Orchids Paper Products 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Entity Registrant Name	Orchids Paper Products CO /DE
Entity Central Index Key	1,324,189
Trading Symbol	tis
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		10,276,141
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash	$ 8,039	$ 4,361
Accounts receivable, net of allowance of $155 in 2016 and 2015	11,723	10,509
Receivables from related party	1,572	1,325
Inventories, net	13,785	13,501
Income taxes receivable	5,628	5,628
Prepaid expenses	1,521	1,136
Other current assets	2,517	1,853
Total current assets	44,785	38,313
Property, plant and equipment	256,600	232,925
Accumulated depreciation	(62,185)	(59,547)
Net property, plant and equipment	194,415	173,378
Restricted cash	7,215	12,005
VAT receivable	1,761	1,751
Intangible assets, net of accumulated amortization of $2,637 in 2016 and $2,260 in 2015	15,353	15,730
Goodwill	7,560	7,560
Total assets	271,089	248,737
Current liabilities:
Accounts payable	7,299	7,211
Accounts payable to related party	2,824	3,887
Accrued liabilities	7,895	3,880
Current portion of long-term debt	4,214	3,882
Total current liabilities	22,232	18,860
Long-term debt, less current portion	87,292	70,357
Other long-term liabilities	5,116	5,098
Deferred income taxes	20,619	20,639
Stockholders' equity:
Common stock, $.001 par value, 25,000,000 shares authorized, 10,275,141 and 10,268,891 shares issued and outstanding in 2016 and 2015, respectively	10	10
Additional paid-in capital	98,068	97,834
Retained earnings	37,752	35,939
Total stockholders' equity	135,830	133,783
Total liabilities and stockholders' equity	$ 271,089	$ 248,737

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 155	$ 155
Accumulated amortization, intangible assets	$ 2,637	$ 2,260
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	25,000,000	25,000,000
Common stock, Shares Issued (in shares)	10,275,141	10,268,891
Common Stock, Shares Outstanding (in shares)	10,275,141	10,268,891

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net sales	$ 47,743	$ 37,415
Cost of sales	36,362	32,629
Gross profit	11,381	4,786
Selling, general and administrative expenses	2,722	2,497
Intangibles amortization	377	377
Operating income	8,282	1,912
Interest expense	263	214
Other (income) expense, net	(201)	(186)
Income before income taxes	8,220	1,884
Provision for (benefit from) income taxes:
Current	2,832	808
Deferred	(21)	(160)
	2,811	648
Net income	$ 5,409	$ 1,236
Net income per common share:
Basic (in dollars per share)	$ 0.53	$ 0.14
Diluted (in dollars per share)	$ 0.52	$ 0.14
Shares used in calculating net income per common share:
Basic (in shares)	10,272,155	8,755,116
Diluted (in shares)	10,343,086	8,823,976
Dividends per share (in dollars per share)	$ 0.35	$ 0.35

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities
Net income	$ 5,409	$ 1,236
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,091	2,476
Deferred income taxes	(21)	(160)
Stock compensation expense	149	267
Changes in cash due to changes in operating assets and liabilities:
Accounts receivable	(1,461)	1,015
Inventories	(284)	(1,541)
Prepaid expenses	(385)	327
Other current assets	(674)	233
Accounts payable	(975)	826
Accrued liabilities	4,014	872
Net cash provided by operating activities	8,863	5,551
Cash Flows From Investing Activities
Purchases of property, plant and equipment	(25,575)	$ (10,943)
Decrease in restricted cash	4,790
Net cash used in investing activities	(20,785)	$ (10,943)
Cash Flows From Financing Activities
Proceeds from economic incentive	1,900
Principal payments on long-term debt	$ (675)	$ (675)
Decrease in bank overdrafts		(1,706)
Net borrowings on revolving credit lines	$ 17,987	13,073
Dividends paid to stockholders	(3,596)	(3,066)
Proceeds from the exercise of stock options	49	22
Excess tax benefit of stock options exercised	36	1
Deferred debt issuance costs	(101)	(4)
Net cash provided by financing activities	15,600	7,645
Net increase in cash	3,678	2,253
Cash, beginning	4,361	1,021
Cash, ending	8,039	3,274
Supplemental Disclosure:
Interest paid	$ 386	$ 101
Income taxes paid
Tax benefits realized from stock options exercised	$ 43	$ 4

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 — Basis of Presentation Orchids Paper Products Company and its subsidiaries (collectively, “Orchids” or the “Company”) produce bulk tissue paper, known as parent rolls, and convert parent rolls into finished products, including paper towels, bathroom tissue and paper napkins. The Company predominately sells its products for use in the “at home” market under private labels to a customer base consisting primarily of dollar stores, discount retailers and grocery stores that offer limited alternatives across a wide range of products, and, to a lesser extent, the “away from home” market. The Company has owned and operated its manufacturing facility in Pryor, Oklahoma since 1998. On June 3, 2014, the Company completed the acquisition of certain assets from Fabrica de Papel San Francisco, S.A. de C.V. (“Fabrica”) pursuant to an Asset Purchase Agreement (see Note 2). In connection with the acquisition of these assets, the Company formed three wholly-owned subsidiaries: Orchids Mexico DE Holdings, LLC, Orchids Mexico DE Member, LLC, and OPP Acquisition Mexico, S. de R.L. de C.V (“Orchids Mexico”). In April 2015, the Company announced the construction of a new manufacturing facility in Barnwell, South Carolina. In conjunction with this project, the Company established a wholly-owned subsidiary: Orchids Paper Products Company of South Carolina. Furthermore, in connection with a New Market Tax Credit (“NMTC”) transaction in December 2015 (see Note 12), the Company created Orchids Lessor SC, LLC, another wholly-owned subsidiary. The accompanying consolidated financial statements include the accounts of Orchids and these wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s common stock trades on the NYSE MKT under the ticker symbol “TIS.” The accompanying financial statements have been prepared without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States have been condensed or omitted pursuant to the rules and regulations. However, the Company believes that the disclosures made are adequate to make the information presented not misleading when read in conjunction with the audited financial statements and the notes in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the SEC on March 7, 2016. Management believes that the financial statements contain all adjustments necessary for a fair presentation of the results for the interim periods presented. All adjustments were of a normal, recurring nature. The results of operations for the interim period are not necessarily indicative of the results for the entire fiscal year. Certain prior period amounts in the accompanying financial statements have been reclassified to conform to the current period presentation (see Note 14). These reclassifications did not affect previously reported amounts of net income.

