Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 21, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000095574 | |
Entity Registrant Name | SUPERIOR GROUP OF COMPANIES, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-05869 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 11-1385670 | |
Entity Address, Address Line One | 10055 Seminole Boulevard | |
Entity Address, City or Town | Seminole | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33772-2539 | |
City Area Code | 727 | |
Local Phone Number | 397-9611 | |
Title of 12(b) Security | Common Stock $0.001 par value per share | |
Trading Symbol | SGC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,931,446 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net sales | $ 130,787 | $ 159,359 | $ 271,634 | $ 253,604 |
Costs and expenses: | ||||
Cost of goods sold | 83,629 | 103,421 | 175,433 | 164,215 |
Selling and administrative expenses | 33,906 | 36,298 | 69,017 | 63,787 |
Other periodic pension costs | 440 | 333 | 869 | 618 |
Pension plan termination charge | 6,945 | 0 | 6,945 | 0 |
Interest expense | 330 | 433 | 605 | 1,493 |
Costs and Expenses, Excluding Gain on Sale of Property Plant and Equipment | 125,250 | 140,485 | 252,869 | 230,113 |
Income before taxes on income | 5,537 | 18,874 | 18,765 | 23,491 |
Income tax expense | 960 | 3,700 | 3,710 | 4,950 |
Net income | $ 4,577 | $ 15,174 | $ 15,055 | $ 18,541 |
Net income per share: | ||||
Net income per share, basic (in dollars per share) | $ 0.30 | $ 1.01 | $ 0.98 | $ 1.23 |
Net income per share, diluted (in dollars per share) | $ 0.28 | $ 1 | $ 0.94 | $ 1.22 |
Weighted average shares outstanding during the period: | ||||
Weighted average number of shares outstanding during the period, basic (in shares) | 15,433,412 | 15,016,062 | 15,327,374 | 15,020,457 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 16,087,736 | 15,171,086 | 16,039,605 | 15,185,992 |
Other comprehensive income (loss), net of tax: | ||||
Recognition of net losses included in net periodic pension costs | $ 391 | $ 237 | $ 1,105 | $ 480 |
Recognition of settlement loss included in net periodic pension costs | 0 | 147 | 0 | 252 |
Recognition of net losses included in pension plan termination charges | 5,230 | 0 | 5,230 | 0 |
Loss on cash flow hedging activities | (6) | (6) | (11) | (11) |
Foreign currency translation adjustment | 1,033 | (162) | 386 | (1,401) |
Other comprehensive income | 6,648 | 216 | 6,710 | (680) |
Comprehensive income | $ 11,225 | $ 15,390 | $ 21,765 | $ 17,861 |
Cash dividends per common share (in dollars per share) | $ 0.12 | $ 0 | $ 0.22 | $ 0.10 |
Net sales | $ 130,787 | $ 159,359 | $ 271,634 | $ 253,604 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 7,530 | $ 5,172 |
Accounts receivable, less allowance for doubtful accounts of $5,466 and $7,667, respectively | 101,591 | 101,902 |
Accounts receivable - other | 2,999 | 1,356 |
Inventories | 98,572 | 89,766 |
Contract assets | 41,151 | 39,231 |
Prepaid expenses and other current assets | 13,805 | 11,030 |
Total current assets | 265,648 | 248,457 |
Property, plant and equipment, net | 45,070 | 36,644 |
Operating lease right-of-use assets | 5,872 | 3,826 |
Intangible assets, net | 60,476 | 58,746 |
Goodwill | 38,618 | 36,116 |
Other assets | 13,062 | 10,135 |
Total assets | 428,746 | 393,924 |
Current liabilities: | ||
Accounts payable | 38,039 | 39,327 |
Other current liabilities | 33,790 | 44,670 |
Current portion of long-term debt | 15,286 | 15,286 |
Current portion of acquisition-related contingent liabilities | 3,362 | 5,589 |
Total current liabilities | 90,477 | 104,872 |
Long-term debt | 98,205 | 72,372 |
Long-term pension liability | 14,443 | 14,574 |
Long-term acquisition-related contingent liabilities | 0 | 1,892 |
Long-term operating lease liabilities | 1,952 | 1,599 |
Deferred tax liability | 1,353 | 450 |
Other long-term liabilities | 8,801 | 6,535 |
Commitments and contingencies (Note 6) | ||
Shareholders’ equity: | ||
Preferred stock, $.001 par value - authorized 300,000 shares (none issued) | 0 | 0 |
Common stock, $.001 par value - authorized 50,000,000 shares, issued and outstanding 15,824,530 and 15,391,660 shares, respectively. | 16 | 15 |
Additional paid-in capital | 65,578 | 61,844 |
Retained earnings | 153,412 | 141,972 |
Accumulated other comprehensive income (loss), net of tax: | ||
Pensions | (4,563) | (10,898) |
Cash flow hedges | 58 | 69 |
Foreign currency translation adjustment | (986) | (1,372) |
Total shareholders’ equity | 213,515 | 191,630 |
Total liabilities and shareholders’ equity | $ 428,746 | $ 393,924 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance for doubtful accounts | $ 5,466 | $ 7,667 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 300,000 | 300,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 15,824,530 | 15,391,660 |
Common stock, shares outstanding (in shares) | 15,824,530 | 15,391,660 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 15,227,604 | ||||
Balance at Dec. 31, 2019 | $ 15 | $ 57,442 | $ 107,581 | $ (7,484) | $ 157,554 |
Common shares issued upon exercise of options, net (in shares) | 9,620 | ||||
Common shares issued upon exercise of options, net | 50 | (17) | 33 | ||
Share-based compensation expense | 1,061 | 1,061 | |||
Net earnings | 18,541 | 18,541 | |||
Cash flow hedges, net of taxes | (11) | (11) | |||
Pensions, net of taxes | 732 | 732 | |||
Change in currency translation adjustment, net of taxes | (1,401) | (1,401) | |||
Restricted shares issued (in shares) | 38,015 | ||||
Restricted shares issued | 0 | ||||
Cash dividends declared | (1,521) | (1,521) | |||
Tax benefit from vesting of acquisition-related restricted stock | (13) | (13) | |||
Common stock reacquired and retired (in shares) | (43,458) | ||||
Common stock reacquired and retired | (159) | (341) | (500) | ||
Balance (in shares) at Jun. 30, 2020 | 15,231,781 | ||||
Balance at Jun. 30, 2020 | $ 15 | 58,381 | 124,243 | (8,164) | 174,475 |
Balance (in shares) at Mar. 31, 2020 | 15,222,161 | ||||
Balance at Mar. 31, 2020 | $ 15 | 57,669 | 109,086 | (8,380) | 158,390 |
Common shares issued upon exercise of options, net (in shares) | 9,620 | ||||
Common shares issued upon exercise of options, net | 50 | (17) | 33 | ||
Share-based compensation expense | 662 | 662 | |||
Net earnings | 15,174 | 15,174 | |||
Cash flow hedges, net of taxes | (6) | (6) | |||
Pensions, net of taxes | 384 | 384 | |||
Change in currency translation adjustment, net of taxes | (162) | (162) | |||
Balance (in shares) at Jun. 30, 2020 | 15,231,781 | ||||
Balance at Jun. 30, 2020 | $ 15 | 58,381 | 124,243 | (8,164) | $ 174,475 |
Balance (in shares) at Dec. 31, 2020 | 15,391,660 | 15,391,660 | |||
Balance at Dec. 31, 2020 | $ 15 | 61,844 | 141,972 | (12,201) | $ 191,630 |
