Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Entity Registrant Name | OTELCO INC. |
Entity Central Index Key | 1288359 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | FALSE |
Common Class B [Member] | |
Entity Common Stock, Shares Outstanding (in shares) | 232,780 |
Common Class A [Member] | |
Entity Common Stock, Shares Outstanding (in shares) | 3,006,526 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $7,717 | $5,082 |
Accounts receivable: | ||
Due from subscribers, net of allowance for doubtful accounts of $229 and $174, respectively | 3,416 | 3,732 |
Unbilled receivables | 1,668 | 1,675 |
Other | 1,904 | 1,931 |
Materials and supplies | 2,315 | 1,915 |
Prepaid expenses | 1,758 | 3,441 |
Total current assets | 18,778 | 17,776 |
Property and equipment, net | 50,718 | 51,237 |
Goodwill | 44,976 | 44,976 |
Intangible assets, net | 2,940 | 3,178 |
Investments | 1,864 | 1,870 |
Deferred financing costs, net | 936 | 1,161 |
Other assets | 398 | 471 |
Total assets | 120,610 | 120,669 |
Current liabilities | ||
Accounts payable | 1,130 | 1,104 |
Accrued expenses | 5,351 | 5,054 |
Advance billings and payments | 1,413 | 1,410 |
Deferred income taxes | 53 | 53 |
Customer Deposits | 77 | 70 |
Current maturity of long-term notes payable | 9,379 | 6,665 |
Total current liabilities | 17,403 | 14,356 |
Deferred income taxes | 24,027 | 24,027 |
Advance billings and payments | 668 | 681 |
Other liabilities | 133 | 142 |
Long-term notes payable, less current maturities | 100,090 | 105,470 |
Total liabilities | 142,321 | 144,676 |
Stockholders' deficit | ||
Additional paid in capital | 3,679 | 3,519 |
Retained deficit | -25,422 | -27,557 |
Total stockholders' deficit | -21,711 | -24,007 |
Total liabilities and stockholders' deficit | 120,610 | 120,669 |
Common Class A [Member] | ||
Stockholders' deficit | ||
Common Stock | 30 | 29 |
Common Class B [Member] | ||
Stockholders' deficit | ||
Common Stock | $2 | $2 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $174 | $229 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 3,006,526 | 2,881,154 |
Common stock, shares outstanding (in shares) | 3,006,526 | 2,881,154 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 250,000 | 250,000 |
Common stock, shares issued (in shares) | 232,780 | 232,780 |
Common stock, shares outstanding (in shares) | 232,780 | 232,780 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | $17,643 | $18,782 |
Operating expenses | ||
Cost of services | 8,257 | 9,397 |
Selling, general and administrative expenses | 2,630 | 2,627 |
Depreciation and amortization | 2,249 | 2,785 |
Total operating expenses | 13,136 | 14,809 |
Income from operations | 4,507 | 3,973 |
Other income (expense) | ||
Interest expense | -2,048 | -2,322 |
Other income | 1,064 | 654 |
Total other expenses | -984 | -1,668 |
Income before income tax | 3,523 | 2,305 |
Income tax expense | -1,388 | -911 |
Net income | $2,135 | $1,394 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 3,239,306 | 3,103,728 |
Diluted (in shares) | 3,281,106 | 3,103,728 |
Basic net income per common share (in dollars per share) | $0.66 | $0.45 |
Diluted net income per common share (in dollars per share) | $0.65 | $0.45 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $2,135 | $1,394 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ||
Depreciation | 1,914 | 2,343 |
Amortization | 335 | 442 |
Amortization of loan costs | 225 | 239 |
Provision for uncollectible accounts receivable | 67 | 103 |
Stock-based compensation | 161 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 283 | -418 |
Material and supplies | -400 | 11 |
Prepaid expenses and other assets | 1,756 | 211 |
Accounts payable and accrued expenses | 323 | 17 |
Advance billings and payments | -10 | -30 |
Other liabilities | -3 | -12 |
Net cash from operating activities | 6,786 | 4,300 |
Cash flows used in investing activities: | ||
Acquisition and construction of property and equipment | -1,485 | -1,415 |
Purchase of Reliable Networks, net of cash acquired | -500 | |
Net cash used in investing activities | -1,485 | -1,915 |
Cash flows used in financing activities: | ||
Principal repayment of long-term notes payable | -2,666 | -5,442 |
Net cash used in financing activities | -2,666 | -5,442 |
Net increase (decrease) in cash and cash equivalents | 2,635 | -3,057 |
