Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 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) | 39,218,402 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 4,277 | $ 7,301 |
Accounts receivable, net | 24,634 | 19,179 |
Inventories | 13,742 | 9,965 |
Prepaid expenses and other current assets | 6,948 | 7,004 |
Total current assets | 49,601 | 43,449 |
Bottles, net | 5,405 | 4,618 |
Property and equipment, net | 103,637 | 95,627 |
Operating lease right-of-use assets | 3,604 | |
Intangible assets, net | 75,832 | 78,671 |
Goodwill | 92,015 | 91,814 |
Note receivable | 3,128 | |
Other assets | 669 | 661 |
Assets held-for-sale at fair value | 5,288 | |
Total assets | 333,891 | 320,128 |
Current liabilities: | ||
Accounts payable | 29,899 | 25,191 |
Accrued expenses and other current liabilities | 8,755 | 8,274 |
Current portion of long-term debt and finance leases | 11,514 | 11,159 |
Total current liabilities | 50,168 | 44,624 |
Long-term debt and finance leases, net of current portion and debt issuance costs | 187,860 | 178,966 |
Operating leases, net of current portion | 2,134 | |
Other long-term liabilities | 1,191 | 607 |
Liabilities held-for-sale at fair value | 1,438 | |
Total liabilities | 241,353 | 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, 39,185 and 38,567 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 39 | 39 |
Additional paid-in capital | 423,729 | 424,635 |
Accumulated deficit | (329,325) | (328,599) |
Accumulated other comprehensive loss | (1,905) | (1,582) |
Total stockholders’ equity | 92,538 | 94,493 |
Total liabilities and stockholders’ equity | $ 333,891 | $ 320,128 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 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) | 39,185 | 38,567 |
Common stock, outstanding (in shares) | 39,185 | 38,567 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 79,261,000 | $ 75,802,000 | $ 149,308,000 | $ 149,461,000 |
Operating costs and expenses: | ||||
Cost of sales | 58,203,000 | 52,729,000 | 109,724,000 | 106,150,000 |
Selling, general and administrative expenses | 8,768,000 | 9,600,000 | 19,096,000 | 18,800,000 |
Special items | 1,152,000 | 410,000 | 1,413,000 | 487,000 |
Depreciation and amortization | 7,292,000 | 6,114,000 | 13,845,000 | 12,171,000 |
Loss on disposal of property and equipment and other | 252,000 | 111,000 | 327,000 | 244,000 |
Total operating costs and expenses | 75,667,000 | 68,964,000 | 144,405,000 | 137,852,000 |
Income from operations | 3,594,000 | 6,838,000 | 4,903,000 | 11,609,000 |
Interest expense, net | 2,721,000 | 11,158,000 | 5,302,000 | 16,444,000 |
Income (loss) before income taxes | 873,000 | (4,320,000) | (399,000) | (4,835,000) |
Income tax benefit | 0 | (4,771,000) | 0 | (6,496,000) |
Net income (loss) | $ 873,000 | $ 451,000 | $ (399,000) | $ 1,661,000 |
Earnings (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.02 | $ 0.01 | $ (0.01) | $ 0.05 |
Diluted (in dollars per share) | $ 0.02 | $ 0.01 | $ (0.01) | $ 0.05 |
Weighted average shares used in computing earnings (loss) per share: | ||||
Basic (in shares) | 40,389 | 35,920 | 40,342 | 34,549 |
Diluted (in shares) | 41,043 | 37,232 | 40,342 | 35,836 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net (loss) income | $ 873 | $ 451 | $ (399) | $ 1,661 |
Other comprehensive loss: | ||||
Reclassification of gain recognized in net income on redemption of Glacier securities | (86) | (86) | ||
Unrealized gain on investment in Glacier securities | 14 | |||
Interest rate swap | (640) | (640) | ||
Foreign currency translation adjustments, net | 142 | (167) | 317 | (429) |
Total other comprehensive loss | (498) | (253) | (323) | (501) |
Comprehensive income (loss) | $ 375 | $ 198 | $ (722) | $ 1,160 |
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) | 1,905 | ||||
Employee stock compensation plans | $ 2 | 4,760 | 4,762 | ||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (668) | ||||
Shares withheld for taxes related to net share settlement of equity awards | (8,361) | (8,361) | |||
Exercise of common stock warrants (in shares) | 976 | ||||
Exercise of common stock warrants | $ 1 | 11,450 | 11,451 | ||
Proceeds from equity offering, net of costs (in shares) | 5,339 | ||||
Proceeds from equity offering, net of costs | $ 5 | 70,786 | 70,791 | ||
Reclassification of equity issuance costs previously capitalized | (171) | (171) | |||
Net (loss) income | 1,661 | 1,661 | |||
Other comprehensive income (loss) | (501) | (501) | |||
Balance (in shares) at Jun. 30, 2018 | 37,636 | ||||
Balance at Jun. 30, 2018 | $ 38 | 424,427 | (272,091) | (1,271) | 151,103 |
Balance (in shares) at Mar. 31, 2018 | 31,003 | ||||
Balance at Mar. 31, 2018 | $ 31 | 339,982 | (272,542) | (1,018) | 66,453 |
Employee stock compensation plans (in shares) | 321 | ||||
Employee stock compensation plans | $ 1 | 2,415 | 2,416 | ||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (3) | ||||
Shares withheld for taxes related to net share settlement of equity awards | (35) | (35) | |||
Exercise of common stock warrants (in shares) | 976 | ||||
Exercise of common stock warrants | $ 1 | 11,450 | 11,451 | ||
Proceeds from equity offering, net of costs (in shares) | 5,339 | ||||
Proceeds from equity offering, net of costs | $ 5 | 70,786 | 70,791 | ||
Reclassification of equity issuance costs previously capitalized | (171) | (171) | |||