Common shares issued upon exercise of options, net (in shares) | 230,158 | 234,092 | |||
Common shares issued upon exercise of options, net | $ 1 | 2,299 | (178) | $ 2,122 | |
Share-based compensation expense | 1,669 | 1,669 | |||
Net earnings | 15,055 | 15,055 | |||
Cash flow hedges, net of taxes | (11) | (11) | |||
Pensions, net of taxes | 6,335 | 6,335 | |||
Change in currency translation adjustment, net of taxes | 386 | 386 | |||
Performance based shares issued (in shares) | 42,823 | ||||
Performance based shares issued | 0 | ||||
Restricted shares issued (in shares) | 159,889 | ||||
Restricted shares issued | 0 | ||||
Tax withheld on exercise of performance based shares | (405) | (405) | |||
Cash dividends declared | (3,437) | (3,437) | |||
Tax benefit from vesting of acquisition-related restricted stock | 171 | $ 171 | |||
Balance (in shares) at Jun. 30, 2021 | 15,824,530 | 15,824,530 | |||
Balance at Jun. 30, 2021 | $ 16 | 65,578 | 153,412 | (5,491) | $ 213,515 |
Balance (in shares) at Mar. 31, 2021 | 15,582,835 | ||||
Balance at Mar. 31, 2021 | $ 15 | 62,773 | 150,734 | (12,139) | 201,383 |
Share-based compensation expense | 837 | 837 | |||
Net earnings | 4,577 | 4,577 | |||
Cash flow hedges, net of taxes | (6) | (6) | |||
Pensions, net of taxes | 5,621 | 5,621 | |||
Change in currency translation adjustment, net of taxes | 1,033 | 1,033 | |||
Common shares issued upon exercise of options and SARs, net (in shares) | 219,412 | ||||
Common shares issued upon exercise of options and SARs, net | $ 1 | 2,001 | (10) | 1,992 | |
Performance based shares issued (in shares) | 3,148 | ||||
Performance based shares issued | 0 | ||||
Restricted shares issued (in shares) | 19,135 | ||||
Restricted shares issued | 0 | ||||
Tax withheld on exercise of performance based shares | (33) | (33) | |||
Cash dividends declared | (1,889) | $ (1,889) | |||
Balance (in shares) at Jun. 30, 2021 | 15,824,530 | 15,824,530 | |||
Balance at Jun. 30, 2021 | $ 16 | $ 65,578 | $ 153,412 | $ (5,491) | $ 213,515 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flow hedges, tax | $ 1 | $ 1 | $ 2 | $ 2 |
Pensions, tax | 2,755 | 121 | 2,641 | 230 |
Change in currency translation adjustment, tax | $ 0 | 52 | $ 0 | $ 449 |
Cash dividends declared, per share (in dollars per share) | $ 0.12 | $ 0.22 | $ 0.10 | |
Pensions, tax | $ 2,755 | $ 121 | $ 2,641 | $ 230 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 15,055 | $ 18,541 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,373 | 3,959 |
Provision for bad debts - accounts receivable | 1,244 | 4,517 |
Share-based compensation expense | 1,669 | 1,061 |
Deferred income tax benefit | (1,126) | (2,417) |
Change in fair value of acquisition-related contingent liabilities | 1,741 | 1,165 |
Pension plan termination charge | 6,945 | 0 |
Changes in assets and liabilities, net of acquisition of business: | ||
Accounts receivable | (896) | (12,261) |
Accounts receivable - other | (1,392) | 264 |
Contract assets | (1,868) | 3,404 |
Inventories | (8,738) | 492 |
Prepaid expenses and other current assets | (2,565) | (1,479) |
Other assets | (2,306) | 390 |
Accounts payable and other current liabilities | (14,535) | 21,023 |
Payment of acquisition-related contingent liabilities | (4,220) | 0 |
Long-term pension liability | 1,289 | 639 |
Other long-term liabilities | 2,320 | 464 |
Net cash provided by (used in) operating activities | (3,010) | 39,762 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (11,326) | (4,893) |
Acquisition of business | (6,026) | 0 |
Net cash used in investing activities | (17,352) | (4,893) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings of debt | 127,574 | 77,525 |
Repayment of debt | (101,801) | (111,838) |
Payment of cash dividends | (3,437) | (1,521) |
Payment of acquisition-related contingent liability | (1,641) | (1,966) |
Proceeds received on exercise of stock options | 2,122 | 33 |
Tax withholdings on exercise of performance based stock | (405) | 0 |
Tax (provision) benefit from vesting of acquisition-related restricted stock | 171 | (13) |
Common stock reacquired and retired | 0 | (500) |
Net cash provided by (used in) financing activities | 22,583 | (38,280) |
Effect of currency exchange rates on cash | 137 | (525) |
Net increase (decrease) in cash and cash equivalents | 2,358 | (3,936) |
Cash and cash equivalents balance, beginning of period | 5,172 | 9,038 |
Cash and cash equivalents balance, end of period | $ 7,530 | $ 5,102 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 : Description of business Superior Group of Companies, Inc. (together with its subsidiaries, “the Company,” “Superior,” “we,” “our,” or “us”) was organized in 1920 1922 1998, May 3, 2018, Superior’s Uniforms and Related Products segment, through its primary signature marketing brands Fashion Seal Healthcare®, HPI®, and WonderWink®, manufactures (through third Superior services its Remote Staffing Solutions segment through multiple The Office Gurus® entities, including its subsidiaries in El Salvador, Belize, Jamaica, and the United States (collectively, “TOG”). TOG is primarily a near-shore premium provider of cost effective multilingual telemarketing and business process outsourced solutions. The Promotional Products segment, through the BAMKO®, Public Identity®, Tangerine® and Gifts by Design brands, services customers that purchase primarily promotional and related products. The segment currently has sales offices in the United States, Brazil and Canada with support services in China, Hong Kong and India. Basis of presentation The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Intercompany items have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2020 not We refer to the condensed consolidated financial statements collectively as “financial statements,” and individually as “statements of comprehensive income,” “balance sheets,” “statements of shareholders’ equity,” and “statements of cash flows” herein. Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 January 1, 2021, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 ” February 2020, 2020 2, Financial Instruments – Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may not may December 31, 2022. |
Note 2 - Inventories
