Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 08, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | OLYMPIC STEEL INC | |
Entity Central Index Key | 917,470 | |
Trading Symbol | zeus | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 10,971,521 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 4,157 | $ 2,315 |
Accounts receivable, net | 150,692 | 101,902 |
Inventories, net (includes LIFO debit of $6,569 as of September 30, 2017 and $8,045 as of December 31, 2016) | 280,223 | 254,526 |
Prepaid expenses and other | 5,510 | 6,197 |
Assets held for sale | 844 | |
Total current assets | 441,426 | 364,940 |
Property and equipment, at cost | 374,653 | 374,242 |
Accumulated depreciation | (226,553) | (218,476) |
Net property and equipment | 148,100 | 155,766 |
Intangible assets, net | 23,202 | 23,869 |
Other long-term assets | 12,170 | 11,493 |
Total assets | 624,898 | 556,068 |
Liabilities | ||
Current portion of long-term debt | 930 | 1,825 |
Accounts payable | 80,189 | 79,458 |
Accrued payroll | 12,339 | 8,445 |
Other accrued liabilities | 10,911 | 15,170 |
Total current liabilities | 104,369 | 104,898 |
Credit facility revolver | 220,409 | 164,599 |
Other long-term liabilities | 11,482 | 10,062 |
Deferred income taxes | 20,176 | 23,119 |
Total liabilities | 356,436 | 302,678 |
Shareholders' Equity | ||
Preferred stock | ||
Common stock | 129,490 | 128,619 |
Treasury stock | (527) | (609) |
Retained earnings | 139,499 | 125,380 |
Total shareholders' equity | 268,462 | 253,390 |
Total liabilities and shareholders' equity | $ 624,898 | $ 556,068 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventories, LIFO debit | $ 6,569 | $ 8,045 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales | $ 331,442 | $ 268,255 | $ 1,022,530 | $ 800,212 |
Costs and expenses | ||||
Cost of materials sold (excludes items shown separately below) | 265,351 | 211,037 | 806,846 | 616,545 |
Warehouse and processing | 20,531 | 20,034 | 65,870 | 61,561 |
Administrative and general | 16,647 | 16,003 | 52,699 | 48,054 |
Distribution | 10,574 | 8,995 | 31,507 | 27,762 |
Selling | 6,797 | 5,629 | 19,804 | 17,361 |
Occupancy | 2,150 | 2,135 | 6,651 | 6,630 |
Depreciation | 3,883 | 4,172 | 12,516 | 13,231 |
Amortization | 223 | 223 | 667 | 667 |
Total costs and expenses | 326,156 | 268,228 | 996,560 | 791,811 |
Operating income | 5,286 | 27 | 25,970 | 8,401 |
Other income (loss), net | (22) | 21 | (76) | (42) |
Income before interest and income taxes | 5,264 | 48 | 25,894 | 8,359 |
Interest and other expense on debt | 1,966 | 1,336 | 5,380 | 3,895 |
Income (loss) before income taxes | 3,298 | (1,288) | 20,514 | 4,464 |
Income tax provision | 1,018 | 469 | 5,738 | 3,438 |
Net income (loss) | 2,280 | (1,757) | 14,776 | 1,026 |
Net gain on cash flow hedge | 114 | |||
Tax effect on cash flow hedge | (44) | |||
Total comprehensive income | $ 2,280 | $ (1,757) | $ 14,776 | $ 1,096 |
Earnings per share: | ||||
Net income (loss) per share - basic (in dollars per share) | $ 0.20 | $ (0.16) | $ 1.30 | $ 0.09 |
Weighted average shares outstanding - basic (in shares) | 11,386 | 11,219 | 11,384 | 11,206 |
Net income (loss) per share - diluted (in dollars per share) | $ 0.20 | $ (0.16) | $ 1.30 | $ 0.09 |
Weighted average shares outstanding - diluted (in shares) | 11,386 | 11,219 | 11,384 | 11,206 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from (used for) operating activities: | ||
Net income | $ 14,776 | $ 1,026 |
Adjustments to reconcile net income to net cash from (used for) operating activities - | ||
Depreciation and amortization | 13,872 | 14,586 |
Gain on disposition of property and equipment | (38) | (161) |
Stock-based compensation | 944 | 400 |
Other long-term assets | (1,264) | (3,713) |
Other long-term liabilities | (1,523) | 4,192 |
26,767 | 16,330 | |
Changes in working capital: | ||
Accounts receivable | (48,790) | (18,112) |
Inventories | (25,697) | (24,175) |
Prepaid expenses and other | 710 | 1,618 |
Accounts payable | 178 | 10,913 |
Change in outstanding checks | 553 | (1,518) |
Accrued payroll and other accrued liabilities | (363) | 5,256 |
(73,409) | (26,018) | |
Net cash used for operating activities | (46,642) | (9,688) |
Cash flows from (used for) investing activities: | ||
Capital expenditures | (6,470) | (5,335) |
Proceeds from disposition of property and equipment | 814 | 161 |
Net cash used for investing activities | (5,656) | (5,174) |
Cash flows from (used for) financing activities: | ||
Credit facility revolver borrowings | 310,734 | 230,911 |
Credit facility revolver repayments | (254,925) | (213,195) |
Industrial revenue bond repayments | (895) | (865) |
Credit facility fees and expenses | (125) | (125) |
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases | 9 | 34 |
Dividends paid | (658) | (657) |
Net cash from financing activities | 54,140 | 16,103 |
Net change | 1,842 | 1,241 |
Beginning balance | 2,315 | 1,604 |