Note 2 - Fabrica Transaction

Note 2 - Fabrica Transaction	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 2 — Fabrica Transaction On May 5, 2014, Orchids Paper Products Company and its wholly owned subsidiary, Orchids Mexico, entered into an asset purchase agreement (“APA”) with Fabrica to acquire certain assets and 100% of the U.S. business of Fabrica. On June 3, 2014, the Company closed on the transaction set forth in the APA, and in connection therewith, entered into a supply agreement (“Supply Agreement”) and a lease agreement (“Equipment Lease Agreement”) (collectively, the “Fabrica Transaction”). Related Party Transactions The Company entered into the following transactions with Fabrica during the three-month periods ended March 31: Three months ended March 31, 2016 2015 (in thousands) Products purchased under the Supply Agreement $ 9,005 $ 9,419 Amounts billed to Fabrica under the Equipment Lease Agreement $ 521 $ 685 Parent rolls purchased by Fabrica $ 867 $ - Goodwill There were no changes to the $7.6 million goodwill recognized from the Fabrica Transaction during the three-month periods ended March 31, 2016 and 2015. No goodwill impairment has been recorded as of March 31, 2016.

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 3 — Fair Value Measurements The Company does not report any assets or liabilities at fair value in the financial statements. However, the fair value of the Company’s long-term debt is estimated by management to approximate the carrying value (before deducting unamortized debt issuance costs) of $92,893,000 and $75,581,000 at March 31, 2016 and December 31, 2015, respectively. Management’s estimates are based on periodic comparisons of the characteristics of the Company’s obligations, including floating interest rates, credit rating, maturity and collateral, to current market conditions as stated by an independent third-party financial institution. Such valuation inputs are considered a Level 2 measurement in the fair value valuation hierarchy.

Note 4 - Commitments and Contin

Note 4 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 4 — Commitments and Contingencies The Company may be involved from time to time in litigation arising from the normal course of business. In management’s opinion, as of the date of this report, the Company is not engaged in legal proceedings which individually or in the aggregate are expected to have a materially adverse effect on the Company’s results of operations or financial condition. In October 2008, the Company entered into a contract to purchase 334,000 MMBTU per year of natural gas. This contract has been extended through December 2016. In September 2014, the Company entered into a similar contract with a different vendor for natural gas requirements in 2017. Commitments remaining under these contracts are as follows: Period MMBTUs Price per MMBTU Management fee per MMBTU April 2016 - June 2016 93,600 $ 4.17 $ 0.07 July 2016 - September 2016 92,300 $ 4.26 $ 0.07 October 2016 - December 2016 91,900 $ 4.42 $ 0.07 January 2017 - December 2017 467,505 $ 4.06 $ - Purchases under the gas contract were $0.4 million for each of the three-months periods ended March 31, 2016 and 2015, respectively. If the Company is unable to purchase the contracted amounts and the market price at that time is less than the contracted price, the Company would be obligated under the terms of the agreement to reimburse an amount equal to the difference between the contracted amount and the amount actually purchased, multiplied by the difference between the contract price and a price designated in the contract (approximates spot price). In the second quarter of 2015, the Company began construction on an integrated paper converting facility in Barnwell, South Carolina, which has a total estimated cost of $136.0 million. As of March 31, 2016, obligations under these purchase orders totaled $39.6 million.

Note 5 - Inventories

Note 5 - Inventories	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 5 — Inventories Inventories at March 31, 2016 and December 31, 2015 were as follows: March 31, December 31, 2016 2015 (in thousands) Raw materials $ 4,724 $ 4,467 Bulk paper rolls 1,960 3,789 Converted finished goods 7,266 5,386 Inventory valuation reserve (165 ) (141 ) $ 13,785 $ 13,501

Note 6 - Property, Plant and Eq

Note 6 - Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 6 — Property, Plant and Equipment Property, plant and equipment at March 31, 2016 and December 31, 2015 was: March 31, December 31, 2016 2015 (in thousands) Land $ 1,316 $ 1,316 Buildings and improvements 24,321 24,321 Machinery and equipment 142,068 141,811 Vehicles 1,796 1,796 Nondepreciable machinery and equipment (parts and spares) 10,813 10,250 Construction-in-process 76,286 53,431 $ 256,600 $ 232,925 In January 2016, the Company received $1.9 million of proceeds from an economic incentive related to the construction of the South Carolina facility. While there currently are no US GAAP pronouncements relating to the accounting treatment of government grants, the Company recorded these proceeds as a reduction in the property, plant and equipment related to this project in accordance with non-authoritative guidance issued by the American Institute of Certified Public Accountants, which recommended that grants related to developing property be recognized over the useful lives of the assets by recognizing receipt as the related asset is depreciated.

Note 7 - Long-term Debt and Rev

Note 7 - Long-term Debt and Revolving Line of Credit	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 7 — Long-Term Debt and Revolving Line of Credit In June 2015, the Company entered into the Second Amended and Restated Credit Agreement (the “Credit Agreement”), with U.S. Bank National Association (“U.S. Bank”) consisting of the following: ● a $25.0 million revolving credit line due June 2020; ● a $47.3 million Term Loan with a 5-year term due June 2020 and payable in quarterly installments of $675,000 through June 2016 and $1.0 million per quarter thereafter; ● a $115.0 million delayed draw term loan with a 2-year draw period due June 2020 and payable in quarterly installments beginning in September 2017 of 1.5% of the June 30, 2017 outstanding balance; and ● an accordion feature allowing the revolving credit line and/or delayed draw commitment under the Credit Agreement to be increased by up to $50.0 million at any time on or before the expiration date of the Credit Agreement. In December 2015, in connection with the NMTC transaction (see Note 12), the maximum borrowing capacity under the delayed draw term loan was reduced from $115.0 million to $99.6 million. Under the terms of the Credit Agreement, amounts outstanding will bear interest at a variable rate of LIBOR plus a specified margin, or the base rate plus a specified margin, at the Company’s option. The specified margin is based on the Company’s quarterly Leverage Ratio, as defined in the Credit Agreement. The following table outlines the specified margins and the commitment fees payable under the Credit Agreement: LIBOR Base Commitment Leverage Ratio Margin Margin Fee Less than 1.00 1.25 % 0.00 % 0.15 % Greater than or equal to 1.00 but less than 2.00 1.50 % 0.00 % 0.20 % Greater than or equal to 2.00 but less than 3.00 1.75 % 0.00 % 0.25 % Greater than or equal to 3.00 but less than 3.50 2.25 % 0.00 % 0.30 % Greater than or equal to 3.50 2.50 % 0.25 % 0.35 % The Company’s leverage ratio at March 31, 2016 was approximately 2.37. The Company’s weighted-average interest rate was 2.33% at March 31, 2016. Additionally, in connection with the NMTC transaction discussed in Note 12, the Company entered into an $11.1 million term loan with U.S. Bank. This loan bears interest at a fixed rate of 4.4% and matures on December 29, 2022. The loan requires quarterly payments of principal and interest of approximately $255,000, beginning on March 29, 2016, with a balloon payment due on the maturity date. Long-term debt at March 31, 2016 and December 31, 2015 consists of: March 31, December 31, 2016 2015 (in thousands) Revolving line of credit, maturing on June 25, 2020 $ 10,000 $ - Delayed draw term loan, maturing on June 25, 2020 26,509 18,522 Term Loan, maturing on June 25, 2020, due in quarterly installments of $675,000 for the first year and $1,000,000 thereafter, excluding interest paid separately 45,275 45,950 Term Loan, maturing on December 29, 2022, due in quarterly installments of $255,006, including interest 11,109 11,109 Less: unamortized debt issuance costs (1,387 ) (1,342 ) $ 91,506 $ 74,239 Less current portion 4,214 3,882 $ 87,292 $ 70,357 Unamortized debt issuance costs consist of: March 31, December 31, 2016 2015 (in thousands) Revolving line of credit $ 269 $ 285 Delayed draw term loan 325 344 Term Loan, maturing on June 25, 2020 172 182 Term Loan, maturing on December 29, 2022 621 531 $ 1,387 $ 1,342 The amount available under the revolving credit line may be reduced in the event that the Company’s borrowing base, which is based upon qualified receivables and qualified inventory, is less than $25 million. Obligations under the Credit Agreement and the NMTC loan are secured by substantially all of the Company’s assets. The Credit Agreement contains representations and warranties, and affirmative and negative covenants customary for financings of this type, including, but not limited to, limitations on additional borrowings, additional investments and asset sales. The financial covenants, which are tested as of the end of each fiscal quarter, require the Company to maintain the following specific ratios: fixed charge coverage (minimum of 1.20 to 1.0) and leverage (maximum of 4.00 to 1.0 through June 2017; maximum of 3.75 to 1.0 on September 30, 2017; maximum of 3.50 to 1.0 on December 31, 2017, and thereafter). The Company was in compliance with these financial covenants at March 31, 2016.

