Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 15, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | HG Holdings, Inc. | |
Entity Central Index Key | 797,465 | |
Trading Symbol | stly | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 14,758,933 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash | $ 6,843,000 | |
Restricted cash | 632,000 | 631,000 |
Prepaid expenses and other current assets | 31,000 | 4,000 |
Current assets from discontinued operations | 27,893,000 | |
Total current assets | 7,506,000 | 28,528,000 |
Subordinated note receivable | 4,850,000 | |
Investment in closely held company | 168,000 | |
Other assets | 480,000 | 465,000 |
Noncurrent assets from discontinued operations | 3,577,000 | |
Total assets | 13,004,000 | 32,570,000 |
LIABILITIES | ||
Accounts payable | 6,000 | |
Accrued salaries, wages and benefits | 65,000 | 65,000 |
Other accrued expenses | 98,000 | 28,000 |
Current liabilities from discontinued operations | 560,000 | 12,647,000 |
Total current liabilities | 729,000 | 12,740,000 |
Other long-term liabilities | 836,000 | 817,000 |
Long-term liabilities from discontinued operations | 6,778,000 | |
Total liabilities | 1,565,000 | 20,335,000 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 25,000,000 shares authorized, 14,597,643 and 14,920,117 shares issued and outstanding on each respective date | 298,000 | 298,000 |
Capital in excess of par value | 17,253,000 | 17,104,000 |
Retained deficit | (6,112,000) | (2,745,000) |
Accumulated other comprehensive loss | (2,422,000) | |
Total stockholders’ equity | 11,439,000 | 12,235,000 |
Total liabilities and stockholders’ equity | $ 13,004,000 | $ 32,570,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 14,597,643 | 14,920,117 |
Common stock, shares outstanding (in shares) | 14,597,643 | 14,920,117 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Expenses | ||
General and administrative expenses | $ (412) | $ (272) |
Total operating expenses | (412) | (272) |
Interest Income | 75 | |
Loss from continuing operations before income taxes | (337) | (272) |
Income tax expense | (19) | |
Loss from continuing operations | (356) | (272) |
Discontinued operations | ||
Loss from discontinued operations (including loss on sale of assets of $865) | (3,011) | (145) |
Income tax benefit | (1) | |
Loss from discontinued operations | (3,011) | (144) |
Net loss | $ (3,367) | $ (416) |
Basic and diluted loss per share: | ||
Loss from continuing operations (in dollars per share) | $ (0.02) | $ (0.02) |
Loss from discontinued operations (in dollars per share) | (0.21) | (0.01) |
Net Loss (in dollars per share) | $ (0.23) | $ (0.03) |
Weighted average shares outstanding: | ||
Basic (in shares) | 14,573 | 14,187 |
Diluted (in shares) | 14,573 | 14,187 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 02, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Loss on sale of assets | $ (865) | $ (865) | $ (865) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Net loss | $ (3,367) | $ (416) |
Other comprehensive income: | ||
Amortization of actuarial loss | 25 | |
Adjustments to net periodic postretirement benefit cost | 25 | |
Settlement of employee benefit obligations directly related to the disposal transaction | 2,422 | |
Comprehensive loss | $ (945) | $ (391) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Mar. 31, 2017 | |
Net loss from continuing operations | $ (356) | $ (272) | $ (272) |
Changes in assets and liabilities: | |||
Prepaid expenses and other current assets | (27) | ||
Other assets | (15) | ||
Accounts payable | 6 | ||
Other accrued expenses | 70 | ||
Other long-term liabilities | 19 | ||
Net cash used by continuing operations | (303) | (272) | |
Cash flows from financing activities: | |||
Repurchase and retirement of common stock | (103) | ||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (30) | ||
Net cash used by financing activities | (133) | ||
Cash flows from discontinued operations: | |||
Cash used by discontinued operations | (3,157) | (341) | |
Cash provided by investing activities | 9,228 | ||
Cash provided by financing activities | 1,209 | ||
Net cash provided (used) by discontinued operations | 7,280 | (341) | |
Net increase (decrease) in cash and restricted cash | 6,844 | (613) | |
