Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | 200 Central Avenue, Suite 2000 | |
Entity Address, City or Town | St. Petersburg | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33701 | |
City Area Code | 727 | |
Local Phone Number | 397-9611 | |
Title of 12(b) Security | Common Stock $0.001 par value per share | |
Trading Symbol | SGC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,498,312 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 130,773 | $ 143,582 |
Costs and expenses: | ||
Cost of goods sold | 83,665 | 93,801 |
Selling and administrative expenses | 43,379 | 42,214 |
Other periodic pension costs | 214 | 528 |
Interest expense | 2,570 | 299 |
Costs and Expenses, Excluding Gain on Sale of Property Plant and Equipment | 129,828 | 136,842 |
Income before taxes on income | 945 | 6,740 |
Income tax expense | 57 | 1,510 |
Net income | $ 888 | $ 5,230 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.06 | $ 0.33 |
Diluted (in dollars per share) | $ 0.06 | $ 0.32 |
Weighted average shares outstanding during the period: | ||
Weighted average number of shares outstanding during the period, basic (in shares) | 15,882,994 | 15,679,027 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 16,118,329 | 16,165,268 |
Other comprehensive (loss) income, net of tax: | ||
Recognition of net losses included in net periodic pension costs | $ 41 | $ 319 |
Loss on cash flow hedging activities | 0 | (5) |
Foreign currency translation adjustment | 307 | 862 |
Other comprehensive income | 348 | 1,176 |
Comprehensive income | $ 1,236 | $ 6,406 |
Cash dividends per common share (in dollars per share) | $ 0.14 | $ 0.12 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 26,600 | $ 17,722 |
Accounts receivable, less allowance for doubtful accounts of $6,346 and $7,622, respectively | 94,859 | 104,813 |
Accounts receivable - other | 398 | 3,326 |
Inventories | 122,214 | 124,976 |
Contract assets | 51,390 | 52,980 |
Prepaid expenses and other current assets | 11,856 | 14,166 |
Total current assets | 307,317 | 317,983 |
Property, plant and equipment, net | 51,460 | 51,392 |
Operating lease right-of-use assets | 13,853 | 9,113 |
Deferred tax asset | 10,704 | 10,718 |
Intangible assets, net | 54,427 | 55,753 |
Other assets | 12,658 | 11,982 |
Total assets | 450,419 | 456,941 |
Current liabilities: | ||
Accounts payable | 50,580 | 42,060 |
Other current liabilities | 31,608 | 38,646 |
Current portion of long-term debt | 3,750 | 3,750 |
Current portion of acquisition-related contingent liabilities | 806 | 736 |
Total current liabilities | 86,744 | 85,192 |
Long-term debt | 139,673 | 151,567 |
Long-term pension liability | 13,019 | 12,864 |
Long-term acquisition-related contingent liabilities | 1,612 | 2,245 |
Long-term operating lease liabilities | 8,468 | 3,936 |
Other long-term liabilities | 8,248 | 8,538 |
Total liabilities | 257,764 | 264,342 |
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 16,498,312 and 16,376,683 shares, respectively | 16 | 16 |
Additional paid-in capital | 73,730 | 72,615 |
Retained earnings | 121,572 | 122,979 |
Accumulated other comprehensive loss, net of tax: | ||
Pensions | (1,072) | (1,113) |
Foreign currency translation adjustment | (1,591) | (1,898) |
Total shareholders’ equity | 192,655 | 192,599 |
Total liabilities and shareholders’ equity | $ 450,419 | $ 456,941 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for doubtful accounts | $ 6,346 | $ 7,622 |
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) | 16,498,312 | 16,376,683 |
Common stock, shares outstanding (in shares) | 16,498,312 | 16,376,683 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Restricted Stock [Member] Common Stock [Member] | Restricted Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 16,127,505 | ||||||||
Balance at Dec. 31, 2021 | $ (76) | $ (76) | $ 16 | $ 69,351 | $ 163,836 | $ (6,213) | $ 226,990 | ||
Common shares issued upon exercise of options and SARs, net (in shares) | 15,702 | ||||||||
Common shares issued upon exercise of options and SARs, net | 354 | (158) | 196 | ||||||
Performance based shares issued (in shares) | 23,677 | 11,707 | |||||||
Performance based shares issued | 0 | ||||||||
Restricted shares issued, net of forfeitures (in shares) | 23,677 | 11,707 | |||||||
Restricted shares issued, net of forfeitures | $ 0 | ||||||||
Share-based compensation expense | 1,212 | 1,212 | |||||||
Tax withheld on vesting of restricted shares and performance based shares (in shares) | (7,557) | ||||||||
Tax withheld on vesting of restricted shares and performance based shares | (232) | (232) | |||||||
Cash dividends declared | (1,918) | (1,918) | |||||||
Net income | 5,230 | 5,230 | |||||||
Cash flow hedges, net of taxes | (5) | (5) | |||||||
Pensions, net of taxes | 319 | 319 | |||||||
Change in currency translation adjustment, net of taxes | 862 | 862 | |||||||
Balance (in shares) at Mar. 31, 2022 | 16,171,034 | ||||||||
Balance at Mar. 31, 2022 | $ 16 | 70,685 | 166,914 | (5,037) | $ 232,578 | ||||
Balance (in shares) at Dec. 31, 2022 | 16,376,683 | 16,376,683 | |||||||
Balance at Dec. 31, 2022 | $ 16 | 72,615 | 122,979 | (3,011) | $ 192,599 | ||||
Common shares issued upon exercise of options and SARs, net | 35 | 35 | |||||||
Restricted shares issued, net of forfeitures | 0 | ||||||||
