Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 27, 2018 | |
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) | 15,157,167 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 73,087,000 | $ 60,987,000 |
Costs and expenses: | ||
Cost of goods sold | 48,212,000 | 38,773,000 |
Selling and administrative expenses | 21,182,000 | 17,429,000 |
Other periodic pension costs | 96,000 | 214,000 |
Interest expense | 277,000 | 184,000 |
69,767,000 | 56,600,000 | |
Gain on sale of property, plant and equipment | 1,018,000 | |
Income before taxes on income | 3,320,000 | 5,405,000 |
Income tax expense | 870,000 | 1,570,000 |
Net income | $ 2,450,000 | $ 3,835,000 |
Weighted average number of shares outstanding during the period | ||
(Basic) (in shares) | 14,821,659 | 14,350,721 |
(Diluted) (in shares) | 15,457,629 | 14,929,695 |
Basic | ||
Net income, Basic (in dollars per share) | $ 0.17 | $ 0.27 |
Diluted | ||
Net income, Diluted (in dollars per share) | $ 0.16 | $ 0.26 |
Other comprehensive income, net of tax: | ||
Recognition of net losses included in net periodic pension costs | $ 216,000 | $ 176,000 |
Gain (loss) on cash flow hedging activities | (140,000) | 128,000 |
Foreign currency translation adjustment | (52) | (50) |
Other comprehensive income | 408,000 | 98,000 |
Comprehensive income | $ 2,858,000 | $ 3,933,000 |
Cash dividends per common share (in dollars per share) | $ 0.095 | $ 0.0875 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 10,442 | $ 8,130 | |
Accounts receivable, less allowance for doubtful accounts of $1,510 and $1,382, respectively | 48,275 | 50,569 | |
Accounts receivable - other | 2,107 | 1,848 | |
Inventories | [1] | 36,380 | 64,979 |
Contract assets | 47,098 | ||
Prepaid and other current assets | 10,005 | 11,011 | |
TOTAL CURRENT ASSETS | 154,307 | 136,537 | |
PROPERTY, PLANT AND EQUIPMENT, NET | 27,033 | 26,844 | |
OTHER INTANGIBLE ASSETS, NET | 28,302 | 29,061 | |
GOODWILL | 16,042 | 16,032 | |
Deferred taxes | 215 | 2,900 | |
OTHER ASSETS | 9,180 | 7,564 | |
235,079 | 218,938 | ||
CURRENT LIABILITIES: | |||
Accounts payable | 19,263 | 19,752 | |
Other current liabilites | 9,375 | 12,409 | |
Current portion of long-term debt | 6,000 | 6,000 | |
Current portion of acquisition-related contingent liabilities | 1,080 | 3,061 | |
TOTAL CURRENT LIABILITIES | 35,718 | 41,222 | |
LONG-TERM DEBT | 39,949 | 32,933 | |
LONG-TERM PENSION LIABILITY | 8,133 | 8,319 | |
LONG-TERM ACQUISITION-RELATED CONTINGENT LIABILITIES | 7,469 | 7,283 | |
OTHER LONG-TERM LIABILITIES | 4,744 | 4,213 | |
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 - 15,143,328 and 15,081,947, respectively. | 15 | 15 | |
Additional paid-in capital | 50,626 | 49,103 | |
Retained earnings | 95,296 | 83,129 | |
Accumulated other comprehensive income (loss), net of tax: | |||
Pensions | (7,066) | (7,282) | |
Cash flow hedges | 50 | (90) | |
Foreign currency translation adjustment | 145 | 93 | |
TOTAL SHAREHOLDERS' EQUITY | 139,066 | 124,968 | |
$ 235,079 | $ 218,938 | ||
[1] | Inventories consist of the following: March 31,2018 (Unaudited) December 31,2017 Finished goods $ 26,767 $ 54,354 Work in process 935 604 Raw materials 8,678 10,021 $ 36,380 $ 64,979 |
Consolidated Balance Sheets (C4
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 1,510 | $ 1,382 |
Finished goods | 26,767 | 54,354 |
Work in process | 935 | 604 |
Raw materials | $ 8,678 | $ 10,021 |
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) | 15,143,328 | 15,081,947 |
Common stock, shares outstanding (in shares) | 15,143,328 | 15,081,947 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 2,450 | $ 3,835 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 1,626 | 1,358 |
Provision for bad debts - accounts receivable | 157 | 146 |
Share-based compensation expense | 1,052 | 842 |
Deferred income tax provision (benefit) | 162 | (320) |
Gain on sale of property, plant and equipment | (1,018) | |
Change in fair value of acquisition-related contingent liabilities | 209 | 44 |
Changes in assets and liabilities: | ||
Accounts receivable - trade | 2,147 | 7,164 |
Accounts receivable - other | (259) | 689 |
Contract assets | (3,780) | |
Inventories | 3,742 | (1,078) |
Prepaid expenses and other current assets | 27 | (1,892) |
Other assets | (1,564) | (1,522) |
Accounts payable and other current liabilities | (7,132) | (1,016) |
Long-term pension liability | 97 | (920) |
Other long-term liabilities | 450 | 696 |
Net cash (used in) provided by operating activities | (616) | 7,008 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (1,055) | (930) |
Proceeds from disposals of property, plant and equipment | 2,808 | |
Net cash (used in) provided by investing activities | (1,055) | 1,878 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 31,657 | 71,209 |
Repayment of long-term debt | (24,642) | (71,367) |
Payment of cash dividends | (1,402) | (1,231) |
Payment of acquisition-related contingent liability | (2,000) | (1,800) |
Proceeds received on exercise of stock options | 257 | 105 |
Tax withholding on exercise of stock rights | (17) | (201) |
Net cash provided by (used in) financing activities | 3,958 | (3,215) |
Effect of currency exchange rates on cash | 25 | 52 |
Net increase in cash and cash equivalents | 2,312 | 5,723 |
Cash and cash equivalents balance, beginning of year | 8,130 | 3,649 |
Cash and cash equivalents balance, end of period | 10,442 | 9,372 |
Restricted Stock [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Tax benefit from vesting of acquisition-related restricted stock | $ 105 | $ 70 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Interim Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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, 99% 10 December 31, 2017, not not b) Revenue recognition and allowance for doubtful accounts The Company recognizes revenue in accordance with ASC 606 January 1, 2018. no 1 not may 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 $0.8 $0.6 three March 31, 2018 2017, e) Advertising expenses The Company expenses advertising costs as incurred. Advertising costs were $0.1 three March 31, 2018 2017. 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 $2.7 $2.8 three March 31, 2018 2017, 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 $18.0 February 24, 2017. ( 2. On January 3, 2017, $1.8 June 29, 2017. $0.1 second 2017, 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, March 31, 2018, 3,507,469 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 February 2016, 2016 02 December 15, 2018. not In March 2016, 2016 09, 718 December 15, 2016. fourth 2016 January 1, 2016. no March 31, 2017 2018. In March 2017, 2017 07 one December 15, 2017 2017 07 first 2018. 