Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 23, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | SUPERIOR GROUP OF COMPANIES, INC. | |
Entity Central Index Key | 0000095574 | |
Trading Symbol | sgc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 15,244,692 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 86,552 | $ 73,087 |
Costs and expenses: | ||
Cost of goods sold | 56,284 | 48,212 |
Selling and administrative expenses | 25,863 | 21,182 |
Other periodic pension costs | 259 | 96 |
Interest expense | 1,170 | 277 |
83,576 | 69,767 | |
Income before taxes on income | 2,976 | 3,320 |
Income tax expense | 600 | 870 |
Net income | $ 2,376 | $ 2,450 |
Weighted average number of shares outstanding during the period | ||
(Basic) (in shares) | 14,927,341 | 14,821,659 |
(Diluted) (in shares) | 15,262,654 | 15,457,629 |
Basic | ||
Net income, Basic (in dollars per share) | $ 0.16 | $ 0.17 |
Diluted | ||
Net income, Diluted (in dollars per share) | $ 0.16 | $ 0.16 |
Other comprehensive income, net of tax: | ||
Recognition of net losses included in net periodic pension costs | $ 247 | $ 216 |
Loss (gain) on cash flow hedging activities | (5) | 140 |
Foreign currency translation adjustment | (28) | 52 |
Other comprehensive income | 214 | 408 |
Comprehensive income | $ 2,590 | $ 2,858 |
Cash dividends per common share (in dollars per share) | $ 0.10 | $ 0.095 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 6,824 | $ 5,362 | |
Accounts receivable, less allowance for doubtful accounts of $2,004 and $2,042, respectively | 63,610 | 64,017 | |
Accounts receivable - other | 1,431 | 1,744 | |
Inventory, Net, Total | [1] | 65,753 | 67,301 |
Contract assets | 47,359 | 49,236 | |
Prepaid expenses and other current assets | 11,488 | 9,552 | |
TOTAL CURRENT ASSETS | 196,465 | 197,212 | |
PROPERTY, PLANT AND EQUIPMENT, NET | 29,388 | 28,769 | |
OPERATING LEASE RIGHT-OF-USE ASSETS | 4,581 | ||
OTHER INTANGIBLE ASSETS, NET | 65,389 | 66,312 | |
GOODWILL | 33,955 | 33,961 | |
OTHER ASSETS | 9,796 | 8,832 | |
339,574 | 335,086 | ||
CURRENT LIABILITIES: | |||
Accounts payable | 24,802 | 24,685 | |
Other current liabilites | 15,703 | 14,767 | |
Current portion of long-term debt | 15,286 | 6,000 | |
Current portion of acquisition-related contingent liabilities | 941 | 941 | |
TOTAL CURRENT LIABILITIES | 56,732 | 46,393 | |
LONG-TERM DEBT | 101,931 | 111,522 | |
LONG-TERM PENSION LIABILITY | 8,643 | 8,705 | |
LONG-TERM ACQUISITION-RELATED CONTINGENT LIABILITIES | 5,622 | 5,422 | |
OPERATING LEASE LIABILITIES | 2,866 | ||
DEFERRED TAX LIABILITY | 7,365 | 8,475 | |
OTHER LONG-TERM LIABILITIES | 4,690 | 3,648 | |
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 - 15,229,775 and 15,202,387, respectively. | 15 | 15 | |
Additional paid-in capital | 56,536 | 55,859 | |
Retained earnings | 102,945 | 103,032 | |
Accumulated other comprehensive income (loss), net of tax: | |||
Pensions | (7,426) | (7,673) | |
Cash flow hedges | 108 | 113 | |
Foreign currency translation adjustment | (453) | (425) | |
TOTAL SHAREHOLDERS' EQUITY | 151,725 | 150,921 | |
$ 339,574 | $ 335,086 | ||
[1] | Inventories consist of the following: March 31, 2019 December 31, (Unaudited) 2018 Finished goods $ 56,552 $ 58,196 Work in process 527 650 Raw materials 8,674 8,455 $ 65,753 $ 67,301 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 2,004 | $ 2,042 |
Finished goods | 56,552 | 58,196 |
Work in process | 527 | 650 |
Raw materials | $ 8,674 | $ 8,455 |
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) | 15,229,775 | 15,202,387 |
Common stock, shares outstanding (in shares) | 15,229,775 | 15,202,387 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 15,081,947 | ||||
Balance at Dec. 31, 2017 | $ 15 | $ 49,103 | $ 83,129 | $ (7,279) | $ 124,968 |
ASC 606 adjustment to opening retained earnings | 11,245 | 11,245 | |||
Common shares issued upon exercise of options, net (in shares) | 33,045 | ||||
Common shares issued upon exercise of options, net | 383 | (126) | 257 | ||
Restricted shares issued (in shares) | 24,908 | ||||
Restricted shares issued | |||||
Common shares issued upon exercise of Stock Appreciation Rights (SARs) (in shares) | 3,428 | ||||
Share-based compensation expense | 1,052 | 1,052 | |||
Tax withheld on exercise of Stock Appreciation Rights (SARs) | (17) | (17) | |||
Tax benefit from vesting of acquisition related restricted stock | 105 | 105 | |||
Cash dividends declared | (1,402) | (1,402) | |||
Net income | 2,450 | 2,450 | |||
Cash flow hedges, net of taxes | 140 | 140 | |||
Pensions, net of taxes | 216 | 216 | |||
Change in currency translation adjustment, net of taxes | 52 | 52 | |||
Comprehensive Income: | 2,858 | ||||
Balance (in shares) at Mar. 31, 2018 | 15,143,328 | ||||
Balance at Mar. 31, 2018 | $ 15 | 50,626 | 95,296 | (6,871) | $ 139,066 |
Balance (in shares) at Dec. 31, 2018 | 15,202,387 | 15,202,387 | |||
Balance at Dec. 31, 2018 | $ 15 | 55,859 | 103,032 | (7,985) | $ 150,921 |
Common shares issued upon exercise of options, net (in shares) | 44,161 | 55,344 | |||
Common shares issued upon exercise of options, net | 369 | (159) | $ 210 | ||
Restricted shares issued (in shares) | 38,829 | ||||
Restricted shares issued | |||||
Share-based compensation expense | 481 | 481 | |||
Tax benefit from vesting of acquisition related restricted stock | 30 | 30 | |||
Cash dividends declared | (1,515) | (1,515) | |||
Net income | 2,376 | 2,376 | |||
Cash flow hedges, net of taxes | (5) | (5) | |||
Pensions, net of taxes | 247 | 247 | |||
Change in currency translation adjustment, net of taxes | (28) | (28) | |||
Comprehensive Income: | 2,590 | ||||
Common stock reacquired and retired (in shares) | (55,602) | ||||
Common stock reacquired and retired | (203) | (789) | $ (992) | ||
Balance (in shares) at Mar. 31, 2019 | 15,229,775 | 15,229,775 | |||
Balance at Mar. 31, 2019 | $ 15 | $ 56,536 | $ 102,945 | $ (7,771) | $ 151,725 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retained Earnings [Member] | ||
Cash dividends declared, per share (in dollars per share) | $ (0.10) | $ (0.095) |
AOCI Attributable to Parent [Member] | ||
Cash flow hedges, tax | $ 45 | |
Pensions, taxes | 68 | |
Cash flow hedges, tax | $ 1 | |
Pensions, taxes | 78 | |
Change in currency translation adjustment, taxes | $ 5 | $ 9 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 2,376 | $ 2,450 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 2,060 | 1,626 |
Provision for bad debts - accounts receivable | 138 | 157 |
Share-based compensation expense | 481 | 1,052 |
Deferred income tax benefit (provision) | (1,182) | 162 |
Gain on sale of property, plant and equipment | (3) | |
Change in fair value of acquisition-related contingent liabilities | 201 | 209 |
Changes in assets and liabilities: | ||
Accounts receivable - trade | 309 | 2,147 |
Accounts receivable - other | 312 | (259) |
Contract assets | 1,876 | (3,780) |
Inventories | 1,522 | 3,742 |
Prepaid expenses and other current assets | (2,197) | 27 |
Other assets | (1,503) | (1,564) |
Accounts payable and other current liabilities | (12) | (7,132) |
Long-term pension liability | 262 | 97 |
Other long-term liabilities | 1,099 | 450 |
Net cash provided by (used in) operating activities | 5,739 | (616) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (1,723) | (1,055) |
Proceeds from disposals of property, plant and equipment | 3 | |
Net cash used in investing activities | (1,720) | (1,055) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 54,856 | 31,657 |
Repayment of long-term debt | (55,161) | (24,642) |
Payment of cash dividends | (1,515) | (1,402) |
Payment of acquisition-related contingent liability | (2,000) | |
Proceeds received on exercise of stock options | 210 | 257 |
Tax benefit from vesting of acquisition-related restricted stock | 30 | 105 |
Tax withholding on exercise of stock rights | (17) | |
Common stock reaquired and retired | (992) | |
Net cash (used in) provided by financing activities | (2,572) | 3,958 |
Effect of currency exchange rates on cash | 15 | 25 |
Net increase in cash and cash equivalents | 1,462 | 2,312 |
Cash and cash equivalents balance, beginning of year | 5,362 | 8,130 |
