Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Primo Water Corp | |
Entity Central Index Key | 0001365101 | |
Trading Symbol | prmw | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 39,050,029 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 4,223 | $ 7,301 |
Accounts receivable, net | 21,265 | 19,179 |
Inventories | 13,650 | 9,965 |
Prepaid expenses and other current assets | 8,152 | 7,004 |
Total current assets | 47,290 | 43,449 |
Bottles, net | 4,932 | 4,618 |
Property and equipment, net | 99,558 | 95,627 |
Operating lease right-of-use assets | 3,797 | |
Intangible assets, net | 77,428 | 78,671 |
Goodwill | 91,917 | 91,814 |
Other assets | 667 | 661 |
Assets held-for-sale at fair value | 5,288 | 5,288 |
Total assets | 330,877 | 320,128 |
Current liabilities: | ||
Accounts payable | 28,558 | 25,191 |
Accrued expenses and other current liabilities | 8,400 | 8,274 |
Current portion of long-term debt and finance leases | 10,979 | 11,159 |
Total current liabilities | 47,937 | 44,624 |
Long-term debt and finance leases, net of current portion and debt issuance costs | 188,112 | 178,966 |
Operating leases, net of current portion | 2,325 | |
Other long-term liabilities | 579 | 607 |
Liabilities held-for-sale at fair value | 1,438 | 1,438 |
Total liabilities | 240,391 | 225,635 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value - 10,000 shares authorized, none issued and outstanding | ||
Common stock, $0.001 par value - 70,000 shares authorized, 39,029 and 38,567 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 39 | 39 |
Additional paid-in capital | 422,052 | 424,635 |
Accumulated deficit | (330,198) | (328,599) |
Accumulated other comprehensive loss | (1,407) | (1,582) |
Total stockholders’ equity | 90,486 | 94,493 |
Total liabilities and stockholders’ equity | $ 330,877 | $ 320,128 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000 | 10,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 70,000 | 70,000 |
Common stock, issued (in shares) | 39,029 | 38,567 |
Common stock, outstanding (in shares) | 39,029 | 38,567 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 70,047,000 | $ 73,659,000 |
Operating costs and expenses: | ||
Cost of sales | 51,522,000 | 53,421,000 |
Selling, general and administrative expenses | 10,330,000 | 9,200,000 |
Special items | 261,000 | 77,000 |
Depreciation and amortization | 6,550,000 | 6,057,000 |
Impairment charges and other | 75,000 | 133,000 |
Total operating costs and expenses | 68,738,000 | 68,888,000 |
Income from operations | 1,309,000 | 4,771,000 |
Interest expense, net | 2,581,000 | 5,286,000 |
Loss before income taxes | (1,272,000) | (515,000) |
Income tax benefit | 0 | (1,725,000) |
Net (loss) income | $ (1,272,000) | $ 1,210,000 |
(Loss) earnings per common share: | ||
Basic (in dollars per share) | $ (0.03) | $ 0.04 |
Diluted (in dollars per share) | $ (0.03) | $ 0.04 |
Weighted average shares used in computing (loss) earnings per share: | ||
Basic (in shares) | 40,296 | 33,164 |
Diluted (in shares) | 40,296 | 34,424 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net (loss) income | $ (1,272) | $ 1,210 |
Other comprehensive income (loss): | ||
Unrealized gain on investment in Glacier securities | 14 | |
Foreign currency translation adjustments, net | 175 | (262) |
Total other comprehensive income (loss) | 175 | (248) |
Comprehensive (loss) income | $ (1,097) | $ 962 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ 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, 2017 | 30,084 | ||||
Balance at Dec. 31, 2017 | $ 30 | $ 345,963 | $ (273,752) | $ (770) | $ 71,471 |
Employee stock compensation plans (in shares) | 1,584 | ||||
Employee stock compensation plans | $ 2 | 2,345 | 2,347 | ||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (665) | ||||
Shares withheld for taxes related to net share settlement of equity awards | $ (1) | (8,326) | (8,327) | ||
Net (loss) income | 1,210 | 1,210 | |||
Other comprehensive income (loss) | (248) | (248) | |||
Balance (in shares) at Mar. 31, 2018 | 31,003 | ||||
Balance at Mar. 31, 2018 | $ 31 | 339,982 | (272,542) | (1,018) | 66,453 |
Balance (in shares) at Dec. 31, 2017 | 30,084 | ||||
Balance at Dec. 31, 2017 | $ 30 | 345,963 | (273,752) | (770) | 71,471 |
Net (loss) income | 1,210 | ||||
Balance (in shares) at Dec. 31, 2018 | 38,567 | ||||
Balance at Dec. 31, 2018 | $ 39 | 424,635 | (328,599) | (1,582) | 94,493 |
Employee stock compensation plans (in shares) | 734 | ||||
Employee stock compensation plans | $ 1 | 1,306 | 1,307 | ||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (279) | ||||
Shares withheld for taxes related to net share settlement of equity awards | $ (1) | (3,957) | (3,958) | ||
Net (loss) income | (1,272) | (1,272) | |||
Other comprehensive income (loss) | 175 | 175 | |||
Exercise of common stock warrants (in shares) | 7 | ||||
Exercise of common stock warrants | 68 | 68 | |||
Balance (in shares) at Mar. 31, 2019 | 39,029 | ||||
Balance at Mar. 31, 2019 | $ 39 | 422,052 | (330,198) | (1,407) | 90,486 |
Effect of ASC 842 adoption | $ (327) | $ (327) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (1,272,000) | $ 1,210,000 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 6,550,000 | 6,057,000 |
Impairment charges and other | 75,000 | 133,000 |
