Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 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) | 39,235,209 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 2,021 | $ 7,301 |
Accounts receivable, net | 27,026 | 19,179 |
Inventories | 11,878 | 9,965 |
Prepaid expenses and other current assets | 7,425 | 7,004 |
Total current assets | 48,350 | 43,449 |
Bottles, net | 5,738 | 4,618 |
Property and equipment, net | 108,162 | 95,627 |
Operating lease right-of-use assets | 5,006 | |
Intangible assets, net | 74,469 | 78,671 |
Goodwill | 94,746 | 91,814 |
Note receivable, net of current portion | 3,094 | |
Other assets | 663 | 661 |
Assets held-for-sale at fair value | 5,288 | |
Total assets | 340,228 | 320,128 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 31,583 | 25,191 |
Accrued expenses and other current liabilities | 9,241 | 8,274 |
Current portion of long-term debt and finance leases | 11,562 | 11,159 |
Total current liabilities | 52,386 | 44,624 |
Long-term debt and finance leases, net of current portion and debt issuance costs | 186,638 | 178,966 |
Operating leases, net of current portion | 3,192 | |
Other long-term liabilities | 1,157 | 607 |
Liabilities held-for-sale at fair value | 1,438 | |
Total liabilities | 243,373 | 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, 39,228 and 38,567 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 39 | 39 |
Additional paid-in capital | 424,935 | 424,635 |
Accumulated deficit | (326,702) | (328,599) |
Accumulated other comprehensive loss | (1,417) | (1,582) |
Total stockholders’ equity | 96,855 | 94,493 |
Total liabilities and stockholders’ equity | $ 340,228 | $ 320,128 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Sep. 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) | 39,228 | 38,567 |
Common stock, outstanding (in shares) | 39,228 | 38,567 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 86,967,000 | $ 81,770,000 | $ 236,275,000 | $ 231,231,000 |
Operating costs and expenses: | ||||
Cost of sales | 64,694,000 | 58,312,000 | 174,418,000 | 164,462,000 |
Selling, general and administrative expenses | 8,007,000 | 7,369,000 | 27,105,000 | 26,169,000 |
Special items | 827,000 | 139,000 | 2,240,000 | 626,000 |
Depreciation and amortization | 7,657,000 | 6,194,000 | 21,499,000 | 18,365,000 |
Impairment charges and other | (217,000) | 67,940,000 | 109,000 | 68,184,000 |
Total operating costs and expenses | 80,968,000 | 139,954,000 | 225,371,000 | 277,806,000 |
Income (loss) from operations | 5,999,000 | (58,184,000) | 10,904,000 | (46,575,000) |
Interest expense, net | 3,378,000 | 2,465,000 | 8,680,000 | 18,909,000 |
Income (loss) before income taxes | 2,621,000 | (60,649,000) | 2,224,000 | (65,484,000) |
Income tax benefit | 0 | (2,411,000) | 0 | (8,907,000) |
Net income (loss) | $ 2,621,000 | $ (58,238,000) | $ 2,224,000 | $ (56,577,000) |
Earnings (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.06 | $ (1.45) | $ 0.06 | $ (1.55) |
Diluted (in dollars per share) | $ 0.06 | $ (1.45) | $ 0.05 | $ (1.55) |
Weighted average shares used in computing earnings (loss) per share: | ||||
Basic (in shares) | 40,515 | 40,072 | 40,400 | 36,410 |
Diluted (in shares) | 41,112 | 40,072 | 41,096 | 36,410 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income (loss) | $ 2,621 | $ (58,238) | $ 2,224 | $ (56,577) |
Other comprehensive income (loss): | ||||
Reclassification of gain recognized in net loss on redemption of Glacier securities | (86) | |||
Unrealized gain on investment in Glacier securities | 14 | |||
Interest rate swaps | 568 | (71) | ||
Foreign currency translation adjustments, net | (80) | 160 | 236 | (269) |
Total other comprehensive income (loss) | 488 | 160 | 165 | (341) |
Comprehensive income (loss) | $ 3,109 | $ (58,078) | $ 2,389 | $ (56,918) |
Condensed Consolidated Statem_3
Condensed 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) | 2,318 | ||||
Employee stock compensation plans | $ 3 | 5,689 | 5,692 | ||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (797) | ||||
Shares withheld for taxes related to net share settlement of equity awards | $ (1) | (11,013) | (11,014) | ||
Exercise of common stock warrants (in shares) | 1,583 | ||||
Exercise of common stock warrants | $ 2 | 12,148 | 12,150 | ||
Net income (loss) | (56,577) | (56,577) | |||
Other comprehensive income (loss) | (341) | (341) | |||
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) | |||
Balance (in shares) at Sep. 30, 2018 | 38,527 | ||||
Balance at Sep. 30, 2018 | $ 39 | 423,402 | (330,329) | (1,111) | 92,001 |
Balance (in shares) at Jun. 30, 2018 | 37,636 | ||||
Balance at Jun. 30, 2018 | $ 38 | 424,427 | (272,091) | (1,271) | 151,103 |
Employee stock compensation plans (in shares) | 413 | ||||
Employee stock compensation plans | $ 1 | 929 | 930 | ||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (129) | ||||
Shares withheld for taxes related to net share settlement of equity awards | $ (1) | (2,652) | (2,653) | ||
Exercise of common stock warrants (in shares) | 607 | ||||
Exercise of common stock warrants | $ 1 | 698 | 699 | ||
Net income (loss) | (58,238) | (58,238) | |||
Other comprehensive income (loss) | 160 | 160 | |||
Balance (in shares) at Sep. 30, 2018 | 38,527 | ||||
Balance at Sep. 30, 2018 | $ 39 | 423,402 | (330,329) | (1,111) | 92,001 |
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) | 937 | ||||
