Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 17, 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) | 15,240,387 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 89,466 | $ 95,870 | $ 268,288 | $ 251,349 |
Costs and expenses: | ||||
Cost of goods sold | 58,015 | 62,070 | 174,226 | 163,396 |
Selling and administrative expenses | 25,260 | 25,482 | 78,008 | 69,991 |
Other periodic pension costs | 476 | 96 | 1,282 | 289 |
Interest expense | 1,085 | 940 | 3,514 | 1,974 |
84,836 | 88,588 | 257,030 | 235,650 | |
Income before taxes on income | 4,630 | 7,282 | 11,258 | 15,699 |
Income tax expense | 709 | 1,160 | 2,180 | 3,310 |
Net income | $ 3,921 | $ 6,122 | $ 9,078 | $ 12,389 |
Net income per share: | ||||
Net income per share, basic (in dollars per share) | $ 0.26 | $ 0.41 | $ 0.61 | $ 0.83 |
Net income per share, diluted (in dollars per share) | $ 0.26 | $ 0.39 | $ 0.59 | $ 0.80 |
Weighted average number of shares outstanding during the period | ||||
Weighted average number of shares outstanding during the period, basic (in shares) | 14,947,552 | 15,010,660 | 14,942,565 | 14,929,513 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,266,850 | 15,499,894 | 15,272,287 | 15,505,642 |
Other comprehensive income, net of tax: | ||||
Recognition of net losses included in net periodic pension costs | $ 236 | $ 216 | $ 739 | $ 647 |
Recognition of settlement loss included in net periodic pension costs | 213 | 459 | ||
Gain on cash flow hedging activities | (5) | (3) | (16) | 209 |
Foreign currency translation adjustment | (316) | (180) | (295) | (637) |
Other comprehensive income | 128 | 33 | 887 | 219 |
Comprehensive income | $ 4,049 | $ 6,155 | $ 9,965 | $ 12,608 |
Cash dividends per common share (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.29 |
Net sales | $ 89,466 | $ 95,870 | $ 268,288 | $ 251,349 |
Loss (gain) on cash flow hedging activities | $ (5) | $ (3) | $ (16) | $ 209 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 5,452 | $ 5,362 | |
Accounts receivable, less allowance for doubtful accounts of $2,259 and $2,042, respectively | 75,597 | 64,017 | |
Accounts receivable - other | 1,262 | 1,744 | |
Inventories | [1] | 66,076 | 67,301 |
Contract assets | 38,030 | 49,236 | |
Prepaid expenses and other current assets | 16,481 | 9,552 | |
Total current assets | 202,898 | 197,212 | |
Property, plant and equipment, net | 31,725 | 28,769 | |
Operating lease right-of-use assets | 4,576 | ||
Intangible assets, net | 63,491 | 66,312 | |
Goodwill | 36,252 | 33,961 | |
Other assets | 10,443 | 8,832 | |
Total assets | 349,385 | 335,086 | |
Current liabilities: | |||
Accounts payable | 30,768 | 24,685 | |
Other current liabilities | 16,110 | 14,767 | |
Current portion of long-term debt | 15,286 | 6,000 | |
Current portion of acquisition-related contingent liabilities | 1,374 | 941 | |
Total current liabilities | 63,538 | 46,393 | |
Long-term debt | 103,812 | 111,522 | |
Long-term pension liability | 8,422 | 8,705 | |
Long-term acquisition-related contingent liabilities | 3,753 | 5,422 | |
Long-term operating lease liabilities | 2,590 | ||
Deferred tax liability | 6,620 | 8,475 | |
Other long-term liabilities | 4,230 | 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 15,240,317 and 15,202,387 shares, respectively. | 15 | 15 | |
Additional paid-in capital | 57,077 | 55,859 | |
Retained earnings | 106,426 | 103,032 | |
Accumulated other comprehensive income (loss), net of tax: | |||
Pensions | (6,475) | (7,673) | |
Cash flow hedges | 97 | 113 | |
Foreign currency translation adjustment | (720) | (425) | |
Total shareholders’ equity | 156,420 | 150,921 | |
Total liabilities and shareholders’ equity | 349,385 | 335,086 | |
Finished goods | 57,413 | 58,196 | |
Work in process | 730 | 650 | |
Raw materials | 7,933 | 8,455 | |
Inventories | [1] | $ 66,076 | $ 67,301 |
[1] | Inventories consist of the following: September 30, 2019 December 31, 2018 Finished goods $57,413 $58,196 Work in process $730 $650 Raw materials $7,933 $8,455 Total inventories $66,076 $67,301 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 2,259 | $ 2,042 |
Finished goods | 57,413 | 58,196 |
Work in process | 730 | 650 |
Raw materials | $ 7,933 | $ 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) | 15,240,317 | 15,202,387 |
Common stock, shares outstanding (in shares) | 15,240,317 | 15,202,387 |
Condensed Consolidated Statem_2
Condensed 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 |
Common shares issued upon exercise of options, net (in shares) | 53,164 | ||||
Common shares issued upon exercise of options, net | 581 | (150) | 431 | ||
Share-based compensation expense | 1,868 | 1,868 | |||
Cash dividends declared | (4,335) | (4,335) | |||
Tax benefit from vesting of acquisition related restricted stock | 445 | 445 | |||
Shares reacquired and retired (in shares) | (14,334) | ||||
Shares reacquired and retired | (51) | (216) | (267) | ||
Net earnings | 12,389 | 12,389 | |||
Cash flow hedges, net of taxes | 209 | 209 | |||
Pensions, net of taxes | 647 | 647 | |||
Change in currency translation adjustment, net of taxes | (637) | (637) | |||
ASC 606 adjustment to opening retained earnings | 11,245 | 11,245 | |||
Restricted shares issued (in shares) | 24,908 | ||||
Restricted shares issued | |||||
Restricted shares issued in acquisition (in shares) | 150,094 | ||||
Restricted shares issued in acquisition | 3,763 | 3,763 | |||
Common shares issued upon exercise of Stock Appreciation Rights (SARs) (in shares) | 3,428 | ||||
Tax withheld on exercise of Stock Appreciation Rights (SARs) | (17) | (17) | |||
Cash dividends declared, per share (in dollars per share) | $ 0.29 | ||||
Balance (in shares) at Sep. 30, 2018 | 15,299,207 | ||||
Balance at Sep. 30, 2018 | $ 15 | 55,692 | $ 102,062 | (7,060) | 150,709 |
Balance (in shares) at Jun. 30, 2018 | 15,311,541 | ||||
Balance at Jun. 30, 2018 | $ 15 | 54,998 | 97,664 | (7,093) | 145,584 |
Common shares issued upon exercise of options, net (in shares) | 2,000 | ||||
Common shares issued upon exercise of options, net | 27 | 27 | |||
Share-based compensation expense | 378 | 378 | |||
Cash dividends declared | (1,508) | (1,508) | |||
Tax benefit from vesting of acquisition related restricted stock | 340 | 340 | |||
Shares reacquired and retired (in shares) | (14,334) | ||||
Shares reacquired and retired | (51) | (216) | (267) | ||
Net earnings | 6,122 | 6,122 | |||
Cash flow hedges, net of taxes | (3) | (3) | |||
Pensions, net of taxes | 216 | 216 | |||
Change in currency translation adjustment, net of taxes | (180) | $ (180) | |||
Cash dividends declared, per share (in dollars per share) | $ 0.10 | ||||
Balance (in shares) at Sep. 30, 2018 | 15,299,207 | ||||
Balance at Sep. 30, 2018 | $ 15 | 55,692 | 102,062 | (7,060) | $ 150,709 |
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) | 62,994 | 75,444 | |||
Common shares issued upon exercise of options, net | 460 | (177) | $ 283 | ||
Share-based compensation expense | 997 | 997 | |||
Cash dividends declared | (4,533) | (4,533) | |||
