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Note 9 - Operating Segment Information | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 9 – Operating Segment Information: The Company manages and reports the following segments: Branded Products segment: Primarily through our signature marketing brands BAMKO® and HPI®, we produce and sell customized merchandising solutions, promotional products and branded uniform programs. Branded products are sold to customers in a wide range of industries, including retail chain, food service, entertainment, technology, transportation and other industries. The segment currently has sales offices in the United States, Canada, and Brazil, with support services in China and India. Healthcare Apparel segment: Primarily through our signature marketing brands Fashion Seal Healthcare®, Wink® and CID Resources, we manufacture (through third parties or in our own facilities) and sell a wide range of healthcare apparel, such as scrubs, lab coats, protective apparel and patient apparel. This segment sells its products to healthcare laundries, dealers, distributors, retailers and consumers primarily in the United States. Contact Centers: Through multiple The Office Gurus® entities, including our subsidiaries in El Salvador, Belize, Jamaica, Dominican Republic and the United States (collectively, “TOG”), we provide outsourced, nearshore business process outsourcing, contact and call-center support services to North American customers. Intersegment eliminations include the elimination of revenues and costs from services provided by the Contact Centers segment to the Company’s two other segments. Such costs are recognized as selling and administrative expenses in the Branded Products and Healthcare Apparel segments. Income and expenses related to corporate functions that are not specifically attributable to an individual reportable segment are presented within Other in the tables below. During the fourth quarter of 2023, our chief operating decision maker began to evaluate the performance of our segments using Segment EBITDA instead of income before income taxes. The Company has modified its presentation of segment performance to be consistent with this change, including prior periods presented for consistent and comparable presentation. Amounts that are included in income before income tax expense and excluded from Segment EBITDA include the following: interest expense and depreciation and amortization expense. The following tables set forth financial information related to the Company’s operating segments (in thousands):
|  | Branded Products |  |  | Healthcare Apparel |  |  | Contact Centers |  |  | Intersegment Eliminations |  |  | Other |  |  | Total |
For the Three Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 81,296 |  |  | $ | 26,592 |  |  | $ | 24,832 |  |  | $ | (984 | ) |  | $ | - |  |  | $ | 131,736 |
Segment EBITDA |  |  | 6,724 |  |  |  | 1,277 |  |  |  | 3,181 |  |  |  | - |  |  |  | (5,623 | ) |  | $ | 5,559 |
Supplemental information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 1,567 |  |  | $ | 956 |  |  | $ | 753 |  |  | $ | - |  |  | $ | 92 |  |  | $ | 3,368 |
Capital expenditures |  | $ | 322 |  |  | $ | 554 |  |  | $ | 413 |  |  | $ | - |  |  | $ | 10 |  |  | $ | 1,299 |
|  | Branded Products |  |  | Healthcare Apparel |  |  | Contact Centers |  |  | Intersegment Eliminations |  |  | Other |  |  | Total |
For the Three Months Ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 79,592 |  |  | $ | 28,072 |  |  | $ | 22,758 |  |  | $ | (1,260 | ) |  | $ | - |  |  | $ | 129,162 |
Segment EBITDA |  |  | 6,988 |  |  |  | 1,929 |  |  |  | 3,252 |  |  |  | - |  |  |  | (4,741 | ) |  |  | 7,428 |
Supplemental information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 1,710 |  |  | $ | 976 |  |  | $ | 662 |  |  | $ | - |  |  | $ | 80 |  |  | $ | 3,428 |
Capital expenditures |  | $ | 736 |  |  | $ | 64 |  |  | $ | 683 |  |  | $ | - |  |  | $ | 46 |  |  | $ | 1,529 |
|  | Branded Products |  |  | Healthcare Apparel |  |  | Contact Centers |  |  | Intersegment Eliminations |  |  | Other |  |  | Total |
For the Six Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 168,364 |  |  | $ | 55,829 |  |  | $ | 48,384 |  |  | $ | (1,999 | ) |  | $ | - |  |  | $ | 270,578 |
Segment EBITDA |  |  | 16,671 |  |  |  | 3,912 |  |  |  | 6,127 |  |  |  | - |  |  |  | (11,520 | ) |  | $ | 15,190 |
Supplemental information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 3,067 |  |  | $ | 1,893 |  |  | $ | 1,476 |  |  | $ | - |  |  | $ | 184 |  |  | $ | 6,620 |
Capital expenditures |  | $ | 587 |  |  | $ | 727 |  |  | $ | 573 |  |  | $ | - |  |  | $ | 87 |  |  | $ | 1,974 |
|  | Branded Products |  |  | Healthcare Apparel |  |  | Contact Centers |  |  | Intersegment Eliminations |  |  | Other |  |  | Total |
For the Six Months Ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 161,443 |  |  | $ | 56,226 |  |  | $ | 44,814 |  |  | $ | (2,548 | ) |  | $ | - |  |  | $ | 259,935 |
Segment EBITDA |  |  | 14,498 |  |  |  | 3,501 |  |  |  | 6,045 |  |  |  | - |  |  |  | (9,713 | ) |  |  | 14,331 |
Supplemental information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 3,374 |  |  | $ | 1,950 |  |  | $ | 1,330 |  |  | $ | - |  |  | $ | 162 |  |  | $ | 6,816 |
Capital expenditures |  | $ | 2,007 |  |  | $ | 526 |  |  | $ | 1,064 |  |  | $ | - |  |  | $ | 46 |  |  | $ | 3,643 |
The following table reconciles income before income tax expense to Segment EBITDA (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Income before income tax expense |  | $ | 650 |  |  | $ | 1,376 |  |  | $ | 5,242 |  |  | $ | 2,321 |
Interest expense |  |  | 1,541 |  |  |  | 2,624 |  |  |  | 3,328 |  |  |  | 5,194 |
Depreciation and amortization |  |  | 3,368 |  |  |  | 3,428 |  |  |  | 6,620 |  |  |  | 6,816 |
Segment EBITDA |  | $ | 5,559 |  |  | $ | 7,428 |  |  | $ | 15,190 |  |  | $ | 14,331 |

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