Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 23, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | SUPERIOR GROUP OF COMPANIES, INC. | |
Entity Central Index Key | 0000095574 | |
Trading Symbol | sgc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 15,314,710 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net sales | $ 94,245 | $ 86,552 |
Costs and expenses: | ||
Cost of goods sold | 60,794 | 56,284 |
Selling and administrative expenses | 27,489 | 25,863 |
Other periodic pension costs | 285 | 259 |
Interest expense | 1,060 | 1,170 |
Costs and Expenses, Excluding Gain on Sale of Property Plant and Equipment | 89,628 | 83,576 |
Income before taxes on income | 4,617 | 2,976 |
Income tax expense | 1,250 | 600 |
Net income | $ 3,367 | $ 2,376 |
Net income per share: | ||
Net income per share, basic (in dollars per share) | $ 0.22 | $ 0.16 |
Net income per share, diluted (in dollars per share) | $ 0.22 | $ 0.16 |
Weighted average shares outstanding during the period: | ||
Weighted average number of shares outstanding during the period, basic (in shares) | 15,024,851 | 14,927,341 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,200,898 | 15,262,654 |
Other comprehensive income (loss), net of tax: | ||
Recognition of net losses included in net periodic pension costs | $ 243 | $ 247 |
Recognition of settlement loss included in net periodic pension costs | 105 | |
Loss on cash flow hedging activities | (5) | (5) |
Foreign currency translation adjustment | (1,239) | (28) |
Other comprehensive income (loss) | (896) | 214 |
Comprehensive income | $ 2,471 | $ 2,590 |
Cash dividends per common share (in dollars per share) | $ 0.10 | $ 0.10 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,773 | $ 9,038 |
Accounts receivable, less allowance for doubtful accounts of $3,270 and $2,964, respectively | 73,551 | 79,746 |
Accounts receivable - other | 658 | 1,083 |
Inventories | 73,844 | 73,379 |
Contract assets | 38,234 | 38,533 |
Prepaid expenses and other current assets | 7,395 | 9,934 |
Total current assets | 199,455 | 211,713 |
Property, plant and equipment, net | 33,971 | 32,825 |
Operating lease right-of-use assets | 5,033 | 5,445 |
Intangible assets, net | 61,582 | 62,536 |
Goodwill | 36,096 | 36,292 |
Other assets | 8,469 | 10,122 |
Total assets | 344,606 | 358,933 |
Current liabilities: | ||
Accounts payable | 24,660 | 33,271 |
Other current liabilities | 31,709 | 18,894 |
Current portion of long-term debt | 11,464 | 15,286 |
Current portion of acquisition-related contingent liabilities | 1,953 | 1,905 |
Total current liabilities | 69,786 | 69,356 |
Long-term debt | 89,662 | 104,003 |
Long-term pension liability | 10,092 | 10,253 |
Long-term acquisition-related contingent liabilities | 3,552 | 3,423 |
Long-term operating lease liabilities | 2,133 | 2,380 |
Deferred tax liability | 5,970 | 7,042 |
Other long-term liabilities | 5,021 | 4,922 |
Commitments and contingencies (Note 6) | ||
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 15,222,161 and 15,227,604 shares, respectively. | 15 | 15 |
Additional paid-in capital | 57,669 | 57,442 |
Retained earnings | 109,086 | 107,581 |
Accumulated other comprehensive income (loss), net of tax: | ||
Pensions | (6,876) | (7,224) |
Cash flow hedges | 86 | 91 |
Foreign currency translation adjustment | (1,590) | (351) |
Total shareholders’ equity | 158,390 | 157,554 |
Total liabilities and shareholders’ equity | $ 344,606 | $ 358,933 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 3,270 | $ 2,964 |
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) | 15,222,161 | 15,227,604 |
Common stock, shares outstanding (in shares) | 15,222,161 | 15,227,604 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 15,202,387 | ||||
Balance at Dec. 31, 2018 | $ 15 | $ 55,859 | $ 103,032 | $ (7,985) | $ 150,921 |
Common shares issued upon exercise of options, net (in shares) | 44,161 | ||||
Common shares issued upon exercise of options, net | 369 | (159) | 210 | ||
Restricted shares issued (in shares) | 38,829 | ||||
Restricted shares issued | |||||
Share-based compensation expense | 481 | 481 | |||
Cash dividends declared | (1,515) | (1,515) | |||
Tax benefit from vesting of acquisition-related restricted stock | 30 | 30 | |||
Shares reacquired and retired (in shares) | (55,602) | ||||
Shares reacquired and retired | (203) | (789) | (992) | ||
Net earnings | 2,376 | 2,376 | |||
Cash flow hedges, net of taxes | (5) | (5) | |||
Pensions, net of taxes | 247 | 247 | |||
Change in currency translation adjustment, net of taxes | (28) | (28) | |||
Balance (in shares) at Mar. 31, 2019 | 15,229,775 | ||||
Balance at Mar. 31, 2019 | $ 15 | 56,536 | 102,945 | (7,771) | 151,725 |
Balance (in shares) at Dec. 31, 2018 | 15,202,387 | ||||
Balance at Dec. 31, 2018 | $ 15 | 55,859 | 103,032 | (7,985) | 150,921 |
Net earnings | $ 2,376 | ||||
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 |