Cash and cash equivalents balance, end of period | $ 6,824 | $ 10,442 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Interim Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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 Group of Companies, Inc. and its wholly-owned subsidiaries, The Office Gurus, LLC, SUG Holding, Superior Group Holdings, Inc., Fashion Seal Corporation, BAMKO, LLC and CID Resources, Inc.; The Office Gurus, Ltda, de C.V., The Office Masters, Ltda., de C.V. and The Office Gurus, Ltd., each a subsidiary of Fashion Seal Corporation and SUG Holding; and 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% May 3, 2018, 10 December 31, 2018, not not b) Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three c) Revenue recognition Effective January, 2018, 2014 09 Revenue from Contracts with Customers 606 not January 1, 2018. January 1 2018 606 not $11.2 January 1, 2018 606. Revenue for our Uniforms and Related Products and Promotional Products segments is recognized when the earnings process is complete. For certain contracts with customers in which the Company has an enforceable right to payment for goods with no may not no not Compared to the respective prior year quarter, the impact of adoption of ASC 606 $1.8 three March 31, 2019, $3.8 three March 31, 2018. The impact of adoption of ASC 606 March 31, 2019 Balance Sheet As Reported Balances Without Adoption of Effect of Change 3/31/2019 ASC 606 3/31/2019 Assets: Contract assets $ 47,359 $ - $ 47,359 Inventory 65,753 93,512 (27,759 ) Liabilities: Accounts payable $ 24,802 $ 22,008 $ 2,794 Other current liabilites 15,703 12,811 2,892 Deferred tax liability 7,365 5,441 1,924 In accordance with ASC 606, $47.3 March 31, 2019 not Statement of Comprehensive Income As Reported Balances Without Adoption of Effect of Change 3/31/2019 ASC 606 3/31/2019 Net sales $ 86,552 $ 88,346 $ (1,794 ) Cost of goods sold 56,284 57,117 (833 ) Selling and administrative expenses 25,863 25,822 41 The cost of goods sold associated with our ASC 606 Revenue from our Remote Staffing segment is recognized as services are delivered. 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 $1.0 $0.8 three March 31, 2019 2018, e) Cost of goods sold and 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 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 $3.4 $2.7 three March 31, 2019 2018, f) Inventories Inventories are stated at the lower of cost ( first first may g) Accounting for income taxes The provision for income taxes is calculated by using the effective tax rate anticipated for the full year. h) 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. i) 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-settled appreciation rights, restricted stock, and performance shares. j) 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 May 2, 2018, 3.05% May 1, 2018 $17.5 not k) 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. l) Comprehensive income Other comprehensive income (loss) is defined as the change in equity during a period, from transactions and other events, excluding changes resulting from investments by owners (e.g., supplemental stock offering) and distributions to owners (e.g., dividends). Components of comprehensive income include changes in foreign currency translation adjustments (net of tax), pension plan adjustments (net of tax), and changes in the fair value of cash flow hedges (net of tax). m) Operating segments The Financial Accounting Standards Board (“FASB”) establishes standards for the way that public companies report information about operating segments in annual financial statements and establishes standards for related disclosures about product and services, geographic areas and major customers. The Company has reviewed the standard and determined that it has three n) Share-based compensation The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. The Company grants options, stock-settled stock appreciation rights, restricted stock, and performance shares. At March 31, 2019, 3,308,588 2013 The Company recognizes share-based compensation expense, either at the date of grant or over a subsequent vesting period, 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. o) Recently Adopted Accounting Pronouncements In February 2016, No. 2016 02, Lea s es (Topic 842 July 2018, No. 2018 10, Codification Improvements to Topic 842, No. 2018 11, Targeted Improvements 842” 842 842 January 1, 2019 not January 1, 2019. one not 842. not not $4.1 $1 $3.1 $4.6 5.74% $4.9 $4.1 $0.8 10 March 31, 2019. In January 2017, 2017 04, 2017 04 two December 15, 2019. not In February 2018, 2018 02, 220 2018 02 December 15, 2018 January 1, 2019 not No |
Note 2 - Long-term Debt
Note 2 - Long-term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 2 - Long-Term Debt: March 31, December 31, (In thousands) 2019 2018 Note payable to BB&T, pursuant to revolving credit agreement, maturing May 2023 $ 24,126 $ 1,193 Term loan payable to BB&T maturing January 22, 2026 63,452 - Term loan payable to BB&T maturing February 26, 2024 30,000 31,500 Term loan payable to BB&T maturing May 2020 - 85,000 $ 117,578 $ 117,693 Less: Payments due within one year included in current liabilities 15,286 6,000 Debt issuance costs 361 171 Long-term debt less current maturities $ 101,931 $ 111,522 Effective February 28, 2017, 7 $35 February 25, 2022, $42 February 26, 2024. one 1/100 th 1% 0.75%. 0.10% Effective May 2, 2018, May 2, 2018 ( $35 $75 $85 No $85 May 2023 $85 May 2020. $42 February 2024 $42 2019 2023 $6.0 2024 $1.5 Obligations outstanding under the revolving credit facility and the $42 one 0.68% 3.17% March 31, 2019). March 31, 2019, no not On January 22, 2019, $85 $20 $65 January 22, 2026 0.85% 3.34% March 31, 2019). $65 2019 $8.5 2020 2025 $9.3 2026 $0.8 $42 $65 The Amended and Restated Credit Agreement, as amended, contains customary events of default and negative covenants, including but not 1.25:1 not 4.0:1. March 31, 2019, Effective March 3, 2017, 3.12% March 1, 2018 $18.0 $0.3 April 1, 2018 February 26, 2024. May 2, 2018, 3.05% May 1, 2018 $17.5 no not May 2, 2018, $0.1 March 31 2019, $0.1 |
Note 3 - Periodic Pension Expen
Note 3 - Periodic Pension Expense | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | N OTE 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) 2019 2018 Service cost - benefits earned during the period $ 29 $ 27 Interest cost on projected benefit obligation 271 242 Expected return on plan assets (337 ) (429 ) Recognized actuarial loss 325 283 Net periodic pension cost $ 288 $ 123 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, 2019 2018, |
Note 4 - Supplemental Cash Flow
Note 4 - Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 4 - Sup plemental Cash Flow Information : Cash paid for income taxes was $0.2 $0.4 three March 31, 2019 2018. $1.0 $0.2 three March 31, 2019 2018. During the three March 31, 2019 2018, 11,183 5,863 27,172 20,234 As a result of the adoption of ASC 606 January 1, 2018: $43.3 $24.9 $2.6 $1.1 $3.5 As a result of the adoption of ASC 842 January 1, 2019: $4.9 $0.1 $0.7 $1.0 $3.1 |
Note 5 - Contingencies
Note 5 - Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 | |
