10-Q Filing

ORCHIDS PAPER PRODUCTS CO /DE CIK: 1324189 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001144204-18-026613`
Period End Date	20180331
Filing Date	20180509
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	tis-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 36 Cash Flow Statement 70

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$2.78M	USD	Point-in-time
Cash	`Cash`	$3.82M	USD	Point-in-time
Accounts receivable, net of allowance of $80 and $353 in 2018 and 2017, respectively	`AccountsReceivableNetCurrent`	$11.82M	USD	Point-in-time
Accounts receivable, net of allowance of $80 and $353 in 2018 and 2017, respectively	`AccountsReceivableNetCurrent`	$14.19M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$353.00K	USD	Point-in-time
Receivables from related party	`DueFromRelatedPartiesCurrent`	$1.04M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$80.00K	USD	Point-in-time
Receivables from related party	`DueFromRelatedPartiesCurrent`	$1.79M	USD	Point-in-time
Inventories, net	`InventoryNet`	$19.93M	USD	Point-in-time
Accumulated amortization, intangible assets	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$4.41M	USD	Point-in-time
Accumulated amortization, intangible assets	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$4.64M	USD	Point-in-time
Inventories, net	`InventoryNet`	$20.56M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$499.00K	USD	Point-in-time
Property, Plant and Equipment, Gross	`PropertyPlantAndEquipmentGross`	$371.66M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$458.00K	USD	Point-in-time
Property, Plant and Equipment, Gross	`PropertyPlantAndEquipmentGross`	$370.76M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$957.00K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$583.00K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$684.00K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$451.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$39.39M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	10.67M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$40.18M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	10.67M	shares	Point-in-time
Property, plant and equipment (including from consolidated VIE $17,415 and $17,415 in 2018 and 2017, respectively)	`PropertyPlantAndEquipmentGross`	$371.66M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	10.67M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	10.67M	shares	Point-in-time
Property, plant and equipment (including from consolidated VIE $17,415 and $17,415 in 2018 and 2017, respectively)	`PropertyPlantAndEquipmentGross`	$370.76M	USD	Point-in-time
Restricted Cash and Cash Equivalents, Noncurrent	`RestrictedCashAndCashEquivalentsNoncurrent`	$3.00K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$85.00M	USD	Point-in-time
Restricted Cash and Cash Equivalents, Noncurrent	`RestrictedCashAndCashEquivalentsNoncurrent`	$154.00K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$89.08M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$282.58M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$285.76M	USD	Point-in-time
Restricted cash (including from consolidated VIE $4 and $3 in 2018 and 2017, respectively)	`RestrictedCashAndCashEquivalentsNoncurrent`	$3.00K	USD	Point-in-time
Restricted cash (including from consolidated VIE $4 and $3 in 2018 and 2017, respectively)	`RestrictedCashAndCashEquivalentsNoncurrent`	$154.00K	USD	Point-in-time
VAT receivable	`ValueAddedTaxReceivableNoncurrent`	$19.00K	USD	Point-in-time
VAT receivable	`ValueAddedTaxReceivableNoncurrent`	$242.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $4,644 and $4,411 in 2018 and 2017, respectively	`FiniteLivedIntangibleAssetsNet`	$13.58M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $4,644 and $4,411 in 2018 and 2017, respectively	`FiniteLivedIntangibleAssetsNet`	$13.35M	USD	Point-in-time
Goodwill	`Goodwill`	$7.56M	USD	Point-in-time
Goodwill	`Goodwill`	$7.56M	USD	Point-in-time
Total assets	`Assets`	$343.84M	USD	Point-in-time
Total assets	`Assets`	$346.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.07M	USD	Point-in-time
Accounts payable to related party	`AccountsPayableRelatedPartiesCurrent`	$3.73M	USD	Point-in-time
Accounts payable to related party	`AccountsPayableRelatedPartiesCurrent`	$3.39M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.29M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.20M	USD	Point-in-time
Short-term notes payable	`NotesPayableCurrent`	$29.00K	USD	Point-in-time
Short-term notes payable	`NotesPayableCurrent`	$317.00K	USD	Point-in-time
Current portion of long-term debt (Note 7)	`SecuredDebtCurrent`	$172.16M	USD	Point-in-time
Current portion of long-term debt (Note 7)	`SecuredDebtCurrent`	$168.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$187.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$189.69M	USD	Point-in-time
Long-term debt including capital leases, less current portion (Note 7)	`LongTermDebtAndCapitalLeaseObligations`	$33.00K	USD	Point-in-time
Long-term debt including capital leases, less current portion (Note 7)	`LongTermDebtAndCapitalLeaseObligations`	$32.00K	USD	Point-in-time
Other long-term liabilities (from consolidated VIE)	`OtherLiabilitiesNoncurrent`	$5.24M	USD	Point-in-time
Other long-term liabilities (from consolidated VIE)	`OtherLiabilitiesNoncurrent`	$5.26M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$9.34M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$11.60M	USD	Point-in-time
Commitment and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitment and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.001 par value, 25,000,000 shares authorized, 10,670,348 and 10,670,348 shares issued and outstanding in 2018 and 2017, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Common stock, $.001 par value, 25,000,000 shares authorized, 10,670,348 and 10,670,348 shares issued and outstanding in 2018 and 2017, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$104.36M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$104.39M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$37.42M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$35.12M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$141.79M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$139.52M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$346.54M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$343.84M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$35.35M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$48.25M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$45.38M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$33.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.97M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.87M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.63M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.62M	USD	1 Quarter
Intangibles amortization	`AmortizationOfIntangibleAssets`	$233.00K	USD	1 Quarter
Intangibles amortization	`AmortizationOfIntangibleAssets`	$233.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-993.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-883.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.39M	USD	1 Quarter