2017 In May 2014, No. 2014 09, 606 five 606 January 1, 2018 not no no no not We recorded a net increase in opening retained earnings of $11.2 January 1, 2018 606. March 31, 2018 $3.7 606. The opening retained earnings adjustment is as follows (in thousands): Net sales $ 42,880 Cost of goods sold 27,397 Selling and administrative expenses 706 Income before taxes on income 14,777 Income tax expense 3,542 Adjustment to opening retained earnings $ 11,235 Payment of the cumulative tax adjustment will be made over four The following table disaggregates our net sales by major source (in thousands): As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Uniform and Related Products $ 48,125 $ 45,125 $ 3,000 Remote Staffing Solutions 6,286 6,286 - Promotional Products 18,676 17,947 729 $ 73,087 $ 69,358 $ 3,729 Revenue for our Uniforms and Related Products and Promotional Products segments is recognized when the obligations under the terms of a contract with a customer are satisfied. This generally occurs when the goods are transferred to the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the goods. Sales taxes, sales discounts and customer rebates are also excluded from revenue. In accordance with ASC 606 no may 606 not 606 March 31, 2018. The Company does not 606 March 31, 2018. The impact of adoption of ASC 606 March 31, 2018 Balance Sheet As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Assets: Contract assets $ 47,098 $ - $ 47,098 Inventory 36,380 63,722 (27,342 ) Prepaid and other current assets 10,005 10,890 (885 ) Deferred taxes 215 2,872 (2,657 ) Liabilities: Accounts payable $ 19,263 $ 16,492 $ 2,771 Other current liabilites 9,375 8,112 1,263 In accordance with ASC 606, $47.1 March 31, 2018 not As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Statement of comprehensive income: Net sales $ 73,087 $ 69,358 $ 3,729 Cost of goods sold 48,212 45,496 2,716 Selling and administrative expenses 21,182 21,114 68 The cost of goods sold associated with our ASC 606 |
Note 2 - Long-term Debt
Note 2 - Long-term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 2 - Long-Term Debt: March 31, December 31, (In thousands) 2018 2017 Note payable to BB&T, pursuant to revolving credit agreement, maturing February 25, 2022 $ 9,989 $ 1,475 Term loan payable to BB&T maturing February 26, 2024 $ 36,000 $ 37,500 $ 45,989 $ 38,975 Less: Payments due within one year included in current liabilities $ 6,000 $ 6,000 Debt issuance costs $ 40 $ 42 Long-term debt less current maturities $ 39,949 $ 32,933 Effective March 8, 2016, 5 $15 $20 $45 one 0.85% 1/8 th 1% 0.85%. 0.10% February 28, 2017 Effective February 28, 2017, 7 $35 February 25, 2022 $42 February 26, 2024. one 1/100 th 1% 0.75% 2.56% March 31, 2018). 0.10% March 31, 2018, no The scheduled amortization for the Term Loan is as follows: 2018 2023 $6.0 2024 $1.5 not $0.1 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 $14.3 $0.2 July 1, 2015 $0.3 June 1, 2018 $3.3 July 1, 2018. March 8, 2016, 2.43%. February 24, 2017, $0.1 Effective March 3, 2017, 3.12% March 1, 2018 $18.0 $0.3 April 1, 2018 February 26, 2024. March 31, 2018, $0.1 |
Note 3 - Periodic Pension Expen
Note 3 - Periodic Pension Expense | 3 Months Ended |
Mar. 31, 2018 | |
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 three March 31: (In thousands) 2018 2017 Service cost - benefits earned during the period $ 27 $ 16 Interest cost on projected benefit obligation 242 241 Expected return on plan assets (429 ) (304 ) Recognized actuarial loss 283 277 Net periodic pension cost $ 123 $ 230 The service cost component is included in selling and administrative expenses and the other components are included in other periodic pension costs in our consolidated statements of comprehensive income. Effective June 30, 2013, no Effective December 31, 2014, no There were $0.1 three March 31, 2018. no three March 31, 2017. |
Note 4 - Supplemental Cash Flow
Note 4 - Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 4 - Sup plemental Cash Flow Information : Cash paid for income taxes was $0.4 $0.1 three March 31, 2018 2017. $0.2 $0.1 three March 31, 2018 2017. During the three March 31, 2018 2017, 5,863 16,500 20,234 41,544 As a result of the adoption of ASC 606 January 1, 2018: $43.3 $24.9 $2.6 $1.1 $3.5 |
Note 5 - Contingencies
Note 5 - Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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 | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018, 3,507,469 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 type of award and the total related tax benefit for the periods presented: Three Months Ended March 31, (In thousands) 2018 2017 Stock options and SARS $ 823 $ 665 Restricted stock 124 134 Performance shares 105 43 Total share-based compensation expense $ 1,052 $ 842 Related income tax benefit $ 111 $ 334 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 three March 31, 2018 No. of Weighted Average Shares Exercise Price Outstanding December 31, 2017 633,877 $ 13.33 Granted 87,385 23.59 Exercised (38,908 ) 10.35 Lapsed - - Cancelled (700 ) 18.68 Outstanding March 31, 2018 681,654 $ 14.81 At March 31, 2018, $7.8 40 Options exercised during the three March 31, 2018 2017 $0.6 $0.6 The weighted average fair values of the Company’s 87,385 90,012 three March 31, 2018 2017 $6.06 $4.83, During the three March 31, 2018 2017, $0.3 $0.1 three March 31, 2018 2017, 5,863 16,500 20,234 41,544 three March 31, 2018 2017 $0.1 $0.1 The following table summarizes information about stock options outstanding as of March 31, 2018: Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $ 3.82 - $ 5.88 102,800 2.93 $ 5.26 $ 7.36 - $10.38 128,367 2.04 $ 7.88 $16.35 - $18.66 316,017 3.40 $ 17.28 $21.63 - $23.59 134,470 4.66 $ 22.90 $3.82 - $23.59 681,654 3.32 $ 14.81 A summary of stock-settled SARS transactions during the three March 31, 2018 No. of Weighted Average Shares Exercise Price Outstanding December 31, 2017 146,504 $ 17.38 Granted 48,515 23.59 Exercised (12,125 ) 17.92 Lapsed - - Cancelled - - Outstanding March 31, 2018 182,894 $ 18.99 At March 31, 2018, $1.3 40 The weighted average fair values of the Company’s 48,515 43,988 three March 31, 2018 2017 $6.06 $4.83, There were 12,125 59,364 three March 31, 2018 2017, three March 31, 2018 2017 $0.1 $0.7 three March 31, 2018 2017 $0.1 $0.2 The following table summarizes information about SARS outstanding as of March 31, 2018: Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $16.35 - $18.66 134,379 2.83 $ 17.33 $23.59 - $23.59 48,515 4.83 $ 23.59 $16.35 - $23.59 182,894 3.36 $ 18.99 Options and SARS have never been repriced by the Company in any year. The following table summarizes significant assumptions utilized to determine the fair value of options and SARS. Three months ended March 31, SARS Options Exercise price 2018 $ 23.59 $ 23.59 2017 $ 16.97 $ 16.97 Market price 2018 $ 23.59 $ 23.59 2017 $ 16.97 $ 16.97 Risk free interest rate 1 2018 2.6 % 2.6 % 2017 1.9 % 1.9 % Expected award life (years) 2 2018 3 3 2017 5 5 Expected volatility 3 2018 38.1 % 38.1 % 2017 36.6 % 36.6 % Expected dividend yield 4 2018 1.6 % 1.6 % 2017 2.1 % 2.1 % 1 2 3 March 31, 2018 2017 4 Restricted Stock The Company has granted restricted stock to directors and certain employees under the terms of the 2013 three 2013 March 31, 2018, $1.2 2.08 A summary of restricted stock transactions during the three March 31, 2018 Weighted Average No. of Grant Date Shares Fair Value Outstanding December 31, 2017 61,378 $ 17.89 Granted 24,908 23.56 Vested - - Forfeited - - Outstanding March 31, 2018 86,286 $ 19.52 Performance Shares In the quarter ended March 31, 2018, 2013 three five five 2013 March 31, 2018, $1.5 3.00 A summary of performance share transactions during the three March 31, 2018 Weighted Average No. of Grant Date Shares Fair Value Outstanding December 31, 2017 118,492 $ 17.24 Granted 2,778 26.99 Vested - - Forfeited - - Outstanding March 31, 2018 121,270 $ 17.46 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
