Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 24, 2024 | |
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 | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.001 par value per share | |
Trading Symbol | SGC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,745,192 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net sales | $ 138,842 | $ 130,773 |
Costs and expenses: | ||
Cost of goods sold | 83,525 | 83,665 |
Selling and administrative expenses | 48,749 | 43,379 |
Other periodic pension costs | 189 | 214 |
Interest expense | 1,787 | 2,570 |
Costs and Expenses, Excluding Gain on Sale of Property Plant and Equipment | 134,250 | 129,828 |
Income before income tax expense | 4,592 | 945 |
Income tax expense | 680 | 57 |
Net income | $ 3,912 | $ 888 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.24 | $ 0.06 |
Diluted (in dollars per share) | $ 0.24 | $ 0.06 |
Weighted average shares outstanding during the period: | ||
Weighted average number of shares outstanding during the period, basic (in shares) | 16,028,032 | 15,882,994 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 16,453,452 | 16,118,329 |
Other comprehensive income (loss), net of tax: | ||
Recognition of net losses included in net periodic pension costs | $ 23 | $ 41 |
Foreign currency translation adjustment | (481) | 307 |
Other comprehensive income (loss) | (458) | 348 |
Comprehensive income | $ 3,454 | $ 1,236 |
Cash dividends per common share (in dollars per share) | $ 0.14 | $ 0.14 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 22,040 | $ 19,896 |
Accounts receivable, less allowance for doubtful accounts of $4,213 and $4,237, respectively | 93,737 | 103,494 |
Accounts receivable - other | 119 | 307 |
Inventories | 92,573 | 98,067 |
Contract assets | 52,511 | 48,715 |
Prepaid expenses and other current assets | 6,549 | 8,881 |
Total current assets | 267,529 | 279,360 |
Property, plant and equipment, net | 45,319 | 46,890 |
Operating lease right-of-use assets | 17,484 | 17,909 |
Deferred tax asset | 12,349 | 12,356 |
Intangible assets, net | 50,150 | 51,160 |
Other assets | 15,650 | 14,775 |
Total assets | 408,481 | 422,450 |
Current liabilities: | ||
Accounts payable | 41,653 | 50,520 |
Other current liabilities | 40,414 | 43,978 |
Current portion of long-term debt | 5,156 | 4,688 |
Current portion of acquisition-related contingent liabilities | 942 | 1,403 |
Total current liabilities | 88,165 | 100,589 |
Long-term debt | 84,445 | 88,789 |
Long-term pension liability | 13,361 | 13,284 |
Long-term acquisition-related contingent liabilities | 612 | 557 |
Long-term operating lease liabilities | 12,513 | 12,809 |
Other long-term liabilities | 8,564 | 8,784 |
Total liabilities | 207,660 | 224,812 |
Commitments and contingencies (Note 5) | ||
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 16,743,723 and 16,564,712 shares, respectively | 16 | 16 |
Additional paid-in capital | 79,602 | 77,443 |
Retained earnings | 123,946 | 122,464 |
Accumulated other comprehensive loss, net of tax: | ||
Pensions | (1,099) | (1,122) |
Foreign currency translation adjustment | (1,644) | (1,163) |
Total shareholders’ equity | 200,821 | 197,638 |
Total liabilities and shareholders’ equity | $ 408,481 | $ 422,450 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts receivable, allowance for doubtful accounts | $ 4,213 | $ 4,237 |
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) | 16,743,723 | 16,564,712 |
Common stock, shares outstanding (in shares) | 16,743,723 | 16,564,712 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Restricted Stock [Member] Common Stock [Member] | Restricted Stock [Member] Additional Paid-in Capital [Member] | Restricted Stock [Member] Retained Earnings [Member] | Restricted Stock [Member] AOCI Attributable to Parent [Member] | Restricted Stock [Member] | Performance Shares [Member] Common Stock [Member] | Performance Shares [Member] Additional Paid-in Capital [Member] | Performance Shares [Member] AOCI Attributable to Parent [Member] | Performance Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 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 (in shares) | 4,604 | |||||||||||||
Common shares issued upon exercise of options and SARs, net | $ 0 | 35 | 0 | 0 | 35 | |||||||||
Restricted shares issued, net of forfeitures (in shares) | 117,025 | |||||||||||||
