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Note 16 - Operating Segment Information
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

 

NOTE 16 – 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. No customer accounted for more than 10% of Company’s total net sales in 2021, 2020 and 2019. 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 Year Ended December 31, 2021:

                    

Net sales

 $263,933  $64,312  $215,842  $(7,101) $536,986 

Cost of goods sold

  177,773   26,671   149,700   (3,172)  350,972 

Gross margin

  86,160   37,641   66,142   (3,929)  186,014 

Selling and administrative expenses

  76,234   23,756   45,999   (3,929)  142,060 

Other periodic pension cost

  1,786   -   -   -   1,786 

Pension plan termination charge

  7,821   -   -   -   7,821 

Interest expense

  1,147   -   73   -   1,220 

Income (loss) before taxes on income

 $(828) $13,885  $20,070  $-  $33,127 
                     

Depreciation and amortization

 $5,981  $1,483  $1,827  $-  $9,291 

Capital expenditures

 $13,592  $3,421  $683  $-  $17,696 

Total assets

 $295,190  $29,315  $145,740  $-  $470,245 

 

  

Uniforms and Related Products

  

Remote Staffing Solutions

  

Promotional Products

  

Intersegment Eliminations

  

Total

 

As of and For the Year Ended December 31, 2020:

                    

Net sales

 $287,333  $42,365  $202,156  $(5,157) $526,697 

Cost of goods sold

  187,364   18,032   134,486   (1,950)  337,932 

Gross margin

  99,969   24,333   67,670   (3,207)  188,765 

Selling and administrative expenses

  83,005   15,294   41,423   (3,207)  136,515 

Other periodic pension cost

  955   -   -   -   955 

Gain on sale of property, plant and equipment

  2,164   -   -   -   2,164 

Interest expense

  1,699   -   304   -   2,003 

Income before taxes on income

 $16,474  $9,039  $25,943  $-  $51,456 
                     

Depreciation and amortization

 $5,845  $923  $1,364  $-  $8,132 

Capital expenditures

 $9,988  $1,578  $291  $-  $11,857 

Total assets

 $283,708  $21,799  $88,417  $-  $393,924 

 

  

Uniforms and Related Products

  

Remote Staffing Solutions

  

Promotional Products

  

Intersegment Eliminations

  

Total

 

As of and For the Year Ended December 31, 2019:

                    

Net sales

 $237,554  $36,490  $107,511  $(4,854) $376,701 

Cost of goods sold

  155,283   15,066   79,137   (1,714)  247,772 

Gross margin

  82,271   21,424   28,374   (3,140)  128,929 

Selling and administrative expenses

  73,003   13,642   23,777   (3,140)  107,282 

Other periodic pension cost

  1,962   -   -   -   1,962 

Interest expense

  3,178   -   1,221   -   4,399 

Income before taxes on income

 $4,128  $7,782  $3,376  $-  $15,286 
                     

Depreciation and amortization

 $5,975  $963  $1,334  $-  $8,272 

Capital expenditures

 $8,150  $1,095  $427  $-  $9,672 

Total assets

 $258,916  $23,970  $76,047  $-  $358,933