Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | OTELCO INC. |
Entity Central Index Key | 1,288,359 |
Trading Symbol | otel |
Current Fiscal Year End Date | --12-31 |
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 | Mar. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 0 |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 3,346,689 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 10,669 | $ 10,538 |
Accounts receivable: | ||
Due from subscribers, net of allowance for doubtful accounts of $165 and $182, respectively | 4,796 | 5,035 |
Other | 1,572 | 1,528 |
Materials and supplies | 2,598 | 2,184 |
Prepaid expenses | 1,817 | 2,912 |
Total current assets | 21,452 | 22,197 |
Property and equipment, net | 48,830 | 49,271 |
Goodwill | 44,976 | 44,976 |
Intangible assets, net | 1,664 | 1,785 |
Investments | 1,650 | 1,821 |
Other assets | 250 | 222 |
Total assets | 118,822 | 120,272 |
Current liabilities | ||
Accounts payable | 1,181 | 1,477 |
Accrued expenses | 5,353 | 4,730 |
Advance billings and payments | 1,537 | 1,487 |
Customer Deposits | 67 | 62 |
Current maturity of long-term notes payable, net of debt issuance cost | 2,963 | 6,071 |
Total current liabilities | 11,101 | 13,827 |
Deferred income taxes | 28,280 | 28,280 |
Advance billings and payments | 2,407 | 1,987 |
Other liabilities | 17 | 26 |
Long-term notes payable, less current maturities and debt issuance cost | 86,230 | 86,860 |
Total liabilities | 128,035 | 130,980 |
Stockholders' deficit | ||
Additional paid in capital | 4,072 | 4,186 |
Accumulated deficit | (13,319) | (14,927) |
Total stockholders' deficit | (9,213) | (10,708) |
Total liabilities and stockholders' deficit | 118,822 | 120,272 |
Common Class A [Member] | ||
Stockholders' deficit | ||
Common Stock, Value | $ 34 | $ 33 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 165 | $ 182 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 3,346,689 | 3,291,750 |
Common stock, outstanding (in shares) | 3,346,689 | 3,291,750 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | $ 17,380 | $ 17,490 |
Operating expenses | ||
Cost of services | 7,813 | 8,131 |
Selling, general and administrative expenses | 2,707 | 2,576 |
Depreciation and amortization | 1,840 | 2,037 |
Total operating expenses | 12,360 | 12,744 |
Income from operations | 5,020 | 4,746 |
Other income (expense) | ||
Interest expense | (2,611) | (2,482) |
Other income | 203 | 619 |
Total other expense | (2,408) | (1,863) |
Income before income tax expense | 2,612 | 2,883 |
Income tax expense | (1,004) | (1,133) |
Net income | $ 1,608 | $ 1,750 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 3,346,689 | 3,283,177 |
Diluted (in shares) | 3,444,370 | 3,375,735 |
Basic net income per common share (in dollars per share) | $ 0.48 | $ 0.53 |
Diluted net income per common share (in dollars per share) | $ 0.47 | $ 0.52 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 1,608 | $ 1,750 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ||
Depreciation | 1,739 | 1,778 |
Amortization | 101 | 259 |
Amortization of loan costs | 310 | 288 |
Loss on extinguishment of debt | 155 | |
Provision for uncollectible accounts receivable | 78 | 39 |
Stock-based compensation | 95 | 141 |
Payment in kind interest - subordinated debt | 77 | 37 |
Changes in operating assets and liabilities | ||
Accounts receivable | 117 | 156 |
Materials and supplies | (414) | (158) |
Prepaid expenses and other assets | 1,067 | 1,070 |
Accounts payable and accrued expenses | 327 | 328 |
Advance billings and payments | 470 | (46) |
Other liabilities | (4) | (6) |
Net cash from operating activities | 5,571 | 5,791 |
Cash flows used in investing activities: | ||
Acquisition and construction of property and equipment | (1,270) | (706) |
Net cash used in investing activities | (1,270) | (706) |
Cash flows used in financing activities: | ||
Loan origination costs | (5,181) | |
Principal repayment of long-term notes payable | (4,125) | (100,052) |
Proceeds from loan refinancing | 100,300 | |
Retirement of investment | 164 | |
Tax withholdings paid on behalf of employees for restricted stock units | (209) | (109) |
Net cash used in financing activities | (4,170) | (5,042) |
Net increase in cash and cash equivalents | 131 | 43 |
Cash and cash equivalents, beginning of period | 10,538 | 6,884 |
