Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 10, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Primo Water Corp | ||
Entity Central Index Key | 1,365,101 | ||
Trading Symbol | prmw | ||
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) | 29,573,383 | ||
Entity Public Float | $ 267,672,682 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 15,586 | $ 1,826 |
Accounts receivable, net | 14,121 | 11,098 |
Inventories | 6,182 | 6,726 |
Prepaid expenses and other current assets | 3,086 | 529 |
Total current assets | 38,975 | 20,179 |
Bottles, net | 4,152 | 3,688 |
Property and equipment, net | 100,331 | 32,363 |
Net Intangible Assets | 149,457 | 8,074 |
Goodwill | 91,709 | 0 |
Investment in Glacier securities | 6,408 | |
Other assets | 353 | 183 |
Total assets | 391,385 | 64,487 |
Current liabilities: | ||
Accounts payable | 13,788 | 11,994 |
Accrued expenses and other current liabilities | 16,922 | 3,748 |
Current portion of long-term debt and capital leases | 2,183 | 172 |
Total current liabilities | 32,893 | 15,914 |
Long-term debt and capital leases, net of current portion and debt issuance costs | 270,264 | 19,903 |
Deferred tax liability, net | 13,607 | |
Warrant liability | 8,180 | |
Other long-term liabilities | 2,069 | 2,535 |
Total liabilities | 329,613 | 38,352 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value - 10,000 shares authorized, none issued and outstanding | ||
Common stock, $0.001 par value - 70,000 shares authorized, 29,305 and 25,810 shares issued and outstanding at December 31, 2016 and 2015, respectively | 29 | 26 |
Additional paid-in capital | 325,779 | 281,476 |
Common stock warrants | 7,492 | 7,492 |
Accumulated deficit | (267,393) | (261,447) |
Accumulated other comprehensive loss | (1,535) | (1,412) |
Total stockholders’ equity | 64,372 | 26,135 |
Total liabilities and stockholders’ equity | $ 391,385 | $ 64,487 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000 | 10,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 70,000 | 70,000 |
Common stock, issued (in shares) | 29,305 | 25,810 |
Common stock, outstanding (in shares) | 29,305 | 25,810 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 142,541,000 | $ 126,951,000 | $ 106,322,000 |
Operating costs and expenses: | |||
Cost of sales | 100,184,000 | 92,476,000 | 78,452,000 |
Selling, general and administrative expenses | 26,429,000 | 19,128,000 | 18,969,000 |
Non-recurring and acquisition-related costs | 4,753,000 | 275,000 | 2,881,000 |
Depreciation and amortization | 10,541,000 | 10,432,000 | 10,655,000 |
Loss on disposal and impairment of property and equipment | 749,000 | 500,000 | 2,104,000 |
Total operating costs and expenses | 142,656,000 | 122,811,000 | 113,061,000 |
(Loss) income from operations | (115,000) | 4,140,000 | (6,739,000) |
Interest expense, net | 6,023,000 | 1,987,000 | 6,325,000 |
Change in fair value of warrant liability | (240,000) | ||
(Loss) income from continuing operations | (5,898,000) | 2,153,000 | (13,064,000) |
Loss from discontinued operations | (48,000) | (296,000) | (403,000) |
Net (loss) income | $ (5,946,000) | $ 1,857,000 | $ (13,467,000) |
Basic: | |||
Income (loss) from continuing operations per basic share (in dollars per share) | $ (0.21) | $ 0.08 | $ (0.54) |
Loss from discontinued operations per basic share (in dollars per share) | 0 | (0.01) | (0.01) |
Net income (loss) per basic share (in dollars per share) | (0.21) | 0.07 | (0.55) |
Diluted: | |||
Income (loss) from continuing operations per diluted share (in dollars per share) | (0.21) | 0.08 | (0.54) |
Loss from discontinued operations per diluted share (in dollars per share) | 0 | (0.01) | (0.01) |
Net income (loss) per diluted share (in dollars per share) | $ (0.21) | $ 0.07 | $ (0.55) |
Weighted average shares used in computing (loss) earnings per share: | |||
Basic (in shares) | 28,456 | 25,190 | 24,339 |
Diluted (in shares) | 28,456 | 27,001 | 24,339 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net (loss) income | $ (5,946) | $ 1,857 | $ (13,467) |
Other comprehensive loss: | |||
Unrealized loss on investment in Glacier securities | (29) | ||
Foreign currency translation adjustments, net | (94) | (598) | (384) |
Total other comprehensive loss | (123) | (598) | (384) |
Comprehensive (loss) income | $ (6,069) | $ 1,259 | $ (13,851) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Warrants [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 24,076 | |||||
Balance at Dec. 31, 2013 | $ 24 | $ 273,379 | $ 8,420 | $ (249,837) | $ (430) | $ 31,556 |
Employee stock compensation plans, net (in shares) | 274 | |||||
Employee stock compensation plans, net | $ 1 | 3,979 | 3,980 | |||
Exercise of common stock warrants (in shares) | 292 | |||||
Exercise of common stock warrants | 350 | (350) | ||||
Issuance of warrants | 589 | 589 | ||||
Net (loss) income | (13,467) | (13,467) | ||||
Other comprehensive loss | (384) | (384) | ||||
Balance (in shares) at Dec. 31, 2014 | 24,642 | |||||
Balance at Dec. 31, 2014 | $ 25 | 277,708 | 8,659 | (263,304) | (814) | 22,274 |
Employee stock compensation plans, net (in shares) | 195 | |||||
Employee stock compensation plans, net | 2,602 | 2,602 | ||||
Exercise of common stock warrants (in shares) | 973 | |||||
Exercise of common stock warrants | $ 1 | 1,166 | (1,167) | |||
Net (loss) income | 1,857 | 1,857 | ||||
Other comprehensive loss | (598) | (598) | ||||
Balance (in shares) at Dec. 31, 2015 | 25,810 | |||||
Balance at Dec. 31, 2015 | $ 26 | 281,476 | 7,492 | (261,447) | (1,412) | 26,135 |
Employee stock compensation plans, net (in shares) | 295 | |||||
Employee stock compensation plans, net | 7,584 | 7,584 | ||||
Exercise of common stock warrants (in shares) | 21 | |||||
Exercise of common stock warrants | 231 | 231 | ||||
Net (loss) income | (5,946) | (5,946) | ||||
Other comprehensive loss | (123) | (123) | ||||
Balance (in shares) at Dec. 31, 2016 | 29,305 | |||||
Balance at Dec. 31, 2016 | $ 29 | 325,779 | 7,492 | (267,393) | (1,535) | 64,372 |
Issuance of common stock in connection with Glacier acquisition, net of issuance costs (in shares) | 3,179 | |||||
Issuance of common stock in connection with Glacier acquisition, net of issuance costs | $ 3 | $ 36,488 | $ 36,491 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (5,946) | $ 1,857 | $ (13,467) |
Less: Loss from discontinued operations | (48) | (296) | (403) |
(Loss) income from continuing operations | (5,898) | 2,153 | (13,064) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities, net of Acquisition: | |||
Depreciation and amortization | 10,541 | 10,432 | 10,655 |
Loss on disposal and impairment of property and equipment | 749 | 500 | 2,104 |
Stock-based compensation expense | 7,975 | 2,601 | 4,023 |
Non-cash interest expense | 429 | 110 | 2,776 |
Issuance of DS Services' common stock warrant | 589 | ||
Realized foreign currency exchange loss (gain) and other, net | 145 | 387 | (62) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 218 | (2,303) | (1,228) |
Inventories | 518 | (306) | (528) |
Prepaid expenses and other assets | (1,129) | 655 | 90 |
Accounts payable | 316 | (420) | 2,299 |
Accrued expenses and other liabilities | 2,511 | (255) | 769 |
Net cash provided by operating activities | 16,375 | 13,554 | 8,423 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (9,859) | (5,354) | (5,449) |
Purchases of bottles, net of disposals | (2,661) | (2,488) | (2,473) |
Proceeds from the sale of property and equipment | 32 | 108 | 727 |
Glacier acquisition, net cash acquired | (150,740) | ||
Additions to intangible assets | (55) | (16) | (33) |
Net cash used in investing activities | (163,283) | (7,750) | (7,228) |
Cash flows from financing activities: | |||
Borrowings under prior Revolving Credit Facility | 34,400 | 27,000 | 48,353 |
Payments under prior Revolving Credit Facility | (34,400) | (31,000) | (47,498) |
Borrowings under Term loans | 186,000 | 22,500 | |
Payments under prior Term loans | (20,000) | (23,499) | |
Note payable and capital lease payments | (321) | (203) | (147) |
Stock option and employee stock purchase activity and other, net | (803) | 159 | 198 |
Debt issuance costs and other | (4,182) | (640) | |
Net cash provided by (used in) financing activities | 160,694 | (4,044) | (733) |
Cash used in operating activities of discontinued operations | (105) | (154) | (259) |
Effect of exchange rate changes on cash and cash equivalents | 79 | (275) | (102) |
Net increase in cash and cash equivalents | 13,760 | 1,331 | 101 |
Cash and cash equivalents, beginning of year | 1,826 | 495 | 394 |
Cash and cash equivalents, end of period | $ 15,586 | $ 1,826 | $ 495 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Description of Business and Significant Accounting Policies Business Primo Water Corporation (together with its consolidated subsidiaries, “Primo,” “we,” “our,” “us,” or “the Company”) is North America’s leading single source provider of multi-gallon purified bottled water, self-service refill water and water dispensers sold through major retailers in the United States and Canada. Acquisition and Goldman Credit Facility On December 12, 2016, October 9, 2016. $200,220 $78,797 $196,000 Principles of Consolidation Our consolidated financial statements include the accounts of Primo and our wholly-owned subsidiaries. All intercompany amounts and transactions have been eliminated in consolidation. Our consolidated statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). We determine whether our investment arrangements constitute a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then we assess whether the Company is the VIE’s primary beneficiary. If we determine the Company is the primary beneficiary of a VIE, then it is consolidated. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE. Use of Estimates The preparation of our financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. To the extent there are material differences between these estimates and actual results, our consolidated financial statements may Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation, with no effect on stockholders’ equity or net income (loss) as previously reported. These reclassifications primarily relate to the impact of the adoption of recent accounting pronouncements during the year. Discontinued Operations As described in Note 4, 2012, CO2 DS Services Agreement On November 12, 2013, 2015, Revenue Recognition Revenue is recognized for the sale of multi-gallon purified bottled water upon either the delivery of inventory to the retail store or the purchase by the consumer. Revenue is either recognized as an exchange transaction (where a discount is provided on the purchase of a multi-gallon bottle of purified water for the return of an empty multi-gallon bottle) or a non-exchange transaction. Revenues on exchange transactions are recognized net of the exchange discount. Self-service refill water revenue is recognized as the filtered water is purchased by the consumer or retailer, which is measured by the water dispensing equipment meter for non-coin-operated vending displays and by cash collected for coin-operated vending displays. As it is impractical to visit all locations at the end of each reporting period, we estimate the revenue from the last time cash was collected or a meter read was obtained from each machine until the end of the reporting period, based on each machine’s historical experience. We report self-service refill water revenue based on the amount charged to the end consumer when we have earned revenue (as a principal) from the sale, which is based on our latitude in establishing the sales price to the end consumer, our control over the product and its specifications and other considerations. When, based on the terms of our arrangements with certain retailers, we do not meet such criteria, we report self-service refill water revenue based on the amount charged to the retailer. Revenue is recognized for the sale of our water dispenser products when title is transferred to our retail customers. We have no contractual obligation to accept returns nor do we guarantee sales. However, we will at times accept returns or issue credits for manufacturer defects or that were damaged in transit. Revenues are recognized net of an estimated allowance for returns using an average return rate based upon historical experience. In addition, we offer certain incentives such as coupons and rebates that are netted against and reduce net sales in the consolidated statements of operations. With the purchase of certain of our water dispensers we include a coupon for a free multi-gallon bottle of purified water. No revenue is recognized with respect to the redemption of the coupon for a free multi-gallon bottle of water and the cost of the multi-gallon bottle of purified water is included in cost of sales. Cash All highly liquid investments with an original maturity of three $675 $507 December 31, 2016 2015, Accounts Receivable All trade accounts receivable are due from customers located within the United States and Canada. We maintain an allowance for sales discounts, rebates and promotions based on our arrangements with customers. Accounts receivable, net included allowances for sales discounts, rebates and promotions of $640, $586 $1,212 December 31, 2016, 2015 2014, $105, $101 $107 December 31, 2016, 2015 2014, $983, $965 $988 December 31, 2016, 2015 2014, Beginning Balance Amounts Charged or (Credited) to Expense or Revenue Deductions Ending Balance Allowance for doubtful accounts Year Ended December 31, 2016 $ 101 18 (14 ) $ 105 Year Ended December 31, 2015 $ 107 1 (7 ) $ 101 Year Ended December 31, 2014 $ 321 (273 ) 59 $ 107 Allowance for returns Year Ended December 31, 2016 $ 965 2,200 (2,182 ) $ 983 Year Ended December 31, 2015 $ 988 2,453 (2,476 ) $ 965 Year Ended December 31, 2014 $ 989 2,714 (2,715 ) $ 988 Inventories Our water dispenser inventories consist primarily of finished goods and are valued at the lower of cost or market value, with cost determined using the first first Investments We determine the appropriate classification of investments at the time of purchase based on our intent and such designation is evaluated as of each balance sheet date. Investments in Trust Preferred Securities issued by Glacier Water Trust I (the “Trust”), as described below under Junior Subordinated Debentures and Glacier Water Trust I $3,779 December 31, 2016. 