Cash and restricted cash at beginning of period | 631 | 4,875 | $ 4,875 |
Cash and restricted cash at end of period | 7,475 | 4,262 | |
Supplemental Non-Cash Disclosures: | |||
Payments made on line of credit from proceeds of the sale | $ (1,348) |
Note 1 - Preparation of Interim
Note 1 - Preparation of Interim Unaudited Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Preparation of Interim Unaudited Consolidated F inancial S tatements The consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with generally accepted accounting principles in the United States have been either condensed or omitted pursuant to SEC rules and regulations. However, we believe that the disclosures made are adequate for a fair presentation of results of operations and financial position. Operating results for the interim periods reported herein may not 10 On March 2, 2018, November 20, 2017, January 22, 2017 ( January 1, 2018 March 2, 2018 2015 20, Presentation of Financial Statements – Discontinued Operations As a result of the Asset Sale, we have a variable interest in two not two not not Critical Accounting Policies Cost Method Investments Note Receivable 810, Consolidation third Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2019, December 15, 2018. not 2016 13 In February 2016, Leases 842 2016 02” 840, 840 840 December 31, 2016, first December 31, 2019. March 31, 2018, not 2016 02 In August 2016, 2016 15, Statement of Cash Flows 230 first December 31, 2018. November 2016, 2016 18, Statement of Cash Flows (Topic 230 : Restricted Cash 2016 15 2016 18 first 2018 not In May 2014, No. 2014 09 2014 09 606, Revenue from Contracts with Customers 605, January 1, 2018, no January 1, 2018. not not March 2, 2018. not Revenue was recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve this principle, the Company performed the following five 30 90 The Company had a variable consideration element related to most of its contracts in the form of product return rights. At the time revenue was recognized, an allowance for estimated returns is established and any change in the allowance for returns was charged against net sales in the current period. Periodically, the Company shipped finished goods to customers on consignment terms. Under these consignment terms, the customer assumed the risk of loss and had an absolute right of return for a specified period that typically ranged from six one 60 not |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2 . Discontinued Operations On March 2, 2018, November 20, 2017, January 22, 2017 ( January 1, 2018 March 2, 2018 2015 20, Presentation of Financial Statements – Discontinued Operations As consideration for the Asset Sale, Buyer paid a purchase price consisting of cash in the amount of approximately $10.8 $1.3 $7.4 5% $193,000 $10.6 ● cash in the amount of approximately $800,000, $632,000; ● the rights to and interest in any distributions after the closing date of monies collected by U.S. Customs and Border Protection under the Continued Dumping and Subsidy Offset Act and to distributions of any prepaid legal expenses held by the Committee for Legal Trade relating thereto; ● a split dollar life insurance policy for a former executive officer and related collateral assignment providing for repayment at death of premiums we paid of approximately $465,000; ● the corporate seals, organizational documents, minute books, stock books, tax returns, books of account or other records having to do with our corporate organization; ● all insurance policies and all rights to applicable claims and proceeds under our insurance policies with respect to the excluded assets or excluded liabilities; ● certain of our agreements and contracts, including indemnification agreements between us and our directors, the services agreement with our registered accounting firm and the separation agreement between us and our former chief executive officer and the change in control protection agreement between us and our former principal financial officer; ● certain of our employee benefit plans, including our incentive compensation plans and annual bonus plan; ● all of our tax assets, including our net operating loss carryforwards and any tax refunds and prepayments; ● all rights to any action, suit