Note 2 - Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 Inventories consisted of the following amounts (in thousands): June 30, December 31, 2021 2020 Finished goods $ 84,189 $ 73,979 Work in process 2,016 1,634 Raw materials 12,367 14,153 Inventories $ 98,572 $ 89,766 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 3 Debt consisted of the following (in thousands): June 30, December 31, 2021 2020 Credit Facilities: Revolving credit facility due February 2026 $ 51,307 $ 17,589 Term loan due February 2024 (“2017 Term Loan”) 18,000 21,000 Term loan due January 2026 (“2018 Term Loan”) 44,881 49,524 114,188 88,113 Less: Payments due within one year included in current liabilities 15,286 15,286 Debt issuance costs 697 455 Long-term debt less current maturities $ 98,205 $ 72,372 The Company is party to an amended and restated credit agreement with Truist Bank, consisting of a revolving credit facility, a term loan maturing in February 2024 ( “2017 January 2026 ( “2018 2017 2018 On February 8, 2021, February 8, 2026. 2017 2018 zero not Obligations outstanding under the 2018 June 30, 2021 2017 one 2017 June 30, 2021 June 30, 2021 Contractual principal payments for the 2017 2021 2022 2023 2024 2018 2021 2022 2025 2026 not The Company is a party to an interest rate swap with a total notional value of $8.3 million as of June 30, 2021 February 2024. not No six June 30, 2021 six June 30, 2020 |
Note 4 - Periodic Pension Expen
Note 4 - Periodic Pension Expense | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | N OTE 4 – Periodic Pension Expense: The Company had previously sponsored two noncontributory qualified defined benefit pension plans, providing for normal retirement at age 65, June 30, 2013, no December 31, 2014, no two second 2021. The Company is also the sponsor of an unfunded supplemental executive retirement plan in which several of its employees are participants. The following table details the net periodic pension expense under the Company’s plans for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Service cost - benefits earned during the period $ 46 $ 38 $ 92 $ 76 Interest cost on projected benefit obligation 153 216 340 432 Expected return on plan assets (239 ) (389 ) (597 ) (778 ) Recognized actuarial loss 526 313 1,126 633 Settlement loss - 193 - 331 Pension plan termination charge 6,945 - 6,945 - Net periodic pension cost after settlements $ 7,431 $ 371 $ 7,906 $ 694 The pension settlement losses included in the table above resulted from lump sum pension payments made to various employees upon their retirement or termination during the periods specified. The pension settlement losses did not In the second 2021, two three six June 30, 2021, not June 30, 2021, |
Note 5 - Net Sales
Note 5 - Net Sales | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 5 For our Uniforms and Related Products and Promotional Products segments, revenue is primarily generated from the sale of finished products to customers. Revenue for our Uniforms and Related Products and Promotional Products segments is recognized when the performance obligations under the contract terms are satisfied. For certain contracts with customers in which the Company has an enforceable right to payment for goods with no not For our Remote Staffing segment, revenue is generated from providing our customers with staffing solution services. Revenue for our Remote Staffing segment is recognized as services are delivered. Revenue is measured at the amount of consideration we expect to receive in exchange for the goods or services. Variable consideration for estimated returns, allowances and other price variances is recorded based upon historical experience and current allowance programs. Contract termination terms may not not one one The following table presents disaggregated revenue by operating segment for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Uniforms and Related Products Segment: Uniforms and related products $ 62,430 $ 66,977 $ 120,459 $ 125,612 Personal protective equipment 5,763 8,865 18,302 10,332 Total Uniforms and Related Products Segment $ 68,193 $ 75,842 $ 138,761 $ 135,944 Remote Staffing Solutions Segment: Remote staffing solutions services $ 15,653 $ 9,351 $ 28,683 $ 18,551 Net intersegment eliminations (1,737 ) (1,290 ) (3,362 ) (2,525 ) Total Remote Staffing Solutions Segment $ 13,916 $ 8,061 $ 25,321 $ 16,026 Promotional Products Segment: Promotional products $ 47,730 $ 25,772 $ 92,386 $ 51,950 Personal protective equipment 948 49,684 15,166 49,684 Total Promotional Products Segment $ 48,678 $ 75,456 $ 107,552 $ 101,634 Consolidated Net Sales $ 130,787 $ 159,359 $ 271,634 $ 253,604 Contract Assets and Contract Liabilities The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers (in thousands): June 30, December 31, 2021 2020 Accounts receivable $ 101,591 $ 101,902 Current contract assets 41,151 39,231 Current contract liabilities 5,559 5,074 Contract assets relate to goods produced without an alternative use for which the Company has an enforceable right to payment but which have not December 31, 2020 six June 30, 2021 six June 30, 2021 December 31, 2020 |
Note 6 - Contingencies
Note 6 - Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6 – Contingencies: The purchase price to acquire substantially all of the assets of BAMKO, Inc. (“BAMKO”) in 2016 2021. June 30, 2021 second 2022. 2017 2021. June 30, 2021 second 2022. may may The Company is involved in various legal actions and claims arising from the normal course of business. In the opinion of management, the ultimate outcome of these matters is not |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 7 : Share-based compensation is recorded in selling and administrative expense in the statements of comprehensive income. The following table details the share-based compensation expense by type of award and the total related tax benefit for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options and SARs $ 326 $ 345 $ 778 $ 510 Restricted stock 435 203 638 363 Performance shares 76 114 253 188 Total share-based compensation expense $ 837 $ 662 $ 1,669 $ 1,061 Stock options and Stock Appreciation Rights (“SARs”) The Company grants stock options and stock-settled SARs to employees that allow them to purchase shares of the Company’s common stock. Stock options are also granted to outside members of the Board of Directors of the Company. The Company determines the fair value of stock options and SARs at the date of grant using the Black-Scholes valuation model. All stock options and SARs granted prior to August 3, 2018 one two five ten A summary of stock option transactions during the six June 30, 2021 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 970,022 $ 12.92 3.74 $ 11,128 Granted (1) 114,263 25.80 Exercised (234,092 ) 9.96 Lapsed or cancelled (12,740 ) 14.09 Outstanding, June 30, 2021 837,453 15.49 3.60 7,268 Exercisable, June 30, 2021 484,635 14.38 3.07 4,624 ( 1 The weighted average grant date fair value of stock options granted was $10.28 per share. As of June 30, 2021 A summary of stock-settled SARs transactions during the six June 30, 2021 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 317,128 $ 13.47 3.36 $ 2,031 Granted (1) 31,687 25.75 Exercised (21,438 ) 16.19 Outstanding, June 30, 2021 327,377 14.48 3.14 3,146 Exercisable, June 30, 