Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false | |
Entity File Number | 001-34382 | |
Entity Registrant Name | ROCKY BRANDS, INC. | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-1364046 | |
Entity Address, Address Line One | 39 East Canal Street | |
Entity Address, City or Town | Nelsonville | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45764 | |
City Area Code | 740 | |
Local Phone Number | 753-9100 | |
Title of 12(b) Security | Common Stock - No Par Value | |
Trading Symbol | RCKY | |
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 | 7,242,431 | |
Amendment Flag | false | |
Entity Central Index Key | 0000895456 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 19,947 | $ 15,518 | $ 6,440 |
Trade receivables – net | 49,188 | 45,585 | 50,700 |
Contract receivables | 4,746 | 2,036 | |
Other receivables | 364 | 366 | 310 |
Inventories – net | 80,655 | 76,731 | 82,881 |
Income tax receivable | 150 | ||
Prepaid expenses | 3,611 | 3,030 | 2,656 |
Total current assets | 153,765 | 146,126 | 145,023 |
LEASED ASSETS | 1,399 | 1,743 | 1,781 |
PROPERTY, PLANT & EQUIPMENT – net | 31,325 | 27,423 | 25,150 |
IDENTIFIED INTANGIBLES – net | 30,216 | 30,240 | 30,248 |
OTHER ASSETS | 355 | 294 | 293 |
TOTAL ASSETS | 217,060 | 205,826 | 202,495 |
CURRENT LIABILITIES: | |||
Accounts payable | 23,834 | 15,776 | 20,531 |
Contract liabilities | 4,746 | 1,936 | |
Accrued expenses: | |||
Salaries and wages | 3,813 | 3,044 | 2,791 |
Taxes - other | 789 | 967 | 624 |
Accrued freight | 729 | 867 | 495 |
Commissions | 544 | 608 | 488 |
Accrued duty | 4,586 | 3,824 | 2,597 |
Income tax payable | 422 | 19 | |
Other | 1,563 | 1,702 | 1,766 |
Total current liabilities | 36,280 | 31,534 | 31,247 |
LONG-TERM TAXES PAYABLE | 169 | 169 | 169 |
LONG-TERM LEASE | 833 | 1,158 | 1,188 |
DEFERRED INCOME TAXES | 8,108 | 8,108 | 7,780 |
DEFERRED LIABILITIES | 238 | 201 | 230 |
TOTAL LIABILITIES | 45,628 | 41,170 | 40,614 |
SHAREHOLDERS' EQUITY: | |||
Common stock, no par value; 25,000,000 shares authorized; issued and outstanding September 30, 2020 - 7,276,379; December 31, 2019 - 7,354,970 and September 30, 2019 - 7,403,219 | 66,604 | 67,993 | 69,273 |
Retained earnings | 104,828 | 96,663 | 92,608 |
Total shareholders' equity | 171,432 | 164,656 | 161,881 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 217,060 | $ 205,826 | $ 202,495 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Condensed Consolidated Balance Sheets [Abstract] | |||
Common stock Par Value | |||
Common stock Authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 7,276,379 | 7,354,970 | 7,403,219 |
Common stock Outstanding | 7,276,379 | 7,354,970 | 7,403,219 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Condensed Consolidated Statements of Operations [Abstract] | ||||
NET SALES | $ 77,785 | $ 67,179 | $ 189,691 | $ 195,067 |
COST OF GOODS SOLD | 47,952 | 42,165 | 121,077 | 125,633 |
GROSS MARGIN | 29,833 | 25,014 | 68,614 | 69,434 |
OPERATING EXPENSES | 20,175 | 18,027 | 54,344 | 54,004 |
INCOME FROM OPERATIONS | 9,658 | 6,987 | 14,270 | 15,430 |
OTHER (EXPENSES) INCOME | (55) | 43 | (112) | 160 |
INCOME BEFORE INCOME TAXES | 9,603 | 7,030 | 14,158 | 15,590 |
INCOME TAX EXPENSE | 1,992 | 1,414 | 2,917 | 3,212 |
NET INCOME | $ 7,611 | $ 5,616 | $ 11,241 | $ 12,378 |
INCOME PER SHARE | ||||
Basic (in Dollars per share) | $ 1.04 | $ 0.76 | $ 1.54 | $ 1.67 |
Diluted (in Dollars per share) | $ 1.04 | $ 0.75 | $ 1.53 | $ 1.66 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||||
Basic (in Shares) | 7,306 | 7,400 | 7,323 | 7,392 |
Diluted (in Shares) | 7,336 | 7,455 | 7,352 | 7,443 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders’ Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock and Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
BALANCE at Dec. 31, 2018 | $ 68,387 | $ 83,188 | $ 151,575 |
BALANCE (in Shares) at Dec. 31, 2018 | 7,368 | ||
Net income | 3,605 | 3,605 | |
Dividends paid on common stock | (886) | (886) | |
Stock issued and options exercised including related tax benefits | $ 294 | 294 | |
Stock issued and options exercised including related tax benefits (in Shares) | 17 | ||
Stock compensation expense | $ 168 | 168 | |
Stock compensation expense (in Shares) | 6 | ||
BALANCE at Mar. 31, 2019 | $ 68,849 | 85,907 | 154,756 |
BALANCE (in Shares) at Mar. 31, 2019 | 7,391 | ||
BALANCE at Dec. 31, 2018 | $ 68,387 | 83,188 | 151,575 |
BALANCE (in Shares) at Dec. 31, 2018 | 7,368 | ||
Net income | 12,378 | ||
BALANCE at Sep. 30, 2019 | $ 69,273 | 92,608 | 161,881 |
BALANCE (in Shares) at Sep. 30, 2019 | 7,403 | ||
BALANCE at Mar. 31, 2019 | $ 68,849 | 85,907 | 154,756 |
BALANCE (in Shares) at Mar. 31, 2019 | 7,391 | ||
Net income | 3,156 | 3,156 | |
Dividends paid on common stock | (1,035) | (1,035) | |
Stock compensation expense | $ 164 | 164 | |
Stock compensation expense (in Shares) | 3 | ||
BALANCE at Jun. 30, 2019 | $ 69,013 | 88,028 | 157,041 |
BALANCE (in Shares) at Jun. 30, 2019 | 7,394 | ||
Net income | 5,616 | 5,616 | |
Dividends paid on common stock | (1,036) | (1,036) | |
Stock issued and options exercised including related tax benefits | $ 96 | 96 | |