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 of restricted stock and performance shares. Three Months Ended March 31, 2018 2017 Net earnings used in the computation of basic and diluted earnings per share (in thousands) $ 2,450 $ 3,835 Weighted average shares outstanding - basic 14,821,659 14,350,721 Common stock equivalents 635,970 578,974 Weighted average shares outstanding - diluted 15,457,629 14,929,695 Per Share Data: Basic Net earnings $ 0.17 $ 0.27 Diluted Net earnings $ 0.16 $ 0.26 There were no three March 31, 2018 Awards to purchase approximately 149,800 $18.65 three March 31, 2017, not |
Note 8 - Operating Segment Info
Note 8 - Operating Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | N OTE 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 (In thousands) Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For theThree Months Ended March 31, 2018 Net sales $ 48,125 $ 7,299 $ 18,676 $ (1,013 ) $ 73,087 Gross margin $ 16,536 $ 4,161 $ 4,849 $ (671 ) $ 24,875 Selling and administrative expenses 14,140 2,512 5,201 (671 ) 21,182 Other periodic pension cost 96 - - - 96 Interest expense 60 - 217 - 277 Income (loss) before taxes on income $ 2,240 $ 1,649 $ (569 ) $ - $ 3,320 Depreciation and amortization $ 1,065 $ 237 $ 324 $ 1,626 Capital expenditures $ 685 $ 265 $ 105 $ 1,055 Total assets $ 216,536 $ 24,296 $ 57,080 $ (62,833 ) $ 235,079 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended March 31, 2017 Net sales $ 48,331 $ 4,663 $ 8,933 $ (940 ) $ 60,987 Gross margin 16,982 2,547 3,303 (618 ) 22,214 Selling and administrative expenses 13,536 1,705 2,806 (618 ) 17,429 Other periodic pension cost 214 - - - 214 Gain (loss) on sale of property, plant and equipment (2 ) 1,020 - - 1,018 Interest expense 103 - 81 - 184 Income before taxes on income $ 3,127 $ 1,862 $ 416 $ - $ 5,405 Depreciation and amortization $ 1,053 $ 188 $ 117 $ - $ 1,358 Capital expenditures $ 847 $ 54 $ 29 $ - $ 930 Total assets $ 174,478 $ 18,736 $ 28,385 $ (24,449 ) $ 197,150 |
Note 9 - Acquisition of Busines
Note 9 - Acquisition of Business | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 9 – Acquisition of Business es : BAMKO On March 8, 2016, March 1, 2016. $15.2 324,000 five $5.5 2021, Fair Value of Consideration Transferred A summary of the purchase price is as follows (in thousands): Cash consideration at closing, net of cash acquired $ 15,161 Restricted shares of Superior common stock issued 4,558 Contingent consideration 5,205 Total Considerations $ 24,924 Assets Acquired and Liabilities Assumed The total purchase price was allocated to the acquired tangible and intangible assets and assumed liabilities of BAMKO, Inc. 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, Inc. based on their fair values as of the effective date of the transaction. The following is our assignment of the aggregate consideration (in thousands): Accounts receivable $ 4,885 Prepaid expenses and other current assets 3,200 Inventories 236 Property, plant and equipment 199 Other assets 100 Identifiable intangible assets 11,360 Goodwill 6,994 Total assets $ 26,974 Accounts payable 1,314 Other current liabilities 736 Total liabilities $ 2,050 The Company recorded $11.4 $2.1 $0.4 $8.9 The estimated fair value for acquisition-related contingent consideration payable was $5.1 March 31, 2018. $1.1 second 2018. 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 $0.1 three March 31, 2018 2017. Public Identity On August 21, 2017, The purchase price for the acquisition consisted of $0.8 54,000 $0.4 2020. three $2.3 $1.7 $0.6 may Tangerine Promotions On November 30, 2017, December 1, 2017. one $7.2 83,000 four $5.5 2021, Fair Value of Consideration Transferred A Summary of the purchase price is as follows (in thousands): Cash consideration at closing $ 7,222 Restricted shares of Superior common stock issued 1,657 Contingent consideration 3,209 Total Considerations $ 12,088 Assets Acquired and Liabilities Assumed The total purchase price was allocated to the acquired tangible and intangible assets and assumed liabilities of Tangerine based on their estimated fair values as of December 1, 2017. 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 Tangerine based on their estimated fair values as of the effective date of the transaction. The assets and liabilities of Tangerine shown below are based on our preliminary estimates of their acquisition date fair values. Our final fair value determinations may The following is our preliminary assignment of the aggregate consideration (in thousands): Accounts receivable $ 5,051 Prepaid expenses and other current assets 969 Property, plant and equipment 131 Identifiable intangible assets 6,495 Goodwill 4,169 Total assets $ 16,815 Accounts payables 3,374 Other current liabilities 1,353 Total liabilities $ 4,727 The Company recorded $6.5 $3.1 $0.2 $3.2 The estimated fair value for acquisition-related contingent consideration payable is $3.4 March 31, 2018. 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 will be amortized for seven December 1, 2017 seven not The Company recognized amortization expense on these acquired intangible assets of $0.1 three March 31, 2017. On a pro forma basis as if the results of this acquisition had been included in our consolidated results for the three March 31, 2017 $7.8 $0.1 2017, $0.01 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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, 99% 10 December 31, 2017, not not |
Revenue Recognition, Policy [Policy Text Block] | b) Revenue recognition and allowance for doubtful accounts The Company recognizes revenue in accordance with ASC 606 January 1, 2018. no 1 not may |
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 $0.8 $0.6 three March 31, 2018 2017, |
Advertising Costs, Policy [Policy Text Block] | e) Advertising expenses The Company expenses advertising costs as incurred. Advertising costs were $0.1 three March 31, 2018 2017. |
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 $2.7 $2.8 three March 31, 2018 2017, |
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 $18.0 February 24, 2017. ( 2. On January 3, 2017, $1.8 June 29, 2017. $0.1 second 2017, |
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, March 31, 2018, 3,507,469 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 February 2016, 2016 02 December 15, 2018. not In March 2016, 2016 09, 718 December 15, 2016. fourth 2016 January 1, 2016. no March 31, 2017 2018. In March 2017, 2017 07 one December 15, 2017 2017 07 first 2018. 2017 In May 2014, No. 2014 09, 606 five 606 January 1, 2018 not no no no not We recorded a net increase in opening retained earnings of $11.2 January 1, 2018 606. March 31, 2018 $3.7 606. The opening retained earnings adjustment is as follows (in thousands): Net sales $ 42,880 Cost of goods sold 27,397 Selling and administrative expenses 706 Income before taxes on income 14,777 Income tax expense 3,542 Adjustment to opening retained earnings $ 11,235 Payment of the cumulative tax adjustment will be made over four The following table disaggregates our net sales by major source (in thousands): As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Uniform and Related Products $ 48,125 $ 45,125 $ 3,000 Remote Staffing Solutions 6,286 6,286 - Promotional Products 18,676 17,947 729 $ 73,087 $ 69,358 $ 3,729 Revenue for our Uniforms and Related Products and Promotional Products segments is recognized when the obligations under the terms of a contract with a customer are satisfied. This generally occurs when the goods are transferred to the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the goods. Sales taxes, sales discounts and customer rebates are also excluded from revenue. In accordance with ASC 606 no may 606 not 606 March 31, 2018. The Company does not 606 March 31, 2018. The impact of adoption of ASC 606 March 31, 2018 Balance Sheet As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Assets: Contract assets $ 47,098 $ - $ 47,098 Inventory 36,380 63,722 (27,342 ) Prepaid and other current assets 10,005 10,890 (885 ) Deferred taxes 215 2,872 (2,657 ) Liabilities: Accounts payable $ 19,263 $ 16,492 $ 2,771 Other current liabilites 9,375 8,112 1,263 In accordance with ASC 606, $47.1 March 31, 2018 not As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Statement of comprehensive income: Net sales $ 73,087 $ 69,358 $ 3,729 Cost of goods sold 48,212 45,496 2,716 Selling and administrative expenses 21,182 21,114 68 The cost of goods sold associated with our ASC 606 |