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8 — Income Taxes As of March 31, 2016, our annual estimated effective income tax rate is 34.2%. The annual estimated effective tax rate for 2016 differs from the statutory rate due primarily to U.S. manufacturing tax credits and deductions and foreign income taxes. Our actual effective income tax rate was 34.4% for the three-month period ended March 31, 2015. During the first quarter of 2016, we elected to early adopt ASU 2015-17, “Income Taxes: Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”) on a retrospective basis. ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. As such, we reclassified $1.3 million of current deferred tax assets to noncurrent (netted within noncurrent liabilities) on the consolidated balance sheets as of March 31, 2016 and December 31, 2015. The adoption of ASU 2015-17 did not affect our consolidated statements of income.

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 9 — Earnings per Share During the first quarter of 2013, the Company granted restricted stock to certain employees. These awards include a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Therefore, the Company calculates basic and diluted earnings per common share using the two-class method, under which net earnings are allocated to each class of common stock and participating security. The computation of basic and diluted net income per common share for the three-month periods ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, 2016 2015 Net income - ($ thousands) $ 5,409 $ 1,236 Less: distributed earnings allocable to participating securities - (1 ) Less: undistributed earnings allocable to participating securities - 1 Distributed and undistributed earnings allocable to common shareholders $ 5,409 $ 1,236 Weighted average shares outstanding 10,272,155 8,755,116 Effect of stock options 70,931 68,860 Weighted average shares outstanding - assuming dilution 10,343,086 8,823,976 Net income per common share: Basic $ 0.53 $ 0.14 Diluted $ 0.52 $ 0.14 Stock options not considered above because they were anti-dilutive 598,000 560,000

Note 10 - Stock Incentives

Note 10 - Stock Incentives	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 10 — Stock Incentives In April 2014, the Orchids Paper Products Company 2014 Stock Incentive Plan (the “2014 Plan”) was approved. The 2014 Plan replaced the Orchids Paper Products Company 2005 Stock Incentive Plan (the “2005 Plan”) and provides for the granting of stock options and other stock based awards to employees and Board members selected by the Board’s Compensation Committee. A total of 400,000 shares may be issued pursuant to the 2014 Plan. As of March 31, 2016, there were 219,300 shares available for issuance under the 2014 Plan. Stock Options with Time-Based Vesting Conditions The grant date fair value of the following option grants was estimated using the Black-Scholes option valuation model. Option valuation models require the input of highly subjective assumptions including the expected stock price volatility. The following table details the options granted to certain members of the Board of Directors and management that were valued using the Black-Scholes valuation model and the assumptions used in the valuation model for those grants during the three months ended March 31, 2016. There were no options with time-based vesting conditions granted during the three months ended March 31, 2015. Grant Number Exercise Grant Date Risk-Free Estimated Dividend Expected Date of Shares Price Fair Value Interest Rate Volatility Yield Life (years) January-16 5,000 $ 27.77 $ 6.56 2.00 % 40 % 5.04 % 5 The Company expenses the cost of these options granted over the vesting period of the option based on the grant-date fair value of the award. Stock Options with Market-Based Vesting Conditions There were no options with market-based vesting conditions granted during the three-month periods ended March 31, 2016 or 2015. During the three months ended March 31, 2016, 900 options with market-based vesting conditions were forfeited when an employee left the Company. The Company expenses the cost of these options granted over the implicit, or derived, service period of the option based on the grant-date fair value of the award. Options Issued Outside of the 2014 Plan There were no stock options granted outside of the 2014 Plan during the three-month periods ended March 31, 2016 or 2015. Total Option Expense The Company recognized the following expenses related to all options granted under the 2005 Plan, the 2014 Plan and outside of the 2014 Plan: Three Months Ended March 31, 2016 2015 Time-Based Vesting Options $ 32,000 $ 1,000 Market-Based Vesting Options 113,000 254,000 Total compensation expense related to stock options $ 145,000 $ 255,000 Future Expected Market-Based Stock Option Expense The grant of options that vest based on a market condition have had a material effect and will have a lesser effect on the Company’s results of operations in 2016. Based on the derived service periods of the options, the Company expects to expense the compensation cost related to these options as shown in the following table. However, if the market condition is achieved for any tranche of these options prior to the end of the derived service period, all remaining expense related to that tranche would be recognized in the period in which the market condition is achieved. 2016 2016 2017 Q1 Q2 Q3 Q4 Total Total (in thousands) Tranche 1 $ - $ - $ - $ - $ - $ - Tranche 2 6 7 5 - 18 - Tranche 3 60 4 4 3 71 3 Tranche 4 47 46 42 2 137 5 Total expense $ 113 $ 57 $ 51 $ 5 $ 226 $ 8 Restricted Stock In February 2013, the Company granted 16,000 shares of restricted stock to certain employees under the 2005 Plan. These awards were valued at the arithmetic mean of the high and low market price of the Company’s stock on the grant date, which was $21.695 per share, and vest ratably over a three year period beginning on the first anniversary of the grant date. The second third of unforfeited shares, or 2,333 shares, vested in February 2015 and the final third of unforfeited shares, or 2,000 shares, vested in February 2016. The Company expenses the cost of restricted stock granted over the vesting period of the shares based on the grant-date fair value of the award. The Company recognized expense of $4,000 and $13,000 for the three-month periods ended March 31, 2016 and 2015, respectively, related to shares of restricted stock granted.