Share-based compensation expense | 1,080 | 1,080 | |||||||
Cash dividends declared | (2,295) | (2,295) | |||||||
Net income | 888 | 888 | |||||||
Pensions, net of taxes | 41 | 41 | |||||||
Change in currency translation adjustment, net of taxes | 307 | $ 307 | |||||||
Balance (in shares) at Mar. 31, 2023 | 16,498,312 | 16,498,312 | |||||||
Balance at Mar. 31, 2023 | $ 16 | $ 73,730 | $ 121,572 | $ (2,663) | $ 192,655 | ||||
Common shares issued upon exercise of options and SARs, net (in shares) | 4,604 | 4,604 | |||||||
Restricted shares issued, net of forfeitures (in shares) | 117,025 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash dividends declared, per share (in dollars per share) | $ 0.14 | $ 0.12 |
Cash flow hedges, tax | $ 1 | |
Pensions, tax | $ 14 | 110 |
Change in currency translation adjustment, tax | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 888 | $ 5,230 |
Adjustments to reconcile net income to net cash provided by (used) in operating activities: | ||
Depreciation and amortization | 3,388 | 2,923 |
Provision for bad debts - accounts receivable | (97) | 639 |
Share-based compensation expense | 1,080 | 1,212 |
Deferred income tax provision | 0 | 46 |
Change in fair value of acquisition-related contingent liabilities | (563) | 406 |
Change in fair value of written put options | (442) | 0 |
Changes in assets and liabilities, net of acquisition of businesses: | ||
Accounts receivable | 10,150 | 760 |
Accounts receivable - other | 2,928 | (907) |
Contract assets | 1,590 | (2,969) |
Inventories | 2,807 | (8,713) |
Prepaid expenses and other current assets | 2,403 | (1,897) |
Other assets | (657) | (524) |
Accounts payable and other current liabilities | 1,596 | (5,744) |
Long-term pension liability | 209 | 553 |
Other long-term liabilities | (230) | 258 |
Net cash provided by (used in) operating activities | 25,050 | (8,727) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (2,114) | (4,188) |
Acquisition of businesses | 0 | (125) |
Net cash used in investing activities | (2,114) | (4,313) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings of debt | 1,000 | 62,858 |
Repayment of debt | (12,938) | (48,998) |
Payment of cash dividends | (2,295) | (1,918) |
Proceeds received on exercise of stock options | 35 | 196 |
Tax withholdings on vesting of restricted shares and performance based shares | 0 | (232) |
Net cash provided by (used in) financing activities | (14,198) | 11,906 |
Effect of currency exchange rates on cash | 140 | 514 |
Net increase (decrease) in cash and cash equivalents | 8,878 | (620) |
Cash and cash equivalents balance, beginning of period | 17,722 | 8,935 |
Cash and cash equivalents balance, end of period | $ 26,600 | $ 8,315 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 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 Branded Products segment, primarily through its signature marketing brands BAMKO® and HPI®, produces and sells customized merchandising solutions, promotional products and branded uniform programs. Branded products are manufactured through third Superior’s Healthcare Apparel segment, primarily through its signature marketing brands Fashion Seal Healthcare® and WonderWink® (also referred to as “Wink”), manufactures (through third Superior’s Contact Centers segment, through multiple The Office Gurus® entities, including subsidiaries in El Salvador, Belize, Jamaica, Dominican Republic and the United States (collectively, “TOG”), provides outsourced, nearshore business process outsourcing, contact and call-center support services to North American customers. Change in Reportable Segments Beginning in the second 2022, not no Note 10 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, 2022 not The Company refers 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”). There have been no |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 Inventories consisted of the following amounts (in thousands): March 31, December 31, 2023 2022 Finished goods $ 87,880 $ 94,228 Work in process 310 401 Raw materials 34,024 30,347 Inventories $ 122,214 $ 124,976 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 3 Debt consisted of the following (in thousands): March 31, December 31, 2023 2022 Credit Facilities: Revolving credit facility due August 2027 $ 72,000 $ 83,000 Term loan due August 2027 72,187 73,125 144,187 156,125 Less: Payments due within one year included in current liabilities 3,750 3,750 Debt issuance costs 764 808 Long-term debt less current maturities $ 139,673 $ 151,567 On August 23, 2022, August 2027 Obligations outstanding under the Credit Facilities accrue interest at a variable rate equal to the secured overnight financing rate (“SOFR”) plus an adjustment of between 0.10% and 0.25% (depending on the applicable interest period) plus a margin of between 1.0% and 2.0% (depending on the Company’s net leverage ratio). During the covenant relief period described in Note 12 may March 31, 2023 may March 31, 2023 Contractual principal payments for the term loan are as follows: remainder of 2023 2024 2025 2026 2027 not The Credit Facilities are secured by substantially all of the operating assets of the Company, and the Company’s obligations under the Credit Facilities are guaranteed by all of its domestic subsidiaries. The Company’s obligations under the Credit Facilities are subject to acceleration upon the occurrence of an event of default as defined in the Credit Agreement. The Credit Agreement contains customary events of default and negative covenants, including but not 1.0 not 1.0, four March 31, 2023 1.0 1.0, Note 12 |
