Price Outstanding December 31, 2016 325,506 $ 10.26 Granted 43,988 16.97 Exercised (128,062 ) 6.87 Lapsed - - Cancelled - - Outstanding June 30, 2017 241,432 $ 13.28 |
Share-based Compensation, Activity [Table Text Block] | Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $5.65 - $7.36 94,928 1.34 $ 6.95 $16.35 - $18.66 146,504 3.42 $ 17.38 $5.65 - $18.66 241,432 2.60 $ 13.28 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended June 30, SARS Options Exercise price 2017 N/A $ 18.05 2016 N/A $ 18.55 Market price 2017 N/A $ 18.05 2016 N/A $ 18.55 Risk free interest rate 1 2017 N/A 2.4 % 2016 N/A 1.8 % Expected award life (years) 2 N/A 10 Expected volatility 3 2017 N/A 41.4 % 2016 N/A 40.3 % Expected dividend yield 4 2017 N/A 1.9 % 2016 N/A 1.8 % Six months ended June 30, SARS Options Exercise price 2017 $ 16.97 $16.97 - $18.05 2016 $ 16.35 $16.35 - $18.55 Market price 2017 $ 16.97 $16.97 - $18.05 2016 $ 16.35 $16.35 - $18.55 Risk free interest rate 1 2017 1.9 % 1.9% - 2.4% 2016 1.3 % 1.3% - 1.8% Expected award life (years) 2 5 5 - 10 Expected volatility 3 2017 36.6 % 36.6% - 41.4% 2016 36.5 % 36.5% - 40.3% Expected dividend yield 4 2017 2.1 % 1.9% - 2.1% 2016 2.0 % 1.8% - 2.0% |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | No. of Weighted Average Shares Exercise Price Outstanding December 31, 2016 123,688 $ 8.94 Granted 34,619 16.97 Vested (100,000 ) 7.36 Forfeited - - Outstanding June 30, 2017 58,307 $ 16.42 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | No. of Weighted Average Shares Exercise Price Outstanding December 31, 2016 101,000 $ 16.36 Granted 37,392 16.97 Vested - - Forfeited - - Outstanding June 30, 2017 138,392 $ 16.53 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net earnings used in the computation of basic and diluted earnings per share $ 4,341,000 $ 3,308,000 $ 8,176,000 $ 5,750,000 Weighted average shares outstanding - basic 14,501,399 14,120,617 14,426,060 14,023,840 Common stock equivalents 539,032 836,852 559,003 789,224 Weighted average shares outstanding - diluted 15,040,431 14,957,469 14,985,063 14,813,064 Per Share Data: Basic Net earnings $ 0.30 $ 0.23 $ 0.57 $ 0.41 Diluted Net earnings $ 0.29 $ 0.22 $ 0.55 $ 0.39 |
Note 8 - Operating Segment In20
Note 8 - Operating Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended June 30, 2017 Net sales $ 52,112,000 $ 5,562,000 $ 8,859,000 $ (929,000 ) $ 65,604,000 Gross margin 18,172,000 3,005,000 2,796,000 (599,000 ) 23,374,000 Selling and administrative expenses 13,622,000 1,761,000 2,694,000 (599,000 ) 17,478,000 Interest expense 107,000 - 88,000 - 195,000 Income before taxes on income $ 4,443,000 $ 1,244,000 $ 14,000 $ - $ 5,701,000 Depreciation and amortization $ 1,046,000 $ 197,000 $ 114,000 $ - $ 1,357,000 Capital expenditures $ 797,000 $ 253,000 $ 24,000 $ - $ 1,074,000 Total assets $ 174,008,000 $ 19,784,000 $ 30,981,000 $ (26,590,000 ) $ 198,183,000 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended June 30, 2016 Net sales $ 51,223,000 $ 4,500,000 $ 9,839,000 $ (902,000 ) $ 64,660,000 Gross margin 16,535,000 2,466,000 3,346,000 (584,000 ) 21,763,000 Selling and administrative expenses 12,821,000 1,490,000 3,229,000 (584,000 ) 16,956,000 Interest expense 128,000 - 64,000 - 192,000 Income before taxes on income $ 3,586,000 $ 976,000 $ 53,000 $ - $ 4,615,000 Depreciation and amortization $ 969,000 $ 91,000 $ 156,000 $ - $ 1,216,000 Capital expenditures $ 991,000 $ 1,783,000 $ 51,000 $ - $ 2,825,000 Total assets $ 167,376,000 $ 18,944,000 $ 27,875,000 $ (25,770,000 ) $ 188,425,000 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Six Months Ended June 30, 2017 Net sales $ 100,443,000 $ 10,225,000 $ 17,792,000 $ (1,869,000 ) $ 126,591,000 Gross margin 35,154,000 5,552,000 6,099,000 (1,217,000 ) 45,588,000 Selling and administrative expenses 27,372,000 3,466,000 5,500,000 (1,217,000 ) 35,121,000 Gain (loss) on sale of property, plant and equipment (2,000 ) 1,020,000 - - 1,018,000 Interest expense 210,000 - 169,000 - 379,000 Income