Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 12, 2020 | Jun. 30, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,332,130 | ||
Entity Public Float | $ 172.9 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 376,701 | $ 346,350 | $ 266,814 |
Costs and expenses: | |||
Cost of goods sold | 247,772 | 224,653 | 170,462 |
Selling and administrative expenses | 107,282 | 96,710 | 70,592 |
Other periodic pension costs | 1,962 | 385 | 1,224 |
Interest expense | 4,399 | 3,207 | 802 |
361,415 | 324,955 | 243,080 | |
Gain on sale of property, plant and equipment | 1,048 | ||
Income before taxes on income | 15,286 | 21,395 | 24,782 |
Income tax expense | 3,220 | 4,420 | 9,760 |
Net income | $ 12,066 | $ 16,975 | $ 15,022 |
Net income per share: | |||
Net income per share, basic (in dollars per share) | $ 0.81 | $ 1.14 | $ 1.04 |
Net income per share, diluted (in dollars per share) | $ 0.79 | $ 1.10 | $ 0.99 |
Weighted average number of shares outstanding during the period | |||
Weighted average number of shares outstanding during the period, basic (in shares) | 14,945,165 | 14,937,786 | 14,510,156 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,266,408 | 15,472,133 | 15,118,768 |
Other comprehensive income (loss), net of tax: | |||
Recognition of net losses included in net periodic pension costs | $ 968 | $ 862 | $ 652 |
Recognition of settlement loss included in net periodic pension costs | 835 | 272 | |
Current period loss | 1,354 | 1,253 | 1,948 |
Gain (loss) on cash flow hedging activities | 22 | (203) | 111 |
Foreign currency translation adjustments | (74) | 518 | (20) |
Other comprehensive income (loss) | 501 | (706) | (1,115) |
Comprehensive income | $ 12,567 | $ 16,269 | $ 13,907 |
Cash dividends per common share (in dollars per share) | $ 400 | $ 390 | $ 365 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 9,038 | $ 5,362 |
Accounts receivable, less allowance for doubtful accounts of $2,964 and $2,042, respectively | 79,746 | 64,017 |
Accounts receivable - other | 1,083 | 1,744 |
Inventories | 73,379 | 70,203 |
Contract assets | 38,533 | 49,236 |
Prepaid expenses and other current assets | 9,934 | 6,650 |
Total current assets | 211,713 | 197,212 |
Property, plant and equipment, net | 32,825 | 28,769 |
Operating lease right-of-use assets | 5,445 | |
Intangible assets, net | 62,536 | 66,312 |
Goodwill | 36,292 | 33,961 |
Other assets | 10,122 | 8,832 |
Total assets | 358,933 | 335,086 |
Current liabilities: | ||
Accounts payable | 33,271 | 24,685 |
Other current liabilities | 18,894 | 14,767 |
Current portion of long-term debt | 15,286 | 6,000 |
Current portion of acquisition-related contingent liabilities | 1,905 | 941 |
Total current liabilities | 69,356 | 46,393 |
Long-term debt | 104,003 | 111,522 |
Long-term pension liability | 10,253 | 8,705 |
Long-term acquisition-related contingent liabilities | 3,423 | 5,422 |
Long-term operating lease liabilities | 2,380 | |
Deferred tax liability | 7,042 | 8,475 |
Other long-term liabilities | 4,922 | 3,648 |
Commitments and contingencies (Note 11) | ||
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 - 15,227,604 and 15,202,387 shares, respectively. | 15 | 15 |
Additional paid-in capital | 57,442 | 55,859 |
Retained earnings | 107,581 | 103,032 |
Accumulated other comprehensive income (loss), net of tax: | ||
Pensions | (7,224) | (7,673) |
Cash flow hedges | 91 | 113 |
Foreign currency translation adjustment | (351) | (425) |
Total shareholders’ equity | 157,554 | 150,921 |
Total liabilities and shareholders’ equity | $ 358,933 | $ 335,086 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 2,964 | $ 2,042 |
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) | 15,227,604 | 15,202,387 |
Common stock, shares outstanding (in shares) | 15,227,604 | 15,202,387 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Stock Appreciation Rights (SARs) [Member]Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 14,513,207 | |||||
Balance at Dec. 31, 2016 | $ 15 | $ 42,416 | $ 74,283 | $ (6,164) | $ 110,550 | |
Common shares issued upon exercise of options (in shares) | 285,745 | |||||
Common shares issued upon exercise of options | 2,779 | (907) | 1,872 | |||
Restricted shares issued (in shares) | 181,399 | |||||
Restricted shares issued | 2,780 | 2,780 | ||||
Common shares issued upon exercise of Stock Appreciation Rights (SARs) (in shares) | 101,596 | |||||
Share-based compensation expense | 1,664 | 1,664 | ||||
Tax withheld on exercise of Stock Appreciation Rights (SARs) | (1,186) | (1,186) | ||||
Tax benefit from vesting of acquisition related restricted stock | 650 | 650 | ||||
Cash dividends declared | (5,269) | (5,269) | ||||
Net income | 15,022 | 15,022 | ||||
Cash flow hedges, net of taxes | (111) | (111) | ||||
Pensions, net of taxes | (1,024) | (1,024) | ||||
Change in currency translation adjustment, net of taxes | 20 | 20 | ||||
Cash flow hedges, net of taxes | (111) | |||||
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 (in shares) | 87,347 | |||||
Common shares issued upon exercise of options | 878 | (151) | 727 | |||
Restricted shares issued (in shares) | 150,094 | |||||
Restricted shares issued | 3,762 | 3,762 | ||||
Common shares issued upon exercise of Stock Appreciation Rights (SARs) (in shares) | 3,428 | 37,930 | ||||
Share-based compensation expense | 2,264 | 2,264 | ||||
Tax withheld on exercise of Stock Appreciation Rights (SARs) | (17) | (17) | ||||
Tax benefit from vesting of acquisition related restricted stock | 445 | 445 | ||||
Cash dividends declared | (5,836) | (5,836) | ||||
Net income | 16,975 | 16,975 | ||||
Cash flow hedges, net of taxes | 203 | 203 | ||||
Pensions, net of taxes | (391) | (391) | ||||
Change in currency translation adjustment, net of taxes | (518) | (518) | ||||
ASC 606 adjustment to opening retained earnings | 11,245 | $ 11,245 | ||||
Common shares reacquired and retired (in shares) | (158,359) | (58,216) | ||||
Common shares reacquired and retired | (576) | (2,330) | $ (2,906) | |||
Cash flow hedges, net of taxes | $ 203 | |||||
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 (in shares) | 75,444 | |||||
Common shares issued upon exercise of options | 460 | (177) | $ 283 | |||
Restricted shares issued (in shares) | 69,530 | |||||
Restricted shares issued | ||||||
Common shares issued upon exercise of Stock Appreciation Rights (SARs) (in shares) | 62,994 | |||||
Share-based compensation expense | 1,484 | 1,484 | ||||
Tax benefit from vesting of acquisition related restricted stock | 30 | 30 | ||||
Cash dividends declared | (6,046) | (6,046) | ||||
Net income | 12,066 | 12,066 | ||||
Change in currency translation adjustment, net of taxes | 74 | $ 74 | ||||
Common shares reacquired and retired (in shares) | (107,307) | (49,091) | ||||
Common shares reacquired and retired | (391) | (1,294) | $ (1,685) | |||
Cash flow hedges, net of taxes | (22) | (22) | ||||
Pensions, net of taxes | 449 | $ 449 | ||||
Balance (in shares) at Dec. 31, 2019 | 15,227,604 | 15,227,604 | ||||
Balance at Dec. 31, 2019 | $ 15 | $ 57,442 | $ 107,581 | $ (7,484) | $ 157,554 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash dividends declared, per share (in dollars per share) | $ 0.40 | $ 0.39 | $ 0.365 |
Cash flow hedges, tax | $ 68 | $ 36 | |
Pensions, tax | 123 | 59 | |
Change in currency translation adjustment, tax | $ 23 | $ 189 | $ 13 |
Cash flow hedges, tax | 3 | ||
Pensions, tax | $ 141 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 12,066 | $ 16,975 | $ 15,022 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Depreciation and amortization | 8,272 | 7,906 | 5,653 |
Provision for bad debts - accounts receivable | 1,323 | 867 | 1,002 |
Share-based compensation expense | 1,484 | 2,264 | 1,664 |
Deferred income tax (benefit) provision | (1,595) | (665) | 5,114 |
Gain on disposals of property, plant and equipment | (5) | (1,048) | |
Change in fair value of acquisition-related contingent liabilities | (74) | (1,116) | (89) |
Changes in assets and liabilities, net of acquisition of businesses: | |||
Accounts receivable - trade | (17,104) | (4,886) | (4,731) |
Accounts receivable - other | 660 | 105 | 1,237 |
Contract asset | 10,703 | (3,382) | |
Inventories | (4,984) | 2,429 | 4,250 |
Prepaid expenses and other current assets | (3,479) | 2,622 | (4,151) |
Other assets | (1,717) | (1,257) | (4,504) |
Accounts payable and other current liabilities | 10,904 | (1,344) | 3,362 |
Long-term pension liability | 2,138 | (128) | (2,577) |
Other long-term liabilities | 1,415 | (526) | 2,523 |
Net cash provided from operating activities | 20,007 | 19,864 | 22,727 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (9,672) | (4,869) | (4,248) |
Proceeds from disposals of property, plant and equipment | 5 | 2,858 | |
Acquisition of businesses, net of acquired cash | (85,597) | (7,988) | |
Net cash used in investing activities | (9,667) | (90,466) | (9,378) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 165,314 | 206,025 | 74,387 |
Repayment of long-term debt | (163,645) | (127,439) | (77,573) |
Payment of cash dividends | (6,046) | (5,836) | (5,269) |
Payment of acquisition-related contingent liabilities | (961) | (2,861) | (1,800) |
Proceeds received on exercise of stock options | 283 | 727 | 1,872 |
Tax benefit from vesting of acquisition related restricted stock | 30 | 445 | 650 |
Tax withholdings on exercise of stock rights | (17) | (1,186) | |
Common stock reacquired and retired | (1,685) | (2,906) | |
Net cash provided from (used in) financing activities | (6,710) | 68,138 | (8,919) |
Effect of exchange rates on cash | 46 | (304) | 51 |
Net increase (decrease) in cash and cash equivalents | 3,676 | (2,768) | 4,481 |
Cash and cash equivalents balance, beginning of year | 5,362 | 8,130 | 3,649 |
Cash and cash equivalents balance, end of year | 9,038 | 5,362 | 8,130 |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | 7,146 | 1,088 | 7,173 |
Interest paid | $ 3,979 | $ 2,724 | $ 727 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Business description Superior’s Uniforms and Related Products segment, through its primary signature marketing brands Fashion Seal Healthcare ® ® third Superior services its Remote Staffing Solutions segment through multiple The Office Gurus entities, including its subsidiaries in El Salvador, Belize, Jamaica, and the United States (collectively, “TOG”). TOG is a near-shore premium provider of cost effective multilingual telemarketing and business process outsourced solutions. The Promotional Products segment, through the BAMKO, Public Identity and Tangerine brands, services customers that purchase primarily promotional and related products. The segment currently has sales offices in the United States and Brazil with support services in China, Hong Kong and India. Basis of presentation The 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, each a direct or indirect subsidiary of BAMKO, LLC, and BAMKO India Private Limited, a 99% May 3, 2018, The accompanying consolidated financial statements of Superior included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) (“U.S.” or “United States”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company refers to the consolidated financial statements collectively as “financial statements,” and individually as “statements of comprehensive income,” “balance sheets,” “statements of shareholders’ equity,” and “statements of cash flows” herein. Reclassifications The accompanying financial statements for prior years contain certain reclassifications to conform to the presentation used in the current period. Reclassifications only impact items within current assets and had no Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses, as well as the disclosures of contingent assets and liabilities. Because of the inherent uncertainties in this process, actual future results could differ from those expected at the reporting date. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three Revenue recognition Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. See Note 15 Accounts receivable and allowance for doubtful accounts Judgments and estimates are used in determining the collectability of accounts receivable and in establishing allowances for doubtful accounts. The Company analyzes specific accounts receivable and historical bad debt experience, customer credit worthiness, current economic trends and the age of outstanding balances when evaluating the adequacy of the allowance for doubtful accounts. Changes in estimates are reflected in the period they become known. Charge-offs of accounts receivable are made once all collection efforts have been exhausted. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may Accounts receivable-other The Company purchases raw materials and has them delivered to certain suppliers of the Company. The Company pays for the raw materials and then deducts the cost of these materials from payments to the suppliers at the time the related finished goods are invoiced to the Company by those suppliers. Cost of goods sold and shipping and handling fees and costs Cost of goods sold for our Uniforms and Related Products segment and our Promotional Products segment consist primarily of direct costs of acquiring inventory, including cost of merchandise, inbound freight charges, purchasing, receiving and inspection costs. Cost of goods sold for our Remote Staffing Solutions segment includes salaries and payroll related benefits for agents. 