Stock-based compensation expense | 1,475,000 | 1,292,000 |
Non-cash interest expense (income) | 96,000 | (20,000) |
Bad debt expense | 27,000 | |
Deferred income tax benefit | 0 | (1,725,000) |
Realized foreign currency exchange loss and other, net | (43,000) | 470,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,066,000) | (4,861,000) |
Inventories | (3,686,000) | 356,000 |
Prepaid expenses and other current assets | (1,142,000) | (1,793,000) |
Accounts payable | 691,000 | 4,259,000 |
Accrued expenses and other current liabilities | (1,645,000) | (912,000) |
Net cash (used in) provided by operating activities | (940,000) | 4,466,000 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (6,937,000) | (3,490,000) |
Purchases of bottles, net of disposals | (747,000) | (275,000) |
Proceeds from the sale of property and equipment | 58,000 | |
Additions to intangible assets | (8,000) | (8,000) |
Net cash used in investing activities | (7,692,000) | (3,715,000) |
Cash flows from financing activities: | ||
Borrowings under Revolving Credit Facilities | 19,200,000 | 12,000,000 |
Payments under Revolving Credit Facilities | (8,600,000) | (6,500,000) |
Payments under Term loans | (2,375,000) | (465,000) |
Finance lease payments | (451,000) | (418,000) |
Proceeds from warrant exercises, net | 68,000 | |
Stock option and employee stock purchase activity | 39,000 | 24,000 |
Bank overdraft | 1,651,000 | 2,695,000 |
Payments for taxes related to net share settlement of equity awards | (3,957,000) | (8,327,000) |
Debt issuance costs and other | (33,000) | |
Net cash provided by (used in) financing activities | 5,542,000 | (991,000) |
Effect of exchange rate changes on cash and cash equivalents | 12,000 | (16,000) |
Net decrease in cash and cash equivalents | (3,078,000) | (256,000) |
Cash and cash equivalents, beginning of year | 7,301,000 | 5,586,000 |
Cash and cash equivalents, end of period | $ 4,223,000 | $ 5,330,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Description of Business and Significant Accounting Policies Business Primo Water Corporation (together with its consolidated subsidiaries, “Primo,” “we,” “our,” or “us”) is North America’s leading single source provider of multi-gallon purified bottled water, self-service refill drinking water and water dispensers sold through major retailers in the United States and Canada. Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements and notes have been prepared in accordance with our accounting practices described in our audited consolidated financial statements as of and for the year ended December 31, 2018. not December 31, 2018 10 “2018 10 not 2018 10 R ecent ly Issued Accounting Pronouncements In August 2018, 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 December 15, 2019, In August 2018, 2018 13, Fair Value Measurement (Topic 820 December 15, 2019 In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment two zero December 15, 2019; not Recent ly Adopted Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 2017 13, 2018 10 2018 11 842 1 2 We adopted Topic 842 January 1, 2019. 842 $4.2 $4.1 842 January 1, 2019, 840 842, 840 12 not 842 not 3 |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition Sales of Products We earn revenue from contracts with customers, primarily through the sale of our purified, multi-gallon bottled water, self-service filtered drinking water, or through the sale of water dispensers. All revenue recognized in the current period is derived from contracts with customers. We account for these revenues under Topic 606. In certain arrangements, depending on the nature and scope of the contract, our customer may may may Our performance obligations vary by business segment. Our performance obligations may may Our arrangements may We have no may Typically, the transaction price of our products is fixed as agreed upon in our contracts with customers. Our arrangements may may one not Our sales arrangements may not We recognize revenue on the products we sell at a point in time. The delivery of purified water and sale of the related bottle are completed via a point-of-sale transaction at which time the customer obtains control and remits payment for the product. The shipment of a water dispenser to our customer reflects the transfer of control. We may may 30 not no Multiple Performance Obligations Our sales arrangements may Presentation of Revenue Our arrangements may not Accounts Receivable Net of Allowance s Trade accounts receivable represent amounts billed to customers and not not $1,888 $1,755 March 31, 2019 December 31, 2018, three March 30, 2019 2018 Disaggregation of Revenue The tables below present our consolidated net sales by geographic area. Three months ended March 31, 2019 Refill Exchange Dispensers Total Geographical area United States $ 37,318 $ 18,522 $ 11,695 $ 67,535 Canada 1,008 830 674 2,512 $ 38,326 $ 19,352 $ 12,369 $ 70,047 Three months ended March 31, 2018 Refill Exchange Dispensers Total Geographical area United States $ 40,145 $ 17,481 $ 12,933 $ 70,559 Canada 1,330 777 993 3,100 $ 41,475 $ 18,258 $ 13,926 $ 73,659 |
Note 3 - Leases
