0001571049-16-017042.txt : 20160803 0001571049-16-017042.hdr.sgml : 20160803 20160803130915 ACCESSION NUMBER: 0001571049-16-017042 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160803 DATE AS OF CHANGE: 20160803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OTELCO INC. CENTRAL INDEX KEY: 0001288359 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 522128395 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32362 FILM NUMBER: 161803126 BUSINESS ADDRESS: STREET 1: 505 THIRD AVE E CITY: ONEONTA STATE: AL ZIP: 35121 BUSINESS PHONE: 205-625-3574 MAIL ADDRESS: STREET 1: 505 THIRD AVE E CITY: ONEONTA STATE: AL ZIP: 35121 FORMER COMPANY: FORMER CONFORMED NAME: RURAL LEC ACQUISITION LLC DATE OF NAME CHANGE: 20040423 10-Q 1 t1600473_10q.htm FORM 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number: 1-32362

OTELCO INC.
(Exact Name of Registrant as Specified in Its Charter)

Delaware		52-2126395
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

505 Third Avenue East, Oneonta, Alabama		35121
(Address of Principal Executive Offices)		(Zip Code)

(205) 625-3574
(Registrant’s Telephone Number, Including Area Code)

N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer
(Do not check if a smaller
reporting company)

Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes x No ¨

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class		Outstanding at August 3, 2016
Class A Common Stock ($0.01 par value per share)		3,283,177
Class B Common Stock ($0.01 par value per share)		0

OTELCO INC.
FORM 10-Q
For the three-month period ended June 30, 2016

TABLE OF CONTENTS

		Page

PART I FINANCIAL INFORMATION		2

Item 1.	Financial Statements	2

	Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 (unaudited)	2
	Condensed Consolidated Statements of Operations for the Three Months and Six Months Ended June 30, 2016 and 2015 (unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2016 and 2015 (unaudited)	4
	Notes to Condensed Consolidated Financial Statements (unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	19
Item 4.	Controls and Procedures	19

PART II OTHER INFORMATION		20

Item 1.	Legal Proceedings	20
Item 6.	Exhibits	20

Unless the context otherwise requires, the words “we,” “us,” “our,” the “Company” and “Otelco” refer to Otelco Inc., a Delaware corporation, and its consolidated subsidiaries as of June 30, 2016.

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that are subject to risks and uncertainties. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements are based on assumptions that we have made in light of our experience in the industry in which we operate, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial condition or results of operations or cause our actual results to differ materially from those in the forward-looking statements.

PART I FINANCIAL INFORMATION

Item 1.

Financial Statements

OTELCO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share par value and share amounts)
(unaudited)

	June 30, 2016			December 31, 2015
Assets
Current assets	$	8,276		$	6,884
Cash and cash equivalents
Accounts receivable:
Due from subscribers, net of allowance for doubtful accounts of $183 and $258, respectively		3,423			3,575
Unbilled receivables		1,610			1,610
Other		1,640			1,722
Materials and supplies		2,079			1,906
Prepaid expenses		1,519			2,775
Deferred income taxes		57			57
Total current assets		18,604			18,529

Property and equipment, net		48,274			49,811
Goodwill		44,976			44,976
Intangible assets, net		2,038			2,363
Investments		1,833			1,846
Other assets		269			259
Total assets	$	115,994		$	117,784

Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable	$	940		$	1,818
Accrued expenses		5,662			4,567
Advance billings and payments		1,377			1,418
Customer deposits		72			68
Current maturity of long-term notes payable, net of debt issuance cost		2,912			2,203
Total current liabilities		10,963			10,074

Deferred income taxes		26,163			26,163
Advance billings and payments		601			628
Other liabilities		8			27
Long-term notes payable, less current maturities and debt issuance costs		91,254			97,052
Total liabilities		128,989			133,944

Stockholders’ deficit
Class A Common Stock, $.01 par value-authorized 10,000,000 shares; issued and outstanding 3,283,177 and 3,015,099 shares, respectively		33			30
Class B Common Stock, $.01 par value-authorized 250,000 shares; issued and outstanding 0 and 232,780 shares, respectively		—			2
Additional paid in capital		3,971			3,881
Accumulated deficit		(16,999	)		(20,073	)
Total stockholders’ deficit		(12,995	)		(16,160	)
Total liabilities and stockholders’ deficit	$	115,994		$	117,784

The accompanying notes are an integral part of these condensed consolidated financial statements.