Tax benefit from vesting of acquisition related restricted stock | 30 | 30 | |||
Shares reacquired and retired (in shares) | (73,893) | ||||
Shares reacquired and retired | (269) | (974) | (1,243) | ||
Net earnings | 9,078 | 9,078 | |||
Cash flow hedges, net of taxes | (16) | (16) | |||
Pensions, net of taxes | 1,198 | 1,198 | |||
Change in currency translation adjustment, net of taxes | (295) | (295) | |||
Restricted shares issued (in shares) | 48,829 | ||||
Restricted shares issued | |||||
Cash dividends declared, per share (in dollars per share) | $ 0.30 | ||||
Balance (in shares) at Sep. 30, 2019 | 15,240,317 | 15,240,317 | |||
Balance at Sep. 30, 2019 | $ 15 | 57,077 | $ 106,426 | (7,098) | $ 156,420 |
Balance (in shares) at Jun. 30, 2019 | 15,255,694 | ||||
Balance at Jun. 30, 2019 | $ 15 | 57,166 | 104,165 | (7,226) | 154,120 |
Common shares issued upon exercise of options, net (in shares) | 300 | ||||
Common shares issued upon exercise of options, net | 3 | 3 | |||
Share-based compensation expense | (35) | (35) | |||
Cash dividends declared | (1,510) | (1,510) | |||
Shares reacquired and retired (in shares) | (15,677) | ||||
Shares reacquired and retired | (57) | (150) | (207) | ||
Net earnings | 3,921 | 3,921 | |||
Cash flow hedges, net of taxes | (5) | (5) | |||
Pensions, net of taxes | 449 | 449 | |||
Change in currency translation adjustment, net of taxes | (316) | $ (316) | |||
Cash dividends declared, per share (in dollars per share) | $ 0.10 | ||||
Balance (in shares) at Sep. 30, 2019 | 15,240,317 | 15,240,317 | |||
Balance at Sep. 30, 2019 | $ 15 | $ 57,077 | $ 106,426 | $ (7,098) | $ 156,420 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Retained Earnings [Member] | ||||
Cash dividends declared, per share (in dollars per share) | $ 0.30 | $ 0.29 | ||
AOCI Attributable to Parent [Member] | ||||
Cash flow hedges, tax | $ 3 | $ 69 | ||
Pensions, tax | 376 | 203 | ||
Change in currency translation adjustment, tax | $ 93 | $ 224 | ||
Cash dividends declared, per share (in dollars per share) | $ 0.10 | $ 0.10 | ||
Cash flow hedges, tax | $ 1 | $ 1 | ||
Pensions, tax | 141 | 68 | ||
Change in currency translation adjustment, tax | $ 100 | $ 55 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 9,078 | $ 12,389 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,339 | 5,745 |
Provision for bad debts - accounts receivable | 719 | 409 |
Share-based compensation expense | 997 | 1,867 |
Deferred income tax benefit | (2,136) | (278) |
Gain on sale of property, plant and equipment | (5) | |
Change in fair value of acquisition-related contingent liabilities | (272) | (1,212) |
Changes in assets and liabilities, net of acquisition of business: | ||
Accounts receivable - trade | (12,251) | (5,542) |
Accounts receivable - other | 481 | (401) |
Contract assets | 11,206 | (3,779) |
Inventories | (595) | 5,742 |
Prepaid expenses and other current assets | (7,051) | (226) |
Other assets | (2,233) | (2,343) |
Accounts payable and other current liabilities | 5,523 | (1,077) |
Long-term pension liability | 1,292 | 292 |
Other long-term liabilities | 750 | (283) |
Net cash provided by operating activities | 11,842 | 11,303 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (6,424) | (3,881) |
Proceeds from disposals of property, plant and equipment | 5 | |
Acquisition of businesses, net of acquired cash | (85,597) | |
Net cash used in investing activities | (6,419) | (89,478) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings of debt | 125,121 | 170,713 |
Repayment of debt | (123,600) | (91,423) |
Payment of cash dividends | (4,533) | (4,335) |
Payment of acquisition-related contingent liability | (961) | (3,032) |
Proceeds received on exercise of stock options | 283 | 432 |
Tax benefit from vesting of acquisition-related restricted stock | 30 | 445 |
Tax withholding on exercise of stock rights | (17) | |
Common stock reacquired and retired | (1,243) | (268) |
Net cash provided by (used in) financing activities | (4,903) | 72,515 |
Effect of currency exchange rates on cash | (430) | (174) |
Net increase (decrease) in cash and cash equivalents | 90 | (5,834) |
Cash and cash equivalents balance, beginning of year | 5,362 | 8,130 |
Cash and cash equivalents balance, end of period | $ 5,452 | $ 2,296 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 : a) Basis of presentation The condensed consolidated 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, The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Intercompany items have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2018 not not We refer to the condensed consolidated financial statements collectively as “financial statements,” and individually as “statements of comprehensive income”, “balance sheets”, “statements of stockholders’ equity”, and “statements of cash flows” herein. b) Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In February 2016, 2016 02, Lea s es (Topic 842 July 2018, 2018 10, Codification Improvements to Topic 842, 2018 11, Targeted Improvements 842” 842 842 January 1, 2019 not January 1, 2019. one not 842. not not $4.1 $1.0 $3.1 $4.6 5.74% $4.9 $4.1 $0.8 Note 10 September 30, 2019 In February 2018, 2018 02, “ Income Statement - Reporting Comprehensive Income (Topic 220 ” 2018 02 December 15, 2018 not January 1, 2019 not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 ” December 15, 2019, August 2019, 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. In January 2017, 2017 04, “Simplifying the Test for Goodwill Impairment.” 2017 04 two December 15, 2019. not In August 2018, 2018 15, “Internal-Use Software (Subtopic 350 40 December 15, 2019 may not |
Note 2 - Long-term Debt
Note 2 - Long-term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 2 September 30, December 31, (In thousands) 2019 2018 BB&T Credit Facilities: Revolving credit facility due May 2023 $ 33,857 $ 1,193 Term loan due February 2024 (“2017 Term Loan”) 27,000 31,500 Term loan due January 2026 (“2018 Term Loan”) 58,810 85,000 $ 119,667 $ 117,693 Less: Payments due within one year included in current liabilities 15,286 6,000 Debt issuance costs 569 171 Long-term debt less current maturities $ 103,812 $ 111,522 Effective on February 28, 2017, $35 February 25, 2022 $42 February 26, 2024 ( “2017 Effective on May 2, 2018, $35 $75 $85 May 2020 ( “2018 May 2023. On January 22, 2019, 2018 $20 $65 2018 January 22, 2026. On September 27, 2019, 4.0:1 5.0:1 4.0:1. Contractual principal payments for the 2017 2019 2023 $6.0 2024 $1.5 2018 2019 $8.5 2020 2025 $9.3 2026 $0.8 not Obligations outstanding under the 2018 0.85% 1.65% 2.89% September 30, 2019 2017 one 0.68% 1.50% 2.72% September 30, 2019 September 30, 2019 $41.1 The revolving credit facility, 2017 2018 The Amended and Restated Credit Agreement contains customary events of default and negative covenants, including but not 1.25:1 not 5.0:1. September 30, 2019 Effective on 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 September 30, 2019 $0.3 |
Note 3 - Periodic Pension Expen
Note 3 - Periodic Pension Expense | 9 Months Ended |