Note 1 - Summary of Significa16
Note 1 - Summary of Significant Interim Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Retained Earnings Adjustment [Table Text Block] | Net sales $ 42,880 Cost of goods sold 27,397 Selling and administrative expenses 706 Income before taxes on income 14,777 Income tax expense 3,542 Adjustment to opening retained earnings $ 11,235 |
Disaggregation of Revenue [Table Text Block] | As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Uniform and Related Products $ 48,125 $ 45,125 $ 3,000 Remote Staffing Solutions 6,286 6,286 - Promotional Products 18,676 17,947 729 $ 73,087 $ 69,358 $ 3,729 |
Consolidated Balance Sheet, Impact of New Standard [Table Text Block] | As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Assets: Contract assets $ 47,098 $ - $ 47,098 Inventory 36,380 63,722 (27,342 ) Prepaid and other current assets 10,005 10,890 (885 ) Deferred taxes 215 2,872 (2,657 ) Liabilities: Accounts payable $ 19,263 $ 16,492 $ 2,771 Other current liabilites 9,375 8,112 1,263 |
Statement of Comprehensive Income, Impact of New Standard [Table Text Block] | As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Statement of comprehensive income: Net sales $ 73,087 $ 69,358 $ 3,729 Cost of goods sold 48,212 45,496 2,716 Selling and administrative expenses 21,182 21,114 68 |
Note 2 - Long-term Debt (Tables
Note 2 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | NOTE 2 - Long-Term Debt: March 31, December 31, (In thousands) 2018 2017 Note payable to BB&T, pursuant to revolving credit agreement, maturing February 25, 2022 $ 9,989 $ 1,475 Term loan payable to BB&T maturing February 26, 2024 $ 36,000 $ 37,500 $ 45,989 $ 38,975 Less: Payments due within one year included in current liabilities $ 6,000 $ 6,000 Debt issuance costs $ 40 $ 42 Long-term debt less current maturities $ 39,949 $ 32,933 |
Note 3 - Periodic Pension Exp18
Note 3 - Periodic Pension Expense (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | 2018 2017 Service cost - benefits earned during the period $ 27 $ 16 Interest cost on projected benefit obligation 242 241 Expected return on plan assets (429 ) (304 ) Recognized actuarial loss 283 277 Net periodic pension cost $ 123 $ 230 |
Note 6 - Share-based Compensa19
Note 6 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, (In thousands) 2018 2017 Stock options and SARS $ 823 $ 665 Restricted stock 124 134 Performance shares 105 43 Total share-based compensation expense $ 1,052 $ 842 Related income tax benefit $ 111 $ 334 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | No. of Weighted Average Shares Exercise Price Outstanding December 31, 2017 633,877 $ 13.33 Granted 87,385 23.59 Exercised (38,908 ) 10.35 Lapsed - - Cancelled (700 ) 18.68 Outstanding March 31, 2018 681,654 $ 14.81 |
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 - $ 5.88 102,800 2.93 $ 5.26 $ 7.36 - $10.38 128,367 2.04 $ 7.88 $16.35 - $18.66 316,017 3.40 $ 17.28 $21.63 - $23.59 134,470 4.66 $ 22.90 $3.82 - $23.59 681,654 3.32 $ 14.81 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | No. of Weighted Average Shares Exercise Price Outstanding December 31, 2017 146,504 $ 17.38 Granted 48,515 23.59 Exercised (12,125 ) 17.92 Lapsed - - Cancelled - - Outstanding March 31, 2018 182,894 $ 18.99 |
Share-based Compensation, Activity [Table Text Block] | Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $16.35 - $18.66 134,379 2.83 $ 17.33 $23.59 - $23.59 48,515 4.83 $ 23.59 $16.35 - $23.59 182,894 3.36 $ 18.99 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended March 31, SARS Options Exercise price 2018 $ 23.59 $ 23.59 2017 $ 16.97 $ 16.97 Market price 2018 $ 23.59 $ 23.59 2017 $ 16.97 $ 16.97 Risk free interest rate 1 2018 2.6 % 2.6 % 2017 1.9 % 1.9 % Expected award life (years) 2 2018 3 3 2017 5 5 Expected volatility 3 2018 38.1 % 38.1 % 2017 36.6 % 36.6 % Expected dividend yield 4 2018 1.6 % 1.6 % 2017 2.1 % 2.1 % |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding December 31, 2017 61,378 $ 17.89 Granted 24,908 23.56 Vested - - Forfeited - - Outstanding March 31, 2018 86,286 $ 19.52 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding December 31, 2017 118,492 $ 17.24 Granted 2,778 26.99 Vested - - Forfeited - - Outstanding March 31, 2018 121,270 $ 17.46 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2018 2017 Net earnings used in the computation of basic and diluted earnings per share (in thousands) $ 2,450 $ 3,835 Weighted average shares outstanding - basic 14,821,659 14,350,721 Common stock equivalents 635,970 578,974 Weighted average shares outstanding - diluted 15,457,629 14,929,695 Per Share Data: Basic Net earnings $ 0.17 $ 0.27 Diluted Net earnings $ 0.16 $ 0.26 |
Note 8 - Operating Segment In21
Note 8 - Operating Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands) Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For theThree Months Ended March 31, 2018 Net sales $ 48,125 $ 7,299 $ 18,676 $ (1,013 ) $ 73,087 Gross margin $ 16,536 $ 4,161 $ 4,849 $ (671 ) $ 24,875 Selling and administrative expenses 14,140 2,512 5,201 (671 ) 21,182 Other periodic pension cost 96 - - - 96 Interest expense 60 - 217 - 277 Income (loss) before taxes on income $ 2,240 $ 1,649 $ (569 ) $ - $ 3,320 Depreciation and amortization $ 1,065 $ 237 $ 324 $ 1,626 Capital expenditures $ 685 $ 265 $ 105 $ 1,055 Total assets $ 216,536 $ 24,296 $ 57,080 $ (62,833 ) $ 235,079 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended March 31, 2017 Net sales $ 48,331 $ 4,663 $ 8,933 $ (940 ) $ 60,987 Gross margin 16,982 2,547 3,303 (618 ) 22,214 Selling and administrative expenses 13,536 1,705 2,806 (618 ) 17,429 Other periodic pension cost 214 - - - 214 Gain (loss) on sale of property, plant and equipment (2 ) 1,020 - - 1,018 Interest expense 103 - 81 - 184 Income before taxes on income $ 3,127 $ 1,862 $ 416 $ - $ 5,405 Depreciation and amortization $ 1,053 $ 188 $ 117 $ - $ 1,358 Capital expenditures $ 847 $ 54 $ 29 $ - $ 930 Total assets $ 174,478 $ 18,736 $ 28,385 $ (24,449 ) $ 197,150 |
Note 9 - Acquisition of Busin22