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 are included in selling and administrative expenses and totaled $14.5 $14.0 $10.9 December 31, 2019 2018 2017 Inventories Inventories are stated at the lower of cost ( first first may Property, plant and equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Major renewals and improvements are capitalized, while replacements, maintenance and repairs which do not 31, 2017, $2.8 $1.0 Property, plant and equipment is recorded at cost and depreciated using the straight-line method over its estimated useful life as follows: Buildings 20 to 40 years Improvements 5 to 40 years Machinery, equipment and fixtures 3 to 10 years Transportation equipment 3 to 5 years Leasehold improvements are amortized over the terms of the leases to the extent that as such improvements have useful lives of at least the terms of the respective leases. Intangible assets, net Intangible assets consist of customer relationships, non-compete agreements and trade names acquired in previous business acquisitions. Intangible assets as of December 31, 2019 2018 December 31, 2019 December 31, 2018 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships (7-15 year life) 12.7 $ 41,530 $ (11,246 ) $ 41,530 $ (7,733 ) Non-compete agreements (3-7 year life) 5.4 1,411 (589 ) 1,411 (326 ) Total $ 42,941 $ (11,835 ) $ 42,941 $ (8,059 ) Indefinite-lived intangible assets: Trade names $ 31,430 $ 31,430 Total intangible assets $ 74,371 $ (11,835 ) $ 74,371 $ (8,059 ) Amortization expense for intangible assets was $3.8 $3.8 $2.4 December 31, 2019 2018 2017 Estimated future intangible amortization expense is as follows (in thousands): 2020 $ 3,820 2021 3,819 2022 3,755 2023 2,929 2024 2,265 Thereafter 14,518 Total $ 31,106 Trade names: As part of the acquisition of substantially all of the assets of HPI Direct, Inc. in 2013, $4.7 2016, $8.9 2018, $0.5 $3.2 2018, $14.2 not Impairment of long-lived assets Long-lived assets, such as property and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no December 31, 2019 2018 2017 Goodwill and indefinite-lived intangible assets The Company has made acquisitions in the past that included goodwill and indefinite-lived intangible assets. Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived intangible assets such as trade names are not fourth may not • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the Company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the Company’s products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers. Goodwill and indefinite-lived intangible assets are tested at a level of reporting referred to as “the reporting unit.” The Company’s reporting units are defined as each of its three December 31, 2019 $24.5 $11.8 December 31, 2019 $18.8 $12.6 An entity has the option to first not 50% not not December 31, 2019 2018 2017, Employee benefits Pension plan costs are funded currently based on actuarial estimates, with prior service costs amortized over 20 Insurance The Company self-insures for certain obligations related to employee health programs. The Company also purchases stop-loss insurance policies to protect it from catastrophic losses. Judgments and estimates are used in determining the potential value associated with reported claims and for losses that have occurred, but have not may Taxes on income Income taxes are provided for under the liability method, whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not Note 7 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. The Company recognizes share-based compensation expense for all awards granted to employees, which is based on the fair value of the award on the date of grant. Determining the appropriate fair value model and calculating the fair value of stock compensation awards requires the input of certain highly complex and subjective assumptions, including the expected life of the stock compensation awards and the Company’s common stock price volatility, risk free interest rate and dividend rate. The assumptions used in calculating the fair value of stock compensation awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and the Company deems it necessary to use different assumptions, stock compensation expense could be materially different from what has been recorded in the current period. Other 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). Risks and concentrations Financial instruments that potentially subject the Company to concentrations of credit risk include cash in banks in excess of federally insured amounts. The Company manages this risk by maintaining all deposits in high quality financial institutions and periodically performing evaluations of the relative credit standing of the financial institutions. When assessing credit risk the Company considers whether the credit risk exists at both the individual and group level. Consideration is given to the activity, region and economic characteristics when assessing if there exists a group concentration risk. At December 31, 2019 2018 no 10 December 31, 2019 2018 five $18.6 $12.8 23 20% none 10% 2019 10.1% 2019 17.8% 2019 Included in accounts receivable-other on the Company’s balance sheets at December 31, 2019 2018 $1.0 $1.6 The Uniform and Related Products segment’s principal fabrics used in the manufacture of its finished goods are cotton, polyester, wool, synthetic and cotton-synthetic blends. The majority of such fabrics are sourced in China. The Promotional Products segment relies on the supply of different types of raw materials, including plastic, glass, fabric and metal. The vast majority of these raw materials are principally sourced from China, either directly by BAMKO or its suppliers. If we are unable to continue to obtain our raw materials and finished products from China or if our suppliers are unable to source raw materials from China, it could significantly disrupt our business. Further, the Company’s suppliers generally source or manufacture finished goods in parts of the world that may Fair value of financial instruments The carrying amounts of cash and cash equivalents, receivables and accounts payable approximated fair value as of December 31, 2019 2018 Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, 2016 02, 842 July 2018, 2018 10, 842, 2018 11, 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 December 31, 2019 February 2018, 2018 02, 220 2018 02 December 15, 2018 not January 1, 2019 not Recently Issued Accounting Pronouncements Not June 2016, 2016 13, 326 December 15, 2019, November 2019, 2019 10, 326 815 842 December 15, 2022. not January 1, 2020, not January 2017, 2017 04, 2017 04 two December 15, 2019. not In August 2018, 2018 15, 350 40 December 15, 2019 may not |
Note 2 - Allowance for Doubtful
Note 2 - Allowance for Doubtful Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 2 The activity in the allowance for doubtful accounts receivable was as follows (in thousands): Years Ended December 31, 2019 2018 2017 Balance at the beginning of year $ 2,042 $ 1,382 $ 1,276 Provision for bad debts 1,323 867 1,002 Charge-offs (401 ) (210 ) (901 ) Recoveries - 3 5 Balance at the end of year $ 2,964 $ 2,042 $ 1,382 |
Note 3 - Reserve for Sales Retu
Note 3 - Reserve for Sales Returns and Allowance | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Reserve For Sales Returns And Allowances Disclosure [Text Block] | NOTE 3 The activity in the reserve for sales returns and allowances was as follows (in thousands): Years Ended December 31, 2019 2018 2017 Balance at the beginning of year $ 1,893 $ 1,125 $ 1,967 Provision for returns and allowances 4,334 4,908 2,789 Actual returns and allowances paid to customers (4,115 ) (4,140 ) (3,631 ) Balance at the end of year $ 2,112 $ 1,893 $ 1,125 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 Inventories consisted of the following amounts (in thousands): December 31, 2019 2018 Finished goods $ 65,413 $ 61,098 Work in process 652 650 Raw materials 7,314 8,455 Inventories $ 73,379 $ 70,203 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 Property, plant and equipment, net, consisted of the following (in thousands): December 31, 2019 2018 Land $ 3,635 $ 3,635 Buildings, improvements and leaseholds 18,745 18,519 Machinery, equipment and fixtures 66,311 58,111 88,691 80,265 Accumulated depreciation and amortization (55,866 ) (51,496 ) Property, plant and equipment, net $ 32,825 $ 28,769 Depreciation and amortization charges were $4.5 $4.1 $3.3 2019 2018 2017 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 6 Debt consisted of the following (in thousands): December 31, 2019 2018 BB&T Credit Facilities: Revolving credit facility due May 2023 $ 37,838 $ 1,193 Term loan due February 2024 (“2017 Term Loan”) 25,500 31,500 Term loan due January 2026 (“2018 Term Loan”) 56,488 85,000 $ 119,826 $ 117,693 Less: Payments due within one year included in current liabilities 15,286 6,000 Debt issuance costs 537 171 Long-term debt less current maturities $ 104,003 $ 111,522 Effective on February 28, 2017, $35 February 25, 2022 $42 February 26, 2024 ( “2017 May 2, 2018, $35 $75 $85 May 2020 ( “2018 May 2023. On January 22, 2019, 2018 $20 $65 2018 January 22, 2026. September 27, 2019, 4.0:1 5.0:1 4.0:1. Contractual principal payments for the 2017 2020 2023 $6.0 2024 $1.5 2018 2020 2025 $9.3 2026 $0.8 not Obligations outstanding under the 2018 0.85% 1.65% 2.60% December 31, 2019 2017 one 0.68% 1.50% 2.43% December 31, 2019 December 31, 2019 no The revolving credit facility, 2017 2018 not 1.25:1 not 5.0:1. December 31, 2019 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 December 31, 2019 $0.2 Debt Maturity Schedule Contractual maturities of debt (excluding interest to be accrued thereon) at December 31, 2019 Year Ended December 31, 2019 2020 $ 15,286 2021 15,286 2022 15,286 2023 53,124 2024 10,786 Thereafter 10,058 Total debt $ 119,826 |
Note 7 - Income Tax Expense
Note 7 - Income Tax Expense | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 7 Aggregate income tax provisions consist of the following (in thousands): Years Ended December 31, 2019 2018 2017 Current: Federal $ 3,049 $ 3,613 $ 2,846 Tax Cut and Jobs Act - - 265 State and local 1,074 643 647 Foreign 502 789 338 4,625 5,045 4,096 Long-Term: Tax Cut and Jobs Act - - 1,336 Deferred Taxes: Deferred tax (benefit) provision (1,405 ) (625 ) 1,899 Tax Cut and Jobs Act re-measurement - - 2,429 (1,405 ) (625 ) 4,328 Income tax expense $ 3,220 $ 4,420 $ 9,760 The significant components of the deferred income tax (liability) asset are as follows (in thousands): December 31, 2019 2018 Deferred income tax assets: Pension accruals $ 2,588 $ 2,729 Operating reserves and other accruals 2,540 1,984 Tax credits 923 748 Valuation allowance on tax credits (923 ) (748 ) Deferred income tax liabilities: Book carrying value in excess of tax basis of property (1,544 ) (1,495 ) Book carrying value in excess of tax basis of intangibles (7,024 ) (6,906 ) Tax effect of revenue recognition standard ASC 606 (1,771 ) (2,657 ) Deferred expenses (1,831 ) (2,130 ) Net deferred income tax liability $ (7,042 ) $ (8,475 ) The difference between the total statutory Federal income tax rate and the actual effective income tax rate is accounted for as follows: Years Ended December 31, 2019 2018 2017 Statutory Federal income tax rate 21.0 % 21.0 % 34.0 % State and local income taxes, net of Federal income tax benefit 4.8 % 2.0 % 1.5 % Rate impacts due to foreign operations (3.9 %) (2.7 %) (5.1 %) Changes in uncertain tax positions 1.7 % 0.4 % - Compensation related (0.2 %) 1.4 % (6.1 %) R&D tax credits (0.9 %) (0.4 %) (0.5 %) Other (1.4 %) (1.0 %) (0.1 %) Impact of the Tax Act - - 15.7 % Effective income tax rate 21.1 % 20.7 % 39.4 % On December 22, 2017, 34% 21%, one 2017, $9.8 $4.0 $3.3 $0.7 Effective January 1, 2018, 21%, 34% one 2017 one 15.5% 8% no $0.9 Effective January 1, 2018, Only tax positions that meet the more-likely-than- not December 31, 2019 2018 $0.9 $0.6 not twelve $0.9 December 31, 2019 Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands): December 31, 2019 2018 Balance at the beginning of year $ 477 $ 400 Additions based on tax positions related to the current year 128 56 Additions for tax positions of prior years 173 85 Reductions due to lapse of statute of limitations (97 ) (64 ) Balance at the end of year $ 681 $ 477 We recognize interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes. During the years ended December 31, 2019 2018 2017 $0.2 $0.1 $0.1 2019 2018 2017 $0.1 December 31, 2019 2018 $0.2 $0.1 We anticipate that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by approximately $0.1 twelve 2016 2013. |
Note 8 - Benefit Plans