Common shares issued upon exercise of options, net (in shares) | |||||
Restricted shares issued (in shares) | 38,015 | ||||
Restricted shares issued | |||||
Share-based compensation expense | 399 | 399 | |||
Cash dividends declared | (1,521) | (1,521) | |||
Tax benefit from vesting of acquisition-related restricted stock | (13) | (13) | |||
Shares reacquired and retired (in shares) | (43,458) | ||||
Shares reacquired and retired | (159) | (341) | (500) | ||
Net earnings | 3,367 | 3,367 | |||
Cash flow hedges, net of taxes | (5) | (5) | |||
Pensions, net of taxes | 348 | 348 | |||
Change in currency translation adjustment, net of taxes | (1,239) | $ (1,239) | |||
Share-based compensation expense (in shares) | |||||
Balance (in shares) at Mar. 31, 2020 | 15,222,161 | 15,222,161 | |||
Balance at Mar. 31, 2020 | $ 15 | $ 57,669 | $ 109,086 | $ (8,380) | $ 158,390 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash dividends declared, per share (in dollars per share) | $ 0.10 | $ 0.10 |
Cash flow hedges, tax | $ 1 | $ 1 |
Pensions, tax | 109 | 78 |
Change in currency translation adjustment, tax | $ 397 | $ 5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 3,367 | $ 2,376 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,869 | 2,060 |
Provision for bad debts - accounts receivable | 865 | 138 |
Share-based compensation expense | 399 | 481 |
Deferred income tax benefit | (784) | (1,182) |
Gain on sale of property, plant and equipment | (3) | |
Change in fair value of acquisition-related contingent liabilities | 175 | 201 |
Changes in assets and liabilities: | ||
Accounts receivable - trade | 4,940 | 309 |
Accounts receivable - other | 425 | 312 |
Contract assets | 299 | 1,876 |
Inventories | (831) | 1,522 |
Prepaid expenses and other current assets | 2,327 | (2,197) |
Other assets | 1,410 | (1,503) |
Accounts payable and other current liabilities | 4,656 | (12) |
Long-term pension liability | 294 | 262 |
Other long-term liabilities | 134 | 1,099 |
Net cash provided by operating activities | 19,545 | 5,739 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (2,073) | (1,723) |
Proceeds from disposals of property, plant and equipment | 3 | |
Net cash used in investing activities | (2,073) | (1,720) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings of debt | 34,488 | 54,856 |
Repayment of debt | (52,672) | (55,161) |
Payment of cash dividends | (1,521) | (1,515) |
Proceeds received on exercise of stock options | 210 | |
Tax (provision) benefit from vesting of acquisition-related restricted stock | (13) | 30 |
Common stock reacquired and retired | (500) | (992) |
Net cash used in financing activities | (20,218) | (2,572) |
Effect of currency exchange rates on cash | (519) | 15 |
Net increase (decrease) in cash and cash equivalents | (3,265) | 1,462 |
Cash and cash equivalents balance, beginning of period | 9,038 | 5,362 |
Cash and cash equivalents balance, end of period | $ 5,773 | $ 6,824 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 : Basis of presentation The condensed consolidated financial statements include the accounts of Superior Group of Companies, Inc. and its wholly-owned subsidiaries, The Office Gurus, LLC, SUG Holding, Superior Group Holdings, Inc., Fashion Seal Corporation, BAMKO, LLC and CID Resources, Inc.; The Office Gurus, Ltda, de C.V., The Office Masters, Ltda., de C.V. and The Office Gurus, Ltd., each a subsidiary of Fashion Seal Corporation and SUG Holding; and Power Three Web, Ltda. and Superior Sourcing, each a wholly-owned subsidiary of SUG Holding; BAMKO Importação, Exportação e Comércio de Brindes Ltda., a subsidiary of BAMKO, LLC and SUG Holding; Guangzhou Ben Gao Trading Limited, Worldwide Sourcing Solutions Limited, and BAMKO UK, Limited, 99% May 3, 2018, The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Intercompany items have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2019 not We refer to the condensed 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. Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In January 2017, 2017 04, “Simplifying the Test for Goodwill Impairment.” 2017 04 two December 15, 2019. January 1, 2020 not In August 2018, 2018 15, “Internal-Use Software (Subtopic 350 40 December 15, 2019 may January 1, 2020, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 ” December 15, 2019, August 2019, 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 December 15, 2020, may In March 2020, 2020 04, Reference Rate Reform (Topic 848 may not may December 31, 2022. |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 Inventories consisted of the following amounts (in thousands): March 31, December 31, 2020 2019 Finished goods $ 65,530 $ 65,413 Work in process 558 652 Raw materials 7,756 7,314 Inventories $ 73,844 $ 73,379 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 3 Debt consisted of the following (in thousands): March 31, December 