Employee stock compensation plans | $ 1 | 4,240 | 4,241 | ||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (283) | ||||
Shares withheld for taxes related to net share settlement of equity awards | $ (1) | (4,008) | (4,009) | ||
Exercise of common stock warrants (in shares) | 7 | ||||
Exercise of common stock warrants | 68 | 68 | |||
Net income (loss) | 2,224 | 2,224 | |||
Other comprehensive income (loss) | 165 | 165 | |||
Effect of ASC 842 adoption at Dec. 31, 2018 | (327) | (327) | |||
Balance (in shares) at Sep. 30, 2019 | 39,228 | ||||
Balance at Sep. 30, 2019 | $ 39 | 424,935 | (326,702) | (1,417) | 96,855 |
Balance (in shares) at Jun. 30, 2019 | 39,185 | ||||
Balance at Jun. 30, 2019 | $ 39 | 423,729 | (329,323) | (1,905) | 92,540 |
Employee stock compensation plans (in shares) | 44 | ||||
Employee stock compensation plans | $ 1 | 1,221 | 1,222 | ||
Shares withheld for taxes related to net share settlement of equity awards (in shares) | (1) | ||||
Shares withheld for taxes related to net share settlement of equity awards | $ (1) | (15) | (16) | ||
Net income (loss) | 2,621 | 2,621 | |||
Other comprehensive income (loss) | 488 | 488 | |||
Balance (in shares) at Sep. 30, 2019 | 39,228 | ||||
Balance at Sep. 30, 2019 | $ 39 | $ 424,935 | $ (326,702) | $ (1,417) | $ 96,855 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 2,224,000 | $ (56,577,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 21,499,000 | 18,365,000 |
Impairment charges and other | 109,000 | 68,184,000 |
Stock-based compensation expense | 3,479,000 | 2,710,000 |
Non-cash interest expense | 1,005,000 | 2,547,000 |
Bad debt expense | 78,000 | 170,000 |
Deferred income tax benefit | 0 | (8,907,000) |
Realized foreign currency exchange (gain) loss and other, net | (364,000) | 338,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (7,886,000) | (5,724,000) |
Inventories | (1,907,000) | (3,431,000) |
Prepaid expenses and other current assets | (185,000) | (618,000) |
Operating lease right-of-use assets | 862,000 | |
Book overdraft | 1,144,000 | 1,023,000 |
Accounts payable | 4,832,000 | 6,523,000 |
Accrued expenses and other current liabilities | (1,004,000) | (796,000) |
Operating lease liabilities | (816,000) | |
Net cash provided by operating activities | 23,070,000 | 23,807,000 |
Cash flows from investing activities: | ||
Purchases of property and equipment, net | (18,484,000) | (14,200,000) |
Purchases of bottles, net of disposals | (3,314,000) | (1,596,000) |
Proceeds from the sale of property and equipment | 855,000 | 227,000 |
Proceeds from the sale of Ice Assets | 400,000 | |
Proceeds from redemption of investment in Glacier securities | 6,277,000 | |
Acquisitions, net cash acquired | (6,283,000) | |
Additions to intangible assets | (29,000) | (975,000) |
Net cash used in investing activities | (26,855,000) | (10,267,000) |
Cash flows from financing activities: | ||
Borrowings under Revolving Credit Facilities | 44,000,000 | 29,000,000 |
Payments under Revolving Credit Facilities | (33,000,000) | (29,000,000) |
Borrowings under Term loans | 190,000,000 | |
Payments under Term loans | (7,125,000) | (186,515,000) |
Payments upon redemption of Junior Subordinated Debentures | (87,629,000) | |
Finance lease payments | (2,219,000) | (1,190,000) |
Proceeds from common stock issuance, net of costs | 70,791,000 | |
Proceeds from warrant exercises, net | 68,000 | 12,150,000 |
Stock option and employee stock purchase activity | 762,000 | 1,589,000 |
Payments for taxes related to net share settlement of equity awards | (4,009,000) | (11,013,000) |
Debt issuance costs and other | (1,671,000) | |
Net cash used in financing activities | (1,523,000) | (13,488,000) |
Effect of exchange rate changes on cash and cash equivalents | 28,000 | (8,000) |
Net (decrease) increase in cash and cash equivalents | (5,280,000) | 44,000 |
Cash and cash equivalents, beginning of year | 7,301,000 | 5,586,000 |
Cash and cash equivalents, end of period | 2,021,000 | 5,630,000 |
Supplemental cash flow information: | ||
Promissory note received in exchange for sale of ice assets | 3,294,000 | |
Cash paid for interest | $ 2,487,000 | $ 2,340,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 Re classifications Certain amounts reported previously have been reclassified with no not 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 , 2018 19, 2019 04 2019 05 326 326 2016 13 January 1, 2020 not Recent ly Adopted Accounting Pronouncements In August 2018, 2018 16, Derivatives and Hedging (Topic 815 2018 16 815. second 2019 not In February 2016, 2016 02, Leases (Topic 842 2017 13, 2018 10, 2018 11 2019 1 842 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 5 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
Note 2 - Revenue Recognition | 9 Months Ended |
Sep. 30, 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 $2,515 $1,755 September 30, 2019 December 31, 2018, three nine September 30, 2019 2018 Disaggregation of Revenue The tables below present our consolidated net sales by geographic area. Three months ended September 30, 2019 Refill Exchange Dispensers Total Geographical area United States $ 43,743 $ 23,282 $ 17,660 $ 84,685 Canada 732 952 598 2,282 $ 44,475 $ 24,234 $ 18,258 $ 86,967 Three months ended September 30, 2018 Refill Exchange Dispensers Total Geographical area United States $ 46,884 $ 20,658 $ 11,053 $ 78,595 Canada 1,446 855 874 3,175 $ 48,330 $ 21,513 $ 11,927 $ 81,770 Nine months ended September 30, 2019 Refill Exchange Dispensers Total Geographical area United States $ 122,567 $ 61,974 $ 44,144 $ 228,685 Canada 2,509 2,616 2,465 7,590 $ 125,076 $ 64,590 $ 46,609 $ 236,275 Nine months ended September 30, 2018 Refill Exchange Dispensers Total Geographical area United States $ 130,526 $ 57,273 $ 33,522 $ 221,321 Canada 4,016 2,504 3,390 9,910 $ 134,542 $ 59,777 $ 36,912 $ 231,231 |