Note 3 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 3. Leases We determine if an arrangement is a lease or service contract at inception. Where an arrangement is a lease we determine if it is an operating lease or a finance lease. Subsequently, if the arrangement is modified we reevaluate our classification. We have entered into finance lease agreements for vehicles with lease periods expiring between 2019 2024. 2019 2028. At lease commencement, we record a lease liability and corresponding right-of-use asset. Lease liabilities represent the present value of our future lease payments over the expected lease term which includes options to extend or terminate the lease when it is reasonably certain those options will be exercised. We generally use the base, non-cancellable lease term to determine lease assets and liabilities. The interest rate implicit in our leases is not Operating lease right-of-use assets and liabilities are included on our Condensed Consolidated Balance Sheet beginning January 1, 2019. March 31, 2019 $1,503 March 31, 2019 $2,325 Finance lease right-of-use assets are presented within property and equipment, net. As of March 31, 2019 December 31, 2018 $8,091 $7,408, March 31, 2019 $1,479 March 31, 2019 $2,323 Components of operating lease expense were as follows: Three months ended March 31, 2019 Long-term Operating $ 437 Short-term Operating 116 Total Operating lease expense $ 553 As of March 31, 2019, 3.6 4.76%. March 31, 2019 Operating Leases Remainder of 2019 $ 1,268 2020 1,530 2021 519 2022 421 2023 239 Thereafter 324 Total future lease payments 4,301 Less: imputed interest (474 ) Total lease liability $ 3,827 Supplemental information related to operating leases was as follows: Three months ended March 31, 2019 Operating cash flows used for operating leases $ 438 |
Note 4 - Ice Assets Held-for-Sa
Note 4 - Ice Assets Held-for-Sale | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 4. Ice Assets Held-for-Sale During the quarter ended September 30, 2018, one 360, no December 31, 2018. March 31, 2019 March 31, 2019 Property and equipment, net $ 4,688 Identifiable intangible assets 600 Assets held-for-sale at fair value $ 5,288 Contingent consideration $ 1,438 Liabilities held-for-sale at fair value $ 1,438 Ice Assets, net $ 3,850 The estimated fair value of the assets held-for-sale does not |
Note 5 - Debt and Finance Lease
Note 5 - Debt and Finance Leases, net of Debt Issuance Costs | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 5. D ebt and Finance Leases , net of Debt Issuance Costs Debt and finance leases, net of debt issuance costs are summarized as follows: March 31, December 31, 2019 2018 Revolving Credit Facility $ 13,600 $ 3,000 Term loans 182,875 185,250 Debt issuance costs, net (1,186 ) (1,265 ) Total Credit Facilities 195,289 186,985 Finance leases 3,802 3,140 199,091 190,125 Less current portion (10,979 ) (11,159 ) Long-term debt and finance leases, net of current portion and debt issuance costs $ 188,112 $ 178,966 SunTrust Credit Facility On June 22, 2018, $190,000 $30,000 June 22, 2023. 5% $9,500, first Interest on outstanding borrowings under the SunTrust Credit Facility is calculated at our option at either ( 1 0.5%, 1.0% 2 1 2 2.50% 1.50% 0.30% 0.15% 0.30% $1,700, March 31, 2019, $13,600 $16,400 The SunTrust Credit Facility contains a number of affirmative and negative covenants that use consolidated adjusted EBITDA (“Adjusted EBITDA”). Adjusted EBITDA is a non-U.S. GAAP financial measure that is calculated as net income (loss) before depreciation and amortization; interest expense, net; income taxes; change in fair value of warrant liability; non-cash stock-based compensation expense; non-recurring and acquisition-related costs; and loss (gain) on disposal of property and equipment and other assets, and other. The primary operational covenants included in the SunTrust Credit Facility are as follows: (i) a minimum consolidated fixed charge coverage ratio of 1.10:1.00 June 30, 2018 4.50:1.00 June 30, 2018 4.25:1.00 June 30, 2019 June 30, 2020 4.00:1.00 June 30, 2020. March 31, 2019, 1.12:1.00 3.80:1.00. Finance Leases As of March 31, 2019, 3.0 4.76%. March 31, 2019 Finance Leases Remainder of 2019 $ 1,664 2020 1,118 2021 718 2022 368 2023 128 Thereafter 7 Total future lease obligations 4,003 Less: imputed interest (201 ) Total finance lease liability $ 3,802 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Stock-Based Compensation Overview Total non-cash stock-based compensation expense by award type for all of our plans, all of which is included in selling, general and administrative expenses on our condensed consolidated statements of operations, was as follows: Three months ended March 31, 2019 2018 Stock options $ 78 $ 174 Restricted stock 968 809 Long-Term Performance Plan 402 272 Employee Stock Purchase Plan 27 37 $ 1,475 $ 1,292 Long-Term Performance Plan On February 28, 2017, On March 20, 2017, January 1, 2017 December 31, 2019 ( “March 2017 March 2017 2017 2019. On March 9, 2018, January 1, 2018 December 31, 2020 ( “March 2018 March 2018 2018 2020. On March 8, 2019, January 1, 2019 December 31, 2021 ( “March 2019 March 2019 2019 2021. Restricted Stock under the Plans A summary of restricted stock activity is presented below: Number of Shares Weighted Average Grant Date Price Per Share Unvested at December 31, 2017 308 $ 12.11 Granted 2,081 $ 12.25 Vested (1,945 ) $ 11.87 Forfeited (57 ) $ 12.55 Unvested at December 31, 2018 387 $ 12.34 Granted 753 $ 15.29 Vested (726 ) $ 11.84 Forfeited (1 ) $ 9.39 Unvested at March 31, 2019 413 $ 13.85 |