Note 4 - Periodic Pension Cost
Note 4 - Periodic Pension Cost | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | N OTE 4 – Periodic Pension Cost: The Company is the sponsor of an unfunded supplemental executive retirement plan ("SERP") which includes one The following table details the net periodic pension cost under the Company’s SERP for the periods presented (in thousands): Three Months Ended March 31, 2023 2022 Service cost on benefits earned during the period $ 21 $ 51 Interest cost on projected benefit obligation 159 100 Recognized actuarial loss 55 428 Net periodic pension cost $ 235 $ 579 The service cost component is included in selling and administrative expenses in our statements of comprehensive income and the other components of net periodic pension cost are included in other periodic pension costs in our statements of comprehensive income. |
Note 5 - Net Sales
Note 5 - Net Sales | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 5 For our Branded Products and Healthcare Apparel segments, revenue is primarily generated from the sale of finished products to customers. Revenues for our Branded Products and Healthcare Apparel segments are 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 Contact Centers segment, revenue is generated from providing our customers with contact center services. Revenue for our Contact Centers 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 terms may not not one one Consistent with the Company’s change in reportable segments described in Note 10 Three Months Ended March 31, 2023 2022 Branded Products Segment: Branded products $ 81,730 $ 93,167 Personal protective equipment 121 3,916 Total Branded Products Segment $ 81,851 $ 97,083 Healthcare Apparel Segment: Healthcare apparel $ 27,535 $ 29,858 Personal protective equipment 619 710 Total Healthcare Apparel Segment $ 28,154 $ 30,568 Contact Centers Segment: Contact centers services $ 22,056 $ 17,974 Net intersegment eliminations (1,288 ) (2,043 ) Total Contact Centers Segment $ 20,768 $ 15,931 Consolidated Net Sales $ 130,773 $ 143,582 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, 2023 2022 Accounts receivable $ 94,859 $ 104,813 Current contract assets 51,390 52,980 Current contract liabilities 2,156 2,213 Contract assets relate to goods produced without an alternative use for which the Company has an enforceable right to payment but which has not December 31, 2022 three March 31, 2023 three March 31, 2023 December 31, 2022 |
Note 6 - Contingencies
Note 6 - Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6 – Contingencies: The purchase price to acquire substantially all of the assets of Sutter’s Mill Specialties, Inc. (“Sutter’s Mill”) in December 2021 2022 2024. March 31, 2023 none twelve March 31, 2023 third 2023. 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, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 7 : Share-based compensation expense 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 for the periods presented (in thousands): Three Months Ended March 31, 2023 2022 Stock options and SARs $ 309 $ 360 Restricted stock 590 619 Performance shares 181 233 Total share-based compensation expense $ 1,080 $ 1,212 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 three five ten 2013 “2013 2022 “2022 A summary of stock option transactions during the three March 31, 2023 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2023 962,775 $ 15.89 3.26 $ 301 Granted (1) 182,097 12.04 Exercised (4,604 ) 7.60 Lapsed or cancelled (92,457 ) 20.77 Outstanding, March 31, 2023 1,047,811 14.83 3.46 30 Exercisable, March 31, 2023 536,233 15.41 2.26 30 ( 1 The weighted average grant date fair value of stock options granted was $4.58 per share. As of March 31, 2023 A summary of stock-settled SARs transactions during the three March 31, 2023 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2023 320,385 $ 15.23 2.23 $ 69 Granted (1) 51,209 12.04 Exercised - - Lapsed or cancelled (37,243 ) 23.59 Outstanding, March 31, 2023 334,351 13.81 2.66 4 Exercisable, March 31, 2023 226,088 13.51 1.79 4 ( 1 The weighted average grant date fair value of SARs granted was $4.58 per share. As of March 31, 2023 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 2022 A summary of restricted stock transactions during the three March 31, 2023 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2023 372,470 $ 20.45 Granted 117,025 12.04 Vested (65,215 ) 15.00 Forfeited - - Outstanding, March 31, 2023 424,280 18.97 As of March 31, 2023 Performance Shares The Company has granted performance shares, which either contain only service-based vesting conditions or service-based and performance-based vesting conditions. The service-based awards vest after the service period is met, which is generally three five five 2013 2022 A summary of performance share transactions during the three March 31, 2023 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2023 199,451 $ 20.57 Granted 94,028 12.56 Vested - - Forfeited - - Outstanding, March 31, 2023 293,479 18.00 As of March 31, 2023 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 three March 31, 2023 three March 31, 2022 |