Cash and cash equivalents, beginning of period | 5,082 | 9,916 |
Cash and cash equivalents, end of period | 7,717 | 6,859 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 1,822 | 2,085 |
Income taxes paid | $2 | $333 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Financial Reporting | 3 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 | Organization and Basis of Financial Reporting |
Basis of Presentation and Principles of Consolidation | ||
The unaudited condensed consolidated financial statements include the accounts of Otelco Inc. (the “Company”) and its subsidiaries, all of which are either directly or indirectly wholly owned. These include: Blountsville Telephone LLC (“BTC”); Brindlee Mountain Telephone LLC (“BMTC”); CRC Communications LLC (“CRC”); Granby Telephone LLC (“GTT”); Hopper Telecommunications LLC (“HTC”); Mid-Maine Telecom LLC (“MMTI”); Mid-Maine TelPlus LLC (“MMTP”); Otelco Mid-Missouri LLC (“MMT”) and its wholly owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC (“OTC”); Otelco Telephone LLC (“OTP”); Pine Tree Telephone LLC (“PTT”); Saco River Telephone LLC (“SRT”); Shoreham Telephone LLC (“ST”); and War Telephone LLC (“WT”). | ||
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and all of the aforesaid subsidiaries after elimination of all material intercompany balances and transactions. The unaudited operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or any other period. | ||
The condensed consolidated financial statements and notes included in this Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The interim condensed consolidated financial information herein is unaudited. The information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods included in the report. | ||
Recent Accounting Pronouncements | ||
During 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-01 through 2015-05. Except for ASU 2015-03 and 2015-05, which are discussed below, these ASUs provide technical corrections or simplification to existing guidance and to specialized industries or entities and therefore, have minimal, if any impact on the Company. | ||
In April 2015, the FASB issued ASU 2015-03, a guidance that simplifies the presentation of debt issuance costs by amending the accounting guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. The amendments are consistent with the accounting guidance related to debt discounts. This guidance is effective for the first interim or annual period beginning after December 15, 2015. Early adoption is permitted, and the Company is currently assessing the impact of this guidance on its condensed consolidated financial statements. | ||
In April 2015, the FASB issued ASU No. 2015-05, which provides guidance regarding whether a cloud computing arrangement includes a software license (FASB Accounting Standard Codification Subtopic 350-40). If a cloud computing arrangement includes a software license, then the entity should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the entity should account for the arrangement as a service contract. The guidance will not change GAAP for an entity’s accounting for service contracts. This pronouncement is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2015. The Company is currently evaluating the impact of this guidance on the condensed consolidated financial statements. | ||
Reclassification | ||
s | ||
Certain items in prior year’s condensed consolidated financial statements have been reclassified to conform with 2015 presentation. |
Note_2_Notes_Payable
Note 2 - Notes Payable | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Debt Disclosure [Text Block] | 2 | Notes Payable | |||||||
Notes payable consists of the following (in thousands, except percentages): | |||||||||
December 31, | March 31, | ||||||||
2014 | 2015 | ||||||||
Third amended and restated term credit facility; General Electric Capital Corporation; variable interest rate of 6.5% at December 31, 2014 and March 31, 2015. The credit facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due April 30, 2016. | $ | 112,135 | $ | 109,469 | |||||
Less: current portion | (6,665 | ) | (9,379 | ) | |||||
Long-term notes payable | $ | 105,470 | $ | 100,090 | |||||