Ending balance | 4,157 | 2,845 |
Interest paid | 4,691 | 3,257 |
Income taxes paid | $ 7,918 | $ 890 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), without audit and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods covered by this report. Year-to-date results are not 201 7 10 December 31, 2016. The Company operates in three Certain of the flat products segments’ assets and resources are shared by the carbon and specialty metals segments and both segments’ products are stored in the shared facilities and, in some locations, processed on shared equipment. Due to the shared assets and resources, certain of the flat products segment expenses are allocated between the carbon flat products segment and the specialty metals flat products segment based upon an established allocation methodology. Through its carbon flat products segment, the Company sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, and fabricated parts. Through its specialty metals flat products segment, the Company sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products and fabricated parts. Through its tubular and pipe products segment, which consists of the Chicago Tube and Iron subsidiary (CTI), the Company distributes metal tubing, pipe, bar, valves and fittings and fabricate pressure parts supplied to various industrial markets. Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three ’ expenses, audit expenses, and various other professional fees. In the first 2017, d accumulated since the inception of the plan in 2005, $1.9 first 2017. not |
Note 2 - Accounts Receivable
Note 2 - Accounts Receivable | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 2. Accounts Receivable : Accounts receivable are presented net of allowances for doubtful accounts and unissued credits of $3.2 $2.4 September 30, 2017 December 31, 2016, |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories : Inventories consisted of the following: Inventory as of (in thousands) September 30, 2017 December 31, 2016 Unprocessed $ 232,123 $ 203,256 Processed and finished 48,100 51,270 Totals $ 280,223 $ 254,526 The Company values certain of its tubular and pipe products inventory at the last-in, first September 30, 2017 December 31, 2016, $50.5 18.0% $43.4 17.1% first first During the three nine September 30, 2017, $ 0.7 $1.5 three nine September 30, 2016, $0.7 If the FIFO method had been in use, inventories would have been $ 6.6 September 30, 2017 $8.0 December 31, 2016. |
Note 4 - Assets Held for Sale
Note 4 - Assets Held for Sale | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. Assets Held for Sale : During the second 2017, he Company began actively marketing for sale certain property at the flat product segment’s Siler City, North Carolina facility. As a result of that decision, the Company reclassified $0.8 twelve no September 30, 2017. |
Note 5 - Debt
Note 5 - Debt | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Debt : The Company ’s debt is comprised of the following components: As of September 30, December 31, (in thousands) 2017 2016 Asset-based revolving credit facility due June 30, 2019 $ 220,409 $ 164,599 Industrial revenue bond due April 1, 2018 930 1,825 Total debt 221,339 166,424 Less current amount (930 ) (1,825 ) Total long-term debt $ 220,409 $ 164,599 The Company ’s asset-based credit facility (the ABL Credit Facility) is collateralized by the Company’s accounts receivable and inventory. The ABL Credit Facility consists of a revolving credit line of $365 $365 June 30, 2019. The ABL Credit Facility requires the Company to comply with various covenants, the most significant of which include: (i) until maturity of the ABL Credit Facility, if any commitments or obligations are outstanding and the Company ’s availability is less than the greater of $30 10.0% $36.5 September 30, 2017), 1.00 1.00 twelve 0.00% 0.25% 1.25% 3.00%. As of September 30, 2017, $110 As of September 30, 2017, $1.4 five As part of the CTI acquisition in July 2011, $5.9 April 2018, in April. April 3, 2017, $0.9 April 2018. September 30, 2017 0.9% CTI entered into an interest rate swap agreement to reduce the impact of changes in interest rates on the IRB. At September 30, 2017, 3.46%. April 2018, not |
Note 6 - Derivative Instruments