Sep. 30, 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 periods presented (in thousands): Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Service cost - benefits earned during the period $ 29 $ 27 $ 87 $ 81 Interest cost on projected benefit obligation 271 242 813 727 Expected return on plan assets (385 ) (429 ) (1,106 ) (1,288 ) Recognized actuarial loss 310 284 959 850 Settlement loss 280 - 616 - Net periodic pension cost $ 505 $ 124 $ 1,369 $ 370 The pension settlement losses included in the table above resulted from lump sum pension payments made to various employees upon their retirement or termination during the periods specified. The pension settlement losses did not not Effective on June 30, 2013, no Effective on December 31, 2014, no There were $0.1 $0.1 nine September 30, 2019 2018 |
Note 4 - Net Sales
Note 4 - Net Sales | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 4 On January 1, 2018, 2014 09 Revenue from Contracts with Customers 606” not January 1, 2018. $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 Note 9 Contract Assets The following table provides information about accounts receivables - trade and contract assets and contract liabilities from contracts with customers (in thousands): September 30, December 31, 2019 2018 Accounts receivable - trade $ 75,597 $ 64,017 Current contract assets 38,030 49,236 Current contract liabilities 1,372 437 Contract assets relate to goods produced without an alternative use for which the Company has an enforceable right to payment but which have not nine September 30, 2019 no December 31, 2018 nine September 30, 2019. |
Note 5 - Contingencies
Note 5 - Contingencies | 9 Months Ended |
Sep. 30, 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 is not |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 6 : In May 2013, 2013 “2013 5,000,000 2013 September 30, 2019 3,320,743 2013 Share-based compensation is recorded in selling and administrative expense in the 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 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Stock options and SARs $ 108 $ 16 $ 286 $ 960 Restricted stock 215 140 612 404 Performance shares(1) (358 ) 221 99 503 Total share-based compensation expense $ (35 ) $ 377 $ 997 $ 1,867 Related income tax benefit $ 67 $ 44 $ 192 $ 229 ( 1 During the three nine September 30, 2019, $0.5 not Stock options and SAR s The Company grants stock options and stock-settled SARs to employees that allow them to purchase shares of the Company’s common stock. 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 stock options and SARs granted prior to August 3, 2018 two five ten A summary of stock option transactions during the nine September 30, 2019 Weighted Average No. of Weighted Average Remaining Life Aggregate Shares Exercise Price (in years) Intrinsic Value Outstanding, January 1, 2019 676,846 $ 15.70 2.99 $ 2,230 Granted(1) 184,994 17.22 Exercised (75,444 ) 6.71 Cancelled (80,005 ) 17.71 Outstanding, September 30, 2019 706,391 $ 16.83 3.20 $ 984 Options exercisable, September 30, 2019 497,993 $ 16.56 2.58 $ 967 ( 1 The weighted average grant date fair value of stock options granted was $3.96 As of September 30, 2019 $0.4 1.3 A summary of stock-settled SARs transactions during the nine September 30, 2019 Weighted Average No. of Weighted Average Remaining Life Aggregate Shares Exercise Price (in years) Intrinsic Value Outstanding, January 1, 2019 182,894 $ 18.99 2.61 $ 89 Granted(1) 42,841 17.77 Exercised - - Cancelled (19,035 ) 19.67 Outstanding, September 30, 2019 206,700 $ 18.67 2.29 $ - Options exercisable, September 30, 2019 168,478 $ 18.88 1.82 $ - ( 1 The weighted average grant date fair value of SARs granted was $3.97 As of September 30, 2019 $0.1 1.3 Restricted Stock The Company has granted restricted stock to directors and certain employees under the terms of the 2013 three 2013 A summary of restricted stock transactions during the nine September 30, 2019 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2019 92,032 $ 19.46 Granted 48,829 17.41 Vested - - Cancelled - - Outstanding, September 30, 2019 140,861 $ 18.75 As of September 30, 2019 $1.3 1.6 Performance Shares Under the terms of the grants, certain employees received service-based or service-based and performance-based shares, to which we collectively refer to as performance shares. The service-based awards vest after the service period is met, which is generally three five five three nine September 30, 2019, $0.5 not 2013 A summary of performance share transactions during the nine September 30, 2019 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2019 194,378 $ 20.08 Granted 14,068 17.77 Vested - - Cancelled (14,434 ) 22.03 Outstanding, September 30, 2019 194,012 $ 19.77 As of September 30, 2019 $1.5 2.1 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Sep. 30, 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 September 30, 2019 $0.7 15.3% three September 30, 2018 $1.2 15.9% nine September 30, 2019 $2.2 19.4% nine September 30, 2018 $3.3 21.1% The difference between the statutory Federal income tax rate and the actual effective income tax rate is accounted for as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Statutory Federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State and local income taxes, net of Federal income tax benefit 4.0 % 3.8 % 4.0 % 4.1 % Taxes attributable to foreign income (8.6 %) (6.8 %) (6.0 %) (5.8 %) GILTI tax 2.9 % 3.7 % 2.2 % 3.7 % Contingent liability adjustments (1.9 %) (2.7 %) (0.8 %) (1.9 %) Compensation related 0.3 % 1.6 % 0.2 % 1.4 % Non-deductible acquisition expense - 1.9 % - 1.8 % Federal tax credits (0.7 %) - (0.7 %) (0.5 %) Other (1.7 %) (6.6 %) (0.5 %) (2.7 %) Effective income tax rate 15.3 % 15.9 % 19.4 % 21.1 % |
Note 8 - Net Income Per Share
Note 8 - Net Income Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 8 – Net Income Per Share: The Company’s basic net income per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income per share includes the effect of the Company’s outstanding stock options, stock appreciation rights, unvested shares of restricted stock and unvested performance shares, if the inclusion of these items is dilutive. The following table presents a reconciliation of basic and diluted net income per share for the three nine September 30, 2019 2018 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income used in the computation of basic and diluted net income per share (in thousands) $ 3,921 $ 6,122 $ 9,078 $ 12,389 Weighted average shares outstanding - basic 14,947,552 15,010,660 14,942,565 14,929,513 Dilutive common stock equivalents 319,298 489,234 329,722 576,129 Weighted average shares outstanding - diluted 15,266,850 15,499,894 15,272,287 15,505,642 Net income per share: Basic $ 0.26 $ 0.41 $ 0.61 $ 0.83 Diluted $ 0.26 $ 0.39 $ 0.59 $ 0.80 Awards to purchase approximately 568,471 192,000 $19.02 $23.17 three September 30, 2019 2018 not Awards to purchase approximately 408,854 192,000 $20.07 $23.17 nine September 30, 2019 2018 not |