Note 11 - Major Customers and C

Note 11 - Major Customers and Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 11 — Major Customers and Concentration of Credit Risk The Company sells its paper products in the form of parent rolls and converted products. Revenues from converted product sales and parent roll sales in the three months ended March 31, 2016 and 2015 were: Three Months Ended March 31, 2016 2015 (in thousands) Converted product net sales $ 45,252 $ 37,415 Parent roll net sales 2,491 - Net sales $ 47,743 $ 37,415 Credit risk for the Company in the three months ended March 31, 2016 and 2015 was concentrated in the following customers who each comprised more than 10% of the Company’s total net sales: Three Months Ended March 31, 2016 2015 Converted product customer 1 38 % 38 % Converted product customer 2 11 % 10 % Converted product customer 3 * 10 % Converted product customer 4 12 % 16 % Total percent of net sales 61 % 74 % *Customer did not account for more than 10% of sales during the period indicated No additional customers accounted for more than 10% of sales during the three-month periods ended March 31, 2016 and 2015. At March 31, 2016 and December 31, 2015, the significant customers accounted for the following amounts of the Company’s accounts receivable (in thousands): March 31, December 31, 2016 2015 Converted product customer 1 $ 4,642 38 % $ 3,434 32 % Converted product customer 2 891 7 % 931 9 % Converted product customer 3 * * Converted product customer 4 804 7 % 2,071 19 % Total of accounts receivable $ 6,337 52 % $ 6,436 60 % *Customer did not account for more than 10% of sales during the period indicated At March 31, 2016 and December 31, 2015, no additional customers accounted for more than 10% of the Company’s accounts receivable.

Note 12 - New Market Tax Credit

Note 12 - New Market Tax Credit	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
New Market Tax Credit Disclosure [Text Block]	Note 12 — New Market Tax Credit In December 2015, the Company received approximately $5.1 million in net proceeds from financing agreements related to capital expenditures at its Barnwell, South Carolina facility. This financing arrangement was structured with a third party financial institution (the “NMTC Investor”) associated with U.S. Bank, an investment fund, and two community development entities (the “CDEs”) majority owned by the investment fund. This transaction was designed to qualify under the federal New Market Tax Credit (“NMTC”) program, pursuant to Section 45D of the Internal Revenue Code of 1986, as amended. Through this transaction, the Company has secured low interest financing and the potential for future debt forgiveness related to the South Carolina facility. Upon closing of the NMTC transaction, the Company provided an aggregate of approximately $11.1 million, which was borrowed from U.S. Bank, to the investment fund, in the form of a loan receivable, with a term of 25 years, bearing an interest rate of 1.0% per annum. This $11.1 million in proceeds plus $5.1 million of net capital from the NMTC Investor were contributed to and used by the CDEs to make loans in the aggregate of $16.2 million to a subsidiary of the Company, Orchids Lessor SC, LLC (“Orchids Lessor”). These loans bear interest at a fixed rate of 1.275%. Orchids Lessor is using the loan proceeds to partially fund $18.0 million of the Company’s capital assets associated with the Barnwell facility. These capital assets will serve as collateral to the financing arrangement. This transaction also includes a put/call feature whereby, at the end of a seven-year compliance period, we may be obligated or entitled to repurchase the NMTC Investor’s interest in the investment fund. The value attributable to the put price is nominal. Consequently, if exercised, the put could result in the forgiveness of the NMTC Investor’s interest in the investment fund, and result in a net non-operating gain of up to $5.1 million. The call price will be valued at the net present value of the cash flows of the lease inherent in the transaction. The NMTC Investor is subject to 100% recapture of the New Market Tax Credits it receives for a period of seven years as provided in the Internal Revenue Code and applicable U.S. Treasury regulations. The Company is required to be in compliance with various regulations and contractual provisions that apply to the New Market Tax Credit arrangement. Noncompliance with applicable requirements could result in the NMTC Investor’s projected tax benefits not being realized and, therefore, require the Company to indemnify the NMTC Investor for any loss or recapture of New Market Tax Credits related to the financing until such time as the recapture provisions have expired under the applicable statute of limitations. The Company does not anticipate any credit recapture will be required in connection with this financing arrangement. At March 31, 2016 and December 31, 2015, the NMTC Investor’s interest of $5.1 million is recorded in other long-term liabilities on the consolidated balance sheet, while the $11.1 million borrowed from U.S. Bank to loan to the investment fund is recorded in long-term debt, net of the current portion. Unspent proceeds from the arrangement of approximately $7.2 million and $12.0 million at March 31, 2016 and December 31, 2015, respectively, are obligated for funding the specified capital assets at the Barnwell facility and are included in restricted cash.

Note 13 - ODFA Pooled Financing

Note 13 - ODFA Pooled Financing	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Financing Agreements with State Authorities Disclosure [Text Block]	Note 13 – ODFA Pooled Financing In September 2014, the Company entered into an agreement with the Oklahoma Development Finance Authority (“ODFA”) whereby the ODFA agreed to provide the Company up to $3.5 million to fund a portion of the cost of a new paper production line before September 1, 2020. The agreement provides for the Oklahoma state withholding payroll taxes withheld by the Company from its employees to be placed into the Community Economic Development Pooled Finance Revolving Fund – Orchids Paper Products (“Revolving Fund”). Each year on September 1, beginning in 2015 and ending in 2020, the ODFA will return these state withholding taxes in the Revolving Fund to the Company, up to an amount totaling $3.5 million. These amounts are recognized as a note receivable in other current assets in the consolidated balance sheet and in other income in the consolidated statements of income as they are withheld from employees. As of March 31, 2016 and December 31, 2015, the Company had a note receivable of $525,000 and $328,000, respectively, related to amounts due under the ODFA pooled financing agreement. The Company recognized $197,000 and $185,000 of other income in the consolidated statement of income for the three-month periods ended March 31, 2016 and 2015, respectively, related to this agreement.