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, 2019, 3,308,588 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) 2019 2018 Stock options and SARS $ 73 $ 823 Restricted stock 188 124 Performance shares 220 105 Total share-based compensation expense $ 481 $ 1,052 Related income tax benefit $ 58 $ 111 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 or after a two five ten A summary of stock option transactions during the three March 31, 2019 No. of Weighted Average Shares Exercise Price Outstanding December 31, 2018 676,846 $ 15.70 Granted 128,259 17.77 Exercised (55,344 ) 7.41 Lapsed - - Cancelled (17,016 ) 19.62 Outstanding March 31, 2019 732,745 $ 16.60 At March 31, 2019, 568,498 164,247 $1.4 40 Options exercised during the three March 31, 2019 2018 $0.6 $0.6 The weighted average fair values of the Company’s 128,259 87,385 three March 31, 2019 2018 $3.97 $6.06, March 31, 2019, $0.6 1.6 During the three March 31, 2019 2018, $0.2 $0.3 three March 31, 2019 2018, 11,183 5,863 27,172 20,234 three March 31, 2018 $0.1 no three March 31, 2019. The following table summarizes information about stock options outstanding as of March 31, 2019: Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $ 3.82 - $ 5.88 89,000 2.36 $ 5.33 $ 7.96 - $10.38 42,000 3.50 $ 8.76 $16.35 - $18.86 464,474 3.24 $ 17.57 $21.63 - $24.28 137,271 4.10 $ 23.03 $ 3.82 - $24.28 732,745 3.31 $ 16.60 A summary of stock-settled SARS transactions during the three March 31, 2019 No. of Weighted Average Shares Exercise Price Outstanding December 31, 2018 182,894 $ 18.99 Granted 42,841 17.77 Exercised - - Lapsed - - Cancelled (3,134 ) 21.97 Outstanding March 31, 2019 222,601 $ 18.71 At March 31, 2019, 180,633 41,968 $0.1 34 The weighted average fair values of the Company’s 42,841 48,515 three March 31, 2019 2018 $3.97 $6.06, March 31, 2019, $0.2 1.8 There were 12,125 three March 31, 2018. three March 31, 2018 $0.1 three March 31, 2018 $0.1 no three March 31, 2019. The following table summarizes information about SARS outstanding as of March 31, 2019: Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $16.35 - $18.66 176,347 2.54 $ 17.43 $23.59 - $23.59 46,254 3.83 $ 23.59 $16.35 - $23.59 222,601 2.81 $ 18.71 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 2019 $ 17.77 $ 17.77 2018 $ 23.59 $ 23.59 Market price 2019 $ 17.77 $ 17.77 2018 $ 23.59 $ 23.59 Risk free interest rate 1 2019 2.4% 2.4% 2018 2.6% 2.6% Expected award life (years) 2 2019 3 3 2018 3 3 Expected volatility 3 2019 34.8% 34.8% 2018 38.1% 38.1% Expected dividend yield 4 2019 2.3% 2.3% 2018 1.6% 1.6% 1 2 3 March 31, 2019 2018 4 Restricted Stock The Company has granted restricted stock to directors and certain employees under the terms of the 2013 three 2013 March 31, 2019, $1.5 1.83 A summary of restricted stock transactions during the three March 31, 2019 Weighted Average No. of Grant Date Shares Fair Value Outstanding December 31, 2018 92,032 $ 19.46 Granted 38,829 17.77 Vested - - Forfeited - - Outstanding March 31, 2019 130,861 $ 18.96 Performance Shares In the quarter ended March 31, 2019, 2013 three five five 2013 March 31, 2019, $2.7 2.6 A summary of performance share transactions during the three March 31, 2019 Weighted Average No. of Grant Date Shares Fair Value Outstanding December 31, 2018 194,378 $ 20.08 Granted 14,068 17.77 Vested - - Forfeited (1,000 ) 17.75 Outstanding March 31, 2019 207,446 $ 19.93 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 7 – Income Taxes: The Company calculates its interim income tax provision in accordance with the accounting guidance for income taxes in interim periods. At the end of each interim period, the Company makes its best estimate of the annual expected effective tax rate and applies that rate to its ordinary year-to-date income or loss. The tax expense or benefit related to significant, unusual, or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates, tax status, or judgment on the attainment of beginning-of-the-year deferred taxes in future years is recognized in the interim period in which the change occurs. The computation of the annual expected effective tax rate at each interim period requires certain estimates and assumptions including, but not may For the three March 31, 2019, $0.6 20.2%. three March 31, 2018, $0.9 26.2%. The difference between the total statutory Federal income tax rate and the actual effective income tax rate is accounted for as follows: Three Months Ended March 31, 2019 2018 Statutory Federal income tax rate 21.0 % 21.0 % State and local income taxes, net of Federal income tax benefit 3.0 % 3.6 % Current year untaxed foreign income (7.6 %) (6.5 %) Foreign taxes 2.3 % 4.6 % GILTI tax 1.8 % 3.0 % Compensation related 0.6 % 1.1 % Federal tax credits (0.5 %) (0.6 %) Other (0.4 %) 0.0 % Effective income tax rate 20.2 % 26.2 % |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 8 – 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 of restricted stock and performance shares. Three Months Ended March 31, 2019 2018 Net earnings used in the computation of basic and diluted earnings per share (in thousands) $ 2,376 $ 2,450 Weighted average shares outstanding - basic 14,927,341 14,821,659 Common stock equivalents 335,313 635,970 Weighted average shares outstanding - diluted 15,262,654 15,457,629 Per Share Data: Basic Net earnings $ 0.16 $ 0.17 Diluted Net earnings $ 0.16 $ 0.16 Awards to purchase approximately 341,995 $20.99 three March 31, 2019, not There were no three March 31, 2018 |
Note 9 - Operating Segment Info
Note 9 - Operating Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | N OTE 9 – 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 the Three Months Ended March 31, 2019 Net sales $ 58,679 $ 8,599 $ 20,359 $ (1,085 ) $ 86,552 Gross margin $ 20,318 $ 5,039 $ 5,626 $ (715 ) $ 30,268 Selling and administrative expenses 18,177 3,119 5,282 (715 ) 25,863 Other periodic pension cost 259 - - - 259 Interest expense 878 - 292 - 1,170 Income before taxes on income $ 1,004 $ 1,920 $ 52 $ - $ 2,976 Depreciation and amortization $ 1,488 $ 256 $ 316 $ - $ 2,060 Capital expenditures $ 1,158 $ 409 $ 156 $ - $ 1,723 Total assets $ 268,227 $ 31,794 $ 62,698 $ (23,145 ) $ 339,574 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three 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 |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 10 – Leases The Company leases several of its operating and office facilities including warehouses, call centers, office space and equipment for various terms under long-term, non-cancelable operating lease agreements. These leases generally have expected lease terms at adoption of one eight not third March 31, 2019 $3.9 $1 $2.9 $4.3 5.74%; $4.6 $3.9 $0.7 Information about the Company’s total lease cost, cash flows, weighted-average remaining lease terms, discount rate assumptions and other quantitative information for operating leases are as follows (dollars in thousands): March 31, 2019 Lease costs: Operating lease costs $ 325 Short-term lease costs 108 Total lease costs, included in SG&A 433 Operating cash-flows from operating leases $ 292 Weighted-average remaining lease term (in years) 3 Weighted average discount rate - operating leases 5.74 % Maturities of lease liabilities as of March 31 were as follows: Operating Leases 2019 (nine months) $ 890 2020 1,130 2021 797 2022 784 2023 634 Thereafter 108 Total lease payments $ 4,343 Less imputed interest 476 Total $ 3,867 |
Note 11 - Acquisition of Busine
Note 11 - Acquisition of Businesses | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 1 1 – Acquisition of Business es : CID Resources On May 2, 2018, The purchase price in the acquisition consisted of the following: (a) approximately $84.4 150,094 $39.5 Fair Value of Consideration Transferred A summary of the purchase price is as follows (in thousands): Cash consideration at closing $ 84,430 Superior common stock issued 3,763 Cash and working capital adjustment 2,521 Total Consideration $ 90,714 Assets Acquired and Liabilities Assumed The total purchase price was allocated to the tangible and intangible assets and liabilities of CID based on their estimated fair values as of May 2, 2018. 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 liabilities of CID based on their estimated fair values as of the effective date of the transaction. The assets and liabilities of CID shown below are based on our preliminary estimates of their acquisition date fair values. Our final fair value determination may The following is our preliminary assignment of the aggregate consideration (in thousands): Cash $ 1,360 Accounts receivable 9,657 Prepaid expenses and other current assets 1,248 Inventories 30,692 Property, plant and equipment 1,134 Contract assets 2,535 Identifiable intangible assets 41,020 Goodwill 17,968 Total assets $ 105,614 Accounts payable 4,472 Deferred tax liability 9,461 Other current liabilities 967 Total liabilities $ 14,900 The Company recorded $41.0 $26.0 $0.8 $14.2 Goodwill was calculated as the difference between the fair value of the consideration and the values assigned to the assets acquired and liabilities assumed. This goodwill will not The intangible assets associated with the customer relationships are being amortized for fifteen May 2, 2018 five not The Company recognized amortization expense on these acquired intangible assets of $0.5 three March 31, 2019. On a pro forma basis as if the results of this acquisition had been included in our consolidated results for the three March 31, 2018, $19.2 $2.0 2018, $0.13 BAMKO On March 8, 2016, March 1, 2016. $15.2 324,000 five $5.5 2021, The estimated fair value for acquisition-related contingent consideration payable was $4.1 March 31, 2019. $0.9 second 2019. $11.4 $2.1 $0.4 $8.9 seven March 1, 2016 five ten not 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 Tangerine Promotions On November 30, 2017, December 1, 2017. one $7.2 83,000 four $3.2 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 following is our 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 $2.5 March 31, 2019. 