Restricted shares issued, net of forfeitures | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Share-based compensation expense | 0 | 1,080 | 0 | 0 | 1,080 | |||||||||
Cash dividends declared | 0 | 0 | (2,295) | 0 | (2,295) | |||||||||
Net income | 0 | 0 | 888 | 0 | 888 | |||||||||
Pensions, net of taxes | 0 | 0 | 0 | 41 | 41 | |||||||||
Change in currency translation adjustment, net of taxes | $ 0 | 0 | 0 | 307 | 307 | |||||||||
Performance based shares issued (in shares) | 117,025 | |||||||||||||
Balance (in shares) at Mar. 31, 2023 | 16,498,312 | |||||||||||||
Balance at Mar. 31, 2023 | $ 16 | 73,730 | 121,572 | (2,663) | $ 192,655 | |||||||||
Balance (in shares) at Dec. 31, 2023 | 16,564,712 | 16,564,712 | ||||||||||||
Balance at Dec. 31, 2023 | $ 16 | 77,443 | 122,464 | (2,285) | $ 197,638 | |||||||||
Common shares issued upon exercise of options and SARs, net | 0 | 549 | (100) | 0 | 449 | |||||||||
Restricted shares issued, net of forfeitures (in shares) | 115,804 | 9,896 | ||||||||||||
Restricted shares issued, net of forfeitures | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Share-based compensation expense | 0 | 1,015 | 0 | 0 | 1,015 | |||||||||
Cash dividends declared | 0 | 0 | (2,330) | 0 | (2,330) | |||||||||
Net income | 0 | 0 | 3,912 | 0 | 3,912 | |||||||||
Pensions, net of taxes | 0 | 0 | 0 | 23 | 23 | |||||||||
Change in currency translation adjustment, net of taxes | $ 0 | 0 | 0 | (481) | $ (481) | |||||||||
Common shares issued upon exercise of options and SARs, net (in shares) | 53,311 | 53,042 | ||||||||||||
Performance based shares issued (in shares) | 115,804 | 9,896 | ||||||||||||
Performance based shares issued | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||
Written put options | $ 0 | 595 | 0 | 0 | $ 595 | |||||||||
Balance (in shares) at Mar. 31, 2024 | 16,743,723 | 16,743,723 | ||||||||||||
Balance at Mar. 31, 2024 | $ 16 | $ 79,602 | $ 123,946 | $ (2,743) | $ 200,821 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash dividends declared, per share (in dollars per share) | $ 0.14 | $ 0.14 |
Pensions, tax | $ 7 | $ 14 |
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, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 3,912 | $ 888 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,252 | 3,388 |
Inventory write-downs | 420 | 0 |
Provision for bad debts - accounts receivable | 83 | (97) |
Share-based compensation expense | 1,015 | 1,080 |
Change in fair value of acquisition-related contingent liabilities | 152 | (563) |
Change in fair value of written put options | 392 | (442) |
Changes in assets and liabilities, net of acquisition of businesses: | ||
Accounts receivable | 9,419 | 10,150 |
Accounts receivable - other | 188 | 2,928 |
Contract assets | (3,835) | 1,590 |
Inventories | 5,010 | 2,807 |
Prepaid expenses and other current assets | 2,252 | 2,403 |
Other assets | (803) | (657) |
Accounts payable and other current liabilities | (12,122) | 1,596 |
Long-term pension liability | 108 | 209 |
Other long-term liabilities | 4 | (230) |
Net cash provided by operating activities | 9,447 | 25,050 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (675) | (2,114) |
Net cash used in investing activities | (675) | (2,114) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings of debt | 7,000 | 1,000 |
Repayment of debt | (10,937) | (12,938) |
Payment of cash dividends | (2,330) | (2,295) |
Payment of acquisition-related contingent liabilities | (557) | 0 |
Proceeds received on exercise of stock options | 449 | 35 |
Net cash used in financing activities | (6,375) | (14,198) |
Effect of currency exchange rates on cash | (253) | 140 |
Net increase in cash and cash equivalents | 2,144 | 8,878 |
Cash and cash equivalents balance, beginning of period | 19,896 | 17,722 |