Note 9 - Acquisition of Business (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | A summary of the purchase price is as follows (in thousands): Cash consideration at closing, net of cash acquired $ 15,161 Restricted shares of Superior common stock issued 4,558 Contingent consideration 5,205 Total Considerations $ 24,924 A Summary of the purchase price is as follows (in thousands): Cash consideration at closing $ 7,222 Restricted shares of Superior common stock issued 1,657 Contingent consideration 3,209 Total Considerations $ 12,088 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 4,885 Prepaid expenses and other current assets 3,200 Inventories 236 Property, plant and equipment 199 Other assets 100 Identifiable intangible assets 11,360 Goodwill 6,994 Total assets $ 26,974 Accounts payable 1,314 Other current liabilities 736 Total liabilities $ 2,050 Accounts receivable $ 5,051 Prepaid expenses and other current assets 969 Property, plant and equipment 131 Identifiable intangible assets 6,495 Goodwill 4,169 Total assets $ 16,815 Accounts payables 3,374 Other current liabilities 1,353 Total liabilities $ 4,727 |
Note 1 - Summary of Significa23
Note 1 - Summary of Significant Interim Accounting Policies (Details Textual) | 3 Months Ended | |||||||
Mar. 31, 2018USD ($)shares | Mar. 31, 2017USD ($) | Mar. 01, 2018USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jan. 03, 2017USD ($) | Jul. 01, 2014USD ($) | |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 99.00% | |||||||
Amortization of Intangible Assets, Total | $ 800,000 | $ 600,000 | ||||||
Advertising Expense | 100,000 | 100,000 | ||||||
Selling, General and Administrative Expense, Total | $ 21,182,000 | 17,429,000 | ||||||
Derivative, Notional Amount | $ 14,300,000 | |||||||
Number of Reportable Segments | 3 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 3,507,469 | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 73,087,000 | 60,987,000 | ||||||
Revenue, Remaining Performance Obligation, Amount | 0 | |||||||
Contract with Customer, Asset, Net, Current, Total | 47,098,000 | $ 43,300,000 | ||||||
Accounting Standards Update 2014-09 [Member] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 3,700,000 | |||||||
Cumulative Tax Adjustments Payment, Period | 4 years | |||||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 11,200,000 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative, Notional Amount | $ 18,000,000 | $ 18,000,000 | ||||||
Interest Rate Swap [Member] | Other Current Liabilities [Member] | ||||||||
Derivative Liability, Total | 100,000 | |||||||
Foreign Exchange Contract [Member] | ||||||||
Derivative, Notional Amount | $ 1,800,000 | |||||||
Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | ||||||||
Derivative Liability, Total | $ 100,000 | |||||||
Shipping and Handling [Member] | ||||||||
Selling, General and Administrative Expense, Total | $ 2,700,000 | $ 2,800,000 |
Note 1 - Summary of Significa24
Note 1 - Summary of Significant Interim Accounting Policies - Adjustments to Retained Earnings (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Net sales | $ 73,087,000 | $ 60,987,000 | |
Cost of goods sold | 48,212,000 | 38,773,000 | |
Selling and administrative expenses | 21,182,000 | 17,429,000 | |
Income before taxes on income | 3,320,000 | 5,405,000 | |
Income tax expense | 870,000 | $ 1,570,000 | |
Adjustment to opening retained earnings | 95,296,000 | $ 83,129,000 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Net sales | 3,729,000 | ||
Cost of goods sold | 2,716,000 | ||
Selling and administrative expenses | 68,000 | ||
Accounting Standards Update 2014-09 [Member] | |||
Net sales | 3,700,000 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Net sales | 42,880,000 | ||
Cost of goods sold | 27,397,000 | ||
Selling and administrative expenses | 706,000 | ||
Income before taxes on income | 14,777,000 | ||
Income tax expense | 3,542,000 | ||
Adjustment to opening retained earnings | $ 11,235,000 |
Note 1 - Summary of Significa25
Note 1 - Summary of Significant Interim Accounting Policies - Disaggregation of Net Sales by Major Source (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 73,087,000 | $ 60,987,000 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Net sales | 69,358,000 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Net sales | 3,729,000 | |
Uniforms and Related Products [Member] | ||
Net sales | 48,125,000 | |
Uniforms and Related Products [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Net sales | 45,125,000 | |
Uniforms and Related Products [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Net sales | 3,000,000 | |
Remote Staffing Solutions [Member] | ||
Net sales | 6,286,000 | |
Remote Staffing Solutions [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Net sales | 6,286,000 | |
Remote Staffing Solutions [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Net sales | ||
Promotional Products [Member] | ||
Net sales | 18,676,000 | |
Promotional Products [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Net sales | 17,947,000 | |
Promotional Products [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Net sales | $ 729,000 |
Note 1 - Summary of Significa26
Note 1 - Summary of Significant Interim Accounting Policies - Impact of New Standard on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Assets: | ||||
Contract assets | $ 47,098 | $ 43,300 | ||
Inventory | [1] | 36,380 | 64,979 | |
Inventory | [1] | (36,380) | (64,979) | |
Prepaid and other current assets | 10,005 | 11,011 | ||
Prepaid and other current assets | (10,005) | (11,011) | ||
Deferred taxes | 215 | 2,900 | ||
Deferred taxes | (215) | (2,900) | ||
Liabilities: | ||||
Accounts payable | 19,263 | 19,752 | ||
Other current liabilites | 9,375 | $ 12,409 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Assets: | ||||
Contract assets | ||||
Inventory | 63,722 | |||
Inventory | (63,722) | |||
Prepaid and other current assets | 10,890 | |||
Prepaid and other current assets | (10,890) | |||
Deferred taxes | 2,872 | |||
Deferred taxes | (2,872) | |||
Liabilities: | ||||
Accounts payable | 16,492 | |||
Other current liabilites | 8,112 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Assets: | ||||
Contract assets | 47,098 | |||
Inventory | 27,342 | |||
Inventory | (27,342) | |||
Prepaid and other current assets | 885 | |||
Prepaid and other current assets | (885) | |||
Deferred taxes | 2,657 | |||
Deferred taxes | (2,657) | |||
Liabilities: | ||||
Accounts payable | 2,771 | |||
Other current liabilites | $ 1,263 | |||
[1] | Inventories consist of the following: March 31,2018 (Unaudited) December 31,2017 Finished goods $ 26,767 $ 54,354 Work in process 935 604 Raw materials 8,678 10,021 $ 36,380 $ 64,979 |
Note 1 - Summary of Significa27
Note 1 - Summary of Significant Interim Accounting Policies - Impact of New Standard on Statement of Comprehensive Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 73,087,000 | $ 60,987,000 |
Cost of goods sold | 48,212,000 | 38,773,000 |
Selling and administrative expenses | 21,182,000 | $ 17,429,000 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Net sales | 69,358,000 | |
Cost of goods sold | 45,496,000 | |
Selling and administrative expenses | 21,114,000 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Net sales | 3,729,000 | |
Cost of goods sold | 2,716,000 | |
Selling and administrative expenses | $ 68,000 |
Note 2 - Long-term Debt (Detail
Note 2 - Long-term Debt (Details Textual) $ in Thousands | Jul. 01, 2018USD ($) | Feb. 28, 2017USD ($) | Feb. 24, 2017USD ($) | Mar. 08, 2016USD ($) | Jul. 01, 2014USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017 | Mar. 01, 2018USD ($) | Mar. 07, 2016USD ($) |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 6,000 | ||||||||