Net (loss) income | 451 | 451 | |||
Other comprehensive income (loss) | (253) | (253) | |||
Balance (in shares) at Jun. 30, 2018 | 37,636 | ||||
Balance at Jun. 30, 2018 | $ 38 | 424,427 | (272,091) | (1,271) | 151,103 |
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) | 893 | ||||
Employee stock compensation plans | $ 1 | 3,019 | 3,020 | ||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (282) | ||||
Shares withheld for taxes related to net share settlement of equity awards | $ (1) | (3,993) | (3,994) | ||
Exercise of common stock warrants (in shares) | 7 | ||||
Exercise of common stock warrants | 68 | 68 | |||
Net (loss) income | (399) | (399) | |||
Other comprehensive income (loss) | (323) | (323) | |||
Balance (in shares) at Jun. 30, 2019 | 39,185 | ||||
Balance at Jun. 30, 2019 | $ 39 | 423,729 | (329,325) | (1,905) | 92,538 |
Balance (in shares) at Mar. 31, 2019 | 39,029 | ||||
Balance at Mar. 31, 2019 | $ 39 | 422,052 | (330,198) | (1,407) | 90,486 |
Employee stock compensation plans (in shares) | 159 | ||||
Employee stock compensation plans | 1,713 | 1,713 | |||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (3) | ||||
Shares withheld for taxes related to net share settlement of equity awards | (36) | (36) | |||
Net (loss) income | 873 | 873 | |||
Other comprehensive income (loss) | (498) | (498) | |||
Balance (in shares) at Jun. 30, 2019 | 39,185 | ||||
Balance at Jun. 30, 2019 | $ 39 | 423,729 | (329,325) | (1,905) | 92,538 |
Effect of ASC 842 adoption | $ (327) | $ (327) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (399,000) | $ 1,661,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 13,845,000 | 12,171,000 |
Loss on disposal of property and equipment and other | 327,000 | 244,000 |
Stock-based compensation expense | 2,493,000 | 2,679,000 |
Non-cash interest expense | 170,000 | 2,445,000 |
Bad debt expense | 53,000 | 170,000 |
Deferred income tax benefit | 0 | (6,496,000) |
Realized foreign currency exchange (gain) loss and other, net | (200,000) | 399,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,426,000) | (5,065,000) |
Inventories | (3,762,000) | (1,638,000) |
Prepaid expenses and other current assets | 215,000 | (1,126,000) |
Operating lease right-of-use assets | 560,000 | |
Accounts payable | 2,624,000 | 5,248,000 |
Accrued expenses and other current liabilities | (1,117,000) | (513,000) |
Operating lease liabilities | (518,000) | |
Net cash provided by operating activities | 8,865,000 | 10,179,000 |
Cash flows from investing activities: | ||
Purchases of property and equipment, net | (12,429,000) | (8,208,000) |
Purchases of bottles, net of disposals | (1,767,000) | (1,117,000) |
Proceeds from the sale of property and equipment | 129,000 | 154,000 |
Proceeds from redemption of investment in Glacier securities | 3,648,000 | |
Additions to intangible assets | (25,000) | (12,000) |
Net cash used in investing activities | (13,692,000) | (5,535,000) |
Cash flows from financing activities: | ||
Borrowings under Revolving Credit Facilities | 29,000,000 | 29,000,000 |
Payments under Revolving Credit Facilities | (18,900,000) | (22,000,000) |
Borrowings under Term loans | 190,000,000 | |
Payments under Term loans | (4,750,000) | (184,140,000) |
Payments upon redemption of Junior Subordinated Debentures | (87,629,000) | |
Finance lease payments | (1,186,000) | (818,000) |
Proceeds from common stock issuance, net of costs | 70,791,000 | |
Proceeds from warrant exercises, net | 68,000 | 9,486,000 |
Stock option and employee stock purchase activity | 526,000 | 1,322,000 |
Bank overdraft | 1,032,000 | |
Payments for taxes related to net share settlement of equity awards | (3,994,000) | (8,361,000) |
Debt issuance costs and other | (1,640,000) | |
Net cash provided by (used in) financing activities | 1,796,000 | (3,989,000) |
Effect of exchange rate changes on cash and cash equivalents | 7,000 | (19,000) |
Net (decrease) increase in cash and cash equivalents | (3,024,000) | 636,000 |
Cash and cash equivalents, beginning of year | 7,301,000 | 5,586,000 |
Cash and cash equivalents, end of period | 4,277,000 | 6,222,000 |
Supplemental cash flow information: | ||
Promissory note received in exchange for sale of ice assets | 3,278,000 | |
Ice Assets [Member] | ||
Cash flows from investing activities: | ||
Proceeds from the sale of property and equipment | $ 400,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. 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. In the opinion of management, the unaudited interim condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position, results of operations and cash flows for the periods indicated. Such adjustments, other than nonrecurring adjustments that have been separately disclosed, are of a normal, recurring nature. The operating results for interim periods are not necessarily indicative of results to be expected for a full year or future interim periods. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2018 as filed on Form 10 -K (the “2018 Form 10 -K”). The accompanying interim condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, accordingly, do not include all the disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”) with respect to annual audited financial statements. Significant accounting policies are summarized in our 2018 Form 10 -K. R ecent ly Issued Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018 - 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 - 40 ) . This update aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The update is effective for fiscal years beginning after December 15, 2019, and interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of adopting this guidance on our consolidated financial statements. In August 2018, the FASB issued ASU 2018 - 13, Fair Value Measurement (Topic 820 ): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which modifies the disclosure requirements on fair value measurements. The update is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019 and early adoption is permitted. We are currently in the process of evaluating the impact of adopting this guidance on our consolidated financial statements. In January 2017, the FASB issued ASU 2017 - 04, Intangibles – Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment . The updated guidance eliminates step two of the goodwill impairment test and specifies that goodwill impairment should be measured by comparing the fair value of a reporting unit with its carrying amount. Additionally, the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets should be disclosed. The update is effective for annual or interim goodwill impairment tests performed in fiscal years beginning after December 15, 2019; early adoption is permitted. We currently anticipate that adoption of the guidance will not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016 - 13, Financial Instruments-Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016 - 13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. We will adopt ASU 2016 - 13 effective January 1, 2020 with the cumulative effect of adoption recorded as an adjustment to retained earnings. The effect on our consolidated financial statements will largely depend on the composition and credit quality of our trade receivables at the time of adoption. Recent ly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016 - 02, Leases (Topic 842 ) along with subsequent amendments to the initial guidance in ASU 2017 - 13, ASU 2018 - 10 and ASU 2018 - 11 (collectively, Topic 842 ) requiring lessees to recognize for all leases (with the exception of short-term leases) at the commencement date: ( 1 ) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and ( 2 ) a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. We adopted Topic 842 effective January 1, 2019. The effects of adopting Topic 842 were the recognition of $4.2 million of operating lease right-of-use assets and $4.1 million of operating lease liabilities. We applied Topic 842 to all contracts conveying the right to control the use of identified property, plant, or equipment as of January 1, 2019, with comparative periods continuing to be reported under Topic 840 in accordance with the alternative transition method. In the adoption of Topic 842, we elected the package of practical expedients allowing us to carry forward the assessment from Topic 840 of whether our contracts contain or are leases, as well as, the classification and initial direct costs for any expired or existing leases. We also elected the practical expedient allowing us to use hindsight when determining the lease term and assessing impairment of right-of-use assets. For short-term leases with an initial term of 12 months or less, we have made an accounting policy election whereby a right-of-use asset and lease liability is not recognized. Lease expense for short-term leases is recognized on a straight-line basis over the lease term. A portion of our leases contain lease and non-lease components in the form of maintenance and utilities. We have elected to combine non-lease and lease components and treat them as a single lease component, which increases the amount of our lease assets and corresponding liabilities. We implemented a lease management system to assist in centralizing, maintaining and accounting for all leases to ensure compliance with Topic 842 reporting and disclosure requirements. Our accounting for finance leases remains substantially unchanged. The standard did not have a significant impact on our condensed consolidated statements of operations or our condensed consolidated statements of cash flows. See “Note 3 – Leases” for further details. In August 2017, the FASB issued ASU 2017 - 12, Derivatives and Hedging (Topic 815 ) - Targeted Improvements to Accounting for Hedging Activities . ASU 2017 - 12 is intended to better align the Company's risk management activities with financial reporting for hedging relationships. The standard eliminates the requirement to separately measure and report hedge ineffectiveness, expands the ability to hedge specific risk components, and generally requires the change in value of the hedge instrument and hedged item to be presented in the same income statement line. We adopted ASU 2017 - 12 in the second quarter of 2019 upon entering into an interest rate swap on our variable rate term loan. The new disclosure requirements were applied on a prospective basis. The adoption of the standard did not have a material impact on our consolidated financial statements. |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. 