Note 3 - Impairment Charges and
Note 3 - Impairment Charges and Other | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 3. Impairment Charges and Other Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Impairment of Glacier trade name intangible $ – $ 60,750 $ – $ 60,750 Impairment of property and equipment – 2,363 – 2,363 Impairment of Ice assets held-for-sale – 4,586 – 4,586 (Gain) loss on property and equipment and other (217 ) 241 109 485 Total $ (217 ) $ 67,940 $ 109 $ 68,184 During the third September 30, 2018, December 2016, $62,900 September 30, 2018, $60,750 18 Glacier Trade Name Intangible Balance at December 31, 2018 $ 2,150 Amortization 717 Balance at September 30, 2019 $ 1,433 In addition, as a result of the Re-branding Strategy, during the third September 30, 2018, $2,363 not |
Note 4 - Acquisition
Note 4 - Acquisition | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. Acquisition On August 30, 2019, 100% Aggregate consideration in connection with the acquisition was cash of $6,533, $35 We have recorded the assets purchased and liabilities assumed at their estimated fair value in accordance with FASB ASC Topic 805: Business Combinations $2,787, seven two The purchase price has been allocated to the assets acquired in the Avant acquisition as follows: Purchase Price Allocation Cash and cash equivalents $ 250 Prepaid expenses and other current assets 25 Property and equipment 2,989 Intangible assets 482 Goodwill 2,787 Aggregate purchase price $ 6,533 The estimated fair values are subject to refinement during the measurement period (which is no one |
Note 5 - Leases
Note 5 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 5. 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. 2019 2024. 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. September 30, 2019, $1,864 September 30, 2019, $3,192 Finance lease right-of-use assets are presented within property and equipment, net. As of September 30, 2019 December 31, 2018, $11,287 $7,408, September 30, 2019, $2,063 September 30, 2019 $5,043 Components of operating lease expense recorded in cost of sales and selling, general and administrative expenses on the condensed consolidated statements of operations were as follows: Three months ended September 30, 2019 Long-term Operating $ 478 Short-term Operating 126 Total Operating lease expense $ 604 Nine months ended September 30, 2019 Long-term Operating $ 1,353 Short-term Operating 373 Total Operating lease expense $ 1,726 As of September 30, 2019, 4.8 4.76%. September 30, 2019 Operating Leases Remainder of 2019 $ 556 2020 1,971 2021 914 2022 769 2023 544 Thereafter 899 Total future lease payments 5,653 Less: imputed interest (597 ) Total lease liability $ 5,056 Supplemental information related to amount of cash paid on operating lease liability was as follows: Nine months ended September 30, 2019 Operating cash flows used for operating leases $ 1,444 |
Note 6 - Ice Assets Held-for-Sa
Note 6 - Ice Assets Held-for-Sale and Promissory Note | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 6. Ice Assets Held-for-Sale and Promissory Note During the quarter ended September 30, 2018, one 360, Property, Plant, and Equipment 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 September 30, 2019, $200 $3,094 The buyer is not $580 nine September 30, 2019 |
Note 7 - Debt and Finance Lease
Note 7 - Debt and Finance Leases, net of Debt Issuance Costs and Interest Rate Swap | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 7. D ebt and Finance Leases , net of Debt Issuance Costs and Interest Rate Swap Debt and finance leases, net of debt issuance costs are summarized as follows: September 30, December 31, 2019 2018 Revolving Credit Facility $ 14,000 $ 3,000 Term loans 178,125 185,250 Debt issuance costs, net (1,031 ) (1,265 ) SunTrust Credit Facility 191,094 186,985 Finance leases 7,106 3,140 198,200 190,125 Less current portion (11,562 ) (11,159 ) Long-term debt and finance leases, net of current portion and debt issuance costs $ 186,638 $ 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, September 30, 2019, $14,000 $16,000 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 impairment charges 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 4.25:1.00 September 30, 2019 4.00:1.00 June 30, 2020. September 30, 2019, 1.20:1.00 3.91:1.00. 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 Finance Leases As of September 30, 2019, 3.2 4.76%. September 30, 2019 Finance Leases Remainder of 2019 $ 2,367 2020 2,001 2021 1,562 2022 934 2023 299 Total future lease obligations 7,163 Less: imputed interest (57 ) Total finance lease liability $ 7,106 Interest Rate Swap To mitigate the risks associated with future interest rate movements, we have employed interest rate swaps to fix the rate on a portion of our outstanding borrowings under the SunTrust Credit Facility. We executed our first April 2019. $25,000 September 30, 2019. April 2023. not three nine September 30, 2019 $782 $789, We executed a second September 2019. $25,000 September 30, 2019. April 2023. three nine September 30, 2019 $71. An interest rate swap liability of $858 September 30, 2019. |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Stock options $ 59 $ 85 $ 206 $ 361 Restricted stock 659 (12 ) 2,725 1,709 Long-Term Performance Plan 269 (67 ) 489 565 Employee Stock Purchase Plan – 25 59 75 $ 987 $ 31 $ 3,479 $ 2,710 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 9 - Special Items