Long Term Debt Maturities Repayments of Principal in Year Six | 1,500 | ||||||||
Debt Issuance Costs, Gross | $ 100 | ||||||||
Ratio of Maximum Funded Indebtedness to EBITDA | 4 | ||||||||
Fixed Charges Numerator | 1.25 | ||||||||
Derivative, Fixed Interest Rate | 2.43% | 2.53% | 3.12% | ||||||
Derivative, Notional Amount | $ 14,300 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 6,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 6,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 6,000 | ||||||||
Per Month through July 1, 2015 [Member] | |||||||||
Debt Instrument, Periodic Payment, Principal | 200 | ||||||||
Per Month through June 1, 2018 [Member] | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 300 | ||||||||
Interest Rate Swap [Member] | |||||||||
Derivative, Notional Amount | 18,000 | $ 18,000 | |||||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 100 | ||||||||
Derivative, Notional Amount, Monthly Reduction Amount | $ 300 | ||||||||
Interest Rate Swap [Member] | Other Current Liabilities [Member] | |||||||||
Derivative Liability, Total | $ 100 | ||||||||
Amended Credit Agreement [Member] | Term Loan [Member] | |||||||||
Debt Instrument, Face Amount | $ 42,000 | $ 45,000 | |||||||
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 | $ 3,300 | ||||||||
Revolving Credit Facility [Member] | Amended Credit Agreement [Member] | |||||||||
Line of Credit Facility, Expiration Period | 7 years | 5 years | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | $ 20,000 | $ 15,000 | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | 0.10% | |||||||
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 | 2.56% |
Note 2 - Long-term Debt - Long-
Note 2 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Long-term debt, gross | $ 45,989 | $ 38,975 |
Payments due within one year included in current liabilities | 6,000 | 6,000 |
Debt issuance costs | 40 | 42 |
Long-term debt less current maturities | 39,949 | 32,933 |
Note Payable Maturing February 25, 2022 [Member] | BB&T [Member] | ||
Long-term debt, gross | 9,989 | 1,475 |
Term Loan Maturing February 26, 2024 [Member] | BB&T [Member] | ||
Long-term debt, gross | $ 36,000 | $ 37,500 |
Note 3 - Periodic Pension Exp30
Note 3 - Periodic Pension Expense (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Payment for Pension Benefits | $ 100 | $ 0 |
Note 3 - Periodic Pension Exp31
Note 3 - Periodic Pension Expense - Net Periodic Benefit Cost (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Service cost - benefits earned during the period | $ 27 | $ 16 |
Interest cost on projected benefit obligation | 242 | 241 |
Expected return on plan assets | (429) | (304) |
Recognized actuarial loss | 283 | 277 |
Net periodic pension cost | $ 123 | $ 230 |
Note 4 - Supplemental Cash Fl32
Note 4 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Income Taxes Paid | $ 400 | $ 100 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 200 | $ 100 | ||
Company Stock Received in Lieu of Cash Stock Options Exercised | 5,863 | 16,500 | ||
Stock Issued During Period, Shares, New Issues | 20,234 | 41,544 | ||
Contract with Customer, Asset, Net, Current, Total | $ 43,300 | $ 47,098 | ||
Increase (Decrease) in Inventories, Total | $ (3,742) | $ 1,078 | ||
Accounting Standards Update 2014-09 [Member] | ||||
Increase (Decrease) in Inventories, Total | (24,900) | |||
Increase (Decrease) in Accounts Payable, Total | 2,600 | |||
Increase (Decrease) in Other Current Liabilities | 1,100 | |||
Increase (Decrease) in Deferred Income Taxes | $ (3,500) |
Note 6 - Share-based Compensa33
Note 6 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,507,469 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award Options Vested and Expected to Vest Exercisable Intrinsic Value | $ 7,800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 120 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 600 | $ 600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 87,385 | 90,012 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.06 | $ 4.83 | ||
Proceeds from Stock Options Exercised | $ 257 | $ 105 | ||
Stock Issued During Period, Shares, New Issues | 20,234 | 41,544 | ||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 100 | $ 100 | ||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | [1] | 3 years | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 120 days | |||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 1,300 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 48,515 | 43,988 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.06 | $ 4.83 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 12,125 | 59,364 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 100 | $ 700 | ||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Equity Instruments Other than Options | $ 100 | $ 200 | ||
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 | $ 23.56 | |||
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, Total | $ 1,200 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 29 days | |||
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 | $ 26.99 | |||
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, Total | $ 1,500 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||
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 | |||
Common Stock [Member] | ||||
Shares Received from Stock Options Exercised | 5,863 | 16,500 | ||
Stock Issued During Period, Shares, New Issues | 20,234 | 41,544 | ||
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 Compensa34
Note 6 - Share-based Compensation - Shared-based Compensation Expense and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based compensation expense | $ 1,052 | $ 842 |
Related income tax benefit | 111 | 334 |
Stock Options and SARs [Member] | ||
Share-based compensation expense | 823 | 665 |
Restricted Stock [Member] | ||
Share-based compensation expense | 124 | 134 |
Performance Shares [Member] | ||
Share-based compensation expense | $ 105 | $ 43 |
Note 6 - Share-based Compensa35
Note 6 - Share-based Compensation - Stock Option Transactions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Outstanding options (in shares) | 633,877 | |
Outstanding options (in dollars per share) | $ 13.33 | |
Granted options (in shares) | 87,385 | 90,012 |
Granted options (in dollars per share) | $ 23.59 | |
Exercised options (in shares) | (38,908) | |
Exercised options (in dollars per share) | $ 10.35 | |
Lapsed options (in shares) | ||
Lapsed options (in dollars per share) | ||
Cancelled options (in shares) | (700) | |
Cancelled options (in dollars per share) | $ 18.68 | |
Outstanding options (in shares) | 681,654 | |
Outstanding options (in dollars per share) | $ 14.81 |
Note 6 - Share-based Compensa36
Note 6 - Share-based Compensation - Stock Options Outstanding (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Lower range of exercise prices on options (in dollars per share) | $ 3.82 |
Upper range of exercise prices on options (in dollars per share) | $ 23.59 |
Options outstanding (in shares) | shares | 681,654 |
Weighted average remaining contractual life on options (Year) | 3 years 116 days |
Weighted average exercise price on options (in dollars per share) | $ 14.81 |
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) | $ 5.88 |
Options outstanding (in shares) | shares | 102,800 |
Weighted average remaining contractual life on options (Year) | 2 years 339 days |