31, 2020 2019 Credit Facilities: Revolving credit facility due May 2023 $ 23,476 $ 37,838 Term loan due February 2024 (“2017 Term Loan”) 24,000 25,500 Term loan due January 2026 (“2018 Term Loan”) 54,167 56,488 101,643 119,826 Less: Payments due within one year included in current liabilities 11,464 15,286 Debt issuance costs 517 537 Long-term debt less current maturities $ 89,662 $ 104,003 The Company is party to an amended and restated credit agreement (the “Credit Agreement”) with Truist Bank (formerly known as Branch Banking and Trust Company), consisting of a $75 May 2023, February 2024 ( “2017 January 2026 ( “2018 Obligations outstanding under the 2018 0.85% 1.65% 1.77% March 31, 2020 2017 one 0.68% 1.50% 1.60% March 31, 2020 March 31, 2020 no On March 30, 2020, April 1, 2020 June 1, 2020 2017 2018 April 1, 2020 June 1, 2020 2017 2020 $3.0 2021 2023 $6.0 2024 $3.0 2018 2020 $4.6 2021 2025 $9.3 2026 $3.1 not The Company is a party to an interest rate swap with a total notional value of $12.0 March 31, 2020 February 2024. not three March 31, 2020 2019 $0.3 $0.1 |
Note 4 - Periodic Pension Expen
Note 4 - Periodic Pension Expense | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | N OTE 4 – Periodic Pension Expense: The following table details the net periodic pension expense under the Company’s plans for the periods presented (in thousands): Three Months Ended March 31, 2020 2019 Service cost - benefits earned during the period $ 38 $ 29 Interest cost on projected benefit obligation 216 271 Expected return on plan assets (389 ) (337 ) Recognized actuarial loss 320 325 Settlement loss 138 - Net periodic pension cost after settlements $ 323 $ 288 The pension settlement losses included in the table above resulted from lump sum pension payments made to various employees upon their retirement or termination during the periods specified. The pension settlement losses did not not Effective on June 30, 2013, no Effective on December 31, 2014, no |
Note 5 - Net Sales
Note 5 - Net Sales | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 5 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 at 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 10 Contract Assets The following table provides information about accounts receivables - trade, contract assets and contract liabilities from contracts with customers (in thousands): March 31, December 31, 2020 2019 Accounts receivable - trade $ 73,551 $ 79,746 Current contract assets 38,234 38,533 Current contract liabilities 17,646 1,821 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 three March 31, 2020 three March 31, 2020 three March 31, 2020 $0.9 December 31, 2019. |
Note 6 - Contingencies
Note 6 - Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6 – Contingencies: The purchase price to acquire substantially all of the assets of BAMKO, Inc. (“BAMKO”) in 2016 2021. $2.8 March 31, 2020, $1.1 second 2020. 2017 2021. $2.7 March 31, 2020, $0.9 second 2020. may may 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 7 - Share-based Compensati
Note 7 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 7 : Share-based compensation is recorded in selling and administrative expense in the statements of comprehensive income. The following table details the share-based compensation expense by type of award and the total related tax benefit for the periods presented (in thousands): Three Months Ended March 31, 2020 2019 Stock options and SARs $ 164 $ 73 Restricted stock 161 188 Performance shares 74 220 Total share-based compensation expense $ 399 $ 481 Related income tax benefit $ 54 $ 58 Stock options and SAR s The Company grants stock options and stock-settled SARs to employees that allow them to purchase shares of the Company’s common stock. Stock options are also granted to outside members of the Board of Directors of the Company. The Company determines the fair value of stock options and SARs at the date of grant using the Black-Scholes valuation model. All stock options and SARs granted prior to August 3, 2018 two five ten A summary of stock option transactions during the three March 31, 2020 Weighted Average No. of Weighted Average Remaining Life Aggregate Shares Exercise Price (in years) Intrinsic Value Outstanding, January 1, 2020 701,131 $ 16.82 2.95 $ 714 Granted(1) 163,545 10.97 Exercised - - Lapsed or cancelled (97,172 ) 18.00 Outstanding, March 31, 2020 767,504 15.42 3.37 217 Exercisable, March 31, 2020 421,123 16.12 2.45 217 ( 1 The weighted average grant date fair value of stock options granted was $2.14 As of March 31, 2020 $0.6 1.4 A summary of stock-settled SARs transactions during the three March 31, 2020 Weighted Average No. of Weighted Average Remaining Life Aggregate Shares Exercise Price (in years) Intrinsic Value Outstanding, January 1, 2020 206,700 $ 18.67 2.04 $ - Granted(1) 153,822 10.97 Exercised - - Lapsed or cancelled (68,501 ) 15.97 Outstanding, March 