Note 6 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. Derivative Instruments : Metals swaps and embedded customer derivatives During 2017 2016, third ’ risk of volatility in the price of metals. The outstanding nickel swaps mature in 2017 2018. third third While these derivatives are intended to help the Company manage risk, they have not third not and the embedded customer derivatives are included in “Other accrued liabilities”, and “Accounts receivable, net” on the Consolidated Balance Sheets at September 30, 2017 December 31, 2016. Interest rate swap CTI entered into an interest rate swap to reduce the impact of changes in interest rates on its IRB. The swap agreement matures in April 2018, not not The periodic changes in fair value of the interest rate swap and cash settlement amounts associated with the interest rate swap are included in “Interest and other expense on debt” in the Consolidated Statements of Comprehensive Income. Fixed rate interest rate hedge In June 2012, ne 2013 $53.2 June 1, 2016, 1.21% 1.25% 1.75%. There was no ’s Consolidated Statements of Comprehensive Income for the three nine September 30, 2017 2016. three nine September 30, 2017 2016. Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Interest rate swap (CTI) $ (6 ) $ (19 ) $ (24 ) $ (52 ) Fixed interest rate swap (ABL) - - - (98 ) Metals swaps 156 111 79 173 Embedded customer derivatives (156 ) (111 ) (79 ) (173 ) Total loss $ (6 ) $ (19 ) $ (24 ) $ (150 ) |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. Fair Value of Financial Instruments : During the three September 30, 2017, no 1, 2 3 no September 30, 2017 December 31, 2016. September 30, 2017 December 31, 2016: Metals swaps and embedded customer derivatives – Determined by using Level 2 Interest rate swaps – Based on the present value of the expected future cash flows, considering the risks involved, and using discount rates appropriate for the maturity date. Market observable Level 2 The following table presents information about the Company ’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: Value of Items Recorded at Fair Value As of September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 70 $ - $ 70 Total assets at fair value $ - $ 70 $ - $ 70 Liabilities: Embedded customer derivative $ - $ 40 $ - $ 40 Interest rate swap (CTI) - 12 - 12 Total liabilities recorded at fair value $ - $ 52 $ - $ 52 Value of Items Not Recorded at Fair Value As of September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 930 $ - $ - $ 930 Revolver - 220,409 - 220,409 Total liabilities not recorded at fair value $ 930 $ 220,409 $ - $ 221,339 The value of the items not Value of Items Recorded at Fair Value As of December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 113 $ - $ 113 Total assets at fair value $ - $ 113 $ - $ 113 Liabilities: Metals swaps $ - $ 113 $ - $ 113 Interest rate swap (CTI) - 36 - 36 Total liabilities recorded at fair value $ - $ 149 $ - $ 149 Value of Items Not Recorded at Fair Value As of December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 164,599 - 164,599 Total liabilities not recorded at fair value $ 1,825 $ 164,599 $ - $ 166,424 The value of the items not The fair value of the IRB is determined using Level 1 0.9 $1.8 September 30, 2017 December 31, 2016, The fair value of the revolver is determined using Level 2 2 |
Note 8 - Equity Plans
Note 8 - Equity Plans | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. Equity Plans : Restricted Stock Units and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 the Plan), the Company may 1,000,000 On March 13, 2017 May 1, 2016, ’s Board of Directors approved the grant of 3,501 3,094 one not $19.99 $22.62 March 31, 2017 May 1, 2016, On July 1, 2016, participant, subject to the terms and conditions of the plan and the attainment of minimum performance requirements, can be awarded RSUs with a dollar value equal to 10% $17,500. five July 1, 2016 January 1, 2017. Prior to July 1, 2016, ’s Senior Management Compensation Program included an equity component in order to encourage more ownership of common stock by the senior management (the Old Plan). The Old Plan imposed stock ownership requirements upon the participants. Each participant was required to own at least 750 500 250 2016, 2,500 five 10 15 20 25 $25 $50 $75 $100 $100 July 1, 2016 January 1, 2017. As part of the termination of the Old Plan and the transition to the New Plan, participants were paid the RSU grants that were earned to date, or a pro-rata amount of the RSUs earned, depending on the participants ’ length of time they participated in the plan. After the payment of the RSUs noted above, the remaining liability of approximately $1.0 2016 No. 718. During the third 2016, third 2016, 10,573 fifth Stock-based compensation expense or income recognized on RSUs for the three nine September 30, 2017 2016, For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2017 2016 2017 2016 RSU expense before taxes of New Plan $ 141 $ - $ 408 $ - RSU expense (income) before taxes of Old Plan - $ 162 $ - $ (170 ) RSU expense (income) after taxes $ 97 $ 220 $ 294 $ (39 ) All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RSUs for the nine September 30, 2017: Number of Weighted Average Shares Granted Price Outstanding at December 31, 2016 421,486 $ 19.92 Granted 73,021 20.01 Converted into shares (7,658 ) 17.62 Forfeited - - Outstanding at September 30, 2017 486,849 $ 19.97 Vested at September 30, 2017 421,849 $ 19.71 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes : Our quarterly tax provision and our quarterly estimate of our annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting our income before taxes and taxable income and loss and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not For the three ended September 30, 2017, $1.0 30.9% $0.5 $1.3 three September 30, 2016 resulting in an effective tax rate of negative 36.4%. three September 30, 2017 $0.3 three September 30, 2016 2016 third 2016, For the nine September 30, 2017, $5.7 28.0% $3.4 77.0%, nine September 30, 2016. In the first 2017, 2005, $1.9 first 2017. not nine September 30, 2016, $0.8 not 18.3% nine September 30, 2016. |