Cash and cash equivalents balance, end of period | $ 22,040 | $ 26,600 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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®, Wink® and CID Resources, 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. Basis of presentation The accompanying unaudited condensed consolidated financial statements of Superior included herein have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") ("U.S." or "United States") and the rules and regulations of the Securities and Exchange Commission (the "SEC"). 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, 2023 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. Reclassifications The accompanying financial statements for the previous year contain certain reclassifications. Reclassifications only impact items within Note 9 no Written Put Options During the second 2022, twenty-four three March 31, 2024 480, Distinguishing Liabilities from Equity March 31, 2024 December 31, 2023, three March 31, 2024 2023, March 31, 2024 Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Issued Accounting Pronouncements Not In November 2023, 2023 07, "Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures" December 15, 2023, December 15, 2024. not In December 2023, 2023 09, "Income Taxes (Topic 740 Improvements to Income Tax Disclosures" December 15, 2024, January 1, 2025. not not |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2 Inventories consisted of the following amounts (in thousands): March 31, December 31, 2024 2023 Finished goods $ 67,110 $ 72,370 Work in process 834 671 Raw materials 24,629 25,026 Inventories $ 92,573 $ 98,067 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 3 Debt consisted of the following (in thousands): March 31, December 31, 2024 2023 Credit Facilities: Revolving credit facility due August 2027 $ 22,000 $ 25,000 Term loan due August 2027 68,438 69,375 90,438 94,375 Less: Payments due within one year included in current liabilities 5,156 4,688 Debt issuance costs 837 898 Long-term debt less current maturities $ 84,445 $ 88,789 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 between 0.10% and 0.25% (depending on the applicable interest period) plus a margin between 1.0% and 2.0% (depending on the Company’s net leverage ratio). The weighted average interest rate on our outstanding borrowings under the Credit Facilities was 6.6% as of March 31, 2024 March 31, 2024 Contractual principal payments for the term loan are as follows: remainder of 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, 2024 |
Note 4 - Net Sales
Note 4 - Net Sales | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4 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 For further information regarding our net sales disaggregated by reportable segment see Note 9 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, 2024 2023 Accounts receivable $ 93,737 $ 103,494 Current contract assets 52,511 48,715 Current contract liabilities 5,780 5,346 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, 2023 three March 31, 2024 three March 31, 2024 December 31, 2023 |
Note 5 - Contingencies
Note 5 - Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 5 – 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. July 2023, first 2024. May 2022 April 2025. March 31, 2024 third 2024. 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 6 - Share-based Compensati
Note 6 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 6 : 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, 2024 2023 Stock options and SARs $ 268 $ 309 Restricted stock 654 590 Performance shares 93 181 Total share-based compensation expense $ 1,015 $ 1,080 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 vest between one three five ten 2013 “2013 2022 “2022 A summary of stock option transactions during the three March 31, 2024 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2024 953,176 $ 14.73 2.80 $ 1,718 Granted (1) 167,300 13.84 Exercised (53,042 ) 10.23 Lapsed or cancelled (136,527 ) 17.18 Outstanding, March 31, 2024 930,907 14.47 3.41 3,311 Exercisable, March 31, 2024 407,366 17.36 2.20 1,009 ( 1 The weighted average grant date fair value of stock options granted was $13.84 per share. As of March 31, 2024 A summary of stock-settled SARs transactions during the three March 31, 2024 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2024 292,508 $ 14.35 2.07 $ 506 Granted (1) 79,128 13.84 Exercised (17,920 ) 8.48 Lapsed or cancelled (54,064 ) 21.14 Outstanding, March 31, 2024 299,652 13.34 2.89 1,159 Exercisable, March 31, 2024 149,492 13.96 1.41 587 ( 1 The weighted average grant date fair value of SARs granted was $13.84 per share. As of March 31, 2024 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, 2024 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2024 428,366 $ 18.14 Granted 115,804 13.84 Vested (13,039 ) 25.78 Forfeited - - Outstanding, March 31, 2024 531,131 17.01 