Note 14 - New and Recently Adop

Note 14 - New and Recently Adopted Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 14 — New and Recently Adopted Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update 2015-03, “Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires 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 that debt liability, consistent with debt discounts. In August 2015, the FASB issued Accounting Standards Update 2015-15, “Interest – Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15). ASU 2015-15 states that since ASU 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements, the SEC staff will not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-03 became effective for the Company on January 1, 2016. As such, we reclassified $1.4 million and $1.3 million of unamortized debt issuance costs, including costs associated with our revolving lines of credit, as of March 31, 2016 and December 31, 2015, respectively, to offset long-term debt in the consolidated balance sheets. Adoption of ASU 2015-03 and ASU 2015-15 did not affect our consolidated statements of income. In April 2015, the FASB issued Accounting Standards Update 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” (“ASU 2015-05”). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer 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 customer should account for the arrangement as a service contract. The guidance does not change the accounting for a customer’s service contracts. ASU 2015-05 became effective for the Company on January 1, 2016. Adoption of ASU 2015-05 did not have a material effect on our consolidated financial statements. In November 2015, the FASB issued Accounting Standards Update 2015-17, “Income Taxes: Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for public companies for annual and interim periods beginning after December 15, 2016. During the first quarter of 2016, we elected to early adopt ASU 2015-17 on a retrospective basis. As such, we reclassified $1.3 million of current deferred tax assets to noncurrent (netted within noncurrent liabilities) on the consolidated balance sheets as of March 31, 2016 and December 31, 2015. The adoption of ASU 2015-17 did not affect our consolidated statements of income. In May 2014, the FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard under U.S. GAAP under which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Due to the issuance of Accounting Standards Update 2015-14, “Revenue from Contracts with Customers – Deferral of the Effective Date” (“ASU 2015-14), in July 2015, the effective date of ASU 2014-09 was deferred for one year and becomes effective for the Company for interim and annual periods beginning on or after December 15, 2017. In March 2016, the FASB issued Accounting Standards Update 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations” (“ASU 2016-08”). ASU 2016-08 clarifies implementation guidance on principal versus agent considerations in ASU 2014-09. Management is currently assessing the impact ASU 2014-09 and ASU 2016-08 will have on the Company, but it is not expected to have a material effect on the Company’s financial position, results of operations or cash flows. In July 2015, the FASB issued Accounting Standards Update 2015-11, “Inventory – Simplifying the Measurement of Inventory” (“ASU 2015-11”). ASU 2015-11 requires inventory measured using all methods other than the last-in, first-out (LIFO) or retail methods to be measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for public companies for annual and interim periods beginning after December 15, 2016. Management is currently assessing the impact ASU 2015-11 will have, if any, on the Company’s financial position, results of operations and cash flows. In January 2016, the FASB issued Accounting Standards Update 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, specifically equity investments and financial instruments measured at amortized cost. ASU 2016-01 is effective for public companies for annual and interim periods beginning after December 15, 2017. Management is currently assessing the impact ASU 2016-01 will have, if any, on the Company’s financial position, results of operations and cash flows. In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet but did not make significant changes to the effects of lessee accounting on the income statement or statement of cash flows. ASU 2016-02 is effective for public companies for annual and interim periods beginning after December 15, 2018. Management is currently assessing the impact ASU 2016-02 will have on the Company’s financial position. In March 2016, the FASB issued Accounting Standards Update 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 requires, among other things, that excess tax benefits and tax deficiencies be recognized as income tax expense or benefit in the income statement rather than as additional paid-in capital, changes the classification of excess tax benefits from a financing activity to an operating activity in the statement of cash flows, and allows forfeitures to be accounted for when they occur rather than estimated. ASU 2016-09 is effective for public companies for interim and annual periods beginning after December 15, 2016. Management is currently assessing the impact ASU 2016-09 will have on the Company’s financial position, results of operations and cash flows.

Note 15 - Subsequent Events

Note 15 - Subsequent Events	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	Note 15 — Subsequent Event On April 20, 2016, the Board of Directors authorized a quarterly cash dividend of $0.35 per outstanding share of the Company’s common stock. The Company expects to pay this dividend on May 16, 2016 to stockholders of record at the close of business on May 2, 2016 .

Note 2 - Fabrica Transaction (T

Note 2 - Fabrica Transaction (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Three months ended March 31, 2016 2015 (in thousands) Products purchased under the Supply Agreement $ 9,005 $ 9,419 Amounts billed to Fabrica under the Equipment Lease Agreement $ 521 $ 685 Parent rolls purchased by Fabrica $ 867 $ -

Note 4 - Commitments and Cont22

Note 4 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Long-term Purchase Commitment [Table Text Block]	Period MMBTUs Price per MMBTU Management fee per MMBTU April 2016 - June 2016 93,600 $ 4.17 $ 0.07 July 2016 - September 2016 92,300 $ 4.26 $ 0.07 October 2016 - December 2016 91,900 $ 4.42 $ 0.07 January 2017 - December 2017 467,505 $ 4.06 $ -

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2016 2015 (in thousands) Raw materials $ 4,724 $ 4,467 Bulk paper rolls 1,960 3,789 Converted finished goods 7,266 5,386 Inventory valuation reserve (165 ) (141 ) $ 13,785 $ 13,501

Note 6 - Property, Plant and 24

Note 6 - Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, December 31, 2016 2015 (in thousands) Land $ 1,316 $ 1,316 Buildings and improvements 24,321 24,321 Machinery and equipment 142,068 141,811 Vehicles 1,796 1,796 Nondepreciable machinery and equipment (parts and spares) 10,813 10,250 Construction-in-process 76,286 53,431 $ 256,600 $ 232,925

Note 7 - Long-term Debt and R25

Note 7 - Long-term Debt and Revolving Line of Credit (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Interest Margin and Commitment Fee Payable [Table Text Block]	LIBOR Base Commitment Leverage Ratio Margin Margin Fee Less than 1.00 1.25 % 0.00 % 0.15 % Greater than or equal to 1.00 but less than 2.00 1.50 % 0.00 % 0.20 % Greater than or equal to 2.00 but less than 3.00 1.75 % 0.00 % 0.25 % Greater than or equal to 3.00 but less than 3.50 2.25 % 0.00 % 0.30 % Greater than or equal to 3.50 2.50 % 0.25 % 0.35 %
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, December 31, 2016 2015 (in thousands) Revolving line of credit, maturing on June 25, 2020 $ 10,000 $ - Delayed draw term loan, maturing on June 25, 2020 26,509 18,522 Term Loan, maturing on June 25, 2020, due in quarterly installments of $675,000 for the first year and $1,000,000 thereafter, excluding interest paid separately 45,275 45,950 Term Loan, maturing on December 29, 2022, due in quarterly installments of $255,006, including interest 11,109 11,109 Less: unamortized debt issuance costs (1,387 ) (1,342 ) $ 91,506 $ 74,239 Less current portion 4,214 3,882 $ 87,292 $ 70,357
Schedule of Unamortized Debt Issuance Costs [Table Text Block]	March 31, December 31, 2016 2015 (in thousands) Revolving line of credit $ 269 $ 285 Delayed draw term loan 325 344 Term Loan, maturing on June 25, 2020 172 182 Term Loan, maturing on December 29, 2022 621 531 $ 1,387 $ 1,342