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, 2019, 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | a) Basis of presentation The consolidated interim financial statements include the accounts of Superior Group of Companies, Inc. and its wholly-owned subsidiaries, The Office Gurus, LLC, SUG Holding, Superior Group Holdings, Inc., Fashion Seal Corporation, BAMKO, LLC and CID Resources, Inc.; The Office Gurus, Ltda, de C.V., The Office Masters, Ltda., de C.V. and The Office Gurus, Ltd., each a subsidiary of Fashion Seal Corporation and SUG Holding; and 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% May 3, 2018, 10 December 31, 2018, not not |
Cash and Cash Equivalents, Policy [Policy Text Block] | b) Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three |
Revenue Recognition, Policy [Policy Text Block] | c) Revenue recognition Effective January, 2018, 2014 09 Revenue from Contracts with Customers 606 not January 1, 2018. January 1 2018 606 not $11.2 January 1, 2018 606. Revenue for our Uniforms and Related Products and Promotional Products segments is recognized when the earnings process is complete. For certain contracts with customers in which the Company has an enforceable right to payment for goods with no may not no not Compared to the respective prior year quarter, the impact of adoption of ASC 606 $1.8 three March 31, 2019, $3.8 three March 31, 2018. The impact of adoption of ASC 606 March 31, 2019 Balance Sheet As Reported Balances Without Adoption of Effect of Change 3/31/2019 ASC 606 3/31/2019 Assets: Contract assets $ 47,359 $ - $ 47,359 Inventory 65,753 93,512 (27,759 ) Liabilities: Accounts payable $ 24,802 $ 22,008 $ 2,794 Other current liabilites 15,703 12,811 2,892 Deferred tax liability 7,365 5,441 1,924 In accordance with ASC 606, $47.3 March 31, 2019 not Statement of Comprehensive Income As Reported Balances Without Adoption of Effect of Change 3/31/2019 ASC 606 3/31/2019 Net sales $ 86,552 $ 88,346 $ (1,794 ) Cost of goods sold 56,284 57,117 (833 ) Selling and administrative expenses 25,863 25,822 41 The cost of goods sold associated with our ASC 606 Revenue from our Remote Staffing segment is recognized as services are delivered. |
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 $1.0 $0.8 three March 31, 2019 2018, |
Cost Of Goods Sold And Shipping And Handling Fees And Costs, Policy [Policy Text Block] | e) Cost of goods sold and 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 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 $3.4 $2.7 three March 31, 2019 2018, |
Inventory, Policy [Policy Text Block] | f) Inventories Inventories are stated at the lower of cost ( first first may |
Income Tax, Policy [Policy Text Block] | g) 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] | h) 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] | i) 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-settled appreciation rights, restricted stock, and performance shares. |
Derivatives, Policy [Policy Text Block] | j) 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 May 2, 2018, 3.05% May 1, 2018 $17.5 not |
Use of Estimates, Policy [Policy Text Block] | k) 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] | l) Comprehensive income Other comprehensive income (loss) is defined as the change in equity during a period, from transactions and other events, excluding changes resulting from investments by owners (e.g., supplemental stock offering) and distributions to owners (e.g., dividends). Components of comprehensive income include changes in foreign currency translation adjustments (net of tax), pension plan adjustments (net of tax), and changes in the fair value of cash flow hedges (net of tax). |
Segment Reporting, Policy [Policy Text Block] | m) Operating segments The Financial Accounting Standards Board (“FASB”) establishes standards for the way that public companies report information about operating segments in annual financial statements and establishes standards for related disclosures about product and services, geographic areas and major customers. The Company has reviewed the standard and determined that it has three |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | n) Share-based compensation The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. The Company grants options, stock-settled stock appreciation rights, restricted stock, and performance shares. At March 31, 2019, 3,308,588 2013 The Company recognizes share-based compensation expense, either at the date of grant or over a subsequent vesting period, 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] | o) Recently Adopted Accounting Pronouncements In February 2016, No. 2016 02, Lea s es (Topic 842 July 2018, No. 2018 10, Codification Improvements to Topic 842, No. 2018 11, Targeted Improvements 842” 842 842 January 1, 2019 not January 1, 2019. one not 842. not not $4.1 $1 $3.1 $4.6 5.74% $4.9 $4.1 $0.8 10 March 31, 2019. In January 2017, 2017 04, 2017 04 two December 15, 2019. not In February 2018, 2018 02, 220 2018 02 December 15, 2018 January 1, 2019 not No |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Interim Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Consolidated Balance Sheet, Impact of New Standard [Table Text Block] | Balance Sheet As Reported Balances Without Adoption of Effect of Change 3/31/2019 ASC 606 3/31/2019 Assets: Contract assets $ 47,359 $ - $ 47,359 Inventory 65,753 93,512 (27,759 ) Liabilities: Accounts payable $ 24,802 $ 22,008 $ 2,794 Other current liabilites 15,703 12,811 2,892 Deferred tax liability 7,365 5,441 1,924 |
Statement of Comprehensive Income, Impact of New Standard [Table Text Block] | Statement of Comprehensive Income As Reported Balances Without Adoption of Effect of Change 3/31/2019 ASC 606 3/31/2019 Net sales $ 86,552 $ 88,346 $ (1,794 ) Cost of goods sold 56,284 57,117 (833 ) Selling and administrative expenses 25,863 25,822 41 |
Note 2 - Long-term Debt (Tables
Note 2 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | NOTE 2 - Long-Term Debt: March 31, December 31, (In thousands) 2019 2018 Note payable to BB&T, pursuant to revolving credit agreement, maturing May 2023 $ 24,126 $ 1,193 Term loan payable to BB&T maturing January 22, 2026 63,452 - Term loan payable to BB&T maturing February 26, 2024 30,000 31,500 Term loan payable to BB&T maturing May 2020 - 85,000 $ 117,578 $ 117,693 Less: Payments due within one year included in current liabilities 15,286 6,000 Debt issuance costs 361 171 Long-term debt less current maturities $ 101,931 $ 111,522 |
Note 3 - Periodic Pension Exp_2
Note 3 - Periodic Pension Expense (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | 2019 2018 Service cost - benefits earned during the period $ 29 $ 27 Interest cost on projected benefit obligation 271 242 Expected return on plan assets (337 ) (429 ) Recognized actuarial loss 325 283 Net periodic pension cost $ 288 $ 123 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, (In thousands) 2019 2018 Stock options and SARS $ 73 $ 823 Restricted stock 188 124 Performance shares 220 105 Total share-based compensation expense $ 481 $ 1,052 Related income tax benefit $ 58 $ 111 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | No. of Weighted Average Shares Exercise Price Outstanding December 31, 2018 676,846 $ 15.70 Granted 128,259 17.77 Exercised (55,344 ) 7.41 Lapsed - - Cancelled (17,016 ) 19.62 Outstanding March 31, 2019 732,745 $ 16.60 |