before taxes on income $ 7,570,000 $ 3,106,000 $ 430,000 $ - $ 11,106,000 Depreciation and amortization $ 2,099,000 $ 385,000 $ 231,000 $ - $ 2,715,000 Capital expenditures $ 1,644,000 $ 307,000 $ 53,000 $ - $ 2,004,000 Total assets $ 174,008,000 $ 19,784,000 $ 30,981,000 $ (26,590,000 ) $ 198,183,000 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Six Months Ended June 30, 2016 Net sales $ 101,906,000 $ 8,858,000 $ 13,639,000 $ (1,775,000 ) $ 122,628,000 Gross margin 33,572,000 4,782,000 4,586,000 (1,156,000 ) 41,784,000 Selling and administrative expenses 26,473,000 2,897,000 5,205,000 (1,156,000 ) 33,419,000 Interest expense 252,000 - 88,000 - 340,000 Income before taxes on income $ 6,847,000 $ 1,885,000 $ (707,000 ) $ 8,025,000 Depreciation and amortization $ 1,972,000 $ 184,000 $ 163,000 $ - $ 2,319,000 Capital expenditures $ 1,829,000 $ 3,637,000 $ 66,000 $ - $ 5,532,000 Total assets $ 167,376,000 $ 18,944,000 $ 27,875,000 $ (25,770,000 ) $ 188,425,000 |
Note 9 - Acquisition of Busin21
Note 9 - Acquisition of Business (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | A summary of the purchase price is as follows: Cash consideration at closing, net of cash acquired $ 15,161,000 Restricted shares of Superior common stock issued 4,558,000 Contingent consideration 5,205,000 Total Consideration $ 24,924,000 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 4,885,000 Prepaid expenses and other current assets 3,200,000 Inventories 236,000 Property, plant and equipment 199,000 Other assets 100,000 Identifiable intangible assets 11,360,000 Goodwill 6,994,000 Total assets $ 26,974,000 Accounts payable $ 1,314,000 Other current liabilities 736,000 Total liabilities $ 2,050,000 |
Note 1 - Summary of Significa22
Note 1 - Summary of Significant Interim Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 03, 2017 | Jan. 03, 2017 | Jul. 01, 2014 | |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 99.00% | |||||||
Amortization of Intangible Assets | $ 570,000 | $ 607,000 | $ 1,141,000 | $ 1,154,000 | ||||
Advertising Expense | $ 22,000 | $ 22,000 | $ 39,000 | $ 32,000 | ||||
Derivative, Notional Amount | $ 14,250,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,766,362 | 3,766,362 | ||||||
Reclassification from APIC to Income Tax Expense [Member] | Three Months Ended June 30, 2017 [Member] | ||||||||
Current Period Reclassification Adjustment | $ 405,000 | |||||||
Current Period Reclassification Adjustment, Per Share | $ 0.03 | |||||||
Reclassification from APIC to Income Tax Expense [Member] | Six Months Ended June 30, 2017 [Member] | ||||||||
Current Period Reclassification Adjustment | $ 628,000 | |||||||
Current Period Reclassification Adjustment, Per Share | $ 0.04 | |||||||
Reclassification from APIC to Income Tax Expense [Member] | Three Months Ended June 30, 2016 [Member] | ||||||||
Prior Period Reclassification Adjustment, Per Share | $ 0.01 | |||||||
Prior Period Reclassification Adjustment | $ 233,000 | |||||||
Reclassification from APIC to Income Tax Expense [Member] | Six Months Ended June 30, 2016 [Member] | ||||||||
Prior Period Reclassification Adjustment, Per Share | $ 0.03 | |||||||
Prior Period Reclassification Adjustment | $ 415,000 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative, Notional Amount | $ 18,000,000 | $ 18,000,000 | $ 18,000,000 | |||||
Interest Rate Swap [Member] | Other Current Liabilities [Member] | ||||||||
Derivative Liability | 253,000 | 253,000 | ||||||
Foreign Exchange Contract [Member] | ||||||||
Derivative, Notional Amount | $ 1,800,000 | |||||||
Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | ||||||||
Derivative Liability | 92,000 | 92,000 | ||||||
Selling, General and Administrative Expenses [Member] | ||||||||
Shipping, Handling and Transportation Costs | $ 2,680,000 | $ 2,497,000 | $ 5,441,000 | $ 5,152,000 |
Note 2 - Long-term Debt (Detail