Note 8 - Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 8 – Benefit Plans Defined Benefit Plans The Company is the sponsor of two 65, Effective June 30, 2013, no Effective December 31, 2014, no The Company recognizes the funded status of its defined benefit post retirement plans in the Company’s balance sheets. At December 31, 2019 $1.8 $10.4 It is our policy to make contributions to the various plans in accordance with statutory funding requirements and any additional funding that may The following tables present the changes in the benefit obligations and the various plan assets, the funded status of the plans, and the amounts recognized in the Company’s balance sheets December 31, 2019 2018 December 31, 2019 2018 Changes in benefit obligation: Benefit obligation at beginning of year $ 27,125 $ 28,386 Service cost 117 108 Interest cost 1,084 970 Actuarial (gain) loss 3,835 (1,597 ) Benefits paid (3,691 ) (742 ) Benefit obligation at end of year 28,470 27,125 Changes in plan assets: Fair value of plan assets at beginning of year 19,980 22,145 Actual return on assets 3,547 (1,526 ) Employer contributions 103 103 Benefits paid (3,691 ) (742 ) Fair value of plan assets at end of year 19,939 19,980 Funded status at end of year $ (8,531 ) $ (7,145 ) Amounts recognized in balance sheets: Other assets $ 1,825 $ 1,663 Other current liabilities (103 ) (103 ) Long-term pension liability (10,253 ) (8,705 ) Net amount recognized $ (8,531 ) $ (7,145 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 10,828 $ 11,417 Information for pension plans with projected benefit obligation in excess of plan assets depicted as follows (in thousands): December 31, 2019 2018 Projected benefit obligation $ 28,470 $ 27,125 Fair value of plan assets (19,939 ) (19,980 ) $ 8,531 $ 7,145 Components of net periodic benefit cost were as follows (in thousands): Years Ended December 31, 2019 2018 2017 Service cost - benefits earned during the period $ 117 $ 108 $ 65 Interest cost on projected benefit obligation 1,084 970 965 Expected return on plan assets (1,491 ) (1,717 ) (1,218 ) Recognized actuarial loss 1,259 1,132 1,042 Settlement loss 1,110 - 435 Net periodic pension cost after settlements $ 2,079 $ 493 $ 1,289 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 The estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $1.3 The table below presents various assumptions used in determining the benefit obligation for each year and reflects the percentages for the various plans. The following table presents the weighted-average assumptions used to determine benefit obligations as of December 31, 2018 and 2019: Long Term Rate Discount Rate of Return Salary Scale Corporate Plants Corporate Plants Corporate Plants 2018 4.14 % 4.06 % 8.00 % 8.00 % N/A N/A 2019 3.12 % 3.02 % 8.00 % 8.00 % N/A N/A The following table presents the weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, 2017 , 2018 and 2019: Long Term Rate Discount Rate of Return Salary Scale Corporate Plants Corporate Plants Corporate Plants 2017 4.04 % 3.91 % 8.00 % 8.00 % N/A N/A 2018 3.53 % 3.45 % 8.00 % 8.00 % N/A N/A 2019 4.14 % 4.06 % 8.00 % 8.00 % N/A N/A The methodology used to determine the expected rate of return on the pension plan assets was based on a review of actual returns in the past and consideration of projected returns based upon our projected asset allocation. Our strategy with respect to our investments in pension plan assets is to be invested with a long-term outlook. Therefore, the risk and return balance of our asset portfolio should reflect a long-term horizon. Our pension plan asset allocation at December 31, 2019 2018 2020 Percentage of Plan Assets Target December 31, Allocation Investment description 2019 2018 2020 Equity securities 68 % 59 % 60 % Fixed income 31 % 40 % 40 % Other 1 % 1 % - % Total 100 % 100 % 100 % The Company plans to contribute $0.1 2020. The following table includes projected benefit payments for the years indicated (in thousands): Year Projected Benefit Payments 2020 $ 1,115 2021 2,623 2022 1,479 2023 1,795 2024 1,678 2025-2029 7,650 Rabbi Trust $3.6 $2.7 December 31, 2019 2018 December 31, 2019 2018 2017 $0.7 $0.3 $0.3 In 2013, $4.3 $2.9 December 31, 2019 2018 $4.1 $2.9 December 31, 2019 2018 Defined Contribution Plan The Company provides a defined contribution plan covering qualified employees. The plan includes a provision that allows employees to make pre-tax contributions under Section 401 25% 3% December 31, 2019 2018 2017 $0.9 $0.8 $1.0 |
Note 9 - Quarterly Results for
Note 9 - Quarterly Results for 2019 and 2018 (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 9 2019 2018 (In thousands, except shares and per share data) Quarters Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Net sales $ 86,552 $ 92,270 $ 89,466 $ 108,413 Gross profit 30,268 32,343 31,451 34,867 Income before taxes on income 2,976 3,652 4,630 4,028 Net income 2,376 2,781 3,921 2,988 Net income per share: Basic $ 0.16 $ 0.19 $ 0.26 $ 0.20 Diluted $ 0.16 $ 0.18 $ 0.26 $ 0.20 Average Outstanding Shares (Basic) 14,927,341 14,952,802 14,947,552 14,952,963 Average Outstanding Shares (Diluted) 15,262,654 15,287,357 15,266,850 15,248,770 Quarters Ended March 31, 2018 June 30, 2018(1) September 30, 2018 December 31, 2018 Net sales $ 73,087 $ 82,392 $ 95,870 $ 95,001 Gross profit 24,875 29,278 33,800 33,744 Income before taxes on income 3,320 5,097 7,282 5,696 Net income 2,450 3,817 6,122 4,586 Net income per share: Basic $ 0.17 $ 0.26 $ 0.41 $ 0.31 Diluted $ 0.16 $ 0.25 $ 0.39 $ 0.30 Average Outstanding Shares (Basic) 14,821,659 14,956,221 15,010,660 14,962,603 Average Outstanding Shares (Diluted) 15,457,629 15,559,404 15,499,894 15,371,606 ( 1 On May 2, 2018, Note 18 |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 10 – Leases: As discussed in Note 1 January 1, 2019, 842 842. January 1, 2019 842, not 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 December 31, 2019 $3.7 $1.3 $2.4 $5.4 $3.6 $1.8 not The components of lease cost were as follows (in thousands): Years Ended December 31, 2019 2018 2017 Rent expense (prior to adoption of ASC 842) $ - $ 2,149 $ 1,147 Operating lease costs 1,541 - - Short-term lease costs 302 - - Total lease costs, included in selling and administrative expenses $ 1,843 $ 2,149 $ 1,147 Cash flow and noncash information related to our operating leases were as follows (in thousands): Year Ended December 31, 2019 Operating cash flows – cash paid for operating lease liabilities $ 1,320 Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 782 Other supplemental information related to our operating leases was as follows: Year Ended December 31, 2019 Weighted-average remaining lease term (in years) 3.6 Weighted average discount rate 5.61 % Maturities of operating lease liabilities as of December 31, 2019 Operating Leases 2020 $ 1,397 2021 1,074 2022 872 2023 632 2024 58 Thereafter 61 Total lease payments 4,094 Less imputed interest 367 Present value of lease liabilities $ 3,727 |
Note 11 - Contingencies
Note 11 - Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 See Note 18 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 12 - Share-based Compensat
Note 12 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 1 2 – Share-Based Compensation: In May 2013, 2013 “2013 5,000,000 2013 December 31, 2019 3,305,302 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): Years Ended December 31, 2019 2018 2017 Stock options and SARs $ 407 $ 984 $ 1,093 Restricted stock 835 551 331 Performance shares(1) 243 729 240 Total share-based compensation expense $ 1,485 $ 2,264 $ 1,664 Related income tax benefit $ 262 $ 282 $ 229 ( 1 During the year ended December 31, 2019 $0.5 not 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. 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. Assumptions regarding volatility, risk-free interest rate, expected term and dividend yield are required for the Black-Scholes model. The risk-free interest rate is based on the yield of a U.S. treasury bond with a similar maturity to the award’s expected life. The expected life for awards granted is based on the historical exercise patterns experienced by the Company when the award is made. The determination of expected stock price volatility for awards is based on historical Superior common stock prices over a period commensurate with the expected life. The dividend yield assumption is based on the history and expectation of the Company’s dividend payouts. The following table summarizes significant assumptions utilized to determine the fair value of stock options and SARs: Years Ended December 31, 2019 2018 2017 Stock Options: Risk free interest rate 1.7% 2.5% 2.6% 2.9% 1.8% 2.4% Expected award life (years) 3-10 3-10 5-10 Expected volatility 34.2% 38.8% 35.4% 42.1% 36.6% 41.4% Expected dividend yield 2.3% 2.5% 1.6% 2.1% 1.8% 2.1% Weighted average fair value per share at grant date $ 3.96 $ 5.93 $ 5.56 SARs: Risk free interest rate 2.4 % 2.6 % 1.9 % Expected award life (years) 3 3 5 Expected volatility 34.8 % 38.1 % 36.6 % Expected dividend yield 2.3 % 1.6 % 2.1 % Weighted average fair value per share at grant date $ 3.97 $ 6.06 $ 4.83 August 3, 2018 two five ten A summary of stock option transactions during the year ended December 31, 2019 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2019 676,846 $ 15.70 2.99 $ 2,230 Granted 184,994 17.22 Exercised (75,444 ) 6.71 Lapsed or cancelled (85,265) 17.77 Outstanding, December 31, 2019 701,131 $ 16.82 2.95 $ 714 Exercisable, December 31, 2019 496,153 $ 16.54 2.33 $ 714 Intrinsic value is the difference between the market value of our common stock and the exercise price of each stock option multiplied by the number of stock options outstanding for those stock options where the market value exceeds their exercise price. Options exercised during the years ended December 31, 2019 2018 2017 $0.8 $1.2 $4.2 December 31, 2019 2018 2017 $0.3 $0.7 $1.9 $0.1 $0.1 $0.8 December 31, 2019 2018 2017 December 31, 2019 2018 2017 12,450 6 ,894 50,981 33,172 26 ,234 144,443 December 31, 2019 , $0.4 1.1 A summary of stock-settled SARs transactions during the year ended December 31, 2019 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2019 182,894 $ 18.99 2.61 $ 89 Granted 42,841 17.77 Exercised - - Lapsed or cancelled (19,035) 19.67 Outstanding, December 31, 2019 206,700 $ 18.67 2.04 $ - Exercisable, December 31, 2019 168,478 $ 18.88 1.57 $ - SARs exercised during the years ended December 31, 2018 2017 $0.1 $3.5 no December 31, 2019 $0.1 $1.3 31, 2018 2017 December 31, 2019 $0.1 1.1 Restricted Stock 2013 three 2013 A summary of restricted stock transactions during the year ended December 31, 2019 No. of Weighted Average Shares Grant Date Fair Value Outstanding, January 1, 2019 92,032 $ 19.46 Granted 69,530 16.79 Vested (10,396 ) 16.37 Forfeited - - Outstanding, December 31, 2019 151,166 $ 18.44 As of December 31, 2019 $1.4 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 three five December 31, 2019 $0.5 not 2013 A summary of performance share transactions during the year ended December 31, 2019 No. of Weighted Average Shares Grant Date Fair Value Outstanding, January 1, 2019 194,378 $ 20.08 Granted 14,068 17.77 Vested - - Forfeited (14,434 ) 22.03 Outstanding, December 31, 2019 194,012 $ 19.77 As of December 31, 2019 , $1.4 1.5 |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 13 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 years ended December 31, 2019 2018 2017 Years Ended December 31, 2019 2018 2017 Net earnings used in the computation of basic and diluted earnings per share (in thousands) $ 12,066 $ 16,975 $ 15,022 Weighted average shares outstanding - basic 14,945,165 14,937,786 14,510,156 Dilutive common stock equivalents 321,243 534,347 608,612 Total weighted average shares outstanding - diluted 15,266,408 15,472,133 15,118,768 Net income per share: Basic $ 0.81 $ 1.14 $ 1.04 Diluted $ 0.79 $ 1.10 $ 0.99 Potential shares of common stock of 448,298, 322,000 37,450 December 31, 2019 2018 2017 |
Note 14 - Other Current Liabili
Note 14 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 14 Other current liabilities consisted of the following (in thousands) December 31, 2019 2018 Salaries, wages, commissions and compensated absences $ 7,292 $ 6,483 Accrued rebates 2,076 1,857 Current operating lease liabilities 1,346 - 401K profit sharing accrual 1,352 961 Contract liabilities 1,821 437 Other accrued expenses 5,007 5,029 Other current liabilities $ 18,894 $ 14,767 |
Note 15 - Net Sales
Note 15 - Net Sales | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 15 On January 1, 2018, 2014 09 Revenue from Contracts with Customers 606” not January 1, 2018. $11.2 January 1, 2018 606. January 1, 2018 606, January 1, 2018 not For our Uniforms and Related Products and Promotional Products segments, revenue is primarily generated from the sale of finished products to customers. Revenue for our Uniforms and Related Products and Promotional Products segments is recognized when the performance obligations under the contract terms are satisfied. For certain contracts with customers in which the Company has an enforceable right to payment for goods with no not For our Remote Staffing segment, revenue is generated from providing our customers with staffing solution services. Revenue for our Remote Staffing segment is recognized as services are delivered. Revenue is measured as the amount of consideration we expect to receive in exchange for the goods or services. Variable consideration for estimated returns and allowances is recorded based upon historical experience and current allowance programs. Contract termination terms may not one one Refer to Note 17 Contract Assets The following table provides information about accounts receivables - trade, contract assets and contract liabilities from contracts with customers (in thousands): December 31, 2019 2018 Accounts receivable - trade $ 79,746 $ 64,017 Current contract assets 38,533 49,236 Current contract liabilities 1,821 437 Contract assets relate to goods produced without an alternative use for which the Company has an enforceable right to payment but which have not December 31, 2019 no December 31, 2018 December 31, 2019 |