Stock issued and options exercised including related tax benefits (in Shares) | 7 | ||
Stock compensation expense | $ 164 | 164 | |
Stock compensation expense (in Shares) | 2 | ||
BALANCE at Sep. 30, 2019 | $ 69,273 | 92,608 | 161,881 |
BALANCE (in Shares) at Sep. 30, 2019 | 7,403 | ||
BALANCE at Dec. 31, 2019 | $ 67,993 | 96,663 | 164,656 |
BALANCE (in Shares) at Dec. 31, 2019 | 7,355 | ||
Net income | 1,188 | 1,188 | |
Dividends paid on common stock | (1,030) | (1,030) | |
Repurchase of common stock | $ (1,000) | (1,000) | |
Repurchase of common stock (in Shares) | (50) | ||
Stock compensation expense | $ 202 | 202 | |
Stock compensation expense (in Shares) | 4 | ||
BALANCE at Mar. 31, 2020 | $ 67,195 | 96,821 | 164,016 |
BALANCE (in Shares) at Mar. 31, 2020 | 7,309 | ||
BALANCE at Dec. 31, 2019 | $ 67,993 | 96,663 | 164,656 |
BALANCE (in Shares) at Dec. 31, 2019 | 7,355 | ||
Net income | 11,241 | ||
BALANCE at Sep. 30, 2020 | $ 66,604 | 104,828 | 171,432 |
BALANCE (in Shares) at Sep. 30, 2020 | 7,276 | ||
BALANCE at Mar. 31, 2020 | $ 67,195 | 96,821 | 164,016 |
BALANCE (in Shares) at Mar. 31, 2020 | 7,309 | ||
Net income | 2,442 | 2,442 | |
Dividends paid on common stock | (1,023) | (1,023) | |
Stock compensation expense | $ 194 | 194 | |
Stock compensation expense (in Shares) | 3 | ||
BALANCE at Jun. 30, 2020 | $ 67,389 | 98,240 | 165,629 |
BALANCE (in Shares) at Jun. 30, 2020 | 7,312 | ||
Net income | 7,611 | 7,611 | |
Dividends paid on common stock | (1,023) | (1,023) | |
Repurchase of common stock | $ (1,004) | (1,004) | |
Repurchase of common stock (in Shares) | (41) | ||
Stock issued and options exercised including related tax benefits | $ 29 | 29 | |
Stock issued and options exercised including related tax benefits (in Shares) | 2 | ||
Stock compensation expense | $ 190 | 190 | |
Stock compensation expense (in Shares) | 3 | ||
BALANCE at Sep. 30, 2020 | $ 66,604 | $ 104,828 | $ 171,432 |
BALANCE (in Shares) at Sep. 30, 2020 | 7,276 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders’ Equity (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Condensed Consolidated Statements of Shareholders’ Equity [Abstract] | ||||||
Dividends paid on common stock, per share | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.12 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 11,241 | $ 12,378 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,805 | 3,767 |
Deferred compensation | 74 | |
Loss on disposal of fixed assets | 7 | |
Stock compensation expense | 586 | 496 |
Change in assets and liabilities: | ||
Receivables | 1,295 | (6,747) |
Inventories | (3,924) | (10,059) |
Other current assets | (1,656) | (3,227) |
Other assets | (62) | (115) |
Accounts payable | 8,989 | 7,201 |
Accrued and other liabilities | (2,600) | 1,096 |
Income taxes payable | 422 | 19 |
Net cash provided by operating activities | 18,096 | 4,890 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (8,618) | (6,054) |
Proceeds from sales of fixed assets | 3 | |
Net cash used in investing activities | (8,615) | (6,054) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from stock options | 29 | 390 |
Repurchase of common stock | (2,004) | |
Dividends paid on common stock | (3,077) | (2,959) |
Net cash (used in) financing activities | (5,052) | (2,569) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,429 | (3,733) |
CASH AND CASH EQUIVALENTS: | ||
BEGINNING OF PERIOD | 15,518 | 10,173 |
END OF PERIOD | $ 19,947 | $ 6,440 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2020 | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | Rocky Brands, Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION We are a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky, Georgia Boot, Durango and Lehigh. Our brands have a long history of representing high quality, comfortable, functional and durable footwear and our products are organized around six target markets: outdoor, work, duty, commercial military, western and lifestyle. In addition, as part of our strategy of outfitting consumers from head-to-toe, we market complementary branded apparel and accessories that we believe leverage the strength and positioning of each of our brands. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments that are necessary for a fair presentation of the financial results. All such adjustments reflected in the unaudited condensed consolidated financial statements are considered to be of a normal and recurring nature. The results of operations for the three and nine months ended September 30, 2020 and 2019 are not necessarily indicative of the results to be expected for the whole year. The December 31, 2019 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). This Quarterly Report on Form 10-Q should be read in connection with our Annual Report on Form 10-K for the year ended December 31, 2019, which includes all disclosures required by GAAP. |
ACCOUNTING STANDARDS UPDATES
ACCOUNTING STANDARDS UPDATES | 9 Months Ended |
Sep. 30, 2020 | |
ACCOUNTING STANDARDS UPDATES [Abstract] | |