Note 2 - Long-term Debt (Details Textual) | Jul. 01, 2018USD ($) | Feb. 28, 2017USD ($) | Feb. 24, 2017USD ($) | Mar. 08, 2016USD ($) | Jul. 01, 2013USD ($) | Jul. 31, 2014USD ($) | Jun. 30, 2017USD ($) | Mar. 01, 2018 | Mar. 03, 2017USD ($) | Jul. 01, 2014USD ($) |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 3,000,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 6,000,000 | |||||||||
Long Term Debt Maturities Repayments of Principal in Year Eight | 1,500,000 | |||||||||
Debt Issuance Costs, Gross | $ 48,000 | |||||||||
Ratio of Maximum Funded Indebtedness to EBITDA | 4 | |||||||||
Fixed Charges Numerator | 1.25 | |||||||||
Derivative, Fixed Interest Rate | 2.53% | |||||||||
Derivative, Notional Amount | $ 14,250,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 6,000,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,000,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 6,000,000 | |||||||||
Long Term Debt Maturities Repayments of Principal in Year Six | 6,000,000 | |||||||||
Long Term Debt Maturities Repayments of Principal in Year Seven | 6,000,000 | |||||||||
Per Month through July 1, 2015 [Member] | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 187,500 | |||||||||
Per Month through June 1, 2018 [Member] | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 250,000 | |||||||||
Interest Rate Swap [Member] | ||||||||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 65,000 | |||||||||
Derivative, Notional Amount | 18,000,000 | $ 18,000,000 | ||||||||
Derivative, Notional Amount, Monthly Reduction Amount | $ 250,000 | |||||||||
Interest Rate Swap [Member] | Other Current Liabilities [Member] | ||||||||||
Derivative Liability | $ 253,000 | |||||||||
Amended Credit Agreement [Member] | Term Loan [Member] | ||||||||||
Debt Instrument, Face Amount | $ 42,000,000 | $ 45,000,000 | $ 30,000,000 | |||||||
Amended Credit Agreement [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | |||||||||
Scenario, Forecast [Member] | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 3,250,000 | |||||||||
Derivative, Fixed Interest Rate | 2.43% | 3.12% | ||||||||
Revolving Credit Facility [Member] | Amended Credit Agreement [Member] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | |||||||||
Line of Credit Facility, Expiration Period | 7 years | 5 years | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | $ 20,000,000 | $ 15,000,000 | |||||||
Long-term Line of Credit | $ 0 | |||||||||
Letters of Credit Outstanding, Amount | $ 0 | |||||||||
Add on Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 0.85% | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.92% |
Note 2 - Long-term Debt - Long-
Note 2 - Long-term Debt - Long-term Debt (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Long-term debt, gross | $ 40,500,000 | $ 42,183,000 |
Payments due within one year included in current liabilities | 6,000,000 | 5,893,000 |
Debt issuance costs | 46,000 | 63,000 |
Long-term debt less current maturities | 34,454,000 | 36,227,000 |
Term Loan Paid February 28, 2017 [Member] | Fifth Third Bank [Member] | ||
Long-term debt, gross | 39,643,000 | |
Note Payable Paid February 28, 2017 [Member] | Fifth Third Bank [Member] | ||
Long-term debt, gross | 2,540,000 | |
Term Loan Maturing February 26, 2024 [Member] | BB&T [Member] | ||
Long-term debt, gross | 40,500,000 | |
Note Payable Maturing February 25, 2022 [Member] | BB&T [Member] | ||
Long-term debt, gross |
Note 3 - Periodic Pension Exp25
Note 3 - Periodic Pension Expense (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Payment for Pension Benefits | $ 1,520,000 | $ 500,000 |
Note 3 - Periodic Pension Exp26
Note 3 - Periodic Pension Expense - Net Periodic Benefit Cost (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Service cost - benefits earned during the period | $ 16,000 | $ 14,000 | $ 32,000 | $ 28,000 |
Interest cost on projected benefit obligation | 242,000 | 247,000 | 483,000 | 494,000 |
Expected return on plan assets | (305,000) | (297,000) | (609,000) | (594,000) |
Recognized actuarial loss | 270,000 | 258,000 | 547,000 | 523,000 |
Settlement loss | 277,000 | 52,000 | 277,000 | 307,000 |