100% December 31, 2016 $2,629. Bottles Bottles consist of three five two Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Internal and external costs incurred to acquire and create internal use software are capitalized and amortized over the useful life of the software. Depreciation and amortization is generally calculated using straight-line methods over estimated useful lives that range from two twelve We incur maintenance costs on our major equipment. Maintenance, repair and minor refurbishment costs are charged to expense as incurred, while additions, renewals, and improvements are capitalized. Customer Bottle Deposits In our Canadian Exchange business, we collect a refundable deposit on each customer’s initial purchase of our water. If a customer decides to exit our program, the deposit is refunded. At December 31, 2016 2015, $759 $689, $190 $187 2016 2015, Junior Subordinated Debentures and Glacier Water Trust I Long-term debt and capital leases, net of current portion and debt issuance costs includes $89,529 Warrant Liability We account for stock warrants as either equity instruments or derivative liabilities depending on specific terms of the warrant agreement. Stock warrants are accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, Business Combinations We account for acquisitions using the acquisition method of accounting, which requires that all identifiable assets acquired and liabilities assumed be recorded at their estimated fair values. The excess of the fair value of purchase consideration over the fair values of identifiable assets and liabilities is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions. Critical estimates in valuing certain intangible assets include but are not limited to future expected cash flows from customer relationships, acquired tradenames, and acquired patented technology. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but are inherently uncertain and unpredictable and, as a result, actual results may may Contingent Consideration Consideration paid in a business combination may $1,513 December 31, 2016, Goodwill and Intangible Assets We classify intangible assets into three (1) (2) (3) Intangible assets that are deemed to have indefinite lives, including goodwill, are reviewed for impairment annually, as of the first fourth The goodwill impairment test consists of a two first second Long-Lived Assets We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may Stock-Based Compensation We estimate the grant date fair value of equity awards and amortize this value over the performance or service period. We measure the fair value of awards granted under the Amended and Restated Primo Water Corporation Value Creation Plan (the “VCP”) and stock options using a Black-Scholes option pricing model which incorporates multiple complex and subjective inputs and assumptions (see “Note 11 For restricted stock awards, we measure the fair value based upon the market price of our common stock on the date of the grant. Compensation expense is generally recognized on a straight-line basis over the service period. For awards with performance conditions, we begin recognizing compensation expense when it becomes probable that the performance condition will be attained. Stock-based compensation expense is reflected in selling, general, and administrative expenses. Concentrations of Risk Our principal financial instruments subject to potential concentration of credit risk are cash, trade receivables and accounts payable. We invest our funds in highly rated institutions and believe the financial risk associated with cash in excess of federally insured amounts is minimal. At December 31, 2016 2015, $15,525 $1,486, We perform ongoing credit evaluations of our customers’ financial condition and maintain allowances for doubtful accounts that we believe are sufficient to provide for losses that may three 39%, 19%, 16% 39%, 19% 15% 2016 2015, two 40% 22% 2014. We had three 39%, 15% 11% December 31, 2016 three 41%, 14% 14% December 31, 2015. Basic and Diluted Earnings (Loss) Per Share Earnings (loss) per share has been computed using the weighted average number of shares of common stock outstanding during each period. Diluted amounts per share include the dilutive impact, if any, of our outstanding potential common shares, such as stock options, restricted stock units and warrants. Diluted amounts per share also include the dilutive impact, if any, of contingently issuable shares related to awards under the VCP. As performance-based awards, such dilutive impact is based on the number of shares, if any, that would be issuable under the terms of the VCP if the end of the reporting period were the end of the contingency period. Potential common shares that are anti-dilutive are excluded from the calculation of diluted net loss per common share. Income Taxes We account for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent that utilization is not presently more likely than not. As required by U.S. GAAP, we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 Cumulative Translation Adjustment and Foreign Currency Transactions The local currency of our operations in Canada is considered to be the functional currency. Assets and liabilities of the Canada subsidiaries are translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations are translated using the average exchange rate prevailing throughout the period. The effects of unrealized exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars are presented as foreign currency translation adjustments, net included in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss). With the exception of transaction gains and losses on certain intercompany balances which we have determined are of a long-term investment nature, realized gains and losses on foreign currency transactions are included in the consolidated statements of operations. At December 31, 2016 2015, $1,506 $1,412, Non-recurring and acquisition-related costs Transactions that are unusual in nature or which occur infrequently, are reported as non-recurring and acquisition-related costs on our condensed consolidated statements of operations. Non-recurring and acquisition related costs were $4,753, $275 $2,881 December 31, 2016, 2015 2014, Non-recurring and acquisition-related costs include transaction expenses, including fees payable to financial, legal, accounting and other advisors, associated with the acquisition of Glacier. Acquisition-related costs were $3,935, $0 $0 December 31, 2016, 2015 2014, Non-recurring and acquisition-related costs also include expenses associated with the strategic alliance agreement (the “DS Services Agreement”) with DS Services of America, Inc. (“DS Services”), including transition payments to certain former regional operators and legal expenses associated with litigation and arbitration proceedings against certain former regional operators. Such costs were $786, $252 $2,806 December 31, 2016, 2015 2014, Non-recurring and acquisition-related costs also include various other expenses associated with severance and restructuring costs. Such costs were $32, $23 $75 December 31, 2016, 2015 2014, Recent Accounting Pronouncements In January 2017, 2017 01, Business Combinations (Topic 805) December 15, 2018, December 15, 2019. In March 2016, 2016 09, Compensation- Stock Compensation (Topic 718): December 15, 2016 In February 2016, 2016 02, Leases (Topic 842) (1) (2) December 15, 2019, December 15, 2020. In April 2015, 2015 03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835 30), January 1, 2016 $386 December 31, 2015. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) five March, April, May December 2016, December 15, 2017, |
Note 2 - Glacier Acquisition
Note 2 - Glacier Acquisition | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Glacier Acquisition On December 12, 2016, We paid approximately $200,220 We have recorded the assets purchased and liabilities assumed at their estimated fair value in accordance with FASB ASC Topic 805: Business Combinations $91,822, 19 8 $3,935 December 31, 2016. The purchase price has been allocated to the assets and liabilities as follows: Aggregate consideration: Cash consideration $ 49,397 Common stock issued 36,767 Warrants issued 8,420 Extinguishment of debt 64,658 Noncontrolling interest retired 40,978 Purchase price $ 200,220 Purchase price allocation: Cash acquired $ 4,294 Property and equipment 65,605 Identifiable intangible assets 142,330 Investments and other assets 11,765 Goodwill 91,822 Deferred tax liability (13,607 ) Net liabilities assumed (101,989 ) Aggregate purchase price $ 200,220 The estimated fair values are subject to refinement during the measurement period (which is no longer than one Glacier has contributed net sales and net loss of $6,602 ($327), December 31, 2016, Unaudited pro forma results of operations are presented below for the years ended December 31, 2016 2015, January 1, 2015: Year Ended December 31, 2016 Year Ended December 31, 2015 Net sales $ 272,923 $ 265,279 Pro forma net loss $ (15,007 ) $ (2,020 ) Basic and diluted loss per common share: Net loss attributable to common shareholders $ (0.53 ) $ (0.07 ) |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill and Intangible Assets The change in the carrying amount of goodwill is summarized as follows: Balance at December 31, 2015 $ – Acquisition of Glacier 91,822 Effect of foreign currency translation (113 ) Balance at December 31, 2016 $ 91,709 Information regarding intangible assets is summarized as follows: December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Intangible Assets Weighted Average Life (Years) Amortized intangible assets: Customer relationships $ 93,678 $ (8,220 ) $ 85,458 15.0 Patent costs 1,228 (1,200 ) 28 3.0 Developed technology 830 (5 ) 825 8.0 Trademarks 283 (37 ) 246 15.0 96,019 (9,462 ) 86,557 Unamortized intangible assets: Trade name 62,900 – 62,900 Total $ 158,919 $ (9,462 ) $ 149,457 15.0 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Intangible Assets Weighted Average Life (Years) Amortized intangible assets: Customer relationships $ 14,977 $ (7,164 ) $ 7,813 15.0 Patent costs 1,205 (1,192 ) 13 3.0 Developed technology – – – – Trademarks 255 (7 ) 248 15.0 16,437 (8,363 ) 8,074 Unamortized intangible assets: Trade name – – – Total $ 16,437 $ (8,363 ) $ 8,074 15.0 Amortization expense for intangible assets was $1,066, $984 $1,215 2016, 2015 2014, 2017 $ 5,075 2018 5,069 2019 5,066 2020 5,066 2021 5,066 Thereafter 61,215 $ 86,557 |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. Discontinued Operations During 2012, 2 cylinders and accessories sold under the Flavorstation brand as well as the Omnifrio single-serve business and initiated an active program to execute this plan. In addition, we determined that the Disposal Group met all of the criteria for classification as discontinued operations. As a result, these operations are reflected as discontinued operations in our consolidated financial statements. For 2016, Accrued expenses and other current liabilities of the disposal group of $1,901 $15 December 31, 2016 2015, $0 $1,942 December 31, 2016 2015, The operating results classified as discontinued operations were as follows: Years ended December 31, 2016 2015 2014 Net sales $ – $ – $ 219 Operating costs and expenses: Cost of sales 1 7 264 Selling, general and administrative expenses 47 93 358 Barter credit impairment – 196 – Total operating costs and expenses 48 296 622 Loss from discontinued operations $ (48 ) $ (296 ) $ (403 ) |
Note 5 - Bottles
Note 5 - Bottles | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Bottles [Text Block] | 5. Bottles Bottles are summarized as follows at December 31: 2016 2015 Cost $ 4,432 $ 4,653 Less accumulated depreciation (280 ) (965 ) $ 4,152 $ 3,688 Depreciation expense for bottles was $2,200, $2,346 $2,452 2016, 2015 2014, |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment Property and equipment is summarized as follows at December 31: 2016 2015 Machinery and equipment $ 8,396 $ 7,209 Vending equipment 88,584 26,155 Racks and display panels 30,954 32,065 Software and computer equipment 4,074 4,298 Vehicles under capital leases 1,330 772 Equipment not in service 6,835 1,025 Other 1,092 17 141,265 71,541 Less accumulated depreciation and amortization (40,934 ) (39,178 ) $ 100,331 $ 32,363 We recorded an impairment of $104 2015 When we replace Refill equipment at a customer location with new equipment, the remaining net book value, adjusted for any salvage or residual value, associated with the original equipment and related capitalized installation costs is removed resulting in a loss on disposal in some instances. The new equipment and related installation costs are capitalized and depreciated over the estimated useful life of the asset. Such disposals resulted in losses of $745, $430 $573 2016, 2015 2014, The table below summarizes our loss on disposal and impairment of property and equipment: Years Ended December 31, 2016 2015 2014 Refill vending equipment impairments $ - $ 104 $ 824 Loss on disposals of Exchange racks and machinery associated with DS Services transition – – 612 Loss on disposal of refill vending equipment and related installation costs 745 430 573 Loss (gain) on other disposals 4 (34 ) 95 $ 749 $ 500 $ 2,104 During the fourth 2015, $634 three 2015 Depreciation expense for property and equipment was $7,260, $7,103 $6,988 2016, 2015 2014, |
Note 7 - Accrued Expense and Ot
Note 7 - Accrued Expense and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are summarized as follows at December 31: 2016 2015 Accrued distributor, service provider and commission payments $ 5,224 $ 309 Accrued payroll and related items 3,402 1,718 Accrued professional expenses 85 37 Accrued interest 361 74 Accrued sales tax payable 254 52 Accrued sales allowances 181 541 Customer bottle deposits 759 689 Other 4,755 313 Current liabilities of disposal group held for sale 1,901 15 $ 16,922 $ 3,748 |
Note 8 - Debt, Capital Leases a
Note 8 - Debt, Capital Leases and Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 8. Debt, Capital Leases and Notes Payable Debt, capital leases and notes payable are summarized as follows: December 31, December 31, 2016 2015 Term loans $ 186,000 $ 20,000 Debt issuance costs (3,794 ) (386 ) Total Credit Facilities 182,206 19,614 Junior Subordinated Debentures 89,529 – Capital leases 712 461 272,447 20,075 Less current portion (2,183 ) (172 ) Long-term debt and capital leases, net of current portion and debt issuance costs $ 270,264 $ 19,903 Goldman Credit Facility On December 12, 2016, $186,000 $10,000 December 12, 2021. March 31, 2017) 1% $1,860, first 65% Interest on outstanding borrowings under the Goldman Credit Facility will be calculated at our option at either a base rate (which may 4.0% 1.0% 5.50% 4.50% 0.50% $4,041, December 31, 2016, $4,100 The Goldman Credit Facility contains a number of affirmative and negative covenants that use consolidated adjusted EBITDA (“Adjusted EBITDA”). Adjusted EBITDA is a non-U.S. GAAP financial measure that is calculated as income (loss) from continuing operations before depreciation and amortization; interest expense; change in fair value of warrant liability; non-cash, stock-based compensation expense; non-recurring costs; and loss on disposal and impairment of property and equipment and other. The primary operational covenants included in the Goldman Credit Facility are as follows: (i) a maximum fixed charge coverage ratio of 1.20:1.00 March 31, 2017, 4.25:1.00 December 31, 2016, $3,500, December 31, 2016 3.73:1. We terminated and repaid outstanding borrowings of $20,000 December 12, 2016. $285 $2,816 Junior Subordinated Debentures In connection with the Acquisition, we assumed $89,529 9.0625% January 31, 2028 may 100% Capital Leases We periodically enter into capital leases for service vehicles for field operations and had 48 December 31, 2016. The aggregate future maturities of debt, capital leases and notes payable as of December 31, 2016 Capital leases Term Notes Junior Subordinated Debentures Total 2017 $ 447 $ 1,860 – $ 2,307 2018 383 1,860 – 2,243 2019 137 1,860 – 1,997 2020 – 1,860 – 1,860 2021 – 178,560 – 178,560 Thereafter – – 89,529 89,529 $ 967 $ 186,000 $ 89,529 $ 276,496 Less: amounts representing estimated executory and debt issuance costs (158 ) (3,794 ) – (3,952 ) Less: amounts representing interest (97 ) – – (97 ) $ 712 $ 182,206 $ 89,529 $ 272,447 |