Note 9 - Operating Segment Info
Note 9 - Operating Segment Information | 9 Months Ended |
Sep. 30, 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 net sales and income before taxes on income. Amounts for corporate expenses are included in the totals for the Uniforms and Related Products segment. To better reflect the way in which management now reviews the Company’s operating results, in the third 2019, 10 The following tables set forth financial information related to the Company's operating segments (in thousands): As of and For the Three Months Ended September 30, 2019 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total Net sales $ 54,979 $ 9,305 $ 26,460 $ (1,278 ) $ 89,466 Cost of goods sold 35,263 3,542 19,627 (417 ) 58,015 Gross margin 19,716 5,763 6,833 (861 ) 31,451 Selling and administrative expenses 17,688 3,488 4,945 (861 ) 25,260 Other periodic pension cost 476 - - - 476 Interest expense 768 - 317 - 1,085 Income before taxes on income $ 784 $ 2,275 $ 1,571 $ - $ 4,630 Depreciation and amortization $ 1,537 $ 240 $ 351 $ - $ 2,128 Capital expenditures $ 1,038 $ 276 $ 131 $ - $ 1,445 Total assets $ 254,053 $ 22,289 $ 73,043 $ - $ 349,385 As of and For the Three Months Ended September 30, 2018 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total Net sales $ 69,776 $ 7,934 $ 19,186 $ (1,026 ) $ 95,870 Cost of goods sold 45,225 3,346 13,859 (360 ) 62,070 Gross margin 24,551 4,588 5,327 (666 ) 33,800 Selling and administrative expenses 18,731 2,856 4,561 (666 ) 25,482 Other periodic pension cost 96 - - - 96 Interest expense 593 - 347 - 940 Income before taxes on income $ 5,131 $ 1,732 $ 419 $ - $ 7,282 Depreciation and amortization $ 1,510 $ 241 $ 348 $ - $ 2,099 Capital expenditures $ 885 $ 445 $ 137 $ - $ 1,467 Total assets(1) $ 259,700 $ 18,414 $ 56,916 $ - $ 335,030 ( 1 Intercompany balances that were previously included in total assets for each reportable segment have been excluded. As of and For the Nine Months Ended September 30, 2019 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total Net sales $ 174,403 $ 26,897 $ 70,563 $ (3,575 ) $ 268,288 Cost of goods sold 112,561 10,926 51,960 (1,221 ) 174,226 Gross margin 61,842 15,971 18,603 (2,354 ) 94,062 Selling and administrative expenses 54,644 10,055 15,663 (2,354 ) 78,008 Other periodic pension cost 1,282 - - - 1,282 Interest expense 2,609 - 905 - 3,514 Income before taxes on income $ 3,307 $ 5,916 $ 2,035 $ - $ 11,258 Depreciation and amortization $ 4,607 $ 745 $ 987 $ - $ 6,339 Capital expenditures $ 5,193 $ 881 $ 350 $ - $ 6,424 Total assets $ 254,053 $ 22,289 $ 73,043 $ - $ 349,385 As of and For the Nine Months Ended September 30, 2018 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total Net sales $ 174,304 $ 23,234 $ 56,876 $ (3,065 ) $ 251,349 Cost of goods sold 113,036 9,839 41,579 (1,058 ) 163,396 Gross margin 61,268 13,395 15,297 (2,007 ) 87,953 Selling and administrative expenses 50,269 8,146 13,583 (2,007 ) 69,991 Other periodic pension cost 289 - - - 289 Interest expense 1,147 - 827 - 1,974 Income before taxes on income $ 9,563 $ 5,249 $ 887 $ - $ 15,699 Depreciation and amortization $ 4,024 $ 731 $ 990 $ - $ 5,745 Capital expenditures $ 2,278 $ 1,264 $ 339 $ - $ 3,881 Total assets(1) $ 259,700 $ 18,414 $ 56,916 $ - $ 335,030 ( 1 Intercompany balances that were previously included in total assets for each reportable segment have been excluded. |
Note 10 - Leases
Note 10 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 10 – Leases The Company primarily leases factories, warehouses, call centers, office space and equipment for various terms under long-term, non-cancelable operating lease agreements. A right-of-use asset represents the Company’s right to use an underlying asset for the lease term and a lease liability represents the Company’s obligation to make lease payments arising from the lease. These leases generally have expected lease terms of one eight not September 30, 2019 $4.0 $1.4 $2.6 $4.6 $4.0 $0.6 not The components of lease cost were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease costs $ 380 $ 1,103 Short-term lease costs 51 255 Total lease costs, included in selling and administrative expenses $ 431 $ 1,358 Cash flow and noncash information related to our operating leases were as follows (in thousands): Nine Months Ended September 30, 2019 Operating cash flows – cash paid for operating lease liabilities $ 958 Non-cash – Operating lease ROU assets obtained in exchange for new lease liabilities $ 729 Other supplemental information related to our operating leases was as follows: September 30, 2019 Weighted-average remaining lease term (in years) 3.6 Weighted average discount rate 5.67 % Maturities of operating lease liabilities as of September 30, 2019 Operating Leases Remainder of 2019 $ 356 2020 1,377 2021 1,054 2022 859 2023 632 Thereafter 120 Total lease payments 4,398 Less imputed interest 425 Present value of lease liabilities $ 3,973 |
Note 11 - Acquisition of Busine
Note 11 - Acquisition of Businesses | 9 Months Ended |
Sep. 30, 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 $2.5 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 (in thousands): Cash $ 1,360 Accounts receivable 9,657 Prepaid expenses and other current assets 1,248 Inventories 28,895 Property, plant and equipment 1,134 Contract assets 2,535 Identifiable intangible assets 41,020 Goodwill 20,323 Total assets $ 106,172 Accounts payables 5,030 Deferred tax liability 9,461 Other current liabilities 967 Total liabilities $ 15,458 The amounts in the table above are reflective of measurement period adjustments made during the second 2019, $2.4 $1.8 $0.6 not second 2019 The Company recorded $41.0 $26.0 $0.8 $14.2 fifteen May 2, 2018 five not $0.5 three September 30, 2019 2018 $1.4 $0.8 nine September 30, 2019 2018 Goodwill was calculated as the difference between the fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. This goodwill will not On a pro forma basis as if the results of this acquisition had been included in our consolidated results for the nine September 30, 2018 $22.3 $2.6 $0.17 Other Acquisitions of Businesses BAMKO . March 8, 2016, March 1, 2016. $5.5 2021. $3.1 September 30, 2019 $1.1 second 2020. Public Identity . August 21, 2017, $0.4 2020. $0.1 September 30, 2019 Tangerine Promotions . November 30, 2017, December 1, 2017. one $3.2 2021. $2.0 September 30, 2019 $0.3 second 2020. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | a) Basis of presentation The condensed consolidated 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, The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Intercompany items have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2018 not not We refer to the condensed consolidated financial statements collectively as “financial statements,” and individually as “statements of comprehensive income”, “balance sheets”, “statements of stockholders’ equity”, and “statements of cash flows” herein. |