Note 9 - Net Income Per Share
Note 9 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2023 | |
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, nonvested shares of restricted stock and nonvested 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 periods presented: Three Months Ended March 31, 2023 2022 Net income used in the computation of basic and diluted net income per share (in thousands) $ 888 $ 5,230 Weighted average shares outstanding - basic 15,882,994 15,679,027 Dilutive common stock equivalents 235,335 486,241 Weighted average shares outstanding - diluted 16,118,329 16,165,268 Net income per share: Basic $ 0.06 $ 0.33 Diluted $ 0.06 $ 0.32 Awards to purchase 1,008,972 and 415,529 shares of common stock with weighted average exercise prices of $17.03 and $23.29 per share were outstanding during the three March 31, 2023 2022 not |
Note 10 - Operating Segment Inf
Note 10 - Operating Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | OTE 10 – Operating Segment Information : As described in Note 1 second 2022, Branded Products segment: Healthcare Apparel segment: third Contact Centers: Intersegment eliminations include the elimination of revenues and costs from services provided by the Contact Centers segment to the Company’s two not 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. The following tables set forth financial information related to the Company’s operating segments (in thousands): Branded Products Healthcare Apparel Contact Centers Intersegment Eliminations Other Total As of and For the Three Months Ended March 31, 2023: Net sales $ 81,851 $ 28,154 $ 22,056 $ (1,288 ) $ - $ 130,773 Cost of goods sold 55,952 18,054 10,267 (608 ) - 83,665 Gross margin 25,899 10,100 11,789 (680 ) - 47,108 Selling and administrative expenses 20,053 9,502 9,664 (680 ) 4,840 43,379 Other periodic pension cost - - - - 214 214 Interest expense - - - - 2,570 2,570 Income (loss) before taxes on income $ 5,846 $ 598 $ 2,125 $ - $ (7,624 ) $ 945 Depreciation and amortization $ 1,664 $ 974 $ 668 $ - $ 82 $ 3,388 Capital expenditures $ 1,271 $ 462 $ 381 $ - $ - $ 2,114 Branded Products Healthcare Apparel Contact Centers Intersegment Eliminations Other Total As of and For the Three Months Ended March 31, 2022: Net sales $ 97,083 $ 30,568 $ 17,974 $ (2,043 ) $ - $ 143,582 Cost of goods sold 68,868 18,553 7,293 (913 ) - 93,801 Gross margin 28,215 12,015 10,681 (1,130 ) - 49,781 Selling and administrative expenses 21,557 10,087 6,372 (1,130 ) 5,328 42,214 Other periodic pension cost - - - - 528 528 Interest expense 55 18 - - 226 299 Income (loss) before taxes on income $ 6,603 $ 1,910 $ 4,309 $ - $ (6,082 ) $ 6,740 Depreciation and amortization $ 1,383 $ 981 $ 495 $ - $ 64 $ 2,923 Capital expenditures $ 1,543 $ 711 $ 1,931 $ - $ 3 $ 4,188 |
Note 11 - Acquisition of Busine
Note 11 - Acquisition of Businesses | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 11 Acquisition of Businesses: Guardian Products, Inc. On May 1, 2022, one three April 2025. three Fair Value of Consideration Transferred A summary of the purchase price is as follows (in thousands): Cash consideration $ 11,077 Restricted shares of Superior common stock issued 2,000 Contingent consideration 1,119 Total Consideration $ 14,196 Assets Acquired and Liabilities Assumed 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 Guardian based on their estimated fair values as of the effective date of the transaction (in thousands): Accounts receivable $ 1,656 Inventories 621 Prepaid expenses and other current assets 272 Property, plant and equipment 15 Intangible assets 5,886 Goodwill 6,463 Total assets $ 14,913 Accounts payable 533 Other current liabilities 184 Total liabilities $ 717 The Company recorded $5.9 million in identifiable intangibles at fair value, consisting of $5.0 million in acquired customer relationships, $0.2 million for a non-compete agreement and $0.7 million for the Guardian Products trade name. The intangible assets associated with the customer relationships are being amortized for seven five two The difference between the fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed was recorded as goodwill, which is primarily attributed to the assembled workforce and expanded market opportunities. The acquisition of Guardian was treated as an asset purchase for income tax purpose, and therefore, the resulting goodwill from this acquisition is deductible for U.S. income tax purposes. The goodwill associated with the Guardian acquisition was fully impaired during the year ended December 31, 2022 third 2022, |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12 Subsequent Events: On May 4, 2023, December 31, 2023, may fourth 2023 1.0 two 1, 1, 1 1 third fourth 2023, 1, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Change in Reportable Segments Beginning in the second 2022, not no Note 10 |
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, 2022 not The Company refers 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”). There have been no |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2023 2022 Finished goods $ 87,880 $ 94,228 Work in process 310 401 Raw materials 34,024 30,347 Inventories $ 122,214 $ 124,976 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, December 31, 2023 2022 Credit Facilities: Revolving credit facility due August 2027 $ 72,000 $ 83,000 Term loan due August 2027 72,187 73,125 144,187 156,125 Less: Payments due within one year included in current liabilities 3,750 3,750 Debt issuance costs 764 808 Long-term debt less current maturities $ 139,673 $ 151,567 |