31, 2020 292,021 15.25 3.41 - Exercisable, March 31, 2020 126,068 18.95 1.83 - ( 1 The weighted average grant date fair value of SARs granted was $2.14 As of March 31, 2020 $0.3 1.7 Restricted Stock The Company has granted restricted stock to directors and certain employees which vest at a specified future date, generally after three 2013 “2013 A summary of restricted stock transactions during the three March 31, 2020 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2020 151,166 $ 18.44 Granted 49,543 10.97 Vested (34,619 ) 16.97 Forfeited (17,420 ) 14.24 Outstanding, March 31, 2020 148,670 16.79 As of March 31, 2020 $1.5 2.1 Performance Shares Certain employees received service-based or service-based and performance-based shares, to which we collectively refer to as performance shares. The service-based awards vest after the service period is met, which is generally three five five 2013 A summary of performance share transactions during the three March 31, 2020 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2020 194,012 $ 19.77 Granted - - Vested (5,892 ) 16.97 Forfeited (8,952 ) 20.42 Outstanding, March 31, 2020 179,168 19.83 As of March 31, 2020 $1.2 1.4 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 – Income Taxes: The Company calculates its interim income tax provision in accordance with the accounting guidance for income taxes in interim periods. At the end of each interim period, the Company makes its best estimate of the annual expected effective tax rate and applies that rate to its ordinary year-to-date income or loss. The tax expense or benefit related to significant, unusual, or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. The computation of the annual expected effective tax rate at each interim period requires certain estimates and assumptions including, but not may For the three March 31, 2020 1.3 27.1% three March 31, 2019 0.6 20.2% 3.7% 0.9% 1.6% |
Note 9 - Net Income Per Share
Note 9 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 9 – Net Income Per Share: The Company’s basic net income per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income per share includes the effect of the Company’s outstanding stock options, stock appreciation rights, unvested shares of restricted stock and unvested performance shares, if the inclusion of these items is dilutive. The following table presents a reconciliation of basic and diluted net income per share for the three March 31, 2020 2019 Three Months Ended March 31, 2020 2019 Net income used in the computation of basic and diluted net income per share (in thousands) $ 3,367 $ 2,376 Weighted average shares outstanding - basic 15,024,851 14,927,341 Dilutive common stock equivalents 176,047 335,313 Weighted average shares outstanding - diluted 15,200,898 15,262,654 Net income per share: Basic $ 0.22 $ 0.16 Diluted $ 0.22 $ 0.16 Awards to purchase approximately 449,191 341,995 $19.07 $20.99 three March 31, 2020 2019 not |
Note 10 - Operating Segment Inf
Note 10 - Operating Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | OTE 10 – Operating Segment Information : The Company classifies its businesses into three The Company evaluates the performance of each operating segment based on several factors of which the primary financial measures are net sales and income before taxes on income. Amounts for corporate expenses are included in the totals for the Uniforms and Related Products segment. To better reflect the way in which management now reviews the Company’s operating results, in the third 2019, 10 The following tables set forth financial information related to the Company’s operating segments (in thousands): Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended March 31, 2020: Net sales $ 60,102 $ 9,200 $ 26,178 $ (1,235 ) $ 94,245 Cost of goods sold 38,672 3,988 18,599 (465 ) 60,794 Gross margin 21,430 5,212 7,579 (770 ) 33,451 Selling and administrative expenses 18,225 3,396 6,638 (770 ) 27,489 Other periodic pension cost 285 - - - 285 Interest expense 872 - 188 - 1,060 Income before taxes on income $ 2,048 $ 1,816 $ 753 $ - $ 4,617 Depreciation and amortization $ 1,310 $ 217 $ 342 $ - $ 1,869 Capital expenditures $ 1,852 $ 166 $ 55 $ - $ 2,073 Total assets $ 249,629 $ 22,436 $ 72,541 $ - $ 344,606 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended March 31, 2019: Net sales $ 58,679 $ 8,599 $ 20,359 $ (1,085 ) $ 86,552 Cost of goods sold 38,361 3,560 14,733 (370 ) 56,284 Gross margin 20,318 5,039 5,626 (715 ) 30,268 Selling and administrative expenses 18,177 3,119 5,282 (715 ) 25,863 Other periodic pension cost 259 - - - 259 Interest expense 878 - 292 - 1,170 Income before taxes on income $ 1,004 $ 1,920 $ 52 $ - $ 2,976 Depreciation and amortization $ 1,488 $ 256 $ 316 $ - $ 2,060 Capital expenditures $ 1,158 $ 409 $ 156 $ - $ 1,723 Total assets(1) $ 255,949 $ 21,770 $ 61,855 $ - $ 339,574 ( 1 Intercompany balances that were previously included in total assets for each reportable segment have been excluded. |