ACCOUNTING STANDARDS UPDATES | 2 . ACCOUNTING STANDARDS UPDATES Recently Issued Accounting Pronouncements We are currently evaluating the impact of certain Accounting Standards Updates (“ASU”) on its Unaudited Condensed Consolidated Financial Statements and Notes to the Unaudited Condensed Consolidated Financial Statements: Standard Description Anticipated Adoption Period Effect on the financial statements or other significant matters ASU 2016-13, Measurement of Credit Losses on Financial Instruments The pronouncement seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Q1 2023 as long as we continue to qualify as a smaller reporting company We are evaluating the impacts of the new standard on our existing financial instruments, including trade receivables. ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes This pronouncement is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. Q1 2021 We are evaluating the impacts of the new standard on our Consolidated Financial Statements. Accounting Standards Adopted in the Current Year Standard Description Effect on the financial statements or other significant matters ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement This pronouncement changes the fair value measurement disclosure requirements of ASC 820. The amendments in this ASU are the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements. We adopted the new standard in Q1 2020 and the standard did not have a significant impact on our Consolidated Financial Statements. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 30, 2020 | |
FAIR VALUE [Abstract] | |
FAIR VALUE | 3. FAIR VALUE Generally accepted accounting standards establish a framework for measuring fair value. The fair value accounting standard defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. This standard clarifies how to measure fair value as permitted under other accounting pronouncements. The fair value accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. This standard also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair values of cash and cash equivalents, receivables, and payables approximate their carrying values because of the short-term nature of these instruments. Receivables consist primarily of amounts due from our customers, net of allowances, amounts due from employees (sales persons’ advances in excess of commissions earned and employee travel advances); other customer receivables, net of allowances; and expected insurance recoveries. The carrying amounts of our long-term credit facility and other short-term financing obligations also approximate fair value, as they are comparable to the available financing in the marketplace during the year. The fair value of our revolving line of credit is categorized as Level 2. Deferred Compensation Plan Assets and Liabilities On December 14, 2018, our Board of Directors adopted the Rocky Brands, Inc. Executive Deferred Compensation Plan (the “Deferred Compensation Plan”), which became effective January 1, 2019. The Deferred Compensation Plan is an unfunded nonqualified deferred compensation plan in which certain executives are eligible to participate. The deferrals are held in a separate trust, which has been established for the administration of the Deferred Compensation Plan. The trust assets are recorded within prepaid expenses in the accompanying unaudited consolidated balance sheets, with changes in the deferred compensation charged to operating expenses in the accompanying unaudited consolidated statements of operations. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2020 | |
REVENUE [Abstract] | |
REVENUE | 4. REVENUE Nature of Performance Obligations Our products are distributed through three distinct channels, which represent our business segments: Wholesale, Retail, and Military. In our Wholesale business, we distribute our products through a wide range of distribution channels representing over ten thousand retail store locations in the U.S., Canada, and internationally. Our Wholesale channels vary by product line and include sporting goods stores, outdoor specialty stores, online retailers, independent retailers, mass merchants, retail uniform stores, and specialty safety shoe stores. Our Retail business includes direct sales of our products to consumers through our e-commerce websites, our Rocky outlet store, and Lehigh business. We also sell footwear under the Rocky label to the U.S. Military. Significant Accounting Policies and Judgements Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; this generally occurs upon shipment of our product to our customer, which is when the transfer of control of our products passes to the customer. The duration of our arrangements with our customers are typically one year or less. Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of our products at a point in time and consists of either fixed or variable consideration or a combination of both. Revenues from sales are recorded at the net sales price, which includes estimates of variable consideration for which reserves are established. Components of variable consideration include prompt payment discounts, volume rebates, and product returns. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a current liability (if the amount is payable to a party other than a customer). The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Our analyses also contemplated application of the constraint in accordance with the guidance, under which it determined a material reversal of revenue would not occur in a future period for the estimates detailed below as of September 30, 2020. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net revenue and earnings in the period such variances become known. When a customer has a right to a prompt payment discount, we estimate the likelihood that the customer will earn the discount using historical data and adjust our estimate when the estimate of the likelihood that a customer will earn the discount changes or the consideration becomes fixed, whichever occurs earlier. The estimated amount of variable consideration is recognized as a credit to trade receivables and a reduction in revenue until the uncertainty of the variable consideration is alleviated. Because most of our customers have payment terms less than six months there is not a significant financing component in our contracts with customers. When a customer is offered a rebate on purchases retroactively this is accounted for as variable consideration because the consideration for the current and past purchases is not fixed until it is known if the discount is earned. We estimate the expected discount the customer will earn at contract inception using historical data and projections and update our estimates when projections materially change or consideration becomes fixed. The estimated rebate is recognized as a credit to trade receivables and offset against revenue until the rebate is earned or the earning period has lapsed. When a right of return is part of the arrangement with the customer, we estimate the expected returns based on an analysis using historical data. We adjust our estimate either when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed, whichever occurs earlier. Please see Notes 5 and 6 for additional information. Trade receivables represent our right to unconditional payment that only relies on the passage of time. Contract receivables represent contractual minimum payments required under non-cancellable contracts with the U.S. Military with a duration of one year or less. Contract liabilities are performance obligations that we expect to satisfy or relieve within the next twelve months, advance consideration obtained prior to satisfying a performance obligation, or unconditional obligations to provide goods or services under non-cancellable contracts before the transfer of goods or services to the customer has occurred. Our contract liability represents unconditional obligations to provide goods under non-cancellable contracts with the U.S. Military. Items considered immaterial within the context of the contract are recognized as an expense. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction, that are collected from customers, are excluded from revenue. Costs associated with our manufacturer’s warranty continue to be recognized as expense when the products are sold in accordance with guidance surrounding product warranties. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are in included in operating expenses. Costs associated with obtaining a contract are expensed as incurred in accordance with the practical expedient in ASC 340-40 in instances where the amortization period is one year or less. We anticipate substantially all of our costs incurred to obtain a contract would be subject to this practical expedient. Contract Balances The following table provides information about contract liabilities from contracts with our customers. September 30, December 31, September 30, ($ in thousands) 2020 2019 2019 Contract liabilities $ - $ 4,746 $ 1,936 Significant changes in the contract liabilities balance during the period are as follows: ($ in thousands) Contract liabilities Balance, December 31, 2019 $ 4,746 Non-cancelable contracts with customers entered into during the period 2,478 Revenue recognized related to non-cancelable contracts with customers during the period ( 7,224 ) Balance, September 30, 2020 $ - Disaggregation of Revenue All revenues are recognized at a point in time when control of our products pass to the customer at point of shipment. Because all revenues are recognized at a point in time and are disaggregated by channel, our segment disclosures are consistent with ASC 606 disaggregation requirements. See Note 12 for segment disclosures. |
TRADE RECEIVABLES
TRADE RECEIVABLES | 9 Months Ended |
Sep. 30, 2020 | |
TRADE RECEIVABLES [Abstract] | |
