Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 21, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000095574 | |
Entity Registrant Name | SUPERIOR GROUP OF COMPANIES, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-05869 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 11-1385670 | |
Entity Address, Address Line One | 10055 Seminole Boulevard | |
Entity Address, City or Town | Seminole | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33772-2539 | |
City Area Code | 727 | |
Local Phone Number | 397-9611 | |
Title of 12(b) Security | Common Stock $0.001 par value per share | |
Trading Symbol | SGC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,614,628 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 140,847 | $ 94,245 |
Costs and expenses: | ||
Cost of goods sold | 91,804 | 60,794 |
Selling and administrative expenses | 35,111 | 27,489 |
Other periodic pension costs | 429 | 285 |
Interest expense | 275 | 1,060 |
Costs and Expenses, Excluding Gain on Sale of Property Plant and Equipment | 127,619 | 89,628 |
Income before taxes on income | 13,228 | 4,617 |
Income tax expense | 2,750 | 1,250 |
Net income | $ 10,478 | $ 3,367 |
Net income per share: | ||
Net income per share, basic (in dollars per share) | $ 0.69 | $ 0.22 |
Net income per share, diluted (in dollars per share) | $ 0.66 | $ 0.22 |
Weighted average shares outstanding during the period: | ||
Weighted average number of shares outstanding during the period, basic (in shares) | 15,221,336 | 15,024,851 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,991,474 | 15,200,898 |
Other comprehensive income (loss), net of tax: | ||
Recognition of net losses included in net periodic pension costs | $ 714 | $ 243 |
Recognition of settlement loss included in net periodic pension costs | 0 | 105 |
Loss on cash flow hedging activities | (5) | (5) |
Foreign currency translation adjustment | (647) | (1,239) |
Other comprehensive income (loss) | 62 | (896) |
Comprehensive income | $ 10,540 | $ 2,471 |
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, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 10,911 | $ 5,172 |
Accounts receivable, less allowance for doubtful accounts of $7,478 and $7,667, respectively | 103,066 | 101,902 |
Accounts receivable - other | 2,405 | 1,356 |
Inventories | 87,774 | 89,766 |
Contract assets | 40,662 | 39,231 |
Prepaid expenses and other current assets | 11,508 | 11,030 |
Total current assets | 256,326 | 248,457 |
Property, plant and equipment, net | 42,077 | 36,644 |
Operating lease right-of-use assets | 5,042 | 3,826 |
Deferred tax asset | 810 | 0 |
Intangible assets, net | 63,659 | 58,746 |
Goodwill | 36,197 | 36,116 |
Other assets | 10,912 | 10,135 |
Total assets | 415,023 | 393,924 |
Current liabilities: | ||
Accounts payable | 35,429 | 39,327 |
Other current liabilities | 34,519 | 44,670 |
Current portion of long-term debt | 15,286 | 15,286 |
Current portion of acquisition-related contingent liabilities | 5,791 | 5,589 |
Total current liabilities | 91,025 | 104,872 |
Long-term debt | 94,920 | 72,372 |
Long-term pension liability | 14,423 | 14,574 |
Long-term acquisition-related contingent liabilities | 2,879 | 1,892 |
Long-term operating lease liabilities | 2,273 | 1,599 |
Deferred tax liability | 0 | 450 |
Other long-term liabilities | 8,120 | 6,535 |
Commitments and contingencies (Note 6) | ||
Shareholders’ equity: | ||
Preferred stock, $.001 par value - authorized 300,000 shares (none issued) | 0 | 0 |
Common stock, $.001 par value - authorized 50,000,000 shares, issued and outstanding 15,582,835 and 15,391,660 shares, respectively. | 15 | 15 |
Additional paid-in capital | 62,773 | 61,844 |
Retained earnings | 150,734 | 141,972 |
Accumulated other comprehensive income (loss), net of tax: | ||
Pensions | (10,184) | (10,898) |
Cash flow hedges | 64 | 69 |
Foreign currency translation adjustment | (2,019) | (1,372) |
Total shareholders’ equity | 201,383 | 191,630 |
Total liabilities and shareholders’ equity | $ 415,023 | $ 393,924 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance for doubtful accounts | $ 7,478 | $ 7,667 |
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) | 15,582,835 | 15,391,660 |
Common stock, shares outstanding (in shares) | 15,582,835 | 15,391,660 |
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, 2019 | 15,227,604 | ||||
Balance at Dec. 31, 2019 | $ 15 | $ 57,442 | $ 107,581 | $ (7,484) | $ 157,554 |
Restricted shares issued (in shares) | 38,015 | ||||
Restricted shares issued | 0 | ||||
Share-based compensation expense | 399 | 399 | |||
Cash dividends declared | (1,521) | (1,521) | |||
Tax provision from vesting of acquisition-related restricted stock | (13) | (13) | |||
Common stock reacquired and retired (in shares) | (43,458) | ||||
Common stock 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) | |||
Tax benefit from vesting of acquisition-related restricted stock | (13) | (13) | |||