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 $1,977 $1,755 June 30, 2019 December 31, 2018, three six June 30, 2019 2018 Disaggregation of Revenue The tables below present our consolidated net sales by geographic area. Three months ended June 30, 2019 Geographical area Refill Exchange Dispensers Total United States $ 41,506 $ 20,169 $ 14,789 $ 76,464 Canada 770 834 1,193 2,797 $ 42,276 $ 21,003 $ 15,982 $ 79,261 Three months ended June 30, 2018 Geographical area Refill Exchange Dispensers Total United States $ 43,496 $ 19,135 $ 9,536 $ 72,167 Canada 1,240 872 1,523 3,635 $ 44,736 $ 20,007 $ 11,059 $ 75,802 Six months ended June 30, 2019 Geographical area Refill Exchange Dispensers Total United States $ 78,824 $ 38,691 $ 26,484 $ 143,999 Canada 1,777 1,664 1,868 5,309 $ 80,601 $ 40,355 $ 28,352 $ 149,308 Six months ended June 30, 2018 Geographical area Refill Exchange Dispensers Total United States $ 83,641 $ 36,616 $ 22,469 $ 142,726 Canada 2,570 1,649 2,516 6,735 $ 86,211 $ 38,265 $ 24,985 $ 149,461 |
Note 3 - Leases
Note 3 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 3. 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. June 30, 2019 $1,524 June 30, 2019 $2,134 Finance lease right-of-use assets are presented within property and equipment, net. As of June 30, 2019 December 31, 2018 $11,196 $7,408, June 30, 2019 $2,014 June 30, 2019 $4,867 Components of operating lease expense were as follows: Three months ended June 30, 2019 Long-term Operating $ 436 Short-term Operating 130 Total Operating lease expense $ 566 Six months ended June 30, 2019 Long-term Operating $ 873 Short-term Operating 246 Total Operating lease expense $ 1,119 As of June 30, 2019, 3.7 4.76%. June 30, 2019 Operating Leases Remainder of 2019 $ 858 2020 1,567 2021 553 2022 456 2023 281 Thereafter 440 Total future lease payments 4,155 Less: imputed interest (497 ) Total lease liability $ 3,658 Supplemental information related to operating leases was as follows: Six months ended June 30, 2019 Operating cash flows used for operating leases $ 927 |
Note 4 - Ice Assets Held-for-Sa
Note 4 - Ice Assets Held-for-Sale and Promissory Note | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 4. Note During the quarter ended September 30, 2018, one 360, no December 31, 2018. December 31, 2018 December 31, 2018 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 On June 28, 2019, $400 $3,600. five $50 7%. five may $3,278 June 30, 2019 $150 $3,128 The buyer is not $580 three six June 30, 2019 |
Note 5 - Debt and Finance Lease
Note 5 - Debt and Finance Leases, net of Debt Issuance Costs | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 5. ebt and Finance Leases , net of Debt Issuance Costs Debt and finance leases, net of debt issuance costs are summarized as follows: June 30, December 31, 2019 2018 Revolving Credit Facility $ 13,100 $ 3,000 Term loans 180,500 185,250 Debt issuance costs, net (1,107 ) (1,265 ) Total Credit Facilities 192,493 186,985 Finance leases 6,881 3,140 199,374 190,125 Less current portion (11,514 ) (11,159 ) Long-term debt and finance leases, net of current portion and debt issuance costs $ 187,860 $ 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, June 30, 2019, $13,100 $16,900 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; special items; 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. June 30, 2019, 1.23:1.00 3.92:1.00. Goldman Credit Facility On December 12, 2016, $186,000 $10,000 second 2018 second 2018, $2,960 $3,904 Junior Subordinated Debentures and Investments In connection with the Acquisition, we assumed $89,529 9 1/16% 2028 June 29, 2018, $87,938, $309, $475 In connection with the redemption of the Subordinated Debentures described above, the Trust issued a revocable notice of redemption of all outstanding capital securities of the Trust, and all outstanding capital securities of the Trust were redeemed on June 29, 2018. $6,277 $161 June 30, 2018, $2,629 Finance Leases As of June 30, 2019, 3.6 4.76%. June 30, 2019 Finance Leases Remainder of 2019 $ 2,425 2020 1,970 2021 1,525 2022 1,061 2023 448 Thereafter 65 Total future lease obligations 7,494 Less: imputed interest (613 ) Total finance lease liability $ 6,881 Interest Rate Swap To mitigate the risks associated with future interest rate movements, we have employed an interest rate swap to fix the rate on a portion of our outstanding borrowings under the SunTrust Credit Facility. We executed an interest rate swap agreement in April 2019. $25 June 30, 2019. April 2023. not three June 30, 2019. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. 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 June 30, Six months ended June 30, 2019 2018 2019 2018 Stock options $ 69 $ 102 $ 147 $ 276 Restricted stock 1,098 912 2,066 1,721 Long-Term Performance Plan (180 ) 360 221 632 Employee Stock Purchase Plan 31 13 59 50 $ 1,018 $ 1,387 $ 2,493 $ 2,679 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. |
Note 7 - Special Items