TRADE RECEIVABLES | 5 . TRADE RECEIVABLES Trade receivables are presented net of the related allowance for uncollectible accounts of approximately $ 192,000 , $ 952,000 and $ 1,251,000 for the periods ending September 30, 2020, December 31, 2019 and September 30, 2019, respectively. We record the allowance based on historical experience, the age of the receivables, and identification of customer accounts that are likely to prove difficult to collect due to various criteria including pending bankruptcy. However, estimates of the allowance in any future period are inherently uncertain and actual allowances may differ from these estimates. If actual or expected future allowances were significantly greater or less than established reserves, a reduction or increase to bad debt expense would be recorded in the period this determination was made. Our credit policy generally provides that trade receivables will be deemed uncollectible and written-off once we have pursued all reasonable efforts to collect on the account. In accordance with ASC 606, the return reserve liability netted against trade receivables was approximately $ 1,198,000 , $ 1,050,000 and $ 1,073,000 for the periods ending September 30, 2020, December 31, 2019 and September 30, 2019, respectively . |
INVENTORY
INVENTORY | 9 Months Ended |
Sep. 30, 2020 | |
INVENTORY [Abstract] | |
INVENTORY | 6. INVENTORY Inventories are comprised of the following: September 30, December 31, September 30, ($ in thousands) 2020 2019 2019 Raw materials $ 12,967 $ 12,466 $ 11,909 Work-in-process 1,367 856 946 Finished goods 66,321 63,409 70,026 Total $ 80,655 $ 76,731 $ 82,881 In accordance with ASC 606, the return reserve asset included within inventories was approximately $ 654,000 , $ 613,000 and $ 649,000 for the periods ending September 30, 2020, December 31, 2019 and September 30, 2019, respectively. |
IDENTIFIED INTANGIBLE ASSETS
IDENTIFIED INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2020 | |
IDENTIFIED INTANGIBLE ASSETS [Abstract] | |
IDENTIFIED INTANGIBLE ASSETS | 7. IDENTIFIED INTANGIBLE ASSETS A schedule of identified intangible assets is as follows: Gross Accumulated Carrying ($ in thousands) Amount Amortization Amount September 30, 2020 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 771 124 Total Intangibles $ 30,987 $ 771 $ 30,216 Gross Accumulated Carrying December 31, 2019 Amount Amortization Amount Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 747 148 Total Intangibles $ 30,987 $ 747 $ 30,240 Gross Accumulated Carrying September 30, 2019 Amount Amortization Amount Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 739 156 Total Intangibles $ 30,987 $ 739 $ 30,248 The weighted average life for our patents is 3.4 years. A schedule of approximate amortization expense related to finite-lived intangible assets for the three and nine months ended September 30, 2020 and 2019 is as follows: Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2020 2019 2020 2019 Amortization expense $ 8 $ 8 $ 24 $ 25 A schedule of approximate expected amortization expense related to finite-lived intangible assets for the years ending December 31, is as follows: Amortization ($ in thousands) Expense 2020 $ 31 2021 26 2022 22 2023 20 2024 17 2025 12 2026+ 20 |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2020 | |
LONG-TERM DEBT [Abstract] | |
LONG-TERM DEBT | 8. LONG-TERM DEBT On February 13, 2019, we entered into a Revolving Credit, Guaranty, and Security Agreement (“Credit Agreement”) with the Huntington National Bank, as administrative agent. The Credit Agreement provides for a new senior secured asset-based revolving credit facility up to a principal amount of $ 75 million, which includes a sublimit for the issuance of letters of credit up to $ 7.5 million (the “Credit Facility”). The Credit Facility may be increased up to an additional $ 25 million at our request and the lenders’ option, subject to customary conditions. The Credit Agreement matures on February 13, 2024. Revolver Pricing Level Average Excess Revolver Availability for Previous Quarter Applicable Spread Rates for Eurodollar Rate Revolving Advances Applicable Spread Rates for Domestic Rate Revolving Advances I $ 25,000,000+ 1.00 % ( 0.50 ) % II $ 17,500,000 to < 25,000,000 1.25 % ( 0.50 ) % III $ 10,000,000 to < 17,500,000 1.50 % ( 0.25 ) % IV $ < 10,000,000 1.75 % 0.00 % The total amount available under our Credit Facility is subject to a borrowing base calculation based on various percentages of accounts receivable and inventory. As of September 30, 2020, we had total capacity of $ 71.0 million. We had no outstanding borrowings against the Credit Facility for the periods ending September 30, 2020, December 31, 2019 and September 30, 2019. Credit Facility Covenants Our Credit Facility contains restrictive covenants which require us to maintain a fixed charge coverage ratio. These restrictive covenants are only in effect upon a triggering event taking place. Our Credit Facility contains restrictions on the amount of dividends that may be paid. During the nine months ended September 30, 2020 and 2019, there were no triggering events and the covenant was not in effect. |
TAXES
TAXES | 9 Months Ended |
Sep. 30, 2020 | |
TAXES [Abstract] | |