Note 10 - Shares Outstanding an
Note 10 - Shares Outstanding and Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Shares Outstanding and Earnings Per Share : Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2017 2016 2017 2016 Weighted average basic shares outstanding 11,386 11,219 11,384 11,206 Assumed exercise of stock options and issuance of stock awards - - - - Weighted average diluted shares outstanding 11,386 11,219 11,384 11,206 Net income $ 2,280 $ (1,757 ) $ 14,776 $ 1,026 Basic earnings per share $ 0.20 $ (0.16 ) $ 1.30 $ 0.09 Diluted earnings per share $ 0.20 $ (0.16 ) $ 1.30 $ 0.09 Anti-dilutive securities outstanding 65 167 65 167 |
Note 11 - Segment Information
Note 11 - Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. Segment Information : The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company ’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. Our CODM evaluates performance and allocates resources based primarily on operating income. Our operating segments are based primarily on internal management reporting. The Company operates in three Certain of the flat products segments’ assets and resources are shared by the carbon and specialty metals segments and both segments’ products are stored in the shared facilities and, in some locations, processed on shared equipment. As such, total assets and capital expenditures are reported in the aggregate for the flat products segments. Due to the shared assets and resources, certain of the flat products segment expenses are allocated between the carbon flat products segment and the specialty metals flat products segment based upon an established allocation methodology. Through its carbon flat products segment, the Company sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products. Through its specialty metals flat products segment, the Company sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products and fabricated parts. Through its tubular and pipe products segment, the Company distributes metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets. Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three ’ expenses, audit expenses, and various other professional fees. The following table provides financial information by segment and reconciles the Company ’s operating income by segment to the consolidated income before income taxes for the three nine September 30, 2017 2016. For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Net sales Carbon flat products $ 215,843 $ 169,372 $ 669,817 $ 503,928 Specialty metals flat products 57,554 49,539 173,789 144,898 Tubular and pipe products 58,045 49,344 178,924 151,386 Total net sales $ 331,442 $ 268,255 $ 1,022,530 $ 800,212 Depreciation and amortization Carbon flat products $ 2,493 $ 2,795 $ 8,287 $ 8,737 Specialty metals flat products 185 203 609 586 Tubular and pipe products 1,403 1,372 4,211 4,499 Corporate 25 25 76 76 Total depreciation and amortization $ 4,106 $ 4,395 $ 13,183 $ 13,898 Operating income (loss) Carbon flat products $ 3,698 $ (3,613 ) $ 18,312 $ (122 ) Specialty metals flat products 2,074 3,003 8,918 7,326 Tubular and pipe products 1,608 2,773 6,439 7,149 Corporate expenses (2,094 ) (2,136 ) (7,699 ) (5,952 ) Total operating income $ 5,286 $ 27 $ 25,970 $ 8,401 Other income (loss), net (22 ) 21 (76 ) (42 ) Income before interest and income taxes 5,264 48 25,894 8,359 Interest and other expense on debt 1,966 1,336 5,380 3,895 Income (loss) before income taxes $ 3,298 $ (1,288 ) $ 20,514 $ 4,464 For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Capital expenditures Flat products segments $ 1,110 $ 1,145 $ 4,292 $ 3,930 Tubular and pipe products 891 593 2,178 1,405 Total capital expenditures $ 2,001 $ 1,738 $ 6,470 $ 5,335 As of September 30, December 31, (in thousands) 2017 2016 Total assets Flat products segments $ 427,786 $ 363,626 Tubular and pipe products 196,834 192,088 Corporate 278 354 Total assets $ 624,898 $ 556,068 There were no carbon flat products, specialty metals products, and tubular and pipe products segments. The Company sells certain products internationally, primarily in Canada, Mexico and Central and South America. International sales are immaterial to the consolidated financial results and to the individual segments’ results. |
Note 12 - Recently Issued Accou