Note 7 - Special Items | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Special Items, Disclosure [Text Block] | 7. We have incurred expenses that either we do not Three months ended June 30, 2019 2018 Acquisition-related costs (1) $ 250 $ 287 Other costs (2) 902 123 Total $ 1,152 $ 410 Six months ended June 30, 2019 2018 Acquisition-related costs (1) $ 306 $ 361 Other costs (2) 1,107 126 Total $ 1,413 $ 487 ( 1 Acquisition-related expenses, including fees payable to financial, legal, accounting and other advisors. ( 2 Restructuring, severance, and other costs not |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. 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 | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. (Benefit) Provision For the three six June 30, 2019 $0 not not June 30, 2019. For the three six June 30, 2018, $4,771 $6,496, 2017 $4,769 $6,843, three six June 30, 2018 $349 Section 382 382, 382 We have no no 12 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. 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 June 30, 2019 December 31, 2018, June 30, 2019 Fair Value Level 1 Level 2 Level 3 Liabilities: Interest rate swap $ 640 $ – $ 640 $ – Total liabilities $ 640 $ – $ 640 $ – 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. At June 30, 2019 $3,278 no six June 30, 2018. |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Per Share The following table sets forth the calculations of basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Basic: Net income (loss) $ 873 $ 451 $ (399 ) $ 1,661 Weighted average shares 40,389 35,920 40,342 34,549 Basic earnings (loss) per share $ 0.02 $ 0.01 $ (0.01 ) $ 0.05 Diluted: Net income (loss) $ 873 $ 451 $ (399 ) $ 1,661 Weighted average shares 40,389 35,920 40,342 34,549 Potential shares arising from stock options, restricted stock and warrants 654 1,312 – 1,287 Weighted average shares - diluted 41,043 37,232 40,342 35,836 Diluted earnings (loss) per share $ 0.02 $ 0.01 $ (0.01 ) $ 0.05 For the three June 30, 2019, 211 For the six June 30, 2019, 2,171 For the three six June 30, 2018, 67 226 |
Note 12 - Segments
Note 12 - Segments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. 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 June 30, Six months ended June 30, 2019 2018 2019 2018 Segment net sales: Refill $ 42,276 $ 44,736 $ 80,601 $ 86,211 Exchange 21,003 20,007 40,355 38,265 Dispensers 15,982 11,059 28,352 24,985 $ 79,261 $ 75,802 $ 149,308 $ 149,461 Segment income from operations: Refill $ 11,477 $ 13,894 $ 21,561 $ 25,478 Exchange 5,894 6,030 11,362 11,293 Dispensers 1,125 842 1,709 1,986 Corporate (6,206 ) (7,293 ) (14,144 ) (14,246 ) Special items (1,152 ) (410 ) (1,413 ) (487 ) Depreciation and amortization (7,292 ) (6,114 ) (13,845 ) (12,171 ) Loss on disposal of property and equipment and other (252 ) (111 ) (327 ) (244 ) $ 3,594 $ 6,838 $ 4,903 $ 11,609 Depreciation and amortization expense: Refill $ 4,888 $ 3,879 $ 9,170 $ 8,054 Exchange 2,124 1,671 4,106 3,353 Dispensers 50 44 100 96 Corporate 230 520 469 668 $ 7,292 $ 6,114 $ 13,845 $ 12,171 Capital expenditures: Refill $ 9,087 $ 5,546 Exchange 4,428 3,394 Dispensers 100 – Corporate 452 385 $ 14,067 $ 9,325 June 30, 2019 December 31, 2018 Identifiable assets: Refill $ 264,226 $ 268,427 Exchange 29,418 24,444 Dispensers 28,115 20,523 Corporate 12,132 6,734 $ 333,891 $ 320,128 As of June 30, 2019 December 31, 2018, $92,015 $91,814, December 2016 ( |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2016 13 January 1, 2020 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 In August 2017, 2017 12, Derivatives and Hedging (Topic 815 Targeted Improvements to Accounting for Hedging Activities 2017 12 2017 12 second 2019 not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended June 30, 2019 Geographical area Refill Exchange Dispensers Total United States $ 41,506 $ 20,169 $ 14,789 $ 76,464 Canada 770 834 1,193 2,797 $ 42,276 $ 21,003 $ 15,982 $ 79,261 Three months ended June 30, 2018 Geographical area Refill Exchange Dispensers Total United States $ 43,496 $ 19,135 $ 9,536 $ 72,167 Canada 1,240 872 1,523 3,635 $ 44,736 $ 20,007 $ 11,059 $ 75,802 Six months ended June 30, 2019 Geographical area Refill Exchange Dispensers Total United States $ 78,824 $ 38,691 $ 26,484 $ 143,999 Canada 1,777 1,664 1,868 5,309 $ 80,601 $ 40,355 $ 28,352 $ 149,308 Six months ended June 30, 2018 Geographical area Refill Exchange Dispensers Total United States $ 83,641 $ 36,616 $ 22,469 $ 142,726 Canada 2,570 1,649 2,516 6,735 $ 86,211 $ 38,265 $ 24,985 $ 149,461 |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended June 30, 2019 Long-term Operating $ 436 Short-term Operating 130 Total Operating lease expense $ 566 Six months ended June 30, 2019 Long-term Operating $ 873 Short-term Operating 246 Total Operating lease expense $ 1,119 Six months ended June 30, 2019 Operating cash flows used for operating leases $ 927 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Remainder of 2019 $ 858 2020 1,567 2021 553 2022 456 2023 281 Thereafter 440 Total future lease payments 4,155 Less: imputed interest (497 ) Total lease liability $ 3,658 |
Note 4 - Ice Assets Held-for-_2
Note 4 - Ice Assets Held-for-Sale and Promissory Note (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 31, 2018 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) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, 2019 2018 Revolving Credit Facility $ 13,100 $ 3,000 Term loans 180,500 185,250 Debt issuance costs, net (1,107 ) (1,265 ) Total Credit Facilities 192,493 186,985 Finance leases 6,881 3,140 199,374 190,125 Less current portion (11,514 ) (11,159 ) Long-term debt and finance leases, net of current portion and debt issuance costs $ 187,860 $ 178,966 |