Net periodic pension cost | $ 500,000 | $ 274,000 | $ 730,000 | $ 758,000 |
Note 4 - Supplemental Cash Fl27
Note 4 - Supplemental Cash Flow Information (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Taxes Paid | $ 3,748,000 | $ 3,173,000 | ||
Interest Paid | $ 313,000 | $ 278,000 | ||
Stock Issued During Period, Shares, New Issues | 71,599 | 30,416 | 113,143 | 30,416 |
Company Stock Received in Lieu of Cash Stock Options Exercised | 27,341 | 10,434 | 43,841 | 10,434 |
Note 6 - Share-based Compensa28
Note 6 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award Options Vested and Expected to Vest Exercisable Intrinsic Value | $ 7,418,000 | $ 7,418,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,677,000 | $ 595,000 | $ 2,289,000 | $ 1,196,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 11,000 | 11,000 | 101,012 | 120,332 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.41 | $ 7.38 | $ 5.11 | $ 4.75 | |
Proceeds from Stock Options Exercised | $ 693,000 | $ 459,000 | $ 798,000 | $ 781,000 | |
Company Stock Received in Lieu of Cash Stock Options Exercised | 27,341 | 10,434 | 43,841 | 10,434 | |
Stock Issued During Period, Shares, New Issues | 71,599 | 30,416 | 113,143 | 30,416 | |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 196,000 | $ 165,000 | $ 209,000 | $ 190,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 210 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,000,000 | 5,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,766,362 | 3,766,362 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 2,191,000 | $ 2,191,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 210 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 43,988 | 58,108 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.83 | $ 4.49 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 68,698 | 39,584 | 128,062 | 75,792 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 806,000 | $ 485,000 | $ 1,544,000 | $ 928,000 | |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Equity Instruments Other than Options | 302,000 | $ 146,000 | $ 572,000 | $ 311,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | [1] | 5 years | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.97 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 704,000 | $ 704,000 | |||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.97 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 292 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,838,000 | $ 1,838,000 | |||
Performance Shares [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Performance Shares [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Outside Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||||
[1] | The expected life in years for awards granted was based on the historical exercise patterns experienced by the Company when the award is made. |
Note 6 - Share-based Compensa29
Note 6 - Share-based Compensation - Shared-based Compensation Expense By Plan and the Related Tax Benefit (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based compensation expense | $ 266,000 | $ 220,000 | $ 1,108,000 | $ 1,097,000 |
Related income tax benefit | 58,000 | 53,000 | 168,000 | 172,000 |
Stock Options and SARs [Member] | ||||
Share-based compensation expense | 82,000 | 81,000 | 747,000 | 833,000 |
Restricted Stock [Member] | ||||
Share-based compensation expense | 80,000 | 71,000 | 164,000 | 151,000 |
Performance Shares [Member] | ||||
Share-based compensation expense | $ 104,000 | $ 68,000 | $ 197,000 | $ 113,000 |
Note 6 - Share-based Compensa30
Note 6 - Share-based Compensation - Summary of Option Transactions (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Outstanding Options (in shares) | 825,251 | |||
Outstanding Options (in dollars per share) | $ 10.46 | |||
Granted options (in shares) | 11,000 | 11,000 | 101,012 | 120,332 |
Granted options (in dollars per share) | $ 17.09 | |||
Exercised options (in shares) | (205,330) | |||
Exercised options (in dollars per share) | $ 8.08 | |||