Weighted average exercise price on options (in dollars per share) | $ 5.26 |
Exercise Price Range 2 [Member] | |
Lower range of exercise prices on options (in dollars per share) | 7.36 |
Upper range of exercise prices on options (in dollars per share) | $ 10.38 |
Options outstanding (in shares) | shares | 128,367 |
Weighted average remaining contractual life on options (Year) | 2 years 14 days |
Weighted average exercise price on options (in dollars per share) | $ 7.88 |
Exercise Price Range 3 [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 |
Options outstanding (in shares) | shares | 316,017 |
Weighted average remaining contractual life on options (Year) | 3 years 146 days |
Weighted average exercise price on options (in dollars per share) | $ 17.28 |
Exercise Price Range 4 [Member] | |
Lower range of exercise prices on options (in dollars per share) | 21.63 |
Upper range of exercise prices on options (in dollars per share) | $ 23.59 |
Options outstanding (in shares) | shares | 134,470 |
Weighted average remaining contractual life on options (Year) | 4 years 240 days |
Weighted average exercise price on options (in dollars per share) | $ 22.90 |
Note 6 - Share-based Compensa37
Note 6 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Outstanding SARS (in shares) | 146,504 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 17.38 | |
Granted SARS (in shares) | 48,515 | 43,988 |
Granted SARS, weighted average exercise price (in dollars per share) | $ 23.59 | |
Exercised SARS (in shares) | (12,125) | (59,364) |
Exercised SARS, weighted average exercise price (in dollars per share) | $ 17.92 | |
Outstanding SARS (in shares) | 182,894 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 18.99 |
Note 6 - Share-based Compensa38
Note 6 - Share-based Compensation - Stock Appreciation Rights Outstanding (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Lower range of exercise prices on options (in dollars per share) | $ 3.82 | |
Upper range of exercise prices on options (in dollars per share) | 23.59 | |
Stock Appreciation Rights (SARs) [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) | $ 23.59 | |
Shares (in shares) | 182,894 | 146,504 |
Weighted average remaining contratual life (Year) | 3 years 131 days | |
Weighted average exercise price (in dollars per share) | $ 18.99 | $ 17.38 |
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) | 5.88 | |
Exercise Price Range 1 [Member] | Stock Appreciation Rights (SARs) [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 | |
Shares (in shares) | 134,379 | |
Weighted average remaining contratual life (Year) | 2 years 302 days | |
Weighted average exercise price (in dollars per share) | $ 17.33 | |
Exercise Price Range 2 [Member] | ||
Lower range of exercise prices on options (in dollars per share) | 7.36 | |
Upper range of exercise prices on options (in dollars per share) | 10.38 | |
Exercise Price Range 2 [Member] | Stock Appreciation Rights (SARs) [Member] | ||
Lower range of exercise prices on options (in dollars per share) | 23.59 | |
Upper range of exercise prices on options (in dollars per share) | $ 23.59 | |
Shares (in shares) | 48,515 | |
Weighted average remaining contratual life (Year) | 4 years 302 days | |
Weighted average exercise price (in dollars per share) | $ 23.59 |
Note 6 - Share-based Compensa39
Note 6 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | ||
Expected award life (years)2 | |||
Expected award life (Year) | 5 years | ||
Stock Appreciation Rights (SARs) [Member] | |||
Exercise price | |||
Exercise price (in dollars per share) | $ 23.59 | $ 16.97 | |
Market price | |||
Market price (in dollars per share) | $ 23.59 | $ 16.97 | |
Risk free interest rate1 | |||
Risk free interest rate | [1] | 2.60% | 1.90% |
Expected award life (years)2 | |||
Expected award life (Year) | [2] | 3 years | 5 years |
Expected volatility3 | |||
Expected volatility | [3] | 38.10% | 36.60% |
Expected dividend yield4 | |||
Expected dividend yield | [4] | 1.60% | 2.10% |
Employee Stock Option [Member] | |||
Exercise price | |||
Exercise price (in dollars per share) | $ 23.59 | $ 16.97 | |
Market price | |||
Market price (in dollars per share) | $ 23.59 | $ 16.97 | |
Risk free interest rate1 | |||
Risk free interest rate | [1] | 2.60% | 1.90% |
Expected award life (years)2 | |||
Expected award life (Year) | [2] | 3 years | 5 years |
Expected volatility3 | |||
Expected volatility | [3] | 38.10% | 36.60% |
Expected dividend yield4 | |||
Expected dividend yield | [4] | 1.60% | 2.10% |
[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 periods ending March 31, 2018 and 2017 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 6 - Share-based Compensa40
Note 6 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Outstanding restricted stock (in shares) | shares | 61,378 |
Outstanding restricted stock (in dollars per share) | $ / shares | $ 17.89 |
Granted restricted stock (in shares) | shares | 24,908 |
Granted restricted stock (in dollars per share) | $ / shares | $ 23.56 |
Vested restricted stock (in shares) | shares | |
Vested restricted stock (in dollars per share) | $ / shares | |
Forfeited restricted stock (in shares) | shares | |
Forfeited restricted stock (in dollars per share) | $ / shares | |
Outstanding restricted stock (in shares) | shares | 86,286 |
Outstanding restricted stock (in dollars per share) | $ / shares | $ 19.52 |
Note 6 - Share-based Compensa41
Note 6 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Outstanding restricted stock (in shares) | shares | 118,492 |
Outstanding restricted stock (in dollars per share) | $ / shares | $ 17.24 |
Granted performance shares (in shares) | shares | 2,778 |
Granted performance shares (in dollars per share) | $ / shares | $ 26.99 |
Vested performance shares (in shares) | shares | 0 |
Vested performance shares (in dollars per share) | $ / shares | $ 0 |
Forfeited performance shares (in shares) | shares | |
Forfeited performance shares (in dollars per share) | $ / shares | |
Outstanding restricted stock (in shares) | shares | 121,270 |
Outstanding restricted stock (in dollars per share) | $ / shares | $ 17.46 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - Stock Compensation Plan [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 149,800 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price | $ 18.65 |
Note 7 - Earnings Per Share - R
Note 7 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net earnings used in the computation of basic and diluted earnings per share (in thousands) | $ 2,450 | $ 3,835 |
Weighted average shares outstanding - basic (in shares) | 14,821,659 | 14,350,721 |
Common stock equivalents (in shares) | 635,970 | 578,974 |
(Diluted) (in shares) | 15,457,629 | 14,929,695 |
Weighted average number of shares outstanding during the period | ||
Net earnings (in dollars per share) | $ 0.17 | $ 0.27 |
Net earnings (in dollars per share) | $ 0.16 | $ 0.26 |
Note 8 - Operating Segment In44
Note 8 - Operating Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
Number of Operating Segments | 3 |
Note 8 - Operating Segment In45
Note 8 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 73,087,000 | $ 60,987,000 | |
Gross margin | 24,875,000 | 22,214,000 | |
Selling, General and Administrative Expense, Total | 21,182,000 | 17,429,000 | |
Other periodic pension cost | 96,000 | 214,000 | |
Interest expense | 277,000 | 184,000 | |
Income (loss) before taxes on income | 3,320,000 | 5,405,000 | |