Balance (in shares) at Mar. 31, 2020 | 15,222,161 | ||||
Balance at Mar. 31, 2020 | $ 15 | 57,669 | 109,086 | (8,380) | $ 158,390 |
Balance (in shares) at Dec. 31, 2020 | 15,391,660 | 15,391,660 | |||
Balance at Dec. 31, 2020 | $ 15 | 61,844 | 141,972 | (12,201) | $ 191,630 |
Restricted shares issued (in shares) | 140,754 | ||||
Restricted shares issued | 0 | ||||
Share-based compensation expense | 832 | 832 | |||
Cash dividends declared | (1,548) | (1,548) | |||
Tax provision from vesting of acquisition-related restricted stock | 171 | 171 | |||
Net earnings | 10,478 | 10,478 | |||
Cash flow hedges, net of taxes | (5) | (5) | |||
Pensions, net of taxes | 714 | 714 | |||
Change in currency translation adjustment, net of taxes | (647) | $ (647) | |||
Common shares issued upon exercise of options, net (in shares) | 10,746 | 18,907 | |||
Common shares issued upon exercise of options, net | 298 | (168) | $ 130 | ||
Performance based shares issued (in shares) | 39,675 | ||||
Performance based shares issued | 0 | ||||
Tax withheld on exercise of performance based shares | (372) | (372) | |||
Tax benefit from vesting of acquisition-related restricted stock | 171 | $ 171 | |||
Balance (in shares) at Mar. 31, 2021 | 15,582,835 | 15,582,835 | |||
Balance at Mar. 31, 2021 | $ 15 | $ 62,773 | $ 150,734 | $ (12,139) | $ 201,383 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash dividends declared, per share (in dollars per share) | $ 0.10 | $ 0.10 |
Cash flow hedges, tax | $ 1 | $ 1 |
Pensions, tax | 114 | 109 |
Change in currency translation adjustment, tax | $ 0 | $ 397 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 10,478 | $ 3,367 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,217 | 1,869 |
Provision for bad debts - accounts receivable | 359 | 865 |
Share-based compensation expense | 832 | 399 |
Deferred income tax benefit | (1,145) | (784) |
Change in fair value of acquisition-related contingent liabilities | 1,199 | 175 |
Changes in assets and liabilities, net of acquisition of business: | ||
Accounts receivable | (1,731) | 4,940 |
Accounts receivable - other | (798) | 425 |
Contract assets | (1,447) | 299 |
Inventories | 1,881 | (831) |
Prepaid expenses and other current assets | (331) | 2,327 |
Other assets | (771) | 1,410 |
Accounts payable and other current liabilities | (15,057) | 4,656 |
Long-term pension liability | 446 | 294 |
Other long-term liabilities | 1,613 | 134 |
Net cash provided by (used in) operating activities | (2,255) | 19,545 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (6,736) | (2,073) |
Acquisition of business | (6,000) | 0 |
Net cash used in investing activities | (12,736) | (2,073) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings of debt | 72,359 | 34,488 |
Repayment of debt | (49,835) | (52,672) |
Payment of cash dividends | (1,548) | (1,521) |
Proceeds received on exercise of stock options | 130 | 0 |
Tax withholdings on exercise of performance based stock | (372) | 0 |
Tax (provision) benefit from vesting of acquisition-related restricted stock | 171 | (13) |
Common stock reacquired and retired | 0 | (500) |
Net cash provided by (used in) financing activities | 20,905 | (20,218) |
Effect of currency exchange rates on cash | (175) | (519) |
Net increase (decrease) in cash and cash equivalents | 5,739 | (3,265) |
Cash and cash equivalents balance, beginning of period | 5,172 | 9,038 |
Cash and cash equivalents balance, end of period | $ 10,911 | $ 5,773 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 : Description of business Superior Group of Companies, Inc. (together with its subsidiaries, “the Company,” “Superior,” “we,” “our,” or “us”) was organized in 1920 1922 1998, May 3, 2018, Superior’s Uniforms and Related Products segment, through its primary signature marketing brands Fashion Seal Healthcare®, HPI®, and WonderWink®, manufactures (through 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 primarily a near-shore premium provider of cost effective multilingual telemarketing and business process outsourced solutions. The Promotional Products segment, through the BAMKO®, Public Identity®, Tangerine® and Gifts by Design brands, services customers that purchase primarily promotional and related products. The segment currently has sales offices in the United States, Brazil and Canada with support services in China, Hong Kong and India. Basis of presentation 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, 2020 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 December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 January 1, 2021, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 ” February 2020, 2020 2, Financial Instruments – Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. 