or claim of any nature with respect to any excluded asset or excluded liability; ● all guarantees, warranties, indemnities and similar rights in favor of us with respect to any excluded asset or excluded liability; ● all of our rights under the Asset Purchase Agreement and any related document; ● all records, correspondence and other materials prepared by or on behalf of us in connection with the Asset Sale Transaction; ● liabilities or obligations with respect to an excluded asset including the separation agreement with our former President and Chief Executive Officer and Principal Financial and Accounting Officer of approximately $870,000 $224,000; ● dividends payable of approximately $158,000 ● costs and expenses of approximately $2.15 Loss on sale of assets and liabilities, net of tax, comprise the following (in thousands): Cash consideration received $ 10,576 Subordinated promissory note, net of $2.6 million fair value adjustment 4,813 5% equity interest in Churchill Downs, Ltd. 168 Total consideration received. 15,557 Less: transaction costs (1,492 ) Total consideration received, net 14,065 Less assets and liabilities sold Accounts receivable, net (3,980 ) Inventory, net (19,555 ) Prepaid expenses and other current assets (277 ) Property, plant and equipment, net (1,419 ) Other assets (2,080 ) Accounts payable and other liabilities 6,343 Accrued salaries, wages, and benefits 1,214 Deferred revenue 519 Other accrued expenses 370 Deferred compensation 4,312 Supplemental retirement plan 1,675 Other long-term liabilities 370 Accumulated other comprehensive loss (2,422 ) Net assets sold (14,930 ) Loss on sale of assets $ (865 ) Loss from discontinued operations, net of taxes, comprised the following for the three March 31, 2018 April 1, 2017 ( 2018 2017 Net sales $ 6,787 $ 11,190 Cost of sales 6,485 8,953 Selling, general and administrative expenses 2,438 2,386 Other income, net - (4 ) Interest expense, net 10 - Loss on sale of assets (865 ) - Loss from discontinued operations before income taxes (3,011 ) (145 ) Income tax (benefit) expense - (1 ) Loss from discontinued operations, net of taxes $ (3,011 ) $ (144 ) Transaction costs incurred for the three March 31, 2018 Net (liabilities) assets for discontinued operations are as follows (in thousands): March 31, December 31, 2018 2017 Cash $ - $ 975 Accounts receivable, net - 3,146 Inventory - 23,231 Prepaid expenses and other current assets - 541 Property, plant and equipment - 1,449 Other assets - 2,128 Total assets - 31,470 Accounts payable and other liabilities 14 9,252 Accrued salaries, wages, and benefits 360 1,716 Deferred revenue - 500 Other accrued expenses 186 1,179 Deferred compensation - 4,101 Supplemental retirement plan - 1,701 Other long-term liabilities - 976 Total liabilities 560 19,425 Net (liabilities) assets $ (560 ) $ 12,045 As a result of the Asset Sale, the Company has no 12 may |
Note 3 - Subordinated Secured P
Note 3 - Subordinated Secured Promissory Note Receivable | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3 . Subordinated Secured Promissory Note Receivable The Company received a $7.4 March 2, 2023, 6.00%. not March 31, 2018 $37,000 We evaluated the fair value of the subordinated secured promissory note as of the transaction date. To determine the fair value of the note, the Company applied a discount of 18% not March 2018, second $2.6 $4.8 |
Note 4 - Investment in Closely
Note 4 - Investment in Closely Held Company | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | 4 . Investment in Closely Held Company The Company received a 5% not not not March 31, 2018, $168,000, |
Note 5 - Legal Proceedings
Note 5 - Legal Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 5 . Legal Proceedings In the normal course of business, we are involved in claims and lawsuits none On February 5, 2018, 1934, March 12, 2018. |
Note 6 - Debt