Interest expense	`InterestExpense`	$517.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$155.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$167.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.23M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.23M	USD	1 Quarter
Current	`CurrentIncomeTaxExpenseBenefit`	$-5.37M	USD	1 Quarter
Current	`CurrentIncomeTaxExpenseBenefit`	$-2.41M	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	$473.00K	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	$5.00M	USD	1 Quarter
Total provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$-1.93M	USD	1 Quarter
Total provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$-373.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-860.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.29M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.21	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.21	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	10.67M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	10.30M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.67M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.30M	shares	1 Quarter
Cash dividends declared per share	`CommonStockDividendsPerShareCashPaid`	-	USD	1 Quarter
Cash dividends declared per share	`CommonStockDividendsPerShareCashPaid`	$0.35	USD	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-860.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.55M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.48M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$20.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-273.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$4.57M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-2.25M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$46.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$98.00K	USD	1 Quarter
Accounts receivable, including amounts due to related party	`IncreaseDecreaseInAccountsReceivableIncludingDueFromRelatedParty`	$2.41M	USD	1 Quarter
Accounts receivable, including amounts due to related party	`IncreaseDecreaseInAccountsReceivableIncludingDueFromRelatedParty`	$2.84M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-152.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-634.00K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-1.87M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-41.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-374.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-266.00K	USD	1 Quarter
Non-current income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivableNoncurrent`	$4.98M	USD	1 Quarter
Non-current income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivableNoncurrent`	-	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$54.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-456.00K	USD	1 Quarter
Accounts payable, including amounts due to related party	`IncreaseDecreaseInAccountsPayableIncludingDueToRelatedParty`	$-2.00K	USD	1 Quarter
Accounts payable, including amounts due to related party	`IncreaseDecreaseInAccountsPayableIncludingDueToRelatedParty`	$1.63M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-239.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-908.00K	USD	1 Quarter
Net cash (used in ) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.61M	USD	1 Quarter
Net cash (used in ) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.54M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.03M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.15M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.15M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.03M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$1.14M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$1.14M	USD	1 Quarter
Net borrowings (payments) on revolving credit line	`ProceedsFromRepaymentsOfLinesOfCredit`	$6.17M	USD	1 Quarter
Net borrowings (payments) on revolving credit line	`ProceedsFromRepaymentsOfLinesOfCredit`	$-2.60M	USD	1 Quarter
Borrowings on delayed draw	`ProceedsFromIssuanceOfOtherLongTermDebt`	$15.39M	USD	1 Quarter
Borrowings on delayed draw	`ProceedsFromIssuanceOfOtherLongTermDebt`	-	USD	1 Quarter
Payments on delayed draw term loan	`RepaymentsOfOtherLongTermDebt`	-	USD	1 Quarter
Payments on delayed draw term loan	`RepaymentsOfOtherLongTermDebt`	$1.58M	USD	1 Quarter
Payments on short-term notes	`RepaymentsOfShortTermDebt`	-	USD	1 Quarter
Payments on short-term notes	`RepaymentsOfShortTermDebt`	$288.00K	USD	1 Quarter
Net proceeds from follow-on stock offering	`ProceedsFromIssuanceOfCommonStock`	$-35.00K	USD	1 Quarter
Net proceeds from follow-on stock offering	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net proceeds from at-the-market stock offering	`NetProceedsFromAtthemarketStockOffering`	-	USD	1 Quarter
Net proceeds from at-the-market stock offering	`NetProceedsFromAtthemarketStockOffering`	$-19.00K	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$61.00K	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Deferred debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$209.00K	USD	1 Quarter
Deferred debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$355.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.46M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.79M	USD	1 Quarter
Total decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-896.00K	USD	1 Quarter
Total decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.95M	USD	1 Quarter
Cash, including restricted cash, beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.83M	USD	Point-in-time
Cash, including restricted cash, beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.08M	USD	Point-in-time
Cash, including restricted cash, beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93M	USD	Point-in-time
Cash, including restricted cash, beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.03M	USD	Point-in-time
Cash, including restricted cash, ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.83M	USD	Point-in-time
Cash, including restricted cash, ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.08M	USD	Point-in-time
Cash, including restricted cash, ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93M	USD	Point-in-time
Cash, including restricted cash, ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.03M	USD	Point-in-time
Interest Paid, Net	`InterestPaidNet`	$3.20M	USD	1 Quarter
Interest Paid, Net	`InterestPaidNet`	$1.18M	USD	1 Quarter
Income taxes (refunded) paid, net	`IncomeTaxesPaidNet`	$-41.00K	USD	1 Quarter
Income taxes (refunded) paid, net	`IncomeTaxesPaidNet`	$-1.87M	USD	1 Quarter
Tax benefits realized from stock options exercised	`EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions`	-	USD	1 Quarter
Tax benefits realized from stock options exercised	`EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions`	$36.00K	USD	1 Quarter
Capital expenditures invoiced but not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$700.00K	USD	1 Quarter
Capital expenditures invoiced but not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$13.32M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.