Note 9 - Warrant Liability
Note 9 - Warrant Liability | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Warrant Liability [Text Block] | 9. Warrant Liability On December 12, 2016, 2,000 33% June 10, 2017, 33% September 8, 2017 34% December 12, 2017. $11.88 December 12, 2021. $8,420 December 31, 2016 $8,180. December 31, 2016 $240. The estimated fair value of these warrants is determined using Level 3 December 31, 2016 December 12, 2016 Expected life in years 4.95 5.0 Risk-free interest rate 1.92% 1.90% Expected volatility 33.0% 33.0% Dividend yield 0.0% 0.0% The risk free interest rate is based on the U.S. Treasury rate for the expected remaining life of common stock warrants. Our expected volatility is based on the average long-term historical volatilities of peer companies. We intend to continue to consistently use a similar group of publicly traded peer companies to determine expected volatility in the future until sufficient information regarding volatility of our share price becomes available or certain of the selected companies are no longer suitable for this purpose. The dividend yield assumption is based on our current intent not to issue dividends. |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Stockholders’ Equity Common Stock Warrants As part of the DS Services Agreement, on January 1, 2014, 475 $3.04 January 1, 2021. $589 2014. A prior credit facility was accompanied by detachable warrants to purchase 1,731 131 five $2.30 April 30, 2020. $1.20 November 6, 2012. five During 2015, 973 1,200 2014, 292 400 December 31, 2016, 131 A summary of common stock warrant activity for the years ended December 31, 2016 2015 Warrants Weighted Average Exercise Price Weighted Average Remaining Life (Years) Warrants outstanding, December 31, 2014 2,677 $ 5.14 4.50 Partial exercises of Comvest Warrant (1,200 ) $ 1.20 Warrants outstanding, December 31, 2015 1,477 $ 8.36 2.81 Exercised (21 ) $ 10.89 Forfeited (600 ) $ 13.04 Warrants outstanding, December 31, 2016 856 $ 5.08 3.46 |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Stock-Based Compensation Overview Our Board of Directors has approved the Primo Water Corporation 2004 “2004 2004 Our stockholders have approved the Amended and Restated 2010 “2010 2004 2010 2010 2004 2010 4,150 2010 As of December 31, 2016, 913 2010 Years Ended December 31, 2016 2015 2014 Stock options $ 638 $ 541 $ 420 Restricted stock 757 693 997 Value Creation Plan 6,503 1,310 2,566 Employee Stock Purchase Plan 77 57 40 $ 7,975 $ 2,601 $ 4,023 Stock Options under the Plans Stock options are granted with an exercise price equal to 100% 2016 2015 2014 Expected life of options in years 6.0 - 6.3 6.0 - 6.3 6.0 - 6.3 Risk-free interest rate 1.3% - 2.2% 1.7% - 1.8% 1.8% - 2.0% Expected volatility 37.0% - 44.0% 43.0% - 45.0% 45.0% - 47.0% Dividend yield 0.0% 0.0% 0.0% The risk free interest rate is based on the U.S. Treasury rate for the expected life at the time of grant. Our expected volatility is based on the average long-term historical volatilities of peer companies. We intend to continue to consistently use a similar group of publicly traded peer companies to determine expected volatility in the future until sufficient information regarding volatility of our share price becomes available or certain of the selected companies are no longer suitable for this purpose. Also, due to our limited trading history, we are using the “simplified method” to calculate expected holding periods, which represents the period of time that options granted are expected to be outstanding. We will continue to use this method until we have sufficient historical exercise experience to give us confidence that our calculations based on such experience will be reliable. The dividend yield assumption is based on our current intent not to issue dividends. A summary of stock option activity for the year ended December 31, 2016, Options Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Options outstanding, December 31, 2015 1,958 $ 4.05 Granted 320 $ 11.59 Exercised (148 ) $ 2.87 Forfeited (141 ) $ 6.00 Options outstanding, December 31, 2016 1,989 $ 5.21 6.6 $ 14,397 Options vested and expected to vest, December 31, 2016 1,901 $ 5.09 6.5 $ 13,959 Options exercisable, December 31, 2016 1,276 $ 3.76 5.4 $ 11,152 The weighted-average fair value per share of the options granted during 2016, 2015 2014 $5.05, $2.46 $1.66, 2016, 2015 2014 $1,334, $241 $209, As of December 31, 2016, $1,612 3.9 2016, 2015 2014 $425, $113 $110, Restricted Stock under the Plans A summary of restricted stock activity for the year ended December 31, 2016 Number of Shares Weighted Average Grant Date Price Per Share Unvested at December 31, 2015 15 $ 3.35 Granted 353 $ 8.73 Vested (146 ) $ 7.34 Forfeited (20 ) $ 8.87 Unvested at December 31, 2016 202 $ 9.33 The fair value of restricted stock awards is estimated based on the closing price of our stock on the date of grant, and, for the purposes of expense recognition, the total new number of shares expected to vest is adjusted for estimated forfeitures. As of December 31, 2016, $1,187 2.6 Employee Stock Purchase Plan Our stockholders have approved the 2010 six 85% first six may 15% $25, December 31, 2016, 26 $6.80 December 31, 2016, 39 Value Creation Plan On May 7, 2012, May 2013 March 2016 three $15,000, $24,000 $28,000 2014 2019. $15,000 $24,000 $24,000 $28,000 December 22, 2016, December 31, 2016. December 31, 2016 December 31, 2016. The award pool for the first 15.0% May 11, 2012 two December 31, 2015, $15,000 second 17.5% first two $24,000 December 31, 2016, third Awards under the VCP are dependent on the Company being in compliance (including via a waiver) with all covenants under any outstanding loan agreements. A participant in the VCP who leaves voluntarily, is dismissed for cause, or is terminated by the Company prior to issuance of an award will forfeit all rights to their current-year award and future awards. Any portion of an award attributable to a terminated participant may As equity-classified awards, we determine the total compensation expense for awards under the VCP on their grant date based on the fair value method using the Black-Scholes option pricing model. The key assumptions used in the Black-Scholes model for the VCP were as follows: $15,000 Adjusted EBITDA Target Award Total fair value $4,130 Assumptions: May 11, 2012 closing stock price $1.39 Fair value measurement dates stock prices $1.76 - $3.96 Expected life of awards in years 1.4 - 2.8 Risk-free interest rate 0.3% - 0.6% Expected volatility 41.3% - 46.1% Dividend yield 0.0% $24,000 Adjusted EBITDA Target Award Total fair value $7,730 Assumptions: March 11, 2016 closing stock price $9.39 Fair value measurement date stock price $9.39 Expected life of awards in years 1.7 Risk-free interest rate 0.7% Expected volatility 37.5% Dividend yield 0.0% Assumptions related to risk-free interest rate, expected volatility and dividend yield with respect to the VCP are developed using an approach consistent with that described above for stock options issued under the Plans. The expected life of awards under the VCP is determined based on the period of time between their grant date and the expected date of the first first As the VCP consists of awards with performance-based targets, we begin recognizing compensation expense only when it becomes probable that the performance-based target will be attained. During the fourth December 31, 2014, $15,000 2015 $2,566 December 31, 2014. 2014 (1) (2) December 31, 2014. $255 $1,310 $15,000 December 31, 2016 2015, During the fourth December 31, 2016, $24,000 2016 $6,248 December 31, 2016. December 31, 2016, $1,482 first 2017, $24,000 2016 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Operating Leases We lease office space, warehouse space and vehicles under various lease arrangements. Total rental expense from continuing operations was $1,574, $1,318 $1,239 2016, 2015 2014, December 31, 2016, 2017 $ 1,360 2018 754 2019 613 2020 512 2021 22 Thereafter – Total $ 3,261 Omnifrio Single-Serve Beverage Business Deferred purchase price payments totaling $1,901 $15 December 31, 2016 2015, $0 $1,942 December 31, 2016 2015, April 11, 2011 Prism Arbitration On August 5, 2014, $1.0 December 19, 2014 $1.0 December 31, 2016 Texas Regional Operator Litigation/Arbitration On August 8, 2014, 166th August 25, 2014. September 5, 2014. January 31, 2015, On April 10, 2015, ones September 15, 2015, October 20, 2015. December 31, 2015, July 18, 2016. December 31, 2016 may Sales Tax We routinely purchase equipment for use in operations from various vendors. These purchases are subject to sales tax depending on the equipment type and local sales tax regulations; however, we believe certain vendors have not assessed the appropriate sales tax. For purchases that are subject to sales tax in which we believe the vendor did not assess the appropriate amount, we accrue an estimate of the sales tax liability we ultimately expect to pay. Other Contingencies From time to time, we are involved in various claims and legal actions that arise in the normal course of business. Management believes that the outcome of such claims and legal actions will not have a significant adverse effect on our financial position, results of operations or cash flows. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes A reconciliation of the statutory U.S. federal tax rate and effective tax rates is as follows: 2016 2015 2014 Federal statutory taxes 34.0 % 34.0 % 34.0 % State income taxes, net of federal tax benefit 1.3 % 4.8 % 3.7 % Foreign taxes less than the domestic rate (0.2% ) 3.7 % (0.5% ) Permanent differences (0.5% ) 1.5 % (0.2% ) Nondeductible acquisition costs (20.0% ) 0.0 % 0.0 % Change in valuation allowance (14.8% ) (154.9% ) (35.6% ) Changes in rates and other true-ups 0.3 % 110.9 % 0.0 % Other (0.1% ) 0.0 % (1.4% ) 0.0 % 0.0 % 0.0 % Deferred income taxes are recorded based upon differences between the financial reporting and income tax basis of assets and liabilities. The following deferred income taxes are recorded: 2016 2015 Deferred tax assets: Federal net operating loss carryforward $ 75,734 $ 46,183 State loss carryforward 4,717 3,706 Goodwill 17,857 19,688 Other intangible assets – 3,071 Allowance for bad debts 628 600 Stock-based compensation 4,992 2,520 Accrued expenses 508 374 Inventory 31 39 Fixed assets – – Other 3,049 1,266 Total gross deferred tax assets 107,516 77,447 Deferred tax liabilities: Fixed assets (13,546 ) (139 ) Intangible assets (28,783 ) – Total gross deferred tax liabilities (42,329 ) (139 ) Valuation allowance (78,794 ) (77,308 ) Total net deferred liability $ (13,607 ) $ – In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, available taxes in the carryback periods, projected future taxable income, and tax planning strategies in making this assessment. Accordingly, we have provided a valuation allowance of $78,794 $77,308 December 31, 2016 2015, $1,486 $3,478 2016 2015, We have approximately $222,746 2020 2036, $15,213 2026 2036 $150,626 2016 2036. 382 382 . We have no no 12 |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 14. Fair Value Measurements Fair value rules currently apply to all financial assets and liabilities and for certain nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value. For this purpose, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GAAP establishes a three • 1 • 2 • 3 At December 31, 2016 2015, December 31, 2016 Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 675 $ 675 $ – $ – Investment in Glacier securities 3,779 – 3,779 – Total assets $ 4,454 $ 675 $ 3,779 $ – Liabilities: Warrant liability $ 8,180 $ – $ – $ 8,180 Contingent consideration 1,513 – – 1,513 Total liabilities $ 9,693 $ – $ – $ 9,693 December 31, 2015 Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 507 $ 507 $ – $ – Total assets $ 507 $ 507 $ – $ – The carrying amounts of cash and cash equivalents, accounts receivable, net, accounts payable, and accrued expenses and other current liabilities, approximate their fair values due to their short maturities. Liabilities of the Disposal Group classified as held for sale and reported within accrued expenses and other current liabilities, and other long-term liabilities on our consolidated balance sheets are presented at their carrying value, which approximates their fair value. Based on borrowing rates currently available to us for loans with similar terms, the variable interest rate for borrowings under our Goldman Credit Facility and the fact that the Junior Subordinated Debentures were recorded at fair value at the time of the Acquisition, the carrying value of debt and capital leases approximates fair value. The following table provides a rollforward of the Company’s Level 3 Warrant Liability Contingent Consideration Balance at December 31, 2015 $ – $ – Acquisition of Glacier 8,420 1,513 Change in fair value (240 ) – Balance at December 31, 2016 $ 8,180 $ 1,513 |
Note 15 - Earnings (Loss) Per S
Note 15 - Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. Earnings (Loss) Per Share The following table provides a rollforward of the Company’s Level 3 Years ended December 31, 2016 2015 2014 Basic: (Loss) income from continuing operations $ (5,898 ) $ 2,153 $ (13,064 ) Loss from discontinued operations (48 ) (296 ) (403 ) Net (loss) income $ (5,946 ) $ 1,857 $ (13,467 ) Weighted average shares 28,456 25,190 24,339 Basic (loss) earnings per share from continuing operations $ (0.21 ) $ 0.08 $ (0.54 ) Basic loss per share from discontinued operations (0.00 ) (0.01 ) (0.01 ) Basic (loss) earnings per share $ (0.21 ) $ 0.07 $ (0.55 ) Diluted: (Loss) income from continuing operations $ (5,898 ) $ 2,153 $ (13,064 ) Loss from discontinued operations (48 ) (296 ) (403 ) Net (loss) income $ (5,946 ) $ 1,857 $ (13,467 ) Weighted average shares 28,456 25,190 24,339 Potential shares arising from stock options, restricted stock, warrants and contingently issuable shares under the VCP – 1,811 – Weighted average shares - diluted 28,456 27,001 24,339 Diluted (loss) earnings per share from continuing operations $ (0.21 ) $ 0.08 $ (0.54 ) Diluted loss per share from discontinued operations (0.00 ) (0.01 ) (0.01 ) Diluted (loss) earnings per share $ (0.21 ) $ 0.07 $ (0.55 ) For the years ended December 31, 2016 2014, 1,792 3,154 For the year ended December 31, 2015, December 31, 2015 $15,000 2015. For the year ended December 31, 2015, 1,267 |
Note 16 - Segments