As of March 31, 2024 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, 2024 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2024 283,521 $ 18.13 Granted - - Vested (14,068 ) 17.77 Forfeited - - Outstanding, March 31, 2024 269,453 18.15 As of March 31, 2024 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 – Income Taxes: The Company calculates its interim income tax provision in accordance with the accounting guidance for income taxes in interim periods. At the end of each interim period, the Company makes its best estimate of the annual expected effective tax rate and applies that rate to its ordinary year-to-date income or loss. The tax expense or benefit related to significant, unusual, or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. 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, 2024 three March 31, 2024 For the three March 31, 2023 three March 31, 2023 |
Note 8 - Net Income Per Share
Note 8 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8 – Net Income Per Share: The Company’s basic net income per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income per share includes the effect of the Company’s outstanding stock options, stock appreciation rights, 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, 2024 2023 Net income used in the computation of basic and diluted net income per share (in thousands) $ 3,912 $ 888 Weighted average shares outstanding - basic 16,028,032 15,882,994 Dilutive common stock equivalents 425,420 235,335 Weighted average shares outstanding - diluted 16,453,452 16,118,329 Net income per share: Basic $ 0.24 $ 0.06 Diluted $ 0.24 $ 0.06 Awards to purchase 400,075 and 1,008,972 shares of common stock with weighted average exercise prices of $20.86 and $17.03 per share were outstanding during the three March 31, 2024 2023 not |
Note 9 - Operating Segment Info
Note 9 - Operating Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | OTE 9 – Operating Segment Information : The Company manages and reports the following segments: 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 During the fourth 2023, 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, 2024: Net sales $ 87,068 $ 29,237 $ 23,552 $ (1,015 ) $ - $ 138,842 Segment EBITDA 9,947 2,635 2,946 - (5,897 ) $ 9,631 Supplemental information: Depreciation and amortization $ 1,500 $ 937 $ 723 $ - $ 92 $ 3,252 Capital expenditures $ 265 $ 173 $ 160 $ - $ 77 $ 675 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 Segment EBITDA 7,510 1,572 2,793 - (4,972 ) 6,903 Supplemental information: Depreciation and amortization $ 1,664 $ 974 $ 668 $ - $ 82 $ 3,388 Capital expenditures $ 1,271 $ 462 $ 381 $ - $ - $ 2,114 The following table reconciles income before income tax expense to Segment EBITDA (in thousands): Three Months Ended March 31, 2024 2023 Income before income tax expense $ 4,592 $ 945 Interest expense 1,787 2,570 Depreciation and amortization 3,252 3,388 Segment EBITDA $ 9,631 $ 6,903 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10 – Subsequent Events : On May 1, 2024, 2022 May 6, 2024. one four January 1, 2024, thirty 30 May 10, 2024 12 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other On May 1, 2024 approved 125,000 75,000 Michael Benstock Michael Koempel 2022 May 6, 2024. one four January 1, 2024, thirty 30 May 10, 2024 115%, 130%, 150% twelve 12 |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Finished goods $ 67,110 $ 72,370 Work in process 834 671 Raw materials 24,629 25,026 Inventories $ 92,573 $ 98,067 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, December 31, 2024 2023 Credit Facilities: Revolving credit facility due August 2027 $ 22,000 $ 25,000 Term loan due August 2027 68,438 69,375 90,438 94,375 Less: Payments due within one year included in current liabilities 5,156 4,688 Debt issuance costs 837 898 Long-term debt less current maturities $ 84,445 $ 88,789 |
Note 4 - Net Sales (Tables)
Note 4 - Net Sales (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | March 31, December 31, 2024 2023 Accounts receivable $ 93,737 $ 103,494 Current contract assets 52,511 48,715 Current contract liabilities 5,780 5,346 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 Stock options and SARs $ 268 $ 309 Restricted stock 654 590 Performance shares 93 181 Total share-based compensation expense $ 1,015 $ 1,080 |