Lapsed options (in shares) | ||||
Lapsed options (in dollars per share) | ||||
Outstanding Options (in dollars per share) | $ 12.06 | $ 12.06 | ||
Cancelled options (in shares) | ||||
Cancelled options (in dollars per share) | ||||
Outstanding Options (in shares) | 720,933 | 720,933 |
Note 6 - Share-based Compensa31
Note 6 - Share-based Compensation - Summary of Information About Stock Options Outstanding (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Weighted Average Exercise Price on options (in dollars per share) | $ 12.06 |
Lower Range of Exercise Prices on options (in dollars per share) | 3.82 |
Upper Range of Exercise Prices on options (in dollars per share) | $ 18.66 |
Options outstanding (in shares) | shares | 720,933 |
Weighted Average Remaining Contractual Life on options (Year) | 3 years 211 days |
Exercise Price Range 1 [Member] | |
Weighted Average Exercise Price on options (in dollars per share) | $ 4.79 |
Lower Range of Exercise Prices on options (in dollars per share) | 3.82 |
Upper Range of Exercise Prices on options (in dollars per share) | $ 5.55 |
Options outstanding (in shares) | shares | 66,000 |
Weighted Average Remaining Contractual Life on options (Year) | 2 years 222 days |
Exercise Price Range 2 [Member] | |
Weighted Average Exercise Price on options (in dollars per share) | $ 6.55 |
Lower Range of Exercise Prices on options (in dollars per share) | 5.65 |
Upper Range of Exercise Prices on options (in dollars per share) | $ 7.36 |
Options outstanding (in shares) | shares | 231,566 |
Weighted Average Remaining Contractual Life on options (Year) | 1 year 339 days |
Exercise Price Range 3 [Member] | |
Weighted Average Exercise Price on options (in dollars per share) | $ 9.13 |
Lower Range of Exercise Prices on options (in dollars per share) | 7.96 |
Upper Range of Exercise Prices on options (in dollars per share) | $ 10.38 |
Options outstanding (in shares) | shares | 54,400 |
Weighted Average Remaining Contractual Life on options (Year) | 4 years 193 days |
Exercise Price Range 4 [Member] | |
Weighted Average Exercise Price on options (in dollars per share) | $ 17.25 |
Lower Range of Exercise Prices on options (in dollars per share) | 16.35 |
Upper Range of Exercise Prices on options (in dollars per share) | $ 18.66 |
Options outstanding (in shares) | shares | 368,967 |
Weighted Average Remaining Contractual Life on options (Year) | 4 years 237 days |
Note 6 - Share-based Compensa32
Note 6 - Share-based Compensation - Summary of Stock-Settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Outstanding SARS, shares (in shares) | 325,506 | |||
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 10.26 | |||
Granted, shares (in shares) | 43,988 | 58,108 | ||
Granted, weighted average exercise price (in dollars per share) | $ 16.97 | |||
Exercised, shares (in shares) | (68,698) | (39,584) | (128,062) | (75,792) |
Exercised, weighted average exercise price (in dollars per share) | $ 6.87 | |||
Outstanding SARS, shares (in shares) | 241,432 | 241,432 | ||
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 13.28 | $ 13.28 |
Note 6 - Share-based Compensa33
Note 6 - Share-based Compensation - Summary of Information About Stock Appreciation Rights Outstanding (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Lower Range of Exercise Prices on options (in dollars per share) | $ 3.82 | |
Upper Range of Exercise Prices on options (in dollars per share) | 18.66 | |
Exercise Price Range 1 [Member] | ||
Lower Range of Exercise Prices on options (in dollars per share) | 3.82 | |
Upper Range of Exercise Prices on options (in dollars per share) | 5.55 | |
Exercise Price Range 2 [Member] | ||
Lower Range of Exercise Prices on options (in dollars per share) | 5.65 | |
Upper Range of Exercise Prices on options (in dollars per share) | 7.36 | |
Exercise Price Range 3 [Member] | ||
Lower Range of Exercise Prices on options (in dollars per share) | 7.96 | |
Upper Range of Exercise Prices on options (in dollars per share) | $ 10.38 | |