2021 165,586 15.08 2.50 1,462 ( 1 The weighted average grant date fair value of SARs granted was $10.09 per share. As of June 30, 2021 Restricted Stock The Company has granted shares of restricted stock to directors and certain employees, which vest at a specified future date, generally after three five 2013 “2013 A summary of restricted stock transactions during the six June 30, 2021 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 157,244 $ 16.84 Granted 159,889 22.62 Vested (24,908 ) 23.55 Outstanding, June 30, 2021 292,225 19.43 As of June 30, 2021 Performance Shares Certain employees received service-based or service-based and performance-based shares, to which we collectively refer to as performance shares. The service-based awards vest after the service period is met, which is generally three five five 2013 A summary of performance share transactions during the six June 30, 2021 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 186,264 $ 18.28 Granted 34,135 23.20 Vested (57,255 ) 17.54 Forfeited (36,141 ) 15.19 Outstanding, June 30, 2021 127,003 20.82 As of June 30, 2021 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 – Income Taxes: The Company calculates its interim income tax provision in accordance with the accounting guidance for income taxes in interim periods. At the end of each interim period, the Company makes its best estimate of the annual expected effective tax rate and applies that rate to its ordinary year-to-date income or loss. The tax expense or benefit related to significant, unusual, or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. The computation of the annual expected effective tax rate at each interim period requires certain estimates and assumptions including, but not may For the three June 30, 2021 three June 30, 2020 six June 30, 2021 six June 30, 2020 three six June 30, 2021 three six June 30, 2021 |
Note 9 - Net Income Per Share
Note 9 - Net Income Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9 – Net Income Per Share: The Company’s basic net income per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income per share includes the effect of the Company’s outstanding stock options, stock appreciation rights, unvested shares of restricted stock and unvested performance shares, if the inclusion of these items is dilutive. The following table presents a reconciliation of basic and diluted net income per share for the three six June 30, 2021 2020 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income used in the computation of basic and diluted net income per share (in thousands) $ 4,577 $ 15,174 $ 15,055 $ 18,541 Weighted average shares outstanding - basic 15,433,412 15,016,062 15,327,374 15,020,457 Dilutive common stock equivalents 654,324 155,024 712,231 165,535 Weighted average shares outstanding - diluted 16,087,736 15,171,086 16,039,605 15,185,992 Net income per share: Basic $ 0.30 $ 1.01 $ 0.98 $ 1.23 Diluted $ 0.28 $ 1.00 $ 0.94 $ 1.22 Awards to purchase 145,950 and 442,931 shares of common stock with weighted average exercise prices of $25.79 and $19.06 per share were outstanding during the three June 30, 2021 2020 not Awards to purchase 139,075 and 446,061 shares of common stock with weighted average exercise prices of $25.77 and $19.07 per share were outstanding during the six June 30, 2021 2020 not |
Note 10 - Operating Segment Inf
Note 10 - Operating Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | OTE 10 – Operating Segment Information : The Company classifies its businesses into three operating segments based on the types of products and services provided. The Uniforms and Related Products segment consists of sales to customers of uniforms and related items. The Remote Staffing Solutions segment consists of sales of staffing solutions. The Promotional Products segment consists of sales to customers of promotional products and other branded merchandise. The Company evaluates the performance of each operating segment based on several factors of which the primary financial measures are net sales and income before taxes on income. Amounts for corporate expenses are included in the totals for the Uniforms and Related Products segment. The following tables set forth financial information related to the Company’s operating segments (in thousands): Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended June 30, 2021: Net sales $ 68,193 $ 15,653 $ 48,678 $ (1,737 ) $ 130,787 Cost of goods sold 45,297 6,369 32,723 (760 ) 83,629 Gross margin 22,896 9,284 15,955 (977 ) 47,158 Selling and administrative expenses 18,420 5,562 10,901 (977 ) 33,906 Other periodic pension cost 440 - - - 440 Pension plan termination charge 6,945 - - - 6,945 Interest expense 292 - 38 - 330 Income (loss) before taxes on income $ (3,201 ) $ 3,722 $ 5,016 $ - $ 5,537 Depreciation and amortization $ 1,453 $ 322 $ 381 $ - $ 2,156 Capital expenditures $ 3,735 $ 709 $ 146 $ - $ 4,590 Total assets $ 290,774 $ 26,346 $ 111,626 $ - $ 428,746 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended June 30, 2020: Net sales $ 75,842 $ 9,351 $ 75,456 $ (1,290 ) $ 159,359 Cost of goods sold 47,937 4,239 51,725 (480 ) 103,421 Gross margin 27,905 5,112 23,731 (810 ) 55,938 Selling and administrative expenses 20,014 3,517 13,577 (810 ) 36,298 Other periodic pension cost 333 - - - 333 Interest expense 338 - 95 - 433 Income before taxes on income $ 7,220 $ 1,595 $ 10,059 $ - $ 18,874 Depreciation and amortization $ 1,551 $ 197 $ 342 $ - $ 2,090 Capital expenditures $ 2,600 $ 180 $ 40 $ - $ 2,820 Total assets $ 252,503 $ 21,030 $ 84,637 $ - $ 358,170 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Six Months Ended June 30, 2021: Net sales $ 138,761 $ 28,683 $ 107,552 $ (3,362 ) $ 271,634 Cost of goods sold 92,022 11,678 73,181 (1,448 ) 175,433 Gross margin 46,739 17,005 34,371 (1,914 ) 96,201 Selling and administrative expenses 38,802 10,284 21,845 (1,914 ) 69,017 Other periodic pension cost 869 - - - 869 Pension plan termination charge 6,945 - - - 6,945 Interest expense 553 - 52 - 605 Income (loss) before taxes on income $ (430 ) $ 6,721 $ 12,474 $ - $ 18,765 Depreciation and amortization $ 2,886 $ 616 $ 871 $ - $ 4,373 Capital expenditures $ 9,911 $ 1,116 $ 299 $ - $ 11,326 Total assets $ 290,774 $ 26,346 $ 111,626 $ - $ 428,746 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Six Months Ended June 30, 2020: Net sales $ 135,944 $ 18,551 $ 101,634 $ (2,525 ) $ 253,604 Cost of goods sold 86,609 8,227 70,324 (945 ) 164,215 Gross margin 49,335 10,324 31,310 (1,580 ) 89,389 Selling and administrative expenses 38,239 6,913 20,215 (1,580 ) 63,787 Other periodic pension cost 618 - - - 618 Interest expense 1,210 - 283 - 1,493 Income before taxes on income $ 9,268 $ 3,411 $ 10,812 $ - $ 23,491 Depreciation and amortization $ 2,861 $ 414 $ 684 $ - $ 3,959 Capital expenditures $ 4,452 $ 346 $ 95 $ - $ 4,893 Total assets $ 252,503 $ 21,030 $ 84,637 $ - $ 358,170 |