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, 2024 953,176 $ 14.73 2.80 $ 1,718 Granted (1) 167,300 13.84 Exercised (53,042 ) 10.23 Lapsed or cancelled (136,527 ) 17.18 Outstanding, March 31, 2024 930,907 14.47 3.41 3,311 Exercisable, March 31, 2024 407,366 17.36 2.20 1,009 |
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, 2024 292,508 $ 14.35 2.07 $ 506 Granted (1) 79,128 13.84 Exercised (17,920 ) 8.48 Lapsed or cancelled (54,064 ) 21.14 Outstanding, March 31, 2024 299,652 13.34 2.89 1,159 Exercisable, March 31, 2024 149,492 13.96 1.41 587 |
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, 2024 428,366 $ 18.14 Granted 115,804 13.84 Vested (13,039 ) 25.78 Forfeited - - Outstanding, March 31, 2024 531,131 17.01 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2024 283,521 $ 18.13 Granted - - Vested (14,068 ) 17.77 Forfeited - - Outstanding, March 31, 2024 269,453 18.15 |
Note 8 - Net Income Per Share (
Note 8 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Net income used in the computation of basic and diluted net income per share (in thousands) $ 3,912 $ 888 Weighted average shares outstanding - basic 16,028,032 15,882,994 Dilutive common stock equivalents 425,420 235,335 Weighted average shares outstanding - diluted 16,453,452 16,118,329 Net income per share: Basic $ 0.24 $ 0.06 Diluted $ 0.24 $ 0.06 |
Note 9 - Operating Segment In_2
Note 9 - Operating Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024: Net sales $ 87,068 $ 29,237 $ 23,552 $ (1,015 ) $ - $ 138,842 Segment EBITDA 9,947 2,635 2,946 - (5,897 ) $ 9,631 Supplemental information: Depreciation and amortization $ 1,500 $ 937 $ 723 $ - $ 92 $ 3,252 Capital expenditures $ 265 $ 173 $ 160 $ - $ 77 $ 675 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 Segment EBITDA 7,510 1,572 2,793 - (4,972 ) 6,903 Supplemental information: Depreciation and amortization $ 1,664 $ 974 $ 668 $ - $ 82 $ 3,388 Capital expenditures $ 1,271 $ 462 $ 381 $ - $ - $ 2,114 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2024 2023 Income before income tax expense $ 4,592 $ 945 Interest expense 1,787 2,570 Depreciation and amortization 3,252 3,388 Segment EBITDA $ 9,631 $ 6,903 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jun. 30, 2022 | |
Unrealized Gain (Loss) on Derivatives | $ (392) | $ 442 | ||
Options Held [Member] | ||||
Derivative, Underlying Investment, Shares (in shares) | 95,400 | 207,970 | ||
Derivative, Underlying Investment, Fair Value | $ 1,600 | $ 1,800 | $ 3,600 | |
Open Option Contracts, Expiration Period (Month) | 24 months | |||
Derivative, Underlying Investment, Shares, Expirations in Period (in shares) | 37,524 | |||
Increase (Decrease) in Derivative Liabilities | $ (600) | |||
Unrealized Gain (Loss) on Derivatives | $ (400) | $ 400 |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Finished goods | $ 67,110 | $ 72,370 | |
Work in process | 834 | 671 | |
Raw materials | 24,629 | 25,026 | |
Inventories | $ 92,573 | $ 98,067 | $ 98,067 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - Credit Agreement [Member] $ in Thousands | Aug. 23, 2022 USD ($) | Mar. 31, 2024 USD ($) |
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 3,800 | |
Long-Term Debt, Maturity, Year One | 5,600 | |
Long-Term Debt, Maturity, Year Two | 6,600 | |
Long-Term Debt, Maturity, Year Three | $ 52,400 | |
Debt Instrument Covenant Fixed Charge Coverage Ratio | 1.25 | |
Debt Instrument Covenant, Net Leverage Ratio | 4 | |
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% | |
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% | |
Term Loan [Member] | PNC Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Long-term debt, gross | $ 90,438 | $ 94,375 | |
Payments due within one year included in current liabilities | 5,156 | 4,688 | |
Debt issuance costs | 837 | 898 | |
Long-term debt less current maturities | 84,445 | $ 88,789 | 88,789 |
PNC Bank [Member] | Revolving Credit Facility [Member] | |||
Long-term debt, gross | 22,000 | 25,000 | |
BB&T [Member] | Term Loan Maturing May 2020 [Member] | |||
Long-term debt, gross | $ 68,438 | $ 69,375 |
Note 4 - Net Sales (Details Tex
Note 4 - Net Sales (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 2 |
Note 4 - Net Sales - Accounts R
Note 4 - Net Sales - Accounts Receivable and Contract Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Accounts receivable | $ 93,737 | $ 103,494 | $ 103,494 |