Note 9 - Special Items | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Special Items, Disclosure [Text Block] | 9. Special Items We have incurred expenses that either we do not Three months ended September 30, 2019 2018 Acquisition-related costs (1) $ 138 $ 210 Other costs (2) 500 (71 ) Activist investor-related costs (3) 189 – Total $ 827 $ 139 Nine months ended September 30, 2019 2018 Acquisition-related costs (1) $ 445 $ 571 Other costs (2) 1,067 55 Activist investor-related costs (3) 728 – Total $ 2,240 $ 626 ( 1 Acquisition-related expenses, including fees payable to financial, legal, accounting and other advisors. ( 2 Restructuring, severance, and other costs not ( 3 Activist investor-related expense, including fees payable to legal and other advisors. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. 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 11 - Income Tax (Benefit)
Note 11 - Income Tax (Benefit) Provision | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Income Tax (Benefit) Provision For the three nine September 30, 2019 $0 not not September 30, 2019. During the third 2018, 3 $60,750 $4,150 third 2018 During the third 2018, 2017 $1,739 second 2018. Section 382 382, 382 We have no no 12 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. 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 September 30, 2019 December 31, 2018, September 30, 2019 Fair Value Level 1 Level 2 Level 3 Liabilities: Interest rate swaps $ 858 $ – $ 858 $ – Total liabilities $ 858 $ – $ 858 $ – 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 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. Operating lease right-of-use assets and corresponding operating lease liabilities approximate their fair value and recorded at the present value of future cash flows based on incremental borrowing rate. 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 September 30, 2019, $3,294 no nine September 30, 2018. |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Earnings Per Share The following table sets forth the calculations of basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Basic: Net income (loss) $ 2,621 $ (58,238 ) $ 2,224 $ (56,577 ) Weighted average shares 40,515 40,072 40,400 36,410 Basic (loss) earnings per share $ 0.06 $ (1.45 ) $ 0.06 $ (1.55 ) Diluted: Net income (loss) $ 2,621 $ (58,238 ) $ 2,224 $ (56,577 ) Weighted average shares 40,515 40,072 40,400 36,410 Potential shares arising from stock options, restricted stock and warrants 597 – 696 – Weighted average shares - diluted 41,112 40,072 41,096 36,410 Diluted (loss) earnings per share $ 0.06 $ (1.45 ) $ 0.05 $ (1.55 ) For the three nine September 30, 2019, 48 1,463 For the three nine September 30, 2018, 2,437 963 |
Note 14 - Segments
Note 14 - Segments | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Segment net sales: Refill $ 44,475 $ 48,330 $ 125,076 $ 134,542 Exchange 24,234 21,513 64,590 59,777 Dispensers 18,258 11,927 46,609 36,912 $ 86,967 $ 81,770 $ 236,275 $ 231,231 Segment income (loss) from operations: Refill $ 12,813 $ 14,565 $ 34,373 $ 40,043 Exchange 6,668 6,274 18,030 17,567 Dispensers 175 323 1,884 2,309 Corporate (5,390 ) (5,073 ) (19,535 ) (19,319 ) Special items (827 ) (139 ) (2,240 ) (626 ) Depreciation and amortization (7,657 ) (6,194 ) (21,499 ) (18,365 ) Impairment charges and other 217 (67,940 ) (109 ) (68,184 ) $ 5,999 $ (58,184 ) $ 10,904 $ (46,575 ) Depreciation and amortization expense: Refill $ 5,126 $ 4,651 $ 14,294 $ 12,705 Exchange 2,256 1,676 6,362 5,029 Dispensers 40 45 140 141 Corporate 235 (178 ) 703 490 $ 7,657 $ 6,194 $ 21,499 $ 18,365 Capital expenditures: Refill $ 13,875 $ 9,334 Exchange 7,290 5,152 Dispensers 100 94 Corporate 533 1,216 $ 21,798 $ 15,796 September 30, 2019 December 31, 2018 Identifiable assets: Refill $ 267,061 $ 268,427 Exchange 31,035 24,444 Dispensers 30,559 20,523 Corporate 11,573 6,734 $ 340,228 $ 320,128 As of September 30, 2019 December 31, 2018, $94,746 $91,814, December 2016 ( |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 |
Reclassification, Policy [Policy Text Block] | Re classifications Certain amounts reported previously have been reclassified with no not |
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 , 2018 19, 2019 04 2019 05 326 326 2016 13 January 1, 2020 not Recent ly Adopted Accounting Pronouncements In August 2018, 2018 16, Derivatives and Hedging (Topic 815 2018 16 815. second 2019 not In February 2016, 2016 02, Leases (Topic 842 2017 13, 2018 10, 2018 11 2019 1 842 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 5 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) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended September 30, 2019 Refill Exchange Dispensers Total Geographical area United States $ 43,743 $ 23,282 $ 17,660 $ 84,685 Canada 732 952 598 2,282 $ 44,475 $ 24,234 $ 18,258 $ 86,967 Three months ended September 30, 2018 Refill Exchange Dispensers Total Geographical area United States $ 46,884 $ 20,658 $ 11,053 $ 78,595 Canada 1,446 855 874 3,175 $ 48,330 $ 21,513 $ 11,927 $ 81,770 Nine months ended September 30, 2019 Refill Exchange Dispensers Total Geographical area United States $ 122,567 $ 61,974 $ 44,144 $ 228,685 Canada 2,509 2,616 2,465 7,590 $ 125,076 $ 64,590 $ 46,609 $ 236,275 Nine months ended September 30, 2018 Refill Exchange Dispensers Total Geographical area United States $ 130,526 $ 57,273 $ 33,522 $ 221,321 Canada 4,016 2,504 3,390 9,910 $ 134,542 $ 59,777 $ 36,912 $ 231,231 |