TAXES | 9. TAXES We are subject to tax examinations in various taxing jurisdictions. The earliest years open for examination are as follows: Earliest Exam Year Taxing Authority Jurisdiction: U.S. Federal 2016 Various U.S. States 2015 Puerto Rico (U.S. Territory) 2014 Canada 2014 Our policy is to accrue interest and penalties on any uncertain tax position as a component of income tax expense. No such expenses were recognized during the three and nine months ended September 30, 2020 and 2019. We do not believe there will be any material changes in our uncertain tax positions over the next 12 months. Accounting for uncertainty in income taxes requires financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise’s financial statements. Under this guidance, income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized upon the adoption of the standard. We did not have any unrecognized tax benefits and there was no effect on our financial condition or results of operations. Our estimated effective tax rates for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2020 2019 2020 2019 Effective Tax Rate 20.7 % 20.1 % 20.6 % 20.6 % |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2020 | |
EARNINGS PER SHARE [Abstract} | |
EARNINGS PER SHARE | 10. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income applicable to common shareholders by the weighted average number of common shares outstanding during each period. The diluted earnings per share computation includes common share equivalents, when dilutive. A reconciliation of the shares used in the basic and diluted income per common share computation for the three and nine months ended September 30, 2020 and 2019 is as follows: Three Months Ended Nine Months Ended September 30, September 30, (shares in thousands) 2020 2019 2020 2019 Basic - weighted average shares outstanding 7,306 7,400 7,323 7,392 Dilutive restricted share units - 2 - 4 Dilutive stock options 30 53 29 47 Diluted - weighted average shares outstanding 7,336 7,455 7,352 7,443 Anti-dilutive securities 154 43 184 75 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2020 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 11. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the nine months ended September 30, 2020 and 2019 was as follows: Nine Months Ended September 30, ($ in thousands) 2020 2019 Interest paid $ 132 $ 101 Federal, state, and local income taxes paid, net $ 479 $ 5,360 Change in contract receivables, net $ 4,746 $ ( 2,036 ) Change in contract liabilities, net $ ( 4,746 ) $ 1,936 Property, plant, and equipment purchases in accounts payable $ 1,530 $ 470 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2020 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | 12. SEGMENT INFORMATION We have identified three reportable segments: Wholesale, Retail and Military. Wholesale includes sales of footwear and accessories to several classifications of retailers, including sporting goods stores, outdoor specialty stores, online retailers, independent retailers, mass merchants, retail uniform stores, and specialty safety shoe stores. Our Retail business includes direct sales of our products to consumers through our e-commerce websites, our Rocky outlet store, and Lehigh business. Military includes sales to the U.S. Military. The following is a summary of segment results for the Wholesale, Retail, and Military segments for three and nine months ended September 30, 2020 and 2019 : Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2020 2019 2020 2019 NET SALES: Wholesale $ 56,347 $ 47,242 $ 125,614 $ 130,260 Retail 16,141 14,490 49,359 44,035 Military 5,297 5,447 14,718 20,772 Total Net Sales $ 77,785 $ 67,179 $ 189,691 $ 195,067 GROSS MARGIN: Wholesale $ 20,891 $ 16,379 $ 42,908 $ 44,157 Retail 7,531 6,593 22,838 19,371 Military 1,411 2,042 2,868 5,906 Total Gross Margin $ 29,833 $ 25,014 $ 68,614 $ 69,434 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
REVENUE [Abstract] | |
Summary of Contract Liabilities | September 30, December 31, September 30, ($ in thousands) 2020 2019 2019 Contract liabilities $ - $ 4,746 $ 1,936 |
Significant Changes in Contract Liabilities | ($ in thousands) Contract liabilities Balance, December 31, 2019 $ 4,746 Non-cancelable contracts with customers entered into during the period 2,478 Revenue recognized related to non-cancelable contracts with customers during the period ( 7,224 ) Balance, September 30, 2020 $ - |
INVENTORY (Tables)
INVENTORY (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
INVENTORY [Abstract] | |
Schedule of Inventory | Inventories are comprised of the following: September 30, December 31, September 30, ($ in thousands) 2020 2019 2019 Raw materials $ 12,967 $ 12,466 $ 11,909 Work-in-process 1,367 856 946 Finished goods 66,321 63,409 70,026 Total $ 80,655 $ 76,731 $ 82,881 |
IDENTIFIED INTANGIBLE ASSETS (T
IDENTIFIED INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
IDENTIFIED INTANGIBLE ASSETS [Abstract] | |
Schedule of Identified Intangible Assets | A schedule of identified intangible assets is as follows: Gross Accumulated Carrying ($ in thousands) Amount Amortization Amount September 30, 2020 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 771 124 Total Intangibles $ 30,987 $ 771 $ 30,216 Gross Accumulated Carrying December 31, 2019 Amount Amortization Amount Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 747 148 Total Intangibles $ 30,987 $ 747 $ 30,240 Gross Accumulated Carrying September 30, 2019 Amount Amortization Amount Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 739 156 Total Intangibles $ 30,987 $ 739 $ 30,248 |