Cash and cash equivalents, end of period | 10,669 | 6,927 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 2,247 | 1,378 |
Income taxes paid (refunded) | 11 | (440) |
Conversion of Class B common stock to Class A common stock | 2 | |
Issuance of Class A common stock | $ 1 | $ 1 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Financial Reporting | 3 Months Ended |
Mar. 31, 2017 | |
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; Brindlee Mountain Telephone LLC; CRC Communications LLC (“CRC”); Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC (“MMT”) and its wholly owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC (“OTP”); Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC. 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 March 31, 2017, may December 31, 2017, The unaudited condensed consolidated financial statements and notes included in this Quarterly Report on Form 10 10 December 31, 2016. Recent Accounting Pronouncements During 2017, 2017 01 2017 08. 2017 03 2017 04, In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09”). December 15, 2016, July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606): one 2014 09, first 2018 first 2017. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606): 2014 09, April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606): 2014 09, May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606): 2014 09, December 2016, 2016 20, Technical Corrections and Improvements to Topic 606, 2014 09, January 2017, 2017 03, Accounting Changes and Error Corrections (Topic 250) 323) 2017 03”). 2014 09 2014 09 2014 09 2014 09 2014 09 In February 2016, 2016 02, Leases (Topic 842) 2016 02”) . December 15, 2018, In January 2017, 2017 03, 2016 02 2016 02 In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350) 2017 04”). 2 2017 04 December 15, 2019, January 1, 2017. Refinancing On January 25, 2016, five $85.0 five $5.0 five $15.0 February 17, 2016, $15.3 $85.0 $15.3 April 30, 2016. $1.0 April 1, 2016. $15 $140 |
Note 2 - Notes Payable
Note 2 - Notes Payable | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 2. Notes Payable Notes payable consists of the following (in thousands, except percentages) as of: March 31, 2017 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at March 31, 2017, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021. $ 4,000 $ 73,875 $ 77,875 Debt issuance cost (1,037 ) (2,582 ) (3,619 ) Senior notes payable, net of debt issuance cost $ 2,963 $ 71,293 $ 74,256 December 31, 2016 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at December 31, 2016, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021. $ 7,125 $ 74,875 $ 82,000 Debt issuance cost (1,054 ) (2,835 ) (3,889 ) Senior notes payable, net of debt issuance cost $ 6,071 $ 72,040 $ 78,111 March 31, December 31, 2017 2016 Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest due monthly with a rate of 12.00%. Payment in kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued is added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance is due August 17, 2021. $ 15,300 $ 15,300 PIK interest added to principal 350 273 Less: Long-term portion of debt issuance cost (713 ) (753 ) Long-term notes payable, net of debt issuance cost $ 14,937 $ 14,820 Associated with the Senior Loan Agreement, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $4.9 $270 $142 three March 31, 2017, 2016, Associated with the Subordinated Loan Agreement, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $892 $40 $20 three March 31, 2017, 2016, The Company had a revolving credit facility on March 31, 2017, December 31, 2016, $5.0 February 17, 2021. no March 31, 2017, December 31, 2016. 0.75% $9 $5 three March 31, 2017, 2016, Maturities of notes payable for the next five 2017 (remaining) $ 3,000 2018 4,000 2019 4,000 2020 4,000 2021 78,175 Total $ 93,175 In addition, PIK interest of $1,772 $5,758 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, 2017, |
Note 3 - Income Tax
Note 3 - Income Tax | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 3. Income Tax As of each of March 31, 2017 , and December 31, 2016, $0 $25 March 31, 2017 , or December 31, 2016. March 31, 2017, The effective income tax rate as of March 31, 2017 , and December 31, 2016 , was 38.4% 41.5%, |
Note 4 - Net Income Per Common
Note 4 - Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