Note 3 - Impairment Charges a_2
Note 3 - Impairment Charges and Other (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Asset Impairment Charges [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Impairment of Glacier trade name intangible $ – $ 60,750 $ – $ 60,750 Impairment of property and equipment – 2,363 – 2,363 Impairment of Ice assets held-for-sale – 4,586 – 4,586 (Gain) loss on property and equipment and other (217 ) 241 109 485 Total $ (217 ) $ 67,940 $ 109 $ 68,184 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Glacier Trade Name Intangible Balance at December 31, 2018 $ 2,150 Amortization 717 Balance at September 30, 2019 $ 1,433 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price Allocation Cash and cash equivalents $ 250 Prepaid expenses and other current assets 25 Property and equipment 2,989 Intangible assets 482 Goodwill 2,787 Aggregate purchase price $ 6,533 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended September 30, 2019 Long-term Operating $ 478 Short-term Operating 126 Total Operating lease expense $ 604 Nine months ended September 30, 2019 Long-term Operating $ 1,353 Short-term Operating 373 Total Operating lease expense $ 1,726 Nine months ended September 30, 2019 Operating cash flows used for operating leases $ 1,444 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Remainder of 2019 $ 556 2020 1,971 2021 914 2022 769 2023 544 Thereafter 899 Total future lease payments 5,653 Less: imputed interest (597 ) Total lease liability $ 5,056 |
Note 6 - Ice Assets Held-for-_2
Note 6 - Ice Assets Held-for-Sale and Promissory Note (Tables) | 9 Months Ended |
Sep. 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 7 - Debt and Finance Lea_2
Note 7 - Debt and Finance Leases, net of Debt Issuance Costs and Interest Rate Swap (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, December 31, 2019 2018 Revolving Credit Facility $ 14,000 $ 3,000 Term loans 178,125 185,250 Debt issuance costs, net (1,031 ) (1,265 ) SunTrust Credit Facility 191,094 186,985 Finance leases 7,106 3,140 198,200 190,125 Less current portion (11,562 ) (11,159 ) Long-term debt and finance leases, net of current portion and debt issuance costs $ 186,638 $ 178,966 |
Finance Lease, Liability, Maturity [Table Text Block] | Finance Leases Remainder of 2019 $ 2,367 2020 2,001 2021 1,562 2022 934 2023 299 Total future lease obligations 7,163 Less: imputed interest (57 ) Total finance lease liability $ 7,106 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Stock options $ 59 $ 85 $ 206 $ 361 Restricted stock 659 (12 ) 2,725 1,709 Long-Term Performance Plan 269 (67 ) 489 565 Employee Stock Purchase Plan – 25 59 75 $ 987 $ 31 $ 3,479 $ 2,710 |
Note 9 - Special Items (Tables)
Note 9 - Special Items (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Special Items [Table Text Block] | Three months ended September 30, 2019 2018 Acquisition-related costs (1) $ 138 $ 210 Other costs (2) 500 (71 ) Activist investor-related costs (3) 189 – Total $ 827 $ 139 Nine months ended September 30, 2019 2018 Acquisition-related costs (1) $ 445 $ 571 Other costs (2) 1,067 55 Activist investor-related costs (3) 728 – Total $ 2,240 $ 626 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2019 Fair Value Level 1 Level 2 Level 3 Liabilities: Interest rate swaps $ 858 $ – $ 858 $ – Total liabilities $ 858 $ – $ 858 $ – 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 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Basic: Net income (loss) $ 2,621 $ (58,238 ) $ 2,224 $ (56,577 ) Weighted average shares 40,515 40,072 40,400 36,410 Basic (loss) earnings per share $ 0.06 $ (1.45 ) $ 0.06 $ (1.55 ) Diluted: Net income (loss) $ 2,621 $ (58,238 ) $ 2,224 $ (56,577 ) Weighted average shares 40,515 40,072 40,400 36,410 Potential shares arising from stock options, restricted stock and warrants 597 – 696 – Weighted average shares - diluted 41,112 40,072 41,096 36,410 Diluted (loss) earnings per share $ 0.06 $ (1.45 ) $ 0.05 $ (1.55 ) |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Segment net sales: Refill $ 44,475 $ 48,330 $ 125,076 $ 134,542 Exchange 24,234 21,513 64,590 59,777 Dispensers 18,258 11,927 46,609 36,912 $ 86,967 $ 81,770 $ 236,275 $ 231,231 Segment income (loss) from operations: Refill $ 12,813 $ 14,565 $ 34,373 $ 40,043 Exchange 6,668 6,274 18,030 17,567 Dispensers 175 323 1,884 2,309 Corporate (5,390 ) (5,073 ) (19,535 ) (19,319 ) Special items (827 ) (139 ) (2,240 ) (626 ) Depreciation and amortization (7,657 ) (6,194 ) (21,499 ) (18,365 ) Impairment charges and other 217 (67,940 ) (109 ) (68,184 ) $ 5,999 $ (58,184 ) $ 10,904 $ (46,575 ) Depreciation and amortization expense: Refill $ 5,126 $ 4,651 $ 14,294 $ 12,705 Exchange 2,256 1,676 6,362 5,029 Dispensers 40 45 140 141 Corporate 235 (178 ) 703 490 $ 7,657 $ 6,194 $ 21,499 $ 18,365 Capital expenditures: Refill $ 13,875 $ 9,334 Exchange 7,290 5,152 Dispensers 100 94 Corporate 533 1,216 $ 21,798 $ 15,796 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, 2019 December 31, 2018 Identifiable assets: Refill $ 267,061 $ 268,427 Exchange 31,035 24,444 Dispensers 30,559 20,523 Corporate 11,573 6,734 $ 340,228 $ 320,128 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 5,006 | ||