Note 7 - Special Items
Note 7 - Special Items | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Special Items, Disclosure [Text Block] | 7. Special Items We have incurred expenses that either we do not Three months ended March 31, 2019 2018 Acquisition-related costs (1) $ 56 $ 75 Other costs (2) 205 2 Total $ 261 $ 77 ( 1 Acquisition-related costs that represent transaction expenses associated with the acquisition of Glacier, including fees payable to financial, legal, accounting and other advisors. ( 2 Non-recurring costs that represent various other expenses associated with restructuring and other costs which had not two not two |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Commitments and Contingencies Sales Tax We routinely purchase equipment for use in operations from various vendors. These purchases are subject to sales tax depending on the equipment type and local sales tax regulations; however, we believe certain vendors have not not Other Contingencies From time to time, we are involved in various claims and legal actions that arise in the normal course of business. Management believes that the outcome of such claims and legal actions will not |
Note 9 - Income Tax (Benefit) P
Note 9 - Income Tax (Benefit) Provision | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Tax (Benefit) Provision For the three March 31, 2019 $0 not not March 31, 2019. For the three March 31, 2018, $1,725 2017 $2,074 $349 Section 382 382, 382 We have no no 12 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. Fair Value Measurements Fair value rules currently apply to all financial assets and liabilities and for certain nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value. For this purpose, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GAAP establishes a three • Level 1 • Level 2 • Level 3 no At March 31, 2019 December 31, 2018, March 31, 2019 Fair Value Level 1 Level 2 Level 3 Assets: Assets held-for-sale at fair value $ 5,288 $ – $ – $ 5,288 Total assets $ 5,288 $ – $ – $ 5,288 Liabilities: Liabilities held-for-sale at fair value $ 1,438 $ – $ – $ 1,438 Total liabilities $ 1,438 $ – $ – $ 1,438 December 31, 2018 Fair Value Level 1 Level 2 Level 3 Assets: Assets held-for-sale at fair value $ 5,288 $ – $ – $ 5,288 Total assets $ 5,288 $ – $ – $ 5,288 Liabilities: Liabilities held-for-sale at fair value $ 1,438 $ – $ – $ 1,438 Total liabilities $ 1,438 $ – $ – $ 1,438 The carrying amounts of cash and cash equivalents, accounts receivable, net, operating lease right-of-use assets and corresponding operating lease liabilities, accounts payable, and accrued expenses and other current liabilities, approximate their fair values due to their short maturities. Other long-term liabilities on our condensed consolidated balance sheets are presented at their carrying value, which approximates their fair value. Based on borrowing rates currently available to us for loans with similar terms and the variable interest rate for borrowings under our SunTrust Credit Facility, the carrying value of debt and finance leases approximates fair value. There have been no December 31, 2018 March 31, 2019. There were no three March 31, 2019 2018, |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Earnings Per Share The following table sets forth the calculations of basic and diluted earnings per share: Three months ended March 31, 2019 2018 Basic: Net (loss) income $ (1,272 ) $ 1,210 Weighted average shares 40,296 33,164 Basic (loss) earnings per share $ (0.03 ) $ 0.04 Diluted: Net (loss) income $ (1,272 ) $ 1,210 Weighted average shares 40,296 33,164 Potential shares arising from stock options, restricted stock and warrants – 1,260 Weighted average shares - diluted 40,296 34,424 Diluted (loss) earnings per share $ (0.03 ) $ 0.04 For the three March 31, 2019, 2,232 For the three March 31, 2018, 386 |
Note 12 - Segments
Note 12 - Segments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. Segments We have three Our Refill segment sales consist of the sale of filtered drinking water dispensed directly to consumers through technologically advanced, self-service machines located at major retailers throughout the United States and Canada. Our Exchange segment sales consist of the sale of multi-gallon purified bottled water offered through retailers in the United States and Canada. Our Exchange products are offered through point of purchase display racks and recycling centers that are prominently located at major retailers in space that is often underutilized. Our Dispensers segment sells water dispensers that are designed to dispense Primo and other dispenser-compatible bottled water. Our Dispensers sales are primarily generated through major retailers in the United States and Canada, where we recognize revenues for the sale of the water dispensers when the customer obtains control. We support retail sell-through with domestic inventory. We evaluate the financial results of these segments focusing primarily on segment net sales and segment (loss) income from operations before depreciation and amortization (“segment (loss) income from operations”). We utilize segment net sales and segment (loss) income from operations because we believe they provide useful information for effectively allocating our resources between business segments, evaluating the health of our business segments based on metrics that management can actively influence and gauging our investments and our ability to service, incur or pay down debt. Cost of sales for Refill consists primarily of costs associated with routine maintenance of reverse osmosis water filtration systems and filtered water displays, costs of our field service operations and commissions paid to retailers associated with revenues earned. Cost of sales for Exchange consists primarily of costs for bottling, distribution and bottles. Cost of sales for Dispensers consists of contract manufacturing, freight and duties. Selling, general and administrative expenses for Refill, Exchange, and Dispensers consist primarily of personnel costs for operations support as well as other supporting costs for operating each segment. Expenses not The following table presents segment information for the following periods: Three months ended March 31, 2019 2018 Segment net sales: Refill $ 38,326 $ 41,475 Exchange 19,352 18,258 Dispensers 12,369 13,926 $ 70,047 $ 73,659 Segment income from operations: Refill $ 10,084 $ 11,584 Exchange 5,468 5,263 Dispensers 584 1,144 Corporate (7,941 ) (6,953 ) Special items (261 ) (77 ) Depreciation and amortization (6,550 ) (6,057 ) Impairment charges and other (75 ) (133 ) $ 1,309 $ 4,771 Depreciation and amortization expense: Refill $ 4,283 $ 4,174 Exchange 1,982 1,682 Dispensers 50 52 Corporate 235 149 $ 6,550 $ 6,057 Capital expenditures: Refill $ 4,889 $ 2,569 Exchange 2,335 1,026 Dispensers 100 – Corporate 360 170 $ 7,684 $ 3,765 March 31, 2019 December 31, 2018 Identifiable assets: Refill $ 270,015 $ 268,427 Exchange 26,897 24,444 Dispensers 26,771 20,523 Corporate 7,194 6,734 $ 330,877 $ 320,128 As of March 31, 2019 December 31, 2018, $91,917 $91,814, December 2016 ( |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements and notes have been prepared in accordance with our accounting practices described in our audited consolidated financial statements as of and for the year ended December 31, 2018. not December 31, 2018 10 “2018 10 not 2018 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | R ecent ly Issued Accounting Pronouncements In August 2018, 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 December 15, 2019, In August 2018, 2018 13, Fair Value Measurement (Topic 820 December 15, 2019 In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment two zero December 15, 2019; not Recent ly Adopted Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 2017 13, 2018 10 2018 11 842 1 2 We adopted Topic 842 January 1, 2019. 842 $4.2 $4.1 842 January 1, 2019, 840 842, 840 12 not 842 not 3 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, 2019 Refill Exchange Dispensers Total Geographical area United States $ 37,318 $ 18,522 $ 11,695 $ 67,535 Canada 1,008 830 674 2,512 $ 38,326 $ 19,352 $ 12,369 $ 70,047 Three months ended March 31, 2018 Refill Exchange Dispensers Total Geographical area United States $ 40,145 $ 17,481 $ 12,933 $ 70,559 Canada 1,330 777 993 3,100 $ 41,475 $ 18,258 $ 13,926 $ 73,659 |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended March 31, 2019 Long-term Operating $ 437 Short-term Operating 116 Total Operating lease expense $ 553 Three months ended March 31, 2019 Operating cash flows used for operating leases $ 438 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Remainder of 2019 $ 1,268 2020 1,530 2021 519 2022 421 2023 239 Thereafter 324 Total future lease payments 4,301 Less: imputed interest (474 ) Total lease liability $ 3,827 |
Note 4 - Ice Assets Held-for-_2
Note 4 - Ice Assets Held-for-Sale (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | March 31, 2019 Property and equipment, net $ 4,688 Identifiable intangible assets 600 Assets held-for-sale at fair value $ 5,288 Contingent consideration $ 1,438 Liabilities held-for-sale at fair value $ 1,438 Ice Assets, net $ 3,850 |
Note 5 - Debt and Finance Lea_2
Note 5 - Debt and Finance Leases, net of Debt Issuance Costs (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, 2019 2018 Revolving Credit Facility $ 13,600 $ 3,000 Term loans 182,875 185,250 Debt issuance costs, net (1,186 ) (1,265 ) Total Credit Facilities 195,289 186,985 Finance leases 3,802 3,140 199,091 190,125 Less current portion (10,979 ) (11,159 ) Long-term debt and finance leases, net of current portion and debt issuance costs $ 188,112 $ 178,966 |
Finance Lease, Liability, Maturity [Table Text Block] | Finance Leases Remainder of 2019 $ 1,664 2020 1,118 2021 718 2022 368 2023 128 Thereafter 7 Total future lease obligations 4,003 Less: imputed interest (201 ) Total finance lease liability $ 3,802 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended March 31, 2019 2018 Stock options $ 78 $ 174 Restricted stock 968 809 Long-Term Performance Plan 402 272 Employee Stock Purchase Plan 27 37 $ 1,475 $ 1,292 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Number of Shares Weighted Average Grant Date Price Per Share Unvested at December 31, 2017 308 $ 12.11 Granted 2,081 $ 12.25 Vested (1,945 ) $ 11.87 Forfeited (57 ) $ 12.55 Unvested at December 31, 2018 387 $ 12.34 Granted 753 $ 15.29 Vested (726 ) $ 11.84 Forfeited (1 ) $ 9.39 Unvested at March 31, 2019 413 $ 13.85 |