Note 11 - COVID-19
Note 11 - COVID-19 | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 – COVID- 19 : The COVID- 19 three March 31, 2020, not 19 March 2020 COVID- 19 not The majority of the principal fabrics used in the manufacture of products within the Uniform and Related Products segment are sourced in China and the vast majority of raw materials used in our Promotional Products segment are predominantly sourced from China, either directly by BAMKO or its suppliers. If we are unable to continue to obtain affordable raw materials and finished products from China or if our suppliers are unable to source affordable raw materials from China, it could significantly disrupt our business. A prolonged pandemic, or the threat thereof, could significantly disrupt our product sourcing, which in turn, could significantly disrupt our business. We have and will continue to monitor and control our expense levels to protect our profitability. For example, on March 30, 2020, April 1, 2020 June 1, 2020 2017 2018 April 1, 2020 June 1, 2020 Prolonged instability in the United States and global economies, and how the world reacts to them, could have long-term impacts on our business. These business impacts could negatively affect us in a number of ways, including, but not 19 19 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The condensed consolidated financial statements include the accounts of Superior Group of Companies, Inc. and its wholly-owned subsidiaries, The Office Gurus, LLC, SUG Holding, Superior Group Holdings, Inc., Fashion Seal Corporation, BAMKO, LLC and CID Resources, Inc.; The Office Gurus, Ltda, de C.V., The Office Masters, Ltda., de C.V. and The Office Gurus, Ltd., each a subsidiary of Fashion Seal Corporation and SUG Holding; and Power Three Web, Ltda. and Superior Sourcing, each a wholly-owned subsidiary of SUG Holding; BAMKO Importação, Exportação e Comércio de Brindes Ltda., a subsidiary of BAMKO, LLC and SUG Holding; Guangzhou Ben Gao Trading Limited, Worldwide Sourcing Solutions Limited, and BAMKO UK, Limited, 99% May 3, 2018, The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Intercompany items have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2019 not We refer to the condensed 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In January 2017, 2017 04, “Simplifying the Test for Goodwill Impairment.” 2017 04 two December 15, 2019. January 1, 2020 not In August 2018, 2018 15, “Internal-Use Software (Subtopic 350 40 December 15, 2019 may January 1, 2020, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 ” December 15, 2019, August 2019, 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 December 15, 2020, may In March 2020, 2020 04, Reference Rate Reform (Topic 848 may not may December 31, 2022. |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2020 2019 Finished goods $ 65,530 $ 65,413 Work in process 558 652 Raw materials 7,756 7,314 Inventories $ 73,844 $ 73,379 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, 2020 2019 Credit Facilities: Revolving credit facility due May 2023 $ 23,476 $ 37,838 Term loan due February 2024 (“2017 Term Loan”) 24,000 25,500 Term loan due January 2026 (“2018 Term Loan”) 54,167 56,488 101,643 119,826 Less: Payments due within one year included in current liabilities 11,464 15,286 Debt issuance costs 517 537 Long-term debt less current maturities $ 89,662 $ 104,003 |
Note 4 - Periodic Pension Exp_2
Note 4 - Periodic Pension Expense (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2020 2019 Service cost - benefits earned during the period $ 38 $ 29 Interest cost on projected benefit obligation 216 271 Expected return on plan assets (389 ) (337 ) Recognized actuarial loss 320 325 Settlement loss 138 - Net periodic pension cost after settlements $ 323 $ 288 |
Note 5 - Net Sales (Tables)
Note 5 - Net Sales (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | March 31, December 31, 2020 2019 Accounts receivable - trade $ 73,551 $ 79,746 Current contract assets 38,234 38,533 Current contract liabilities 17,646 1,821 |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2020 2019 Stock options and SARs $ 164 $ 73 Restricted stock 161 188 Performance shares 74 220 Total share-based compensation expense $ 399 $ 481 Related income tax benefit $ 54 $ 58 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average No. of Weighted Average Remaining Life Aggregate Shares Exercise Price (in years) Intrinsic Value Outstanding, January 1, 2020 701,131 $ 16.82 2.95 $ 714 Granted(1) 163,545 10.97 Exercised - - Lapsed or cancelled (97,172 ) 18.00 Outstanding, March 31, 2020 767,504 15.42 3.37 217 Exercisable, March 31, 2020 421,123 16.12 2.45 217 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Weighted Average No. of Weighted Average Remaining Life Aggregate Shares Exercise Price (in years) Intrinsic Value Outstanding, January 1, 2020 206,700 $ 18.67 2.04 $ - Granted(1) 153,822 10.97 Exercised - - Lapsed or cancelled (68,501 ) 15.97 Outstanding, March 31, 2020 292,021 15.25 3.41 - Exercisable, March 31, 2020 126,068 18.95 1.83 - |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2020 151,166 $ 18.44 Granted 49,543 10.97 Vested (34,619 ) 16.97 Forfeited (17,420 ) 14.24 Outstanding, March 31, 2020 148,670 16.79 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2020 194,012 $ 19.77 Granted - - Vested (5,892 ) 16.97 Forfeited (8,952 ) 20.42 Outstanding, March 31, 2020 179,168 19.83 |