Associated with the notes payable, the Company has capitalized and amortized deferred financing costs using the effective interest method. The Company has capitalized $2.7 million in deferred financing costs associated with the credit facility. Amortization expense for the deferred financing costs associated with the third amendment and restatement of the Company’s credit facility was $239 thousand and $225 thousand for the three months ended March 31, 2014 and 2015, respectively. | |||||||||
The Company had a revolving credit facility on December 31, 2014 and March 31, 2015 of $5.0 million. The revolving credit facility is available until April 30, 2016. There was no balance outstanding as of December 31, 2014 or March 31, 2015. The Company pays a commitment fee of 0.50% per annum, payable quarterly in arrears, on the unused portion of the revolver loan. The commitment fee expense was $6 thousand in each of the three months ended March 31, 2014 and 2015, respectively. | |||||||||
Maturities of notes payable for the next five years and thereafter are as follows (in thousands): | |||||||||
2015 (remaining) | $ | 7,713 | |||||||
2016 | 101,756 | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
2019 | — | ||||||||
Thereafter | — | ||||||||
Total | $ | 109,469 | |||||||
The Company’s notes payable agreements are subject to certain financial covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. As of March 31, 2015, the Company was in compliance with all such covenants and restrictions. |
Note_3_Income_Taxes
Note 3 - Income Taxes | 3 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Income Tax Disclosure [Text Block] | 3 | Income Tax |
As of March 31, 2015, the Company had U.S. federal and state net operating loss carryforwards of $0 and $67 thousand, respectively. As of December 31, 2014, the Company had no U.S. federal or state net operating loss carryforwards. The Company had no alternative minimum tax credit carryforwards as of December 31, 2014 or March 31, 2015 | ||
. The Company establishes valuation allowances when necessary to reduce deferred tax assets to amounts expected to be realized. As of March 31, 2015, the Company had no valuation allowance recorded | ||
. | ||
The effective income tax rate as of December 31, 2014 and March 31, 2015 was 38.8% and 39.4%, respectively. |
Note_4_Net_Income_Per_Common_S
Note 4 - Net Income Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Earnings Per Share [Text Block] | 4 | Net Income per Common Share | |||||||
Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that would occur should all of the shares of Class A common stock underlying restricted stock units (“RSUs”), as well as all of the shares of Class A common stock, for which the Company has accrued an expense, that may be delivered pursuant to the purchase agreement relating to the Reliable Networks of Maine, LLC (“Reliable Networks”) acquisition, be issued. | |||||||||
A reconciliation of the Company’s basic and diluted net income per common share calculation is as follows (weighted average number of common shares outstanding in whole numbers and net income in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2015 | ||||||||
Weighted average number of common shares outstanding - basic | 3,103,728 | 3,239,306 | |||||||
Effect of dilutive securities | — | 41,800 | |||||||
Weighted average number of common shares and potential common shares - diluted | 3,103,728 | 3,281,106 | |||||||
Net income available to common stockholders | $ | 1,394 | $ | 2,135 | |||||
Net income per common share - basic | $ | 0.45 | $ | 0.66 | |||||
Net income per common share - diluted | $ | 0.45 | $ | 0.65 |
Note_5_Revenue_Concentrations
Note 5 - Revenue Concentrations | 3 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Concentration Risk Disclosure [Text Block] | 5 | Revenue Concentrations |
Revenues for interstate access services are based on reimbursement of costs and an allowed rate of return. Revenues of this nature are received from the National Exchange Carrier Association in the form of monthly settlements. Such revenues amounted to 13.3% and 16.4% of the Company’s total revenues for the three months ended March 31, 2014 and 2015, respectively. |
Note_6_Commitments_and_Conting
Note 6 - Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Commitments and Contingencies Disclosure [Text Block] | 6 | Commitments and Contingencies |