Note 16 - Stock Repurchase Plan
Note 16 - Stock Repurchase Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 16 – Stock Repurchase Plan: On August 1, 2008, 1,000,000 December 31, 2018, 58,216 May 2, 2019, 750,000 no 49,091 December 31, 2019. December 31, 2019 700,909 |
Note 17 - Operating Segment Inf
Note 17 - Operating Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 1 7 – 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. No 10% 2019, 2018 2017. third 2019, 10 The following tables set forth financial information related to the Company’s operating segments (in thousands): Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2019: Net sales $ 237,554 $ 36,490 $ 107,511 $ (4,854 ) $ 376,701 Cost of goods sold 155,283 15,066 79,137 (1,714 ) 247,772 Gross margin 82,271 21,424 28,374 (3,140 ) 128,929 Selling and administrative expenses 73,003 13,642 23,777 (3,140 ) 107,282 Other periodic pension cost 1,962 - - - 1,962 Interest expense 3,178 - 1,221 - 4,399 Income before taxes on income $ 4,128 $ 7,782 $ 3,376 $ - $ 15,286 Depreciation and amortization $ 5,975 $ 963 $ 1,334 $ - $ 8,272 Capital expenditures $ 8,150 $ 1,095 $ 427 $ - $ 9,672 Total assets $ 258,916 $ 23,970 $ 76,047 $ - $ 358,933 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2018: Net sales $ 238,165 $ 31,311 $ 80,913 $ (4,039 ) $ 346,350 Cost of goods sold 154,437 13,404 58,242 (1,430 ) 224,653 Gross margin 83,728 17,907 22,671 (2,609 ) 121,697 Selling and administrative expenses 68,848 11,160 19,311 (2,609 ) 96,710 Other periodic pension cost 385 - - - 385 Interest expense 2,019 - 1,188 - 3,207 Income before taxes on income $ 12,476 $ 6,747 $ 2,172 $ - $ 21,395 Depreciation and amortization $ 5,611 $ 990 $ 1,299 $ - $ 7,900 Capital expenditures $ 2,794 $ 1,581 $ 494 $ - $ 4,869 Total assets(1) $ 254,138 $ 19,717 $ 61,231 $ - $ 335,086 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2017: Net sales $ 204,644 $ 23,021 $ 42,904 $ (3,755 ) $ 266,814 Cost of goods sold 132,181 10,561 29,044 (1,324 ) 170,462 Gross margin 72,463 12,460 13,860 (2,431 ) 96,352 Selling and administrative expenses 52,967 7,877 12,179 (2,431 ) 70,592 Other periodic pension cost 1,224 - - - 1,224 Gain (loss) on sale of property, plant and equipment (2 ) 1,050 - - 1,048 Interest expense 387 - 415 - 802 Income before taxes on income $ 17,883 $ 5,633 $ 1,266 $ - $ 24,782 Depreciation and amortization $ 4,223 $ 846 $ 584 $ - $ 5,653 Capital expenditures $ 2,870 $ 1,156 $ 219 $ - $ 4,245 Total assets(1) $ 146,259 $ 18,170 $ 54,509 $ - $ 218,938 ( 1 Intercompany balances that were previously included in total assets for each reportable segment have been excluded. |
Note 18 - Acquisition of Busine
Note 18 - Acquisition of Businesses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 18 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 payable 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 $1.9 $1.3 December 31, 2019 2018, not For the year ended December 31, 2018 , $2.1 On a pro forma basis as if the results of this acquisition had been included in our consolidated results for the entire year ended December 31, 2018, $22.3 $2.7 $0.17 31, 2017, $65.3 $0.4 $0.02 2017 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 is $2.8 December 31, 2019 . $1.1 second 2020. may may 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 $0.1 December 31, 2019 Tangerine Promotions On November 30, 2017, December 1, 2017. $7.2 83,000 four $5.5 2021, Fair Value of Consideration Transferred A summary of the purchase price is as follows (in thousands): Cash consideration at closing $ 7,222 Restricted shares of Superior common stock issued 1,657 Contingent consideration 3,209 Total Consideration $ 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 payable 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 was $2.6 December 31, 2019 $0.8 second 2020. may may Goodwill was calculated as the difference between the fair value of the consideration and the values assigned to the assets acquired and liabilities assumed. The intangible assets associated with the customer relationships and the non-compete agreement are being amortized for seven December 1, 2017 not The Company recognized amortization expense on these acquired intangible assets of $0.5 $0.6 $0.1 December 31, 2019 2018 2017 For the year ended December 31, 2017 , $0.2 On a pro forma basis as if the results of this acquisition had been included in our consolidated results for the entire year ended December 31, 2017, $35.1 $0.1 $0.01 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The 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, each a direct or indirect subsidiary of BAMKO, LLC, and BAMKO India Private Limited, a 99% May 3, 2018, The accompanying consolidated financial statements of Superior included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) (“U.S.” or “United States”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company refers to the consolidated financial statements collectively as “financial statements,” and individually as “statements of comprehensive income,” “balance sheets,” “statements of shareholders’ equity,” and “statements of cash flows” herein. |
Reclassification, Policy [Policy Text Block] | Reclassifications The accompanying financial statements for prior years contain certain reclassifications to conform to the presentation used in the current period. Reclassifications only impact items within current assets and had no |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses, as well as the disclosures of contingent assets and liabilities. Because of the inherent uncertainties in this process, actual future results could differ from those expected at the reporting date. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three |
Revenue [Policy Text Block] | Revenue recognition Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. See Note 15 |
Accounts Receivable [Policy Text Block] | Accounts receivable and allowance for doubtful accounts Judgments and estimates are used in determining the collectability of accounts receivable and in establishing allowances for doubtful accounts. The Company analyzes specific accounts receivable and historical bad debt experience, customer credit worthiness, current economic trends and the age of outstanding balances when evaluating the adequacy of the allowance for doubtful accounts. Changes in estimates are reflected in the period they become known. Charge-offs of accounts receivable are made once all collection efforts have been exhausted. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may |
Accounts Receivable Other [Policy Text Block] | Accounts receivable-other The Company purchases raw materials and has them delivered to certain suppliers of the Company. The Company pays for the raw materials and then deducts the cost of these materials from payments to the suppliers at the time the related finished goods are invoiced to the Company by those suppliers. |
Cost Of Goods Sold And Shipping And Handling Fees And Costs, Policy [Policy Text Block] | Cost of goods sold and shipping and handling fees and costs Cost of goods sold for our Uniforms and Related Products segment and our Promotional Products segment consist primarily of direct costs of acquiring inventory, including cost of merchandise, inbound freight charges, purchasing, receiving and inspection costs. Cost of goods sold for our Remote Staffing Solutions segment includes salaries and payroll related benefits for agents. 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 are included in selling and administrative expenses and totaled $14.5 $14.0 $10.9 December 31, 2019 2018 2017 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost ( first first may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Major renewals and improvements are capitalized, while replacements, maintenance and repairs which do not 31, 2017, $2.8 $1.0 Property, plant and equipment is recorded at cost and depreciated using the straight-line method over its estimated useful life as follows: Buildings 20 to 40 years Improvements 5 to 40 years Machinery, equipment and fixtures 3 to 10 years Transportation equipment 3 to 5 years Leasehold improvements are amortized over the terms of the leases to the extent that as such improvements have useful lives of at least the terms of the respective leases. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets, net Intangible assets consist of customer relationships, non-compete agreements and trade names acquired in previous business acquisitions. Intangible assets as of December 31, 2019 2018 December 31, 2019 December 31, 2018 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships (7-15 year life) 12.7 $ 41,530 $ (11,246 ) $ 41,530 $ (7,733 ) Non-compete agreements (3-7 year life) 5.4 1,411 (589 ) 1,411 (326 ) Total $ 42,941 $ (11,835 ) $ 42,941 $ (8,059 ) Indefinite-lived intangible assets: Trade names $ 31,430 $ 31,430 Total intangible assets $ 74,371 $ (11,835 ) $ 74,371 $ (8,059 ) Amortization expense for intangible assets was $3.8 $3.8 $2.4 December 31, 2019 2018 2017 Estimated future intangible amortization expense is as follows (in thousands): 2020 $ 3,820 2021 3,819 2022 3,755 2023 2,929 2024 2,265 Thereafter 14,518 Total $ 31,106 Trade names: As part of the acquisition of substantially all of the assets of HPI Direct, Inc. in 2013, $4.7 2016, $8.9 2018, $0.5 $3.2 2018, $14.2 not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets Long-lived assets, such as property and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no December 31, 2019 2018 2017 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and indefinite-lived intangible assets The Company has made acquisitions in the past that included goodwill and indefinite-lived intangible assets. Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived intangible assets such as trade names are not fourth may not • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the Company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the Company’s products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers. Goodwill and indefinite-lived intangible assets are tested at a level of reporting referred to as “the reporting unit.” The Company’s reporting units are defined as each of its three December 31, 2019 $24.5 $11.8 December 31, 2019 $18.8 $12.6 An entity has the option to first not 50% not not December 31, 2019 2018 2017, |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Employee benefits Pension plan costs are funded currently based on actuarial estimates, with prior service costs amortized over 20 |
Insurance [Policy Text Block] | Insurance The Company self-insures for certain obligations related to employee health programs. The Company also purchases stop-loss insurance policies to protect it from catastrophic losses. Judgments and estimates are used in determining the potential value associated with reported claims and for losses that have occurred, but have not may |
Income Tax, Policy [Policy Text Block] | Taxes on income Income taxes are provided for under the liability method, whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not Note 7 |
Share-based Payment Arrangement [Policy Text Block] | Share-based compensation The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. The company grants options, stock-settled stock appreciation rights, restricted stock, and performance shares. The Company recognizes share-based compensation expense for all awards granted to employees, which is based on the fair value of the award on the date of grant. Determining the appropriate fair value model and calculating the fair value of stock compensation awards requires the input of certain highly complex and subjective assumptions, including the expected life of the stock compensation awards and the Company’s common stock price volatility, risk free interest rate and dividend rate. The assumptions used in calculating the fair value of stock compensation awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and the Company deems it necessary to use different assumptions, stock compensation expense could be materially different from what has been recorded in the current period. |