Note 16 - Segments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. Segments We have two two Our Water segment sales consist of the sale of multi-gallon purified bottled water (“Exchange”) and our self-service filtered drinking water (“Refill”) offered through retailers in each of the contiguous United States and Canada. Our Water products are offered through point of purchase display racks or self-service filtered water displays and recycling centers that are prominently located at major retailers in space that is often underutilized. Our Dispensers segment sells water dispensers that are designed to dispense Primo and other dispenser-compatible bottled water. Our Dispensers sales are primarily generated through major retailers in the U.S. and Canada, where we recognize revenues for the sale of the water dispensers when title is transferred. We support retail sell-through with domestic inventory. We evaluate the financial results of these segments focusing primarily on segment net sales and segment income (loss) from operations before depreciation and amortization (“segment income (loss) from operations”). We utilize segment net sales and segment income (loss) from operations because we believe they provide useful information for effectively allocating our resources between business segments, evaluating the health of our business segments based on metrics that management can actively influence and gauging our investments and our ability to service, incur or pay down debt. Cost of sales for Exchange consists primarily of costs for bottling, distribution and bottles. Cost of sales for Refill consists primarily of costs associated with routine maintenance of reverse osmosis water filtration systems and filtered water displays, as well as costs associated with obtaining meter readings to determine water usage and collecting coins from our coin-operated vending machines. Cost of sales for Dispensers consists of contract manufacturing, freight and duties. Selling, general and administrative expenses for Water and Dispensers consist primarily of personnel costs for operations support as well as other supporting costs for operating each segment. Expenses not specifically related to operating segments are shown separately as Corporate. Corporate expenses are comprised mainly of compensation and other related expenses for corporate support, information systems and administration. Corporate expenses also include certain professional fees and expenses and compensation of our Board of Directors. The following table presents segment information for each of the last three Year ended December 31, 2016 2015 2014 Segment net sales Water $ 102,580 $ 89,623 $ 71,360 Dispensers 39,961 37,328 34,962 $ 142,541 $ 126,951 $ 106,322 Segment (loss) income from operations Water $ 35,102 $ 28,835 $ 22,585 Dispensers 3,097 1,851 1,452 Corporate (22,271 ) (15,339 ) (15,136 ) Non-recurring and acquisition-related costs (4,753 ) (275 ) (2,881 ) Depreciation and amortization (10,541 ) (10,432 ) (10,655 ) Loss on disposal and impairment of property and equipment (749 ) (500 ) (2,104 ) $ (115 ) $ 4,140 $ (6,739 ) Depreciation and amortization expense: Water $ 10,011 $ 9,781 $ 9,740 Dispensers 157 259 332 Corporate 373 392 583 $ 10,541 $ 10,432 $ 10,655 Capital expenditures: Water $ 11,853 $ 7,535 $ 7,326 Dispensers 146 108 436 Corporate 554 199 160 $ 12,553 $ 7,842 $ 7,922 At December 31, Identifiable assets: 2016 2015 2014 Water $ 376,403 $ 50,617 $ 52,758 Dispensers 11,202 12,843 11,075 Corporate 3,780 1,027 1,915 $ 391,385 $ 64,487 $ 65,748 For the years ended December 31, 2016, 2015 2014, 95.5%, 94.9%, 93.3%, 4.5%, 5.1% 6.7%, December 31, 2016 2015, 96.0% 95.2%, 4.0% 4.8%, |
Note 17 - Supplemental Cash Flo
Note 17 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 17. Supplemental Cash Flow Information Year ended December 31, 2016 2015 2014 Cash paid for interest $ 5,317 $ 1,493 $ 3,319 Noncash investing and financing activities: Assets acquired under capital leases $ 523 $ 345 $ 427 Accrued capital expenditures $ 415 $ 1,054 $ 615 Warrants issued in connection with Glacier acquisition $ 8,420 $ – $ – Common stock issued in connection with Glacier acquisition $ 36,767 $ – $ – |
Note 18 - Employee Retirement S
Note 18 - Employee Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 18. Employee Retirement Savings Plan We sponsor a defined contribution plan that covers substantially all full-time employees who are at least 21 two may 100% 25% four 1,000 50% 6% 50% $208, $147 $87 2016, 2015 2014, |
Note 19 - Selected Quarterly Fi
Note 19 - Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 19. Selected Quarterly Financial Information (Unaudited) The following table presents the quarterly operating results for 2016 2015: Quarter ended March 31, June 30, September 30, December 31, 2016: Net sales $ 32,296 $ 34,385 $ 35,504 $ 40,356 Total operating costs and expenses 30,783 31,618 32,554 47,701 Income (loss) from operations 1,513 2,767 2,950 (7,345 ) Net income (loss) 1,031 2,265 2,456 (11,698 ) Basic earnings (loss) per common share: Income (loss) from continuing operations $ 0.04 $ 0.08 $ 0.09 $ (0.39 ) Loss from discontinued operations (0.00 ) (0.00 ) (0.01 ) (0.00 ) Net income (loss) $ 0.04 $ 0.08 $ 0.08 $ (0.39 ) Diluted earnings (loss) per common share: Income (loss) from continuing operations $ 0.04 $ 0.08 $ 0.08 $ (0.39 ) Loss from discontinued operations (0.00 ) (0.00 ) (0.00 ) (0.00 ) Net income (loss) $ 0.04 $ 0.08 $ 0.08 $ (0.39 ) Quarter ended March 31, June 30, September 30, December 31, 2015: Net sales $ 29,213 $ 32,399 $ 33,863 $ 31,476 Total operating costs and expenses 28,893 31,138 32,030 30,750 Income from operations 320 1,261 1,833 726 Net (loss) income (237 ) 726 1,324 44 Basic (loss) earnings per common share: (Loss) income from continuing operations $ (0.01 ) $ 0.03 $ 0.05 $ 0.01 Loss from discontinued operations (0.00 ) (0.00 ) (0.00 ) (0.01 ) Net (loss) income $ (0.01 ) $ 0.03 $ 0.05 $ 0.00 Diluted (loss) earnings per common share: (Loss) income from continuing operations $ (0.01 ) $ 0.03 $ 0.05 $ 0.01 Loss from discontinued operations (0.00 ) (0.00 ) (0.00 ) (0.01 ) Net (loss) income $ (0.01 ) $ 0.03 $ 0.05 $ 0.00 The amounts presented in the table above are computed independently for each quarter. As a result, their sum may During the fourth 2015, $1,017 fourth 2015. 6 fourth 2015, $634 fourth 2015. |
Note 20 - Subsequent Event
Note 20 - Subsequent Event | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20. Subsequent Event On March 13, 2017, 1 0.54 1933, may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Principles of Consolidation Our consolidated financial statements include the accounts of Primo and our wholly-owned subsidiaries. All intercompany amounts and transactions have been eliminated in consolidation. Our consolidated statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). We determine whether our investment arrangements constitute a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then we assess whether the Company is the VIE’s primary beneficiary. If we determine the Company is the primary beneficiary of a VIE, then it is consolidated. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of our financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. To the extent there are material differences between these estimates and actual results, our consolidated financial statements may |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation, with no effect on stockholders’ equity or net income (loss) as previously reported. These reclassifications primarily relate to the impact of the adoption of recent accounting pronouncements during the year. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations As described in Note 4, 2012, CO2 |
DS Service Agreement [Policy Text Block] | DS Services Agreement On November 12, 2013, 2015, |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue is recognized for the sale of multi-gallon purified bottled water upon either the delivery of inventory to the retail store or the purchase by the consumer. Revenue is either recognized as an exchange transaction (where a discount is provided on the purchase of a multi-gallon bottle of purified water for the return of an empty multi-gallon bottle) or a non-exchange transaction. Revenues on exchange transactions are recognized net of the exchange discount. Self-service refill water revenue is recognized as the filtered water is purchased by the consumer or retailer, which is measured by the water dispensing equipment meter for non-coin-operated vending displays and by cash collected for coin-operated vending displays. As it is impractical to visit all locations at the end of each reporting period, we estimate the revenue from the last time cash was collected or a meter read was obtained from each machine until the end of the reporting period, based on each machine’s historical experience. We report self-service refill water revenue based on the amount charged to the end consumer when we have earned revenue (as a principal) from the sale, which is based on our latitude in establishing the sales price to the end consumer, our control over the product and its specifications and other considerations. When, based on the terms of our arrangements with certain retailers, we do not meet such criteria, we report self-service refill water revenue based on the amount charged to the retailer. Revenue is recognized for the sale of our water dispenser products when title is transferred to our retail customers. We have no contractual obligation to accept returns nor do we guarantee sales. However, we will at times accept returns or issue credits for manufacturer defects or that were damaged in transit. Revenues are recognized net of an estimated allowance for returns using an average return rate based upon historical experience. In addition, we offer certain incentives such as coupons and rebates that are netted against and reduce net sales in the consolidated statements of operations. With the purchase of certain of our water dispensers we include a coupon for a free multi-gallon bottle of purified water. No revenue is recognized with respect to the redemption of the coupon for a free multi-gallon bottle of water and the cost of the multi-gallon bottle of purified water is included in cost of sales. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash All highly liquid investments with an original maturity of three $675 $507 December 31, 2016 2015, |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable All trade accounts receivable are due from customers located within the United States and Canada. We maintain an allowance for sales discounts, rebates and promotions based on our arrangements with customers. Accounts receivable, net included allowances for sales discounts, rebates and promotions of $640, $586 $1,212 December 31, 2016, 2015 2014, $105, $101 $107 December 31, 2016, 2015 2014, $983, $965 $988 December 31, 2016, 2015 2014, Beginning Balance Amounts Charged or (Credited) to Expense or Revenue Deductions Ending Balance Allowance for doubtful accounts Year Ended December 31, 2016 $ 101 18 (14 ) $ 105 Year Ended December 31, 2015 $ 107 1 (7 ) $ 101 Year Ended December 31, 2014 $ 321 (273 ) 59 $ 107 Allowance for returns Year Ended December 31, 2016 $ 965 2,200 (2,182 ) $ 983 Year Ended December 31, 2015 $ 988 2,453 (2,476 ) $ 965 Year Ended December 31, 2014 $ 989 2,714 (2,715 ) $ 988 |
Inventory, Policy [Policy Text Block] | Inventories Our water dispenser inventories consist primarily of finished goods and are valued at the lower of cost or market value, with cost determined using the first first |
Investment, Policy [Policy Text Block] | Investments We determine the appropriate classification of investments at the time of purchase based on our intent and such designation is evaluated as of each balance sheet date. Investments in Trust Preferred Securities issued by Glacier Water Trust I (the “Trust”), as described below under Junior Subordinated Debentures and Glacier Water Trust I $3,779 December 31, 2016. 100% December 31, 2016 $2,629. |
Bottles [Policy Text Block] | Bottles Bottles consist of three five two |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Internal and external costs incurred to acquire and create internal use software are capitalized and amortized over the useful life of the software. Depreciation and amortization is generally calculated using straight-line methods over estimated useful lives that range from two twelve We incur maintenance costs on our major equipment. Maintenance, repair and minor refurbishment costs are charged to expense as incurred, while additions, renewals, and improvements are capitalized. |
Customer Bottle Deposits [Policy Text Block] | Customer Bottle Deposits In our Canadian Exchange business, we collect a refundable deposit on each customer’s initial purchase of our water. If a customer decides to exit our program, the deposit is refunded. At December 31, 2016 2015, $759 $689, $190 $187 2016 2015, |
Junior Subordinated Debentures and Glacier Water Trust I [Policy Text Block] | Junior Subordinated Debentures and Glacier Water Trust I Long-term debt and capital leases, net of current portion and debt issuance costs includes $89,529 |
Warrant Liability [Policy Text Block] | Warrant Liability We account for stock warrants as either equity instruments or derivative liabilities depending on specific terms of the warrant agreement. Stock warrants are accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, |
Business Combinations Policy [Policy Text Block] | Business Combinations We account for acquisitions using the acquisition method of accounting, which requires that all identifiable assets acquired and liabilities assumed be recorded at their estimated fair values. The excess of the fair value of purchase consideration over the fair values of identifiable assets and liabilities is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions. Critical estimates in valuing certain intangible assets include but are not limited to future expected cash flows from customer relationships, acquired tradenames, and acquired patented technology. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but are inherently uncertain and unpredictable and, as a result, actual results may may |