Note 11 - Acquisition of Busine
Note 11 - Acquisition of Businesses | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 11 Acquisition of Businesses: Gifts By Design, Inc. On January 29, 2021, Assets Acquired and Liabilities Assumed The total purchase price was allocated to the tangible and intangible assets and liabilities of Gifts by Design based on their estimated fair values as of the acquisition date. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed was allocated to goodwill. The following table presents the allocation of the total fair value of consideration transferred, as shown above, to the acquired tangible and intangible assets and liabilities of Gifts by Design based on their estimated fair values as of the effective date of the transaction (in thousands): Accounts receivable $ 251 Prepaid expenses and other current assets 196 Property, plant and equipment 60 Identifiable intangible assets 3,673 Goodwill 2,417 Total assets $ 6,597 Accounts payable 199 Other current liabilities 372 Total liabilities $ 571 The amounts in the table above are reflective of measurement period adjustments made during the three six June 30, 2021 not The Company recorded $3.7 million in identifiable intangibles at fair value, consisting of $2.5 million in acquired customer relationships and $1.2 million for the brand name. The intangible assets associated with the customer relationships are being amortized for seven not six June 30, 2021 The difference between the fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed was recorded as goodwill, which is primarily attributed to the assembled workforce and expanded market opportunities. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Intercompany items have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2020 not We refer to the condensed consolidated financial statements collectively as “financial statements,” and individually as “statements of comprehensive income,” “balance sheets,” “statements of shareholders’ equity,” and “statements of cash flows” herein. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 January 1, 2021, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 ” February 2020, 2020 2, Financial Instruments – Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. In March 2020, 2020 04, Reference Rate Reform (Topic 848 may not may December 31, 2022. |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2021 2020 Finished goods $ 84,189 $ 73,979 Work in process 2,016 1,634 Raw materials 12,367 14,153 Inventories $ 98,572 $ 89,766 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, 2021 2020 Credit Facilities: Revolving credit facility due February 2026 $ 51,307 $ 17,589 Term loan due February 2024 (“2017 Term Loan”) 18,000 21,000 Term loan due January 2026 (“2018 Term Loan”) 44,881 49,524 114,188 88,113 Less: Payments due within one year included in current liabilities 15,286 15,286 Debt issuance costs 697 455 Long-term debt less current maturities $ 98,205 $ 72,372 |
Note 4 - Periodic Pension Exp_2
Note 4 - Periodic Pension Expense (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Service cost - benefits earned during the period $ 46 $ 38 $ 92 $ 76 Interest cost on projected benefit obligation 153 216 340 432 Expected return on plan assets (239 ) (389 ) (597 ) (778 ) Recognized actuarial loss 526 313 1,126 633 Settlement loss - 193 - 331 Pension plan termination charge 6,945 - 6,945 - Net periodic pension cost after settlements $ 7,431 $ 371 $ 7,906 $ 694 |
Note 5 - Net Sales (Tables)
Note 5 - Net Sales (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Uniforms and Related Products Segment: Uniforms and related products $ 62,430 $ 66,977 $ 120,459 $ 125,612 Personal protective equipment 5,763 8,865 18,302 10,332 Total Uniforms and Related Products Segment $ 68,193 $ 75,842 $ 138,761 $ 135,944 Remote Staffing Solutions Segment: Remote staffing solutions services $ 15,653 $ 9,351 $ 28,683 $ 18,551 Net intersegment eliminations (1,737 ) (1,290 ) (3,362 ) (2,525 ) Total Remote Staffing Solutions Segment $ 13,916 $ 8,061 $ 25,321 $ 16,026 Promotional Products Segment: Promotional products $ 47,730 $ 25,772 $ 92,386 $ 51,950 Personal protective equipment 948 49,684 15,166 49,684 Total Promotional Products Segment $ 48,678 $ 75,456 $ 107,552 $ 101,634 Consolidated Net Sales $ 130,787 $ 159,359 $ 271,634 $ 253,604 |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | June 30, December 31, 2021 2020 Accounts receivable $ 101,591 $ 101,902 Current contract assets 41,151 39,231 Current contract liabilities 5,559 5,074 |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options and SARs $ 326 $ 345 $ 778 $ 510 Restricted stock 435 203 638 363 Performance shares 76 114 253 188 Total share-based compensation expense $ 837 $ 662 $ 1,669 $ 1,061 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 970,022 $ 12.92 3.74 $ 11,128 Granted (1) 114,263 25.80 Exercised (234,092 ) 9.96 Lapsed or cancelled (12,740 ) 14.09 Outstanding, June 30, 2021 837,453 15.49 3.60 7,268 Exercisable, June 30, 2021 484,635 14.38 3.07 4,624 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2021 317,128 $ 13.47 3.36 $ 2,031 Granted (1) 31,687 25.75 Exercised (21,438 ) 16.19 Outstanding, June 30, 2021 327,377 14.48 3.14 3,146 Exercisable, June 30, 2021 165,586 15.08 2.50 1,462 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 157,244 $ 16.84 Granted 159,889 22.62 Vested (24,908 ) 23.55 Outstanding, June 30, 2021 292,225 19.43 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2021 186,264 $ 18.28 Granted 34,135 23.20 Vested (57,255 ) 17.54 Forfeited (36,141 ) 15.19 Outstanding, June 30, 2021 127,003 20.82 |
Note 9 - Net Income Per Share (
Note 9 - Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income used in the computation of basic and diluted net income per share (in thousands) $ 4,577 $ 15,174 $ 15,055 $ 18,541 Weighted average shares outstanding - basic 15,433,412 15,016,062 15,327,374 15,020,457 Dilutive common stock equivalents 654,324 155,024 712,231 165,535 Weighted average shares outstanding - diluted 16,087,736 15,171,086 16,039,605 15,185,992 Net income per share: Basic $ 0.30 $ 1.01 $ 0.98 $ 1.23 Diluted $ 0.28 $ 1.00 $ 0.94 $ 1.22 |
Note 10 - Operating Segment I_2