Note 4 - Periodic Pension Cost
Note 4 - Periodic Pension Cost (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2023 2022 Service cost on benefits earned during the period $ 21 $ 51 Interest cost on projected benefit obligation 159 100 Recognized actuarial loss 55 428 Net periodic pension cost $ 235 $ 579 |
Note 5 - Net Sales (Tables)
Note 5 - Net Sales (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2023 2022 Branded Products Segment: Branded products $ 81,730 $ 93,167 Personal protective equipment 121 3,916 Total Branded Products Segment $ 81,851 $ 97,083 Healthcare Apparel Segment: Healthcare apparel $ 27,535 $ 29,858 Personal protective equipment 619 710 Total Healthcare Apparel Segment $ 28,154 $ 30,568 Contact Centers Segment: Contact centers services $ 22,056 $ 17,974 Net intersegment eliminations (1,288 ) (2,043 ) Total Contact Centers Segment $ 20,768 $ 15,931 Consolidated Net Sales $ 130,773 $ 143,582 |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | March 31, December 31, 2023 2022 Accounts receivable $ 94,859 $ 104,813 Current contract assets 51,390 52,980 Current contract liabilities 2,156 2,213 |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2023 2022 Stock options and SARs $ 309 $ 360 Restricted stock 590 619 Performance shares 181 233 Total share-based compensation expense $ 1,080 $ 1,212 |
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, 2023 962,775 $ 15.89 3.26 $ 301 Granted (1) 182,097 12.04 Exercised (4,604 ) 7.60 Lapsed or cancelled (92,457 ) 20.77 Outstanding, March 31, 2023 1,047,811 14.83 3.46 30 Exercisable, March 31, 2023 536,233 15.41 2.26 30 |
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, 2023 320,385 $ 15.23 2.23 $ 69 Granted (1) 51,209 12.04 Exercised - - Lapsed or cancelled (37,243 ) 23.59 Outstanding, March 31, 2023 334,351 13.81 2.66 4 Exercisable, March 31, 2023 226,088 13.51 1.79 4 |
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, 2023 372,470 $ 20.45 Granted 117,025 12.04 Vested (65,215 ) 15.00 Forfeited - - Outstanding, March 31, 2023 424,280 18.97 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2023 199,451 $ 20.57 Granted 94,028 12.56 Vested - - Forfeited - - Outstanding, March 31, 2023 293,479 18.00 |
Note 9 - Net Income Per Share (
Note 9 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 Net income used in the computation of basic and diluted net income per share (in thousands) $ 888 $ 5,230 Weighted average shares outstanding - basic 15,882,994 15,679,027 Dilutive common stock equivalents 235,335 486,241 Weighted average shares outstanding - diluted 16,118,329 16,165,268 Net income per share: Basic $ 0.06 $ 0.33 Diluted $ 0.06 $ 0.32 |
Note 10 - Operating Segment I_2
Note 10 - Operating Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Branded Products Healthcare Apparel Contact Centers Intersegment Eliminations Other Total As of and For the Three Months Ended March 31, 2023: Net sales $ 81,851 $ 28,154 $ 22,056 $ (1,288 ) $ - $ 130,773 Cost of goods sold 55,952 18,054 10,267 (608 ) - 83,665 Gross margin 25,899 10,100 11,789 (680 ) - 47,108 Selling and administrative expenses 20,053 9,502 9,664 (680 ) 4,840 43,379 Other periodic pension cost - - - - 214 214 Interest expense - - - - 2,570 2,570 Income (loss) before taxes on income $ 5,846 $ 598 $ 2,125 $ - $ (7,624 ) $ 945 Depreciation and amortization $ 1,664 $ 974 $ 668 $ - $ 82 $ 3,388 Capital expenditures $ 1,271 $ 462 $ 381 $ - $ - $ 2,114 Branded Products Healthcare Apparel Contact Centers Intersegment Eliminations Other Total As of and For the Three Months Ended March 31, 2022: Net sales $ 97,083 $ 30,568 $ 17,974 $ (2,043 ) $ - $ 143,582 Cost of goods sold 68,868 18,553 7,293 (913 ) - 93,801 Gross margin 28,215 12,015 10,681 (1,130 ) - 49,781 Selling and administrative expenses 21,557 10,087 6,372 (1,130 ) 5,328 42,214 Other periodic pension cost - - - - 528 528 Interest expense 55 18 - - 226 299 Income (loss) before taxes on income $ 6,603 $ 1,910 $ 4,309 $ - $ (6,082 ) $ 6,740 Depreciation and amortization $ 1,383 $ 981 $ 495 $ - $ 64 $ 2,923 Capital expenditures $ 1,543 $ 711 $ 1,931 $ - $ 3 $ 4,188 |
Note 11 - Acquisition of Busi_2
Note 11 - Acquisition of Businesses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration $ 11,077 Restricted shares of Superior common stock issued 2,000 Contingent consideration 1,119 Total Consideration $ 14,196 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 1,656 Inventories 621 Prepaid expenses and other current assets 272 Property, plant and equipment 15 Intangible assets 5,886 Goodwill 6,463 Total assets $ 14,913 Accounts payable 533 Other current liabilities 184 Total liabilities $ 717 |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finished goods | $ 87,880 | $ 94,228 |
Work in process | 310 | 401 |
Raw materials | 34,024 | 30,347 |
Inventories | $ 122,214 | $ 124,976 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - Credit Agreement [Member] $ in Thousands | 12 Months Ended | ||
Aug. 23, 2022 USD ($) | Dec. 31, 2023 | Mar. 31, 2023 USD ($) | |