Comprehensive Income, Policy [Policy Text Block] | Other 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). |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Risks and concentrations Financial instruments that potentially subject the Company to concentrations of credit risk include cash in banks in excess of federally insured amounts. The Company manages this risk by maintaining all deposits in high quality financial institutions and periodically performing evaluations of the relative credit standing of the financial institutions. When assessing credit risk the Company considers whether the credit risk exists at both the individual and group level. Consideration is given to the activity, region and economic characteristics when assessing if there exists a group concentration risk. At December 31, 2019 2018 no 10 December 31, 2019 2018 five $18.6 $12.8 23 20% none 10% 2019 10.1% 2019 17.8% 2019 Included in accounts receivable-other on the Company’s balance sheets at December 31, 2019 2018 $1.0 $1.6 The Uniform and Related Products segment’s principal fabrics used in the manufacture of its finished goods are cotton, polyester, wool, synthetic and cotton-synthetic blends. The majority of such fabrics are sourced in China. The Promotional Products segment relies on the supply of different types of raw materials, including plastic, glass, fabric and metal. The vast majority of these raw materials are principally sourced from China, either directly by BAMKO or its suppliers. If we are unable to continue to obtain our raw materials and finished products from China or if our suppliers are unable to source raw materials from China, it could significantly disrupt our business. Further, the Company’s suppliers generally source or manufacture finished goods in parts of the world that may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments The carrying amounts of cash and cash equivalents, receivables and accounts payable approximated fair value as of December 31, 2019 2018 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, 2016 02, 842 July 2018, 2018 10, 842, 2018 11, 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 December 31, 2019 February 2018, 2018 02, 220 2018 02 December 15, 2018 not January 1, 2019 not Recently Issued Accounting Pronouncements Not June 2016, 2016 13, 326 December 15, 2019, November 2019, 2019 10, 326 815 842 December 15, 2022. not January 1, 2020, not January 2017, 2017 04, 2017 04 two December 15, 2019. not In August 2018, 2018 15, 350 40 December 15, 2019 may not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Property, Plant and Equipment, Useful Life [Table Text Block] | Buildings 20 to 40 years Improvements 5 to 40 years Machinery, equipment and fixtures 3 to 10 years Transportation equipment 3 to 5 years |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2019 December 31, 2018 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships (7-15 year life) 12.7 $ 41,530 $ (11,246 ) $ 41,530 $ (7,733 ) Non-compete agreements (3-7 year life) 5.4 1,411 (589 ) 1,411 (326 ) Total $ 42,941 $ (11,835 ) $ 42,941 $ (8,059 ) Indefinite-lived intangible assets: Trade names $ 31,430 $ 31,430 Total intangible assets $ 74,371 $ (11,835 ) $ 74,371 $ (8,059 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2020 $ 3,820 2021 3,819 2022 3,755 2023 2,929 2024 2,265 Thereafter 14,518 Total $ 31,106 |
Note 2 - Allowance for Doubtf_2
Note 2 - Allowance for Doubtful Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended December 31, 2019 2018 2017 Balance at the beginning of year $ 2,042 $ 1,382 $ 1,276 Provision for bad debts 1,323 867 1,002 Charge-offs (401 ) (210 ) (901 ) Recoveries - 3 5 Balance at the end of year $ 2,964 $ 2,042 $ 1,382 |
Note 3 - Reserve for Sales Re_2
Note 3 - Reserve for Sales Returns and Allowance (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Reserve for Sales Returns and Allowances [Table Text Block] | Years Ended December 31, 2019 2018 2017 Balance at the beginning of year $ 1,893 $ 1,125 $ 1,967 Provision for returns and allowances 4,334 4,908 2,789 Actual returns and allowances paid to customers (4,115 ) (4,140 ) (3,631 ) Balance at the end of year $ 2,112 $ 1,893 $ 1,125 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2019 2018 Finished goods $ 65,413 $ 61,098 Work in process 652 650 Raw materials 7,314 8,455 Inventories $ 73,379 $ 70,203 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 2018 Land $ 3,635 $ 3,635 Buildings, improvements and leaseholds 18,745 18,519 Machinery, equipment and fixtures 66,311 58,111 88,691 80,265 Accumulated depreciation and amortization (55,866 ) (51,496 ) Property, plant and equipment, net $ 32,825 $ 28,769 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2019 2018 BB&T Credit Facilities: Revolving credit facility due May 2023 $ 37,838 $ 1,193 Term loan due February 2024 (“2017 Term Loan”) 25,500 31,500 Term loan due January 2026 (“2018 Term Loan”) 56,488 85,000 $ 119,826 $ 117,693 Less: Payments due within one year included in current liabilities 15,286 6,000 Debt issuance costs 537 171 Long-term debt less current maturities $ 104,003 $ 111,522 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ended December 31, 2019 2020 $ 15,286 2021 15,286 2022 15,286 2023 53,124 2024 10,786 Thereafter 10,058 Total debt $ 119,826 |
Note 7 - Income Tax Expense (Ta
Note 7 - Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2019 2018 2017 Current: Federal $ 3,049 $ 3,613 $ 2,846 Tax Cut and Jobs Act - - 265 State and local 1,074 643 647 Foreign 502 789 338 4,625 5,045 4,096 Long-Term: Tax Cut and Jobs Act - - 1,336 Deferred Taxes: Deferred tax (benefit) provision (1,405 ) (625 ) 1,899 Tax Cut and Jobs Act re-measurement - - 2,429 (1,405 ) (625 ) 4,328 Income tax expense $ 3,220 $ 4,420 $ 9,760 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 Deferred income tax assets: Pension accruals $ 2,588 $ 2,729 Operating reserves and other accruals 2,540 1,984 Tax credits 923 748 Valuation allowance on tax credits (923 ) (748 ) Deferred income tax liabilities: Book carrying value in excess of tax basis of property (1,544 ) (1,495 ) Book carrying value in excess of tax basis of intangibles (7,024 ) (6,906 ) Tax effect of revenue recognition standard ASC 606 (1,771 ) (2,657 ) Deferred expenses (1,831 ) (2,130 ) Net deferred income tax liability $ (7,042 ) $ (8,475 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2019 2018 2017 Statutory Federal income tax rate 21.0 % 21.0 % 34.0 % State and local income taxes, net of Federal income tax benefit 4.8 % 2.0 % 1.5 % Rate impacts due to foreign operations (3.9 %) (2.7 %) (5.1 %) Changes in uncertain tax positions 1.7 % 0.4 % - Compensation related (0.2 %) 1.4 % (6.1 %) R&D tax credits (0.9 %) (0.4 %) (0.5 %) Other (1.4 %) (1.0 %) (0.1 %) Impact of the Tax Act - - 15.7 % Effective income tax rate 21.1 % 20.7 % 39.4 % |
Summary of Income Tax Contingencies [Table Text Block] | December 31, 2019 2018 Balance at the beginning of year $ 477 $ 400 Additions based on tax positions related to the current year 128 56 Additions for tax positions of prior years 173 85 Reductions due to lapse of statute of limitations (97 ) (64 ) Balance at the end of year $ 681 $ 477 |
Note 8 - Benefit Plans (Tables)
Note 8 - Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | December 31, 2019 2018 Changes in benefit obligation: Benefit obligation at beginning of year $ 27,125 $ 28,386 Service cost 117 108 Interest cost 1,084 970 Actuarial (gain) loss 3,835 (1,597 ) Benefits paid (3,691 ) (742 ) Benefit obligation at end of year 28,470 27,125 Changes in plan assets: Fair value of plan assets at beginning of year 19,980 22,145 Actual return on assets 3,547 (1,526 ) Employer contributions 103 103 Benefits paid (3,691 ) (742 ) Fair value of plan assets at end of year 19,939 19,980 Funded status at end of year $ (8,531 ) $ (7,145 ) Amounts recognized in balance sheets: Other assets $ 1,825 $ 1,663 Other current liabilities (103 ) (103 ) Long-term pension liability (10,253 ) (8,705 ) Net amount recognized $ (8,531 ) $ (7,145 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 10,828 $ 11,417 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | December 31, 2019 2018 Projected benefit obligation $ 28,470 $ 27,125 Fair value of plan assets (19,939 ) (19,980 ) $ 8,531 $ 7,145 |
Schedule of Net Benefit Costs [Table Text Block] | Years Ended December 31, 2019 2018 2017 Service cost - benefits earned during the period $ 117 $ 108 $ 65 Interest cost on projected benefit obligation 1,084 970 965 Expected return on plan assets (1,491 ) (1,717 ) (1,218 ) Recognized actuarial loss 1,259 1,132 1,042 Settlement loss 1,110 - 435 Net periodic pension cost after settlements $ 2,079 $ 493 $ 1,289 |
Defined Benefit Plan, Assumptions [Table Text Block] | Long Term Rate Discount Rate of Return Salary Scale Corporate Plants Corporate Plants Corporate Plants 2018 4.14 % 4.06 % 8.00 % 8.00 % N/A N/A 2019 3.12 % 3.02 % 8.00 % 8.00 % N/A N/A Long Term Rate Discount Rate of Return Salary Scale Corporate Plants Corporate Plants Corporate Plants 2017 4.04 % 3.91 % 8.00 % 8.00 % N/A N/A 2018 3.53 % 3.45 % 8.00 % 8.00 % N/A N/A 2019 4.14 % 4.06 % 8.00 % 8.00 % N/A N/A |
Schedule of Allocation of Plan Assets [Table Text Block] | Percentage of Plan Assets Target December 31, Allocation Investment description 2019 2018 2020 Equity securities 68 % 59 % 60 % Fixed income 31 % 40 % 40 % Other 1 % 1 % - % Total 100 % 100 % 100 % |
Schedule of Expected Benefit Payments [Table Text Block] | Year Projected Benefit Payments 2020 $ 1,115 2021 2,623 2022 1,479 2023 1,795 2024 1,678 2025-2029 7,650 |
Note 9 - Quarterly Results fo_2
Note 9 - Quarterly Results for 2019 and 2018 (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarters Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Net sales $ 86,552 $ 92,270 $ 89,466 $ 108,413 Gross profit 30,268 32,343 31,451 34,867 Income before taxes on income 2,976 3,652 4,630 4,028 Net income 2,376 2,781 3,921 2,988 Net income per share: Basic $ 0.16 $ 0.19 $ 0.26 $ 0.20 Diluted $ 0.16 $ 0.18 $ 0.26 $ 0.20 Average Outstanding Shares (Basic) 14,927,341 14,952,802 14,947,552 14,952,963 Average Outstanding Shares (Diluted) 15,262,654 15,287,357 15,266,850 15,248,770 Quarters Ended March 31, 2018 June 30, 2018(1) September 30, 2018 December 31, 2018 Net sales $ 73,087 $ 82,392 $ 95,870 $ 95,001 Gross profit 24,875 29,278 33,800 33,744 Income before taxes on income 3,320 5,097 7,282 5,696 Net income 2,450 3,817 6,122 4,586 Net income per share: Basic $ 0.17 $ 0.26 $ 0.41 $ 0.31 Diluted $ 0.16 $ 0.25 $ 0.39 $ 0.30 Average Outstanding Shares (Basic) 14,821,659 14,956,221 15,010,660 14,962,603 Average Outstanding Shares (Diluted) 15,457,629 15,559,404 15,499,894 15,371,606 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years Ended December 31, 2019 2018 2017 Rent expense (prior to adoption of ASC 842) $ - $ 2,149 $ 1,147 Operating lease costs 1,541 - - Short-term lease costs 302 - - Total lease costs, included in selling and administrative expenses $ 1,843 $ 2,149 $ 1,147 Year Ended December 31, 2019 Operating cash flows – cash paid for operating lease liabilities $ 1,320 Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 782 Year Ended December 31, 2019 Weighted-average remaining lease term (in years) 3.6 Weighted average discount rate 5.61 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2020 $ 1,397 2021 1,074 2022 872 2023 632 2024 58 Thereafter 61 Total lease payments 4,094 Less imputed interest 367 Present value of lease liabilities $ 3,727 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended December 31, 2019 2018 2017 Stock options and SARs $ 407 $ 984 $ 1,093 Restricted stock 835 551 331 Performance shares(1) 243 729 240 Total share-based compensation expense $ 1,485 $ 2,264 $ 1,664 Related income tax benefit $ 262 $ 282 $ 229 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2019 2018 2017 Stock Options: Risk free interest rate 1.7% 2.5% 2.6% 2.9% 1.8% 2.4% Expected award life (years) 3-10 3-10 5-10 Expected volatility 34.2% 38.8% 35.4% 42.1% 36.6% 41.4% Expected dividend yield 2.3% 2.5% 1.6% 2.1% 1.8% 2.1% Weighted average fair value per share at grant date $ 3.96 $ 5.93 $ 5.56 SARs: Risk free interest rate 2.4 % 2.6 % 1.9 % Expected award life (years) 3 3 5 Expected volatility 34.8 % 38.1 % 36.6 % Expected dividend yield 2.3 % 1.6 % 2.1 % Weighted average fair value per share at grant date $ 3.97 $ 6.06 $ 4.83 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2019 676,846 $ 15.70 2.99 $ 2,230 Granted 184,994 17.22 Exercised (75,444 ) 6.71 Lapsed or cancelled (85,265) 17.77 Outstanding, December 31, 2019 701,131 $ 16.82 2.95 $ 714 Exercisable, December 31, 2019 496,153 $ 16.54 2.33 $ 714 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2019 182,894 $ 18.99 2.61 $ 89 Granted 42,841 17.77 Exercised - - Lapsed or cancelled (19,035) 19.67 Outstanding, December 31, 2019 206,700 $ 18.67 2.04 $ - Exercisable, December 31, 2019 168,478 $ 18.88 1.57 $ - |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | No. of Weighted Average Shares Grant Date Fair Value Outstanding, January 1, 2019 92,032 $ 19.46 Granted 69,530 16.79 Vested (10,396 ) 16.37 Forfeited - - Outstanding, December 31, 2019 151,166 $ 18.44 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | No. of Weighted Average Shares Grant Date Fair Value Outstanding, January 1, 2019 194,378 $ 20.08 Granted 14,068 17.77 Vested - - Forfeited (14,434 ) 22.03 Outstanding, December 31, 2019 194,012 $ 19.77 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2019 2018 2017 Net earnings used in the computation of basic and diluted earnings per share (in thousands) $ 12,066 $ 16,975 $ 15,022 Weighted average shares outstanding - basic 14,945,165 14,937,786 14,510,156 Dilutive common stock equivalents 321,243 534,347 608,612 Total weighted average shares outstanding - diluted 15,266,408 15,472,133 15,118,768 Net income per share: Basic $ 0.81 $ 1.14 $ 1.04 Diluted $ 0.79 $ 1.10 $ 0.99 |
Note 14 - Other Current Liabi_2
Note 14 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2019 2018 Salaries, wages, commissions and compensated absences $ 7,292 $ 6,483 Accrued rebates 2,076 1,857 Current operating lease liabilities 1,346 - 401K profit sharing accrual 1,352 961 Contract liabilities 1,821 437 Other accrued expenses 5,007 5,029 Other current liabilities $ 18,894 $ 14,767 |