Note 6 - Debt | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 . Debt On March 2, 2018, October 25, 2016, October 25, 2016. March 2, 2018 $1.3 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 . Income T axes During the first three 2018, $82,000 $9.6 March 31, 2018. $31.2 March 31, 2018. not three March 31, 2018 three April 1, 2017 three $19,000 48. We maintain a valuation allowance against deferred tax assets that currently exceed our deferred tax liabilities. The primary assets covered by this valuation allowance are net operating loss carry-forwards. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes three three 740, Income Taxes no not Our effective tax rate for the current quarter and prior year quarter was effectively 0% |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8 . Stockholders’ Equity Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands): Three Months Ended March 31, April 1, 201 8 2017 Weighted average shares outstanding for basic calculation 14,573 14,187 Add: Effect of dilutive stock options - - Weighted average shares outstanding, adjusted for diluted calculation 14,573 14,187 In both the current three March 31, 2018 three April 1, 2017, not 278,000 1.1 2018 2017, not 43,000 485,000 2018 2017, not We will repurchase common shares that are tendered by recipients of restricted stock awards to satisfy tax withholding obligations on vested restricted stock. During the current three 46,643 $30,000. In July 2012, $5.0 may three March 31, 2018, 174,565 $103,000. No three April 1, 2017. March 31, 2018, $2.9 A reconciliation of the activity in Stockholders’ Equity accounts for the quarter ended March 31, 2018 Accumulated Capital in Other Common Excess of Retained Comprehensive Stock Par Value Deficit Loss Balance at December 31, 2017 $ 298 $ 17,104 $ (2,745 ) $ (2,422 ) Net loss - - (3,367 ) - Settlement of employee benefit obligations directly related to the disposal transaction - - - 2,422 Stock repurchase - (103 ) - - Stock-based compensation expense - 391 - - Dividends - (139 ) - - Balance at March 31, 2018 $ 298 $ 17,253 $ (6,112 ) $ - All of the stock compensation expense of $391,000 March 31, 2018 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. Subsequent Events As discussed in Note 3, not April 30, 2018 $37,000 April 2018. |
Note 2 - Discontinued Operati17
Note 2 - Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Cash consideration received $ 10,576 Subordinated promissory note, net of $2.6 million fair value adjustment 4,813 5% equity interest in Churchill Downs, Ltd. 168 Total consideration received. 15,557 Less: transaction costs (1,492 ) Total consideration received, net 14,065 Less assets and liabilities sold Accounts receivable, net (3,980 ) Inventory, net (19,555 ) Prepaid expenses and other current assets (277 ) Property, plant and equipment, net (1,419 ) Other assets (2,080 ) Accounts payable and other liabilities 6,343 Accrued salaries, wages, and benefits 1,214 Deferred revenue 519 Other accrued expenses 370 Deferred compensation 4,312 Supplemental retirement plan 1,675 Other long-term liabilities 370 Accumulated other comprehensive loss (2,422 ) Net assets sold (14,930 ) Loss on sale of assets $ (865 ) 2018 2017 Net sales $ 6,787 $ 11,190 Cost of sales 6,485 8,953 Selling, general and administrative expenses 2,438 2,386 Other income, net - (4 ) Interest expense, net 10 - Loss on sale of assets (865 ) - Loss from discontinued operations before income taxes (3,011 ) (145 ) Income tax (benefit) expense - (1 ) Loss from discontinued operations, net of taxes $ (3,011 ) $ (144 ) March 31, December 31, 2018 2017 Cash $ - $ 975 Accounts receivable, net - 3,146 Inventory - 23,231 Prepaid expenses and other current assets - 541 Property, plant and equipment - 1,449 Other assets - 2,128 Total assets - 31,470 Accounts payable and other liabilities 14 9,252 Accrued salaries, wages, and benefits 360 1,716 Deferred revenue - 500 Other accrued expenses 186 1,179 Deferred compensation - 4,101 Supplemental retirement plan - 1,701 Other long-term liabilities - 976 Total liabilities 560 19,425 Net (liabilities) assets $ (560 ) $ 12,045 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, April 1, 201 8 2017 Weighted average shares outstanding for basic calculation 14,573 14,187 Add: Effect of dilutive stock options - - Weighted average shares outstanding, adjusted for diluted calculation 14,573 14,187 |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Capital in Other Common Excess of Retained Comprehensive Stock Par Value Deficit Loss Balance at December 31, 2017 $ 298 $ 17,104 $ (2,745 ) $ (2,422 ) Net loss - - (3,367 ) - Settlement of employee benefit obligations directly related to the disposal transaction - - - 2,422 Stock repurchase - (103 ) - - Stock-based compensation expense - 391 - - Dividends - (139 ) - - Balance at March 31, 2018 $ 298 $ 17,253 $ (6,112 ) $ - |