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 89,000 2.36 $ 5.33 $ 7.96 - $10.38 42,000 3.50 $ 8.76 $16.35 - $18.86 464,474 3.24 $ 17.57 $21.63 - $24.28 137,271 4.10 $ 23.03 $ 3.82 - $24.28 732,745 3.31 $ 16.60 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | No. of Weighted Average Shares Exercise Price Outstanding December 31, 2018 182,894 $ 18.99 Granted 42,841 17.77 Exercised - - Lapsed - - Cancelled (3,134 ) 21.97 Outstanding March 31, 2019 222,601 $ 18.71 |
Share-based Compensation, Activity [Table Text Block] | Weighted Average Range of Remaining Weighted Average Exercise Price Shares Contractual Life (Years) Exercise Price $16.35 - $18.66 176,347 2.54 $ 17.43 $23.59 - $23.59 46,254 3.83 $ 23.59 $16.35 - $23.59 222,601 2.81 $ 18.71 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended March 31, SARS Options Exercise price 2019 $ 17.77 $ 17.77 2018 $ 23.59 $ 23.59 Market price 2019 $ 17.77 $ 17.77 2018 $ 23.59 $ 23.59 Risk free interest rate 1 2019 2.4% 2.4% 2018 2.6% 2.6% Expected award life (years) 2 2019 3 3 2018 3 3 Expected volatility 3 2019 34.8% 34.8% 2018 38.1% 38.1% Expected dividend yield 4 2019 2.3% 2.3% 2018 1.6% 1.6% |
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, 2018 92,032 $ 19.46 Granted 38,829 17.77 Vested - - Forfeited - - Outstanding March 31, 2019 130,861 $ 18.96 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding December 31, 2018 194,378 $ 20.08 Granted 14,068 17.77 Vested - - Forfeited (1,000 ) 17.75 Outstanding March 31, 2019 207,446 $ 19.93 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended March 31, 2019 2018 Statutory Federal income tax rate 21.0 % 21.0 % State and local income taxes, net of Federal income tax benefit 3.0 % 3.6 % Current year untaxed foreign income (7.6 %) (6.5 %) Foreign taxes 2.3 % 4.6 % GILTI tax 1.8 % 3.0 % Compensation related 0.6 % 1.1 % Federal tax credits (0.5 %) (0.6 %) Other (0.4 %) 0.0 % Effective income tax rate 20.2 % 26.2 % |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2019 2018 Net earnings used in the computation of basic and diluted earnings per share (in thousands) $ 2,376 $ 2,450 Weighted average shares outstanding - basic 14,927,341 14,821,659 Common stock equivalents 335,313 635,970 Weighted average shares outstanding - diluted 15,262,654 15,457,629 Per Share Data: Basic Net earnings $ 0.16 $ 0.17 Diluted Net earnings $ 0.16 $ 0.16 |
Note 9 - Operating Segment In_2
Note 9 - Operating Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 the Three Months Ended March 31, 2019 Net sales $ 58,679 $ 8,599 $ 20,359 $ (1,085 ) $ 86,552 Gross margin $ 20,318 $ 5,039 $ 5,626 $ (715 ) $ 30,268 Selling and administrative expenses 18,177 3,119 5,282 (715 ) 25,863 Other periodic pension cost 259 - - - 259 Interest expense 878 - 292 - 1,170 Income before taxes on income $ 1,004 $ 1,920 $ 52 $ - $ 2,976 Depreciation and amortization $ 1,488 $ 256 $ 316 $ - $ 2,060 Capital expenditures $ 1,158 $ 409 $ 156 $ - $ 1,723 Total assets $ 268,227 $ 31,794 $ 62,698 $ (23,145 ) $ 339,574 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three 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 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, 2019 Lease costs: Operating lease costs $ 325 Short-term lease costs 108 Total lease costs, included in SG&A 433 Operating cash-flows from operating leases $ 292 Weighted-average remaining lease term (in years) 3 Weighted average discount rate - operating leases 5.74 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities as of March 31 were as follows: Operating Leases 2019 (nine months) $ 890 2020 1,130 2021 797 2022 784 2023 634 Thereafter 108 Total lease payments $ 4,343 Less imputed interest 476 Total $ 3,867 |
Note 11 - Acquisition of Busi_2
Note 11 - Acquisition of Businesses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 $ 84,430 Superior common stock issued 3,763 Cash and working capital adjustment 2,521 Total Consideration $ 90,714 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] | Cash $ 1,360 Accounts receivable 9,657 Prepaid expenses and other current assets 1,248 Inventories 30,692 Property, plant and equipment 1,134 Contract assets 2,535 Identifiable intangible assets 41,020 Goodwill 17,968 Total assets $ 105,614 Accounts payable 4,472 Deferred tax liability 9,461 Other current liabilities 967 Total liabilities $ 14,900 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 Significa_3
Note 1 - Summary of Significant Interim Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | May 02, 2018USD ($) | May 01, 2018USD ($) | Mar. 01, 2018USD ($) | Jan. 01, 2018USD ($) | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 86,552 | $ 73,087 | |||||||
Contract with Customer, Asset, Net, Current, Total | 47,359 | $ 49,236 | |||||||
Amortization of Intangible Assets, Total | 1,000 | 800 | |||||||
Selling, General and Administrative Expense, Total | $ 25,863 | 21,182 | |||||||
Number of Reportable Segments | 3 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 3,308,588 | ||||||||
Operating Lease, Liability, Total | $ 3,867 | ||||||||
Operating Lease, Liability, Current | 1,000 | ||||||||
Operating Lease, Liability, Noncurrent | 2,866 | ||||||||
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 4,343 | ||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.74% | ||||||||
Operating Lease, Right-of-Use Asset | $ 4,581 | ||||||||
Interest Rate Swap [Member] | |||||||||
Derivative, Notional Amount | 18,000 | $ 17,500 | $ 18,000 | ||||||
Derivative, Swaption Interest Rate | 3.05% | ||||||||
Interest Rate Swap [Member] | Other Current Liabilities [Member] | |||||||||
Derivative, Notional Amount | $ 17,500 | ||||||||
Shipping and Handling [Member] | |||||||||
Selling, General and Administrative Expense, Total | 3,400 | $ 2,700 | |||||||
Accounting Standards Update 2014-09 [Member] | |||||||||
Operating Lease, Right-of-Use Asset | $ 4,900 | ||||||||
Prepaid Rent | (800) | ||||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | (1,794) | $ 3,800 | |||||||
Contract with Customer, Asset, Net, Current, Total | 47,359 | ||||||||
Selling, General and Administrative Expense, Total | $ 41 | ||||||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 11,200 | ||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||
Operating Lease, Liability, Total | 4,100 | ||||||||
Operating Lease, Liability, Noncurrent | 3,100 | ||||||||
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 4,600 | ||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.74% | ||||||||
Operating Lease, Right-of-Use Asset | $ 4,900 | ||||||||
Accounting Standards Update 2016-02 [Member] | Other Current Liabilities [Member] | |||||||||
Operating Lease, Liability, Current | $ 1,000 | ||||||||
BAMKO [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 99.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Impact of New Standard on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Contract assets | $ 47,359 | $ 49,236 | ||
Inventory | [1] | 65,753 | 67,301 | |
Accounts payable | 24,802 | 24,685 | ||
Other current liabilites | 15,703 | 14,767 | ||
Deferred tax liability | 7,365 | $ 8,475 | ||
Accounting Standards Update 2014-09 [Member] | ||||
Inventory | $ (24,900) | |||
Other current liabilites | $ 1,100 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Contract assets | ||||
Inventory | 93,512 | |||
Accounts payable | 22,008 | |||
Other current liabilites | 12,811 | |||
Deferred tax liability | 5,441 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Contract assets | 47,359 | |||
Inventory | (27,759) | |||
Accounts payable | 2,794 | |||
Other current liabilites | 2,892 | |||
Deferred tax liability | $ 1,924 | |||
[1] | Inventories consist of the following: March 31, 2019 December 31, (Unaudited) 2018 Finished goods $ 56,552 $ 58,196 Work in process 527 650 Raw materials 8,674 8,455 $ 65,753 $ 67,301 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Impact of New Standard on Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 86,552 | $ 73,087 |
Cost of goods sold | 56,284 | 48,212 |
Selling and administrative expenses | 25,863 | 21,182 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Net sales | 88,346 | |
Cost of goods sold | 57,117 | |
Selling and administrative expenses | 25,822 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||
Net sales | (1,794) | $ 3,800 |
Cost of goods sold | (833) | |
Selling and administrative expenses | $ 41 |