OTELCO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)
(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Revenues	$	17,232		$	17,892		$	34,722		$	35,535

Operating expenses
Cost of services		7,875			8,406			16,005			16,663
Selling, general and administrative expenses		2,407			2,457			4,983			5,086
Depreciation and amortization		2,051			2,264			4,089			4,513
Total operating expenses		12,333			13,127			25,077			26,262

Income from operations		4,899			4,765			9,645			9,273

Other income (expense)
Interest expense		(2,721	)		(1,991	)		(5,203	)		(4,039	)
Other income (expense)		4			(17	)		623			1,046
Total other expense		(2,717	)		(2,008	)		(4,580	)		(2,993	)

Income before income tax expense		2,182			2,757			5,065			6,280
Income tax expense		(858	)		(1,102	)		(1,991	)		(2,490	)

Net income	$	1,324		$	1,655		$	3,074		$	3,790

Weighted average number of common shares outstanding:
Basic		3,283,177			3,239,306			3,283,177			3,239,306
Diluted		3,380,445			3,285,534			3,378,090			3,283,332

Basic net income per common share	$	0.40		$	0.51		$	0.94		$	1.17

Diluted net income per common share	$	0.39		$	0.50		$	0.91		$	1.15

The accompanying notes are an integral part of these condensed consolidated financial statements.

OTELCO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)
(unaudited)

	Six Months Ended June 30,
	2016			2015
Cash flows from operating activities:
Net income	$	3,074		$	3,790
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation		3,571			3,843
Amortization		518			670
Amortization of loan costs		609			447
Loss on extinguishment of debt		155			—
Provision for uncollectible accounts receivable		119			175
Stock-based compensation		199			211
Payment in kind interest - subordinated debt		115			—
Changes in operating assets and liabilities
Accounts receivable		115			(1	)
Material and supplies		(173	)		(221	)
Prepaid expenses and other assets		1,246			2,076
Accounts payable and accrued expenses		217			905
Advance billings and payments		(67	)		(27	)
Other liabilities		(14	)		(13	)
Net cash from operating activities		9,684			11,855

Cash flows used in investing activities:
Acquisition and construction of property and equipment		(2,215	)		(3,013	)
Net cash used in investing activities		(2,215	)		(3,013	)

Cash flows used in financing activities:
Loan origination costs		(5,215	)		(15	)
Principal repayment of long-term notes payable		(101,053	)		(7,046	)
Proceeds from loan refinancing		100,300			—
Tax withholdings paid on behalf of employees for restricted stock units		(109	)		—
Net cash used in financing activities		(6,077	)		(7,061	)

Net increase in cash and cash equivalents		1,392			1,781
Cash and cash equivalents, beginning of period		6,884			5,082
Cash and cash equivalents, end of period	$	8,276		$	6,863

Supplemental disclosures of cash flow information:
Interest paid	$	3,728		$	3,591

Income taxes paid	$	685		$	11

Conversion of Class B common stock to Class A common stock	$	2		$	—

Issuance of Class A common stock	$	1		$	—

The accompanying notes are an integral part of these condensed consolidated financial statements.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2016
(unaudited)

Organization and Basis of Financial Reporting

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of Otelco Inc. (the “Company”) and its subsidiaries, all of which are either directly or indirectly wholly owned. These include: Blountsville Telephone LLC; Brindlee Mountain Telephone LLC; CRC Communications LLC (“CRC”); Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC (“MMT”) and its wholly owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC (“OTP”); Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and all of the aforesaid subsidiaries after elimination of all material intercompany balances and transactions. The unaudited operating results for the three months and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period.

The unaudited condensed consolidated financial statements and notes included in this Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The interim condensed consolidated financial information herein is unaudited. The information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods included in this report.

Recent Accounting Pronouncements

During 2016, the Financial Accounting Standards Board (the “FASB”) has issued Accounting Standards Updates (“ASUs”) 2016-01 through 2016-13. Except for ASU 2016-02, 2016-08, 2016-09, 2016-10, and 2016-12 which are discussed below, these ASUs provide technical corrections or simplification to existing guidance and to specialized industries or entities and therefore have minimal, if any, impact on the Company.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to recognize most leases on the balance sheet. The provisions of this ASU are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this ASU and has not yet determined the impact of the adoption on the Company’s financial position or results of operations.

In March 2016, the FASB issued ASU 2016-09, Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The objective of this ASU is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted for any entity in any interim or annual period. The Company adopted this ASU as of March 31, 2016 and did not have a material impact on its condensed consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also provides a more robust framework for revenue issues and improves comparability of revenue recognition practices across industries. This ASU was the product of a joint project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard. This guidance was to be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption not permitted. In July 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This ASU confirmed a one-year delay in the effective date of ASU 2014-09, making the effective date for the Company the first quarter of fiscal 2018 instead of the first quarter of fiscal 2017. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenues Gross versus Net). This ASU is further guidance to ASU 2014-09, and clarifies principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. This ASU is also further guidance to ASU 2014-09, and clarifies the identification of performance obligations. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. This ASU is also further guidance to ASU 2014-09, and clarifies assessing the narrow aspects of recognizing revenue. The Company is currently evaluating the impact of the pending adoption of ASUs 2014-09, 2016-08, 2016-10 and 2016-12 on its condensed consolidated financial statements and has not yet determined the method by which the Company will adopt ASU 2014-09.