Note 2 - Discontinued Operati19
Note 2 - Discontinued Operations (Details Textual) - USD ($) | Mar. 02, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Disposal Group, Including Discontinued Operation, Consideration, Cash | $ 10,800,000 | ||
Repayments of Lines of Credit | 1,300,000 | ||
Notes, Loans and Financing Receivable, Net, Noncurrent, Total | 7,400,000 | $ 4,850,000 | |
Disposal Group, Including Discontinued Operation, Consideration, Cash Received By Buyer | 193,000 | ||
Disposal Group, Including Discontinued Operation, Consideration, Cash, Net of Amount Received By Buyer | 10,576,000 | ||
Disposal Group, Including Discontinued Operation, Cash Retained, Including Restricted Cash | 800,000 | ||
Disposal Group, Including Discontinued Operation, Restricted Cash Retained | 632,000 | ||
Disposal Group, Including Discontinued Operation, Split Dollar Life Insurance Policy Retained | 465,000 | ||
Disposal Group, Including Discontinued Operation, Executive Severance Liability Retained | 870,000 | ||
Disposal Group, Including Discontinued Operation, Worker's Compensation Claims Liability Retained | 224,000 | ||
Disposal Group, Including Discontinued Operation, Dividends Payable Retained | 158,000 | ||
Disposal Group, Including Discontinued Operation, Accrued Disposal Expenses Retained | $ 2,150,000 | ||
Churchill Downs Holdings, Ltd. [Member] | |||
Ownership Percentage | 5.00% | 5.00% |
Note 2 - Discontinued Operati20
Note 2 - Discontinued Operations - Gains Losses and Net Assets (Details) - USD ($) $ in Thousands | Mar. 02, 2018 | Mar. 31, 2018 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2017 |
Cash consideration received | $ 10,576 | ||||
Subordinated promissory note, net of $2.6 million fair value adjustment | 4,813 | ||||
5% equity interest in Churchill Downs, Ltd. | 168 | ||||
Total consideration received. | 15,557 | ||||
Less: transaction costs | (1,492) | ||||
Total consideration received, net | 14,065 | ||||
Accounts receivable, net | (3,980) | ||||
Inventory, net | (19,555) | ||||
Prepaid expenses and other current assets | (277) | ||||
Property, plant and equipment, net | (1,419) | ||||
Other assets | (2,080) | ||||
Accounts payable and other liabilities | 6,343 | ||||
Accrued salaries, wages, and benefits | 1,214 | ||||
Deferred revenue | 519 | ||||
Other accrued expenses | 370 | ||||
Deferred compensation | 4,312 | ||||
Supplemental retirement plan | 1,675 | ||||
Other long-term liabilities | 370 | ||||
Accumulated other comprehensive loss | (2,422) | ||||
Net assets sold | (14,930) | ||||
Loss on sale of assets | $ (865) | $ (865) | $ (865) | ||
Net sales | 6,787 | $ 11,190 | |||
Cost of sales | 6,485 | 8,953 | |||
Selling, general and administrative expenses | 2,438 | 2,386 | |||
Other income, net | (4) | ||||
Interest expense, net | 10 | ||||
Loss on sale of assets | (865) | ||||
Loss from discontinued operations before income taxes | (3,011) | (145) | (145) | ||
Income tax (benefit) expense | (1) | (1) | |||
Loss from discontinued operations, net of taxes | (3,011) | $ (144) | $ (144) | ||
Cash | $ 975 | ||||
Accounts receivable, net | 3,146 | ||||
Inventory | 23,231 | ||||
Prepaid expenses and other current assets | 541 | ||||
Property, plant and equipment | 1,449 | ||||
Other assets | 2,128 | ||||
Total assets | 31,470 | ||||
Accounts payable and other liabilities | 14 | 9,252 | |||
Accrued salaries, wages, and benefits | 360 | 1,716 | |||
Deferred revenue | 500 | ||||
Other accrued expenses | 186 | 1,179 | |||
Deferred compensation | 4,101 | ||||
Supplemental retirement plan | 1,701 | ||||
Other long-term liabilities | 976 | ||||
Total liabilities | 560 | 19,425 | |||
Net (liabilities) assets | $ (560) | $ 12,045 |
Note 2 - Discontinued Operati21
Note 2 - Discontinued Operations - Gains Losses and Net Assets (Details) (Parentheticals) - USD ($) | Mar. 31, 2018 | Mar. 02, 2018 |
Subordinated promissory note, fair value adjustment | $ 2,600,000 | $ 2,600 |
Note 3 - Subordinated Secured22