Note 7 - Special Items (Tables)
Note 7 - Special Items (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Special Items [Table Text Block] | Three months ended March 31, 2019 2018 Acquisition-related costs (1) $ 56 $ 75 Other costs (2) 205 2 Total $ 261 $ 77 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2019 Fair Value Level 1 Level 2 Level 3 Assets: Assets held-for-sale at fair value $ 5,288 $ – $ – $ 5,288 Total assets $ 5,288 $ – $ – $ 5,288 Liabilities: Liabilities held-for-sale at fair value $ 1,438 $ – $ – $ 1,438 Total liabilities $ 1,438 $ – $ – $ 1,438 December 31, 2018 Fair Value Level 1 Level 2 Level 3 Assets: Assets held-for-sale at fair value $ 5,288 $ – $ – $ 5,288 Total assets $ 5,288 $ – $ – $ 5,288 Liabilities: Liabilities held-for-sale at fair value $ 1,438 $ – $ – $ 1,438 Total liabilities $ 1,438 $ – $ – $ 1,438 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2019 2018 Basic: Net (loss) income $ (1,272 ) $ 1,210 Weighted average shares 40,296 33,164 Basic (loss) earnings per share $ (0.03 ) $ 0.04 Diluted: Net (loss) income $ (1,272 ) $ 1,210 Weighted average shares 40,296 33,164 Potential shares arising from stock options, restricted stock and warrants – 1,260 Weighted average shares - diluted 40,296 34,424 Diluted (loss) earnings per share $ (0.03 ) $ 0.04 |
Note 12 - Segments (Tables)
Note 12 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31, 2019 2018 Segment net sales: Refill $ 38,326 $ 41,475 Exchange 19,352 18,258 Dispensers 12,369 13,926 $ 70,047 $ 73,659 Segment income from operations: Refill $ 10,084 $ 11,584 Exchange 5,468 5,263 Dispensers 584 1,144 Corporate (7,941 ) (6,953 ) Special items (261 ) (77 ) Depreciation and amortization (6,550 ) (6,057 ) Impairment charges and other (75 ) (133 ) $ 1,309 $ 4,771 Depreciation and amortization expense: Refill $ 4,283 $ 4,174 Exchange 1,982 1,682 Dispensers 50 52 Corporate 235 149 $ 6,550 $ 6,057 Capital expenditures: Refill $ 4,889 $ 2,569 Exchange 2,335 1,026 Dispensers 100 – Corporate 360 170 $ 7,684 $ 3,765 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2019 December 31, 2018 Identifiable assets: Refill $ 270,015 $ 268,427 Exchange 26,897 24,444 Dispensers 26,771 20,523 Corporate 7,194 6,734 $ 330,877 $ 320,128 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 3,797 | ||
Operating Lease, Liability, Total | $ 3,827 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 4,200 | ||
Operating Lease, Liability, Total | $ 4,100 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 1,888 | $ 1,755 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Net sales | $ 70,047 | $ 73,659 | $ 73,659 |
Refill [Member] | |||
Net sales | 38,326 | 41,475 | |
Exchange [Member] | |||
Net sales | 19,352 | 18,258 | |
Dispensers [Member] | |||
Net sales | 12,369 | 13,926 | |
UNITED STATES | |||
Net sales | 67,535 | 70,559 | |
UNITED STATES | Refill [Member] | |||
Net sales | 37,318 | 40,145 | |
UNITED STATES | Exchange [Member] | |||
Net sales | 18,522 | 17,481 | |
UNITED STATES | Dispensers [Member] | |||
Net sales | 11,695 | 12,933 | |
CANADA | |||
Net sales | 2,512 | 3,100 | |
CANADA | Refill [Member] | |||
Net sales | 1,008 | 1,330 | |
CANADA | Exchange [Member] | |||
Net sales | 830 | 777 | |
CANADA | Dispensers [Member] | |||
Net sales | $ 674 | $ 993 |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Lease, Liability, Current | $ 1,503 | |
Operating Lease, Liability, Noncurrent | 2,325 | |
Finance Lease, Liability, Total | 3,802 | 3,140 |
Finance Lease, Liability, Current | 1,479 | |
Finance Lease, Liability, Noncurrent | $ 2,323 | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 219 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.76% | |
Vehicles [Member] | ||
Finance Lease, Liability, Total | $ 8,091 | $ 7,408 |
Minimum [Member] | ||
Lessee, Finance Lease, Term of Contract | 0 years | |
Lessee, Operating Lease, Term of Contract | 0 years | |
Maximum [Member] | ||
Lessee, Finance Lease, Term of Contract | 5 years | |
Lessee, Operating Lease, Term of Contract | 10 years |
Note 3 - Leases - Components of
Note 3 - Leases - Components of Operating Lease Expense (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Long-term Operating | $ 437 |
Short-term Operating | 116 |
Total Operating lease expense | 553 |
Operating cash flows used for operating leases | $ 438 |
Note 3 - Leases - Future Lease
Note 3 - Leases - Future Lease Payments Under Operating Leases (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Remainder of 2019 | $ 1,268 |
2020 | 1,530 |
2021 | 519 |
2022 | 421 |
2023 | 239 |
Thereafter | 324 |
Total future lease payments | 4,301 |
Less: imputed interest | (474) |
Operating Lease, Liability, Total | $ 3,827 |
Note 4 - Ice Assets Held-for-_3
Note 4 - Ice Assets Held-for-Sale - Estimated Fair Value of Ice Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets held-for-sale at fair value | $ 5,288 | $ 5,288 |
Liabilities held-for-sale at fair value | 1,438 | $ 1,438 |
Ice Assets [Member] | ||
Property and equipment, net | 4,688 | |
Identifiable intangible assets | 600 | |
Assets held-for-sale at fair value | 5,288 | |
Contingent consideration | 1,438 | |
Liabilities held-for-sale at fair value | 1,438 | |