Stock Appreciation Rights (SARs) [Member] | ||
SARS (in shares) | 241,432 | 325,506 |
Weighted Average Remaining Contractual Life (Year) | 2 years 219 days | |
Weighted Average Exercise Price (in dollars per share) | $ 13.28 | $ 10.26 |
Stock Appreciation Rights (SARs) [Member] | Exercise Price Range 1 [Member] | ||
Lower Range of Exercise Prices on options (in dollars per share) | 5.65 | |
Upper Range of Exercise Prices on options (in dollars per share) | $ 7.36 | |
SARS (in shares) | 94,928 | |
Weighted Average Remaining Contractual Life (Year) | 1 year 124 days | |
Weighted Average Exercise Price (in dollars per share) | $ 6.95 | |
Stock Appreciation Rights (SARs) [Member] | Exercise Price Range 2 [Member] | ||
Lower Range of Exercise Prices on options (in dollars per share) | 16.35 | |
Upper Range of Exercise Prices on options (in dollars per share) | $ 18.66 | |
SARS (in shares) | 146,504 | |
Weighted Average Remaining Contractual Life (Year) | 3 years 153 days | |
Weighted Average Exercise Price (in dollars per share) | $ 17.38 | |
Stock Appreciation Rights (SARs) [Member] | Exercise Price Range 3 [Member] | ||
Lower Range of Exercise Prices on options (in dollars per share) | 5.65 | |
Upper Range of Exercise Prices on options (in dollars per share) | $ 18.66 | |
SARS (in shares) | 241,432 |
Note 6 - Share-based Compensa34
Note 6 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Expected award (Year) | 5 years | |||||
Stock Appreciation Rights (SARs) [Member] | ||||||
Expected volatility | [1] | 36.60% | 36.50% | |||
Expected dividend yield | [2] | 2.10% | 2.00% | |||
Exercise price (in dollars per share) | $ 16.97 | $ 16.35 | $ 16.97 | $ 16.35 | ||
Market price (in dollars per share) | $ 16.97 | $ 16.35 | ||||
Risk free interest rate | [3] | 1.90% | 1.30% | |||
Expected award (Year) | [4] | 5 years | ||||
Employee Stock Option [Member] | ||||||
Expected volatility | [1] | 41.40% | 40.30% | |||
Expected dividend yield | [2] | 1.90% | 1.80% | |||
Exercise price (in dollars per share) | $ 18.05 | $ 18.55 | $ 18.05 | $ 18.55 | ||
Market price (in dollars per share) | $ 18.05 | $ 18.55 | ||||
Risk free interest rate | [3] | 2.40% | 1.80% | |||
Expected award (Year) | [4] | 10 years | ||||
Employee Stock Option [Member] | Minimum [Member] | ||||||
Expected volatility | [1] | 36.60% | 36.50% | |||
Expected dividend yield | [2] | 1.90% | 1.80% | |||
Exercise price (in dollars per share) | $ 16.97 | $ 16.35 | $ 16.97 | $ 16.35 | ||
Market price (in dollars per share) | $ 16.97 | $ 16.35 | ||||
Risk free interest rate | 1.90% | 1.30% | [3] | |||
Expected award (Year) | [4] | 5 years | ||||
Employee Stock Option [Member] | Maximum [Member] | ||||||
Expected volatility | [1] | 41.40% | 40.30% | |||
Expected dividend yield | [2] | 2.10% | 2.00% | |||
Exercise price (in dollars per share) | $ 18.05 | $ 18.55 | $ 18.05 | $ 18.55 | ||
Market price (in dollars per share) | $ 18.05 | $ 18.55 | ||||
Risk free interest rate | [3] | 2.40% | 1.80% | |||
Expected award (Year) | [4] | 10 years | ||||
[1] | The determination of expected stock price volatility for awards granted in each of the periods ending June 30, 2017 and 2016 was based on historical prices of Superior's common stock over a period commensurate with the expected life. | |||||
[2] | The dividend yield assumption is based on the history and expectation of the Company's dividend payouts. | |||||
[3] | 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. | |||||
[4] | The expected life in years for awards granted was based on the historical exercise patterns experienced by the Company when the award is made. |
Note 6 - Share-based Compensa35
Note 6 - Share-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Outstanding (in shares) | shares | 123,688 |
Outstanding (in dollars per share) | $ / shares | $ 8.94 |
Granted (in shares) | shares | 34,619 |
Granted (in dollars per share) | $ / shares | $ 16.97 |
Vested (in shares) | shares | (100,000) |
Vested (in dollars per share) | $ / shares | $ 7.36 |