Note 12 - Recently Issued Accounting Updates | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 12. Recently Issued Accounting Updates : In May 2017, No 2017 09, – Stock Compensation (Topic 718 1 2 718, 718. 2016 360, Compensation—Stock Compensation (Topic 718 December 15, 2017. 1 not 2 not not In August 2016, FASB issued Accounting Standards Update (ASU) No 2016 15, eight zero December 15, 2017, not In February 2016, No. 2016 02, ,” which specifies the accounting for leases. The objective is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing and uncertainty of cash flows arising from a lease. This ASU introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 In May 2014, No. 2014 09, December 15, 2016, modified retrospective adoption of this ASU is not August 2015, No. 2015 14, No. 2014 09 December 15, 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2017, No 2017 09, – Stock Compensation (Topic 718 1 2 718, 718. 2016 360— Compensation—Stock Compensation (Topic 718 December 15, 2017. 1 not 2 not not In August 2016, FASB issued Accounting Standards Update (ASU) No 2016 15, eight zero December 15, 2017, not In February 2016, No. 2016 02, December 15, 2018 In May 2014, No. 2014 09, December 15, 2016, not August 2015, No. 2015 14, No. 2014 09 one |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventory as of (in thousands) September 30, 2017 December 31, 2016 Unprocessed $ 232,123 $ 203,256 Processed and finished 48,100 51,270 Totals $ 280,223 $ 254,526 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of September 30, December 31, (in thousands) 2017 2016 Asset-based revolving credit facility due June 30, 2019 $ 220,409 $ 164,599 Industrial revenue bond due April 1, 2018 930 1,825 Total debt 221,339 166,424 Less current amount (930 ) (1,825 ) Total long-term debt $ 220,409 $ 164,599 |
Note 6 - Derivative Instrumen21
Note 6 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Interest rate swap (CTI) $ (6 ) $ (19 ) $ (24 ) $ (52 ) Fixed interest rate swap (ABL) - - - (98 ) Metals swaps 156 111 79 173 Embedded customer derivatives (156 ) (111 ) (79 ) (173 ) Total loss $ (6 ) $ (19 ) $ (24 ) $ (150 ) |
Note 7 - Fair Value of Financ22
Note 7 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Value of Items Recorded at Fair Value As of September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 70 $ - $ 70 Total assets at fair value $ - $ 70 $ - $ 70 Liabilities: Embedded customer derivative $ - $ 40 $ - $ 40 Interest rate swap (CTI) - 12 - 12 Total liabilities recorded at fair value $ - $ 52 $ - $ 52 Value of Items Recorded at Fair Value As of December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 113 $ - $ 113 Total assets at fair value $ - $ 113 $ - $ 113 Liabilities: Metals swaps $ - $ 113 $ - $ 113 Interest rate swap (CTI) - 36 - 36 Total liabilities recorded at fair value $ - $ 149 $ - $ 149 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Value of Items Not Recorded at Fair Value As of September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 930 $ - $ - $ 930 Revolver - 220,409 - 220,409 Total liabilities not recorded at fair value $ 930 $ 220,409 $ - $ 221,339 Value of Items Not Recorded at Fair Value As of December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 164,599 - 164,599 Total liabilities not recorded at fair value $ 1,825 $ 164,599 $ - $ 166,424 |
Note 8 - Equity Plans (Tables)
Note 8 - Equity Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2017 2016 2017 2016 RSU expense before taxes of New Plan $ 141 $ - $ 408 $ - RSU expense (income) before taxes of Old Plan - $ 162 $ - $ (170 ) RSU expense (income) after taxes $ 97 $ 220 $ 294 $ (39 ) |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Number of Weighted Average Shares Granted Price Outstanding at December 31, 2016 421,486 $ 19.92 Granted 73,021 20.01 Converted into shares (7,658 ) 17.62 Forfeited - - Outstanding at September 30, 2017 486,849 $ 19.97 Vested at September 30, 2017 421,849 $ 19.71 |
Note 10 - Shares Outstanding 24
Note 10 - Shares Outstanding and Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2017 2016 2017 2016 Weighted average basic shares outstanding 11,386 11,219 11,384 11,206 Assumed exercise of stock options and issuance of stock awards - - - - Weighted average diluted shares outstanding 11,386 11,219 11,384 11,206 Net income $ 2,280 $ (1,757 ) $ 14,776 $ 1,026 Basic earnings per share $ 0.20 $ (0.16 ) $ 1.30 $ 0.09 Diluted earnings per share $ 0.20 $ (0.16 ) $ 1.30 $ 0.09 Anti-dilutive securities outstanding 65 167 65 167 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Net sales Carbon flat products $ 215,843 $ 169,372 $ 669,817 $ 503,928 Specialty metals flat products 57,554 49,539 173,789 144,898 Tubular and pipe products 58,045 49,344 178,924 151,386 Total net sales $ 331,442 $ 268,255 $ 1,022,530 $ 800,212 Depreciation and amortization Carbon flat products $ 2,493 $ 2,795 $ 8,287 $ 8,737 Specialty metals flat products 185 203 609 586 Tubular and pipe