Ice Assets, net | $ 3,850 |
Note 5 - Debt and Finance Lea_3
Note 5 - Debt and Finance Leases, net of Debt Issuance Costs (Details Textual) $ in Thousands | Jun. 22, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2020 | Jun. 22, 2023 | Dec. 31, 2018USD ($) |
Long-term Debt, Total | $ 199,091 | $ 199,091 | $ 190,125 | ||||
Payments of Debt Issuance Costs | 33 | ||||||
Long-term Line of Credit, Total | $ 13,600 | $ 13,600 | $ 3,000 | ||||
Finance Lease, Weighted Average Remaining Lease Term | 3 years | 3 years | |||||
Finance Lease, Weighted Average Discount Rate, Percent | 4.76% | 4.76% | |||||
SunTrust Credit Facility [Member] | |||||||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio | 1.1 | ||||||
Debt Instrument, Covenant, Maximum Leverage Ratio | 4.5 | ||||||
Fixed Charge Coverage Ratio | 1.12 | 1.12 | |||||
Total Leverage Ratio | 3.8 | 3.8 | |||||
SunTrust Credit Facility [Member] | Forecast [Member] | |||||||
Debt Instrument, Covenant, Maximum Leverage Ratio | 4.25 | 4 | |||||
SunTrust Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 0.50% | ||||||
SunTrust Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 1.00% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||
SunTrust Credit Facility [Member] | Base Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
SunTrust Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||||||
Payments of Debt Issuance Costs | $ 1,700 | ||||||
Long-term Line of Credit, Total | 13,600 | $ 13,600 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 16,400 | $ 16,400 | |||||
SunTrust Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||||||
SunTrust Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||||||
SunTrust Credit Facility [Member] | Term Loan [Member] | |||||||
Long-term Debt, Total | $ 190,000 | ||||||
Debt Instrument, Annual Principal Payment, Percentage | 5.00% | ||||||
Debt Instrument, Annual Principal Payment | $ 9,500 |
Note 5 - Debt and Finance Lea_4
Note 5 - Debt and Finance Leases, net of Debt Issuance Costs - Summary of Debt and Finance Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revolving Credit Facility | $ 13,600 | $ 3,000 |
Long-term debt and capital leases, net of debt issuance costs | 199,091 | 190,125 |
Total finance lease liability | 3,802 | 3,140 |
Less current portion | (10,979) | (11,159) |
Long-term debt and finance leases, net of current portion and debt issuance costs | 188,112 | 178,966 |
Term Notes [Member] | ||
Long-term debt, gross | 182,875 | 185,250 |
Revolving Credit Facility and Term Notes [Member] | ||
Debt issuance costs, net | (1,186) | (1,265) |
Long-term debt and capital leases, net of debt issuance costs | $ 195,289 | $ 186,985 |
Note 5 - Debt and Finance Lea_5
Note 5 - Debt and Finance Leases, net of Debt Issuance Costs - Future Finance Lease Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Total finance lease liability | $ 3,802 | $ 3,140 |
Capital Lease Obligations [Member] | ||
Remainder of 2019 | 1,664 | |
2020 | 1,118 | |
2021 | 718 | |
2022 | 368 | |
2023 | 128 | |
Thereafter | 7 | |
Total future lease obligations | 4,003 | |
Less: imputed interest | (201) | |
Total finance lease liability | $ 3,802 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation - Non-cash Stock-based Compensation Expense by Award Type (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Non-cash stock-based compensation expense | $ 1,475 | $ 1,292 |
Long-term Performance Plan [Member] | ||
Non-cash stock-based compensation expense | 402 | 272 |
Employee Stock Purchase Plan [Member] | ||
Non-cash stock-based compensation expense | 27 | 37 |
Share-based Payment Arrangement, Option [Member] | ||
Non-cash stock-based compensation expense | 78 | 174 |
Restricted Stock [Member] | ||
Non-cash stock-based compensation expense | $ 968 | $ 809 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Unvested, number of shares (in shares) | 387 | 308 |
Unvested, weighted average grant date price per share (in dollars per share) | $ 12.34 | $ 12.11 |
Granted, number of shares (in shares) | 753 | 2,081 |
Granted, weighted average grant date price per share (in dollars per share) | $ 15.29 | $ 12.25 |
Vested, number of shares (in shares) | (726) | (1,945) |
Vested, weighted average grant date price per share (in dollars per share) | $ 11.84 | $ 11.87 |
Forfeited, number of shares (in shares) | (1) | (57) |
Forfeited, weighted average grant date price per share (in dollars per share) | $ 9.39 | $ 12.55 |
Unvested, number of shares (in shares) | 413 | 387 |
Unvested, weighted average grant date price per share (in dollars per share) | $ 13.85 | $ 12.34 |
Note 7 - Special Items - Compon
Note 7 - Special Items - Components of Special Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Other costs(2) | [1] | $ 205 | $ 2 | |
Special items | 261 | 77 | $ 77 | |
Glacier Water Services, Inc. [Member] | ||||
Acquisition-related costs(1) | [2] | $ 56 | $ 75 | |
[1] | Non-recurring costs that represent various other expenses associated with restructuring and other costs which had not occurred in the two years prior to recording them and were not reasonably likely to occur within two years of such recording. | |||
[2] | Acquisition-related costs that represent transaction expenses associated with the acquisition of Glacier, including fees payable to financial, legal, accounting and other advisors. |