Contingent Consideration [Policy Text Block] | Contingent Consideration Consideration paid in a business combination may $1,513 December 31, 2016, |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets We classify intangible assets into three (1) (2) (3) Intangible assets that are deemed to have indefinite lives, including goodwill, are reviewed for impairment annually, as of the first fourth The goodwill impairment test consists of a two first second |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation We estimate the grant date fair value of equity awards and amortize this value over the performance or service period. We measure the fair value of awards granted under the Amended and Restated Primo Water Corporation Value Creation Plan (the “VCP”) and stock options using a Black-Scholes option pricing model which incorporates multiple complex and subjective inputs and assumptions (see “Note 11 For restricted stock awards, we measure the fair value based upon the market price of our common stock on the date of the grant. Compensation expense is generally recognized on a straight-line basis over the service period. For awards with performance conditions, we begin recognizing compensation expense when it becomes probable that the performance condition will be attained. Stock-based compensation expense is reflected in selling, general, and administrative expenses. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk Our principal financial instruments subject to potential concentration of credit risk are cash, trade receivables and accounts payable. We invest our funds in highly rated institutions and believe the financial risk associated with cash in excess of federally insured amounts is minimal. At December 31, 2016 2015, $15,525 $1,486, We perform ongoing credit evaluations of our customers’ financial condition and maintain allowances for doubtful accounts that we believe are sufficient to provide for losses that may three 39%, 19%, 16% 39%,19%,15% 2016 2015, two 40% 22% 2014. We had three 39%, 15% 11% December 31, 2016 three 41%, 14% 14% December 31, 2015. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings (Loss) Per Share Earnings (loss) per share has been computed using the weighted average number of shares of common stock outstanding during each period. Diluted amounts per share include the dilutive impact, if any, of our outstanding potential common shares, such as stock options, restricted stock units and warrants. Diluted amounts per share also include the dilutive impact, if any, of contingently issuable shares related to awards under the VCP. As performance-based awards, such dilutive impact is based on the number of shares, if any, that would be issuable under the terms of the VCP if the end of the reporting period were the end of the contingency period. Potential common shares that are anti-dilutive are excluded from the calculation of diluted net loss per common share. |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent that utilization is not presently more likely than not. As required by U.S. GAAP, we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Cumulative Translation Adjustment and Foreign Currency Transactions The local currency of our operations in Canada is considered to be the functional currency. Assets and liabilities of the Canada subsidiaries are translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations are translated using the average exchange rate prevailing throughout the period. The effects of unrealized exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars are presented as foreign currency translation adjustments, net included in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss). With the exception of transaction gains and losses on certain intercompany balances which we have determined are of a long-term investment nature, realized gains and losses on foreign currency transactions are included in the consolidated statements of operations. At December 31, 2016 2015, $1,506 $1,412, |
Non-recurring Costs [Policy Text Block] | Non-recurring and acquisition-related costs Transactions that are unusual in nature or which occur infrequently, are reported as non-recurring and acquisition-related costs on our condensed consolidated statements of operations. Non-recurring and acquisition related costs were $4,753, $275 $2,881 December 31, 2016, 2015 2014, Non-recurring and acquisition-related costs include transaction expenses, including fees payable to financial, legal, accounting and other advisors, associated with the acquisition of Glacier. Acquisition-related costs were $3,935, $0 $0 December 31, 2016, 2015 2014, Non-recurring and acquisition-related costs also include expenses associated with the strategic alliance agreement (the “DS Services Agreement”) with DS Services of America, Inc. (“DS Services”), including transition payments to certain former regional operators and legal expenses associated with litigation and arbitration proceedings against certain former regional operators. Such costs were $786, $252 $2,806 December 31, 2016, 2015 2014, Non-recurring and acquisition-related costs also include various other expenses associated with severance and restructuring costs. Such costs were $32, $23 $75 December 31, 2016, 2015 2014, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2017, 2017 01, Business Combinations (Topic 805) December 15, 2018, December 15, 2019. In March 2016, 2016 09, Compensation- Stock Compensation (Topic 718): December 15, 2016 In February 2016, 2016 02, Leases (Topic 842) (1) (2) December 15, 2019, December 15, 2020. In April 2015, 2015 03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835 30), January 1, 2016 $386 December 31, 2015. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) five March, April, May December 2016, December 15, 2017, |
Note 1 - Description of Busin29
Note 1 - Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Beginning Balance Amounts Charged or (Credited) to Expense or Revenue Deductions Ending Balance Allowance for doubtful accounts Year Ended December 31, 2016 $ 101 18 (14 ) $ 105 Year Ended December 31, 2015 $ 107 1 (7 ) $ 101 Year Ended December 31, 2014 $ 321 (273 ) 59 $ 107 Allowance for returns Year Ended December 31, 2016 $ 965 2,200 (2,182 ) $ 983 Year Ended December 31, 2015 $ 988 2,453 (2,476 ) $ 965 Year Ended December 31, 2014 $ 989 2,714 (2,715 ) $ 988 |
Note 2 - Glacier Acquisition (T
Note 2 - Glacier Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Aggregate consideration: Cash consideration $ 49,397 Common stock issued 36,767 Warrants issued 8,420 Extinguishment of debt 64,658 Noncontrolling interest retired 40,978 Purchase price $ 200,220 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase price allocation: Cash acquired $ 4,294 Property and equipment 65,605 Identifiable intangible assets 142,330 Investments and other assets 11,765 Goodwill 91,822 Deferred tax liability (13,607 ) Net liabilities assumed (101,989 ) Aggregate purchase price $ 200,220 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2016 Year Ended December 31, 2015 Net sales $ 272,923 $ 265,279 Pro forma net loss $ (15,007 ) $ (2,020 ) Basic and diluted loss per common share: Net loss attributable to common shareholders $ (0.53 ) $ (0.07 ) |
Note 3 - Goodwill and Intangi31
Note 3 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Balance at December 31, 2015 $ – Acquisition of Glacier 91,822 Effect of foreign currency translation (113 ) Balance at December 31, 2016 $ 91,709 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Intangible Assets Weighted Average Life (Years) Amortized intangible assets: Customer relationships $ 93,678 $ (8,220 ) $ 85,458 15.0 Patent costs 1,228 (1,200 ) 28 3.0 Developed technology 830 (5 ) 825 8.0 Trademarks 283 (37 ) 246 15.0 96,019 (9,462 ) 86,557 Unamortized intangible assets: Trade name 62,900 – 62,900 Total $ 158,919 $ (9,462 ) $ 149,457 15.0 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Intangible Assets Weighted Average Life (Years) Amortized intangible assets: Customer relationships $ 14,977 $ (7,164 ) $ 7,813 15.0 Patent costs 1,205 (1,192 ) 13 3.0 Developed technology – – – – Trademarks 255 (7 ) 248 15.0 16,437 (8,363 ) 8,074 Unamortized intangible assets: Trade name – – – Total $ 16,437 $ (8,363 ) $ 8,074 15.0 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 $ 5,075 2018 5,069 2019 5,066 2020 5,066 2021 5,066 Thereafter 61,215 $ 86,557 |
Note 4 - Discontinued Operati32
Note 4 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Years ended December 31, 2016 2015 2014 Net sales $ – $ – $ 219 Operating costs and expenses: Cost of sales 1 7 264 Selling, general and administrative expenses 47 93 358 Barter credit impairment – 196 – Total operating costs and expenses 48 296 622 Loss from discontinued operations $ (48 ) $ (296 ) $ (403 ) |
Note 5 - Bottles (Tables)
Note 5 - Bottles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Bottles [Table Text Block] | 2016 2015 Cost $ 4,432 $ 4,653 Less accumulated depreciation (280 ) (965 ) $ 4,152 $ 3,688 |
Note 6 - Property and Equipme34
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Machinery and equipment $ 8,396 $ 7,209 Vending equipment 88,584 26,155 Racks and display panels 30,954 32,065 Software and computer equipment 4,074 4,298 Vehicles under capital leases 1,330 772 Equipment not in service 6,835 1,025 Other 1,092 17 141,265 71,541 Less accumulated depreciation and amortization (40,934 ) (39,178 ) $ 100,331 $ 32,363 |
Gain (Loss) on Sale and Impairment of Property and Equipment [Table Text Block] | Years Ended December 31, 2016 2015 2014 Refill vending equipment impairments $ - $ 104 $ 824 Loss on disposals of Exchange racks and machinery associated with DS Services transition – – 612 Loss on disposal of refill vending equipment and related installation costs 745 430 573 Loss (gain) on other disposals 4 (34 ) 95 $ 749 $ 500 $ 2,104 |
Note 7 - Accrued Expense and 35
Note 7 - Accrued Expense and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2016 2015 Accrued distributor, service provider and commission payments $ 5,224 $ 309 Accrued payroll and related items 3,402 1,718 Accrued professional expenses 85 37 Accrued interest 361 74 Accrued sales tax payable 254 52 Accrued sales allowances 181 541 Customer bottle deposits 759 689 Other 4,755 313 Current liabilities of disposal group held for sale 1,901 15 $ 16,922 $ 3,748 |
Note 8 - Debt, Capital Leases36
Note 8 - Debt, Capital Leases and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, December 31, 2016 2015 Term loans $ 186,000 $ 20,000 Debt issuance costs (3,794 ) (386 ) Total Credit Facilities 182,206 19,614 Junior Subordinated Debentures 89,529 – Capital leases 712 461 272,447 20,075 Less current portion (2,183 ) (172 ) Long-term debt and capital leases, net of current portion and debt issuance costs $ 270,264 $ 19,903 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Capital leases Term Notes Junior Subordinated Debentures Total 2017 $ 447 $ 1,860 – $ 2,307 2018 383 1,860 – 2,243 2019 137 1,860 – 1,997 2020 – 1,860 – 1,860 2021 – 178,560 – 178,560 Thereafter – – 89,529 89,529 $ 967 $ 186,000 $ 89,529 $ 276,496 Less: amounts representing estimated executory and debt issuance costs (158 ) (3,794 ) – (3,952 ) Less: amounts representing interest (97 ) – – (97 ) $ 712 $ 182,206 $ 89,529 $ 272,447 |
Note 9 - Warrant Liability (Tab
Note 9 - Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | December 31, 2016 December 12, 2016 Expected life in years 4.95 5.0 Risk-free interest rate 1.92% 1.90% Expected volatility 33.0% 33.0% Dividend yield 0.0% 0.0% |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Weighted Average Exercise Price Weighted Average Remaining Life (Years) Warrants outstanding, December 31, 2014 2,677 $ 5.14 4.50 Partial exercises of Comvest Warrant (1,200 ) $ 1.20 Warrants outstanding, December 31, 2015 1,477 $ 8.36 2.81 Exercised (21 ) $ 10.89 Forfeited (600 ) $ 13.04 Warrants outstanding, December 31, 2016 856 $ 5.08 3.46 |
Note 11 - Stock-based Compens39
Note 11 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Years Ended December 31, 2016 2015 2014 Stock options $ 638 $ 541 $ 420 Restricted stock 757 693 997 Value Creation Plan 6,503 1,310 2,566 Employee Stock Purchase Plan 77 57 40 $ 7,975 $ 2,601 $ 4,023 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Expected life of options in years 6.0 - 6.3 6.0 - 6.3 6.0 - 6.3 Risk-free interest rate 1.3% - 2.2% 1.7% - 1.8% 1.8% - 2.0% Expected volatility 37.0% - 44.0% 43.0% - 45.0% 45.0% - 47.0% Dividend yield 0.0% 0.0% 0.0% |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Options Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Options outstanding, December 31, 2015 1,958 $ 4.05 Granted 320 $ 11.59 Exercised (148 ) $ 2.87 Forfeited (141 ) $ 6.00 Options outstanding, December 31, 2016 1,989 $ 5.21 6.6 $ 14,397 Options vested and expected to vest, December 31, 2016 1,901 $ 5.09 6.5 $ 13,959 Options exercisable, December 31, 2016 1,276 $ 3.76 5.4 $ 11,152 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Price Per Share Unvested at December 31, 2015 15 $ 3.35 Granted 353 $ 8.73 Vested (146 ) $ 7.34 Forfeited (20 ) $ 8.87 Unvested at December 31, 2016 202 $ 9.33 |
Value Creation Plan [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | $15,000 Adjusted EBITDA Target Award Total fair value $4,130 Assumptions: May 11, 2012 closing stock price $1.39 Fair value measurement dates stock prices $1.76 - $3.96 Expected life of awards in years 1.4 - 2.8 Risk-free interest rate 0.3% - 0.6% Expected volatility 41.3% - 46.1% Dividend yield 0.0% |
Value Creation Plan, $24,000 Adjusted EBITDA [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | $24,000 Adjusted EBITDA Target Award Total fair value $7,730 Assumptions: March 11, 2016 closing stock price $9.39 Fair value measurement date stock price $9.39 Expected life of awards in years 1.7 Risk-free interest rate 0.7% Expected volatility 37.5% Dividend yield 0.0% |
Note 12 - Commitments and Con40
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2017 $ 1,360 2018 754 2019 613 2020 512 2021 22 Thereafter – Total $ 3,261 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 Federal statutory taxes 34.0 % 34.0 % 34.0 % State income taxes, net of federal tax benefit 1.3 % 4.8 % 3.7 % Foreign taxes less than the domestic rate (0.2% ) 3.7 % (0.5% ) Permanent differences (0.5% ) 1.5 % (0.2% ) Nondeductible acquisition costs (20.0% ) 0.0 % 0.0 % Change in valuation allowance (14.8% ) (154.9% ) (35.6% ) Changes in rates and other true-ups 0.3 % 110.9 % 0.0 % Other (0.1% ) 0.0 % (1.4% ) 0.0 % 0.0 % 0.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred tax assets: Federal net operating loss carryforward $ 75,734 $ 46,183 State loss carryforward 4,717 3,706 Goodwill 17,857 19,688 Other intangible assets – 3,071 Allowance for bad debts 628 600 Stock-based compensation 4,992 2,520 Accrued expenses 508 374 Inventory 31 39 Fixed assets – – Other 3,049 1,266 Total gross deferred tax assets 107,516 77,447 Deferred tax liabilities: Fixed assets (13,546 ) (139 ) Intangible assets (28,783 ) – Total gross deferred tax liabilities (42,329 ) (139 ) Valuation allowance (78,794 ) (77,308 ) Total net deferred liability $ (13,607 ) $ – |
Note 14 - Fair Value Measurem42
Note 14 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2016 Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 675 $ 675 $ – $ – Investment in Glacier securities 3,779 – 3,779 – Total assets $ 4,454 $ 675 $ 3,779 $ – Liabilities: Warrant liability $ 8,180 $ – $ – $ 8,180 Contingent consideration 1,513 – – 1,513 Total liabilities $ 9,693 $ – $ – $ 9,693 December 31, 2015 Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 507 $ 507 $ – $ – Total assets $ 507 $ 507 $ – $ – |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Warrant Liability Contingent Consideration Balance at December 31, 2015 $ – $ – Acquisition of Glacier 8,420 1,513 Change in fair value (240 ) – Balance at December 31, 2016 $ 8,180 $ 1,513 |
Note 15 - Earnings (Loss) Per43