From time to time, the Company may be involved in various claims, legal actions and regulatory proceedings incidental to and in the ordinary course of business, including administrative hearings of the Alabama Public Service Commission, the Maine Public Utilities Commission, the Massachusetts Department of Telecommunications and Cable, the Missouri Public Service Commission, the New Hampshire Public Utilities Commission, the Vermont Public Service Board and the West Virginia Public Service Commission, relating primarily to rate making. In addition, the Company may be involved in similar proceedings with interconnection carriers and the Federal Communications Commission. Currently, except as set forth below, none of the legal proceedings are expected to have a material adverse effect on the Company’s business. | ||
Sprint Communications L.P. (“Sprint”), MCI Communications Services, Inc. (“MCI”) and Verizon Select Services, Inc. (“Verizon”) have filed more than 60 lawsuits in federal courts across the United States alleging that over 400 local exchange carriers overcharged Spring, MCI and Verizon for so-called intraMTA traffic (wireless phone calls that originate and terminate in the same metropolitan transit area). The lawsuits seek a refund of previously-paid access charges for intraMTA traffic, as well as a discount related to intraMTA traffic on a going-forward basis. One of the Company’s subsidiaries, MMT, was named as a defendant in two of the lawsuits that are being brought before the District Court for the Western District of Missouri (one filed on May 2, 2014 by Sprint and the other filed on September 5, 2014 by MCI and Verizon). In addition, one of the Company’s other subsidiaries, OTP, has been named as a defendant in a lawsuit relating to these issues filed by MCI and Verizon in the District Court for the District of Delaware on September 5, 2014. Because all of the lawsuits relating to these issues raise the same fundamental questions of law, the United States Judicial Panel on Multidistrict Litigation has consolidated the lawsuits in the District Court for the Northern District of Texas for all pre-trial proceedings. At this time, it is too soon to determine whether these lawsuits will have a material adverse effect on the Company’s business. |
Note_7_Stock_Plans_and_Stock_A
Note 7 - Stock Plans and Stock Associated with Acquisition | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Shareholders' Equity and Share-based Payments [Text Block] | 7 | Stock Plans and Stock Associated with Acquisition | |||||||
During the three months ended March 31, 2014 and 2015, the Company did not grant any RSUs or other equity incentive awards. During the year ended December 31, 2014, the Company granted RSUs underlying 124,167 shares of Class A common stock. These RSUs (or a portion thereof) vest with respect to each recipient over a one to three year period from the date of grant, provided the individual remains in the employment or service of the Company as of the vesting date and, in selected instances, certain performance criteria are attained. Additionally, these RSUs (or a portion thereof) could vest earlier in the event of a change in control of the Company, or upon involuntary termination without cause. These grants are made primarily to executive-level personnel at the Company and, as a result, no compensation costs have been capitalized. | |||||||||
The following table summarizes RSU activity as of March 31, 2015: | |||||||||
RSUs | Weighted Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Outstanding at December 31, 2014 | 113,961 | $ | 4.96 | ||||||
Granted | — | $ | — | ||||||
Vested | 57,139 | $ | 4.96 | ||||||
Forfeited or cancelled | 15,022 | $ | 4.96 | ||||||
Outstanding at March 31, 2015 | 41,800 | $ | 4.96 | ||||||
CRC acquired substantially all of the assets of Reliable Networks on January 2, 2014. Pursuant to the purchase agreement relating to the Reliable Networks acquisition, Class A common stock was issued to the former owner of Reliable Networks in 2015 and will be issued to the former owner of Reliable Networks in 2016 and 2017, contingent on Reliable Networks achieving certain financial objectives and certain other conditions being satisfied, including that certain individuals must be employed by the Company or any of its subsidiaries and in good standing on the last day of the applicable year (the “Earn-Out”). For the year ended on December 31, 2014, the Company delivered 68,233 shares of Class A common stock to the former owner of Reliable Networks on March 12, 2015as a result of the Earn-Out. | |||||||||