Note 10 - Operating Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended June 30, 2021: Net sales $ 68,193 $ 15,653 $ 48,678 $ (1,737 ) $ 130,787 Cost of goods sold 45,297 6,369 32,723 (760 ) 83,629 Gross margin 22,896 9,284 15,955 (977 ) 47,158 Selling and administrative expenses 18,420 5,562 10,901 (977 ) 33,906 Other periodic pension cost 440 - - - 440 Pension plan termination charge 6,945 - - - 6,945 Interest expense 292 - 38 - 330 Income (loss) before taxes on income $ (3,201 ) $ 3,722 $ 5,016 $ - $ 5,537 Depreciation and amortization $ 1,453 $ 322 $ 381 $ - $ 2,156 Capital expenditures $ 3,735 $ 709 $ 146 $ - $ 4,590 Total assets $ 290,774 $ 26,346 $ 111,626 $ - $ 428,746 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Three Months Ended June 30, 2020: Net sales $ 75,842 $ 9,351 $ 75,456 $ (1,290 ) $ 159,359 Cost of goods sold 47,937 4,239 51,725 (480 ) 103,421 Gross margin 27,905 5,112 23,731 (810 ) 55,938 Selling and administrative expenses 20,014 3,517 13,577 (810 ) 36,298 Other periodic pension cost 333 - - - 333 Interest expense 338 - 95 - 433 Income before taxes on income $ 7,220 $ 1,595 $ 10,059 $ - $ 18,874 Depreciation and amortization $ 1,551 $ 197 $ 342 $ - $ 2,090 Capital expenditures $ 2,600 $ 180 $ 40 $ - $ 2,820 Total assets $ 252,503 $ 21,030 $ 84,637 $ - $ 358,170 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Six Months Ended June 30, 2021: Net sales $ 138,761 $ 28,683 $ 107,552 $ (3,362 ) $ 271,634 Cost of goods sold 92,022 11,678 73,181 (1,448 ) 175,433 Gross margin 46,739 17,005 34,371 (1,914 ) 96,201 Selling and administrative expenses 38,802 10,284 21,845 (1,914 ) 69,017 Other periodic pension cost 869 - - - 869 Pension plan termination charge 6,945 - - - 6,945 Interest expense 553 - 52 - 605 Income (loss) before taxes on income $ (430 ) $ 6,721 $ 12,474 $ - $ 18,765 Depreciation and amortization $ 2,886 $ 616 $ 871 $ - $ 4,373 Capital expenditures $ 9,911 $ 1,116 $ 299 $ - $ 11,326 Total assets $ 290,774 $ 26,346 $ 111,626 $ - $ 428,746 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Six Months Ended June 30, 2020: Net sales $ 135,944 $ 18,551 $ 101,634 $ (2,525 ) $ 253,604 Cost of goods sold 86,609 8,227 70,324 (945 ) 164,215 Gross margin 49,335 10,324 31,310 (1,580 ) 89,389 Selling and administrative expenses 38,239 6,913 20,215 (1,580 ) 63,787 Other periodic pension cost 618 - - - 618 Interest expense 1,210 - 283 - 1,493 Income before taxes on income $ 9,268 $ 3,411 $ 10,812 $ - $ 23,491 Depreciation and amortization $ 2,861 $ 414 $ 684 $ - $ 3,959 Capital expenditures $ 4,452 $ 346 $ 95 $ - $ 4,893 Total assets $ 252,503 $ 21,030 $ 84,637 $ - $ 358,170 |
Note 11 - Acquisition of Busi_2
Note 11 - Acquisition of Businesses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 251 Prepaid expenses and other current assets 196 Property, plant and equipment 60 Identifiable intangible assets 3,673 Goodwill 2,417 Total assets $ 6,597 Accounts payable 199 Other current liabilities 372 Total liabilities $ 571 |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finished goods | $ 84,189 | $ 73,979 |
Work in process | 2,016 | 1,634 |
Raw materials | 12,367 | 14,153 |
Inventories | $ 98,572 | $ 89,766 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions | Feb. 08, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Interest Rate Swap [Member] | ||||
Derivative Liability, Notional Amount | $ 8.3 | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (0.3) | |||
Credit Agreement [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||
Credit Agreement [Member] | Term Loan 2 [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.94% | |||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 4.6 | |||
Long-Term Debt, Maturity, Year One | 9.3 | |||
Long-Term Debt, Maturity, Year Three | 9.3 | |||
Long-Term Debt, Maturity, Year Five | 3.1 | |||
Long-Term Debt, Maturity, Year Two | 9.3 | |||
Long-Term Debt, Maturity, Year Four | $ 9.3 | |||
Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.77% | |||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 3 | |||
Long-Term Debt, Maturity, Year One | 6 | |||
Long-Term Debt, Maturity, Year Three | 3 | |||
Long-Term Debt, Maturity, Year Two | $ 6 | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan 2 [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan 2 [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.68% | |||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.93% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.25% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | BB&T [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125 | $ 75 | ||
Credit Agreement [Member] | Revolving Credit Facility [Member] | BB&T [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.25% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Fifth Third Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.00% | |||
Credit Agreement [Member] | Letter of Credit [Member] | ||||
Letters of Credit Outstanding, Amount | $ 0.6 |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term debt, gross | $ 114,188 | $ 88,113 |
Payments due within one year included in current liabilities | 15,286 | 15,286 |
Debt issuance costs | 697 | 455 |
Long-term debt less current maturities | 98,205 | 72,372 |
Truist Bank [Member] | Term Loan Maturing February 26, 2024 [Member] | ||
Long-term debt, gross | 18,000 | 21,000 |
Truist Bank [Member] | Term Loan Maturing January 22, 2026 [Member] | ||
Long-term debt, gross | 44,881 | 49,524 |
Truist Bank [Member] | Revolving Credit Facility [Member] | ||
Long-term debt, gross | $ 51,307 | $ 17,589 |
Note 4 - Periodic Pension Exp_3
Note 4 - Periodic Pension Expense (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Mar. 31, 2021 | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Defined Benefit Plans Number of Plans | 2 | ||||
Defined Benefit Plans Retirement Age (Year) | 65 years | ||||
Defined Benefit Plan, Termination Charge | $ 6,945 | $ 0 | $ 6,945 | $ 0 | |
Noncontributory Qualified Defined Pension Plans [Member] | |||||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 13,800 | ||||
Defined Benefit Plan, Termination Charge | 6,900 | 6,900 | |||
Defined Benefit Plan, Remaining Undistributed Asset Surplus | 1,300 | 1,300 | |||
Noncontributory Qualified Defined Pension Plans [Member] | Annuitization Benefit [Member] | |||||
Guaranteed Benefit Liability, Net, Ending Balance | $ 3,000 | $ 3,000 |
Note 4 - Periodic Pension Exp_4
Note 4 - Periodic Pension Expense - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Service cost - benefits earned during the period | $ 46 | $ 38 | $ 92 | $ 76 |
Pension plan termination charge | 6,945 | 0 | 6,945 | 0 |
Pension Plan [Member] | ||||
Interest cost on projected benefit obligation | 153 | 216 | 340 | 432 |
Expected return on plan assets | (239) | (389) | (597) | (778) |
Recognized actuarial loss | 526 | 313 | 1,126 | 633 |
Settlement loss | 0 | 193 | 0 | 331 |
Net periodic pension cost after settlements | $ 7,431 | $ 371 | $ 7,906 | $ 694 |
Note 5 - Net Sales (Details Tex
Note 5 - Net Sales (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 3.8 |
Note 5 - Net Sales - Disaggrega