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2016 2015 Net income - ($ thousands) $ 5,409 $ 1,236 Less: distributed earnings allocable to participating securities - (1 ) Less: undistributed earnings allocable to participating securities - 1 Distributed and undistributed earnings allocable to common shareholders $ 5,409 $ 1,236 Weighted average shares outstanding 10,272,155 8,755,116 Effect of stock options 70,931 68,860 Weighted average shares outstanding - assuming dilution 10,343,086 8,823,976 Net income per common share: Basic $ 0.53 $ 0.14 Diluted $ 0.52 $ 0.14 Stock options not considered above because they were anti-dilutive 598,000 560,000

Note 10 - Stock Incentives (Tab

Note 10 - Stock Incentives (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Time-Based Vesting Options Granted and Valuation Assumptions [Table Text Block]	Grant Number Exercise Grant Date Risk-Free Estimated Dividend Expected Date of Shares Price Fair Value Interest Rate Volatility Yield Life (years) January-16 5,000 $ 27.77 $ 6.56 2.00 % 40 % 5.04 % 5
Share-based Compensation Arrangement by Share-based Payment Award, Expenses Related to Options Granted [Table Text Block]	Three Months Ended March 31, 2016 2015 Time-Based Vesting Options $ 32,000 $ 1,000 Market-Based Vesting Options 113,000 254,000 Total compensation expense related to stock options $ 145,000 $ 255,000
Schedule of Compensation Cost Expected to be Expensed, Market-based Vesting [Table Text Block]	2016 2016 2017 Q1 Q2 Q3 Q4 Total Total (in thousands) Tranche 1 $ - $ - $ - $ - $ - $ - Tranche 2 6 7 5 - 18 - Tranche 3 60 4 4 3 71 3 Tranche 4 47 46 42 2 137 5 Total expense $ 113 $ 57 $ 51 $ 5 $ 226 $ 8

Note 11 - Major Customers and28

Note 11 - Major Customers and Concentration of Credit Risk (Tables)	3 Months Ended
	Mar. 31, 2016
Accounts Receivable [Member]
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	March 31, December 31, 2016 2015 Converted product customer 1 $ 4,642 38 % $ 3,434 32 % Converted product customer 2 891 7 % 931 9 % Converted product customer 3 * * Converted product customer 4 804 7 % 2,071 19 % Total of accounts receivable $ 6,337 52 % $ 6,436 60 %
Sales Revenue, Goods, Net [Member]
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Three Months Ended March 31, 2016 2015 Converted product customer 1 38 % 38 % Converted product customer 2 11 % 10 % Converted product customer 3 * 10 % Converted product customer 4 12 % 16 % Total percent of net sales 61 % 74 %
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended March 31, 2016 2015 (in thousands) Converted product net sales $ 45,252 $ 37,415 Parent roll net sales 2,491 - Net sales $ 47,743 $ 37,415

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	Mar. 31, 2016
Number of Wholly Owned Subsidiaries	3

Note 2 - Fabrica Transaction (D

Note 2 - Fabrica Transaction (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	May. 05, 2014
Fabrica [Member] | Certain Assets and US Business of Fabrica [Member]
Business Acquisition, Percentage of Specified Division of Business Acquired				100.00%
Certain Assets and US Business of Fabrica [Member]
Goodwill, Period Increase (Decrease)	$ 0	$ 0
Goodwill	7,600,000	$ 7,600,000
Goodwill, Impairment Loss	0
Goodwill	$ 7,560,000		$ 7,560,000

Note 2 - Transactions with Fabr

Note 2 - Transactions with Fabrica (Details) - Fabrica [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supply Agreement [Member]
Products purchased under the Supply Agreement	$ 9,005	$ 9,419
Equipment Lease Agreement [Member]
Amounts billed to Fabrica under the Equipment Lease Agreement	521	$ 685
Parent Rolls [Member]
Parent rolls purchased by Fabrica	$ 867

Note 3 - Fair Value Measureme32

Note 3 - Fair Value Measurements (Details Textual) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 2 [Member]
Long-term Debt, Fair Value	$ 92,893,000	$ 75,581,000

Note 4 - Commitments and Cont33

Note 4 - Commitments and Contingencies (Details Textual) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2008MMBTU	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)
Inventories [Member]
Long-term Purchase Commitment, Minimum Energy Volume Required per Year | MMBTU	334,000
Long-term Purchase Commitment Purchase, Amount		$ 0.4	$ 0.4
Capital Addition Purchase Commitments [Member] | Manufacturing Facility and Equipment [Member] | Barnwell South Carolina [Member] | Maximum [Member]
Cost of Capital Expenditure Projects				$ 136
Capital Addition Purchase Commitments [Member] | Manufacturing Facility and Equipment [Member] | Barnwell South Carolina [Member]
Purchase Obligation		$ 39.6

Note 4 - Commitments and Cont34

Note 4 - Commitments and Contingencies (Details) - Inventories [Member]	3 Months Ended
	Mar. 31, 2016Boe$ / item
From April 2016 Through June 2016 [Member]
MMBTUs | Boe	93,600
Price per MMBTU	4.17
Management fee per MMBTU	0.07
From July 2016 Through September 2016 [Member]
MMBTUs | Boe	92,300
Price per MMBTU	4.26
Management fee per MMBTU	0.07
From October 2016 Through December 2016 [Member]
MMBTUs | Boe	91,900
Price per MMBTU	4.42
Management fee per MMBTU	0.07
From January 2017 Through December 2017 [Member]
MMBTUs | Boe	467,505
Price per MMBTU	4.06
Management fee per MMBTU

Note 5 - Inventories (Details)

Note 5 - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Raw materials	$ 4,724	$ 4,467
Bulk paper rolls	1,960	3,789
Converted finished goods	7,266	5,386
Inventory valuation reserve	(165)	(141)
	$ 13,785	$ 13,501

Note 6 - Property, Plant and 36

Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Proceeds From Economic Incentive	$ 1,900	$ 1,900

Note 6 - Property, Plant and 37

Note 6 - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Land [Member]
Property, Plant and Equipment	$ 1,316	$ 1,316
Building and Building Improvements [Member]
Property, Plant and Equipment	24,321	24,321
Machinery and Equipment [Member]
Property, Plant and Equipment	142,068	141,811
Vehicles [Member]
Property, Plant and Equipment	1,796	1,796
Nondepreciable Machinery and Equipment [Member]
Property, Plant and Equipment	10,813	10,250
Construction in Progress [Member]
Property, Plant and Equipment	76,286	53,431
Property, Plant and Equipment	$ 256,600	$ 232,925