Finance Lease, Liability, Maturity [Table Text Block] | Finance Leases Remainder of 2019 $ 2,425 2020 1,970 2021 1,525 2022 1,061 2023 448 Thereafter 65 Total future lease obligations 7,494 Less: imputed interest (613 ) Total finance lease liability $ 6,881 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Stock options $ 69 $ 102 $ 147 $ 276 Restricted stock 1,098 912 2,066 1,721 Long-Term Performance Plan (180 ) 360 221 632 Employee Stock Purchase Plan 31 13 59 50 $ 1,018 $ 1,387 $ 2,493 $ 2,679 |
Note 7 - Special Items (Tables)
Note 7 - Special Items (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Special Items [Table Text Block] | Three months ended June 30, 2019 2018 Acquisition-related costs (1) $ 250 $ 287 Other costs (2) 902 123 Total $ 1,152 $ 410 Six months ended June 30, 2019 2018 Acquisition-related costs (1) $ 306 $ 361 Other costs (2) 1,107 126 Total $ 1,413 $ 487 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2019 Fair Value Level 1 Level 2 Level 3 Liabilities: Interest rate swap $ 640 $ – $ 640 $ – Total liabilities $ 640 $ – $ 640 $ – 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) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Basic: Net income (loss) $ 873 $ 451 $ (399 ) $ 1,661 Weighted average shares 40,389 35,920 40,342 34,549 Basic earnings (loss) per share $ 0.02 $ 0.01 $ (0.01 ) $ 0.05 Diluted: Net income (loss) $ 873 $ 451 $ (399 ) $ 1,661 Weighted average shares 40,389 35,920 40,342 34,549 Potential shares arising from stock options, restricted stock and warrants 654 1,312 – 1,287 Weighted average shares - diluted 41,043 37,232 40,342 35,836 Diluted earnings (loss) per share $ 0.02 $ 0.01 $ (0.01 ) $ 0.05 |
Note 12 - Segments (Tables)
Note 12 - Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Segment net sales: Refill $ 42,276 $ 44,736 $ 80,601 $ 86,211 Exchange 21,003 20,007 40,355 38,265 Dispensers 15,982 11,059 28,352 24,985 $ 79,261 $ 75,802 $ 149,308 $ 149,461 Segment income from operations: Refill $ 11,477 $ 13,894 $ 21,561 $ 25,478 Exchange 5,894 6,030 11,362 11,293 Dispensers 1,125 842 1,709 1,986 Corporate (6,206 ) (7,293 ) (14,144 ) (14,246 ) Special items (1,152 ) (410 ) (1,413 ) (487 ) Depreciation and amortization (7,292 ) (6,114 ) (13,845 ) (12,171 ) Loss on disposal of property and equipment and other (252 ) (111 ) (327 ) (244 ) $ 3,594 $ 6,838 $ 4,903 $ 11,609 Depreciation and amortization expense: Refill $ 4,888 $ 3,879 $ 9,170 $ 8,054 Exchange 2,124 1,671 4,106 3,353 Dispensers 50 44 100 96 Corporate 230 520 469 668 $ 7,292 $ 6,114 $ 13,845 $ 12,171 Capital expenditures: Refill $ 9,087 $ 5,546 Exchange 4,428 3,394 Dispensers 100 – Corporate 452 385 $ 14,067 $ 9,325 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, 2019 December 31, 2018 Identifiable assets: Refill $ 264,226 $ 268,427 Exchange 29,418 24,444 Dispensers 28,115 20,523 Corporate 12,132 6,734 $ 333,891 $ 320,128 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 3,604 | ||
Operating Lease, Liability, Total | $ 3,658 | ||
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 1,977 | $ 1,755 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 79,261 | $ 75,802 | $ 149,308 | $ 149,461 |
Refill [Member] | ||||
Net sales | 42,276 | 44,736 | 80,601 | 86,211 |
Exchange [Member] | ||||
Net sales | 21,003 | 20,007 | 40,355 | 38,265 |
Dispensers [Member] | ||||
Net sales | 15,982 | 11,059 | 28,352 | 24,985 |
UNITED STATES | ||||
Net sales | 76,464 | 72,167 | 143,999 | 142,726 |
UNITED STATES | Refill [Member] | ||||
Net sales | 41,506 | 43,496 | 78,824 | 83,641 |
UNITED STATES | Exchange [Member] | ||||
Net sales | 20,169 | 19,135 | 38,691 | 36,616 |
UNITED STATES | Dispensers [Member] | ||||
Net sales | 14,789 | 9,536 | 26,484 | 22,469 |
CANADA | ||||
Net sales | 2,797 | 3,635 | 5,309 | 6,735 |
CANADA | Refill [Member] | ||||
Net sales | 770 | 1,240 | 1,777 | 2,570 |
CANADA | Exchange [Member] | ||||
Net sales | 834 | 872 | 1,664 | 1,649 |
CANADA | Dispensers [Member] | ||||
Net sales | $ 1,193 | $ 1,523 | $ 1,868 | $ 2,516 |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Lease, Liability, Current | $ 1,524 | |
Operating Lease, Liability, Noncurrent | 2,134 | |
Finance Lease, Liability, Total | 6,881 | 3,140 |
Finance Lease, Liability, Current | 2,014 | |
Finance Lease, Liability, Noncurrent | $ 4,867 | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 255 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.76% | |
Vehicles [Member] | ||
Finance Lease, Liability, Total | $ 11,196 | $ 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) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Long-term Operating | $ 436 | $ 873 |
Short-term Operating | 130 | 246 |
Total Operating lease expense | $ 566 | 1,119 |
Operating cash flows used for operating leases | $ 927 |
Note 3 - Leases - Future Lease
Note 3 - Leases - Future Lease Payments Under Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Remainder of 2019 | $ 858 |
2020 | 1,567 |
2021 | 553 |
2022 | 456 |
2023 | 281 |
Thereafter | 440 |
Total future lease payments | 4,155 |
Less: imputed interest | (497) |
Operating Lease, Liability, Total | $ 3,658 |
Note 4 - Ice Assets Held-for-_3
Note 4 - Ice Assets Held-for-Sale and Promissory Note (Details Textual) - USD ($) $ in Thousands | Jun. 28, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 129 | $ 154 | |||