New Accounting Pronouncements, Policy [Policy Text Block] | b) Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In February 2016, 2016 02, Lea s es (Topic 842 July 2018, 2018 10, Codification Improvements to Topic 842, 2018 11, Targeted Improvements 842” 842 842 January 1, 2019 not January 1, 2019. one not 842. not not $4.1 $1.0 $3.1 $4.6 5.74% $4.9 $4.1 $0.8 Note 10 September 30, 2019 In February 2018, 2018 02, “ Income Statement - Reporting Comprehensive Income (Topic 220 ” 2018 02 December 15, 2018 not January 1, 2019 not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 ” December 15, 2019, August 2019, 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. In January 2017, 2017 04, “Simplifying the Test for Goodwill Impairment.” 2017 04 two December 15, 2019. not In August 2018, 2018 15, “Internal-Use Software (Subtopic 350 40 December 15, 2019 may not |
Note 2 - Long-term Debt (Tables
Note 2 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, December 31, (In thousands) 2019 2018 BB&T Credit Facilities: Revolving credit facility due May 2023 $ 33,857 $ 1,193 Term loan due February 2024 (“2017 Term Loan”) 27,000 31,500 Term loan due January 2026 (“2018 Term Loan”) 58,810 85,000 $ 119,667 $ 117,693 Less: Payments due within one year included in current liabilities 15,286 6,000 Debt issuance costs 569 171 Long-term debt less current maturities $ 103,812 $ 111,522 |
Note 3 - Periodic Pension Exp_2
Note 3 - Periodic Pension Expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Service cost - benefits earned during the period $ 29 $ 27 $ 87 $ 81 Interest cost on projected benefit obligation 271 242 813 727 Expected return on plan assets (385 ) (429 ) (1,106 ) (1,288 ) Recognized actuarial loss 310 284 959 850 Settlement loss 280 - 616 - Net periodic pension cost $ 505 $ 124 $ 1,369 $ 370 |
Note 4 - Net Sales (Tables)
Note 4 - Net Sales (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | September 30, December 31, 2019 2018 Accounts receivable - trade $ 75,597 $ 64,017 Current contract assets 38,030 49,236 Current contract liabilities 1,372 437 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Stock options and SARs $ 108 $ 16 $ 286 $ 960 Restricted stock 215 140 612 404 Performance shares(1) (358 ) 221 99 503 Total share-based compensation expense $ (35 ) $ 377 $ 997 $ 1,867 Related income tax benefit $ 67 $ 44 $ 192 $ 229 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average No. of Weighted Average Remaining Life Aggregate Shares Exercise Price (in years) Intrinsic Value Outstanding, January 1, 2019 676,846 $ 15.70 2.99 $ 2,230 Granted(1) 184,994 17.22 Exercised (75,444 ) 6.71 Cancelled (80,005 ) 17.71 Outstanding, September 30, 2019 706,391 $ 16.83 3.20 $ 984 Options exercisable, September 30, 2019 497,993 $ 16.56 2.58 $ 967 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Weighted Average No. of Weighted Average Remaining Life Aggregate Shares Exercise Price (in years) Intrinsic Value Outstanding, January 1, 2019 182,894 $ 18.99 2.61 $ 89 Granted(1) 42,841 17.77 Exercised - - Cancelled (19,035 ) 19.67 Outstanding, September 30, 2019 206,700 $ 18.67 2.29 $ - Options exercisable, September 30, 2019 168,478 $ 18.88 1.82 $ - |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2019 92,032 $ 19.46 Granted 48,829 17.41 Vested - - Cancelled - - Outstanding, September 30, 2019 140,861 $ 18.75 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2019 194,378 $ 20.08 Granted 14,068 17.77 Vested - - Cancelled (14,434 ) 22.03 Outstanding, September 30, 2019 194,012 $ 19.77 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Statutory Federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State and local income taxes, net of Federal income tax benefit 4.0 % 3.8 % 4.0 % 4.1 % Taxes attributable to foreign income (8.6 %) (6.8 %) (6.0 %) (5.8 %) GILTI tax 2.9 % 3.7 % 2.2 % 3.7 % Contingent liability adjustments (1.9 %) (2.7 %) (0.8 %) (1.9 %) Compensation related 0.3 % 1.6 % 0.2 % 1.4 % Non-deductible acquisition expense - 1.9 % - 1.8 % Federal tax credits (0.7 %) - (0.7 %) (0.5 %) Other (1.7 %) (6.6 %) (0.5 %) (2.7 %) Effective income tax rate 15.3 % 15.9 % 19.4 % 21.1 % |
Note 8 - Net Income Per Share (
Note 8 - Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income used in the computation of basic and diluted net income per share (in thousands) $ 3,921 $ 6,122 $ 9,078 $ 12,389 Weighted average shares outstanding - basic 14,947,552 15,010,660 14,942,565 14,929,513 Dilutive common stock equivalents 319,298 489,234 329,722 576,129 Weighted average shares outstanding - diluted 15,266,850 15,499,894 15,272,287 15,505,642 Net income per share: Basic $ 0.26 $ 0.41 $ 0.61 $ 0.83 Diluted $ 0.26 $ 0.39 $ 0.59 $ 0.80 |
Note 9 - Operating Segment In_2
Note 9 - Operating Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and For the Three Months Ended September 30, 2019 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total Net sales $ 54,979 $ 9,305 $ 26,460 $ (1,278 ) $ 89,466 Cost of goods sold 35,263 3,542 19,627 (417 ) 58,015 Gross margin 19,716 5,763 6,833 (861 ) 31,451 Selling and administrative expenses 17,688 3,488 4,945 (861 ) 25,260 Other periodic pension cost 476 - - - 476 Interest expense 768 - 317 - 1,085 Income before taxes on income $ 784 $ 2,275 $ 1,571 $ - $ 4,630 Depreciation and amortization $ 1,537 $ 240 $ 351 $ - $ 2,128 Capital expenditures $ 1,038 $ 276 $ 131 $ - $ 1,445 Total assets $ 254,053 $ 22,289 $ 73,043 $ - $ 349,385 As of and For the Three Months Ended September 30, 2018 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total Net sales $ 69,776 $ 7,934 $ 19,186 $ (1,026 ) $ 95,870 Cost of goods sold 45,225 3,346 13,859 (360 ) 62,070 Gross margin 24,551 4,588 5,327 (666 ) 33,800 Selling and administrative expenses 18,731 2,856 4,561 (666 ) 25,482 Other periodic pension cost 96 - - - 96 Interest expense 593 - 347 - 940 Income before taxes on income $ 5,131 $ 1,732 $ 419 $ - $ 7,282 Depreciation and amortization $ 1,510 $ 241 $ 348 $ - $ 2,099 Capital expenditures $ 885 $ 445 $ 137 $ - $ 1,467 Total assets(1) $ 259,700 $ 18,414 $ 56,916 $ - $ 335,030 As of and For the Nine Months Ended September 30, 2019 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total Net sales $ 174,403 $ 26,897 $ 70,563 $ (3,575 ) $ 268,288 Cost of goods sold 112,561 10,926 51,960 (1,221 ) 174,226 Gross margin 61,842 15,971 18,603 (2,354 ) 94,062 Selling and administrative expenses 54,644 10,055 15,663 (2,354 ) 78,008 Other periodic pension cost 1,282 - - - 1,282 Interest expense 2,609 - 905 - 3,514 Income before taxes on income $ 3,307 $ 5,916 $ 2,035 $ - $ 11,258 Depreciation and amortization $ 4,607 $ 745 $ 987 $ - $ 6,339 Capital expenditures $ 5,193 $ 881 $ 350 $ - $ 6,424 Total assets $ 254,053 $ 22,289 $ 73,043 $ - $ 349,385 As of and For the Nine Months Ended September 30, 2018 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total Net sales $ 174,304 $ 23,234 $ 56,876 $ (3,065 ) $ 251,349 Cost of goods sold 113,036 9,839 41,579 (1,058 ) 163,396 Gross margin 61,268 13,395 15,297 (2,007 ) 87,953 Selling and administrative expenses 