Note 15 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years ended December 31, 2016 2015 2014 Basic: (Loss) income from continuing operations $ (5,898 ) $ 2,153 $ (13,064 ) Loss from discontinued operations (48 ) (296 ) (403 ) Net (loss) income $ (5,946 ) $ 1,857 $ (13,467 ) Weighted average shares 28,456 25,190 24,339 Basic (loss) earnings per share from continuing operations $ (0.21 ) $ 0.08 $ (0.54 ) Basic loss per share from discontinued operations (0.00 ) (0.01 ) (0.01 ) Basic (loss) earnings per share $ (0.21 ) $ 0.07 $ (0.55 ) Diluted: (Loss) income from continuing operations $ (5,898 ) $ 2,153 $ (13,064 ) Loss from discontinued operations (48 ) (296 ) (403 ) Net (loss) income $ (5,946 ) $ 1,857 $ (13,467 ) Weighted average shares 28,456 25,190 24,339 Potential shares arising from stock options, restricted stock, warrants and contingently issuable shares under the VCP – 1,811 – Weighted average shares - diluted 28,456 27,001 24,339 Diluted (loss) earnings per share from continuing operations $ (0.21 ) $ 0.08 $ (0.54 ) Diluted loss per share from discontinued operations (0.00 ) (0.01 ) (0.01 ) Diluted (loss) earnings per share $ (0.21 ) $ 0.07 $ (0.55 ) |
Note 16 - Segments (Tables)
Note 16 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, 2016 2015 2014 Segment net sales Water $ 102,580 $ 89,623 $ 71,360 Dispensers 39,961 37,328 34,962 $ 142,541 $ 126,951 $ 106,322 Segment (loss) income from operations Water $ 35,102 $ 28,835 $ 22,585 Dispensers 3,097 1,851 1,452 Corporate (22,271 ) (15,339 ) (15,136 ) Non-recurring and acquisition-related costs (4,753 ) (275 ) (2,881 ) Depreciation and amortization (10,541 ) (10,432 ) (10,655 ) Loss on disposal and impairment of property and equipment (749 ) (500 ) (2,104 ) $ (115 ) $ 4,140 $ (6,739 ) Depreciation and amortization expense: Water $ 10,011 $ 9,781 $ 9,740 Dispensers 157 259 332 Corporate 373 392 583 $ 10,541 $ 10,432 $ 10,655 Capital expenditures: Water $ 11,853 $ 7,535 $ 7,326 Dispensers 146 108 436 Corporate 554 199 160 $ 12,553 $ 7,842 $ 7,922 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | At December 31, Identifiable assets: 2016 2015 2014 Water $ 376,403 $ 50,617 $ 52,758 Dispensers 11,202 12,843 11,075 Corporate 3,780 1,027 1,915 $ 391,385 $ 64,487 $ 65,748 |
Note 17 - Supplemental Cash F45
Note 17 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year ended December 31, 2016 2015 2014 Cash paid for interest $ 5,317 $ 1,493 $ 3,319 Noncash investing and financing activities: Assets acquired under capital leases $ 523 $ 345 $ 427 Accrued capital expenditures $ 415 $ 1,054 $ 615 Warrants issued in connection with Glacier acquisition $ 8,420 $ – $ – Common stock issued in connection with Glacier acquisition $ 36,767 $ – $ – |
Note 19 - Selected Quarterly 46
Note 19 - Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter ended March 31, June 30, September 30, December 31, 2016: Net sales $ 32,296 $ 34,385 $ 35,504 $ 40,356 Total operating costs and expenses 30,783 31,618 32,554 47,701 Income (loss) from operations 1,513 2,767 2,950 (7,345 ) Net income (loss) 1,031 2,265 2,456 (11,698 ) Basic earnings (loss) per common share: Income (loss) from continuing operations $ 0.04 $ 0.08 $ 0.09 $ (0.39 ) Loss from discontinued operations (0.00 ) (0.00 ) (0.01 ) (0.00 ) Net income (loss) $ 0.04 $ 0.08 $ 0.08 $ (0.39 ) Diluted earnings (loss) per common share: Income (loss) from continuing operations $ 0.04 $ 0.08 $ 0.08 $ (0.39 ) Loss from discontinued operations (0.00 ) (0.00 ) (0.00 ) (0.00 ) Net income (loss) $ 0.04 $ 0.08 $ 0.08 $ (0.39 ) Quarter ended March 31, June 30, September 30, December 31, 2015: Net sales $ 29,213 $ 32,399 $ 33,863 $ 31,476 Total operating costs and expenses 28,893 31,138 32,030 30,750 Income from operations 320 1,261 1,833 726 Net (loss) income (237 ) 726 1,324 44 Basic (loss) earnings per common share: (Loss) income from continuing operations $ (0.01 ) $ 0.03 $ 0.05 $ 0.01 Loss from discontinued operations (0.00 ) (0.00 ) (0.00 ) (0.01 ) Net (loss) income $ (0.01 ) $ 0.03 $ 0.05 $ 0.00 Diluted (loss) earnings per common share: (Loss) income from continuing operations $ (0.01 ) $ 0.03 $ 0.05 $ 0.01 Loss from discontinued operations (0.00 ) (0.00 ) (0.00 ) (0.01 ) Net (loss) income $ (0.01 ) $ 0.03 $ 0.05 $ 0.00 |
Note 1 - Description of Busin47
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) | Dec. 12, 2016USD ($) | Dec. 31, 2016USD ($)gal | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Long-term Debt | $ 272,447,000 | $ 20,075,000 | |||
Cash Equivalents, at Carrying Value | 675,000 | 507,000 | |||
Allowances for Sales Discounts, Rebates and Promotions | 640,000 | 586,000 | $ 1,212,000 | ||
Allowance for Doubtful Accounts Receivable | 105,000 | 101,000 | 107,000 | ||
Customer Deposits, Current | 759,000 | 689,000 | |||
Increase (Decrease) in Customer Deposits | 190,000 | 187,000 | |||
Cash, Uninsured Amount | 15,525,000 | 1,486,000 | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 1,506,000 | 1,412,000 | |||
Non-recurring and Acquisition-Related Costs | 4,753,000 | 275,000 | 2,881,000 | ||
Non-recurring Costs, Transition and Other Expenses | 32,000 | $ 23,000 | $ 75,000 | ||
Reclassification of Debt Issuance Costs from Other Assets to Long-term Debt and Capital Leases, Net [Member] | December 31, 2015 [Member] | |||||
Prior Period Reclassification Adjustment | $ 386,000 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Number of Major Customers | 3 | 3 | 2 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer 1 [Member] | |||||
Concentration Risk, Percentage | 39.00% | 39.00% | 40.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer 2 [Member] | |||||
Concentration Risk, Percentage | 19.00% | 19.00% | 22.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer 3 [Member] | |||||
Concentration Risk, Percentage | 16.00% | 15.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number of Major Customers | 3 | 3 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 1 [Member] | |||||
Concentration Risk, Percentage | 39.00% | 41.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 2 [Member] | |||||
Concentration Risk, Percentage | 15.00% | 14.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 3 [Member] | |||||
Concentration Risk, Percentage | 11.00% | 14.00% | |||
Subordinated Debt [Member] | |||||
Long-term Debt | $ 89,529,000 | ||||
Bottles [Member] | |||||
Property, Plant and Equipment, Useful Life | 2 years | ||||
Minimum [Member] | |||||
Volume of Refillable Polycarbonate Bottles | gal | 3 | ||||
Property, Plant and Equipment, Useful Life | 2 years | ||||
Maximum [Member] | |||||
Volume of Refillable Polycarbonate Bottles | gal | 5 | ||||
Property, Plant and Equipment, Useful Life | 12 years | ||||
Glacier Water Trust I [Member] | |||||
Equity Method Investments | $ 2,629,000 | ||||
Glacier Water Trust I [Member] | Subordinated Debt [Member] | |||||
Long-term Debt | $ 89,529,000 | $ 89,529,000 | |||
Trust Common Securities in Glacier Water Trust I [Member] | |||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||
Trust Preferred Securities in Glacier Water Trust I [Member] | |||||
Available-for-sale Securities | $ 3,779,000 | ||||
Allowance for Sales Returns [Member] | |||||
Valuation Allowances and Reserves, Balance | 983,000 | 965,000 | $ 988,000 | $ 989,000 | |
Glacier Water Services, Inc. [Member] | |||||
Business Combination, Consideration Transferred | 200,220,000 | ||||
Business Combination, Contingent Consideration, Liability | 1,513,000 | ||||
Business Combination, Acquisition Related Costs | $ 3,935,000 | 0 | 0 | ||
Glacier Water Services, Inc. [Member] | Assumed Debt [Member] | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 78,797,000 | ||||
Merger Agreement [Member] | Commitment Letter [Member] | Goldman [Member] | |||||
Long-term Debt | $ 196,000,000 | ||||
Merger Agreement [Member] | Commitment Letter [Member] | Goldman [Member] | Maximum [Member] | |||||
Equity Method Investment, Ownership Percentage | 65.00% | ||||
DS Services of America, Inc. [Member] | |||||
Non-recurring Costs, Transition and Other Expenses | $ 786,000 | $ 252,000 | $ 2,806,000 |
Note 1 - Description of Busin48
Note 1 - Description of Business and Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Beginning Balance | $ 101,000 | $ 107,000 | $ 321,000 |
Amounts Charged or to Expense or Revenue | 18,000 | 1,000 | (273,000) |
Deductions | (14,000) | (7,000) | (59,000) |
Ending Balance | 105,000 | 101,000 | 107,000 |
Deductions | 14,000 | 7,000 | 59,000 |
Allowance for Sales Returns [Member] | |||
Beginning Balance | 965,000 | 988,000 | 989,000 |
Amounts Charged or to Expense or Revenue | 2,200,000 | 2,453,000 | 2,714,000 |
Deductions | (2,182,000) | (2,476,000) | (2,715,000) |
Ending Balance | 983,000 | 965,000 | 988,000 |
Deductions | $ 2,182,000 | $ 2,476,000 | $ 2,715,000 |
Note 2 - Glacier Acquisition (D
Note 2 - Glacier Acquisition (Details Textual) - USD ($) | Dec. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill, Acquired During Period | $ 91,822,000 | ||||
Glacier Water Services, Inc. [Member] | |||||
Business Combination, Consideration Transferred | $ 200,220,000 | ||||
Goodwill, Acquired During Period | $ 91,822,000 | ||||
Business Combination, Acquisition Related Costs | $ 3,935,000 | $ 0 | $ 0 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 6,602,000 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (327,000) | ||||
Glacier Water Services, Inc. [Member] | Customer Lists [Member] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | ||||
Glacier Water Services, Inc. [Member] | Developed Technology Rights [Member] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years |
Note 2 - Glacier Acquisition -
Note 2 - Glacier Acquisition - Aggregate Consideration Transferred (Details) - Glacier Water Services, Inc. [Member] - USD ($) | Dec. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash consideration | $ 49,397,000 | |||
Extinguishment of debt | 64,658,000 | |||
Noncontrolling interest retired | 40,978,000 | |||
Purchase price | 200,220,000 | |||
Common Stock [Member] | ||||
Common stock issued | 36,767,000 | $ 36,767,000 | ||
Warrants Issued [Member] | ||||
Common stock issued | $ 8,420,000 | $ 8,420,000 |
Note 2 - Glacier Acquisition 51
Note 2 - Glacier Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 12, 2016 | Dec. 31, 2015 |
Goodwill | $ 91,709 | $ 0 | |
Glacier Water Services, Inc. [Member] | |||
Cash acquired | $ 4,294 | ||
Property and equipment | 65,605 | ||
Identifiable intangible assets | 142,330 | ||
Investments and other assets | 11,765 | ||
Goodwill | 91,822 | ||
Deferred tax liability | (13,607) | ||
Net liabilities assumed | (101,989) | ||
Aggregate purchase price | $ 200,220 |
Note 2 - Glacier Acquisition 52
Note 2 - Glacier Acquisition - Pro Forma Consolidated Results of Operation (Details) - Glacier Water Services, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 272,923 | $ 265,279 |
Pro forma net loss | $ (15,007) | $ (2,020) |
Net loss attributable to common shareholders (in dollars per share) | $ (0.53) | $ (0.07) |
Note 3 - Goodwill and Intangi53
Note 3 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortization of Intangible Assets | $ 1,066 | $ 984 | $ 1,215 |
Note 3 - Goodwill and Intangi54
Note 3 - Goodwill and Intangible Assets - Change in Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Balance at beginning of period | $ 0 |
Acquisition of Glacier | 91,822 |
Effect of foreign currency translation | (113) |
Balance at end of period | $ 91,709 |
Note 3 - Goodwill and Intangi55
Note 3 - Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-lived, Gross Carrying Amount | $ 96,019 | $ 16,437 |
Accumulated Amortization | (9,462) | (8,363) |
Finite-lived, Net | $ 86,557 | $ 8,074 |
Weighted Average Life (Year) | 15 years | 15 years |
Intangible Assets, Gross Carrying Amount | $ 158,919 | $ 16,437 |
Net Intangible Assets | 149,457 | 8,074 |
Trade Names [Member] | ||
Indefinite-lived, Gross Carrying Amount | 62,900 | |
Customer Relationships [Member] | ||
Finite-lived, Gross Carrying Amount | 93,678 | 14,977 |
Accumulated Amortization | (8,220) | (7,164) |
Finite-lived, Net | $ 85,458 | $ 7,813 |
Weighted Average Life (Year) | 15 years | 15 years |
Patents [Member] | ||
Finite-lived, Gross Carrying Amount | $ 1,228 | $ 1,205 |
Accumulated Amortization | (1,200) | (1,192) |
Finite-lived, Net | $ 28 | $ 13 |
Weighted Average Life (Year) | 3 years | 3 years |
Developed Technology Rights [Member] | ||
Finite-lived, Gross Carrying Amount | $ 830 | |
Accumulated Amortization | (5) | |
Finite-lived, Net | $ 825 | |
Weighted Average Life (Year) | 8 years | |
Trademarks [Member] | ||
Finite-lived, Gross Carrying Amount | $ 283 | $ 255 |
Accumulated Amortization | (37) | (7) |
Finite-lived, Net | $ 246 | $ 248 |
Weighted Average Life (Year) | 15 years | 15 years |
Note 3 - Goodwill and Intangi56
Note 3 - Goodwill and Intangible Assets - Amortization Schedule for Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 5,075 | |
2,018 | 5,069 | |
2,019 | 5,066 | |
2,020 | 5,066 | |
2,021 | 5,066 | |
Thereafter | 61,215 | |
Total | $ 86,557 | $ 8,074 |
Note 4 - Discontinued Operati57
Note 4 - Discontinued Operations (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | $ 1,901,000 | $ 15,000 |
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | $ 0 | $ 1,942,000 |
Note 4 - Discontinued Operati58
Note 4 - Discontinued Operations - Operating Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 219 | ||
Cost of sales | 1 | 7 | 264 |
Selling, general and administrative expenses | 47 | 93 | 358 |
Barter credit impairment | 196 | ||
Total operating costs and expenses | 48 | 296 | 622 |
Loss from discontinued operations | $ (48) | $ (296) | $ (403) |
Note 5 - Bottles (Details Textu
Note 5 - Bottles (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation, Depletion and Amortization | $ 634 | $ 10,541 | $ 10,432 | $ 10,655 |
Bottles [Member] | ||||
Depreciation, Depletion and Amortization | $ 2,200 | $ 2,346 | $ 2,452 |
Note 5 - Bottles - Depreciation
Note 5 - Bottles - Depreciation Schedule for Bottles (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cost | $ 141,265 | $ 71,541 |
Less accumulated depreciation | (40,934) | (39,178) |
Property, plant and equipment, net | 100,331 | 32,363 |
Bottles [Member] | ||
Cost | 4,432 | 4,653 |
Less accumulated depreciation | (280) | (965) |
Property, plant and equipment, net | $ 4,152 | $ 3,688 |
Note 6 - Property and Equipme61
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impairment of Long-Lived Assets to be Disposed of | $ 104 | $ 824 | ||
Gain (Loss) on Disposition of Property Plant Equipment | (749) | (500) | (2,104) | |
Depreciation, Depletion and Amortization | $ 634 | 10,541 | 10,432 | 10,655 |
Vending Equipment [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | (745) | (430) | (573) | |
Property and Equipment [Member] | ||||
Depreciation, Depletion and Amortization | $ 7,260 | $ 7,103 | $ 6,988 |
Note 6 - Property and Equipme62
Note 6 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property and Equipment, Gross | $ 141,265 | $ 71,541 |
Less Accumulated Depreciation and Amortization | (40,934) | (39,178) |
Property and Equipment, Net | 100,331 | 32,363 |
Machinery and Equipment [Member] | ||
Property and Equipment, Gross | 8,396 | 7,209 |
Vending Equipment [Member] | ||