Note 9 - Net Income Per Share (
Note 9 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 Net income used in the computation of basic and diluted net income per share (in thousands) $ 3,367 $ 2,376 Weighted average shares outstanding - basic 15,024,851 14,927,341 Dilutive common stock equivalents 176,047 335,313 Weighted average shares outstanding - diluted 15,200,898 15,262,654 Net income per share: Basic $ 0.22 $ 0.16 Diluted $ 0.22 $ 0.16 |
Note 10 - Operating Segment I_2
Note 10 - Operating Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended March 31, 2020: Net sales $ 60,102 $ 9,200 $ 26,178 $ (1,235 ) $ 94,245 Cost of goods sold 38,672 3,988 18,599 (465 ) 60,794 Gross margin 21,430 5,212 7,579 (770 ) 33,451 Selling and administrative expenses 18,225 3,396 6,638 (770 ) 27,489 Other periodic pension cost 285 - - - 285 Interest expense 872 - 188 - 1,060 Income before taxes on income $ 2,048 $ 1,816 $ 753 $ - $ 4,617 Depreciation and amortization $ 1,310 $ 217 $ 342 $ - $ 1,869 Capital expenditures $ 1,852 $ 166 $ 55 $ - $ 2,073 Total assets $ 249,629 $ 22,436 $ 72,541 $ - $ 344,606 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended March 31, 2019: Net sales $ 58,679 $ 8,599 $ 20,359 $ (1,085 ) $ 86,552 Cost of goods sold 38,361 3,560 14,733 (370 ) 56,284 Gross margin 20,318 5,039 5,626 (715 ) 30,268 Selling and administrative expenses 18,177 3,119 5,282 (715 ) 25,863 Other periodic pension cost 259 - - - 259 Interest expense 878 - 292 - 1,170 Income before taxes on income $ 1,004 $ 1,920 $ 52 $ - $ 2,976 Depreciation and amortization $ 1,488 $ 256 $ 316 $ - $ 2,060 Capital expenditures $ 1,158 $ 409 $ 156 $ - $ 1,723 Total assets(1) $ 255,949 $ 21,770 $ 61,855 $ - $ 339,574 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
BAMKO [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 99.00% |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Finished goods | $ 65,530 | $ 65,413 | |
Work in process | 558 | 652 | |
Raw materials | 7,756 | 7,314 | |
Inventories | $ 73,844 | $ 73,379 | $ 73,379 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | May 02, 2018 | |
Interest Rate Swap [Member] | |||
Derivative Liability, Notional Amount | $ 12 | ||
Interest Rate Swap [Member] | Interest Expense [Member] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (0.3) | $ 0.1 | |
Credit Agreement [Member] | Term Loan 2 [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.77% | ||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 4.6 | ||
Long-Term Debt, Maturity, Year Two | 9.3 | ||
Long-Term Debt, Maturity, Year Five | 9.3 | ||
Long Term Debt Maturities Repayments of Principal in Year Seven | 3.1 | ||
Long-Term Debt, Maturity, Year Three | 9.3 | ||
Long-Term Debt, Maturity, Year Four | 9.3 | ||
Long Term Debt Maturities Repayments of Principal in Year Six | $ 9.3 | ||
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] | Term Loan [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.60% | ||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 3 | ||
Long-Term Debt, Maturity, Year Two | 6 | ||
Long-Term Debt, Maturity, Year Five | 3 | ||
Long-Term Debt, Maturity, Year Three | 6 | ||
Long-Term Debt, Maturity, Year Four | $ 6 | ||
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% | ||
Revolving Credit Facility [Member] | BB&T [Member] | Credit Agreement [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term debt, gross | $ 101,643 | $ 119,826 |
Payments due within one year included in current liabilities | 11,464 | 15,286 |
Debt issuance costs | 517 | 537 |
Long-term debt less current maturities | 89,662 | 104,003 |
BB&T [Member] | Term Loan Maturing January 22, 2026 [Member] | ||
Long-term debt, gross | 23,476 | 37,838 |
BB&T [Member] | Term Loan Maturing February 26, 2024 [Member] | ||
Long-term debt, gross | 24,000 | 25,500 |
BB&T [Member] | Term Loan Maturing May 2020 [Member] | ||
Long-term debt, gross | $ 54,167 | $ 56,488 |
Note 4 - Periodic Pension Exp_3
Note 4 - Periodic Pension Expense - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Service cost - benefits earned during the period | $ 38 | $ 29 |
Interest cost on projected benefit obligation | 216 | 271 |
Expected return on plan assets | (389) | (337) |
Recognized actuarial loss | 320 | 325 |
Settlement loss | 138 | |