Operating Lease, Liability, Total | $ 5,056 | ||
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 2,515 | $ 1,755 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 86,967 | $ 81,770 | $ 236,275 | $ 231,231 |
Refill [Member] | ||||
Net sales | 44,475 | 48,330 | 125,076 | 134,542 |
Exchange [Member] | ||||
Net sales | 24,234 | 21,513 | 64,590 | 59,777 |
Dispensers [Member] | ||||
Net sales | 18,258 | 11,927 | 46,609 | 36,912 |
UNITED STATES | ||||
Net sales | 84,685 | 78,595 | 228,685 | 221,321 |
UNITED STATES | Refill [Member] | ||||
Net sales | 43,743 | 46,884 | 122,567 | 130,526 |
UNITED STATES | Exchange [Member] | ||||
Net sales | 23,282 | 20,658 | 61,974 | 57,273 |
UNITED STATES | Dispensers [Member] | ||||
Net sales | 17,660 | 11,053 | 44,144 | 33,522 |
CANADA | ||||
Net sales | 2,282 | 3,175 | 7,590 | 9,910 |
CANADA | Refill [Member] | ||||
Net sales | 732 | 1,446 | 2,509 | 4,016 |
CANADA | Exchange [Member] | ||||
Net sales | 952 | 855 | 2,616 | 2,504 |
CANADA | Dispensers [Member] | ||||
Net sales | $ 598 | $ 874 | $ 2,465 | $ 3,390 |
Note 3 - Impairment Charges a_3
Note 3 - Impairment Charges and Other (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2016 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 60,750,000 | $ 60,750,000 | ||||
Impairment of Long-Lived Assets Held-for-use | 2,363,000 | $ 2,363,000 | ||||
Glacier Branded Refill Equipment [Member] | ||||||
Impairment of Long-Lived Assets Held-for-use | 2,363,000 | |||||
Trade Names [Member] | Refill [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance | $ 1,433,000 | 1,433,000 | $ 2,150,000 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 60,750,000 | $ 717,000 | ||||
Glacier Water Services, Inc. [Member] | Trade Names [Member] | Refill [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance | $ 62,900,000 | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 60,750,000 |
Note 3 - Impairment Charges a_4
Note 3 - Impairment Charges and Other - Asset Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 60,750 | $ 60,750 | ||
Impairment of Long-Lived Assets Held-for-use | 2,363 | 2,363 | ||
Impairment of Ice assets held-for-sale | 4,586 | 4,586 | ||
(Gain) loss on property and equipment and other | (217) | 241 | 109 | 485 |
Total | $ (217) | $ 67,940 | $ 109 | $ 68,184 |
Note 3 - Impairment Charges a_5
Note 3 - Impairment Charges and Other - Discontinue of Glacier Trade Name (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 60,750,000 | $ 60,750,000 | ||
Trade Names [Member] | Refill [Member] | ||||
Balance at December 31, 2018 | 2,150,000 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 60,750,000 | 717,000 | ||
Balance at September 30, 2019 | $ 1,433,000 | $ 1,433,000 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - USD ($) $ in Thousands | Aug. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 94,746 | $ 91,814 | |
Avant Premium Water & Ice [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Payments to Acquire Businesses, Gross | $ 6,533 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | 35 | ||
Goodwill, Ending Balance | $ 2,787 | ||
Avant Premium Water & Ice [Member] | Customer Lists [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||
Avant Premium Water & Ice [Member] | Trade Names [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years |
Note 4 - Acquisition - Assets A
Note 4 - Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Aug. 30, 2019 | Dec. 31, 2018 |
Goodwill | $ 94,746 | $ 91,814 | |
Avant Premium Water & Ice [Member] | |||
Cash and cash equivalents | $ 250 | ||
Prepaid expenses and other current assets | 25 | ||
Property and equipment | 2,989 | ||
Intangible assets | 482 | ||
Goodwill | 2,787 | ||
Aggregate purchase price | $ 6,533 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Lease, Liability, Current | $ 1,864 | |
Operating Lease, Liability, Noncurrent | 3,192 | |
Finance Lease, Liability, Total | 7,106 | 3,140 |
Finance Lease, Liability, Current | 2,063 | |
Finance Lease, Liability, Noncurrent | $ 5,043 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 292 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.76% | |
Vehicles [Member] | ||
Finance Lease, Liability, Total | $ 11,287 | $ 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 5 - Leases - Components of
Note 5 - Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Long-term Operating | $ 478 | $ 1,353 |
Short-term Operating | 126 | 373 |
Total Operating lease expense | $ 604 | 1,726 |
Operating cash flows used for operating leases | $ 1,444 |
Note 5 - Leases - Future Lease
Note 5 - Leases - Future Lease Payments Under Operating Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Remainder of 2019 | $ 556 |
2020 | 1,971 |
2021 | 914 |
2022 | 769 |
2023 | 544 |
Thereafter | 899 |
Total future lease payments | 5,653 |
Less: imputed interest | (597) |
Operating Lease, Liability, Total | $ 5,056 |
Note 6 - Ice Assets Held-for-_3
Note 6 - Ice Assets Held-for-Sale and Promissory Note (Details Textual) - USD ($) $ in Thousands | Jun. 28, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Notes Receivable, Fair Value Disclosure | $ 3,294 | ||