Note 2 - Long-term Debt (Detail
Note 2 - Long-term Debt (Details Textual) $ in Thousands | Jan. 22, 2019USD ($) | May 02, 2018USD ($) | Feb. 28, 2017USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 01, 2019USD ($) | Dec. 31, 2018USD ($) | May 01, 2018USD ($) | Mar. 01, 2018USD ($) | Dec. 31, 2017USD ($) |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 6,000 | |||||||||
Long Term Debt Maturities Repayments of Principal in Year Six | 1,500 | |||||||||
Repayments of Long-term Debt, Total | 55,161 | $ 24,642 | ||||||||
Long-term Debt, Gross | 117,578 | $ 117,693 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 6,000 | |||||||||
Derivative, Fixed Interest Rate | 3.12% | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | 151,725 | $ 139,066 | $ 150,921 | $ 124,968 | ||||||
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 | |||||||||
Interest Rate Swap [Member] | ||||||||||
Derivative, Notional Amount | 18,000 | $ 17,500 | $ 18,000 | |||||||
Derivative, Notional Amount, Monthly Reduction Amount | $ 300 | |||||||||
Derivative, Swaption Interest Rate | 3.05% | |||||||||
Interest Rate Swap [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 100 | |||||||||
Interest Rate Swap [Member] | Other Current Liabilities [Member] | ||||||||||
Derivative, Notional Amount | $ 17,500 | |||||||||
Derivative Liability, Total | 100 | |||||||||
Credit Agreement [Member] | Term Loan 2 [Member] | ||||||||||
Debt Instrument, Face Amount | 85,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 8,500 | |||||||||
Long Term Debt Maturities Repayments of Principal in Year Six | $ 9,300 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.34% | |||||||||
Repayments of Long-term Debt, Total | $ 20,000 | |||||||||
Long-term Debt, Gross | $ 65,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 9,300 | |||||||||
Long Term Debt Maturities Repayments of Principal in Year Eight | 800 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 9,300 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 9,300 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 9,300 | |||||||||
Long Term Debt Maturities Repayments of Principal in Year Seven | $ 9,300 | |||||||||
Credit Agreement [Member] | Term Loan [Member] | ||||||||||
Debt Instrument, Face Amount | $ 42,000 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.17% | |||||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan 2 [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | |||||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.68% | |||||||||
Amended and Restated Credit Agreement [Member] | ||||||||||
Fixed Charge Coverage Ratio | 1.25 | |||||||||
EBITA Ratio | 4 | |||||||||
Revolving Credit Facility [Member] | Credit Agreement [Member] | Fifth Third Bank [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | |||||||||
Revolving Credit Facility [Member] | Credit Agreement [Member] | BB&T [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |||||||||
Add on Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||
Amended Credit Agreement [Member] | Term Loan [Member] | ||||||||||
Debt Instrument, Face Amount | $ 42,000 | |||||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Expiration Period | 7 years | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | |||||||||
Letters of Credit Outstanding, Amount | $ 0 |
Note 2 - Long-term Debt - Long-
Note 2 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term Debt, Gross | $ 117,578 | $ 117,693 |
Payments due within one year included in current liabilities | 15,286 | 6,000 |
Debt issuance costs | 361 | 171 |
Long-term debt less current maturities | 101,931 | 111,522 |
Note Payable Maturing May 2023 [Member] | BB&T [Member] | ||
Long-term Debt, Gross | 24,126 | 1,193 |
Term Loan Maturing January 22, 2026 [Member] | BB&T [Member] | ||
Long-term Debt, Gross | 63,452 | |
Term Loan Maturing February 26, 2024 [Member] | BB&T [Member] | ||
Long-term Debt, Gross | 30,000 | 31,500 |
Term Loan Maturing May 2020 [Member] | BB&T [Member] | ||
Long-term Debt, Gross | $ 85,000 |
Note 3 - Periodic Pension Exp_3
Note 3 - Periodic Pension Expense (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Payment for Pension Benefits | $ 0.1 | $ 0.1 |
Note 3 - Periodic Pension Exp_4
Note 3 - Periodic Pension Expense - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Service cost - benefits earned during the period | $ 29 | $ 27 |
Interest cost on projected benefit obligation | 271 | 242 |
Expected return on plan assets | (337) | (429) |
Recognized actuarial loss | 325 | 283 |
Net periodic pension cost | $ 288 | $ 123 |
Note 4 - Supplemental Cash Fl_2
Note 4 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | ||
Income Taxes Paid | $ 200 | $ 400 | ||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 1,000 | $ 200 | ||||
Company Stock Received in Lieu of Cash Stock Options Exercised | 11,183 | 5,863 | ||||
Stock Issued During Period, Shares, New Issues | 27,172 | 20,234 | ||||
Inventory, Net, Total | [1] | $ 65,753 | $ 67,301 | |||
Other Liabilities, Current, Total | 15,703 | 14,767 | ||||
Operating Lease, Right-of-Use Asset | 4,581 | |||||
Prepaid Expense and Other Assets, Current | 11,488 | 9,552 | ||||
Other Assets, Noncurrent, Total | 9,796 | 8,832 | ||||
Operating Lease, Liability, Noncurrent | $ 2,866 | |||||
Accounting Standards Update 2014-09 [Member] | ||||||
Contract with Customer, Asset, Net, Total | $ 43,300 | |||||
Inventory, Net, Total | (24,900) | |||||
Accounts Payable, Total | 2,600 | |||||
Other Liabilities, Current, Total | 1,100 | |||||
Deferred Tax Liabilities, Net, Total | $ 3,500 | |||||
Operating Lease, Right-of-Use Asset | $ 4,900 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
Other Liabilities, Current, Total | 1,000 | |||||
Operating Lease, Right-of-Use Asset | 4,900 | |||||
Prepaid Expense and Other Assets, Current | (100) | |||||
Other Assets, Noncurrent, Total | (700) | |||||
Operating Lease, Liability, Noncurrent | $ 3,100 | |||||
[1] | Inventories consist of the following: March 31, 2019 December 31, (Unaudited) 2018 Finished goods $ 56,552 $ 58,196 Work in process 527 650 Raw materials 8,674 8,455 $ 65,753 $ 67,301 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
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 | 3,308,588 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 568,498 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 164,247 | ||
Share-based Compensation Arrangement by Share-based Payment Award Options Vested and Expected to Vest Exercisable Intrinsic Value | $ 1,400 | ||
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 | 128,259 | 87,385 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.97 | $ 6.06 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 600 | ||
Proceeds from Stock Options Exercised | $ 210 | $ 257 | |
Stock Issued During Period, Shares, New Issues | 27,172 | 20,234 | |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 0 | $ 100 | |
Common Stock [Member] | |||
Shares Received from Stock Options Exercised | 11,183 | 5,863 | |
Stock Issued During Period, Shares, New Issues | 27,172 | 20,234 | |
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 219 days | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 300 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Exercisable, Number | 180,633 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 41,968 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 42,841 | 48,515 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.97 | $ 6.06 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 0 | 12,125 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 100 | ||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Equity Instruments Other than Options | $ 100 | ||
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 302 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 130,861 | 92,032 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.77 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 207,446 | 194,378 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.77 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 2,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 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 | ||