The following table summarizes the Earn-Out activity as of March 31, 2015: | |||||||||
Shares | Weighted Average | ||||||||
Earned Date | |||||||||
Fair Value | |||||||||
Earned at December 31, 2014 | 68,233 | $ | 5.69 | ||||||
Earned | — | $ | — | ||||||
Issued | 68,233 | $ | 5.69 | ||||||
Forfeited or cancelled | — | $ | — | ||||||
Earned at March 31, 2015 | — | $ | — | ||||||
Stock-based compensation expense related to RSUs and the Earn-Out was $161 thousand for the three months ended March 31, 2015. Accounting standards require that the Company estimate forfeitures for RSUs and the Earn-Out and reduce compensation expense accordingly. The Company has reduced its expense by the assumed forfeiture rate and will evaluate actual experience against the assumed forfeiture rate going forward. The forfeiture rate has been developed using historical performance metrics which could impact the size of the final issuance of Class A common stock. The Company has no history before 2014 with RSU forfeiture or Earn-Out stock forfeiture. | |||||||||
As of March 31, 2015, the unrecognized total compensation cost related to unvested RSUs and unvested Earn-Out stock was $397 thousand. That cost is expected to be recognized by the end of 2017 for RSUs and 2015 for Earn-Out stock. | |||||||||
As stated above, accounting standards require the Company to estimate forfeitures in calculating the expense related to stock-based compensation, as opposed to only recognizing these forfeitures and the corresponding reduction in expense as they occur. |
Note_2_Notes_Payable_Tables
Note 2 - Notes Payable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, | March 31, | |||||||
2014 | 2015 | ||||||||
Third amended and restated term credit facility; General Electric Capital Corporation; variable interest rate of 6.5% at December 31, 2014 and March 31, 2015. The credit facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due April 30, 2016. | $ | 112,135 | $ | 109,469 | |||||
Less: current portion | (6,665 | ) | (9,379 | ) | |||||
Long-term notes payable | $ | 105,470 | $ | 100,090 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 2015 (remaining) | $ | 7,713 | ||||||
2016 | 101,756 | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
2019 | — | ||||||||
Thereafter | — | ||||||||
Total | $ | 109,469 |
Note_4_Net_Income_Per_Common_S1
Note 4 - Net Income Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, | ||||||||
2014 | 2015 | ||||||||
Weighted average number of common shares outstanding - basic | 3,103,728 | 3,239,306 | |||||||
Effect of dilutive securities | — | 41,800 | |||||||
Weighted average number of common shares and potential common shares - diluted | 3,103,728 | 3,281,106 | |||||||
Net income available to common stockholders | $ | 1,394 | $ | 2,135 | |||||
Net income per common share - basic | $ | 0.45 | $ | 0.66 | |||||
Net income per common share - diluted | $ | 0.45 | $ | 0.65 |
Note_7_Stock_Plans_and_Stock_A1
Note 7 - Stock Plans and Stock Associated with Acquisition (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | RSUs | Weighted Average | |||||||
Grant Date | |||||||||
Fair Value | |||||||||
Outstanding at December 31, 2014 | 113,961 | $ | 4.96 | ||||||
Granted | — | $ | — | ||||||
Vested | 57,139 | $ | 4.96 | ||||||
Forfeited or cancelled | 15,022 | $ | 4.96 | ||||||
Outstanding at March 31, 2015 | 41,800 | $ | 4.96 | ||||||
Reliable Networks [Member] | |||||||||
Notes Tables | |||||||||
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block] | Shares | Weighted Average | |||||||
Earned Date | |||||||||
Fair Value | |||||||||
Earned at December 31, 2014 | 68,233 | $ | 5.69 | ||||||
Earned | — | $ | — | ||||||
Issued | 68,233 | $ | 5.69 | ||||||
Forfeited or cancelled | — | $ | — | ||||||
Earned at March 31, 2015 | — | $ | — |
Note_2_Notes_Payable_Details_T
Note 2 - Notes Payable (Details Textual) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Amortization of Financing Costs | $225,000 | $239,000 | |
Revolving Credit Facility [Member] | |||
Long-term Line of Credit | 0 | 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | 5,000,000 | |
Line of Credit Facility, Commitment Fee Amount | 6,000 | 6,000 | |