Property and Equipment, Gross | 88,584 | 26,155 |
Racks and Display Panels [Member] | ||
Property and Equipment, Gross | 30,954 | 32,065 |
Software and Computer Equipment [Member] | ||
Property and Equipment, Gross | 4,074 | 4,298 |
Vehicles Under Capital Leases [Member] | ||
Property and Equipment, Gross | 1,330 | 772 |
Equipment not in Service [Member] | ||
Property and Equipment, Gross | 6,835 | 1,025 |
Other Property and Equipment [Member] | ||
Property and Equipment, Gross | $ 1,092 | $ 17 |
Note 6 - Property and Equipme63
Note 6 - Property and Equipment - Gain (Loss) on Sale and Impairment of Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Refill vending equipment impairments | $ 104 | $ 824 | |
Loss on disposal and impairment of property and equipment | 749 | 500 | 2,104 |
Loss (gain) on other disposals | 4 | (34) | 95 |
Loss on disposal and impairment of property and equipment | 749 | 500 | 2,104 |
Racks and Display Panels [Member] | |||
Loss on disposal and impairment of property and equipment | 612 | ||
Vending Equipment [Member] | |||
Loss on disposal and impairment of property and equipment | $ 745 | $ 430 | $ 573 |
Note 7 - Accrued Expense and 64
Note 7 - Accrued Expense and Other Current Liabilities - Current Accrued Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued distributor, service provider and commission payments | $ 5,224,000 | $ 309,000 |
Accrued payroll and related items | 3,402,000 | 1,718,000 |
Accrued professional expenses | 85,000 | 37,000 |
Accrued interest | 361,000 | 74,000 |
Accrued sales tax payable | 254,000 | 52,000 |
Accrued sales allowances | 181,000 | 541,000 |
Customer Deposits, Current | 759,000 | 689,000 |
Other | 4,755,000 | 313,000 |
Current liabilities of disposal group held for sale | 1,901,000 | 15,000 |
Accrued expenses and other current liabilities | $ 16,922,000 | $ 3,748,000 |
Note 8 - Debt, Capital Leases65
Note 8 - Debt, Capital Leases and Notes Payable (Details Textual) | Dec. 12, 2016USD ($) | Sep. 30, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Payments of Debt Issuance Costs | $ 4,182,000 | $ 640,000 | |||
Total Leverage Ratio | 3.73 | ||||
Long-term Debt | $ 272,447,000 | 20,075,000 | |||
Capital Lease, Outstanding, Number | 48 | ||||
Subordinated Debt [Member] | |||||
Long-term Debt | $ 89,529,000 | ||||
Glacier Water Trust I [Member] | Subordinated Debt [Member] | |||||
Long-term Debt | $ 89,529,000 | 89,529,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 9.0625% | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Revolving Credit Facility [Member] | |||||
Long-term Line of Credit | 0 | ||||
Prior Senior Revolving Credit Facility [Member] | |||||
Repayments of Long-term Debt | $ 20,000,000 | ||||
Amortization of Debt Discount (Premium) | $ 285,000 | ||||
Penalty on Early Repayment of Debt | $ 2,816,000 | ||||
Goldman [Member] | |||||
Debt Instrument, Covenant, Maximum Fixed Charge Coverage Ratio | 1.2 | ||||
Debt Instrument, Covenant, Maximum Leverage Ratio | 4.25 | ||||
Debt Instrument, Covenant, Minimum Consolidated Liquidity | $ 3,500 | ||||
Goldman [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||
Payments of Debt Issuance Costs | $ 4,041,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,100,000 | ||||
Goldman [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Goldman [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||||
Goldman [Member] | Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||
Goldman [Member] | Commitment Letter [Member] | Merger Agreement [Member] | |||||
Debt Instrument, Fee Amount | $ 186,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
Debt Instrument, Annual Principal Payment | $ 1,860,000 | ||||
Long-term Debt | 196,000,000 | ||||
Goldman [Member] | Commitment Letter [Member] | Merger Agreement [Member] | Maximum [Member] | |||||
Equity Method Investment, Ownership Percentage | 65.00% | ||||
Goldman [Member] | Commitment Letter [Member] | Merger Agreement [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 |
Note 8 - Debt, Capital Leases66
Note 8 - Debt, Capital Leases and Notes Payable - Summary of Debt, Capital Leases and Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term debt and capital leases, net of debt issuance costs | $ 272,447 | $ 20,075 |
Long-term debt and capital leases, net of debt issuance costs | 272,447 | 20,075 |
Less current portion | (2,183) | (172) |
Long-term debt and capital leases, net of current portion and debt issuance costs | 270,264 | 19,903 |
Term Notes [Member] | ||
Long-term debt, gross | 186,000 | 20,000 |
Revolving Credit Facility and Term Notes [Member] | ||
Debt issuance costs | (3,794) | (386) |
Long-term debt and capital leases, net of debt issuance costs | 182,206 | 19,614 |
Long-term debt and capital leases, net of debt issuance costs | 182,206 | 19,614 |
Subordinated Debt [Member] | ||
Long-term debt and capital leases, net of debt issuance costs | 89,529 | |
Long-term debt and capital leases, net of debt issuance costs | 89,529 | |
Capital Lease Obligations [Member] | ||
Long-term debt and capital leases, net of debt issuance costs | 712 | 461 |
Long-term debt and capital leases, net of debt issuance costs | $ 712 | $ 461 |
Note 8 - Debt, Capital Leases67
Note 8 - Debt, Capital Leases and Notes Payable - Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 2,307 |
2,018 | 2,243 |
2,019 | 1,997 |
2,020 | 1,860 |
2,021 | 178,560 |
Thereafter | 89,529 |
Long-term debt | 276,496 |
Less: amounts representing estimated executory and debt issuance costs | (3,952) |
Less: amounts representing interest | (97) |
Long-term debt, total | 272,447 |
Capital Lease Obligations [Member] | |
2,017 | 447 |
2,018 | 383 |
2,019 | 137 |
2,020 | |
2,021 | |
Thereafter | |
Long-term debt | 967 |
Less: amounts representing estimated executory and debt issuance costs | (158) |
Less: amounts representing interest | (97) |
Long-term debt, total | 712 |
Term Notes [Member] | |
2,017 | 1,860 |
2,018 | 1,860 |
2,019 | 1,860 |
2,020 | 1,860 |
2,021 | 178,560 |
Thereafter | |
Long-term debt | 186,000 |
Less: amounts representing estimated executory and debt issuance costs | (3,794) |
Less: amounts representing interest | |
Long-term debt, total | 182,206 |
Subordinated Debt [Member] | |
2,017 | |
2,018 | |
2,019 | |
2,020 | |
2,021 | |
Thereafter | 89,529 |
Long-term debt | 89,529 |
Less: amounts representing estimated executory and debt issuance costs | |
Less: amounts representing interest | |
Long-term debt, total | $ 89,529 |
Note 9 - Warrant Liability (Det
Note 9 - Warrant Liability (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Dec. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.08 | $ 8.36 | $ 5.14 | |
Derivative Liability | $ 8,180 | |||
Fair Value Adjustment of Warrants | (240) | |||
Glacier Water Services, Inc. [Member] | Warrant [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.88 | |||
Derivative Liability | $ 8,420 | 8,180 | ||
Fair Value Adjustment of Warrants | $ (240) | |||
Glacier Water Services, Inc. [Member] | Warrants Issued [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2 | |||
Class of Warrant Right, Vesting Rights, Percentage, Tranche One | 33.00% | |||
Class of Warrant Right, Vesting Rights, Percentage, Tranche Two | 33.00% | |||
Class of Warrant Right, Vesting Rights, Percentage, Tranche Three | 34.00% |
Note 9 - Warrant Liability - Va
Note 9 - Warrant Liability - Valuation Assumptions (Details) - Warrant [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Expected life in years (Year) | 4 years 346 days | 5 years |
Risk-free interest rate | 1.92% | 1.90% |
Expected volatility | 33.00% | 33.00% |
Dividend yield | 0.00% | 0.00% |
Note 10 - Shareholders' Equit70
Note 10 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Jan. 02, 2014 | Nov. 06, 2012 | Nov. 05, 2012 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8.36 | $ 5.14 | $ 5.08 | |||
Class of Warrant or Right, Outstanding | 1,477 | 2,677 | 856 | |||
Convest Warrant [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,731 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.30 | |||||
Class of Warrant or Right, Partial Exercise Price of Warrants or Rights | $ 1.20 | |||||
Stock Issued During Period, Shares, New Issues | 973 | 292 | ||||
Class of Warrant or Right, Partially Cashless Exercise of Warrants or Rights | 1,200 | 400 | ||||
Convest Warrant [Member] | Insider Participants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 131 | |||||
Class of Warrant or Right, Outstanding | 131 | |||||
DS Services of America, Inc. [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 475 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.04 | |||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 589 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity - Warrant Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Warrants outstanding, warrants (in shares) | 1,477 | 2,677 | |
Warrants outstanding,weighted average exercise price (in dollars per share) | $ 8.36 | $ 5.14 | |
Warrants outstanding, weighted average remaining contractual life (Year) | 3 years 167 days | 2 years 295 days | 4 years 182 days |
Exercised, warrants (in shares) | (21) | (1,200) | |
Exercised, weighted average exercise price (in dollars per share) | $ 10.89 | $ 1.20 | |
Warrants outstanding, warrants (in shares) | 856 | 1,477 | 2,677 |
Warrants outstanding, weighted average exercise price (in dollars per share) | $ 5.08 | $ 8.36 | $ 5.14 |
Forfeited, warrants (in shares) | (600) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 13.04 |
Note 11 - Stock-based Compens72
Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 11, 2016 | |
Purchase Price Specified as Percentage of Fair Market Value | 85.00% | |||
Employee Stock Ownership Plan, Maximum Employee Subscription Rate | 15.00% | |||
Employee Stock Ownership Plan, Maximum Employee Contribution | $ 25 | |||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 26 | |||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $ 6.80 | |||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | 39 | |||
Target EBITDA One | $ 15,000 | |||
Target EBITDA Two | 24,000 | |||
Target EBITDA Three | $ 28,000 | |||
Share-based Compensation, Percentage of Market Capital Appreciation of Stock, First Issuance | 15.00% | |||
Trading Days after Public Announcement of Financial Results for the Fiscal Year | 2 days | |||
Share-based Compensation, Percentage of Market Capital Appreciation of Stock, Second Issuance | 17.50% | |||
Allocated Share-based Compensation Expense | $ 255 | $ 1,310 | $ 2,566 | |
Value Creation Plan [Member] | ||||
Allocated Share-based Compensation Expense | 6,248 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,482 | |||
Employee Stock Option [Member] | ||||
Specified Percentage of Exercise Price Equal to the Fair Market Value | 100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.05 | $ 2.46 | $ 1.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,334 | $ 241 | $ 209 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,612 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 328 days | |||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 425 | $ 113 | $ 110 | |
Restricted Stock [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,187 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | |||
Stock Plan 2010 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,150 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 913 |
Note 11 - Stock-based Compens73
Note 11 - Stock-based Compensation - Non-cash Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-cash stock-based compensation expense included in selling, general and administrative expenses | $ 255 | $ 1,310 | $ 2,566 |
Selling, General and Administrative Expenses [Member] | |||
Non-cash stock-based compensation expense included in selling, general and administrative expenses | 7,975 | 2,601 | 4,023 |
Selling, General and Administrative Expenses [Member] | Value Creation Plan [Member] | |||
Non-cash stock-based compensation expense included in selling, general and administrative expenses | 6,503 | 1,310 | 2,566 |
Selling, General and Administrative Expenses [Member] | Employee Stock Purchase Plan [Member] | |||
Non-cash stock-based compensation expense included in selling, general and administrative expenses | 77 | 57 | 40 |
Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member] | |||
Non-cash stock-based compensation expense included in selling, general and administrative expenses | 638 | 541 | 420 |
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | |||
Non-cash stock-based compensation expense included in selling, general and administrative expenses | $ 757 | $ 693 | $ 997 |
Note 11 - Stock-based Compens74
Note 11 - Stock-based Compensation - Stock Option Valuation Assumption (Details) - Employee Stock Option [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected life of options in years (Year) | |||
Risk-free interest rate | |||
Expected volatility | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Expected life of options in years (Year) | 6 years | 6 years | 6 years |
Risk-free interest rate | 1.30% | 1.70% | 1.80% |
Expected volatility | 37.00% | 43.00% | 45.00% |
Maximum [Member] | |||
Expected life of options in years (Year) | 6 years 109 days | 6 years 109 days | 6 years 109 days |
Risk-free interest rate | 2.20% | 1.80% | 2.00% |
Expected volatility | 44.00% | 45.00% | 47.00% |
Note 11 - Stock-based Compens75
Note 11 - Stock-based Compensation - Stock Option Activity (Details) - Employee Stock Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Options outstanding (in shares) | shares | 1,958 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 4.05 |
Options granted (in shares) | shares | 320 |
Options granted, weighted average exercise price (in dollars per share) | $ / shares | $ 11.59 |
Options exercised (in shares) | shares | (148) |
Options exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 2.87 |
Options forfeited (in shares) | shares | (141) |
Options forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 6 |
Options outstanding (in shares) | shares | 1,989 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 5.21 |
Options outstanding, weighted average remaining life (Year) | 6 years 219 days |
Options outstanding, aggregate intrinsic value | $ | $ 14,397 |
Options vested and expected to vest (in shares) | shares | 1,901 |
Options vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 5.09 |
Options vested and expected to vest, weighted average remaining life (Year) | 6 years 182 days |
Options vested and expected to vest, aggregate intrinsic value | $ | $ 13,959 |
Options exercisable (in shares) | shares | 1,276 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 3.76 |
Options exercisable, weighted average remaining life (Year) | 5 years 146 days |
Options exercisable, aggregate intrinsic value | $ | $ 11,152 |
Note 11 - Stock-based Compens76
Note 11 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Unvested, outstanding (in shares) | shares | 15 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.35 |
Restricted stock, granted (in shares) | shares | 353 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.73 |