products 1,403 1,372 4,211 4,499 Corporate 25 25 76 76 Total depreciation and amortization $ 4,106 $ 4,395 $ 13,183 $ 13,898 Operating income (loss) Carbon flat products $ 3,698 $ (3,613 ) $ 18,312 $ (122 ) Specialty metals flat products 2,074 3,003 8,918 7,326 Tubular and pipe products 1,608 2,773 6,439 7,149 Corporate expenses (2,094 ) (2,136 ) (7,699 ) (5,952 ) Total operating income $ 5,286 $ 27 $ 25,970 $ 8,401 Other income (loss), net (22 ) 21 (76 ) (42 ) Income before interest and income taxes 5,264 48 25,894 8,359 Interest and other expense on debt 1,966 1,336 5,380 3,895 Income (loss) before income taxes $ 3,298 $ (1,288 ) $ 20,514 $ 4,464 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Capital expenditures Flat products segments $ 1,110 $ 1,145 $ 4,292 $ 3,930 Tubular and pipe products 891 593 2,178 1,405 Total capital expenditures $ 2,001 $ 1,738 $ 6,470 $ 5,335 As of September 30, December 31, (in thousands) 2017 2016 Total assets Flat products segments $ 427,786 $ 363,626 Tubular and pipe products 196,834 192,088 Corporate 278 354 Total assets $ 624,898 $ 556,068 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Number of Reportable Segments | 3 | ||||
Net Income (Loss) Attributable to Parent | $ 2,280 | $ (1,757) | $ 14,776 | $ 1,026 | |
Restatement Adjustment [Member] | |||||
Net Income (Loss) Attributable to Parent | $ 1,900 |
Note 2 - Accounts Receivable (D
Note 2 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 3.2 | $ 2.4 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
LIFO Inventory Amount | $ 50.5 | $ 50.5 | $ 43.4 | ||
Percentage of LIFO Inventory | 18.00% | 18.00% | 17.10% | ||
Inventory, LIFO Reserve, Period Charge | $ 0.7 | $ (0.7) | $ 1.5 | $ (0.7) | |
Inventory Difference Using FIFO Basis | $ 6.6 | $ 6.6 | $ 8 |
Note 3 - Inventories - Steel In
Note 3 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Unprocessed | $ 232,123 | $ 203,256 |
Processed and finished | 48,100 | 51,270 |
Totals | $ 280,223 | $ 254,526 |
Note 4 - Assets Held for Sale (
Note 4 - Assets Held for Sale (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | $ 844 | $ 800 | |
Impairment of Long-Lived Assets to be Disposed of | $ 0 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) $ in Thousands | Apr. 03, 2017 | Jul. 31, 2011 | Sep. 30, 2017 | Dec. 31, 2016 |
Prepaid Expense and Other Assets, Current | $ 5,510 | $ 6,197 | ||
Industrial Revenue Bonds [Member] | ||||
Effectof Swap Interest Rate Agreement | 3.46% | |||
Industrial Revenue Bonds [Member] | Chicago Tube and Iron Company Acquisition [Member] | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 5,900 | |||
Debt Instrument, Interest Rate, Effective Percentage | 0.90% | |||
Amortized Banking Fees [Member] | ||||
Prepaid Expense and Other Assets, Current | $ 1,400 | |||
ABL Credit Facility [Member] | ||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | |||
Debt Instrument, Term | 5 years | |||
Debt Instrument, Periodic Payment, Principal | $ 900 | |||
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | ABL Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 365,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 365,000 | |||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 10.00% | |||
Balance Required for Compliance with Revolver Commitments | $ 36,500 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 110,000 | |||
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | ABL Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | ABL Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | ABL Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | ABL Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | ABL Credit Facility [Member] | Availability Dollar Amount [Member] | ||||
Line Of Credit Facility Covenant Terms Monetary | $ 30,000 |
Note 5 - Debt - Summary of Debt
Note 5 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Asset-based revolving credit facility due June 30, 2019 | $ 220,409 | $ 164,599 |
Total debt | 221,339 | 166,424 |
Less current amount | (930) | (1,825) |
Total long-term debt | 220,409 | 164,599 |
Industrial Revenue Bonds [Member] | ||
Industrial revenue bond due April 1, 2018 | 930 | 1,825 |
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | ||
Asset-based revolving credit facility due June 30, 2019 | $ 220,409 | $ 164,599 |
Note 6 - Derivative Instrumen33
Note 6 - Derivative Instruments (Details Textual) $ in Millions | Jun. 30, 2012USD ($) |
Cash Flow Hedging [Member] | |
Derivative, Fixed Interest Rate | 1.21% |
Cash Flow Hedging [Member] | Minimum [Member] | |
Derivative Premium Rate | 1.25% |
Cash Flow Hedging [Member] | Maximum [Member] | |
Derivative Premium Rate | 1.75% |
ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan Member [Member] | |
Long-term Line of Credit | $ 53.2 |
Note 6 - Derivative Instrumen34
Note 6 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivatives | $ (6) | $ (19) | $ (24) | $ (150) |