Debt Instrument Covenant Fixed Charge Coverage Ratio | 1.25 | 1.5 | |
Debt Instrument Covenant, Net Leverage Ratio | 4 | 3.8 | |
PNC Bank [Member] | |||
Line of Credit Facility, Additional Capacity Available | $ 75,000 | ||
Debt, Weighted Average Interest Rate | 6.60% | ||
PNC Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||
PNC Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
PNC Bank [Member] | Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||
PNC Bank [Member] | Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||
PNC Bank [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member] | Forecast [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
Revolving Credit Facility [Member] | |||
Letters of Credit Outstanding, Amount | $ 0 | ||
Revolving Credit Facility [Member] | PNC Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | ||
Revolving Credit Facility [Member] | PNC Bank [Member] | Minimum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | ||
Revolving Credit Facility [Member] | PNC Bank [Member] | Maximum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Revolving Credit Facility [Member] | PNC Bank [Member] | Maximum [Member] | Forecast [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||
Term Loan [Member] | PNC Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||
Long-Term Debt, Maturity, Remainder of Fiscal Year | 2,800 | ||
Long-Term Debt, Maturity, Year One | 4,700 | ||
Long-Term Debt, Maturity, Year Two | 5,600 | ||
Long-Term Debt, Maturity, Year Three | 6,600 | ||
Long-Term Debt, Maturity, Year Four | $ 52,500 |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Long-term debt, gross | $ 144,187 | $ 156,125 |
Payments due within one year included in current liabilities | 3,750 | 3,750 |
Debt issuance costs | 764 | 808 |
Long-term debt less current maturities | 139,673 | 151,567 |
PNC Bank [Member] | Revolving Credit Facility [Member] | ||
Long-term debt, gross | 72,000 | 83,000 |
BB&T [Member] | Term Loan Maturing May 2020 [Member] | ||
Long-term debt, gross | $ 72,187 | $ 73,125 |
Note 4 - Periodic Pension Cos_2
Note 4 - Periodic Pension Cost - Net Periodic Benefit Cost (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Service cost on benefits earned during the period | $ 21 | $ 51 |
Interest cost on projected benefit obligation | 159 | 100 |
Recognized actuarial loss | 55 | 428 |
Net periodic pension cost | $ 235 | $ 579 |
Note 5 - Net Sales (Details Tex
Note 5 - Net Sales (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 2 |
Note 5 - Net Sales - Disaggrega
Note 5 - Net Sales - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 130,773 | $ 143,582 |
Intersegment Eliminations [Member] | ||
Net sales | (1,288) | (2,043) |
Branded Products Segment [Member] | ||
Net sales | 81,851 | 97,083 |
Branded Products Segment [Member] | Branded Products [Member] | ||
Net sales | 81,730 | 93,167 |
Branded Products Segment [Member] | Protective Equipment [Member] | ||
Net sales | 121 | 3,916 |
Healthcare Apparel Segment [Member] | ||
Net sales | 28,154 | 30,568 |
Healthcare Apparel Segment [Member] | Protective Equipment [Member] | ||
Net sales | 619 | 710 |
Healthcare Apparel Segment [Member] | Healthcare Apparel [Member] | ||
Net sales | 27,535 | 29,858 |
Contact Centers Segment [Member] | ||
Net sales | 20,768 | 15,931 |
Contact Centers Segment [Member] | Intersegment Eliminations [Member] | ||
Net sales | (1,288) | (2,043) |
Contact Centers Segment [Member] | Contact Centers [Member] | ||
Net sales | $ 22,056 | $ 17,974 |
Note 5 - Net Sales - Accounts R
Note 5 - Net Sales - Accounts Receivable and Contract Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts receivable | $ 94,859 | $ 104,813 |
Current contract assets | 51,390 | 52,980 |
Current contract liabilities | $ 2,156 | $ 2,213 |
Note 6 - Contingencies (Details
Note 6 - Contingencies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Business Combination, Contingent Consideration, Liability, Current | $ 806 | $ 736 | |
Sutter's Mill [Member] | |||
Business Combination, Contingent Consideration, Liability | 800 | ||
Sutter's Mill [Member] | Minimum [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | 500 | ||
Sutter's Mill [Member] | Maximum [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | 1,500 | ||
Guardian Products, Inc [Member] | |||
Business Combination, Contingent Consideration, Liability | 1,600 | ||
Guardian Products, Inc [Member] | Forecast [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | $ 800 | ||
Guardian Products, Inc [Member] | Minimum [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | 1,900 | ||
Guardian Products, Inc [Member] | Maximum [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | $ 2,500 |
Note 7 - Share-based Compensa_3
Note 7 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Aug. 04, 2018 | Mar. 31, 2023 | |
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) | $ 4.58 | |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.8 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | |
Stock Appreciation Rights (SARs) [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0.4 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 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) | $ 4.58 | |
Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5.4 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 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) | $ 12.04 | |