Note 15 - Net Sales (Tables)
Note 15 - Net Sales (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | December 31, 2019 2018 Accounts receivable - trade $ 79,746 $ 64,017 Current contract assets 38,533 49,236 Current contract liabilities 1,821 437 |
Note 17 - Operating Segment I_2
Note 17 - Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2019: Net sales $ 237,554 $ 36,490 $ 107,511 $ (4,854 ) $ 376,701 Cost of goods sold 155,283 15,066 79,137 (1,714 ) 247,772 Gross margin 82,271 21,424 28,374 (3,140 ) 128,929 Selling and administrative expenses 73,003 13,642 23,777 (3,140 ) 107,282 Other periodic pension cost 1,962 - - - 1,962 Interest expense 3,178 - 1,221 - 4,399 Income before taxes on income $ 4,128 $ 7,782 $ 3,376 $ - $ 15,286 Depreciation and amortization $ 5,975 $ 963 $ 1,334 $ - $ 8,272 Capital expenditures $ 8,150 $ 1,095 $ 427 $ - $ 9,672 Total assets $ 258,916 $ 23,970 $ 76,047 $ - $ 358,933 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2018: Net sales $ 238,165 $ 31,311 $ 80,913 $ (4,039 ) $ 346,350 Cost of goods sold 154,437 13,404 58,242 (1,430 ) 224,653 Gross margin 83,728 17,907 22,671 (2,609 ) 121,697 Selling and administrative expenses 68,848 11,160 19,311 (2,609 ) 96,710 Other periodic pension cost 385 - - - 385 Interest expense 2,019 - 1,188 - 3,207 Income before taxes on income $ 12,476 $ 6,747 $ 2,172 $ - $ 21,395 Depreciation and amortization $ 5,611 $ 990 $ 1,299 $ - $ 7,900 Capital expenditures $ 2,794 $ 1,581 $ 494 $ - $ 4,869 Total assets(1) $ 254,138 $ 19,717 $ 61,231 $ - $ 335,086 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2017: Net sales $ 204,644 $ 23,021 $ 42,904 $ (3,755 ) $ 266,814 Cost of goods sold 132,181 10,561 29,044 (1,324 ) 170,462 Gross margin 72,463 12,460 13,860 (2,431 ) 96,352 Selling and administrative expenses 52,967 7,877 12,179 (2,431 ) 70,592 Other periodic pension cost 1,224 - - - 1,224 Gain (loss) on sale of property, plant and equipment (2 ) 1,050 - - 1,048 Interest expense 387 - 415 - 802 Income before taxes on income $ 17,883 $ 5,633 $ 1,266 $ - $ 24,782 Depreciation and amortization $ 4,223 $ 846 $ 584 $ - $ 5,653 Capital expenditures $ 2,870 $ 1,156 $ 219 $ - $ 4,245 Total assets(1) $ 146,259 $ 18,170 $ 54,509 $ - $ 218,938 |
Note 18 - Acquisition of Busi_2
Note 18 - Acquisition of Businesses (Tables) | 12 Months Ended |
Dec. 31, 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 Cash consideration at closing $ 7,222 Restricted shares of Superior common stock issued 1,657 Contingent consideration 3,209 Total Consideration $ 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 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 payable 5,030 Deferred tax liability 9,461 Other current liabilities 967 Total liabilities $ 15,458 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 payable 3,374 Other current liabilities 1,353 Total liabilities $ 4,727 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | May 02, 2018 | Dec. 01, 2017 | Aug. 21, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | |
Selling, General and Administrative Expense, Total | $ 107,282 | $ 96,710 | $ 70,592 | ||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 5 | 2,858 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1,048 | ||||||||
Amortization of Intangible Assets, Total | 3,800 | 3,800 | 2,400 | ||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | ||||||
Goodwill, Ending Balance | $ 36,292 | 33,961 | |||||||
Pension Plan Prior Service Costs Amortization Term | 20 years | ||||||||
Other Receivables | $ 1,083 | 1,744 | |||||||
Operating Lease, Liability, Total | 3,727 | ||||||||
Operating Lease, Liability, Current | 1,346 | ||||||||
Operating Lease, Liability, Noncurrent | 2,380 | ||||||||
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 4,094 | ||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.61% | ||||||||
Operating Lease, Right-of-Use Asset | $ 5,445 | ||||||||
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) | ||||||||
Customer Concentration Risk [Member] | Largest [Member] | |||||||||
Other Receivables | $ 1,000 | $ 1,600 | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||
Concentration Risk, Percentage | 10.00% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Largest [Member] | |||||||||
Concentration Risk, Percentage | 23.00% | 20.00% | |||||||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 18,600 | $ 12,800 | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Five Largest [Member] | |||||||||
Concentration Risk, Percentage | 17.80% | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Largest [Member] | |||||||||
Concentration Risk, Percentage | 10.10% | ||||||||
Uniforms and Related Products [Member] | |||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 18,800 | ||||||||
Goodwill, Ending Balance | 24,500 | ||||||||
Promotional Products [Member] | |||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 12,600 | ||||||||
Goodwill, Ending Balance | 11,800 | ||||||||
HPI [Member] | Trade Names [Member] | |||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 4,700 | ||||||||
BAMKO [Member] | Trade Names [Member] | |||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 8,900 | ||||||||
Public Identity [Member] | |||||||||
Goodwill, Ending Balance | $ 600 | ||||||||
Public Identity [Member] | Trade Names [Member] | |||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 500 | ||||||||
Tangerine [Member] | |||||||||
Goodwill, Ending Balance | $ 4,169 | ||||||||
Tangerine [Member] | Trade Names [Member] | |||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 3,200 | ||||||||
CID Resources [Member] | |||||||||
Amortization of Intangible Assets, Total | 1,900 | 1,300 | |||||||
Goodwill, Ending Balance | $ 20,323 | ||||||||
CID Resources [Member] | Trade Names [Member] | |||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 14,200 | ||||||||
Shipping and Handling [Member] | |||||||||
Selling, General and Administrative Expense, Total | $ 14,500 | $ 14,000 | $ 10,900 | ||||||
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 - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 20 years |
Building [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Building Improvements [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Building Improvements [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Machinery, Equipment and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Machinery, Equipment and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Transportation Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated amortization | $ (11,835) | $ (8,059) |
Total intangible assets | 74,371 | 74,371 |
Trade Names [Member] | ||
Trade names | $ 31,430 | 31,430 |
Customer Relationships [Member] | ||
Weighted average life (Year) | 12 years 255 days | |
Gross carrying amount | $ 41,530 | 41,530 |
Accumulated amortization | $ (11,246) | (7,733) |
Noncompete Agreements [Member] | ||
Weighted average life (Year) | 5 years 146 days | |
Gross carrying amount | $ 1,411 | 1,411 |
Accumulated amortization | $ (589) | $ (326) |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Intangible Assets (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2019 | |
Customer Relationships [Member] | |
Weighted average life (Year) | 12 years 255 days |
Customer Relationships [Member] | Minimum [Member] | |
Weighted average life (Year) | 7 years |
Customer Relationships [Member] | Maximum [Member] | |
Weighted average life (Year) | 15 years |
Noncompete Agreements [Member] | |
Weighted average life (Year) | 5 years 146 days |
Noncompete Agreements [Member] | Minimum [Member] | |
Weighted average life (Year) | 3 years |
Noncompete Agreements [Member] | Maximum [Member] | |
Weighted average life (Year) | 7 years |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Estimated Future Intangible Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 3,820 |
2021 | 3,819 |
2022 | 3,755 |
2023 | 2,929 |
2024 | 2,265 |
Thereafter | 14,518 |
Total | $ 31,106 |
Note 2 - Allowance for Doubtf_3
Note 2 - Allowance for Doubtful Accounts Receivable - Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at the beginning of year | $ 2,042 | $ 1,382 | $ 1,276 |
Provision for bad debts - accounts receivable | 1,323 | 867 | 1,002 |
Charge-offs | (401) | (210) | (901) |
Recoveries | 3 | 5 | |
Balance at the end of year | $ 2,964 | $ 2,042 | $ 1,382 |
Note 3 - Reserve for Sales Re_3
Note 3 - Reserve for Sales Returns and Allowance - Reserve for Sales Returns and Allowances (Details) - Allowance For Sales Returns 1 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at the beginning of year | $ 1,893 | $ 1,125 | $ 1,967 |
Provision for returns and allowances | 4,334 | 4,908 | 2,789 |
Actual returns and allowances paid to customers | (4,115) | (4,140) | (3,631) |
Balance at the end of year | $ 2,112 | $ 1,893 | $ 1,125 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finished goods | $ 65,413 | $ 61,098 |
Work in process | 652 | 650 |
Raw materials | 7,314 | 8,455 |
Inventories | $ 73,379 | $ 70,203 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 8,272 | $ 7,906 | $ 5,653 |
Property, Plant and Equipment [Member] | |||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 4,500 | $ 4,100 | $ 3,300 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 88,691 | $ 80,265 |
Accumulated depreciation and amortization | (55,866) | (51,496) |
Property, plant and equipment, net | 32,825 | 28,769 |
Land [Member] | ||
Property, plant and equipment, gross | 3,635 | 3,635 |
Buildings Improvements and Leaseholds [Member] | ||
Property, plant and equipment, gross | 18,745 | 18,519 |
Machinery, Equipment and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 66,311 | $ 58,111 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) $ in Thousands | Sep. 27, 2019 | Sep. 26, 2019 | Jan. 22, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 02, 2018USD ($) | May 01, 2018USD ($) | Mar. 01, 2018USD ($) | Feb. 28, 2017USD ($) |
Repayments of Long-term Debt, Total | $ 163,645 | $ 127,439 | $ 77,573 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 15,286 | |||||||||
Derivative, Fixed Interest Rate | 3.12% | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 53,124 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 15,286 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 10,786 | |||||||||
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 | $ 100 | |||||||||
Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||||||||
Derivative Asset, Total | 200 | |||||||||
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 | |||||||||
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 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.43% | |||||||||
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 | |||||||||
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 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 | 2.60% | |||||||||
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 | |||||||||
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 6 - Long-term Debt - Long-
Note 6 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt, gross | $ 119,826 | $ 117,693 |
Payments due within one year included in current liabilities | 15,286 | 6,000 |
Debt issuance costs | 537 | 171 |
Long-term debt less current maturities | 104,003 | 111,522 |
BB&T [Member] | Term Loan Maturing January 22, 2026 [Member] | ||
Long-term debt, gross | 37,838 | 1,193 |
BB&T [Member] | Term Loan Maturing February 26, 2024 [Member] | ||
Long-term debt, gross | 25,500 | 31,500 |
BB&T [Member] | Term Loan Maturing May 2020 [Member] | ||
Long-term debt, gross | $ 56,488 | $ 85,000 |
Note 6 - Long-term Debt - Contr
Note 6 - Long-term Debt - Contractual Maturities of Debt (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 15,286 |
2021 | 15,286 |
2022 | 15,286 |
2023 | 53,124 |
2024 | 10,786 |
Thereafter | 10,058 |
Total debt | $ 119,826 |
Note 7 - Income Tax Expense (De
Note 7 - Income Tax Expense (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 34.00% |
Income Tax Expense (Benefit), Total | $ 3,220 | $ 4,420 | $ 9,760 |
Tax Adjustments, Settlements, and Unusual Provisions | 4,000 | ||
Net Discrete Tax Adjustment, Tax Act | 3,300 | ||
Net Discrete Tax Adjustment, Other Miscellaneous Discrete Items | 700 | ||
Accumulated Foreign Earnings and Profits Tax Rate, Liquid Assets | 15.50% | ||
Accumulated Foreign Earnings and Profits Tax Rate, Unremitted Foreign E&P | 8.00% | ||
Additional Deferred Tax Expense | 900 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 200 | $ 100 | 100 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 100 | 100 | $ 100 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 200 | 100 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 100 | ||
Domestic Tax Authority [Member] | |||
Open Tax Year | 2016 2017 2018 2019 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2013 2014 2015 2016 2017 2018 2019 | ||
Other Noncurrent Liabilities [Member] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 900 | $ 600 |
Note 7 - Income Tax Expense - I
Note 7 - Income Tax Expense - Income Tax Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal | $ 3,049 | $ 3,613 | $ 2,846 |
Tax Cut and Jobs Act | 265 | ||
State and local | 1,074 | 643 | 647 |
Foreign | 502 | 789 | 338 |
4,625 | 5,045 | 4,096 | |
Tax Cut and Jobs Act | 1,336 | ||