Current contract assets | 52,511 | $ 48,715 | 48,715 |
Current contract liabilities | $ 5,780 | $ 5,346 |
Note 5 - Contingencies (Details
Note 5 - Contingencies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Business Combination, Contingent Consideration, Liability, Current | $ 942 | $ 1,403 | |
Sutter's Mill [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | 500 | ||
Guardian Products, Inc [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | 1,600 | ||
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 | $ 2,200 | ||
Guardian Products, Inc [Member] | Forecast [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | $ 900 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / 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 | $ 13.84 |
Share-Based Payment Arrangement, Option [Member] | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1.2 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 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 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 | $ 13.84 |
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 | $ | $ 4.8 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 13.84 |
Performance Shares [Member] | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 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) | $ / shares | $ 0 |
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 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Shared-based Compensation Expense and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based compensation expense | $ 1,015 | $ 1,080 |
Stock Options and SARs [Member] | ||
Share-based compensation expense | 268 | 309 |
Restricted Stock [Member] | ||
Share-based compensation expense | 654 | 590 |
Performance Shares [Member] | ||
Share-based compensation expense | $ 93 | $ 181 |
Note 6 - Share-based Compensa_5
Note 6 - Share-based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Outstanding, options (in shares) | 953,176 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.73 | |
Outstanding, weighted average remaining life (Year) | 3 years 4 months 28 days | 2 years 9 months 18 days |
Outstanding, aggregate intrinsic value | $ 3,311 | $ 1,718 |
Granted (in shares) | 167,300 | |
Granted, weighted average exercise price (in dollars per share) | $ 13.84 | |
Exercised (in shares) | (53,042) | |
Exercised, weighted average exercise price (in dollars per share) | $ 10.23 | |
Lapsed or cancelled (in shares) | (136,527) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 17.18 | |
Outstanding, options (in shares) | 930,907 | 953,176 |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.47 | $ 14.73 |
Exercisable, options (in shares) | 407,366 | |
Exercisable, weighted average exercise price, options (in dollars per share) | $ 17.36 | |
Exercisable, weighted average remaining life (Year) | 2 years 2 months 12 days | |
Exercisable, aggregate intrinsic value, options | $ 1,009 |
Note 6 - Share-based Compensa_6
Note 6 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Lapsed or cancelled (in shares) | (136,527) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 17.18 | |
Stock Appreciation Rights (SARs) [Member] | ||
Outstanding SARS (in shares) | 292,508 | |
Outstanding (in dollars per share) | $ 14.35 | |
Outstanding SARS, weighted average remaining life (Year) | 2 years 10 months 20 days | 2 years 25 days |
Outstanding SARS, aggregate intrinsic value | $ 1,159 | $ 506 |
Granted SARs (in shares) | 79,128 | |
Granted SARS, weighted average exercise price (in dollars per share) | $ 13.84 | |
Exercised SARs (in shares) | (17,920) | |
Exercised SARS, weighted average exercise price (in dollars per share) | $ 8.48 | |
Lapsed or cancelled (in shares) | (54,064) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 21.14 | |
Outstanding SARS (in shares) | 299,652 | 292,508 |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 13.34 | $ 14.35 |
Exercisable (in shares) | 149,492 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 13.96 | |
Exercisable SARS, weighted average remaining life (Year) | 1 year 4 months 28 days | |
Exercisable, aggregate intrinsic value | $ 587 |
Note 6 - Share-based Compensa_7
Note 6 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Outstanding (in shares) | shares | 428,366 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.14 |