Performance Shares [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2.3 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 4 months 24 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) | $ 12.56 | |
Outside Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |
Minimum [Member] | Performance Shares [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |
Maximum [Member] | Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | |
Maximum [Member] | Performance Shares [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years |
Note 7 - Share-based Compensa_4
Note 7 - Share-based Compensation - Shared-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based compensation expense | $ 1,080 | $ 1,212 |
Stock Options and SARs [Member] | ||
Share-based compensation expense | 309 | 360 |
Restricted Stock [Member] | ||
Share-based compensation expense | 590 | 619 |
Performance Shares [Member] | ||
Share-based compensation expense | $ 181 | $ 233 |
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, 2023 | Dec. 31, 2022 | ||
Outstanding, options (in shares) | 962,775 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 15.89 | ||
Outstanding, weighted average remaining life (Year) | 3 years 5 months 15 days | 3 years 3 months 3 days | |
Outstanding, aggregate intrinsic value | $ 30 | $ 301 | |
Granted (in shares) | [1] | 182,097 | |
Granted, weighted average exercise price (in dollars per share) | [1] | $ 12.04 | |
Exercised (in shares) | (4,604) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 7.60 | ||
Lapsed or cancelled (in shares) | (92,457) | ||
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 20.77 | ||
Outstanding, options (in shares) | 1,047,811 | 962,775 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.83 | $ 15.89 | |
Exercisable, options (in shares) | 536,233 | ||
Exercisable, weighted average exercise price, options (in dollars per share) | $ 15.41 | ||
Exercisable, weighted average remaining life (Year) | 2 years 3 months 3 days | ||
Exercisable, aggregate intrinsic value, options | $ 30 | ||
[1]The weighted average grant date fair value of stock options granted was $4.58 per share. |
Note 7 - Share-based Compensa_6
Note 7 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Lapsed or cancelled (in shares) | (92,457) | ||
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 20.77 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Outstanding SARS (in shares) | 320,385 | ||
Outstanding (in dollars per share) | $ 15.23 | ||
Outstanding SARS, weighted average remaining life (Year) | 2 years 7 months 28 days | 2 years 2 months 23 days | |
Outstanding SARS, aggregate intrinsic value | $ 4 | $ 69 | |
Granted SARs (in shares) | [1] | 51,209 | |
Granted SARS, weighted average exercise price (in dollars per share) | $ 12.04 | ||
Exercised SARs (in shares) | 0 | ||
Exercised SARS, weighted average exercise price (in dollars per share) | $ 0 | ||
Lapsed or cancelled (in shares) | (37,243) | ||
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 23.59 | ||
Outstanding SARS (in shares) | 334,351 | 320,385 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 13.81 | $ 15.23 | |
Exercisable (in shares) | 226,088 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 13.51 | ||
Exercisable SARS, weighted average remaining life (Year) | 1 year 9 months 14 days | ||
Exercisable, aggregate intrinsic value | $ 4 | ||
[1]The weighted average grant date fair value of SARs granted was $4.58 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, 2023 $ / shares shares | |
Outstanding (in shares) | shares | 372,470 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.45 |
Granted (in shares) | shares | 117,025 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 12.04 |
Vested (in shares) | shares | (65,215) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 15 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 424,280 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.97 |
Note 7 - Share-based Compensa_8
Note 7 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Outstanding (in shares) | shares | 199,451 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.57 |
Granted (in shares) | shares | 94,028 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 12.56 |
Vested (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 293,479 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Expense (Benefit) | $ 57 | $ 1,510 |
Effective Income Tax Rate Reconciliation, Percent | 6% | 22.40% |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | $ 200 | |
Put Option [Member] | ||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | $ 400 |
Note 9 - Net Income Per Share_2
Note 9 - Net Income Per Share (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,008,972 | 415,529 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price (in dollars per share) | $ 17.03 | $ 23.29 |
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, 2023 | Mar. 31, 2022 | |
Net income | $ 888 | $ 5,230 |
Weighted average shares outstanding - basic (in shares) | 15,882,994 | 15,679,027 |
Dilutive common stock equivalents (in shares) | 235,335 | 486,241 |
Weighted average shares outstanding - diluted (in shares) | 16,118,329 | 16,165,268 |
Basic (in dollars per share) | $ 0.06 | $ 0.33 |