Schedule of Amortization Expense | A schedule of approximate amortization expense related to finite-lived intangible assets for the three and nine months ended September 30, 2020 and 2019 is as follows: Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2020 2019 2020 2019 Amortization expense $ 8 $ 8 $ 24 $ 25 |
Schedule of Future Amortization Expense | A schedule of approximate expected amortization expense related to finite-lived intangible assets for the years ending December 31, is as follows: Amortization ($ in thousands) Expense 2020 $ 31 2021 26 2022 22 2023 20 2024 17 2025 12 2026+ 20 |
LONG TERM DEBT (Tables)
LONG TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
LONG-TERM DEBT [Abstract] | |
Summary of Credit Agreement | Revolver Pricing Level Average Excess Revolver Availability for Previous Quarter Applicable Spread Rates for Eurodollar Rate Revolving Advances Applicable Spread Rates for Domestic Rate Revolving Advances I $ 25,000,000+ 1.00 % ( 0.50 ) % II $ 17,500,000 to < 25,000,000 1.25 % ( 0.50 ) % III $ 10,000,000 to < 17,500,000 1.50 % ( 0.25 ) % IV $ < 10,000,000 1.75 % 0.00 % |
TAXES (Tables)
TAXES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
TAXES [Abstract] | |
Schedule of Income Tax Examinations | We are subject to tax examinations in various taxing jurisdictions. The earliest years open for examination are as follows: Earliest Exam Year Taxing Authority Jurisdiction: U.S. Federal 2016 Various U.S. States 2015 Puerto Rico (U.S. Territory) 2014 Canada 2014 |
Reconciliation of Federal Income Tax Expense | Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2020 2019 2020 2019 Effective Tax Rate 20.7 % 20.1 % 20.6 % 20.6 % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
EARNINGS PER SHARE [Abstract} | |
Reconciliation of Basic and Diluted Income Per Common Share | A reconciliation of the shares used in the basic and diluted income per common share computation for the three and nine months ended September 30, 2020 and 2019 is as follows: Three Months Ended Nine Months Ended September 30, September 30, (shares in thousands) 2020 2019 2020 2019 Basic - weighted average shares outstanding 7,306 7,400 7,323 7,392 Dilutive restricted share units - 2 - 4 Dilutive stock options 30 53 29 47 Diluted - weighted average shares outstanding 7,336 7,455 7,352 7,443 Anti-dilutive securities 154 43 184 75 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |
Schedule of Supplemental Cash Flow | Supplemental cash flow information for the nine months ended September 30, 2020 and 2019 was as follows: Nine Months Ended September 30, ($ in thousands) 2020 2019 Interest paid $ 132 $ 101 Federal, state, and local income taxes paid, net $ 479 $ 5,360 Change in contract receivables, net $ 4,746 $ ( 2,036 ) Change in contract liabilities, net $ ( 4,746 ) $ 1,936 Property, plant, and equipment purchases in accounts payable $ 1,530 $ 470 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
SEGMENT INFORMATION [Abstract] | |
Summary of Segment Results | Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2020 2019 2020 2019 NET SALES: Wholesale $ 56,347 $ 47,242 $ 125,614 $ 130,260 Retail 16,141 14,490 49,359 44,035 Military 5,297 5,447 14,718 20,772 Total Net Sales $ 77,785 $ 67,179 $ 189,691 $ 195,067 GROSS MARGIN: Wholesale $ 20,891 $ 16,379 $ 42,908 $ 44,157 Retail 7,531 6,593 22,838 19,371 Military 1,411 2,042 2,868 5,906 Total Gross Margin $ 29,833 $ 25,014 $ 68,614 $ 69,434 |
REVENUE (Summary of Contract Li
REVENUE (Summary of Contract Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
REVENUE [Abstract] | |||
Contract liabilities | $ 4,746 | $ 1,936 |
REVENUE (Significant Changes in
REVENUE (Significant Changes in Contract Liabilities) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
REVENUE [Abstract] | |
Balance | $ 4,746 |
Non-cancelable contracts with customers entered into during the period | 2,478 |
Revenue recognized related to non-cancelable contracts with customers during the period | (7,224) |
Balance |
TRADE RECEIVABLES (Narrative) (
TRADE RECEIVABLES (Narrative) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Accounts Receivable, Net, Current [Abstract] | |||
Allowance for Doubtful Accounts Receivable, Current | $ 192,000 | $ 952,000 | $ 1,251,000 |
Contract with Customer, Refund Liability, Current | $ 1,198,000 | $ 1,050,000 | $ 1,073,000 |
INVENTORY (Narrative) (Details)
INVENTORY (Narrative) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
INVENTORY [Abstract] | |||
Return reserve | $ 654,000 | $ 613,000 | $ 649,000 |
INVENTORY (Schedule of Inventor
INVENTORY (Schedule of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
INVENTORY [Abstract] | |||
Raw materials | $ 12,967 | $ 12,466 | $ 11,909 |
Work-in-process | 1,367 | 856 | 946 |
Finished goods | 66,321 | 63,409 | 70,026 |
Total | $ 80,655 | $ 76,731 | $ 82,881 |
IDENTIFIED INTANGIBLE ASSETS (N
IDENTIFIED INTANGIBLE ASSETS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2020 | |
IDENTIFIED INTANGIBLE ASSETS [Abstract] | |
Patent and Customer Relationships WA Useful Life | 3 years 4 months 24 days |