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||
Senior Credit Facility [Member] | |||
Deferred Finance Costs, Gross | $2,700,000 |
Note_2_Notes_Payable_Summary_o
Note 2 - Notes Payable - Summary of Notes Payable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Third amended and restated term credit facility; General Electric Capital Corporation; variable interest rate of 6.5% at December 31, 2014 and March 31, 2015. The credit facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due April 30, 2016. | $109,469,000 | |
Less: current portion | -9,379,000 | -6,665,000 |
Long-term notes payable, less current maturities | 100,090,000 | 105,470,000 |
GE Capital 3rd [Member] | ||
Third amended and restated term credit facility; General Electric Capital Corporation; variable interest rate of 6.5% at December 31, 2014 and March 31, 2015. The credit facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due April 30, 2016. | $109,469,000 | $112,135,000 |
Note_2_Notes_Payable_Summary_o1
Note 2 - Notes Payable - Summary of Notes Payable (Details) (Parentheticals) (GE Capital 3rd [Member]) | Mar. 31, 2015 | Dec. 31, 2014 |
GE Capital 3rd [Member] | ||
Interest rate | 6.50% | 6.50% |
Note_2_Notes_Payable_Maturitie
Note 2 - Notes Payable - Maturities of Notes Payable (Details) (USD $) | Mar. 31, 2015 |
2015 (remaining) | $7,713,000 |
2016 | 101,756,000 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | 0 |
Total | $109,469,000 |
Note_3_Income_Taxes_Details_Te
Note 3 - Income Taxes (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $0 | $0 |
Deferred Tax Assets, Valuation Allowance | 0 | |
Effective Income Tax Rate Reconciliation, Percent | 39.40% | 38.80% |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 67,000 | 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | $0 | $0 |
Note_4_Net_Income_Per_Common_S2
Note 4 - Net Income Per Common Share - Reconciliation of Income (Loss) Per Common Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Weighted average number of common shares outstanding - basic (in shares) | 3,239,306 | 3,103,728 |
Effect of dilutive securities (in shares) | 41,800 | |
Weighted average number of common shares and potential common shares - diluted (in shares) | 3,281,106 | 3,103,728 |
Net income available to common stockholders | $2,135 | $1,394 |
Net income per common share - basic (in dollars per share) | $0.66 | $0.45 |
Net income per common share - diluted (in dollars per share) | $0.65 | $0.45 |
Note_5_Revenue_Concentrations_
Note 5 - Revenue Concentrations (Details Textual) (Customer Concentration Risk [Member], Sales Revenue, Net [Member], National Exchange Carrier Association [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | National Exchange Carrier Association [Member] | ||
Concentration Risk, Percentage | 16.40% | 13.30% |
Note_7_Stock_Plans_and_Stock_A2
Note 7 - Stock Plans and Stock Associated with Acquisition (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Allocated Share-based Compensation Expense | $161 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $397 | ||
Restricted Stock Units (RSUs) [Member] | 2014 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 124,167 | ||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | |
Reliable Networks [Member] | Common Class A [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 68,233 | ||
Reliable Networks [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 68,233 | 68,233 |
Note_7_Stock_Plans_and_Stock_A3
Note 7 - Stock Plans and Stock Associated with Acquisition - RSU Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at December 31, 2014 (in shares) | 113,961 |
Outstanding at December 31, 2014 (in dollars per share) | $4.96 |
Granted (in shares) | 0 |
Granted (in dollars per share) | $0 |
Vested (in shares) | 57,139 |
Vested (in dollars per share) | $4.96 |
Forfeited or cancelled (in shares) | 15,022 |
Forfeited or cancelled (in dollars per share) | $4.96 |
Outstanding at March 31, 2015 (in shares) | 41,800 |
Outstanding at March 31, 2015 (in dollars per share) | $4.96 |
Note_7_Stock_Plans_and_Stock_A4
Note 7 - Stock Plans and Stock Associated with Acquisition - Earn-Out Activity (Details) (Reliable Networks [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Reliable Networks [Member] | ||
Earned (in shares) | 68,233 | 68,233 |
Earned (in dollars per share) | $5.69 | $5.69 |