Depreciation and amortization | 1,626,000 | 1,358,000 | |
Capital expenditures | 1,055,000 | 930,000 | |
Total assets | 235,079,000 | 197,150,000 | $ 218,938,000 |
Gain (loss) on sale of property, plant and equipment | 1,018,000 | ||
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | (1,013,000) | (940,000) | |
Gross margin | (671,000) | (618,000) | |
Selling, General and Administrative Expense, Total | (671,000) | (618,000) | |
Other periodic pension cost | |||
Interest expense | |||
Income (loss) before taxes on income | |||
Depreciation and amortization | |||
Capital expenditures | |||
Total assets | (62,833,000) | (24,449,000) | |
Gain (loss) on sale of property, plant and equipment | |||
Uniforms and Related Products [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 48,125,000 | ||
Uniforms and Related Products [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 48,125,000 | 48,331,000 | |
Gross margin | 16,536,000 | 16,982,000 | |
Selling, General and Administrative Expense, Total | 14,140,000 | 13,536,000 | |
Other periodic pension cost | 96,000 | 214,000 | |
Interest expense | 60,000 | 103,000 | |
Income (loss) before taxes on income | 2,240,000 | 3,127,000 | |
Depreciation and amortization | 1,065,000 | 1,053,000 | |
Capital expenditures | 685,000 | 847,000 | |
Total assets | 216,536,000 | 174,478,000 | |
Gain (loss) on sale of property, plant and equipment | (2,000) | ||
Remote Staffing Solutions [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 6,286,000 | ||
Remote Staffing Solutions [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 7,299,000 | 4,663,000 | |
Gross margin | 4,161,000 | 2,547,000 | |
Selling, General and Administrative Expense, Total | 2,512,000 | 1,705,000 | |
Other periodic pension cost | |||
Interest expense | |||
Income (loss) before taxes on income | 1,649,000 | 1,862,000 | |
Depreciation and amortization | 237,000 | 188,000 | |
Capital expenditures | 265,000 | 54,000 | |
Total assets | 24,296,000 | 18,736,000 | |
Gain (loss) on sale of property, plant and equipment | 1,020,000 | ||
Promotional Products [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 18,676,000 | ||
Promotional Products [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 18,676,000 | 8,933,000 | |
Gross margin | 4,849,000 | 3,303,000 | |
Selling, General and Administrative Expense, Total | 5,201,000 | 2,806,000 | |
Other periodic pension cost | |||
Interest expense | 217,000 | 81,000 | |
Income (loss) before taxes on income | (569,000) | 416,000 | |
Depreciation and amortization | 324,000 | 117,000 | |
Capital expenditures | 105,000 | 29,000 | |
Total assets | $ 57,080,000 | 28,385,000 | |
Gain (loss) on sale of property, plant and equipment |
Note 9 - Acquisition of Busin46
Note 9 - Acquisition of Business (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Dec. 01, 2017 | Aug. 21, 2017 | Mar. 08, 2016 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Business Combination, Contingent Consideration, Liability, Current | $ 3,061 | $ 1,080 | ||||
Amortization of Intangible Assets, Total | 800 | $ 600 | ||||
Goodwill, Ending Balance | $ 16,032 | 16,042 | ||||
BAMKO [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 15,200 | |||||
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 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 11,360 | |||||
Business Combination, Contingent Consideration, Liability, Total | 5,100 | |||||
Business Combination, Contingent Consideration, Liability, Current | 1,100 | |||||
Amortization of Intangible Assets, Total | $ 100 | 100 | ||||
Business Combination, Consideration Transferred, Total | 24,924 | |||||
Goodwill, Ending Balance | 6,994 | |||||
BAMKO [Member] | Customer Relationships [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,100 | |||||
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, Total | 400 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 302 days | |||||
BAMKO [Member] | Trade Names [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 8,900 | |||||
Public Identity [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 800 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 54,000 | |||||
Business Acquisition, Equity Interested Issued, Vesting Period | 3 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,700 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 400 | |||||
Business Combination, Consideration Transferred, Total | 2,300 | |||||
Goodwill, Ending Balance | $ 600 | |||||
Tangerine [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 7,200 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 83,000 | |||||
Business Acquisition, Equity Interested Issued, Vesting Period | 4 years | |||||
Business Combination, Liabilities Arising From Contingencies, Earn Out Liability, Before Discount | $ 5,500 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 6,495 | |||||
Business Combination, Contingent Consideration, Liability, Total | $ 3,400 | |||||
Amortization of Intangible Assets, Total | 100 | |||||
Business Combination, Consideration Transferred, Total | 12,088 | |||||
Goodwill, Ending Balance | 4,169 | |||||
Business Acquisition, Pro Forma Revenue | 7,800 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 100 | |||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.01 | |||||
Tangerine [Member] | Customer Relationships [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,100 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||
Tangerine [Member] | Noncompete Agreements [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 200 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||
Tangerine [Member] | Trade Names [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 3,200 |
Note 9 - Acquisition of Busin47
Note 9 - Acquisition of Business - Purchase Price (Details) - USD ($) $ in Thousands | Dec. 01, 2017 | Mar. 08, 2016 |
BAMKO [Member] | ||
Cash consideration at closing, net of cash acquired | $ 15,161 | |
Restricted shares of Superior common stock issued | 4,558 | |
Contingent consideration | 5,205 | |
Business Combination, Consideration Transferred, Total | $ 24,924 | |
Tangerine [Member] | ||
Cash consideration at closing, net of cash acquired | $ 7,222 | |
Restricted shares of Superior common stock issued | 1,657 | |
Contingent consideration | 3,209 | |
Business Combination, Consideration Transferred, Total | $ 12,088 |
Note 9 - Acquisition of Busin48
Note 9 - Acquisition of Business - Aggregate Consideration (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 01, 2017 | Mar. 08, 2016 |
Goodwill, Ending Balance | $ 16,042 | $ 16,032 | ||
BAMKO [Member] | ||||
Accounts receivable | $ 4,885 | |||
Prepaid expenses and other current assets | 3,200 | |||
Inventories | 236 | |||
Property, plant and equipment | 199 | |||
Other assets | 100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 11,360 | |||
Goodwill, Ending Balance | 6,994 | |||
Total assets | 26,974 | |||
Accounts payable | 1,314 | |||
Other current liabilities | 736 | |||
Total liabilities | $ 2,050 | |||
Tangerine [Member] | ||||
Accounts receivable | $ 5,051 | |||
Prepaid expenses and other current assets | 969 | |||
Property, plant and equipment | 131 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 6,495 | |||
Goodwill, Ending Balance | 4,169 | |||
Total assets | 16,815 | |||
Accounts payable | 3,374 | |||
Other current liabilities | 1,353 | |||
Total liabilities | $ 4,727 |