Note 5 - Net Sales - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net sales | $ 130,787 | $ 159,359 | $ 271,634 | $ 253,604 |
Intersegment Eliminations [Member] | ||||
Net sales | (1,737) | (1,290) | (3,362) | (2,525) |
Uniforms and Related Products [Member] | ||||
Net sales | 68,193 | 75,842 | 138,761 | 135,944 |
Uniforms and Related Products [Member] | Uniform and Related Product [Member] | ||||
Net sales | 62,430 | 66,977 | 120,459 | 125,612 |
Uniforms and Related Products [Member] | Protective Equipment [Member] | ||||
Net sales | 5,763 | 8,865 | 18,302 | 10,332 |
Remote Staffing Solutions [Member] | ||||
Net sales | 13,916 | 8,061 | 25,321 | 16,026 |
Remote Staffing Solutions [Member] | Intersegment Eliminations [Member] | ||||
Net sales | (1,737) | (1,290) | (3,362) | (2,525) |
Remote Staffing Solutions [Member] | Remote Staffing Solutions Services [Member] | ||||
Net sales | 15,653 | 9,351 | 28,683 | 18,551 |
Promotional Products [Member] | ||||
Net sales | 48,678 | 75,456 | 107,552 | 101,634 |
Promotional Products [Member] | Protective Equipment [Member] | ||||
Net sales | 948 | 49,684 | 15,166 | 49,684 |
Promotional Products [Member] | Promotional Product [Member] | ||||
Net sales | $ 47,730 | $ 25,772 | $ 92,386 | $ 51,950 |
Note 5 - Net Sales - Accounts R
Note 5 - Net Sales - Accounts Receivable and Contract Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts receivable | $ 101,591 | $ 101,902 |
Current contract assets | 41,151 | 39,231 |
Current contract liabilities | $ 5,559 | $ 5,074 |
Note 6 - Contingencies (Details
Note 6 - Contingencies (Details Textual) $ in Millions | Jun. 30, 2021USD ($) |
BAMKO [Member] | |
Business Combination, Contingent Consideration, Liability, Total | $ 2.3 |
BAMKO [Member] | Minimum [Member] | |
Business Combination, Contingent Consideration, Liability, Total | 2.3 |
BAMKO [Member] | Maximum [Member] | |
Business Combination, Contingent Consideration, Liability, Total | 2.8 |
Tangerine [Member] | |
Business Combination, Contingent Consideration, Liability, Total | 1.1 |
Tangerine [Member] | Minimum [Member] | |
Business Combination, Contingent Consideration, Liability, Total | 0.9 |
Tangerine [Member] | Maximum [Member] | |
Business Combination, Contingent Consideration, Liability, Total | $ 1.4 |
Note 7 - Share-based Compensa_3
Note 7 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.28 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.2 | $ 1.2 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | ||
Outside Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.3 | $ 0.3 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.09 | ||
Restricted Stock [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4.2 | $ 4.2 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 22.62 | ||
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Performance Shares [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.3 | $ 1.3 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.20 | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Share-based Payment Arrangement, Tranche One [Member] | Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||
Share-based Payment Arrangement, Tranche Two [Member] | Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years |
Note 7 - Share-based Compensa_4
Note 7 - Share-based Compensation - Shared-based Compensation Expense and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based compensation expense | $ 837 | $ 662 | $ 1,669 | $ 1,061 |
Stock Options and SARs [Member] | ||||
Share-based compensation expense | 326 | 345 | 778 | 510 |
Restricted Stock [Member] | ||||
Share-based compensation expense | 435 | 203 | 638 | 363 |
Performance Shares [Member] | ||||
Share-based compensation expense | $ 76 | $ 114 | $ 253 | $ 188 |
Note 7 - Share-based Compensa_5
Note 7 - Share-based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | ||
Outstanding, options (in shares) | 970,022 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 12.92 | ||
Outstanding, weighted average remaining life (Year) | 3 years 7 months 6 days | 3 years 8 months 26 days | |
Outstanding, aggregate intrinsic value | $ 7,268 | $ 11,128 | |
Granted (in shares) | [1] | 114,263 | |
Granted, weighted average exercise price (in dollars per share) | [1] | $ 25.80 | |
Exercised (in shares) | (234,092) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 9.96 | ||
Lapsed or cancelled (in shares) | (12,740) | ||
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 14.09 | ||
Outstanding, options (in shares) | 837,453 | 970,022 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 15.49 | $ 12.92 | |
Exercisable, options (in shares) | 484,635 | ||
Exercisable, weighted average exercise price, options (in dollars per share) | $ 14.38 | ||
Exercisable, weighted average remaining life, options (Year) | 3 years 25 days | ||
Exercisable, aggregate intrinsic value, options | $ 4,624 | ||
[1] | The weighted average grant date fair value of stock options granted was $10.28 per share. |
Note 7 - Share-based Compensa_6
Note 7 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | ||
Outstanding SARS (in shares) | 317,128 | ||
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 13.47 | ||
Outstanding SARS, weighted average remaining life (Year) | 3 years 1 month 20 days | 3 years 4 months 9 days | |
Outstanding SARS, aggregate intrinsic value | $ 3,146 | $ 2,031 | |
Granted SARs (in shares) | [1] | 31,687 | |
Granted SARS, weighted average exercise price (in dollars per share) | [1] | $ 25.75 | |
Exercised SARs (in shares) | (21,438) | ||
Exercised SARS, weighted average exercise price (in dollars per share) | $ 16.19 | ||
Outstanding SARS (in shares) | 327,377 | 317,128 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 14.48 | $ 13.47 | |
Exercisable (in shares) | 165,586 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 15.08 | ||
Exercisable, weighted average remaining life (Year) | 2 years 6 months | ||
Exercisable, aggregate intrinsic value | $ 1,462 | ||
[1] | The weighted average grant date fair value of SARs granted was $10.09 per share. |
Note 7 - Share-based Compensa_7
Note 7 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Outstanding (in shares) | shares | 157,244 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.84 |
Granted (in shares) | shares | 159,889 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.62 |
Vested (in shares) | shares | (24,908) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.55 |
Outstanding (in shares) | shares | 292,225 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.43 |
Note 7 - Share-based Compensa_8
Note 7 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Outstanding (in shares) | shares | 186,264 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.28 |
Granted (in shares) | shares | 34,135 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.20 |