50,269 8,146 13,583 (2,007 ) 69,991 Other periodic pension cost 289 - - - 289 Interest expense 1,147 - 827 - 1,974 Income before taxes on income $ 9,563 $ 5,249 $ 887 $ - $ 15,699 Depreciation and amortization $ 4,024 $ 731 $ 990 $ - $ 5,745 Capital expenditures $ 2,278 $ 1,264 $ 339 $ - $ 3,881 Total assets(1) $ 259,700 $ 18,414 $ 56,916 $ - $ 335,030 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease costs $ 380 $ 1,103 Short-term lease costs 51 255 Total lease costs, included in selling and administrative expenses $ 431 $ 1,358 Nine Months Ended September 30, 2019 Operating cash flows – cash paid for operating lease liabilities $ 958 Non-cash – Operating lease ROU assets obtained in exchange for new lease liabilities $ 729 September 30, 2019 Weighted-average remaining lease term (in years) 3.6 Weighted average discount rate 5.67 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Remainder of 2019 $ 356 2020 1,377 2021 1,054 2022 859 2023 632 Thereafter 120 Total lease payments 4,398 Less imputed interest 425 Present value of lease liabilities $ 3,973 |
Note 11 - Acquisition of Busi_2
Note 11 - Acquisition of Businesses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration at closing $ 84,430 Superior common stock issued 3,763 Cash and working capital adjustment 2,521 Total Consideration $ 90,714 |
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 28,895 Property, plant and equipment 1,134 Contract assets 2,535 Identifiable intangible assets 41,020 Goodwill 20,323 Total assets $ 106,172 Accounts payables 5,030 Deferred tax liability 9,461 Other current liabilities 967 Total liabilities $ 15,458 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Liability, Total | $ 3,973 | ||
Operating Lease, Liability, Current | 1,400 | ||
Operating Lease, Liability, Noncurrent | 2,590 | ||
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 4,398 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.67% | ||
Operating Lease, Right-of-Use Asset | $ 4,576 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Total | $ 4,100 | ||
Operating Lease, Liability, Current | 1,000 | ||
Operating Lease, Liability, Noncurrent | 3,100 | ||
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 4,600 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.74% | ||
Accounting Standards Update 2014-09 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 4,900 | ||
Prepaid Rent | $ (800) | ||
BAMKO [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 99.00% |
Note 2 - Long-term Debt (Detail
Note 2 - Long-term Debt (Details Textual) $ in Thousands | Sep. 27, 2019 | Sep. 26, 2019 | Jan. 22, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | May 02, 2018USD ($) | May 01, 2018USD ($) | Mar. 01, 2018USD ($) | Feb. 28, 2017USD ($) |
Repayments of Long-term Debt, Total | $ 123,600 | $ 91,423 | |||||||
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 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 6,000 | ||||||||
Derivative, Fixed Interest Rate | 3.12% | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 6,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 6,000 | ||||||||
Interest Rate Swap [Member] | |||||||||
Derivative Liability, Notional Amount | $ 18,000 | ||||||||
Derivative, Notional Amount, Monthly Reduction Amount | $ 300 | ||||||||
Derivative, Swaption Interest Rate | 3.05% | ||||||||
Interest Rate Swap [Member] | Other Current Liabilities [Member] | |||||||||
Derivative Liability, Notional Amount | $ 17,500 | ||||||||
Derivative Liability, Total | $ 300 | 100 | |||||||
Credit Agreement [Member] | |||||||||
EBITA Ratio | 5 | 4 | |||||||
Fixed Charge Coverage Ratio | 1.25 | ||||||||
Credit Agreement [Member] | Term Loan [Member] | |||||||||
Debt Instrument, Face Amount | $ 65,000 | $ 42,000 | |||||||
Repayments of Long-term Debt, Total | $ 20,000 | ||||||||
Credit Agreement [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.72% | ||||||||
Credit Agreement [Member] | Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.68% | ||||||||
Credit Agreement [Member] | Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
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 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 9,300 | ||||||||
Long Term Debt Maturities Repayments of Principal in Year Eight | $ 800 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.89% | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 9,300 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 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 2 [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||||||||
Credit Agreement [Member] | Term Loan 2 [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 41,100 | ||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Fifth Third Bank [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | ||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | BB&T [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 |
Note 2 - Long-term Debt - Long-
Note 2 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Long-term debt, gross | $ 119,667 | $ 117,693 |
Payments due within one year included in current liabilities | 15,286 | 6,000 |
Debt issuance costs | 569 | 171 |
Long-term debt less current maturities | 103,812 | 111,522 |
Note Payable Maturing May 2023 [Member] | BB&T [Member] | ||
Long-term debt, gross | 34,035 | 1,193 |
Term Loan Maturing January 22, 2026 [Member] | BB&T [Member] | ||
Long-term debt, gross | 33,857 | 1,193 |
Term Loan Maturing February 26, 2024 [Member] | BB&T [Member] | ||
Long-term debt, gross | 27,000 | 31,500 |
Term Loan Maturing May 2020 [Member] | BB&T [Member] | ||
Long-term debt, gross | $ 58,810 | $ 85,000 |
Note 3 - Periodic Pension Exp_3
Note 3 - Periodic Pension Expense (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Service cost - benefits earned during the period | $ 29 | $ 27 | $ 87 | $ 81 |
Interest cost on projected benefit obligation | 271 | 242 | 813 | 727 |
Expected return on plan assets | (385) | (429) | (1,106) | (1,288) |
Recognized actuarial loss | 310 | 284 | 959 | 850 |
Settlement loss | 280 | 616 | ||
Net periodic pension cost | $ 505 | $ 124 | $ 1,369 | $ 370 |
Note 4 - Net Sales (Details Tex
Note 4 - Net Sales (Details Textual) $ in Millions | Jan. 01, 2018USD ($) |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 11.2 |
Note 4 - Net Sales - Accounts R
Note 4 - Net Sales - Accounts Receivables and Contract Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts receivable - trade | $ 75,597 | $ 64,017 |
Current contract assets | 38,030 | 49,236 |
Current contract liabilities | $ 1,372 | $ 437 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($)shares | Sep. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 5,000,000 | 5,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 3,320,743 | 3,320,743 |