Note 7 - Long-term Debt and R38

Note 7 - Long-term Debt and Revolving Line of Credit (Details Textual)	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000,000
Line of Credit Facility Threshold, Borrowing Base to Determine Reduction in Amount Available under Credit Facility		$ 25,000,000
Term Loan Due June 25, 2020 [Member] | Payment Date First Year [Member]
Debt Instrument, Periodic Payment, Principal	675,000	675,000	$ 675,000
Term Loan Due June 25, 2020 [Member] | Payment Date Thereafter [Member]
Debt Instrument, Periodic Payment, Principal	1,000,000	1,000,000	1,000,000
Term Loan Due June 25, 2020 [Member]
Debt Instrument, Face Amount	$ 47,300,000
Debt Instrument, Term	5 years
Delayed Draw Term Loan Due June 2020 [Member]
Delayed Draw Term Loan, Maximum Borrowing Capacity	$ 115,000,000	99,600,000	99,600,000
Debt Instrument, Draw Period	2 years
Debt Instrument, Percent of Outstanding Balance Payable	1.50%
Term Loan Due December 29, 2022 [Member]
Debt Instrument, Face Amount		$ 11,100,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		4.40%
Debt Instrument, Periodic Payment		$ 255,006	$ 255,006
Minimum [Member]
Debt Instrument Covenant, Fixed Charge Coverage Ratio		1.2
Maximum [Member] | Debt Instrument Leverage Ratio through June 2017 [Member]
Debt Instrument, Leverage Ratio		4
Maximum [Member] | Debt Instrument Leverage Ratio on September 30, 2017 [Member]
Debt Instrument, Leverage Ratio		3.75
Maximum [Member] | Debt Instrument Leverage Ratio on December 31, 2017 [Member]
Debt Instrument, Leverage Ratio		3.5
Line of Credit Facility, Accordion Feature	$ 50,000,000
Debt Instrument, Leverage Ratio		2.37
Long-term Debt, Weighted Average Interest Rate		2.33%

Note 7 - Interest Margin and Co

Note 7 - Interest Margin and Commitment Fee Payable (Details)	3 Months Ended
	Mar. 31, 2016
Debt Instrument Leverage Ratio Less than 1.00 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest Margin	1.25%
Debt Instrument Leverage Ratio Less than 1.00 [Member] | Base Rate [Member]
Interest Margin	0.00%
Debt Instrument Leverage Ratio Less than 1.00 [Member]
Commitment Fee	0.15%
Debt Instrument Leverage Ratio Greater than or Equal to 1 but Less than 2 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest Margin	1.50%
Debt Instrument Leverage Ratio Greater than or Equal to 1 but Less than 2 [Member] | Base Rate [Member]
Interest Margin	0.00%
Debt Instrument Leverage Ratio Greater than or Equal to 1 but Less than 2 [Member]
Commitment Fee	0.20%
Debt Instrument Leverage Ratio Greater than or Equal to 2 but Less than 3 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest Margin	1.75%
Debt Instrument Leverage Ratio Greater than or Equal to 2 but Less than 3 [Member] | Base Rate [Member]
Interest Margin	0.00%
Debt Instrument Leverage Ratio Greater than or Equal to 2 but Less than 3 [Member]
Commitment Fee	0.25%
Debt Instrument Leverage Ratio Greater than or Equal to 3 but Less than 3.50 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest Margin	2.25%
Debt Instrument Leverage Ratio Greater than or Equal to 3 but Less than 3.50 [Member] | Base Rate [Member]
Interest Margin	0.00%
Debt Instrument Leverage Ratio Greater than or Equal to 3 but Less than 3.50 [Member]
Commitment Fee	0.30%
Debt Instrument Leverage Ratio Greater than or Equal to 3.50 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest Margin	2.50%
Debt Instrument Leverage Ratio Greater than or Equal to 3.50 [Member] | Base Rate [Member]
Interest Margin	0.25%
Debt Instrument Leverage Ratio Greater than or Equal to 3.50 [Member]
Commitment Fee	0.35%

Note 7 - Long-term Debt (Detail

Note 7 - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Revolving Credit Facility [Member]
Revolving line of credit, maturing on June 25, 2020	$ 10,000
Less: unamortized debt issuance costs	(269)	$ (285)
Delayed Draw Term Loan Due June 2020 [Member]
Secured Debt	26,509	18,522
Less: unamortized debt issuance costs	(325)	(344)
Term Loan Due June 25, 2020 [Member]
Secured Debt	45,275	45,950
Less: unamortized debt issuance costs	(172)	(182)
Term Loan Due December 29, 2022 [Member]
Secured Debt	11,109	11,109
Less: unamortized debt issuance costs	(621)	(531)
Secured Debt	91,506	74,239
Less: unamortized debt issuance costs	(1,387)	(1,342)
Less current portion	4,214	3,882
	$ 87,292	$ 70,357

Note 7 - Long-term Debt (Deta41

Note 7 - Long-term Debt (Details) (Parentheticals) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2016	Dec. 31, 2015
Term Loan Due June 25, 2020 [Member] | Payment Date First Year [Member]
Debt Instrument, Periodic Payment, Principal	$ 675,000	$ 675,000	$ 675,000
Term Loan Due June 25, 2020 [Member] | Payment Date Thereafter [Member]
Debt Instrument, Periodic Payment, Principal	$ 1,000,000	1,000,000	1,000,000
Term Loan Due December 29, 2022 [Member]
Debt Instrument, Periodic Payment		$ 255,006	$ 255,006

Note 7 - Unamortized Debt Issua

Note 7 - Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Revolving Credit Facility [Member]
Unamortized debt issuance costs	$ 269	$ 285
Delayed Draw Term Loan Due June 2020 [Member]
Unamortized debt issuance costs	325	344
Term Loan Due June 25, 2020 [Member]
Unamortized debt issuance costs	172	182
Term Loan Due December 29, 2022 [Member]
Unamortized debt issuance costs	621	531
Unamortized debt issuance costs	$ 1,387	$ 1,342

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
From Current Deferred Tax Assets to Noncurrent Deferred Tax Assets [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 1.3		$ 1.3
Estimated Annual Effective Income Tax Rate	34.20%
Effective Income Tax Rate Reconciliation, Percent		34.40%

Note 9 - Earnings Per Share Bas

Note 9 - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income - ($ thousands)	$ 5,409	$ 1,236
Less: distributed earnings allocable to participating securities		(1)
Less: undistributed earnings allocable to participating securities		1
Distributed and undistributed earnings allocable to common shareholders	$ 5,409	$ 1,236
Weighted average shares outstanding (in shares)	10,272,155	8,755,116
Effect of stock options (in shares)	70,931	68,860
Weighted average shares outstanding - assuming dilution (in shares)	10,343,086	8,823,976
Net income per common share:
Basic (in dollars per share)	$ 0.53	$ 0.14
Diluted (in dollars per share)	$ 0.52	$ 0.14
Stock options not considered above because they were anti-dilutive (in shares)	598,000	560,000

Note 10 - Stock Incentives (Det

Note 10 - Stock Incentives (Details Textual) - USD ($)	1 Months Ended			3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 28, 2013	Mar. 31, 2016	Mar. 31, 2015	Apr. 30, 2014
Stock Option with Market-based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period				900
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				0	0
Restricted Stock [Member] | Stock Incentive Plan 2005 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			16,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 21.695
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	2,000	2,333
Allocated Share-based Compensation Expense				$ 4,000	$ 13,000
Employee Stock Option [Member] | Outside of the 2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				0	0
Employee Stock Option [Member]
Allocated Share-based Compensation Expense				$ 145,000	$ 255,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						400,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				219,300

