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Note 2 - Operating Segment Information | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 2 – 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, hotel, food service, entertainment, technology, transportation and other industries. The segment currently has sales offices in the United States 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 gowns. This segment sells healthcare service apparel to healthcare laundries, dealers, distributors and retailers 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 table below. The chief operating decision maker, who is the Company’s Chief Executive Officer, evaluates the performance of our segments. Segment EBITDA is the profitability metric reported to the Company’s CODM for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment EBITDA is calculated as net sales less cost of goods sold and selling and administrative expenses. Segment information for total assets is not presented as this information is not used by the Company’s CODM in measuring segment performance or allocating resources between segments. 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 Year Ended December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 353,314 |  |  | $ | 119,191 |  |  | $ | 96,949 |  |  | $ | (3,778 | ) |  | $ | - |  |  | $ | 565,676 |
Cost of goods sold |  |  | 228,591 |  |  |  | 73,445 |  |  |  | 44,742 |  |  |  | (1,680 | ) |  |  | - |  |  |  | 345,098 |
Gross margin |  |  | 124,723 |  |  |  | 45,746 |  |  |  | 52,207 |  |  |  | (2,098 | ) |  |  | - |  |  |  | 220,578 |
Selling and administrative expenses |  |  | 94,384 |  |  |  | 41,149 |  |  |  | 42,999 |  |  |  | (2,098 | ) |  |  | 23,492 |  |  |  | 199,926 |
Depreciation and amortization |  |  | 5,948 |  |  |  | 3,892 |  |  |  | 2,968 |  |  |  | - |  |  |  | 377 |  |  |  | 13,185 |
Intangible assets impairment charge |  |  | - |  |  |  | 260 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 260 |
Segment EBITDA |  | $ | 36,287 |  |  | $ | 8,749 |  |  | $ | 12,176 |  |  | $ | - |  |  | $ | (23,115 | ) |  | $ | 34,097 |
|  | Branded Products |  |  | Healthcare Apparel |  |  | Contact Centers |  |  | Intersegment Eliminations |  |  | Other |  |  | Total |
For the Year Ended December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 342,680 |  |  | $ | 113,878 |  |  | $ | 91,500 |  |  | $ | (4,756 | ) |  | $ | - |  |  | $ | 543,302 |
Cost of goods sold |  |  | 228,053 |  |  |  | 71,597 |  |  |  | 42,352 |  |  |  | (2,247 | ) |  |  | - |  |  |  | 339,755 |
Gross margin |  |  | 114,627 |  |  |  | 42,281 |  |  |  | 49,148 |  |  |  | (2,509 | ) |  |  | - |  |  |  | 203,547 |
Selling and administrative expenses |  |  | 88,225 |  |  |  | 38,209 |  |  |  | 39,682 |  |  |  | (2,509 | ) |  |  | 20,453 |  |  |  | 184,060 |
Depreciation and amortization |  |  | 6,744 |  |  |  | 3,925 |  |  |  | 2,942 |  |  |  | - |  |  |  | 384 |  |  |  | 13,995 |
Segment EBITDA |  | $ | 33,146 |  |  | $ | 7,997 |  |  | $ | 12,408 |  |  | $ | - |  |  | $ | (20,069 | ) |  | $ | 33,482 |
The following table reconciles total Segment EBITDA to income before income tax expense:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Income before income tax expense |  | $ | 14,294 |  |  | $ | 9,769 |
Interest expense |  |  | 6,358 |  |  |  | 9,718 |
Depreciation and amortization |  |  | 13,185 |  |  |  | 13,995 |
Intangible assets impairment charge |  |  | 260 |  |  |  | - |
Segment EBITDA |  | $ | 34,097 |  |  | $ | 33,482 |

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- Definition The entire disclosure for reporting segments including data and tables. 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