Interest Rate Swap [Member] | ABL Credit Facility [Member] | ||||
Derivatives | (98) | |||
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member] | ||||
Derivatives | (6) | (19) | (24) | (52) |
Metal Swaps [Member] | ||||
Derivatives | 156 | 111 | 79 | 173 |
Embedded Customer Derivatives [Member] | ||||
Derivatives | $ (156) | $ (111) | $ (79) | $ (173) |
Note 7 - Fair Value of Financ35
Note 7 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Industrial Revenue Bonds [Member] | ||
Long-term Debt, Fair Value | $ 0.9 | $ 1.8 |
Note 7 - Fair Value of Financ36
Note 7 - Fair Value of Financial Instruments - Fair Value Measurements, Recorded (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative assets | $ 70 | $ 113 |
Embedded customer derivative | 40 | 113 |
Total liabilities recorded at fair value | 52 | 149 |
Metal Swaps [Member] | ||
Derivative assets | 70 | |
Derivative liabilities | 113 | |
Interest Rate Swap [Member] | ||
Derivative liabilities | 12 | 36 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | ||
Embedded customer derivative | ||
Total liabilities recorded at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member] | ||
Derivative assets | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | 70 | 113 |
Embedded customer derivative | 40 | 113 |
Total liabilities recorded at fair value | 52 | 149 |
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member] | ||
Derivative assets | 70 | |
Derivative liabilities | 113 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative liabilities | 12 | 36 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | ||
Embedded customer derivative | ||
Total liabilities recorded at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member] | ||
Derivative assets | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative liabilities |
Note 7 - Fair Value of Financ37
Note 7 - Fair Value of Financial Instruments - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Revolver | $ 220,409 | $ 164,599 |
Carrying Value [Member] | ||
Total liabilities not recorded at fair value | 221,339 | 166,424 |
Revolver [Member] | ||
Revolver | 220,409 | 164,599 |
Fair Value, Inputs, Level 1 [Member] | Carrying Value [Member] | ||
Total liabilities not recorded at fair value | 930 | 1,825 |
Fair Value, Inputs, Level 1 [Member] | Revolver [Member] | ||
Revolver | ||
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member] | ||
Total liabilities not recorded at fair value | 220,409 | 164,599 |
Fair Value, Inputs, Level 2 [Member] | Revolver [Member] | ||
Revolver | 220,409 | 164,599 |
Fair Value, Inputs, Level 3 [Member] | Carrying Value [Member] | ||
Total liabilities not recorded at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Revolver [Member] | ||
Revolver | ||
Industrial Revenue Bonds [Member] | ||
IRB | 930 | 1,825 |
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
IRB | 930 | 1,825 |
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
IRB | ||
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
IRB |
Note 8 - Equity Plans (Details
Note 8 - Equity Plans (Details Textual) - USD ($) | Mar. 13, 2017 | Jul. 01, 2016 | May 01, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2017 |
Senior Management Compensation Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Number of Shares Per Employee | 750 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Matching Purchase Requirement | 500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Match | 250 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 73,021 | |||||||
Restricted Stock Units (RSUs) [Member] | Senior Management Stock Incentive Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Participant's Base Salary | 10.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 17,500 | |||||||
Restricted Stock Units (RSUs) [Member] | Senior Management Compensation Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Remaining Liability Reversed | $ 1,000,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Senior Management Compensation Program [Member] | Five Year Anniversary [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 25,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Senior Management Compensation Program [Member] | Ten Year Anniversary [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 50,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Senior Management Compensation Program [Member] | Fifteen Year Anniversary [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 75,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Senior Management Compensation Program [Member] | Twenty Five Year Anniversary [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 100,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Senior Management Compensation Program [Member] | Twenty Year Anniversary [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 100,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,501 | 3,094 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | 1 year | ||||||