Share-based Payment Arrangement, Expense, Reversed | $ 0.5 | $ 0.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.96 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0.4 | $ 0.4 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 109 days | |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0.1 | $ 0.1 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 109 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.97 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 1.3 | $ 1.3 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 219 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 17.41 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.5 | $ 1.5 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 36 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 17.77 | |
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 | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Share-based compensation expense | $ (35) | $ 377 | $ 997 | $ 1,867 | |
Related income tax benefit | 67 | 44 | 192 | 229 | |
Stock Options and SARs [Member] | |||||
Share-based compensation expense | 108 | 16 | 286 | 960 | |
Restricted Stock [Member] | |||||
Share-based compensation expense | 215 | 140 | 612 | 404 | |
Performance Shares [Member] | |||||
Share-based compensation expense | [1] | $ (358) | $ 221 | $ 99 | $ 503 |
[1] | During the three and nine months ended September 30, 2019, the Company reversed $0.5 million of previously recognized expense for certain performance awards after determining that the performance conditions will not be met. |
Note 6 - Share-based Compensa_5
Note 6 - Share-based Compensation - Stock Option Transactions (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | ||
Outstanding, January 1, 2019 (in shares) | shares | 676,846 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 15.70 | ||
Outstanding, weighted average remaining life (Year) | 3 years 73 days | 2 years 361 days | |
Outstanding, aggregate intrinsic value | $ | $ 984 | $ 2,230 | |
Granted (in shares) | shares | 184,994 | [1] | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 17.22 | [1] | |
Exercised (in shares) | shares | (75,444) | ||
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 6.71 | ||
Cancelled (in shares) | shares | (80,005) | ||
Cancelled, weighted average exercise price (in dollars per share) | $ / shares | $ 17.71 | ||
Outstanding, September 30, 2019 (in shares) | shares | 706,391 | 676,846 | |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 16.83 | $ 15.70 | |
Options exercisable, September 30, 2019 (in shares) | shares | 497,993 | ||
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 16.56 | ||
Options exercisable, weighted average remaining life (Year) | 2 years 211 days | ||
Options exercisable, aggregate intrinsic value | $ | $ 967 | ||
[1] | The weighted average grant date fair value of stock options granted was $3.96 per share. |
Note 6 - Share-based Compensa_6
Note 6 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | ||
Outstanding SARS (in shares) | 182,894 | ||
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 18.99 | ||
Outstanding SARS, weighted average remaining life (Year) | 2 years 105 days | 2 years 222 days | |
Outstanding SARS, aggregate intrinsic value | $ 89 | ||
Granted SARs (in shares) | [1] | 42,841 | |
Granted SARS, weighted average exercise price (in dollars per share) | [1] | $ 17.77 | |
Exercised SARs (in shares) | |||
Exercised SARS, weighted average exercise price (in dollars per share) | |||
Cancelled SARs (in shares) | (19,035) | ||
Cancelled SARS, weighted average exercise price (in dollars per share) | $ 19.67 | ||
Outstanding SARS (in shares) | 206,700 | 182,894 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 18.67 | $ 18.99 | |
Exercisable SARs (in shares) | 168,478 | ||
Exercisable SARs, weighted average exercise price (in dollars per share) | $ 18.88 | ||
Exercisable SARs, weighted average remaining life (Year) | 1 year 299 days | ||
Exercisable SARs, aggregate intrinsic value | |||
[1] | The weighted average grant date fair value of SARs granted was $3.97 per share. |
Note 6 - Share-based Compensa_7
Note 6 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Outstanding (in shares) | shares | 92,032 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.46 |
Granted (in shares) | shares | 48,829 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.41 |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Cancelled (in shares) | shares | |
Cancelled, weighted average grant date fair value (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 140,861 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.75 |
Note 6 - Share-based Compensa_8
Note 6 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Outstanding (in shares) | shares | 194,378 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.08 |
Granted (in shares) | shares | 14,068 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.77 |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Cancelled (in shares) | shares | (14,434) |
Cancelled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.03 |
Outstanding (in shares) | shares | 194,012 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.77 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 709 | $ 1,160 | $ 2,180 | $ 3,310 |
Effective Income Tax Rate Reconciliation, Percent, Total | 15.30% | 15.90% | 19.40% | 21.10% |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Tax Rate Reconciliation (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statutory Federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of Federal income tax benefit | 4.00% | 3.80% | 4.00% | 4.10% |
Taxes attributable to foreign income | (8.60%) | (6.80%) | (6.00%) | (5.80%) |
GILTI tax | 2.90% | 3.70% | 2.20% | 3.70% |
Contingent liability adjustments | (1.90%) | (2.70%) | (0.80%) | (1.90%) |
Compensation related | 0.30% | 1.60% | 0.20% | 1.40% |
Non-deductible acquisition expense | 1.90% | 1.80% | ||
Federal tax credits | (0.70%) | (0.70%) | (0.50%) | |
Other | (1.70%) | (6.60%) | (0.50%) | (2.70%) |
Effective income tax rate | 15.30% | 15.90% | 19.40% | 21.10% |
Note 8 - Net Income Per Share_2
Note 8 - Net Income Per Share (Details Textual) - Share-based Payment Arrangement [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 568,471 | 192,000 | 408,854 | 192,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price | $ 19.02 | $ 23.17 | $ 20.07 | $ 23.17 |
Note 8 - Net Income Per Share -
Note 8 - Net Income Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income used in the computation of basic and diluted net income per share (in thousands) | $ 3,921 | $ 6,122 | $ 9,078 | $ 12,389 |
Weighted average shares outstanding - basic (in shares) | 14,947,552 | 15,010,660 | 14,942,565 | 14,929,513 |
Dilutive common stock equivalents (in shares) | 319,298 | 489,234 | 329,722 | 576,129 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,266,850 | 15,499,894 | 15,272,287 | 15,505,642 |
Basic (in dollars per share) | $ 0.26 | $ 0.41 | $ 0.61 | $ 0.83 |
Diluted (in dollars per share) | $ 0.26 | $ 0.39 | $ 0.59 | $ 0.80 |
Note 9 - Operating Segment In_3
Note 9 - Operating Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |||
Net sales | $ 89,466 | $ 95,870 | $ 268,288 | $ 251,349 | |||