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, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 Inventories consisted of the following amounts (in thousands): March 31, December 31, 2021 2020 Finished goods $ 70,400 $ 73,979 Work in process 1,641 1,634 Raw materials 15,733 14,153 Inventories $ 87,774 $ 89,766 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 3 Debt consisted of the following (in thousands): March 31, December 31, 2021 2020 Credit Facilities: Revolving credit facility due February 2026 $ 44,235 $ 17,589 Term loan due February 2024 (“2017 Term Loan”) 19,500 21,000 Term loan due January 2026 (“2018 Term Loan”) 47,202 49,524 110,937 88,113 Less: Payments due within one year included in current liabilities 15,286 15,286 Debt issuance costs 731 455 Long-term debt less current maturities $ 94,920 $ 72,372 The Company is party to an amended and restated credit agreement with Truist Bank, consisting of a revolving credit facility, a term loan maturing in February 2024 ( “2017 January 2026 ( “2018 2017 2018 On February 8, 2021, February 8, 2026. 2017 2018 zero not Obligations outstanding under the 2018 March 31, 2021 2017 one 2017 March 31, 2021 March 31, 2021 Contractual principal payments for the 2017 2021 2022 2023 2024 2018 2021 2022 2025 2026 not The Company is a party to an interest rate swap with a total notional value of $9.0 million as of March 31, 2021 February 2024. not No three March 31, 2021 three March 31, 2020, |
Note 4 - Periodic Pension Expen
Note 4 - Periodic Pension Expense | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | N OTE 4 – Periodic Pension Expense: Effective on June 30, 2013, no Effective on December 31, 2014, no 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, 2021 2020 Service cost - benefits earned during the period $ 46 $ 38 Interest cost on projected benefit obligation 187 216 Expected return on plan assets (358 ) (389 ) Recognized actuarial loss 600 320 Settlement loss - 138 Net periodic pension cost after settlements $ 475 $ 323 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 Company is in the process of terminating its two March 31, 2021. April 2021, one second 2021. second 2021 |
Note 5 - Net Sales
Note 5 - Net Sales | 3 Months Ended |
Mar. 31, 2021 | |
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, allowances and other price variances is recorded based upon historical experience and current allowance programs. Contract termination terms may not not one one The following table presents disaggregated revenue by operating segment for the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Uniforms and Related Products Segment: Uniforms and related products $ 58,029 $ 58,635 Personal protective equipment 12,539 1,467 Total Uniforms and Related Products Segment $ 70,568 $ 60,102 Remote Staffing Solutions Segment: Remote staffing solutions services $ 13,030 $ 9,200 Net intersegment eliminations (1,625 ) (1,235 ) Total Remote Staffing Solutions Segment $ 11,405 $ 7,965 Promotional Products Segment: Promotional products $ 44,656 $ 26,178 Personal protective equipment 14,218 - Total Promotional Products Segment $ 58,874 $ 26,178 Consolidated Net Sales $ 140,847 $ 94,245 Contract Assets and Contract Liabilities The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers (in thousands): March 31, December 31, 2021 2020 Accounts receivable $ 103,066 $ 101,902 Current contract assets 40,662 39,231 Current contract liabilities 6,397 5,074 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, 2020 three March 31, 2021 three March 31, 2021 December 31, 2020 |
Note 6 - Contingencies
Note 6 - Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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. March 31, 2021 second 2021. 2017 2021. March 31, 2021 second 2021. 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, 2021 | |
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, 2021 2020 Stock options and SARs $ 452 $ 164 Restricted stock 203 161 Performance shares 177 74 Total share-based compensation expense $ 832 $ 399 Related income tax benefit $ 53 $ 54 Stock options and Stock Appreciation Rights (“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. All stock options and SARs granted prior to August 3, 2018 one two five ten A summary of stock option transactions during the three March 31, 2021 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 970,022 $ 12.92 3.74 $ 11,128 Granted (1) 100,513 25.75 Exercised (18,907 ) 17.42 Lapsed or cancelled (12,740 ) 14.09 Outstanding, March 31, 2021 1,038,888 14.07 3.72 11,821 Exercisable, March 31, 2021 355,111 17.49 2.45 2,816 ( 1 The weighted average grant date fair value of stock options granted was $10.09 per share. As of March 31, 2021 A summary of stock-settled SARs transactions during the three March 31, 2021 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 317,128 $ 13.47 3.36 $ 2,031 Granted (1) 31,687 25.75 Exercised (7,018 ) 18.86 Outstanding, March 31, 2021 341,797 14.50 3.36 3,744 Exercisable, March 31, 2021 108,203 19.64 1.85 625 ( 1 The weighted average grant date fair value of SARs granted was $10.09 per share. As of March 31, 2021 Restricted