Net periodic pension cost after settlements | $ 323 | $ 288 |
Note 5 - Net Sales (Details Tex
Note 5 - Net Sales (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 0.9 |
Note 5 - Net Sales - Accounts R
Note 5 - Net Sales - Accounts Receivables and Contract Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable - trade | $ 73,551 | $ 79,746 |
Current contract assets | 38,234 | 38,533 |
Current contract liabilities | $ 17,646 | $ 1,821 |
Note 6 - Contingencies (Details
Note 6 - Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Business Combination, Contingent Consideration, Liability, Current | $ 1,953 | $ 1,905 |
BAMKO [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 2,800 | |
Business Combination, Contingent Consideration, Liability, Current | 1,100 | |
Tangerine [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 2,700 | |
Business Combination, Contingent Consideration, Liability, Current | $ 900 |
Note 7 - Share-based Compensa_3
Note 7 - Share-based Compensation (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 2.14 |
Share-based Payment Arrangement, Option [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 0.6 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 146 days |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 0.3 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 255 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 2.14 |
Restricted Stock [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 1.5 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 36 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 10.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Performance Shares [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 1.2 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 146 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Performance Shares [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Performance Shares [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Outside Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 7 - Share-based Compensa_4
Note 7 - Share-based Compensation - Shared-based Compensation Expense and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based compensation expense | $ 399 | $ 481 |
Related income tax benefit | 54 | 58 |
Stock Options and SARs [Member] | ||
Share-based compensation expense | 164 | 73 |
Restricted Stock [Member] | ||
Share-based compensation expense | 161 | 188 |
Performance Shares [Member] | ||
Share-based compensation expense | $ 74 | $ 220 |
Note 7 - Share-based Compensa_5
Note 7 - Share-based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Outstanding, options (in shares) | 701,131 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 16.82 | ||
Outstanding, weighted average remaining life (Year) | 3 years 135 days | 2 years 346 days | |
Outstanding, aggregate intrinsic value | $ 217 | $ 714 | |
Granted (in shares) | [1] | 163,545 | |
Granted, weighted average exercise price (in dollars per share) | [1] | $ 10.97 | |
Exercised (in shares) | |||
Exercised, weighted average exercise price (in dollars per share) | |||
Lapsed or cancelled (in shares) | (97,172) | ||
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 18 | ||
Outstanding, options (in shares) | 767,504 | 701,131 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 15.42 | $ 16.82 | |
Exercisable, options (in shares) | 421,123 | ||
Exercisable, weighted average exercise price, options (in dollars per share) | $ 16.12 | ||
Exercisable, weighted average remaining life, options (Year) | 2 years 164 days | ||
Exercisable, aggregate intrinsic value, options | $ 217 | ||
[1] | The weighted average grant date fair value of stock options granted was $2.14 per share. |
Note 7 - Share-based Compensa_6
Note 7 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Outstanding SARS (in shares) | 206,700 | ||
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 18.67 | ||
Outstanding SARS, weighted average remaining life (Year) | 3 years 149 days | 2 years 14 days | |
Outstanding SARS, aggregate intrinsic value | |||
Granted SARs (in shares) | [1] | 153,822 | |
Granted SARS, weighted average exercise price (in dollars per share) | [1] | $ 10.97 | |
Exercised SARs (in shares) | |||
Exercised SARS, weighted average exercise price (in dollars per share) | |||
Lapsed or cancelled (in shares) | (68,501) | ||
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 15.97 | ||
Outstanding SARS (in shares) | 292,021 | 206,700 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 15.25 | $ 18.67 | |
Exercisable (in shares) | 126,068 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 18.95 | ||
Exercisable, weighted average remaining life (Year) | 1 year 302 days | ||
Exercisable, aggregate intrinsic value | |||
[1] | The weighted average grant date fair value of SARs granted was $2.14 per share. |
Note 7 - Share-based Compensa_7