Restricted Stock Units (RSUs) [Member] | Executive Vice President and Chief Operating Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,573 | |||||||
Match [Member] | Senior Management Compensation Program [Member] | ||||||||
Shares Matched | 2,500 | |||||||
Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,000,000 | |||||||
Share Price | $ 22.62 | $ 19.99 |
Note 8 - Equity Plans - Stock-b
Note 8 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock-based compensation expense | $ 97 | $ 220 | $ 294 | $ (39) |
New Plan [Member] | ||||
Stock-based compensation expense | 141 | 408 | ||
Old Plan [Member] | ||||
Stock-based compensation expense | $ 162 | $ (170) |
Note 8 - Equity Plans - Restric
Note 8 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Outstanding beginning balance (in shares) | shares | 421,486 |
Outstanding beginning balance, weighted average granted price (in dollars per share) | $ / shares | $ 19.92 |
Granted (in shares) | shares | 73,021 |
Granted, weighted average granted price (in dollars per share) | $ / shares | $ 20.01 |
Converted into shares (in shares) | shares | (7,658) |
Converted into shares, weighted average granted price (in dollars per share) | $ / shares | $ 17.62 |
Forfeited (in shares) | shares | |
Forfeited, weighted average granted price (in dollars per share) | $ / shares | |
Outstanding ending balance (in shares) | shares | 486,849 |
Outstanding ending balance, weighted average granted price (in dollars per share) | $ / shares | $ 19.97 |
Vested (in shares) | shares | 421,849 |
Vested, weighted average granted price (in dollars per share) | $ / shares | $ 19.71 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Expense (Benefit) | $ 1,018,000 | $ 469,000 | $ 5,738,000 | $ 3,438,000 | |
Effective Income Tax Rate Reconciliation, Percent | 30.90% | (36.40%) | 28.00% | 77.00% | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 3,298,000 | $ (1,288,000) | $ 20,514,000 | $ 4,464,000 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 800,000 | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 18.30% | ||||
Restatement Adjustment [Member] | |||||
Income Tax Expense (Benefit) | $ 0.30 | $ (1,900,000) |
Note 10 - Shares Outstanding 42
Note 10 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Weighted average basic shares outstanding (in shares) | 11,386 | 11,219 | 11,384 | 11,206 |
Assumed exercise of stock options and issuance of stock awards (in shares) | ||||
Weighted average diluted shares outstanding (in shares) | 11,386 | 11,219 | 11,384 | 11,206 |
Net income | $ 2,280 | $ (1,757) | $ 14,776 | $ 1,026 |
Basic earnings per share (in dollars per share) | $ 0.20 | $ (0.16) | $ 1.30 | $ 0.09 |
Diluted earnings per share (in dollars per share) | $ 0.20 | $ (0.16) | $ 1.30 | $ 0.09 |
Anti-dilutive securities outstanding (in shares) | 65 | 167 | 65 | 167 |
Note 11 - Segment Information43
Note 11 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2017 | |
Number of Reportable Segments | 3 |
Note 11 - Segment Information -
Note 11 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales | $ 331,442 | $ 268,255 | $ 1,022,530 | $ 800,212 |
Depreciation and amortization | 4,106 | 4,395 | 13,183 | 13,898 |
Operating income | 5,286 | 27 | 25,970 | 8,401 |
Other income (loss), net | (22) | 21 | (76) | (42) |
Income before interest and income taxes | 5,264 | 48 | 25,894 | 8,359 |
Interest and other expense on debt | 1,966 | 1,336 | 5,380 | 3,895 |
Income (loss) before income taxes | 3,298 | (1,288) | 20,514 | 4,464 |
Carbon Flat Products [Member] | ||||
Net sales | 215,843 | 169,372 | 669,817 | 503,928 |
Depreciation and amortization | 2,493 | 2,795 | 8,287 | 8,737 |
Operating income | 3,698 | (3,613) | 18,312 | (122) |
Specialty Metals Flat Products [Member] | ||||
Net sales | 57,554 | 49,539 | 173,789 | 144,898 |
Depreciation and amortization | 185 | 203 | 609 | 586 |
Operating income | 2,074 | 3,003 | 8,918 | 7,326 |
Tubular and Pipe Products [Member] | ||||
Net sales | 58,045 | 49,344 | 178,924 | 151,386 |
Depreciation and amortization | 1,403 | 1,372 | 4,211 | 4,499 |
Operating income | 1,608 | 2,773 | 6,439 | 7,149 |
Corporate Segment [Member] | ||||
Depreciation and amortization | 25 | 25 | 76 | 76 |
Operating income | $ (2,094) | $ (2,136) | $ (7,699) | $ (5,952) |
Note 11 - Segment Information45
Note 11 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Capital expenditures | $ 2,001 | $ 1,738 | $ 6,470 | $ 5,335 | |
Assets | 624,898 | 556,068 | 624,898 | 556,068 | $ 556,068 |
Specialty Metals Flat Products [Member] | |||||
Capital expenditures | 1,110 | 1,145 | 4,292 | 3,930 | |
Assets | 427,786 | 363,626 | 427,786 | 363,626 | |
Tubular and Pipe Products [Member] | |||||
Capital expenditures | 891 | 593 | 2,178 | 1,405 | |
Assets | 196,834 | 192,088 | 196,834 | 192,088 | |
Corporate Segment [Member] | |||||
Assets | $ 278 | $ 354 | $ 278 | $ 354 |