Stock The Company has granted shares of restricted stock to directors and certain employees, which vest at a specified future date, generally after three five 2013 “2013 A summary of restricted stock transactions during the three March 31, 2021 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 157,244 $ 16.84 Granted 140,754 23.19 Vested (24,908 ) 23.55 Outstanding, March 31, 2021 273,090 19.50 As of March 31, 2021 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, 2021 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 186,264 $ 18.28 Vested (52,779 ) 16.91 Forfeited (16,665 ) 16.35 Outstanding, March 31, 2021 116,820 19.17 As of March 31, 2021 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 three March 31, 2020 |
Note 9 - Net Income Per Share
Note 9 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 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, 2021 2020 Three Months Ended March 31, 2021 2020 Net income used in the computation of basic and diluted net income per share (in thousands) $ 10,478 $ 3,367 Weighted average shares outstanding - basic 15,221,336 15,024,851 Dilutive common stock equivalents 770,138 176,047 Weighted average shares outstanding - diluted 15,991,474 15,200,898 Net income per share: Basic $ 0.69 $ 0.22 Diluted $ 0.66 $ 0.22 Awards to purchase 132,200 and 449,191 shares of common stock with weighted average exercise prices of $25.75 and $19.07 per share were outstanding during the three March 31, 2021 2020 not |
Note 10 - Operating Segment Inf
Note 10 - Operating Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
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. 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, 2021: Net sales $ 70,568 $ 13,030 $ 58,874 $ (1,625 ) $ 140,847 Cost of goods sold 46,725 5,309 40,458 (688 ) 91,804 Gross margin 23,843 7,721 18,416 (937 ) 49,043 Selling and administrative expenses 20,382 4,722 10,944 (937 ) 35,111 Other periodic pension cost 429 - - - 429 Interest expense 261 - 14 - 275 Income before taxes on income $ 2,771 $ 2,999 $ 7,458 $ - $ 13,228 Depreciation and amortization $ 1,433 $ 294 $ 490 $ - $ 2,217 Capital expenditures $ 6,176 $ 407 $ 153 $ - $ 6,736 Total assets $ 286,183 $ 23,090 $ 105,750 $ - $ 415,023 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 |
Note 11 - Acquisition of Busine
Note 11 - Acquisition of Businesses | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 11 Acquisition of Businesses: Gifts By Design, Inc. On January 29, 2021, Assets Acquired and Liabilities Assumed The total purchase price was allocated to the tangible and intangible assets and liabilities of Gifts by Design based on their estimated fair values as of the acquisition date. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed was allocated to goodwill. 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 Gifts by Design based on their estimated fair values as of the effective date of the transaction (in thousands): Accounts receivable $ 251 Prepaid expenses and other current assets 196 Property, plant and equipment 60 Identifiable intangible assets 5,939 Goodwill 125 Total assets $ 6,571 Accounts payable 199 Other current liabilities 372 Total liabilities $ 571 The Company recorded $5.9 million in identifiable intangibles at fair value, consisting of $4.5 million in acquired customer relationships and $1.4 million for the brand name. The intangible assets associated with the customer relationships are being amortized for seven not $0.1 three March 31, 2021. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 – Subsequent Events : The Company is in the process of terminating its two March 31, 2021. April 2021, one second 2021. second 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation 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, 2020 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 December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 January 1, 2021, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 ” February 2020, 2020 2, Financial Instruments – Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. 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, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2021 2020 Finished goods $ 70,400 $ 73,979 Work in process 1,641 1,634 Raw materials 15,733 14,153 Inventories $ 87,774 $ 89,766 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, 2021 2020 Credit Facilities: Revolving credit facility due February 2026 $ 44,235 $ 17,589 Term loan due February 2024 (“2017 Term Loan”) 19,500 21,000 Term loan due January 2026 (“2018 Term Loan”) 47,202 49,524 110,937 88,113 Less: Payments due within one year included in current liabilities 15,286 15,286 Debt issuance costs 731 455 Long-term debt less current maturities $ 94,920 $ 72,372 |
Note 4 - Periodic Pension Exp_2