IDENTIFIED INTANGIBLE ASSETS (S
IDENTIFIED INTANGIBLE ASSETS (Schedule of Identified Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Accumulated Amortization | $ 771 | $ 747 | $ 739 |
Gross Amount | 30,987 | 30,987 | 30,987 |
Carrying Amount | 30,216 | 30,240 | 30,248 |
Wholesale (Member) | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Amount | 27,192 | 27,192 | 27,192 |
Retail (Member) | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Amount | 2,900 | 2,900 | 2,900 |
Patents [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Amount | 895 | 895 | 895 |
Accumulated Amortization | 771 | 747 | 739 |
Carrying Amount | $ 124 | $ 148 | $ 156 |
IDENTIFIED INTANGIBLE ASSETS _2
IDENTIFIED INTANGIBLE ASSETS (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
IDENTIFIED INTANGIBLE ASSETS [Abstract] | ||||
Amortization Expense | $ 8 | $ 8 | $ 24 | $ 25 |
IDENTIFIED INTANGIBLE ASSETS _3
IDENTIFIED INTANGIBLE ASSETS (Schedule of Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
IDENTIFIED INTANGIBLE ASSETS [Abstract] | |
2020 | $ 31 |
2021 | 26 |
2022 | 22 |
2023 | 20 |
2024 | 17 |
2025 | 12 |
2026+ | $ 20 |
LONG-TERM DEBT (Narrative) (Det
LONG-TERM DEBT (Narrative) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 71,000,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ||
Credit facility borrowings | 0 | $ 0 | $ 0 |
Sublimit Letters of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 7,500,000 | ||
Credit Facility, Additional [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 |
LONG-TERM DEBT (Summary of Cred
LONG-TERM DEBT (Summary of Credit Agreement) (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Eurodollar [Member] | 25,000,000+ [Member] | |
Line of Credit Facility [Line Items] | |
Rate | 1.00% |
Eurodollar [Member] | 17,500,000 to 25,000,000 [Member] | |
Line of Credit Facility [Line Items] | |
Rate | 1.25% |
Eurodollar [Member] | 10,000,000 to 17,500,000 [Member] | |
Line of Credit Facility [Line Items] | |
Rate | 1.50% |
Eurodollar [Member] | 10,000,000 [Member] | |
Line of Credit Facility [Line Items] | |
Rate | 1.75% |
Domestic Rate [Member] | 25,000,000+ [Member] | |
Line of Credit Facility [Line Items] | |
Rate | (0.50%) |
Domestic Rate [Member] | 17,500,000 to 25,000,000 [Member] | |
Line of Credit Facility [Line Items] | |
Rate | (0.50%) |
Domestic Rate [Member] | 10,000,000 to 17,500,000 [Member] | |
Line of Credit Facility [Line Items] | |
Rate | (0.25%) |
Domestic Rate [Member] | 10,000,000 [Member] | |
Line of Credit Facility [Line Items] | |
Rate | 0.00% |
TAXES (Narrative) (Details)
TAXES (Narrative) (Details) | Sep. 30, 2020USD ($) |
TAXES [Abstract] | |
Unrecognized Tax Benefits | $ 0 |
TAXES (Schedule of Income Tax E
TAXES (Schedule of Income Tax Examinations) (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Various U.S. States [Member] | |
Income Tax Contingency [Line Items] | |
Earliest Exam Year | 2015 |
U.S. Federal [Member] | |
Income Tax Contingency [Line Items] | |
Earliest Exam Year | 2016 |
Puerto Rico (U.S. Territory) [Member] | |
Income Tax Contingency [Line Items] | |
Earliest Exam Year | 2014 |
Canada [Member] | |
Income Tax Contingency [Line Items] | |
Earliest Exam Year | 2014 |
TAXES (Reconciliation of Federa
TAXES (Reconciliation of Federal Income Tax Expense) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
TAXES [Abstract] | ||||
Effective Tax Rate | 20.70% | 20.10% | 20.60% | 20.60% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic - weighted average shares outstanding (in Shares) | 7,306 | 7,400 | 7,323 | 7,392 |
Diluted - weighted average shares outstanding (in Shares) | 7,336 | 7,455 | 7,352 | 7,443 |
Anti-Dilutive securities | 154 | 43 | 184 | 75 |
Stock Options [Member] | ||||
Dilutive (shares) | 30 | 53 | 29 | 47 |
Restricted Stock Units [Member] | ||||
Dilutive (shares) | 2 | 4 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | ||
Interest paid | $ 132 | $ 101 |
Federal, state, and local income taxes paid, net | 479 | 5,360 |
Change in contract receivables, net | 4,746 | (2,036) |
Change in contract liabilities, net | (4,746) | 1,936 |
Property, plant, and equipment purchases in accounts payable | $ 1,530 | $ 470 |
SEGMENT INFORMATION (Narrative)
SEGMENT INFORMATION (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2020segment | |
SEGMENT INFORMATION [Abstract] | |
Number of operating segments | 3 |
SEGMENT INFORMATION (Summary of
SEGMENT INFORMATION (Summary of Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
NET SALES | $ 77,785 | $ 67,179 | $ 189,691 | $ 195,067 |
Gross margin | 29,833 | 25,014 | 68,614 | 69,434 |
Wholesale (Member) | ||||
Segment Reporting Information [Line Items] | ||||
NET SALES | 56,347 | 47,242 | 125,614 | 130,260 |
Gross margin | 20,891 | 16,379 | 42,908 | 44,157 |
Retail (Member) | ||||
Segment Reporting Information [Line Items] | ||||
NET SALES | 16,141 | 14,490 | 49,359 | 44,035 |
Gross margin | 7,531 | 6,593 | 22,838 | 19,371 |
Military [Member] | ||||
Segment Reporting Information [Line Items] | ||||
NET SALES | 5,297 | 5,447 | 14,718 | 20,772 |
Gross margin | $ 1,411 | $ 2,042 | $ 2,868 | $ 5,906 |