Forfeited restricted stock (in shares) | shares | 0 |
Forfeited restricted stock (in dollars per share) | $ / shares | $ 0 |
Outstanding (in dollars per share) | $ / shares | $ 16.42 |
Outstanding (in shares) | shares | 58,307 |
Note 6 - Share-based Compensa36
Note 6 - Share-based Compensation - Performance Share Activity (Details) - Performance Shares [Member] | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Outstanding (in shares) | shares | 101,000 |
Outstanding (in dollars per share) | $ / shares | $ 16.36 |
Granted (in shares) | shares | 37,392 |
Granted (in dollars per share) | $ / shares | $ 16.97 |
Vested (in shares) | shares | 0 |
Vested performance shares (in dollars per share) | $ / shares | $ 0 |
Outstanding (in dollars per share) | $ / shares | $ 16.53 |
Forfeited restricted stock (in shares) | shares | 0 |
Forfeited performance shares (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 138,392 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - Stock Compensation Plan [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price | $ 18.65 | $ 18.65 | $ 18.50 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 153,000 | 149,800 | 173,075 |
Note 7 - Earnings Per Share - R
Note 7 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 4,341,000 | $ 3,308,000 | $ 8,176,000 | $ 5,750,000 |
(Basic) (in shares) | 14,501,399 | 14,120,617 | 14,426,060 | 14,023,840 |
Common stock equivalents (in shares) | 539,032 | 836,852 | 559,003 | 789,224 |
Weighted average shares outstanding - diluted (in shares) | 15,040,431 | 14,957,469 | 14,985,063 | 14,813,064 |
Weighted average number of shares outstanding during the period | ||||
Net earnings (in dollars per share) | $ 0.30 | $ 0.23 | $ 0.57 | $ 0.41 |
Net earnings (in dollars per share) | $ 0.29 | $ 0.22 | $ 0.55 | $ 0.39 |
Note 8 - Operating Segment In39
Note 8 - Operating Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2017 | |
Number of Operating Segments | 3 |
Note 8 - Operating Segment In40
Note 8 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Total assets | $ 198,183,000 | $ 188,425,000 | $ 198,183,000 | $ 188,425,000 | $ 196,848,000 |
Net sales | 65,604,000 | 64,660,000 | 126,591,000 | 122,628,000 | |
Gross margin | 23,374,000 | 21,763,000 | 45,588,000 | 41,784,000 | |
Selling and administrative expenses | 17,478,000 | 16,956,000 | 35,121,000 | 33,419,000 | |
Gain (loss) on sale of property, plant and equipment | 1,018,000 | ||||
Interest expense | 195,000 | 192,000 | 379,000 | 340,000 | |
Income before taxes on income | 5,701,000 | 4,615,000 | 11,106,000 | 8,025,000 | |
Depreciation and amortization | 1,357,000 | 1,216,000 | 2,715,000 | 2,333,000 | |
Capital expenditures | 1,074,000 | 2,825,000 | 2,004,000 | 5,527,000 | |
Uniforms and Related Products [Member] | |||||
Total assets | 174,008,000 | 167,376,000 | 174,008,000 | 167,376,000 | |
Net sales | 52,112,000 | 51,223,000 | 100,443,000 | 101,906,000 | |
Gross margin | 18,172,000 | 16,535,000 | 35,154,000 | 33,572,000 | |
Selling and administrative expenses | 13,622,000 | 12,821,000 | 27,372,000 | 26,473,000 | |
Gain (loss) on sale of property, plant and equipment | (2,000) | ||||
Interest expense | 107,000 | 128,000 | 210,000 | 252,000 | |
Income before taxes on income | 4,443,000 | 3,586,000 | 7,570,000 | 6,847,000 | |
Depreciation and amortization | 1,046,000 | 969,000 | 2,099,000 | 1,972,000 | |
Capital expenditures | 797,000 | 991,000 | 1,644,000 | 1,829,000 | |
Remote Staffing Solutions [Member] | |||||
Total assets | 19,784,000 | 18,944,000 | 19,784,000 | 18,944,000 | |
Net sales | 5,562,000 | 4,500,000 | 10,225,000 | 8,858,000 | |
Gross margin | 3,005,000 | 2,466,000 | 5,552,000 | 4,782,000 | |
Selling and administrative expenses | 1,761,000 | 1,490,000 | 3,466,000 | 2,897,000 | |
Gain (loss) on sale of property, plant and equipment | 1,020,000 | ||||
Interest expense | |||||
Income before taxes on income | 1,244,000 | 976,000 | 3,106,000 | 1,885,000 | |
Depreciation and amortization | 197,000 | 91,000 | 385,000 | 184,000 | |