Restricted stock, vested (in shares) | shares | (146) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.34 |
Restricted stock, forfeited (in shares) | shares | (20) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.87 |
Unvested, outstanding (in shares) | shares | 202 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.33 |
Note 11 - Stock-based Compens77
Note 11 - Stock-based Compensation - Fair Value Assumptions of Value Creation Plan (Details) - Value Creation Plan [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Total fair value | $ | $ 4,130 |
Assumptions: | |
Stock price (in dollars per share) | $ / shares | $ 1.39 |
Expected life of options in years (Year) | |
Risk-free interest rate | |
Expected volatility | |
Dividend yield | 0.00% |
Minimum [Member] | |
Total fair value | $ | |
Assumptions: | |
Stock price (in dollars per share) | $ / shares | $ 1.76 |
Expected life of options in years (Year) | 1 year 146 days |
Risk-free interest rate | 0.30% |
Expected volatility | 41.30% |
Dividend yield | |
Maximum [Member] | |
Total fair value | $ | |
Assumptions: | |
Stock price (in dollars per share) | $ / shares | $ 3.96 |
Expected life of options in years (Year) | 2 years 292 days |
Risk-free interest rate | 0.60% |
Expected volatility | 46.10% |
Dividend yield |
Note 11 - Stock-based Compens78
Note 11 - Stock-based Compensation - Fair Value Assumptions of $24,000 EBITDA Target Award (Details) - Value Creation Plan, $24,000 Adjusted EBITDA [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / shares | |
Total fair value | $ | $ 7,730 |
Assumptions: | |
Stock price (in dollars per share) | $ 9.39 |
Fair value measurement date stock price (in dollars per share) | $ 9.39 |
Expected life of options in years (Year) | 1 year 255 days |
Risk-free interest rate | 0.70% |
Expected volatility | 37.50% |
Dividend yield | 0.00% |
Note 12 - Commitments and Con79
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 05, 2014 | |
Operating Leases, Rent Expense, Net | $ 1,574,000 | $ 1,318,000 | $ 1,239,000 | |
Omnifrio Single-serve Beverage Business [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||||
Deferred Purchase Price Payments | 1,901,000 | 15,000 | ||
Omnifrio Single-serve Beverage Business [Member] | Liabilities of Disposal Group, Net of Current Portion, and Other Long-term Liabilities [Member] | ||||
Deferred Purchase Price Payments | $ 0 | $ 1,942,000 | ||
Prism Arbitration [Member] | ||||
Loss Contingency, Damages Claimed, Value | $ 1,000,000 |
Note 12 - Commitments and Con80
Note 12 - Commitments and Contingencies - Operating Lease Future Minimum Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 1,360 |
2,018 | 754 |
2,019 | 613 |
2,020 | 512 |
2,021 | 22 |
Thereafter | |
Total | $ 3,261 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Tax Assets, Valuation Allowance | $ 78,794 | $ 77,308 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,486 | $ (3,478) |
Unrecognized Tax Benefits | 0 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards | 222,746 | |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards | 15,213 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 150,626 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal statutory taxes | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal tax benefit | 1.30% | 4.80% | 3.70% |
Foreign taxes less than the domestic rate | (0.20%) | 3.70% | (0.50%) |
Permanent differences | (0.50%) | 1.50% | (0.20%) |
Nondeductible acquisition costs | (20.00%) | 0.00% | 0.00% |
Change in valuation allowance | (14.80%) | (154.90%) | (35.60%) |
Changes in rates and other true-ups | 0.30% | 110.90% | 0.00% |
Other | (0.10%) | 0.00% | (1.40%) |
Effective income tax rate | 0.00% | 0.00% | 0.00% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Federal net operating loss carryforward | $ 75,734 | $ 46,183 |
State loss carryforward | 4,717 | 3,706 |
Goodwill | 17,857 | 19,688 |
Other intangible assets | 3,071 | |
Allowance for bad debts | 628 | 600 |
Stock-based compensation | 4,992 | 2,520 |
Accrued expenses | 508 | 374 |
Inventory | 31 | 39 |
Fixed assets | ||
Other | 3,049 | 1,266 |
Total gross deferred tax assets | 107,516 | 77,447 |
Deferred tax liabilities: | ||
Fixed assets | (13,546) | (139) |
Intangible assets | (28,783) | |
Total gross deferred tax liabilities | (42,329) | (139) |
Valuation allowance | (78,794) | (77,308) |
Total net deferred liability | $ (13,607) |
Note 14 - Fair Value Measurem84
Note 14 - Fair Value Measurements - Assets Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash equivalents | $ 675 | $ 507 |
Investment in Glacier securities | 3,779 | |
Total assets | 4,454 | 507 |
Cash equivalents | 675 | 507 |
Liabilities: | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 8,180 | |
Contingent consideration | 1,513 | |
Total liabilities | 9,693 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 675 | 507 |
Investment in Glacier securities | ||
Total assets | 675 | 507 |
Cash equivalents | 675 | $ 507 |
Liabilities: | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | ||
Contingent consideration | ||
Total liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Cash equivalents | ||
Investment in Glacier securities | 3,779 | |
Total assets | 3,779 | |
Cash equivalents | ||
Liabilities: | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | ||
Contingent consideration | ||
Total liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Cash equivalents | ||
Investment in Glacier securities | ||
Total assets | ||
Cash equivalents | ||
Liabilities: | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 8,180 | |
Contingent consideration | 1,513 | |
Total liabilities | $ 9,693 |
Note 14 - Fair Value Measurem85
Note 14 - Fair Value Measurements - Level 3 Fair Value Measurements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Warrant Liability [Member] | |
Balance | |
Acquisition of Glacier | 8,420 |
Change in fair value | (240) |
Balance | 8,180 |
Contingent Consideration [Member] | |
Balance | |
Acquisition of Glacier | 1,513 |
Change in fair value | |
Balance | $ 1,513 |
Note 15 - Earnings (Loss) Per86
Note 15 - Earnings (Loss) Per Share (Details Textual) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,792 | 1,267 | 3,154 |
Share-based Compensation, Target EBITDA Fiscal Year Following Next Twelve Months, Bonus Program | $ 15 |
Note 15 - Earnings (Loss) Per87
Note 15 - Earnings (Loss) Per Share - Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic: | |||||||||||
(Loss) income from continuing operations | $ (5,898) | $ 2,153 | $ (13,064) | ||||||||
Loss from discontinued operations | (48) | (296) | (403) | ||||||||
Net (loss) income | $ (11,698) | $ 2,456 | $ 2,265 | $ 1,031 | $ 44 | $ 1,324 | $ 726 | $ (237) | $ (5,946) | $ 1,857 | $ (13,467) |
Weighted average shares (in shares) | 28,456 | 25,190 | 24,339 | ||||||||
Basic (loss) earnings per share from continuing operations (in dollars per share) | $ (0.40) | $ 0.09 | $ 0.08 | $ 0.04 | $ 0.01 | $ 0.05 | $ 0.03 | $ (0.01) | $ (0.21) | $ 0.08 | $ (0.54) |
Basic loss per share from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | 0 | (0.01) | 0 | 0 | 0 | 0 | (0.01) | (0.01) |
Basic (loss) earnings per share (in dollars per share) | $ (0.39) | $ 0.08 | $ 0.08 | $ 0.04 | $ 0 | $ 0.05 | $ 0.03 | $ (0.01) | $ (0.21) | $ 0.07 | $ (0.55) |
Diluted: | |||||||||||
(Loss) income from continuing operations | $ (5,898) | $ 2,153 | $ (13,064) | ||||||||
Loss from discontinued operations | (48) | (296) | (403) | ||||||||
Net (loss) income | $ (11,698) | $ 2,456 | $ 2,265 | $ 1,031 | $ 44 | $ 1,324 | $ 726 | $ (237) | $ (5,946) | $ 1,857 | $ (13,467) |
Weighted average shares (in shares) | 28,456 | 25,190 | 24,339 | ||||||||
Potential shares arising from stock options, restricted stock, warrants and contingently issuable shares under the VCP (in shares) | 1,811 | ||||||||||
Weighted average shares - diluted (in shares) | 28,456 | 27,001 | 24,339 | ||||||||
Diluted (loss) earnings per share from continuing operations (in dollars per share) | $ (0.40) | $ 0.08 | $ 0.08 | $ 0.04 | $ 0.01 | $ 0.05 | $ 0.03 | $ (0.01) | $ (0.21) | $ 0.08 | $ (0.54) |
Diluted loss per share from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | 0 | (0.01) | (0.01) |
Diluted (loss) earnings per share (in dollars per share) | $ (0.39) | $ 0.08 | $ 0.08 | $ 0.04 | $ 0 | $ 0.05 | $ 0.03 | $ (0.01) | $ (0.21) | $ 0.07 | $ (0.55) |
Note 16 - Segments (Details Tex
Note 16 - Segments (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Operating Segments | 2 | ||
Number of Reportable Segments | 2 | ||
U.S. Operations in Net Sales, Percentage | 95.50% | 94.90% | 93.30% |
Canadian Operations in Net Sales, Percentage | 4.50% | 5.10% | 6.70% |
U.S. Operations in Property and Equipment, Percentage | 95.20% | ||
Canadian Operations in Property and Equipment, Percentage | 4.00% | 4.80% |
Note 16 - Segments - Segment In
Note 16 - Segments - Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment net sales | $ 40,356,000 | $ 35,504,000 | $ 34,385,000 | $ 32,296,000 | $ 31,476,000 | $ 33,863,000 | $ 32,399,000 | $ 29,213,000 | $ 142,541,000 | $ 126,951,000 | $ 106,322,000 |
Segment income (loss) from operations | $ (7,345,000) | $ 2,950,000 | $ 2,767,000 | $ 1,513,000 | 726,000 | $ 1,833,000 | $ 1,261,000 | $ 320,000 | (115,000) | 4,140,000 | (6,739,000) |
Non-recurring and acquisition-related costs | (4,753,000) | (275,000) | (2,881,000) | ||||||||
Depreciation and amortization | (634,000) | (10,541,000) | (10,432,000) | (10,655,000) | |||||||
Loss on disposal and impairment of property and equipment | (749,000) | (500,000) | (2,104,000) | ||||||||
Depreciation and amortization | $ 634,000 | 10,541,000 | 10,432,000 | 10,655,000 | |||||||
Capital expenditures | 12,553,000 | 7,842,000 | 7,922,000 | ||||||||
Dispensers [Member] | |||||||||||
Capital expenditures | 146,000 | 108,000 | 436,000 | ||||||||
Operating Segments [Member] | |||||||||||
Non-recurring and acquisition-related costs | (4,753,000) | (275,000) | (2,881,000) | ||||||||
Operating Segments [Member] | Water [Member] | |||||||||||
Segment net sales | 102,580,000 | 89,623,000 | 71,360,000 | ||||||||
Segment income (loss) from operations | 35,102,000 | 28,835,000 | 22,585,000 | ||||||||
Depreciation and amortization | (10,011,000) | (9,781,000) | (9,740,000) | ||||||||
Depreciation and amortization | 10,011,000 | 9,781,000 | 9,740,000 | ||||||||
Capital expenditures | 11,853,000 | 7,535,000 | 7,326,000 | ||||||||
Operating Segments [Member] | Dispensers [Member] | |||||||||||
Segment net sales | 39,961,000 | 37,328,000 | 34,962,000 | ||||||||
Segment income (loss) from operations | 3,097,000 | 1,851,000 | 1,452,000 | ||||||||
Depreciation and amortization | (157,000) | (259,000) | (332,000) | ||||||||
Depreciation and amortization | 157,000 | 259,000 | 332,000 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment income (loss) from operations | (22,271,000) | (15,339,000) | (15,136,000) | ||||||||
Depreciation and amortization | (373,000) | (392,000) | (583,000) | ||||||||
Depreciation and amortization | 373,000 | 392,000 | 583,000 | ||||||||
Capital expenditures | $ 554,000 | $ 199,000 | $ 160,000 |
Note 16 - Segments - Identifiab
Note 16 - Segments - Identifiable Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Identifiable assets | $ 391,385 | $ 64,487 | $ 65,748 |
Corporate, Non-Segment [Member] | |||
Identifiable assets | 3,780 | 1,027 | 1,915 |
Water [Member] | Operating Segments [Member] | |||
Identifiable assets | 376,403 | 50,617 | 52,758 |
Dispensers [Member] | Operating Segments [Member] | |||
Identifiable assets | $ 11,202 | $ 12,843 | $ 11,075 |
Note 17 - Supplemental Cash F91
Note 17 - Supplemental Cash Flow Information - Condensed Supplemental Information (Details) - USD ($) $ in Thousands | Dec. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash paid for interest | $ 5,317 | $ 1,493 | $ 3,319 | |
Noncash investing and financing activities: | ||||
Assets acquired under capital leases | 523 | 345 | 427 | |
Accrued capital expenditures | 415 | 1,054 | 615 | |
Glacier Water Services, Inc. [Member] | Warrants Issued [Member] | ||||
Noncash investing and financing activities: | ||||
Warrants issued in connection with Glacier acquisition | $ 8,420 | 8,420 | ||
Glacier Water Services, Inc. [Member] | Common Stock [Member] | ||||
Noncash investing and financing activities: | ||||
Warrants issued in connection with Glacier acquisition | $ 36,767 | $ 36,767 |
Note 18 - Employee Retirement92
Note 18 - Employee Retirement Savings Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum Eligibility, Age for Employee Retirement Savings Plan | 21 years | ||
Defined Contribution Plan, Required Service Period | 60 days | ||
Defined Contribution Plan, Employee Contribution Vesting Percentage | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Annual Vesting Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ||
Defined Benefit Plan, Maximum Employee Contribution Percentage, Eligible for Matching by Employer | 6.00% | ||
Defined Contribution Plan, Employer Contribution Percentage, Contingent Upon Company Performance | 50.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 208 | $ 147 | $ 87 |
Note 19 - Selected Quarterly 93
Note 19 - Selected Quarterly Financial Information (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingency, Loss in Period | $ 1,017 | |||
Depreciation, Depletion and Amortization | $ 634 | $ 10,541 | $ 10,432 | $ 10,655 |
Note 19 - Selected Quarterly 94
Note 19 - Selected Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment net sales | $ 40,356 | $ 35,504 | $ 34,385 | $ 32,296 | $ 31,476 | $ 33,863 | $ 32,399 | $ 29,213 | $ 142,541 | $ 126,951 | $ 106,322 |
Total operating costs and expenses | 47,701 | 32,554 | 31,618 | 30,783 | 30,750 | 32,030 | 31,138 | 28,893 | 142,656 | 122,811 | 113,061 |
Segment income (loss) from operations | (7,345) | 2,950 | 2,767 | 1,513 | 726 | 1,833 | 1,261 | 320 | (115) | 4,140 | (6,739) |
Net (loss) income | $ (11,698) | $ 2,456 | $ 2,265 | $ 1,031 | $ 44 | $ 1,324 | $ 726 | $ (237) | $ (5,946) | $ 1,857 | $ (13,467) |
Basic (loss) earnings per share from continuing operations (in dollars per share) | $ (0.40) | $ 0.09 | $ 0.08 | $ 0.04 | $ 0.01 | $ 0.05 | $ 0.03 | $ (0.01) | $ (0.21) | $ 0.08 | $ (0.54) |
Basic loss per share from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | 0 | (0.01) | 0 | 0 | 0 | 0 | (0.01) | (0.01) |
Basic (loss) earnings per share (in dollars per share) | (0.39) | 0.08 | 0.08 | 0.04 | 0 | 0.05 | 0.03 | (0.01) | (0.21) | 0.07 | (0.55) |
Diluted (loss) earnings per share from continuing operations (in dollars per share) | (0.40) | 0.08 | 0.08 | 0.04 | 0.01 | 0.05 | 0.03 | (0.01) | (0.21) | 0.08 | (0.54) |
Diluted loss per share from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | 0 | (0.01) | (0.01) |
Diluted (loss) earnings per share (in dollars per share) | $ (0.39) | $ 0.08 | $ 0.08 | $ 0.04 | $ 0 | $ 0.05 | $ 0.03 | $ (0.01) | $ (0.21) | $ 0.07 | $ (0.55) |
Note 20 - Subsequent Event (Det
Note 20 - Subsequent Event (Details Textual) | Mar. 13, 2017shares |
Subsequent Event [Member] | Glacier Water Services, Inc. [Member] | |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.54 |