Granted (in shares) | shares | 115,804 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.84 |
Vested (in shares) | shares | (13,039) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.78 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 531,131 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.01 |
Note 6 - Share-based Compensa_8
Note 6 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Outstanding (in shares) | shares | 283,521 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.13 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | (14,068) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.77 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 269,453 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.15 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Expense (Benefit) | $ 680 | $ 57 |
Effective Income Tax Rate Reconciliation, Percent | 14.80% | 6% |
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 8 - Net Income Per Share_2
Note 8 - Net Income Per Share (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 400,075 | 1,008,972 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price (in dollars per share) | $ 20.86 | $ 17.03 |
Note 8 - Net Income Per Share -
Note 8 - Net Income Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 3,912 | $ 888 |
Weighted average shares outstanding - basic (in shares) | 16,028,032 | 15,882,994 |
Dilutive common stock equivalents (in shares) | 425,420 | 235,335 |
Weighted average shares outstanding - diluted (in shares) | 16,453,452 | 16,118,329 |
Basic (in dollars per share) | $ 0.24 | $ 0.06 |
Diluted (in dollars per share) | $ 0.24 | $ 0.06 |
Note 9 - Operating Segment In_3
Note 9 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net sales | $ 138,842 | $ 130,773 |
Segment EBITDA | 9,631 | 6,903 |
Depreciation and amortization | 3,252 | 3,388 |
Capital expenditures | 675 | 2,114 |
Depreciation and amortization | 3,252 | 3,388 |
Operating Segments [Member] | Branded Products [Member] | ||
Net sales | 87,068 | 81,851 |
Segment EBITDA | 9,947 | 7,510 |
Depreciation and amortization | 1,500 | 1,664 |
Capital expenditures | 265 | 1,271 |
Depreciation and amortization | 1,500 | 1,664 |
Operating Segments [Member] | Healthcare Apparel [Member] | ||
Net sales | 29,237 | 28,154 |
Segment EBITDA | 2,635 | 1,572 |
Depreciation and amortization | 937 | 974 |
Capital expenditures | 173 | 462 |
Depreciation and amortization | 937 | 974 |
Operating Segments [Member] | Contact Centers [Member] | ||
Net sales | 23,552 | 22,056 |
Segment EBITDA | 2,946 | 2,793 |
Depreciation and amortization | 723 | 668 |
Capital expenditures | 160 | 381 |
Depreciation and amortization | 723 | 668 |
Intersegment Eliminations [Member] | ||
Net sales | (1,015) | (1,288) |
Segment EBITDA | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Capital expenditures | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | ||
Net sales | 0 | 0 |
Segment EBITDA | (5,897) | (4,972) |
Depreciation and amortization | 92 | 82 |
Capital expenditures | 77 | 0 |
Depreciation and amortization | $ 92 | $ 82 |
Note 9 - Operating Segment In_4
Note 9 - Operating Segment Information - Segment Adjusted EBITDA Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income before income tax expense | $ 4,592 | $ 945 |
Interest expense | 1,787 | 2,570 |
Depreciation and amortization | 3,252 | 3,388 |
Segment EBITDA | $ 9,631 | $ 6,903 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - Performance Shares [Member] - shares | 3 Months Ended | ||
May 06, 2024 | Apr. 01, 2024 | Mar. 31, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||
Subsequent Event [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage over VWAP | 115% | ||
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage over VWAP | 130% | ||
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage over VWAP | 150% | ||
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Four [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage over VWAP | 12% | ||
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Five [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage over VWAP | 12% | ||
Subsequent Event [Member] | Michael Benstock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 125,000 | ||
Subsequent Event [Member] | Michael Koempel [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 75,000 |