Deferred tax (benefit) provision | (1,405) | (625) | 1,899 |
Tax Cut and Jobs Act re-measurement | 2,429 | ||
(1,405) | (625) | 4,328 | |
Income tax expense | $ 3,220 | $ 4,420 | $ 9,760 |
Note 7 - Income Tax Expense - D
Note 7 - Income Tax Expense - Deferred Income Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||
Pension accruals | $ 2,588 | $ 2,729 |
Operating reserves and other accruals | 2,540 | 1,984 |
Tax credits | 923 | 748 |
Valuation allowance on tax credits | (923) | (748) |
Deferred income tax liabilities: | ||
Book carrying value in excess of tax basis of property | (1,544) | (1,495) |
Book carrying value in excess of tax basis of intangibles | (7,024) | (6,906) |
Tax effect of revenue recognition standard ASC 606 | (1,771) | (2,657) |
Deferred expenses | (1,831) | (2,130) |
Net deferred income tax liability | $ (7,042) | $ (8,475) |
Note 7 - Income Tax Expense -_2
Note 7 - Income Tax Expense - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statutory Federal income tax rate | 21.00% | 21.00% | 34.00% |
State and local income taxes, net of Federal income tax benefit | 4.80% | 2.00% | 1.50% |
Rate impacts due to foreign operations | (3.90%) | (2.70%) | (5.10%) |
Changes in uncertain tax positions | 1.70% | 0.40% | |
Compensation related | (0.20%) | 1.40% | (6.10%) |
R&D tax credits | (0.90%) | (0.40%) | (0.50%) |
Other | (1.40%) | (1.00%) | (0.10%) |
Impact of the Tax Act | 15.70% | ||
Effective income tax rate | 21.10% | 20.70% | 39.40% |
Note 7 - Income Tax Expense - U
Note 7 - Income Tax Expense - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reductions due to lapse of statute of limitations | $ (100) | $ (100) | $ (100) |
Excluding Interest and Penalties [Member] | |||
Balance at the beginning of year | 477 | 400 | |
Additions based on tax positions related to the current year | 128 | 56 | |
Additions for tax positions of prior years | 173 | 85 | |
Reductions due to lapse of statute of limitations | (97) | (64) | |
Balance at the end of year | $ 681 | $ 477 | $ 400 |
Note 8 - Benefit Plans (Details
Note 8 - Benefit Plans (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plans Number of Plans | 2 | ||
Defined Benefit Plans Retirement Age | 65 years | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | $ (8,531) | $ (7,145) | |
Other Assets [Member] | Nonqualified Plan [Member] | |||
Cash Surrender Value of Life Insurance | 4,300 | 2,900 | |
Other Noncurrent Liabilities [Member] | Nonqualified Plan [Member] | |||
Deferred Compensation Liability, Classified, Noncurrent, Total | 4,100 | 2,900 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | 1,800 | ||
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total | (1,300) | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 100 | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | 10,400 | ||
Postretirement Life Insurance [Member] | |||
Cash Surrender Value of Life Insurance | 3,600 | 2,700 | |
Postretirement Life Insurance [Member] | Life Insurance Contracts [Member] | |||
Gain (Loss) on Investments, Total | $ 700 | (300) | $ 300 |
401(K) Plan [Member} | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution, Percent | 3.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 900 | $ 800 | $ 1,000 |
Note 8 - Benefit Plans - Define
Note 8 - Benefit Plans - Defined Benefit Plans Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in benefit obligation: | |||
Benefit obligation at beginning of year | $ 27,125 | $ 28,386 | |
Service cost | 117 | 108 | $ 65 |
Interest cost | 1,084 | 970 | 965 |
Actuarial (gain) loss | 3,835 | (1,597) | |
Benefits paid | (3,691) | (742) | |
Benefit obligation at end of year | 28,470 | 27,125 | 28,386 |
Changes in plan assets: | |||
Fair value of plan assets at beginning of year | 19,980 | 22,145 | |
Actual return on assets | 3,547 | (1,526) | |
Employer contributions | 103 | 103 | |
Benefits paid | (3,691) | (742) | |
Fair value of plan assets at end of year | 19,939 | 19,980 | $ 22,145 |
Funded status at end of year | (8,531) | (7,145) | |
Amounts recognized in balance sheets: | |||
Other assets | 1,825 | 1,663 | |
Other current liabilities | (103) | (103) | |
Long-term pension liability | (10,253) | (8,705) | |
Net amount recognized | (8,531) | (7,145) | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Net actuarial loss | $ 10,828 | $ 11,417 |
Note 8 - Benefit Plans - Pensio
Note 8 - Benefit Plans - Pension Plans With Projected Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Projected benefit obligation | $ 28,470 | $ 27,125 |
Fair value of plan assets | (19,939) | (19,980) |
$ 8,531 | $ 7,145 |
Note 8 - Benefit Plans - Net Pe
Note 8 - Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Service cost - benefits earned during the period | $ 117 | $ 108 | $ 65 |
Interest cost on projected benefit obligation | 1,084 | 970 | 965 |
Expected return on plan assets | (1,491) | (1,717) | (1,218) |
Recognized actuarial loss | 1,259 | 1,132 | 1,042 |
Settlement loss | 1,110 | 435 | |
Net periodic pension cost after settlements | $ 2,079 | $ 493 | $ 1,289 |
Note 8 - Benefit Plans - Assump
Note 8 - Benefit Plans - Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Corporate Segment [Member] | |||
Benefit obligations, discount rate | 3.12% | 4.14% | |
Benefit obligations, long term rate of return | 8.00% | 8.00% | |
Benefit obligations, salary scale | |||
Benefit cost, discount rate | 4.14% | 3.53% | 4.04% |
Benefit cost, long term rate of return | 8.00% | 8.00% | 8.00% |
Benefit cost, salary scale | |||
Plants [Member] | |||
Benefit obligations, discount rate | 3.02% | 4.06% | |
Benefit obligations, long term rate of return | 8.00% | 8.00% | |
Benefit obligations, salary scale | |||
Benefit cost, discount rate | 4.06% | 3.45% | 3.91% |
Benefit cost, long term rate of return | 8.00% | 8.00% | 8.00% |
Benefit cost, salary scale |
Note 8 - Benefit Plans - Actual
Note 8 - Benefit Plans - Actual and Target Pension Plan Asset Allocation (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Percentage of plan assets | 100.00% | 100.00% |
Target allocation | 100.00% | |
Equity Securities [Member] | ||
Percentage of plan assets | 68.00% | 59.00% |
Target allocation | 60.00% | |
Fixed Income Investments [Member] | ||
Percentage of plan assets | 31.00% | 40.00% |
Target allocation | 40.00% | |
Other than Securities Investment [Member] | ||
Percentage of plan assets | 1.00% | 1.00% |
Target allocation |
Note 8 - Benefit Plans - Projec
Note 8 - Benefit Plans - Projected Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,115 |
2021 | 2,623 |
2022 | 1,479 |
2023 | 1,795 |
2024 | 1,678 |
2025-2029 | $ 7,650 |
Note 9 - Quarterly Results fo_3
Note 9 - Quarterly Results for 2017 and 2018 (Unaudited) - Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 108,413 | $ 89,466 | $ 92,270 | $ 86,552 | $ 95,001 | $ 95,870 | $ 82,392 | $ 73,087 | $ 376,701 | $ 346,350 | $ 266,814 | |
Gross profit | 34,867 | 31,451 | 32,343 | 30,268 | 33,744 | 33,800 | 29,278 | 24,875 | 128,929 | 121,697 | 96,352 | |
Income before taxes on income | 4,028 | 4,630 | 3,652 | 2,976 | 5,696 | 7,282 | 5,097 | 3,320 | ||||
Net income | $ 2,988 | $ 3,921 | $ 2,781 | $ 2,376 | $ 4,586 | $ 6,122 | $ 3,817 | $ 2,450 | $ 12,066 | $ 16,975 | $ 15,022 | |
Net income per share: | ||||||||||||
Basic (in dollars per share) | $ 0.20 | $ 0.26 | $ 0.19 | $ 0.16 | $ 0.31 | $ 0.41 | $ 0.26 | $ 0.17 | $ 0.81 | $ 1.14 | $ 1.04 | |
Diluted (in dollars per share) | $ 0.20 | $ 0.26 | $ 0.18 | $ 0.16 | $ 0.30 | $ 0.39 | $ 0.25 | $ 0.16 | $ 0.79 | $ 1.10 | $ 0.99 | |
Weighted average number of shares outstanding during the period, basic (in shares) | 14,952,963 | 14,947,552 | 14,952,802 | 14,927,341 | 14,962,603 | 15,010,660 | 14,956,221 | 14,821,659 | 14,945,165 | 14,937,786 | 14,510,156 | |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,248,770 | 15,266,850 | 15,287,357 | 15,262,654 | 15,371,606 | 15,499,894 | 15,559,404 | 15,457,629 | 15,266,408 | 15,472,133 | 15,118,768 | |
Net sales | $ 108,413 | $ 89,466 | $ 92,270 | $ 86,552 | $ 95,001 | $ 95,870 | $ 82,392 | $ 73,087 | $ 376,701 | $ 346,350 | $ 266,814 | |
Gross profit | 34,867 | 31,451 | 32,343 | 30,268 | 33,744 | 33,800 | 29,278 | 24,875 | 128,929 | 121,697 | 96,352 | |
Income before taxes on income | 4,028 | 4,630 | 3,652 | 2,976 | 5,696 | 7,282 | 5,097 | 3,320 | ||||
Net income | $ 2,988 | $ 3,921 | $ 2,781 | $ 2,376 | $ 4,586 | $ 6,122 | $ 3,817 | $ 2,450 | $ 12,066 | $ 16,975 | $ 15,022 | |
Basic (in dollars per share) | $ 0.20 | $ 0.26 | $ 0.19 | $ 0.16 | $ 0.31 | $ 0.41 | $ 0.26 | $ 0.17 | $ 0.81 | $ 1.14 | $ 1.04 | |
Diluted (in dollars per share) | $ 0.20 | $ 0.26 | $ 0.18 | $ 0.16 | $ 0.30 | $ 0.39 | $ 0.25 | $ 0.16 | $ 0.79 | $ 1.10 | $ 0.99 | |
[1] | On May 2, 2018, the Company acquired CID, which manufactures medical uniforms, lab coats, and layers, and sells its products to specialty uniform retailers, ecommerce medical uniform retailers, and other retailers. For further details relating to this acquisition, refer to Note 18. |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Lease, Liability, Current | $ 1,346 | |
Operating Lease, Liability, Noncurrent | 2,380 | |
Operating Lease, Right-of-Use Asset | 5,445 | |
Operating Lease, Liability, Total | 3,727 | |
Operating Lease Right of Use Assets [Member] | ||
Prepaid Rent | $ 1,800 | |
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Rent expense (prior to adoption of ASC 842) | $ 2,149 | $ 1,147 | |
Operating lease costs | 1,541 | ||
Short-term lease costs | 302 | ||
Total lease costs, included in selling and administrative expenses | 1,843 | $ 2,149 | $ 1,147 |
Operating cash flows – cash paid for operating lease liabilities | 1,320 | ||
Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities | $ 782 | ||
Weighted-average remaining lease term (in years) (Year) | 3 years 219 days | ||
Weighted average discount rate | 5.61% |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,397 |
2021 | 1,074 |
2022 | 872 |
2023 | 632 |
2024 | 58 |
Thereafter | 61 |
Total lease payments | 4,094 |
Less imputed interest | 367 |
Present value of lease liabilities | $ 3,727 |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,305,302 | ||
Share-based Payment Arrangement, Expense, Reversed | $ 500 | ||
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, Exercises in Period, Intrinsic Value | $ 800 | $ 1,200 | $ 4,200 |
Proceeds from Stock Options Exercised | 283 | 727 | 1,872 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 100 | 100 | 800 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 400 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 36 days | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | 100 | 3,500 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 36 days | ||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Equity Instruments Other than Options | $ 100 | $ 1,300 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 100 | ||
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, Period for Recognition | 1 year 219 days | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,400 | ||
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 | ||
Additional Performance Shares [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,400 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 182 days | ||
Additional Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Additional Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Common Stock [Member] | |||
Shares Received from Stock Options Exercised | 12,450 | 6,894 | 50,981 |
Stock Issued During Period, Shares, New Issues | 33,172 | 26,234 | 144,443 |
Outside Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Shared-based Compensation Expense and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Share-based compensation expense | $ 1,485 | $ 2,264 | $ 1,664 | |
Related income tax benefit | 262 | 282 | 229 | |
Stock Options and SARs [Member] | ||||
Share-based compensation expense | 407 | 984 | 1,093 | |
Restricted Stock [Member] | ||||
Share-based compensation expense | 835 | 551 | 331 | |
Performance Shares [Member] | ||||
Share-based compensation expense | [1] | $ 243 | $ 729 | $ 240 |
[1] | During the year ended December 31, 2019, the Company reversed $0.5 million of previously recognized expense for certain performance awards after determining that the performance conditions are not expected to be met. |
Note 12 - Share-based Compens_5
Note 12 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Option [Member] | |||
Weighted average fair value per share at grant date (in dollars per share) | $ 3.96 | $ 5.93 | $ 5.56 |
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||
Risk free interest rate | 1.70% | 2.60% | 1.80% |
Expected award life (years) (Year) | 3 years | 3 years | 5 years |
Expected volatility | 34.20% | 35.40% | 36.60% |
Expected dividend yield | 2.30% | 1.60% | 1.80% |
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||
Risk free interest rate | 2.50% | 2.90% | 2.40% |
Expected award life (years) (Year) | 10 years | 10 years | 10 years |
Expected volatility | 38.80% | 42.10% | 41.40% |
Expected dividend yield | 2.50% | 2.10% | 2.10% |
Stock Appreciation Rights (SARs) [Member] | |||
Risk free interest rate | 2.40% | 2.60% | 1.90% |
Expected award life (years) (Year) | 3 years | 3 years | 5 years |
Expected volatility | 34.80% | 38.10% | 36.60% |
Expected dividend yield | 2.30% | 1.60% | 2.10% |