Note 4 - Periodic Pension Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2021 2020 Service cost - benefits earned during the period $ 46 $ 38 Interest cost on projected benefit obligation 187 216 Expected return on plan assets (358 ) (389 ) Recognized actuarial loss 600 320 Settlement loss - 138 Net periodic pension cost after settlements $ 475 $ 323 |
Note 5 - Net Sales (Tables)
Note 5 - Net Sales (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2021 2020 Uniforms and Related Products Segment: Uniforms and related products $ 58,029 $ 58,635 Personal protective equipment 12,539 1,467 Total Uniforms and Related Products Segment $ 70,568 $ 60,102 Remote Staffing Solutions Segment: Remote staffing solutions services $ 13,030 $ 9,200 Net intersegment eliminations (1,625 ) (1,235 ) Total Remote Staffing Solutions Segment $ 11,405 $ 7,965 Promotional Products Segment: Promotional products $ 44,656 $ 26,178 Personal protective equipment 14,218 - Total Promotional Products Segment $ 58,874 $ 26,178 Consolidated Net Sales $ 140,847 $ 94,245 |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | March 31, December 31, 2021 2020 Accounts receivable $ 103,066 $ 101,902 Current contract assets 40,662 39,231 Current contract liabilities 6,397 5,074 |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2021 2020 Stock options and SARs $ 452 $ 164 Restricted stock 203 161 Performance shares 177 74 Total share-based compensation expense $ 832 $ 399 Related income tax benefit $ 53 $ 54 |
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, 2021 970,022 $ 12.92 3.74 $ 11,128 Granted (1) 100,513 25.75 Exercised (18,907 ) 17.42 Lapsed or cancelled (12,740 ) 14.09 Outstanding, March 31, 2021 1,038,888 14.07 3.72 11,821 Exercisable, March 31, 2021 355,111 17.49 2.45 2,816 |
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, 2021 317,128 $ 13.47 3.36 $ 2,031 Granted (1) 31,687 25.75 Exercised (7,018 ) 18.86 Outstanding, March 31, 2021 341,797 14.50 3.36 3,744 Exercisable, March 31, 2021 108,203 19.64 1.85 625 |
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, 2021 157,244 $ 16.84 Granted 140,754 23.19 Vested (24,908 ) 23.55 Outstanding, March 31, 2021 273,090 19.50 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 186,264 $ 18.28 Vested (52,779 ) 16.91 Forfeited (16,665 ) 16.35 Outstanding, March 31, 2021 116,820 19.17 |
Note 9 - Net Income Per Share (
Note 9 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Net income used in the computation of basic and diluted net income per share (in thousands) $ 10,478 $ 3,367 Weighted average shares outstanding - basic 15,221,336 15,024,851 Dilutive common stock equivalents 770,138 176,047 Weighted average shares outstanding - diluted 15,991,474 15,200,898 Net income per share: Basic $ 0.69 $ 0.22 Diluted $ 0.66 $ 0.22 |
Note 10 - Operating Segment I_2
Note 10 - Operating Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021: Net sales $ 70,568 $ 13,030 $ 58,874 $ (1,625 ) $ 140,847 Cost of goods sold 46,725 5,309 40,458 (688 ) 91,804 Gross margin 23,843 7,721 18,416 (937 ) 49,043 Selling and administrative expenses 20,382 4,722 10,944 (937 ) 35,111 Other periodic pension cost 429 - - - 429 Interest expense 261 - 14 - 275 Income before taxes on income $ 2,771 $ 2,999 $ 7,458 $ - $ 13,228 Depreciation and amortization $ 1,433 $ 294 $ 490 $ - $ 2,217 Capital expenditures $ 6,176 $ 407 $ 153 $ - $ 6,736 Total assets $ 286,183 $ 23,090 $ 105,750 $ - $ 415,023 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 |
Note 11 - Acquisition of Busi_2
Note 11 - Acquisition of Businesses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 251 Prepaid expenses and other current assets 196 Property, plant and equipment 60 Identifiable intangible assets 5,939 Goodwill 125 Total assets $ 6,571 Accounts payable 199 Other current liabilities 372 Total liabilities $ 571 |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finished goods | $ 70,400 | $ 73,979 |
Work in process | 1,641 | 1,634 |
Raw materials | 15,733 | 14,153 |
Inventories | $ 87,774 | $ 89,766 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions | Feb. 08, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Interest Rate Swap [Member] | ||||
Derivative Liability, Notional Amount | $ 9 | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (0.3) | |||
Credit Agreement [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||
Credit Agreement [Member] | Term Loan 2 [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.96% | |||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 7 | |||
Long-Term Debt, Maturity, Year One | 9.3 | |||
Long-Term Debt, Maturity, Year Four | 9.3 | |||
Long-Term Debt, Maturity, Year Five | 3.1 | |||
Long-Term Debt, Maturity, Year Two | 9.3 | |||
Long-Term Debt, Maturity, Year Three | $ 9.3 | |||
Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.79% | |||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 4.5 | |||
Long-Term Debt, Maturity, Year One | 6 | |||
Long-Term Debt, Maturity, Year Four | 3 | |||
Long-Term Debt, Maturity, Year Two | 6 | |||