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”) be issued. A reconciliation of the common shares for purposes of the calculation of the Company’s basic and diluted net income per common share is as follows (weighted average number of common shares outstanding in whole numbers and net income in thousands): Three Months Ended March 31, 2017 2016 Weighted average number of common shares outstanding - basic 3,346,689 3,283,177 Effect of dilutive securities 97,681 92,558 Weighted average number of common shares and potential common shares - diluted 3,444,370 3,375,735 Net income $ 1,608 $ 1,750 Net income per common share - basic $ 0.48 $ 0.53 Net income per common share - diluted $ 0.47 $ 0.52 |
Note 5 - Revenue Concentration
Note 5 - Revenue Concentration | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 5. Revenue Concentration 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 23.0% 19.1% three March 31, 2017, 2016, |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Commitments and Contingencies From time to time, the Company may may Sprint Communications L.P. (“Sprint”), MCI Communications Services, Inc. (“MCI”) and Verizon Select Services, Inc. (“Verizon”) have filed more than 60 400 two (one May 2, 2014 , by Sprint and the other filed on September 5, 2014 , by MCI and Verizon). In addition, one September 5, 2014. November 17, 2015, 3 3”) 3 January 7, 2017, 3 March 22, 2017, 3’s 3 On November 10, 2014, (1) (2) may (3) (4) may March 11, 2015, |
Note 7 - Stock Plans and Stock
Note 7 - Stock Plans and Stock Associated with Acquisition | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 7. Stock Plans and Stock Associated with Acquisition The Company has previously granted RSUs underlying 366,356 These RSUs (or a portion thereof) vest with respect to each recipient over a one three 366,356 162,716 . During the three March 31, 2017, no The following table summarizes RSU activity as of March 31, 2017: RSUs Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 203,640 $ 4.57 Granted — $ — Vested (88,287 ) $ 4.66 Forfeited or cancelled (16,410 ) $ 4.40 Outstanding at March 31, 2017 98,943 $ 4.51 CRC acquired substantially all of the assets of Reliable Networks of Maine, LLC (“Reliable Networks”), a Portland, Maine-based provider of cloud hosting and managed services for small and mid-sized companies who rely on mission-critical software applications, on January 2, 2014. 2015 one December 31, 2014, 68,233 March 12, 2015, December 31, 2016, 2015, Stock-based compensation expense related to RSUs and the Earn-Out was $95 $141 three March 31, 2017, 2016, 2014 As of March 31, 2017, $503 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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; Brindlee Mountain Telephone LLC; CRC Communications LLC (“CRC”); Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC (“MMT”) and its wholly owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC (“OTP”); Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC. 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 March 31, 2017, may December 31, 2017, The unaudited condensed consolidated financial statements and notes included in this Quarterly Report on Form 10 10 December 31, 2016. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements During 2017, 2017 01 2017 08. 2017 03 2017 04, In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09”). December 15, 2016, July 2015, 2015 14, Revenue from Contracts with Customers (Topic 606): one 2014 09, first 2018 first 2017. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606): 2014 09, April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606): 2014 09, May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606): 2014 09, December 2016, 2016 20, Technical Corrections and Improvements to Topic 606, 2014 09, January 2017, 2017 03, Accounting Changes and Error Corrections (Topic 250) 323) 2017 03”). 2014 09 2014 09 2014 09 2014 09 2014 09 In February 2016, 2016 02, Leases (Topic 842) 2016 02”) . December 15, 2018, In January 2017, 2017 03, 2016 02 2016 02 In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350) 2017 04”). 2 2017 04 December 15, 2019, January 1, 2017. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Refinancing On January 25, 2016, five $85.0 five $5.0 five $15.0 February 17, 2016, $15.3 $85.0 $15.3 April 30, 2016. $1.0 April 1, 2016. $15 $140 |