Weighted average fair value per share at grant date (in dollars per share) | $ 3.97 | $ 6.06 | $ 4.83 |
Note 12 - Share-based Compens_6
Note 12 - Share-based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, options (in shares) | 676,846 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 15.70 | |
Outstanding, weighted average remaining life (Year) | 2 years 346 days | 2 years 361 days |
Outstanding, aggregate intrinsic value | $ 714 | $ 2,230 |
Granted (in shares) | 184,994 | |
Granted, weighted average exercise price (in dollars per share) | $ 17.22 | |
Exercised (in shares) | (75,444) | |
Exercised, weighted average exercise price (in dollars per share) | $ 6.71 | |
Lapsed or cancelled (in shares) | (85,265) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 17.77 | |
Outstanding, options (in shares) | 701,131 | 676,846 |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.82 | $ 15.70 |
Exercisable, options (in shares) | 496,153 | |
Exercisable, weighted average exercise price, options (in dollars per share) | $ 16.54 | |
Exercisable, weighted average remaining life, options (Year) | 2 years 120 days | |
Exercisable, aggregate intrinsic value, options | $ 714 |
Note 12 - Share-based Compens_7
Note 12 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 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 14 days | 2 years 222 days |
Outstanding SARS, aggregate intrinsic value | $ 89 | |
Granted SARs (in shares) | 42,841 | |
Granted SARS, weighted average exercise price (in dollars per share) | $ 17.77 | |
Exercised SARs (in shares) | ||
Exercised SARS, weighted average exercise price (in dollars per share) | ||
Lapsed or cancelled (in shares) | (19,035) | |
Lapsed or cancelled, 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 (in shares) | 168,478 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 18.88 | |
Exercisable, weighted average remaining life (Year) | 1 year 208 days | |
Exercisable, aggregate intrinsic value |
Note 12 - Share-based Compens_8
Note 12 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 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 | 69,530 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.79 |
Vested (in shares) | shares | (10,396) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.37 |
Forfeited (in shares) | shares | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 151,166 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.44 |
Note 12 - Share-based Compens_9
Note 12 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 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 | |
Forfeited (in shares) | shares | (14,434) |
Forfeited, 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 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 448,298 | 322,000 | 37,450 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 2,988 | $ 3,921 | $ 2,781 | $ 2,376 | $ 4,586 | $ 6,122 | $ 3,817 | $ 2,450 | $ 12,066 | $ 16,975 | $ 15,022 | |
Weighted average shares outstanding - basic (in shares) | 14,952,963 | 14,947,552 | 14,952,802 | 14,927,341 | 14,962,603 | 15,010,660 | 14,956,221 | 14,821,659 | 14,945,165 | 14,937,786 | 14,510,156 | |
Dilutive common stock equivalents (in shares) | 321,243 | 534,347 | 608,612 | |||||||||
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,248,770 | 15,266,850 | 15,287,357 | 15,262,654 | 15,371,606 | 15,499,894 | 15,559,404 | 15,457,629 | 15,266,408 | 15,472,133 | 15,118,768 | |
Basic (in dollars per share) | $ 0.20 | $ 0.26 | $ 0.19 | $ 0.16 | $ 0.31 | $ 0.41 | $ 0.26 | $ 0.17 | $ 0.81 | $ 1.14 | $ 1.04 | |
Diluted (in dollars per share) | $ 0.20 | $ 0.26 | $ 0.18 | $ 0.16 | $ 0.30 | $ 0.39 | $ 0.25 | $ 0.16 | $ 0.79 | $ 1.10 | $ 0.99 | |
[1] | On May 2, 2018, the Company acquired CID, which manufactures medical uniforms, lab coats, and layers, and sells its products to specialty uniform retailers, ecommerce medical uniform retailers, and other retailers. For further details relating to this acquisition, refer to Note 18. |
Note 14 - Other Current Liabi_3
Note 14 - Other Current Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Salaries, wages, commissions and compensated absences | $ 7,292 | $ 6,483 |
Accrued rebates | 2,076 | 1,857 |
Current operating lease liabilities | 1,346 | |
401K profit sharing accrual | 1,352 | 961 |
Contract liabilities | 1,821 | 437 |
Other accrued expenses | 5,007 | 5,029 |
Other current liabilities | $ 18,894 | $ 14,767 |
Note 15 - Net Sales (Details Te
Note 15 - 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 15 - Net Sales - Accounts
Note 15 - Net Sales - Accounts Receivables and Contract Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable - trade | $ 79,746 | $ 64,017 |
Current contract assets | 38,533 | 49,236 |
Current contract liabilities | $ 1,821 | $ 437 |
Note 16 - Stock Repurchase Pl_2
Note 16 - Stock Repurchase Plan (Details Textual) - shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | May 02, 2019 | Aug. 01, 2008 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000,000 | |||
Stock Repurchased and Retired During Period, Shares | 49,091 | 58,216 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 700,909 | 750,000 |
Note 17 - Operating Segment I_3
Note 17 - Operating Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Number of Operating Segments | 3 |
Note 17 - Operating Segment I_4
Note 17 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 108,413 | $ 89,466 | $ 92,270 | $ 86,552 | $ 95,001 | $ 95,870 | $ 82,392 | $ 73,087 | $ 376,701 | $ 346,350 | $ 266,814 | |
Cost of goods sold | 247,772 | 224,653 | 170,462 | |||||||||
Gross margin | 34,867 | $ 31,451 | $ 32,343 | $ 30,268 | 33,744 | $ 33,800 | $ 29,278 | $ 24,875 | 128,929 | 121,697 | 96,352 | |
Selling, General and Administrative Expense, Total | 107,282 | 96,710 | 70,592 | |||||||||
Other periodic pension cost | 1,962 | 385 | 1,224 | |||||||||
Interest expense | 4,399 | 3,207 | 802 | |||||||||
Income before taxes on income | 15,286 | 21,395 | 24,782 | |||||||||
Depreciation and amortization | 8,272 | 7,906 | 5,653 | |||||||||
Capital expenditures | 9,672 | 4,869 | 4,248 | |||||||||
Total assets | 358,933 | 335,086 | 358,933 | 335,086 | 218,938 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1,048 | |||||||||||
Intersegment Eliminations [Member] | ||||||||||||
Net sales | (4,854) | (4,039) | (3,755) | |||||||||
Cost of goods sold | (1,714) | (1,430) | (1,324) | |||||||||
Gross margin | (3,140) | (2,609) | (2,431) | |||||||||
Selling, General and Administrative Expense, Total | (3,140) | (2,609) | (2,431) | |||||||||
Other periodic pension cost | ||||||||||||
Interest expense | ||||||||||||
Income before taxes on income | ||||||||||||
Depreciation and amortization | ||||||||||||
Capital expenditures | ||||||||||||
Total assets | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | ||||||||||||
Uniforms and Related Products [Member] | Operating Segments [Member] | ||||||||||||
Net sales | 237,554 | 238,165 | 204,644 | |||||||||
Cost of goods sold | 155,283 | 154,437 | 132,181 | |||||||||
Gross margin | 82,271 | 83,728 | 72,463 | |||||||||
Selling, General and Administrative Expense, Total | 73,003 | 68,848 | 52,967 | |||||||||
Other periodic pension cost | 1,962 | 385 | 1,224 | |||||||||
Interest expense | 3,178 | 2,019 | 387 | |||||||||
Income before taxes on income | 4,128 | 12,476 | 17,883 | |||||||||
Depreciation and amortization | 5,975 | 5,611 | 4,223 | |||||||||
Capital expenditures | 8,150 | 2,794 | 2,870 | |||||||||
Total assets | 258,916 | 254,138 | 258,916 | 254,138 | 146,259 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (2) | |||||||||||
Remote Staffing Solutions [Member] | Operating Segments [Member] | ||||||||||||
Net sales | 36,490 | 31,311 | 23,021 | |||||||||
Cost of goods sold | 15,066 | 13,404 | 10,561 | |||||||||
Gross margin | 21,424 | 17,907 | 12,460 | |||||||||
Selling, General and Administrative Expense, Total | 13,642 | 11,160 | 7,877 | |||||||||
Other periodic pension cost | ||||||||||||
Interest expense | ||||||||||||
Income before taxes on income | 7,782 | 6,747 | 5,633 | |||||||||
Depreciation and amortization | 963 | 990 | 846 | |||||||||
Capital expenditures | 1,095 | 1,581 | 1,156 | |||||||||
Total assets | 23,970 | 19,717 | 23,970 | 19,717 | 18,170 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1,050 | |||||||||||
Promotional Products [Member] | Operating Segments [Member] | ||||||||||||
Net sales | 107,511 | 80,913 | 42,904 | |||||||||
Cost of goods sold | 79,137 | 58,242 | 29,044 | |||||||||
Gross margin | 28,374 | 22,671 | 13,860 | |||||||||
Selling, General and Administrative Expense, Total | 23,777 | 19,311 | 12,179 | |||||||||
Other periodic pension cost | ||||||||||||
Interest expense | 1,221 | 1,188 | 415 | |||||||||
Income before taxes on income | 3,376 | 2,172 | 1,266 | |||||||||
Depreciation and amortization | 1,334 | 1,299 | 584 | |||||||||
Capital expenditures | 427 | 494 | 219 | |||||||||
Total assets | $ 76,047 | $ 61,231 | $ 76,047 | $ 61,231 | 54,509 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | ||||||||||||
[1] | On May 2, 2018, the Company acquired CID, which manufactures medical uniforms, lab coats, and layers, and sells its products to specialty uniform retailers, ecommerce medical uniform retailers, and other retailers. For further details relating to this acquisition, refer to Note 18. |
Note 18 - Acquisition of Busi_3
Note 18 - Acquisition of Businesses (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 02, 2018 | Dec. 01, 2017 | Aug. 21, 2017 | Mar. 08, 2016 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2020 |
Amortization of Intangible Assets, Total | $ 3,800 | $ 3,800 | $ 2,400 | ||||||
Business Combination, Contingent Consideration, Liability, Current | 1,905 | 941 | |||||||
Goodwill, Ending Balance | $ 36,292 | 33,961 | |||||||
Customer Relationships [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years 255 days | ||||||||
Noncompete Agreements [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years 146 days | ||||||||
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 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | (1,800) | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Payable | $ 600 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 41,020 | ||||||||
Amortization of Intangible Assets, Total | $ 1,900 | 1,300 | |||||||
Business Combination, Acquisition Related Costs | 2,100 | ||||||||
Business Acquisition, Pro Forma Revenue | 22,300 | 65,300 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 2,700 | $ 400 | |||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.17 | $ 0.02 | |||||||
Business Combination, Consideration Transferred, Total | 90,714 | ||||||||
Goodwill, Ending Balance | 20,323 | ||||||||
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 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 | 2,800 | ||||||||
Business Combination, Contingent Consideration, Liability, Current | 1,100 | ||||||||
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, Liability, Total | 100 | ||||||||
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, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Payable | 500 | $ 600 | $ 100 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 6,495 | ||||||||
Business Combination, Acquisition Related Costs | 200 | ||||||||
Business Acquisition, Pro Forma Revenue | 35,100 | ||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 100 | ||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.01 | ||||||||
Business Acquisition, Equity Interested Issued, Vesting Period | 4 years | ||||||||
Business Combination, Liabilities Arising From Contingencies, Earn Out Liability, Before Discount | $ 5,500 | ||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 2,600 | ||||||||
Business Combination, Consideration Transferred, Total | 12,088 | ||||||||
Goodwill, Ending Balance | 4,169 | ||||||||
Tangerine [Member] | Forecast [Member] | |||||||||
Business Combination, Contingent Consideration, Liability, Current | $ 800 | ||||||||
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 |
Note 18 - Acquisition of Busi_4
Note 18 - Acquisition of Businesses - Purchase Price (Details) - USD ($) $ in Thousands | May 02, 2018 | Dec. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash consideration at closing | $ 85,597 | $ 7,988 | |||
CID Resources [Member] | |||||
Payments to Acquire Businesses, Gross | $ 84,430 | ||||
Superior common stock issued | 3,763 | ||||
Cash and working capital adjustment | 2,521 | ||||
Total Consideration | 90,714 | ||||
Business Combination, Consideration Transferred, Total | $ 90,714 | ||||
Tangerine [Member] | |||||
Payments to Acquire Businesses, Gross | $ 7,200 | ||||
Superior common stock issued | 1,657 | ||||
Total Consideration | 12,088 | ||||
Cash consideration at closing | 7,222 | ||||
Contingent consideration | 3,209 | ||||
Business Combination, Consideration Transferred, Total | $ 12,088 |
Note 18 - Acquisition of Busi_5
Note 18 - Acquisition of Businesses - Aggregate Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | May 02, 2018 | Dec. 01, 2017 |
Goodwill, Ending Balance | $ 36,292 | $ 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, Ending Balance | 20,323 | |||
Total assets | 106,172 | |||
Accounts payable | 5,030 | |||
Deferred tax liability | 9,461 | |||
Other current liabilities | 967 | |||
Total liabilities | $ 15,458 | |||
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 |