Long-Term Debt, Maturity, Year Three | $ 6 | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan 2 [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan 2 [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.68% | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.93% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.25% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | BB&T [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125 | $ 75 | ||
Credit Agreement [Member] | Revolving Credit Facility [Member] | BB&T [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.25% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Fifth Third Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.00% | |||
Credit Agreement [Member] | Letter of Credit [Member] | ||||
Letters of Credit Outstanding, Amount | $ 0.5 |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term debt, gross | $ 110,937 | $ 88,113 |
Payments due within one year included in current liabilities | 15,286 | 15,286 |
Debt issuance costs | 731 | 455 |
Long-term debt less current maturities | 94,920 | 72,372 |
Truist Bank [Member] | Term Loan Maturing February 26, 2024 [Member] | ||
Long-term debt, gross | 19,500 | 21,000 |
Truist Bank [Member] | Term Loan Maturing January 22, 2026 [Member] | ||
Long-term debt, gross | 47,202 | 49,524 |
Truist Bank [Member] | Revolving Credit Facility [Member] | ||
Long-term debt, gross | $ 44,235 | $ 17,589 |
Note 4 - Periodic Pension Exp_3
Note 4 - Periodic Pension Expense (Details Textual) - Forecast [Member] - Noncontributory Qualified Defined Pension Plans [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Apr. 30, 2021 | Jun. 30, 2021 | |
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | $ 13.7 | |
Minimum [Member] | ||
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | $ 7.5 | |
Maximum [Member] | ||
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | $ 8.5 |
Note 4 - Periodic Pension Exp_4
Note 4 - Periodic Pension Expense - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Service cost - benefits earned during the period | $ 46 | $ 38 |
Pension Plan [Member] | ||
Interest cost on projected benefit obligation | 187 | 216 |
Expected return on plan assets | (358) | (389) |
Recognized actuarial loss | 600 | 320 |
Settlement loss | 0 | 138 |
Net periodic pension cost after settlements | $ 475 | $ 323 |
Note 5 - Net Sales (Details Tex
Note 5 - Net Sales (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 2.1 |
Note 5 - Net Sales - Disaggrega
Note 5 - Net Sales - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 140,847 | $ 94,245 |
Intersegment Eliminations [Member] | ||
Net sales | (1,625) | (1,235) |
Uniforms and Related Products [Member] | ||
Net sales | 70,568 | 60,102 |
Uniforms and Related Products [Member] | Uniform and Related Product [Member] | ||
Net sales | 58,029 | 58,635 |
Uniforms and Related Products [Member] | Protective Equipment [Member] | ||
Net sales | 12,539 | 1,467 |
Remote Staffing Solutions [Member] | ||
Net sales | 11,405 | 7,965 |
Remote Staffing Solutions [Member] | Intersegment Eliminations [Member] | ||
Net sales | (1,625) | (1,235) |
Remote Staffing Solutions [Member] | Remote Staffing Solutions Services [Member] | ||
Net sales | 13,030 | 9,200 |
Promotional Products [Member] | ||
Net sales | 58,874 | 26,178 |
Promotional Products [Member] | Protective Equipment [Member] | ||
Net sales | 14,218 | 0 |
Promotional Products [Member] | Promotional Product [Member] | ||
Net sales | $ 44,656 | $ 26,178 |
Note 5 - Net Sales - Accounts R
Note 5 - Net Sales - Accounts Receivables and Contract Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts receivable | $ 103,066 | $ 101,902 |
Current contract assets | 40,662 | 39,231 |
Current contract liabilities | $ 6,397 | $ 5,074 |
Note 6 - Contingencies (Details
Note 6 - Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Business Combination, Contingent Consideration, Liability, Current | $ 5,791 | $ 5,589 |
BAMKO [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 6,300 | |
Business Combination, Contingent Consideration, Liability, Current | 4,400 | |
BAMKO [Member] | Minimum [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 6,500 | |
BAMKO [Member] | Maximum [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 6,900 | |
Tangerine [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 2,400 | |
Business Combination, Contingent Consideration, Liability, Current | 1,400 | |
Tangerine [Member] | Minimum [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 2,300 | |
Tangerine [Member] | Maximum [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | $ 2,800 |
Note 7 - Share-based Compensa_3
Note 7 - Share-based Compensation (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)$ / 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 | $ 10.09 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.3 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days |