Note 9 - Income Tax (Benefit)_2
Note 9 - Income Tax (Benefit) Provision (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 0 | $ (1,725,000) | $ (1,725,000) |
Income Tax Expense (Benefit), Federal Net Operating Loss | (2,074,000) | ||
Income Tax Expense (Benefit), Continuing Operations, Goodwill and Certain Intangible Assets | $ 349,000 | ||
Unrecognized Tax Benefits, Ending Balance | 0 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Assets Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets held-for-sale at fair value | $ 5,288 | $ 5,288 |
Total assets | 5,288 | 5,288 |
Liabilities held-for-sale at fair value | 1,438 | 1,438 |
Total liabilities | 1,438 | 1,438 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets held-for-sale at fair value | ||
Total assets | ||
Liabilities held-for-sale at fair value | ||
Total liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets held-for-sale at fair value | ||
Total assets | ||
Liabilities held-for-sale at fair value | ||
Total liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets held-for-sale at fair value | 5,288 | 5,288 |
Total assets | 5,288 | 5,288 |
Liabilities held-for-sale at fair value | 1,438 | 1,438 |
Total liabilities | $ 1,438 | $ 1,438 |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,232 | 386 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Basic (loss) earnings per common share: | |||
Net (loss) income | $ (1,272) | $ 1,210 | $ 1,210 |
Weighted average shares (in shares) | 40,296 | 33,164 | 33,164 |
Basic (loss) earnings per share (in dollars per share) | $ (0.03) | $ 0.04 | $ 0.04 |
Diluted (loss) earnings per common share: | |||
Net (loss) income | $ (1,272) | $ 1,210 | $ 1,210 |
Weighted average shares (in shares) | 40,296 | 33,164 | 33,164 |
Potential shares arising from stock options, restricted stock and warrants (in shares) | 1,260 | ||
Weighted average shares - diluted (in shares) | 40,296 | 34,424 | 34,424 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.03) | $ 0.04 | $ 0.04 |
Note 12 - Segments (Details Tex
Note 12 - Segments (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Operating Segments | 3 | |
Goodwill, Ending Balance | $ 91,917 | $ 91,814 |
Note 12 - Segments - Segment In
Note 12 - Segments - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment net sales: | |||
Segment net sales | $ 70,047 | $ 73,659 | $ 73,659 |
Segment income from operations: | |||
Segment income (loss) from operations | 1,309 | 4,771 | 4,771 |
Special items | (261) | (77) | (77) |
Depreciation and amortization | (6,550) | (6,057) | (6,057) |
Impairment charges and other | (75) | (133) | (133) |
Depreciation and amortization expense: | |||
Depreciation and amortization | 6,550 | 6,057 | $ 6,057 |
Capital expenditures: | |||
Capital expenditures | 7,684 | 3,765 | |
Refill [Member] | |||
Segment net sales: | |||
Segment net sales | 38,326 | 41,475 | |
Exchange [Member] | |||
Segment net sales: | |||
Segment net sales | 19,352 | 18,258 | |
Dispensers [Member] | |||
Segment net sales: | |||
Segment net sales | 12,369 | 13,926 | |
Operating Segments [Member] | Refill [Member] | |||
Segment net sales: | |||
Segment net sales | 38,326 | 41,475 | |
Segment income from operations: | |||
Segment income (loss) from operations | 10,084 | 11,584 | |
Depreciation and amortization | (4,283) | (4,174) | |
Depreciation and amortization expense: | |||
Depreciation and amortization | 4,283 | 4,174 | |
Capital expenditures: | |||
Capital expenditures | 4,889 | 2,569 | |
Operating Segments [Member] | Exchange [Member] | |||
Segment net sales: | |||
Segment net sales | 19,352 | 18,258 | |
Segment income from operations: | |||
Segment income (loss) from operations | 5,468 | 5,263 | |
Depreciation and amortization | (1,982) | (1,682) | |
Depreciation and amortization expense: | |||
Depreciation and amortization | 1,982 | 1,682 | |
Capital expenditures: | |||
Capital expenditures | 2,335 | 1,026 | |
Operating Segments [Member] | Dispensers [Member] | |||
Segment net sales: | |||
Segment net sales | 12,369 | 13,926 | |
Segment income from operations: | |||
Segment income (loss) from operations | 584 | 1,144 | |
Depreciation and amortization | (50) | (52) | |
Depreciation and amortization expense: | |||
Depreciation and amortization | 50 | 52 | |
Capital expenditures: | |||
Capital expenditures | 100 | ||
Corporate, Non-Segment [Member] | |||
Segment income from operations: | |||
Segment income (loss) from operations | (7,941) | (6,953) | |
Depreciation and amortization | (235) | (149) | |
Depreciation and amortization expense: | |||
Depreciation and amortization | 235 | 149 | |
Capital expenditures: | |||
Capital expenditures | $ 360 | $ 170 |
Note 12 - Segments - Identifiab
Note 12 - Segments - Identifiable Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Identifiable assets | $ 330,877 | $ 320,128 |
Operating Segments [Member] | Refill [Member] | ||
Identifiable assets | 270,015 | 268,427 |
Operating Segments [Member] | Exchange [Member] | ||
Identifiable assets | 26,897 | 24,444 |
Operating Segments [Member] | Dispensers [Member] | ||
Identifiable assets | 26,771 | 20,523 |
Corporate, Non-Segment [Member] | ||
Identifiable assets | $ 7,194 | $ 6,734 |