Note 2 - Notes Payable (Tables)
Note 2 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, 2017 2016 Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest due monthly with a rate of 12.00%. Payment in kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued is added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance is due August 17, 2021. $ 15,300 $ 15,300 PIK interest added to principal 350 273 Less: Long-term portion of debt issuance cost (713 ) (753 ) Long-term notes payable, net of debt issuance cost $ 14,937 $ 14,820 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 (remaining) $ 3,000 2018 4,000 2019 4,000 2020 4,000 2021 78,175 Total $ 93,175 |
Senior Notes [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2017 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at March 31, 2017, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021. $ 4,000 $ 73,875 $ 77,875 Debt issuance cost (1,037 ) (2,582 ) (3,619 ) Senior notes payable, net of debt issuance cost $ 2,963 $ 71,293 $ 74,256 December 31, 2016 Current Long-term Total Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at December 31, 2016, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021. $ 7,125 $ 74,875 $ 82,000 Debt issuance cost (1,054 ) (2,835 ) (3,889 ) Senior notes payable, net of debt issuance cost $ 6,071 $ 72,040 $ 78,111 |
Note 4 - Net Income Per Commo15
Note 4 - Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2017 2016 Weighted average number of common shares outstanding - basic 3,346,689 3,283,177 Effect of dilutive securities 97,681 92,558 Weighted average number of common shares and potential common shares - diluted 3,444,370 3,375,735 Net income $ 1,608 $ 1,750 Net income per common share - basic $ 0.48 $ 0.53 Net income per common share - diluted $ 0.47 $ 0.52 |
Note 7 - Stock Plans and Stoc16
Note 7 - Stock Plans and Stock Associated with Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 203,640 $ 4.57 Granted — $ — Vested (88,287 ) $ 4.66 Forfeited or cancelled (16,410 ) $ 4.40 Outstanding at March 31, 2017 98,943 $ 4.51 |
Note 1 - Organization and Bas17
Note 1 - Organization and Basis of Financial Reporting (Details Textual) - USD ($) | Jan. 25, 2016 | Mar. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Feb. 17, 2016 |
Debt Issuance Costs, Net | $ 15,000 | $ 15,000 | |||
Write off of Deferred Debt Issuance Cost | 140,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument, Term | 5 years | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | ||||
Senior Notes [Member] | |||||
Debt Instrument, Term | 5 years | ||||
Debt Instrument, Face Amount | $ 85,000,000 | ||||
Proceeds from Issuance of Debt | 85,000,000 | ||||
Debt Instrument, Periodic Payment | 1,000,000 | ||||
Debt Issuance Costs, Net | $ 3,619,000 | 3,619,000 | $ 3,889,000 | ||
Subordinated Debt [Member] | |||||
Debt Instrument, Term | 5 years 182 days | ||||
Debt Instrument, Face Amount | $ 15,000,000 | $ 15,300,000 | |||
Proceeds from Issuance of Debt | $ 15,300,000 |
Note 2 - Notes Payable (Details
Note 2 - Notes Payable (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Jan. 25, 2016 | |
Amortization of Debt Issuance Costs | $ 310,000 | $ 288,000 | ||
Notes Payable, Net [Member] | ||||
Debt Issuance Costs, Gross | 5,758,000 | |||
Previous Credit Facility [Member] | ||||
Amortization of Debt Issuance Costs | 40,000 | 20,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 5,000,000 | ||
Long-term Line of Credit | $ 0 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.75% | |||
Line of Credit Facility, Commitment Fee Amount | $ 9,000 | 5,000 | ||
Long-term Line of Credit | 0 | |||
Senior Notes [Member] | ||||
Debt Issuance Costs, Gross | 4,900,000 | |||
Subordinated Debt [Member] | ||||
Debt Issuance Costs, Gross | 892,000 | |||
Amortization of Debt Issuance Costs | 270,000 | $ 142,000 | ||
Accrued Paid-in-Kind Interest, Payment at Maturity | $ 1,772,000 |
Note 2 - Notes Payable - Senior
Note 2 - Notes Payable - Senior Loan Agreement (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Long-term notes payable, less current maturities and debt issuance cost | $ (15,000) | |
Current maturity of long-term notes payable, net of debt issuance cost | 2,963,000 | $ 6,071,000 |