Note 10 - Temporal Details of T

Note 10 - Temporal Details of Time-based Vesting Conditions (Details) - Board of Directors and Management [Member] - Stock Options with Time-based Vesting Conditions [Member]	1 Months Ended
	Jan. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	5,000
Exercise price (in dollars per share)	$ 27.77
Grant date fair value (in dollars per share)	$ 6.56
Risk-free interest rate	2.00%
Estimated volatility	40.00%
Dividend yield	5.04%
Expected life (years)	5 years

Note 10 - Temporal Details of E

Note 10 - Temporal Details of Expenses Related to All Options Granted (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock Options with Time-based Vesting Conditions [Member]
Allocated Share-based Compensation Expense	$ 32,000	$ 1,000
Stock Options with Market-based Vesting Conditions [Member]
Allocated Share-based Compensation Expense	113,000	254,000
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 145,000	$ 255,000

Note 10 - Temporal Details of C

Note 10 - Temporal Details of Compensation Cost Expected to be Expensed (Details) - Stock Options with Market-based Vesting Conditions [Member] - USD ($)	3 Months Ended					12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Award, Tranche One [Member] | Scenario, Forecast [Member]
Compensation expense recognized
Share-based Compensation Award, Tranche One [Member]
Compensation expense recognized
Share-based Compensation Award, Tranche Two [Member] | Scenario, Forecast [Member]
Compensation expense recognized		$ 5,000	$ 7,000				$ 18,000
Share-based Compensation Award, Tranche Two [Member]
Compensation expense recognized				$ 6,000
Share-based Compensation Award, Tranche Three [Member] | Scenario, Forecast [Member]
Compensation expense recognized	$ 3,000	4,000	4,000			$ 3,000	71,000
Share-based Compensation Award, Tranche Three [Member]
Compensation expense recognized				60,000
Share-based Compensation Award, Tranche Four [Member] | Scenario, Forecast [Member]
Compensation expense recognized	2,000	42,000	46,000			5,000	137,000
Share-based Compensation Award, Tranche Four [Member]
Compensation expense recognized				47,000
Scenario, Forecast [Member]
Compensation expense recognized	$ 5,000	$ 51,000	$ 57,000			$ 8,000	$ 226,000
Compensation expense recognized				$ 113,000	$ 254,000

Note 11 - Revenue from Parent R

Note 11 - Revenue from Parent Rolls and Converted Products (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Converted Product [Member]
Net sales	$ 45,252	$ 37,415
Parent Rolls [Member]
Net sales	2,491
Net sales	$ 47,743	$ 37,415

Note 11 - Revenue from Signific

Note 11 - Revenue from Significant Customers (Details) - Sales Revenue, Goods, Net [Member] - Customer Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Converted Product Customer 1 [Member]
Customer concentration risk	38.00%	38.00%
Converted Product Customer 2 [Member]
Customer concentration risk	11.00%	10.00%
Converted Product Customer 3 [Member]
Customer concentration risk		10.00%
Converted Product Customer 4 [Member]
Customer concentration risk	12.00%	16.00%
Customer concentration risk	61.00%	74.00%

Note 11 - Accounts Receivable f

Note 11 - Accounts Receivable for Significant Customers (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Converted Product Customer 1 [Member]
Concentration risk amount	$ 4,642	$ 3,434
Customer concentration risk	38.00%	32.00%
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Converted Product Customer 2 [Member]
Concentration risk amount	$ 891	$ 931
Customer concentration risk	7.00%	9.00%
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Converted Product Customer 3 [Member]
Concentration risk amount
Customer concentration risk
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Converted Product Customer 4 [Member]
Concentration risk amount	$ 804	$ 2,071
Customer concentration risk	7.00%	19.00%
Accounts Receivable [Member] | Credit Concentration Risk [Member]
Concentration risk amount	$ 6,337	$ 6,436
Customer concentration risk	52.00%	60.00%
Concentration risk amount	$ 11,723	$ 10,509

Note 12 - New Market Tax Cred52

Note 12 - New Market Tax Credit (Details Textual) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2015	Mar. 31, 2016
NMTC Investor [Member] | Other Noncurrent Liabilities [Member] | Barnwell, South Carolina Facility [Member]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 5,100	$ 5,100
NMTC Investor [Member] | Barnwell, South Carolina Facility [Member]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 5,100
NMTC Investor [Member]
New Market Tax Credits, Recapture, Percentage	100.00%
Community Development Entities [Member] | Orchids Lessor SC, LLC [Member]
Related Party Transaction, Rate	1.275%
Notes Payable, Related Parties, Noncurrent	$ 16,200
U.S. Bank [Member] | Long-term Liabilities, Excluding Current Portion [Member]
Secured Debt		11,100
Restricted Cash [Member] | Orchids Lessor SC, LLC [Member]
Restricted Cash and Cash Equivalents, Noncurrent	12,000	7,200
Barnwell, South Carolina Facility [Member] | Orchids Lessor SC, LLC [Member]
Property, Plant and Equipment, Net	18,000
Investment Fund [Member]
Notes Receivable, Related Parties, Noncurrent	$ 11,100
Term of Related Party Notes Receivable	25 years
Related Party Transaction, Rate	1.00%
Orchids Lessor SC, LLC [Member] | Maximum [Member] | Pro Forma [Member] | Principal Forgiveness [Member]
Nonoperating Gains (Losses)	$ 5,100
Number of Community Development Entities	2
Property, Plant and Equipment, Net	$ 173,378	194,415
Tax Credit Recapture Period	7 years
Secured Debt	$ 74,239	91,506
Restricted Cash and Cash Equivalents, Noncurrent	$ 12,005	$ 7,215

Note 13 - ODFA Pooled Financi53

Note 13 - ODFA Pooled Financing (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Oklahoma Development Finance Authority [Member]
Note Receivable Financing Agreement, Maximum Borrowing Capacity	$ 3,500,000
State Witholding Taxes Returned	$ 3,500,000
Financing Receivable, Gross		$ 525,000		$ 328,000
Other Nonoperating Income (Expense)		197,000	$ 185,000
Other Nonoperating Income (Expense)		$ 201,000	$ 186,000

Note 14 - New and Recently Ad54

Note 14 - New and Recently Adopted Accounting Pronouncements (Details Textual) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
From Current Deferred Tax Assets to Noncurrent Deferred Tax Assets [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 1.3	$ 1.3
From Unamortized Debt Issuance Costs to Long Term Debt Offset [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 1.4	$ 1.3

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details Textual)	Apr. 20, 2016$ / shares
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.35