Notes Receivable, Noncurrent | 3,094 | ||
Gain (Loss) on Disposition of Assets, Total | (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 | ||
Notes Receivable, Noncurrent | 3,094 | ||
Promissory Note Received in Exchange for Ice Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Notes Receivable, Current | $ 200 | ||
Ice Assets [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 400 |
Note 6 - Ice Assets Held-for-_4
Note 6 - Ice Assets Held-for-Sale and Promissory Note - Estimated Fair Value of Ice Assets (Details) - USD ($) $ in Thousands | Sep. 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 7 - Debt and Finance Lea_3
Note 7 - Debt and Finance Leases, net of Debt Issuance Costs and Interest Rate Swap (Details Textual) | Jun. 29, 2018USD ($) | Jun. 22, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 22, 2023 | Dec. 31, 2018USD ($) | Dec. 12, 2016USD ($) |
Long-term Debt, Total | $ 198,200,000 | $ 198,200,000 | $ 190,125,000 | |||||||||
Payments of Debt Issuance Costs | $ 1,671,000 | |||||||||||
Long-term Line of Credit, Total | $ 14,000,000 | $ 14,000,000 | $ 3,000,000 | |||||||||
Proceeds from Redemption of Capital Securities | $ 6,277,000 | |||||||||||
Gain (Loss) on Redemption of Capital Securities | (161,000) | |||||||||||
Finance Lease, Weighted Average Remaining Lease Term | 3 years 73 days | 3 years 73 days | ||||||||||
Finance Lease, Weighted Average Discount Rate, Percent | 4.76% | 4.76% | ||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent, Total | $ 568,000 | $ (71,000) | ||||||||||
Interest Rate Swap [Member] | ||||||||||||
Derivative, Notional Amount | 25,000,000,000 | 25,000,000,000 | ||||||||||
Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||
Derivative Liability, Noncurrent | 858,000 | 858,000 | ||||||||||
Interest Rate Swap, One [Member] | Interest Expense [Member] | ||||||||||||
Derivative, Gain (Loss) on Derivative, Net, Total | (782,000) | (789,000) | ||||||||||
Interest Rate Swap, Two [Member] | ||||||||||||
Derivative, Notional Amount | 25,000,000 | 25,000,000 | ||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent, Total | $ 71,000 | $ 71,000 | ||||||||||
The 9 and 1 16 Percent Junior Subordinated Deferrable Interest Debentures [Member] | ||||||||||||
Long-term Debt, Total | $ 89,529,000 | |||||||||||
Repayments of Long-term Debt, Total | 87,938,000 | |||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 309,000 | |||||||||||
Gain (Loss) on Repurchase of Debt Instrument | $ 475,000 | |||||||||||
SunTrust Credit Facility [Member] | ||||||||||||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio | 1.1 | |||||||||||
Fixed Charge Coverage Ratio | 1.2 | 1.2 | ||||||||||
Total Leverage Ratio | 3.91 | 3.91 | ||||||||||
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 | $ 30,000,000 | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||||||||||
Payments of Debt Issuance Costs | $ 1,700,000 | |||||||||||
Long-term Line of Credit, Total | $ 14,000 | 14,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 16,000 | $ 16,000 | ||||||||||
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 | $ 190,000,000 | |||||||||||
Debt Instrument, Annual Principal Payment, Percentage | 5.00% | |||||||||||
Debt Instrument, Annual Principal Payment | $ 9,500,000 | |||||||||||
Goldman Credit Facility [Member] | ||||||||||||
Amortization of Debt Discount (Premium) | $ 2,960,000 | |||||||||||
Early Payment Penalties | $ 3,904,000 | |||||||||||
Goldman Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | |||||||||||
Goldman Credit Facility [Member] | Term Loan [Member] | ||||||||||||
Long-term Debt, Total | $ 186,000,000 |
Note 7 - Debt and Finance Lea_4
Note 7 - Debt and Finance Leases, net of Debt Issuance Costs and Interest Rate Swap - Summary of Debt and Finance Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Revolving Credit Facility | $ 14,000 | $ 3,000 |
SunTrust Credit Facility | 198,200 | 190,125 |
Total finance lease liability | 7,106 | 3,140 |
Less current portion | (11,562) | (11,159) |
Long-term debt and finance leases, net of current portion and debt issuance costs | 186,638 | 178,966 |
Term Notes [Member] | ||
Long-term debt, gross | 178,125 | 185,250 |
Revolving Credit Facility and Term Notes [Member] | ||
Debt issuance costs, net | (1,031) | (1,265) |
SunTrust Credit Facility | $ 191,094 | $ 186,985 |
Note 7 - Debt and Finance Lea_5
Note 7 - Debt and Finance Leases, net of Debt Issuance Costs and Interest Rate Swap - Future Finance Lease Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Total finance lease liability | $ 7,106 | $ 3,140 |
Capital Lease Obligations [Member] | ||
Remainder of 2019 | 2,367 | |
2020 | 2,001 | |
2021 | 1,562 | |
2022 | 934 | |
2023 | 299 | |
Total future lease obligations | 7,163 | |
Less: imputed interest | (57) | |
Total finance lease liability | $ 7,106 |
Note 8 - Stock-based Compensa_3
Note 8 - 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Non-cash stock-based compensation expense | $ 987 | $ 31 | $ 3,479 | $ 2,710 |
Long-term Performance Plan [Member] | ||||
Non-cash stock-based compensation expense | 269 | (67) | 489 | 565 |
Employee Stock Purchase Plan [Member] | ||||
Non-cash stock-based compensation expense | 25 | 59 | 75 | |
Share-based Payment Arrangement, Option [Member] | ||||
Non-cash stock-based compensation expense | 59 | 85 | 206 | 361 |
Restricted Stock [Member] | ||||