Outside Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.4 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months |
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 | $ 10.09 |
Restricted Stock [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4.3 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years |
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 | $ 23.19 |
Restricted Stock [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Restricted Stock [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Performance Shares [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.8 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days |
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 |
Share-based Payment Arrangement, Tranche One [Member] | Stock Options and Stock Appreciation Rights [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year |
Share-based Payment Arrangement, Tranche Two [Member] | Stock Options and Stock Appreciation Rights [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 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, 2021 | Mar. 31, 2020 | |
Share-based compensation expense | $ 832 | $ 399 |
Related income tax benefit | 53 | 54 |
Stock Options and SARs [Member] | ||
Share-based compensation expense | 452 | 164 |
Restricted Stock [Member] | ||
Share-based compensation expense | 203 | 161 |
Performance Shares [Member] | ||
Share-based compensation expense | $ 177 | $ 74 |
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, 2021 | Dec. 31, 2020 | ||
Outstanding, options (in shares) | 970,022 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 12.92 | ||
Outstanding, weighted average remaining life (Year) | 3 years 8 months 19 days | 3 years 8 months 26 days | |
Outstanding, aggregate intrinsic value | $ 11,821 | $ 11,128 | |
Granted (in shares) | [1] | 100,513 | |
Granted, weighted average exercise price (in dollars per share) | [1] | $ 25.75 | |
Exercised (in shares) | (18,907) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 17.42 | ||
Lapsed or cancelled (in shares) | (12,740) | ||
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 14.09 | ||
Outstanding, options (in shares) | 1,038,888 | 970,022 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.07 | $ 12.92 | |
Exercisable, options (in shares) | 355,111 | ||
Exercisable, weighted average exercise price, options (in dollars per share) | $ 17.49 | ||
Exercisable, weighted average remaining life, options (Year) | 2 years 5 months 12 days | ||
Exercisable, aggregate intrinsic value, options | $ 2,816 | ||
[1] | The weighted average grant date fair value of stock options granted was $10.09 per share |
Note 7 - Share-based Compensa_6
Note 7 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | ||
Outstanding SARS (in shares) | 317,128 | ||
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 13.47 | ||
Outstanding SARS, weighted average remaining life (Year) | 3 years 4 months 9 days | 3 years 4 months 9 days | |
Outstanding SARS, aggregate intrinsic value | $ 3,744 | $ 2,031 | |
Granted SARs (in shares) | [1] | 31,687 | |
Granted SARS, weighted average exercise price (in dollars per share) | [1] | $ 25.75 | |
Exercised SARs (in shares) | (7,018) | ||
Exercised SARS, weighted average exercise price (in dollars per share) | $ 18.86 | ||
Outstanding SARS (in shares) | 341,797 | 317,128 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 14.50 | $ 13.47 | |
Exercisable (in shares) | 108,203 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 19.64 | ||
Exercisable, weighted average remaining life (Year) | 1 year 10 months 6 days | ||
Exercisable, aggregate intrinsic value | $ 625 | ||
[1] | The weighted average grant date fair value of SARs granted was $10.09 per share. |
Note 7 - Share-based Compensa_7
Note 7 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Outstanding (in shares) | shares | 157,244 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.84 |
Granted (in shares) | shares | 140,754 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.19 |
Vested (in shares) | shares | (24,908) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.55 |
Outstanding (in shares) | shares | 273,090 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.50 |
Note 7 - Share-based Compensa_8
Note 7 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Outstanding (in shares) | shares | 186,264 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.28 |
Vested (in shares) | shares | (52,779) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.91 |
Forfeited (in shares) | shares | (16,665) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.35 |
Outstanding (in shares) | shares | 116,820 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.17 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 2,750 | $ 1,250 |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.80% | 27.10% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (4.10%) | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | (1.90%) |