Note 3 - Subordinated Secured Promissory Note Receivable (Details Textual) | Mar. 31, 2018USD ($) | Mar. 02, 2018USD ($) |
Financing Receivable, Net, Total | $ 7,400,000 | |
Notes Receivable, Interest Rate | 6.00% | |
Interest Receivable | $ 37,000 | |
Notes Receivable, Discount Rate Applied to Expected Cash Flow Stream | 18 | |
Disposal Group, Including Discontinued Operation, Consideration, Note Receivable, Adjustment | $ 2,600,000 | $ 2,600 |
Notes Receivable, Fair Value Disclosure | $ 4,800,000 |
Note 4 - Investment in Closel23
Note 4 - Investment in Closely Held Company (Details Textual) - USD ($) | Mar. 31, 2018 | Mar. 02, 2018 | Dec. 31, 2017 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 168,000 | ||
Churchill Downs Holdings, Ltd. [Member] | |||
Ownership Percentage | 5.00% | 5.00% | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 168,000 |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) | Mar. 02, 2018USD ($) |
Repayments of Lines of Credit | $ 1,300,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (82,000) | |
Deferred Tax Assets, Valuation Allowance, Total | 9,600,000 | |
Operating Loss Carryforwards, Total | 31,200,000 | |
Income Taxes Paid, Net, Total | 0 | $ 0 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 19,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 0.00% |
Note 8 - Stockholders' Equity26
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | Jul. 31, 2012 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | ||||
Allocated Share-based Compensation Expense, Total | $ 391,000 | |||
Privately Negotiated Transaction [Member] | Common Stock [Member] | ||||
Stock Repurchased During Period, Shares | 174,565 | 0 | ||
Stock Repurchased During Period, Value | $ 103,000 | |||
Stock Repurchase Program, Authorized Amount | $ 5,000,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,900,000 | |||
Employee Stock Option [Member] | ||||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 0 | 0 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 278,000 | 1,100,000 | ||
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 43,000 | 485,000 | ||
Stock Repurchased During Period, Shares | 46,643 | |||
Stock Repurchased During Period, Value | $ 30,000 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Basic and Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Mar. 31, 2017 | |
Weighted average shares outstanding for basic calculation (in shares) | 14,573 | 14,187 | 14,187 |
Add: Effect of dilutive stock options (in shares) | |||
Weighted average shares outstanding, adjusted for diluted calculation (in shares) | 14,573 | 14,187 | 14,187 |
Note 8 - Stockholders' Equity28
Note 8 - Stockholders' Equity - Reconciliation of Activity in Stockholders' Equity Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Mar. 31, 2017 | |
Balance | $ 12,235 | ||
Net loss | (3,367) | $ (416) | $ (416) |
Settlement of employee benefit obligations directly related to the disposal transaction | 2,422 | ||
Balance | 11,439 | ||
Common Stock [Member] | |||
Balance | 298 | ||
Net loss | |||
Settlement of employee benefit obligations directly related to the disposal transaction | |||
Stock repurchase | |||
Stock-based compensation expense | |||
Dividends | |||
Balance | 298 | ||
Additional Paid-in Capital [Member] | |||
Balance | 17,104 | ||
Net loss | |||
Settlement of employee benefit obligations directly related to the disposal transaction | |||
Stock repurchase | (103) | ||
Stock-based compensation expense | 391 | ||
Dividends | (139) | ||
Balance | 17,253 | ||
Retained Earnings [Member] | |||
Balance | (2,745) | ||
Net loss | (3,367) | ||
Settlement of employee benefit obligations directly related to the disposal transaction | |||
Stock repurchase | |||
Stock-based compensation expense | |||
Dividends | |||
Balance | (6,112) | ||
AOCI Attributable to Parent [Member] | |||
Balance | (2,422) | ||
Net loss | |||
Settlement of employee benefit obligations directly related to the disposal transaction | 2,422 | ||
Stock repurchase | |||
Stock-based compensation expense | |||
Dividends | |||
Balance |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Investment Income, Interest | $ 75,000 | ||
Subsequent Event [Member] | Subordinated Secured Promissory Note from the Buyer [Member] | |||
Investment Income, Interest | $ 37,000 |