Outside Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Shared-based Compensation Expense and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based compensation expense | $ 481 | $ 1,052 |
Related income tax benefit | 58 | 111 |
Stock Options and SARs [Member] | ||
Share-based compensation expense | 73 | 823 |
Restricted Stock [Member] | ||
Share-based compensation expense | 188 | 124 |
Performance Shares [Member] | ||
Share-based compensation expense | $ 220 | $ 105 |
Note 6 - Share-based Compensa_5
Note 6 - Share-based Compensation - Stock Option Transactions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Outstanding Options (in shares) | 676,846 | |
Outstanding options (in dollars per share) | $ 15.70 | |
Granted (in shares) | 128,259 | 87,385 |
Granted (in dollars per share) | $ 17.77 | |
Exercised (in shares) | (55,344) | |
Exercised (in dollars per share) | $ 7.41 | |
Lapsed (in shares) | ||
Lapsed (in dollars per share) | ||
Cancelled (in shares) | (17,016) | |
Cancelled (in dollars per share) | $ 19.62 | |
Outstanding Options (in shares) | 732,745 | |
Outstanding Options (in dollars per share) | $ 16.60 |
Note 6 - Share-based Compensa_6
Note 6 - Share-based Compensation - Stock Options Outstanding (Details) | 3 Months Ended |
Mar. 31, 2019$ / 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) | $ 24.28 |
Options outstanding (in shares) | shares | 732,745 |
Weighted average remaining contractual life on options (Year) | 3 years 113 days |
Weighted average exercise price on options (in dollars per share) | $ 16.60 |
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 | 89,000 |
Weighted average remaining contractual life on options (Year) | 2 years 131 days |
Weighted average exercise price on options (in dollars per share) | $ 5.33 |
Exercise Price Range 2 [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 |
Options outstanding (in shares) | shares | 42,000 |
Weighted average remaining contractual life on options (Year) | 3 years 182 days |
Weighted average exercise price on options (in dollars per share) | $ 8.76 |
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) | $ 18.86 |
Options outstanding (in shares) | shares | 464,474 |
Weighted average remaining contractual life on options (Year) | 3 years 87 days |
Weighted average exercise price on options (in dollars per share) | $ 17.57 |
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) | $ 24.28 |
Options outstanding (in shares) | shares | 137,271 |
Weighted average remaining contractual life on options (Year) | 4 years 36 days |
Weighted average exercise price on options (in dollars per share) | $ 23.03 |
Note 6 - Share-based Compensa_7
Note 6 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Outstanding SARS (in shares) | 182,894 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 18.99 | |
Granted (in shares) | 42,841 | 48,515 |
Granted SARS, weighted average exercise price (in dollars per share) | $ 17.77 | |
Cancelled (in shares) | (3,134) | |
Cancelled SARS, weighted average exercise price (in dollars per share) | $ 21.97 | |
Outstanding SARS (in shares) | 222,601 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 18.71 |
Note 6 - Share-based Compensa_8
Note 6 - Share-based Compensation - Stock Appreciation Rights Outstanding (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lower range of exercise prices on options (in dollars per share) | $ 3.82 | |
Upper range of exercise prices on options (in dollars per share) | 24.28 | |
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) | 222,601 | 182,894 |
Weighted average remaining contratual life (Year) | 2 years 295 days | |
Weighted average exercise price (in dollars per share) | $ 18.71 | $ 18.99 |
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) | 176,347 | |
Weighted average remaining contratual life (Year) | 2 years 197 days | |
Weighted average exercise price (in dollars per share) | $ 17.43 | |
Exercise Price Range 2 [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 | |
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) | 46,254 | |
Weighted average remaining contratual life (Year) | 3 years 302 days | |
Weighted average exercise price (in dollars per share) | $ 23.59 |
Note 6 - Share-based Compensa_9
Note 6 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Exercise price (in dollars per share) | $ 17.77 | $ 23.59 | |
Market price (in dollars per share) | $ 17.77 | $ 23.59 | |
Risk free interest rate | [1] | 2.40% | 2.60% |
Expected award life (Year) | [2] | 3 years | 3 years |
Expected volatility | [3] | 34.80% | 38.10% |
Expected dividend yield | [4] | 2.30% | 1.60% |
Employee Stock Option [Member] | Minimum [Member] | |||
Exercise price (in dollars per share) | $ 17.77 | $ 23.59 | |
Market price (in dollars per share) | $ 17.77 | $ 23.59 | |
Risk free interest rate | [1] | 2.40% | 2.60% |
Expected award life (Year) | [2] | 3 years | 3 years |
Expected volatility | [3] | 34.80% | 38.10% |
Expected dividend yield | [4] | 2.30% | 1.60% |
[1] | The risk-free interest rate is based on the yield of a U.S. treasury bond with a similar maturity as the expected life of the awards. | ||
[2] | The expected life in years for awards granted was based on the historical exercise patterns experienced by the Company when the award is made. | ||
[3] | The determination of expected stock price volatility for awards granted in each of the periods ending March 31, 2019 and 2018 were 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 Compens_10
Note 6 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Outstanding restricted stock (in shares) | shares | 92,032 |
Outstanding restricted stock (in dollars per share) | $ / shares | $ 19.46 |
Granted restricted stock (in shares) | shares | 38,829 |
Granted restricted stock (in dollars per share) | $ / shares | $ 17.77 |
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 | 130,861 |
Outstanding restricted stock (in dollars per share) | $ / shares | $ 18.96 |
Note 6 - Share-based Compens_11
Note 6 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Outstanding restricted stock (in shares) | shares | 194,378 |
Outstanding restricted stock (in dollars per share) | $ / shares | $ 20.08 |
Granted restricted stock (in shares) | shares | 14,068 |
Granted restricted stock (in dollars per share) | $ / shares | $ 17.77 |
Vested (in shares) | shares | 0 |
Vested restricted stock (in dollars per share) | $ / shares | $ 0 |
Forfeited restricted stock (in shares) | shares | (1,000) |
Forfeited restricted stock (in dollars per share) | $ / shares | $ 17.75 |
Outstanding restricted stock (in shares) | shares | 207,446 |
Outstanding restricted stock (in dollars per share) | $ / shares | $ 19.93 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 600 | $ 870 |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.20% | 26.20% |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Tax Rate Reconciliation (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statutory Federal income tax rate | 21.00% | 21.00% |
State and local income taxes, net of Federal income tax benefit | 3.00% | 3.60% |
Current year untaxed foreign income | (7.60%) | (6.50%) |
Foreign taxes | 2.30% | 4.60% |
GILTI tax | 1.80% | 3.00% |
Compensation related | 0.60% | 1.10% |
Federal tax credits | (0.50%) | (0.60%) |
Other | (0.40%) | 0.00% |
Effective income tax rate | 20.20% | 26.20% |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - Stock Compensation Plan [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 341,995 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price | $ 20.99 |
Note 8 - Earnings Per Share - R
Note 8 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net earnings used in the computation of basic and diluted earnings per share (in thousands) | $ 2,376 | $ 2,450 |
Weighted average shares outstanding - basic (in shares) | 14,927,341 | 14,821,659 |
Common stock equivalents (in shares) | 335,313 | 635,970 |
(Diluted) (in shares) | 15,262,654 | 15,457,629 |
Net earnings (in dollars per share) | $ 0.16 | $ 0.17 |
Net earnings (in dollars per share) | $ 0.16 | $ 0.16 |
Note 9 - Operating Segment In_3
Note 9 - Operating Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Operating Segments | 3 |
Note 9 - Operating Segment In_4
Note 9 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 86,552 | $ 73,087 | |