Notes Receivable, Fair Value Disclosure | $ 3,278 | 3,278 | |||
Notes Receivable, Noncurrent | 3,128 | 3,128 | |||
Gain (Loss) on Disposition of Assets, Total | (580) | (580) | |||
Promissory Note Received in Exchange for Ice Assets [Member] | |||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,600 | ||||
Notes Receivable, Term | 5 years | ||||
Notes Receivable, Periodic Payment Principal | $ 50 | ||||
Notes Receivable, Interest Rate, Stated Percentage | 7.00% | ||||
Notes Receivable, Fair Value Disclosure | 3,278 | 3,278 | |||
Notes Receivable, Noncurrent | 3,128 | 3,128 | |||
Promissory Note Received in Exchange for Ice Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||
Notes Receivable, Current | $ 150 | 150 | |||
Ice Assets [Member] | |||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 400 | $ 400 |
Note 4 - Ice Assets Held-for-_4
Note 4 - Ice Assets Held-for-Sale and Promissory Note - Estimated Fair Value of Ice Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets held-for-sale at fair value | $ 5,288 | |
Liabilities held-for-sale at fair value | 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. 30, 2018USD ($) | Jun. 29, 2018USD ($) | Jun. 22, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2020 | Jun. 30, 2019USD ($) | Jun. 22, 2023 | Dec. 31, 2018USD ($) | Dec. 12, 2016USD ($) |
Long-term Debt, Total | $ 199,374 | $ 199,374 | $ 190,125 | ||||||||
Payments of Debt Issuance Costs | $ 1,640 | ||||||||||
Long-term Line of Credit, Total | 13,100 | $ 13,100 | $ 3,000 | ||||||||
Repayments of Long-term Debt, Total | $ 18,900 | $ 22,000 | |||||||||
Proceeds from Redemption of Capital Securities | $ 2,629 | $ 6,277 | |||||||||
Gain (Loss) on Redemption of Capital Securities | (161) | ||||||||||
Finance Lease, Weighted Average Remaining Lease Term | 3 years 219 days | 3 years 219 days | |||||||||
Finance Lease, Weighted Average Discount Rate, Percent | 4.76% | 4.76% | |||||||||
Interest Rate Swap [Member] | |||||||||||
Derivative, Notional Amount | $ 25,000 | $ 25,000 | |||||||||
The 9 and 1 16 Percent Junior Subordinated Deferrable Interest Debentures [Member] | |||||||||||
Long-term Debt, Total | $ 89,529 | ||||||||||
Repayments of Long-term Debt, Total | 87,938 | ||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 309 | ||||||||||
Gain (Loss) on Repurchase of Debt Instrument | $ 475 | ||||||||||
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 | 1.23 | 1.23 | |||||||||
Total Leverage Ratio | 3.92 | 3.92 | |||||||||
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 | 13,100 | $ 13,100 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 16,900 | $ 16,900 | |||||||||
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 | ||||||||||
Goldman Credit Facility [Member] | |||||||||||
Amortization of Debt Discount (Premium) | $ 2,960 | ||||||||||
Early Payment Penalties | $ 3,904 | ||||||||||
Goldman Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | ||||||||||
Goldman Credit Facility [Member] | Term Loan [Member] | |||||||||||
Long-term Debt, Total | $ 186,000 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Revolving Credit Facility | $ 13,100 | $ 3,000 |
Long-term debt and capital leases, net of debt issuance costs | 199,374 | 190,125 |
Total finance lease liability | 6,881 | 3,140 |
Less current portion | (11,514) | (11,159) |
Long-term debt and finance leases, net of current portion and debt issuance costs | 187,860 | 178,966 |
Term Notes [Member] | ||
Long-term debt, gross | 180,500 | 185,250 |
Revolving Credit Facility and Term Notes [Member] | ||
Debt issuance costs, net | (1,107) | (1,265) |
Long-term debt and capital leases, net of debt issuance costs | $ 192,493 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Total finance lease liability | $ 6,881 | $ 3,140 |
Capital Lease Obligations [Member] | ||
Remainder of 2019 | 2,425 | |
2020 | 1,970 | |
2021 | 1,525 | |
2022 | 1,061 | |
2023 | 448 | |
Thereafter | 65 | |
Total future lease obligations | 7,494 | |
Less: imputed interest | (613) | |
Total finance lease liability | $ 6,881 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Non-cash stock-based compensation expense | $ 1,018 | $ 1,387 | $ 2,493 | $ 2,679 |
Long-term Performance Plan [Member] | ||||
Non-cash stock-based compensation expense | (180) | 360 | 221 | 632 |
Employee Stock Purchase Plan [Member] | ||||
Non-cash stock-based compensation expense | 31 | 13 | 59 | 50 |
Share-based Payment Arrangement, Option [Member] | ||||
Non-cash stock-based compensation expense | 69 | 102 | 147 | 276 |
Restricted Stock [Member] | ||||
Non-cash stock-based compensation expense | $ 1,098 | $ 912 | $ 2,066 | $ 1,721 |
Note 7 - Special Items - Compon
Note 7 - Special Items - Components of Special Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Other costs | [1] | $ 902 | $ 123 | $ 1,107 | $ 126 |
Special items | 1,152 | 410 | 1,413 | 487 | |
Glacier Water Services, Inc. [Member] | |||||
Acquisition-related costs | [2] | $ 250 | $ 287 | $ 306 | $ 361 |
[1] | Restructuring, severance, and other costs not indicative of our core operations. | ||||
[2] | Acquisition-related expenses, 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 0 | $ (4,771,000) | $ 0 | $ (6,496,000) |
Income Tax Expense (Benefit), Federal Net Operating Loss | (4,769,000) | (6,843,000) | ||