Capital expenditures | 253,000 | 1,783,000 | 307,000 | 3,637,000 | |
Promotional Products Segment [Member] | |||||
Total assets | 30,981,000 | 27,875,000 | 30,981,000 | 27,875,000 | |
Net sales | 8,859,000 | 9,839,000 | 17,792,000 | 13,639,000 | |
Gross margin | 2,796,000 | 3,346,000 | 6,099,000 | 4,586,000 | |
Selling and administrative expenses | 2,694,000 | 3,229,000 | 5,500,000 | 5,205,000 | |
Gain (loss) on sale of property, plant and equipment | |||||
Interest expense | 88,000 | 64,000 | 169,000 | 88,000 | |
Income before taxes on income | 14,000 | 53,000 | 430,000 | (707,000) | |
Depreciation and amortization | 114,000 | 156,000 | 231,000 | 163,000 | |
Capital expenditures | 24,000 | 51,000 | 53,000 | 66,000 | |
Intersegment Eliminations [Member] | |||||
Total assets | (26,590,000) | (25,770,000) | (26,590,000) | (25,770,000) | |
Net sales | (929,000) | (902,000) | (1,869,000) | (1,775,000) | |
Gross margin | (599,000) | (584,000) | (1,217,000) | (1,156,000) | |
Selling and administrative expenses | (599,000) | (584,000) | (1,217,000) | (1,156,000) | |
Gain (loss) on sale of property, plant and equipment | |||||
Interest expense | |||||
Income before taxes on income | |||||
Depreciation and amortization | |||||
Capital expenditures |
Note 9 - Acquisition of Busin41
Note 9 - Acquisition of Business (Details Textual) - USD ($) | Mar. 08, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Amortization of Intangible Assets | $ 570,000 | $ 607,000 | $ 1,141,000 | $ 1,154,000 | |
BAMKO [Member] | |||||
Payments to Acquire Businesses, Gross | $ 15,161,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 324,000 | ||||
Business Acquisition, Equity Interested Issued, Vesting Period | 5 years | ||||
Business Combination, Liabilities Arising From Contingencies, Earn Out Liability, Before Discount | $ 5,500,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,360,000 | ||||
Business Combination, Contingent Consideration, Liability | 5,338,000 | 5,338,000 | |||
Amortization of Intangible Assets | $ 90,000 | 90,000 | 181,000 | 121,000 | |
Business Combination, Acquisition Related Costs | $ 173,000 | 1,072,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 17,792,000 | 13,639,000 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 430,000 | (707,000) | |||
Business Acquisition, Pro Forma Revenue | 6,587,000 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 1,021,000 | ||||
BAMKO [Member] | Trade Names [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 8,900,000 | ||||
BAMKO [Member] | Customer Relationships [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,090,000 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||||
BAMKO [Member] | Noncompete Agreements [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 370,000 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 302 days |
Note 9 - Acquisition of Busin42
Note 9 - Acquisition of Business - Summary of Purchase Price (Details) - USD ($) | Mar. 08, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Cash consideration at closing, net of cash acquired | $ 15,252,000 | ||
BAMKO [Member] | |||
Cash consideration at closing, net of cash acquired | $ 15,161,000 | ||
Restricted shares of Superior common stock issued | 4,558,000 | ||
Contingent consideration | 5,205,000 | ||
Total Consideration | $ 24,924,000 |
Note 9 - Acquisition of Busin43
Note 9 - Acquisition of Business - Preliminary Assignment of Aggregate Consideration (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 08, 2016 |
Goodwill | $ 11,265,000 | $ 11,269,000 | |
BAMKO [Member] | |||
Accounts receivable | $ 4,885,000 | ||
Prepaid expenses and other current assets | 3,200,000 | ||
Inventories | 236,000 | ||
Property, plant and equipment | 199,000 | ||
Other assets | 100,000 | ||
Identifiable intangible assets | 11,360,000 | ||
Goodwill | 6,994,000 | ||
Total assets | 26,974,000 | ||
Accounts payable | 1,314,000 | ||
Other current liabilities | 736,000 | ||
Total liabilities | $ 2,050,000 |