Note 9 - Net Income Per Share_2
Note 9 - Net Income Per Share (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 132,200 | 449,191 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price (in dollars per share) | $ 25.75 | $ 19.07 |
Note 9 - Net Income Per Share -
Note 9 - Net Income Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 10,478 | $ 3,367 |
Weighted average shares outstanding - basic (in shares) | 15,221,336 | 15,024,851 |
Dilutive common stock equivalents (in shares) | 770,138 | 176,047 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,991,474 | 15,200,898 |
Basic (in dollars per share) | $ 0.69 | $ 0.22 |
Diluted (in dollars per share) | $ 0.66 | $ 0.22 |
Note 10 - Operating Segment I_3
Note 10 - Operating Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Net sales | $ 140,847 | $ 94,245 | |
Cost of goods sold | 91,804 | 60,794 | |
Gross margin | 49,043 | 33,451 | |
Selling and administrative expenses | 35,111 | 27,489 | |
Other periodic pension cost | 429 | 285 | |
Interest expense | 275 | 1,060 | |
Income before taxes on income | 13,228 | 4,617 | |
Depreciation and amortization | 2,217 | 1,869 | |
Capital expenditures | 6,736 | 2,073 | |
Total assets | 415,023 | 344,606 | $ 393,924 |
Intersegment Eliminations [Member] | |||
Net sales | (1,625) | (1,235) | |
Cost of goods sold | (688) | (465) | |
Gross margin | (937) | (770) | |
Selling and administrative expenses | (937) | (770) | |
Other periodic pension cost | 0 | 0 | |
Interest expense | 0 | 0 | |
Income before taxes on income | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Capital expenditures | 0 | 0 | |
Total assets | 0 | 0 | |
Uniforms and Related Products [Member] | |||
Net sales | 70,568 | 60,102 | |
Uniforms and Related Products [Member] | Operating Segments [Member] | |||
Net sales | 70,568 | 60,102 | |
Cost of goods sold | 46,725 | 38,672 | |
Gross margin | 23,843 | 21,430 | |
Selling and administrative expenses | 20,382 | 18,225 | |
Other periodic pension cost | 429 | 285 | |
Interest expense | 261 | 872 | |
Income before taxes on income | 2,771 | 2,048 | |
Depreciation and amortization | 1,433 | 1,310 | |
Capital expenditures | 6,176 | 1,852 | |
Total assets | 286,183 | 249,629 | |
Remote Staffing Solutions [Member] | |||
Net sales | 11,405 | 7,965 | |
Remote Staffing Solutions [Member] | Operating Segments [Member] | |||
Net sales | 13,030 | 9,200 | |
Cost of goods sold | 5,309 | 3,988 | |
Gross margin | 7,721 | 5,212 | |
Selling and administrative expenses | 4,722 | 3,396 | |
Other periodic pension cost | 0 | 0 | |
Interest expense | 0 | 0 | |
Income before taxes on income | 2,999 | 1,816 | |
Depreciation and amortization | 294 | 217 | |
Capital expenditures | 407 | 166 | |
Total assets | 23,090 | 22,436 | |
Remote Staffing Solutions [Member] | Intersegment Eliminations [Member] | |||
Net sales | (1,625) | (1,235) | |
Promotional Products [Member] | |||
Net sales | 58,874 | 26,178 | |
Promotional Products [Member] | Operating Segments [Member] | |||
Net sales | 58,874 | 26,178 | |
Cost of goods sold | 40,458 | 18,599 | |
Gross margin | 18,416 | 7,579 | |
Selling and administrative expenses | 10,944 | 6,638 | |
Other periodic pension cost | 0 | 0 | |
Interest expense | 14 | 188 | |
Income before taxes on income | 7,458 | 753 | |
Depreciation and amortization | 490 | 342 | |
Capital expenditures | 153 | 55 | |
Total assets | $ 105,750 | $ 72,541 |
Note 11 - Acquisition of Busi_3
Note 11 - Acquisition of Businesses (Details Textual) - Gifts By Design [Member] - USD ($) $ in Millions | Jan. 29, 2021 | Mar. 31, 2021 |
Payments to Acquire Businesses, Gross | $ 6 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 5.9 | |
Amortization of Intangible Assets, Total | $ 0.1 | |
Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1.4 | |
Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 4.5 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years |
Note 11 - Acquisition of Busi_4
Note 11 - Acquisition of Businesses - Aggregate Consideration (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Feb. 01, 2021 | Dec. 31, 2020 |
Goodwill | $ 36,197 | $ 36,116 | |
CID Resources [Member] | |||
Accounts receivable | $ 251 | ||
Prepaid expenses and other current assets | 196 | ||
Property, plant and equipment | 60 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 5,939 | ||
Goodwill | 125 | ||
Total assets | 6,571 | ||
Accounts payable | 199 | ||
Other current liabilities | 372 | ||
Total liabilities | $ 571 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Forecast [Member] - Noncontributory Qualified Defined Pension Plans [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Apr. 30, 2021 | Jun. 30, 2021 | |
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | $ 13.7 | |
Minimum [Member] | ||
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | $ 7.5 | |
Maximum [Member] | ||
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | $ 8.5 |