Income Tax Expense (Benefit), Continuing Operations, Goodwill and Certain Intangible Assets | $ 349,000 | $ 349,000 | ||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0 | $ 0 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements (Details Textual) $ in Thousands | Jun. 30, 2019USD ($) |
Notes Receivable, Fair Value Disclosure | $ 3,278 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurements - Assets Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Total liabilities | $ 640 | $ 1,438 |
Assets held-for-sale at fair value | 5,288 | |
Total assets | 5,288 | |
Liabilities held-for-sale at fair value | 1,438 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total liabilities | 640 | 1,438 |
Assets held-for-sale at fair value | 5,288 | |
Total assets | 5,288 | |
Liabilities held-for-sale at fair value | $ 1,438 | |
Interest Rate Swap [Member] | ||
Interest rate swap | 640 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swap | $ 640 |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 211 | 67 | 2,171 | 226 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic (loss) earnings per common share: | ||||
Net income (loss) | $ 873 | $ 451 | $ (399) | $ 1,661 |
Weighted average shares (in shares) | 40,389 | 35,920 | 40,342 | 34,549 |
Basic earnings (loss) per share (in dollars per share) | $ 0.02 | $ 0.01 | $ (0.01) | $ 0.05 |
Diluted (loss) earnings per common share: | ||||
Net income (loss) | $ 873 | $ 451 | $ (399) | $ 1,661 |
Weighted average shares (in shares) | 40,389 | 35,920 | 40,342 | 34,549 |
Potential shares arising from stock options, restricted stock and warrants (in shares) | 654 | 1,312 | 1,287 | |
Weighted average shares - diluted (in shares) | 41,043 | 37,232 | 40,342 | 35,836 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.02 | $ 0.01 | $ (0.01) | $ 0.05 |
Note 12 - Segments (Details Tex
Note 12 - Segments (Details Textual) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Operating Segments | 3 | |
Goodwill, Ending Balance | $ 92,015 | $ 91,814 |
Note 12 - Segments - Segment In
Note 12 - Segments - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment net sales: | ||||
Segment net sales | $ 79,261 | $ 75,802 | $ 149,308 | $ 149,461 |
Segment income from operations: | ||||
Segment income (loss) from operations | 3,594 | 6,838 | 4,903 | 11,609 |
Special items | (1,152) | (410) | (1,413) | (487) |
Depreciation and amortization | (7,292) | (6,114) | (13,845) | (12,171) |
Loss on disposal of property and equipment and other | (252) | (111) | (327) | (244) |
Depreciation and amortization expense: | ||||
Depreciation and amortization | 7,292 | 6,114 | 13,845 | 12,171 |
Capital expenditures: | ||||
Capital expenditures | 14,067 | 9,325 | ||
Refill [Member] | ||||
Segment net sales: | ||||
Segment net sales | 42,276 | 44,736 | 80,601 | 86,211 |
Exchange [Member] | ||||
Segment net sales: | ||||
Segment net sales | 21,003 | 20,007 | 40,355 | 38,265 |
Dispensers [Member] | ||||
Segment net sales: | ||||
Segment net sales | 15,982 | 11,059 | 28,352 | 24,985 |
Operating Segments [Member] | Refill [Member] | ||||
Segment net sales: | ||||
Segment net sales | 42,276 | 44,736 | 80,601 | 86,211 |
Segment income from operations: | ||||
Segment income (loss) from operations | 11,477 | 13,894 | 21,561 | 25,478 |
Depreciation and amortization | (4,888) | (3,879) | (9,170) | (8,054) |
Depreciation and amortization expense: | ||||
Depreciation and amortization | 4,888 | 3,879 | 9,170 | 8,054 |
Capital expenditures: | ||||
Capital expenditures | 9,087 | 5,546 | ||
Operating Segments [Member] | Exchange [Member] | ||||
Segment net sales: | ||||
Segment net sales | 21,003 | 20,007 | 40,355 | 38,265 |
Segment income from operations: | ||||
Segment income (loss) from operations | 5,894 | 6,030 | 11,362 | 11,293 |
Depreciation and amortization | (2,124) | (1,671) | (4,106) | (3,353) |
Depreciation and amortization expense: | ||||
Depreciation and amortization | 2,124 | 1,671 | 4,106 | 3,353 |
Capital expenditures: | ||||
Capital expenditures | 4,428 | 3,394 | ||
Operating Segments [Member] | Dispensers [Member] | ||||
Segment net sales: | ||||
Segment net sales | 15,982 | 11,059 | 28,352 | 24,985 |
Segment income from operations: | ||||
Segment income (loss) from operations | 1,125 | 842 | 1,709 | 1,986 |
Depreciation and amortization | (50) | (44) | (100) | (96) |
Depreciation and amortization expense: | ||||
Depreciation and amortization | 50 | 44 | 100 | 96 |
Capital expenditures: | ||||
Capital expenditures | 100 | |||
Corporate, Non-Segment [Member] | ||||
Segment income from operations: | ||||
Segment income (loss) from operations | (6,206) | (7,293) | (14,144) | (14,246) |
Depreciation and amortization | (230) | (520) | (469) | (668) |
Depreciation and amortization expense: | ||||
Depreciation and amortization | 230 | 520 | 469 | 668 |
Capital expenditures: | ||||
Capital expenditures | $ 452 | $ 385 |
Note 12 - Segments - Identifiab
Note 12 - Segments - Identifiable Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Identifiable assets | $ 333,891 | $ 320,128 |
Operating Segments [Member] | Refill [Member] | ||
Identifiable assets | 264,226 | 268,427 |
Operating Segments [Member] | Exchange [Member] | ||
Identifiable assets | 29,418 | 24,444 |
Operating Segments [Member] | Dispensers [Member] | ||
Identifiable assets | 28,115 | 20,523 |
Corporate, Non-Segment [Member] | ||
Identifiable assets | $ 12,132 | $ 6,734 |