Gross margin | 30,268 | 24,875 | |
Selling, General and Administrative Expense, Total | 25,863 | 21,182 | |
Other periodic pension cost | 259 | 96 | |
Interest expense | 1,170 | 277 | |
Income before taxes on income | 2,976 | 3,320 | |
Depreciation and amortization | 2,060 | 1,626 | |
Capital expenditures | 1,723 | 1,055 | |
Total assets | 339,574 | 235,079 | $ 335,086 |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | (1,085) | (1,013) | |
Gross margin | (715) | (671) | |
Selling, General and Administrative Expense, Total | (715) | (671) | |
Other periodic pension cost | |||
Interest expense | |||
Income before taxes on income | |||
Depreciation and amortization | |||
Capital expenditures | |||
Total assets | (23,145) | (62,833) | |
Uniforms and Related Products [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 58,679 | 48,125 | |
Gross margin | 20,318 | 16,536 | |
Selling, General and Administrative Expense, Total | 18,177 | 14,140 | |
Other periodic pension cost | 259 | 96 | |
Interest expense | 878 | 60 | |
Income before taxes on income | 1,004 | 2,240 | |
Depreciation and amortization | 1,488 | 1,065 | |
Capital expenditures | 1,158 | 685 | |
Total assets | 268,227 | 216,536 | |
Remote Staffing Solutions [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 8,599 | 7,299 | |
Gross margin | 5,039 | 4,161 | |
Selling, General and Administrative Expense, Total | 3,119 | 2,512 | |
Other periodic pension cost | |||
Interest expense | |||
Income before taxes on income | 1,920 | 1,649 | |
Depreciation and amortization | 256 | 237 | |
Capital expenditures | 409 | 265 | |
Total assets | 31,794 | 24,296 | |
Promotional Products [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 20,359 | 18,676 | |
Gross margin | 5,626 | 4,849 | |
Selling, General and Administrative Expense, Total | 5,282 | 5,201 | |
Other periodic pension cost | |||
Interest expense | 292 | 217 | |
Income before taxes on income | 52 | (569) | |
Depreciation and amortization | 316 | 324 | |
Capital expenditures | 156 | 105 | |
Total assets | $ 62,698 | $ 57,080 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Lease, Liability, Total | $ 3,867 | |
Operating Lease, Liability, Current | 1,000 | |
Operating Lease, Liability, Noncurrent | 2,866 | |
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 4,343 | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.74% | |
Operating Lease, Right-of-Use Asset | $ 4,581 | |
Operating Lease Right of Use Assets [Member] | ||
Prepaid Rent | $ 700 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract | 8 years |
Note 10 - Leases - Lease Cost (
Note 10 - Leases - Lease Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating lease costs | $ 325 |
Short-term lease costs | 108 |
Total lease costs, included in SG&A | 433 |
Operating cash-flows from operating leases | $ 292 |
Weighted-average remaining lease term (in years) (Year) | 3 years |
Weighted average discount rate - operating leases | 5.74% |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
2019 (nine months) | $ 890 |
2020 | 1,130 |
2021 | 797 |
2022 | 784 |
2023 | 634 |
Thereafter | 108 |
Total lease payments | 4,343 |
Less imputed interest | 476 |
Total | $ 3,867 |
Note 11 - Acquisition of Busi_3
Note 11 - Acquisition of Businesses (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 02, 2018 | Dec. 01, 2017 | Aug. 21, 2017 | Mar. 08, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Amortization of Intangible Assets, Total | $ 1,000 | $ 800 | |||||
Business Combination, Contingent Consideration, Liability, Current | 941 | $ 941 | |||||
Goodwill, Ending Balance | 33,955 | $ 33,961 | |||||
CID Resources [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 84,430 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 150,094 | ||||||
Working Capital Target Amount | $ 39,500 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 41,020 | ||||||
Business Combination, Consideration Transferred, Total | 90,714 | ||||||
Goodwill, Ending Balance | 17,968 | ||||||
CID Resources [Member] | Trade Names [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 14,200 | ||||||
CID Resources [Member] | Customer Relationships [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 26,000 | ||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||
CID Resources [Member] | Noncompete Agreements [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 800 | ||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||
BAMKO [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 15,200 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 324,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 11,400 | ||||||
Amortization of Intangible Assets, Total | 500 | ||||||
Business Acquisition, Pro Forma Revenue | 19,200 | ||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 2,000 | ||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.13 | ||||||
Business Acquisition, Equity Interested Issued, Vesting Period | 5 years | ||||||
Business Combination, Liabilities Arising From Contingencies, Earn Out Liability, Before Discount | $ 5,500 | ||||||
Business Combination, Contingent Consideration, Liability, Total | 4,100 | ||||||
Business Combination, Contingent Consideration, Liability, Current | 900 | ||||||
Business Combination, Consideration Transferred, Total | 12,088 | ||||||
BAMKO [Member] | Trade Names [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 8,900 | ||||||
BAMKO [Member] | Customer Relationships [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,100 | ||||||
BAMKO [Member] | Noncompete Agreements [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 400 | ||||||
Public Identity [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 800 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 54,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,700 | ||||||
Business Acquisition, Equity Interested Issued, Vesting Period | 3 years | ||||||
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 Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 6,495 | ||||||
Amortization of Intangible Assets, Total | 100 | ||||||
Business Acquisition, Equity Interested Issued, Vesting Period | 4 years | ||||||
Business Combination, Liabilities Arising From Contingencies, Earn Out Liability, Before Discount | $ 3,200 | ||||||
Business Combination, Contingent Consideration, Liability, Total | $ 2,500 | ||||||
Goodwill, Ending Balance | 4,169 | ||||||
Tangerine [Member] | Trade Names [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,200 | ||||||
Tangerine [Member] | Customer Relationships [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 3,100 | ||||||
Finite-Lived Intangible Asset, 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 | ||||||
Finite-Lived Intangible Asset, Useful Life | 7 years |
Note 11 - Acquisition of Busi_4
Note 11 - Acquisition of Businesses - Purchase Price (Details) - USD ($) $ in Thousands | May 02, 2018 | Mar. 08, 2016 |
CID Resources [Member] | ||
Payments to Acquire Businesses, Gross | $ 84,430 | |
Superior common stock issued | 3,763 | |
Cash and working capital adjustment | 2,521 | |
Business Combination, Consideration Transferred, Total | $ 90,714 | |
BAMKO [Member] | ||
Payments to Acquire Businesses, Gross | $ 15,200 | |
Superior common stock issued | 1,657 | |
Business Combination, Consideration Transferred, Total | 12,088 | |
Cash consideration at closing | 7,222 | |
Contingent consideration | $ 3,209 |
Note 11 - Acquisition of Busi_5
Note 11 - Acquisition of Businesses - Aggregate Consideration (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | May 02, 2018 | Dec. 01, 2017 |
Goodwill, Ending Balance | $ 33,955 | $ 33,961 | ||
CID Resources [Member] | ||||
Cash | $ 1,360 | |||
Accounts receivable | 9,657 | |||
Prepaid expenses and other current assets | 1,248 | |||
Inventories | 30,692 | |||
Property, plant and equipment | 1,134 | |||
Contract assets | 2,535 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 41,020 | |||
Goodwill, Ending Balance | 17,968 | |||
Total assets | 105,614 | |||
Accounts payable | 4,472 | |||
Deferred tax liability | 9,461 | |||
Other current liabilities | 967 | |||
Total liabilities | $ 14,900 | |||
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 |