Diluted (in dollars per share) | $ 0.06 | $ 0.32 |
Note 10 - Operating Segment I_3
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, 2023 | Mar. 31, 2022 | |
Net sales | $ 130,773 | $ 143,582 |
Cost of goods sold | 83,665 | 93,801 |
Gross margin | 47,108 | 49,781 |
Selling and administrative expenses | 43,379 | 42,214 |
Other periodic pension cost | 214 | 528 |
Interest expense | 2,570 | 299 |
Income (loss) before taxes on income | 945 | 6,740 |
Depreciation and amortization | 3,388 | 2,923 |
Capital expenditures | 2,114 | 4,188 |
Operating Segments [Member] | Branded Products [Member] | ||
Net sales | 81,851 | 97,083 |
Cost of goods sold | 55,952 | 68,868 |
Gross margin | 25,899 | 28,215 |
Selling and administrative expenses | 20,053 | 21,557 |
Other periodic pension cost | 0 | 0 |
Interest expense | 0 | 55 |
Income (loss) before taxes on income | 5,846 | 6,603 |
Depreciation and amortization | 1,664 | 1,383 |
Capital expenditures | 1,271 | 1,543 |
Operating Segments [Member] | Healthcare Apparel [Member] | ||
Net sales | 28,154 | 30,568 |
Cost of goods sold | 18,054 | 18,553 |
Gross margin | 10,100 | 12,015 |
Selling and administrative expenses | 9,502 | 10,087 |
Other periodic pension cost | 0 | 0 |
Interest expense | 0 | 18 |
Income (loss) before taxes on income | 598 | 1,910 |
Depreciation and amortization | 974 | 981 |
Capital expenditures | 462 | 711 |
Operating Segments [Member] | Contact Centers [Member] | ||
Net sales | 22,056 | 17,974 |
Cost of goods sold | 10,267 | 7,293 |
Gross margin | 11,789 | 10,681 |
Selling and administrative expenses | 9,664 | 6,372 |
Other periodic pension cost | 0 | 0 |
Interest expense | 0 | 0 |
Income (loss) before taxes on income | 2,125 | 4,309 |
Depreciation and amortization | 668 | 495 |
Capital expenditures | 381 | 1,931 |
Intersegment Eliminations [Member] | ||
Net sales | (1,288) | (2,043) |
Cost of goods sold | (608) | (913) |
Gross margin | (680) | (1,130) |
Selling and administrative expenses | (680) | (1,130) |
Other periodic pension cost | 0 | 0 |
Interest expense | 0 | 0 |
Income (loss) before taxes on income | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Capital expenditures | 0 | 0 |
Segment Reconciling Items [Member] | ||
Net sales | 0 | 0 |
Cost of goods sold | 0 | 0 |
Gross margin | 0 | 0 |
Selling and administrative expenses | 4,840 | 5,328 |
Other periodic pension cost | 214 | 528 |
Interest expense | 2,570 | 226 |
Income (loss) before taxes on income | (7,624) | (6,082) |
Depreciation and amortization | 82 | 64 |
Capital expenditures | $ 0 | $ 3 |
Note 11 - Acquisition of Busi_3
Note 11 - Acquisition of Businesses (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2022 | Mar. 31, 2023 | |
Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |
Guardian Products, Inc [Member] | ||
Payments to Acquire Businesses, Gross | $ 11,077 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 2,300 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 5,886 | |
Guardian Products, Inc [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 5,000 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |
Guardian Products, Inc [Member] | Noncompete Agreements [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 200 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Guardian Products, Inc [Member] | Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 700 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |
Guardian Products, Inc [Member] | Restricted Stock [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 116,550 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years |
Note 11 - Acquisition of Busi_4
Note 11 - Acquisition of Businesses - Purchase Price (Details) - Guardian Products, Inc [Member] $ in Thousands | May 01, 2022 USD ($) |
Cash consideration | $ 11,077 |
Restricted shares of Superior common stock issued | 2,000 |
Contingent consideration | 1,119 |
Total Consideration | $ 14,196 |
Note 11 - Acquisition of Busi_5
Note 11 - Acquisition of Businesses - Aggregate Consideration (Details) - Guardian Products, Inc [Member] $ in Thousands | May 01, 2022 USD ($) |
Accounts receivable | $ 1,656 |
Inventories | 621 |
Prepaid expenses and other current assets | 272 |
Property, plant and equipment | 15 |
Intangible assets | 5,886 |
Goodwill | 6,463 |
Total assets | 14,913 |
Accounts payable | 533 |
Other current liabilities | 184 |
Total liabilities | $ 717 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Amended Credit Agreement [Member] $ in Millions | 8 Months Ended | ||||
May 04, 2023 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Forecast [Member] | |||||
Debt Instrument Covenant, Permitted Payments, Amount | $ 10 | ||||
Debt Instrument Covenant, Permitted Investments | $ 5 | ||||
Maximum [Member] | |||||
Debt Instrument Covenant, Net Leverage Ratio | 4.5 | ||||
Maximum [Member] | Forecast [Member] | |||||
Debt Instrument Covenant, Net Leverage Ratio | 4 | 4.5 | 4.8 | ||
Subsequent Event [Member] | |||||
Debt Instrument Covenant, Net Leverage Ratio | 4 | ||||
Debt Instrument Covenant, Maximum Permitted Capital Expenditures | $ 10 | ||||
Debt Instrument Covenant, Permitted Payments, Amount | $ 20 | ||||
Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
Subsequent Event [Member] | Minimum [Member] | |||||
Debt Instrument Covenant, Net Leverage Ratio | 4 |