Note 7 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Outstanding (in shares) | shares | 151,166 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.44 |
Granted (in shares) | shares | 49,543 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.97 |
Vested (in shares) | shares | (34,619) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.97 |
Forfeited (in shares) | shares | (17,420) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.24 |
Outstanding (in shares) | shares | 148,670 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.79 |
Note 7 - Share-based Compensa_8
Note 7 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Outstanding (in shares) | shares | 194,012 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.77 |
Granted (in shares) | shares | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | |
Vested (in shares) | shares | (5,892) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.97 |
Forfeited (in shares) | shares | (8,952) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.42 |
Outstanding (in shares) | shares | 179,168 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.83 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ 1,250 | $ 600 |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.10% | 20.20% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 3.70% | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.90% | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total | 1.60% |
Note 9 - Net Income Per Share_2
Note 9 - Net Income Per Share (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 449,191 | 341,995 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price (in dollars per share) | $ 19.07 | $ 20.99 |
Note 9 - Earnings Per Share - R
Note 9 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Net income used in the computation of basic and diluted net income per share (in thousands) | $ 3,367 | $ 2,376 | $ 2,376 |
Weighted average shares outstanding - basic (in shares) | 15,024,851 | 14,927,341 | 14,927,341 |
Dilutive common stock equivalents (in shares) | 176,047 | 335,313 | |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,200,898 | 15,262,654 | 15,262,654 |
Basic (in dollars per share) | $ 0.22 | $ 0.16 | $ 0.16 |
Diluted (in dollars per share) | $ 0.22 | $ 0.16 | $ 0.16 |
Note 10 - Operating Segment I_3
Note 10 - Operating Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Operating Segments | 3 |
Note 10 - Operating Segment I_4
Note 10 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Net sales | $ 94,245 | $ 86,552 | ||
Cost of goods sold | 60,794 | 56,284 | ||
Gross margin | 33,451 | 30,268 | ||
Selling and administrative expenses | 27,489 | 25,863 | ||
Other periodic pension cost | 285 | 259 | ||
Interest expense | 1,060 | 1,170 | ||
Income before taxes on income | 4,617 | 2,976 | ||
Depreciation and amortization | 1,869 | 2,060 | ||
Capital expenditures | 2,073 | 1,723 | ||
Total assets | 344,606 | 339,574 | [1] | $ 358,933 |
Intersegment Eliminations [Member] | ||||
Net sales | (1,235) | (1,085) | ||
Cost of goods sold | (465) | (370) | ||
Gross margin | (770) | (715) | ||
Selling and administrative expenses | (770) | (715) | ||
Other periodic pension cost | ||||
Interest expense | ||||
Income before taxes on income | ||||
Depreciation and amortization | ||||
Capital expenditures | ||||
Total assets | [1] | |||
Uniforms and Related Products [Member] | Operating Segments [Member] | ||||
Net sales | 60,102 | 58,679 | ||
Cost of goods sold | 38,672 | 38,361 | ||
Gross margin | 21,430 | 20,318 | ||
Selling and administrative expenses | 18,225 | 18,177 | ||
Other periodic pension cost | 285 | 259 | ||
Interest expense | 872 | 878 | ||
Income before taxes on income | 2,048 | 1,004 | ||
Depreciation and amortization | 1,310 | 1,488 | ||
Capital expenditures | 1,852 | 1,158 | ||
Total assets | 249,629 | 255,949 | [1] | |
Remote Staffing Solutions [Member] | Operating Segments [Member] | ||||
Net sales | 9,200 | 8,599 | ||
Cost of goods sold | 3,988 | 3,560 | ||
Gross margin | 5,212 | 5,039 | ||
Selling and administrative expenses | 3,396 | 3,119 | ||
Other periodic pension cost | ||||
Interest expense | ||||
Income before taxes on income | 1,816 | 1,920 | ||
Depreciation and amortization | 217 | 256 | ||
Capital expenditures | 166 | 409 | ||
Total assets | 22,436 | 21,770 | [1] | |
Promotional Products [Member] | Operating Segments [Member] | ||||
Net sales | 26,178 | 20,359 | ||
Cost of goods sold | 18,599 | 14,733 | ||
Gross margin | 7,579 | 5,626 | ||
Selling and administrative expenses | 6,638 | 5,282 | ||
Other periodic pension cost | ||||
Interest expense | 188 | 292 | ||
Income before taxes on income | 753 | 52 | ||
Depreciation and amortization | 342 | 316 | ||
Capital expenditures | 55 | 156 | ||
Total assets | $ 72,541 | $ 61,855 | [1] | |
[1] | Intercompany balances that were previously included in total assets for each reportable segment have been excluded. |