Long-term notes payable, less current maturities and debt issuance cost | 86,230,000 | 86,860,000 |
Senior notes payable, net of debt issuance cost | 93,175,000 | |
Senior Notes [Member] | ||
Senior note payable, current | 4,000,000 | 7,125,000 |
Senior note payable, long-term | 73,875,000 | 74,875,000 |
Senior note payable, face amount | 77,875,000 | 82,000,000 |
Debt issuance cost, current | (1,037,000) | (1,054,000) |
Debt issuance cost, long-term | (2,582,000) | (2,835,000) |
Long-term notes payable, less current maturities and debt issuance cost | (3,619,000) | (3,889,000) |
Current maturity of long-term notes payable, net of debt issuance cost | 2,963,000 | 6,071,000 |
Long-term notes payable, less current maturities and debt issuance cost | 71,293,000 | 72,040,000 |
Senior notes payable, net of debt issuance cost | $ 74,256,000 | $ 78,111,000 |
Note 2 - Notes Payable - Seni20
Note 2 - Notes Payable - Senior Loan Agreement (Details) (Parentheticals) | Mar. 31, 2017 | Dec. 31, 2016 |
Senior Notes [Member] | ||
Interest rate | 8.75% | 8.75% |
Note 2 - Notes Payable - Summar
Note 2 - Notes Payable - Summary of Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Total | $ 93,175 | |
Subordinated Debt [Member] | ||
Senior note payable, face amount | 15,300 | $ 15,300 |
PIK interest added to principal | 350 | 273 |
Debt issuance cost, long-term | (713) | (753) |
Total | $ 14,937 | $ 14,820 |
Note 2 - Notes Payable - Summ22
Note 2 - Notes Payable - Summary of Notes Payable (Details) (Parentheticals) - Subordinated Debt [Member] | Mar. 31, 2017 | Dec. 31, 2016 |
Fixed, interest rate | 12.00% | 12.00% |
Payment in kind, interest rate | 2.00% | 2.00% |
Note 2 - Notes Payable - Maturi
Note 2 - Notes Payable - Maturities of Notes Payable (Details) $ in Thousands | Mar. 31, 2017USD ($) |
2017 (remaining) | $ 3,000 |
2,018 | 4,000 |
2,019 | 4,000 |
2,020 | 4,000 |
2,021 | 78,175 |
Total | $ 93,175 |
Note 3 - Income Tax (Details Te
Note 3 - Income Tax (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 38.40% | 41.50% |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 0 | $ 0 |
Deferred Tax Assets, Valuation Allowance | 0 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 0 | $ 25 |
Note 4 - Net Income Per Commo25
Note 4 - Net Income Per Common Share - Reconciliation of Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Weighted average number of common shares outstanding - basic (in shares) | 3,346,689 | 3,283,177 |
Effect of dilutive securities (in shares) | 97,681 | 92,558 |
Weighted average number of common shares and potential common shares - diluted (in shares) | 3,444,370 | 3,375,735 |
Net income | $ 1,608 | $ 1,750 |
Net income per common share - basic (in dollars per share) | $ 0.48 | $ 0.53 |
Net income per common share - diluted (in dollars per share) | $ 0.47 | $ 0.52 |
Note 5 - Revenue Concentration
Note 5 - Revenue Concentration (Details Textual) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
National Exchange Carrier Association [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk, Percentage | 23.00% | 19.10% |
Note 7 - Stock Plans and Stoc27
Note 7 - Stock Plans and Stock Associated with Acquisition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2014 | |
Reliable Networks [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 68,233 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 366,356 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested or Cancelled | 162,716 | |||
Allocated Share-based Compensation Expense | $ 95 | $ 141 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 503 | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | |||
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 |
Note 7 - Stock Plans and Stoc28
Note 7 - Stock Plans and Stock Associated with Acquisition - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Outstanding at December 31, 2016 (in shares) | 203,640 | |
Outstanding at December 31, 2016 (in dollars per share) | $ 4.57 | |
Granted (in shares) | 0 | 366,356 |
Granted (in dollars per share) | ||
Vested (in shares) | (88,287) | |
Vested (in dollars per share) | $ 4.66 | |
Forfeited or cancelled (in shares) | (16,410) | |
Forfeited or cancelled (in dollars per share) | $ 4.40 | |
Outstanding at March 31, 2017 (in shares) | 98,943 | 203,640 |
Outstanding at March 31, 2017 (in dollars per share) | $ 4.51 | $ 4.57 |