Vested (in shares) | shares | (57,255) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.54 |
Forfeited (in shares) | shares | (36,141) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 15.19 |
Outstanding (in shares) | shares | 127,003 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.82 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Expense (Benefit), Total | $ 960 | $ 3,700 | $ 3,710 | $ 4,950 |
Effective Income Tax Rate Reconciliation, Percent, Total | 17.30% | 19.60% | 19.80% | 21.10% |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ (800) | |||
Income Tax Expense Related to Termination of Defined Benefit Plan | $ (600) |
Note 9 - Net Income Per Share_2
Note 9 - Net Income Per Share (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 145,950 | 442,931 | 139,075 | 446,061 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price (in dollars per share) | $ 25.79 | $ 19.06 | $ 25.77 | $ 19.07 |
Note 9 - Net Income Per Share -
Note 9 - Net Income Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | $ 4,577 | $ 15,174 | $ 15,055 | $ 18,541 |
Weighted average shares outstanding - basic (in shares) | 15,433,412 | 15,016,062 | 15,327,374 | 15,020,457 |
Dilutive common stock equivalents (in shares) | 654,324 | 155,024 | 712,231 | 165,535 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 16,087,736 | 15,171,086 | 16,039,605 | 15,185,992 |
Basic (in dollars per share) | $ 0.30 | $ 1.01 | $ 0.98 | $ 1.23 |
Diluted (in dollars per share) | $ 0.28 | $ 1 | $ 0.94 | $ 1.22 |
Note 10 - Operating Segment I_3
Note 10 - Operating Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
Number of Operating Segments | 3 |
Note 10 - Operating Segment I_4
Note 10 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Net sales | $ 130,787 | $ 159,359 | $ 271,634 | $ 253,604 | |
Cost of goods sold | 83,629 | 103,421 | 175,433 | 164,215 | |
Gross margin | 47,158 | 55,938 | 96,201 | 89,389 | |
Selling and administrative expenses | 33,906 | 36,298 | 69,017 | 63,787 | |
Other periodic pension cost | 440 | 333 | 869 | 618 | |
Defined Benefit Plan, Termination Charge | 6,945 | 0 | 6,945 | 0 | |
Interest expense | 330 | 433 | 605 | 1,493 | |
Income (loss) before taxes on income | 5,537 | 18,874 | 18,765 | 23,491 | |
Depreciation and amortization | 2,156 | 2,090 | 4,373 | 3,959 | |
Capital expenditures | 4,590 | 2,820 | 11,326 | 4,893 | |
Total assets | 428,746 | 358,170 | 428,746 | 358,170 | $ 393,924 |
Intersegment Eliminations [Member] | |||||
Net sales | (1,737) | (1,290) | (3,362) | (2,525) | |
Cost of goods sold | (760) | (480) | (1,448) | (945) | |
Gross margin | (977) | (810) | (1,914) | (1,580) | |
Selling and administrative expenses | (977) | (810) | (1,914) | (1,580) | |
Other periodic pension cost | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Termination Charge | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |
Income (loss) before taxes on income | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | 0 | |
Uniforms and Related Products [Member] | |||||
Net sales | 68,193 | 75,842 | 138,761 | 135,944 | |
Uniforms and Related Products [Member] | Operating Segments [Member] | |||||
Net sales | 68,193 | 75,842 | 138,761 | 135,944 | |
Cost of goods sold | 45,297 | 47,937 | 92,022 | 86,609 | |
Gross margin | 22,896 | 27,905 | 46,739 | 49,335 | |
Selling and administrative expenses | 18,420 | 20,014 | 38,802 | 38,239 | |
Other periodic pension cost | 440 | 333 | 869 | 618 | |
Defined Benefit Plan, Termination Charge | 6,945 | 6,945 | |||
Interest expense | 292 | 338 | 553 | 1,210 | |
Income (loss) before taxes on income | (3,201) | 7,220 | (430) | 9,268 | |
Depreciation and amortization | 1,453 | 1,551 | 2,886 | 2,861 | |
Capital expenditures | 3,735 | 2,600 | 9,911 | 4,452 | |
Total assets | 290,774 | 252,503 | 290,774 | 252,503 | |
Remote Staffing Solutions [Member] | |||||
Net sales | 13,916 | 8,061 | 25,321 | 16,026 | |
Remote Staffing Solutions [Member] | Operating Segments [Member] | |||||
Net sales | 15,653 | 9,351 | 28,683 | 18,551 | |
Cost of goods sold | 6,369 | 4,239 | 11,678 | 8,227 | |
Gross margin | 9,284 | 5,112 | 17,005 | 10,324 | |
Selling and administrative expenses | 5,562 | 3,517 | 10,284 | 6,913 | |
Other periodic pension cost | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Termination Charge | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |
Income (loss) before taxes on income | 3,722 | 1,595 | 6,721 | 3,411 | |
Depreciation and amortization | 322 | 197 | 616 | 414 | |
Capital expenditures | 709 | 180 | 1,116 | 346 | |
Total assets | 26,346 | 21,030 | 26,346 | 21,030 | |
Remote Staffing Solutions [Member] | Intersegment Eliminations [Member] | |||||
Net sales | (1,737) | (1,290) | (3,362) | (2,525) | |
Promotional Products [Member] | |||||
Net sales | 48,678 | 75,456 | 107,552 | 101,634 | |
Promotional Products [Member] | Operating Segments [Member] | |||||
Net sales | 48,678 | 75,456 | 107,552 | 101,634 | |
Cost of goods sold | 32,723 | 51,725 | 73,181 | 70,324 | |
Gross margin | 15,955 | 23,731 | 34,371 | 31,310 | |
Selling and administrative expenses | 10,901 | 13,577 | 21,845 | 20,215 | |
Other periodic pension cost | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Termination Charge | 0 | 0 | |||
Interest expense | 38 | 95 | 52 | 283 | |
Income (loss) before taxes on income | 5,016 | 10,059 | 12,474 | 10,812 | |
Depreciation and amortization | 381 | 342 | 871 | 684 | |
Capital expenditures | 146 | 40 | 299 | 95 | |
Total assets | $ 111,626 | $ 84,637 | $ 111,626 | $ 84,637 |
Note 11 - Acquisition of Busi_3
Note 11 - Acquisition of Businesses (Details Textual) - Gifts By Design [Member] - USD ($) $ in Millions | Jan. 29, 2021 | Jun. 30, 2021 | Jun. 30, 2021 |
Payments to Acquire Businesses, Gross | $ 6 | ||
Goodwill, Purchase Accounting Adjustments | $ 2.3 | $ 2.3 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2.3) | (2.3) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3.7 | 3.7 | |
Amortization of Intangible Assets, Total | 0.1 | ||
Trade Names [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1.2 | 1.2 | |
Customer Relationships [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 2.5 | $ 2.5 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years |
Note 11 - Acquisition of Busi_4
Note 11 - Acquisition of Businesses - Aggregate Consideration (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill | $ 38,618 | $ 36,116 |
CID Resources [Member] | ||
Accounts receivable | 251 | |
Prepaid expenses and other current assets | 196 | |
Property, plant and equipment | 60 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,673 | |
Goodwill | 2,417 | |
Total assets | 6,597 | |
Accounts payable | 199 | |
Other current liabilities | 372 | |
Total liabilities | $ 571 |