Non-cash stock-based compensation expense | $ 659 | $ (12) | $ 2,725 | $ 1,709 |
Note 9 - Special Items - Compon
Note 9 - Special Items - Components of Special Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Acquisition-related costs | [1] | $ 138 | $ 210 | $ 445 | $ 571 |
Other costs | [2] | 500 | (71) | 1,067 | 55 |
Activist investor-related costs | [3] | 189 | 728 | ||
Total | $ 827 | $ 139 | $ 2,240 | $ 626 | |
[1] | Acquisition-related expenses, including fees payable to financial, legal, accounting and other advisors. | ||||
[2] | Restructuring, severance, and other costs not indicative of our core operations. | ||||
[3] | Activist investor-related expense, including fees payable to legal and other advisors. |
Note 11 - Income Tax (Benefit_2
Note 11 - Income Tax (Benefit) Provision (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 0 | $ (2,411,000) | $ 0 | $ (8,907,000) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 60,750,000 | $ 60,750,000 | ||
Tax Adjustments, Settlements, and Unusual Provisions | 1,739,000,000 | |||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0 | 0 | ||
Trade Names [Member] | Refill [Member] | ||||
Income Tax Expense (Benefit), Total | (4,150,000,000) | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 60,750,000 | $ 717,000 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) $ in Thousands | Sep. 30, 2019USD ($) |
Notes Receivable, Fair Value Disclosure | $ 3,294 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Assets Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Interest rate swaps | $ 858 | |
Total liabilities | 858 | $ 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] | ||
Interest rate swaps | 858 | |
Total liabilities | $ 858 | 1,438 |
Assets held-for-sale at fair value | 5,288 | |
Total assets | 5,288 | |
Liabilities held-for-sale at fair value | $ 1,438 |
Note 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 48 | 2,437 | 1,463 | 963 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income (loss) | $ 2,621 | $ (58,238) | $ 2,224 | $ (56,577) |
Weighted average shares (in shares) | 40,515 | 40,072 | 40,400 | 36,410 |
Basic (loss) earnings per share (in dollars per share) | $ 0.06 | $ (1.45) | $ 0.06 | $ (1.55) |
Potential shares arising from stock options, restricted stock and warrants (in shares) | 597 | 696 | ||
Weighted average shares - diluted (in shares) | 41,112 | 40,072 | 41,096 | 36,410 |
Diluted (loss) earnings per share (in dollars per share) | $ 0.06 | $ (1.45) | $ 0.05 | $ (1.55) |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Operating Segments | 3 | |
Goodwill, Ending Balance | $ 94,746 | $ 91,814 |
Note 14 - Segments - Segment In
Note 14 - Segments - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment net sales | $ 86,967 | $ 81,770 | $ 236,275 | $ 231,231 |
Segment income (loss) from operations | 5,999 | (58,184) | 10,904 | (46,575) |
Special items | (827) | (139) | (2,240) | (626) |
Depreciation and amortization | (7,657) | (6,194) | (21,499) | (18,365) |
Impairment charges and other | 217 | (67,940) | (109) | (68,184) |
Depreciation and amortization | 7,657 | 6,194 | 21,499 | 18,365 |
Capital expenditures: | ||||
Capital expenditures | 21,798 | 15,796 | ||
Refill [Member] | ||||
Segment net sales | 44,475 | 48,330 | 125,076 | 134,542 |
Exchange [Member] | ||||
Segment net sales | 24,234 | 21,513 | 64,590 | 59,777 |
Dispensers [Member] | ||||
Segment net sales | 18,258 | 11,927 | 46,609 | 36,912 |
Operating Segments [Member] | Refill [Member] | ||||
Segment net sales | 44,475 | 48,330 | 125,076 | 134,542 |
Segment income (loss) from operations | 12,813 | 14,565 | 34,373 | 40,043 |
Depreciation and amortization | (5,126) | (4,651) | (14,294) | (12,705) |
Depreciation and amortization | 5,126 | 4,651 | 14,294 | 12,705 |
Capital expenditures: | ||||
Capital expenditures | 13,875 | 9,334 | ||
Operating Segments [Member] | Exchange [Member] | ||||
Segment net sales | 24,234 | 21,513 | 64,590 | 59,777 |
Segment income (loss) from operations | 6,668 | 6,274 | 18,030 | 17,567 |
Depreciation and amortization | (2,256) | (1,676) | (6,362) | (5,029) |
Depreciation and amortization | 2,256 | 1,676 | 6,362 | 5,029 |
Capital expenditures: | ||||
Capital expenditures | 7,290 | 5,152 | ||
Operating Segments [Member] | Dispensers [Member] | ||||
Segment net sales | 18,258 | 11,927 | 46,609 | 36,912 |
Segment income (loss) from operations | 175 | 323 | 1,884 | 2,309 |
Depreciation and amortization | (40) | (45) | (140) | (141) |
Depreciation and amortization | 40 | 45 | 140 | 141 |
Capital expenditures: | ||||
Capital expenditures | 100 | 94 | ||
Corporate, Non-Segment [Member] | ||||
Segment income (loss) from operations | (5,390) | (5,073) | (19,535) | (19,319) |
Depreciation and amortization | (235) | 178 | (703) | (490) |
Depreciation and amortization | 235 | (178) | 703 | 490 |
Capital expenditures: | ||||
Capital expenditures | $ 533 | $ 1,216 |
Note 14 - Segments - Identifiab
Note 14 - Segments - Identifiable Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Identifiable assets | $ 340,228 | $ 320,128 |
Operating Segments [Member] | Refill [Member] | ||
Identifiable assets | 267,061 | 268,427 |
Operating Segments [Member] | Exchange [Member] | ||
Identifiable assets | 31,035 | 24,444 |
Operating Segments [Member] | Dispensers [Member] | ||
Identifiable assets | 30,559 | 20,523 |
Corporate, Non-Segment [Member] | ||
Identifiable assets | $ 11,573 | $ 6,734 |