Cost of goods sold | 58,015 | 62,070 | 174,226 | 163,396 | |||
Gross margin | 31,451 | 33,800 | 94,062 | 87,953 | |||
Selling and administrative expenses | 25,260 | 25,482 | 78,008 | 69,991 | |||
Other periodic pension cost | 476 | 96 | 1,282 | 289 | |||
Interest expense | 1,085 | 940 | 3,514 | 1,974 | |||
Income before taxes on income | 4,630 | 7,282 | 11,258 | 15,699 | |||
Depreciation and amortization | 2,128 | 2,099 | 6,339 | 5,745 | |||
Capital expenditures | 1,445 | 1,467 | 6,424 | 3,881 | |||
Total assets | 349,385 | 335,030 | [1] | 349,385 | 335,030 | [1] | $ 335,086 |
Intersegment Eliminations [Member] | |||||||
Net sales | (1,278) | (1,026) | (3,575) | (3,065) | |||
Cost of goods sold | (417) | (360) | (1,221) | (1,058) | |||
Gross margin | (861) | (666) | (2,354) | (2,007) | |||
Selling and administrative expenses | (861) | (666) | (2,354) | (2,007) | |||
Other periodic pension cost | |||||||
Interest expense | |||||||
Income before taxes on income | |||||||
Depreciation and amortization | |||||||
Capital expenditures | |||||||
Total assets | [1] | [1] | |||||
Uniforms and Related Products [Member] | Operating Segments [Member] | |||||||
Net sales | 54,979 | 69,776 | 174,403 | 174,304 | |||
Cost of goods sold | 35,263 | 45,225 | 112,561 | 113,036 | |||
Gross margin | 19,716 | 24,551 | 61,842 | 61,268 | |||
Selling and administrative expenses | 17,688 | 18,731 | 54,644 | 50,269 | |||
Other periodic pension cost | 476 | 96 | 1,282 | 289 | |||
Interest expense | 768 | 593 | 2,609 | 1,147 | |||
Income before taxes on income | 784 | 5,131 | 3,307 | 9,563 | |||
Depreciation and amortization | 1,537 | 1,510 | 4,607 | 4,024 | |||
Capital expenditures | 1,038 | 885 | 5,193 | 2,278 | |||
Total assets | 254,053 | 259,700 | [1] | 254,053 | 259,700 | [1] | |
Remote Staffing Solutions [Member] | Operating Segments [Member] | |||||||
Net sales | 9,305 | 7,934 | 26,897 | 23,234 | |||
Cost of goods sold | 3,542 | 3,346 | 10,926 | 9,839 | |||
Gross margin | 5,763 | 4,588 | 15,971 | 13,395 | |||
Selling and administrative expenses | 3,488 | 2,856 | 10,055 | 8,146 | |||
Other periodic pension cost | |||||||
Interest expense | |||||||
Income before taxes on income | 2,275 | 1,732 | 5,916 | 5,249 | |||
Depreciation and amortization | 240 | 241 | 745 | 731 | |||
Capital expenditures | 276 | 445 | 881 | 1,264 | |||
Total assets | 22,289 | 18,414 | [1] | 22,289 | 18,414 | [1] | |
Promotional Products [Member] | Operating Segments [Member] | |||||||
Net sales | 26,460 | 19,186 | 70,563 | 56,876 | |||
Cost of goods sold | 19,627 | 13,859 | 51,960 | 41,579 | |||
Gross margin | 6,833 | 5,327 | 18,603 | 15,297 | |||
Selling and administrative expenses | 4,945 | 4,561 | 15,663 | 13,583 | |||
Other periodic pension cost | |||||||
Interest expense | 317 | 347 | 905 | 827 | |||
Income before taxes on income | 1,571 | 419 | 2,035 | 887 | |||
Depreciation and amortization | 351 | 348 | 987 | 990 | |||
Capital expenditures | 131 | 137 | 350 | 339 | |||
Total assets | $ 73,043 | $ 56,916 | [1] | $ 73,043 | $ 56,916 | [1] | |
[1] | Intercompany balances that were previously included in total assets for each reportable segment have been excluded. |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Lease, Liability, Current | $ 1,400 | |
Operating Lease, Liability, Noncurrent | 2,590 | |
Operating Lease, Right-of-Use Asset | 4,576 | |
Operating Lease, Liability, Total | 3,973 | |
Operating Lease Right of Use Assets [Member] | ||
Prepaid Rent | $ 600 | |
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 | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Operating lease costs | $ 380 | $ 1,103 |
Short-term lease costs | 51 | 255 |
Total lease costs, included in selling and administrative expenses | $ 431 | 1,358 |
Operating cash flows – cash paid for operating lease liabilities | 958 | |
Non-cash – Operating lease ROU assets obtained in exchange for new lease liabilities | $ 729 | |
Weighted-average remaining lease term (in years) (Year) | 3 years 219 days | 3 years 219 days |
Weighted average discount rate | 5.67% | 5.67% |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Remainder of 2019 | $ 356 |
2020 | 1,377 |
2021 | 1,054 |
2022 | 859 |
2023 | 632 |
Thereafter | 120 |
Total lease payments | 4,398 |
Less imputed interest | 425 |
Present value of lease liabilities | $ 3,973 |
Note 11 - Acquisition of Busi_3
Note 11 - Acquisition of Businesses (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 02, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 01, 2017 | Aug. 21, 2017 | Mar. 08, 2016 |
Business Combination, Contingent Consideration, Liability, Current | $ 1,374 | $ 1,374 | $ 941 | |||||||
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 | $ 2,500 | |||||||||
Goodwill, Purchase Accounting Adjustments | 2,400 | 2,400 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | (1,800) | (1,800) | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Payable | 600 | 600 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 41,020 | |||||||||
Amortization of Intangible Assets, Total | 500 | $ 500 | 1,400 | $ 800 | ||||||
Business Acquisition, Pro Forma Revenue | 22,300 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 2,600 | |||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.17 | |||||||||
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] | ||||||||||
Business Combination, Liabilities Arising From Contingencies, Earn Out Liability, Before Discount | $ 5,500 | |||||||||
Business Combination, Contingent Consideration, Liability, Total | 3,100 | 3,100 | ||||||||
Business Combination, Contingent Consideration, Liability, Current | 1,100 | 1,100 | ||||||||
Public Identity [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Total | 100 | 100 | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 400 | |||||||||
Tangerine [Member] | ||||||||||
Business Combination, Liabilities Arising From Contingencies, Earn Out Liability, Before Discount | $ 3,200 | |||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 2,000 | $ 2,000 | ||||||||
Tangerine [Member] | Forecast [Member] | ||||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 300 |
Note 11 - Acquisition of Busi_4
Note 11 - Acquisition of Businesses - Purchase Price (Details) - CID Resources [Member] $ in Thousands | May 02, 2018USD ($) |
Payments to Acquire Businesses, Gross | $ 84,430 |
Superior common stock issued | 3,763 |
Cash and working capital adjustment | 2,521 |
Total Consideration | $ 90,714 |
Note 11 - Acquisition of Busi_5
Note 11 - Acquisition of Businesses - Aggregate Consideration (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | May 02, 2018 |
Goodwill | $ 36,252 | $ 33,961 | |
CID Resources [Member] | |||
Cash | $ 1,360 | ||
Accounts receivable | 9,657 | ||
Prepaid expenses and other current assets | 1,248 | ||
Inventories | 28,895 | ||
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 | 20,323 | ||
Total assets | 106,172 | ||
Accounts payables | 5,030 | ||
Deferred tax liability | 9,461 | ||
Other current liabilities | 967 | ||
Total liabilities | $ 15,458 |