Financial Condition and Management’s Plan

On January 25, 2016, the Company entered into a senior loan agreement (the “Senior Loan Agreement”), providing for a five year term loan facility in the aggregate principal amount of $85.0 million and a five year $5.0 million revolving credit facility, and a subordinated loan agreement (the “Subordinated Loan Agreement”), providing for a five and a half year term loan facility in the aggregate principal amount of $15.0 million. On February 17, 2016, the Subordinated Loan Agreement was amended to increase the aggregate principal amount available for borrowing thereunder to $15.3 million, and the Company borrowed $85.0 million under the term loan facility of the Senior Loan Agreement and $15.3 million under the Subordinated Loan Agreement. The Company used the borrowings under the Senior Loan Agreement and the Subordinated Loan Agreement to, among other things, pay all amounts due, including principal, interest and fees, and satisfy in full all of its obligations under its previous credit facility (the “Previous Credit Facility”), which was scheduled to mature on April 30, 2016. As a result of the repayment of the Previous Credit Facility, all of the shares of the Company’s Class B common stock were automatically converted into an equal number of shares of the Company’s Class A common stock. The term loan facility under the Senior Loan Agreement requires principal payments of $1.0 million quarterly, beginning on April 1, 2016. Principal amounts outstanding under the Subordinated Loan Agreement will generally not be due until maturity. The Company recorded costs of $15 thousand and write-off of loan costs of $140 thousand in connection with this refinancing.

Reclassifications

Certain items in the prior year’s condensed consolidated financial statements have been reclassified to conform with 2016 presentation. In addition, the Company has corrected a typographical mistake in the Company’s audited consolidated balance sheet as of December 31, 2015. Specifically, current liabilities as shown in its audited consolidated balance sheet as of December 31, 2015 included in its Annual Report on Form 10-K for the year ended December 31, 2015 was presented as $1,181 thousand but should have been $1,818 thousand, or an increase of $637 thousand. The typographical mistake did not affect the total current liabilities as of December 31, 2015, as set forth in the audited consolidated balance sheet as of December 31, 2015. Based on its evaluation, the Company concluded that it is not probable that the analysis of a reasonable person relying on the financial statements would have been changed or influenced by the mistake or its correction.

Notes Payable

Notes payable consists of the following (in thousands, except percentages) as of:

	June 30, 2016		December 31, 2015

Third amended and restated term credit facility; Antares Capital (formerly General Electric Capital Corporation); variable interest rate of 6.50% at December 31, 2015. The Previous Credit Facility was secured by the total assets of the subsidiary guarantors. The Previous Credit Facility was fully repaid on February 17, 2016.	$	—	$	99,255
Less: Current portion of long-term debt, net of debt issuance cost of $0 and $797, respectively		—		(2,203	)
Long-term notes payable less current maturities (net)	$	—	$	97,052

	Current			Long-Term			June 30, 2016			December 31, 2015
Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at June 30, 2016, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021.	$	4,000		$	80,000		$	84,000		$	—
Debt issuance cost		(1,088	)		(3,353	)		(4,441	)		—
Senior notes payable, net of debt issuance cost	$	2,912		$	76,647		$	79,559		$	—

	June 30, 2016			December 31, 2015

Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest rate due monthly of 12.00% at June 30, 2016. Payment in Kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued is added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance is due August 17, 2021.	$	15,300		$	—
PIK interest added to principal		115			—
Less: Long-term portion of debt issuance cost		(808	)		—
Long-term notes payable, net of debt issuance cost	$	14,607		$	—

Associated with the Senior Loan Agreement, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $4.9 million in deferred financing cost associated with the Senior Loan Agreement. Amortization expense for the deferred financing cost associated with the Senior Loan Agreement was $426 thousand for the six months ended June 30, 2016.

Associated with the Subordinated Loan Agreement, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $865 thousand in deferred financing cost associated with the Subordinated Loan Agreement. Amortization expense for the deferred financing cost associated with the Subordinated Loan Agreement was $57 thousand for the six months ended June 30, 2016.

Associated with the Previous Credit Facility, the Company had capitalized and amortized deferred financing cost using the effective interest method. The Company had capitalized $2.7 million in deferred financing cost associated with the Previous Credit Facility. Amortization expense for the deferred financing cost associated with the third amendment and restatement of the Previous Credit Facility was $141 thousand and $447 thousand for the six months ended June 30, 2016 and 2015, respectively. The Company wrote off $140 thousand of prior deferred financing cost and incurred $15 thousand in external legal fees during the six months ended June 30, 2016 as a result of the extinguishment of the Previous Credit Facility, which is included in interest expense.

The Company has a revolving credit facility on December 31, 2015 of $5.0 million associated with the Previous Credit Facility. There was no balance outstanding as of December 31, 2015. The facility was terminated on February 17, 2016. The Company paid a commitment fee of 0.50% per annum, payable quarterly in arrears, on the unused portion of the revolver loan under the Previous Credit Facility. The commitment fee expense was $3 thousand and $13 thousand for the six months ended June 30, 2016 and 2015, respectively.

The Company had a revolving credit facility on June 30, 2016 with a maximum borrowing capacity of $5.0 million associated with the Senior Loan Agreement. The revolving credit facility is available until February 17, 2021. There was no balance outstanding as of June 30, 2016. The Company pays a monthly fee of 0.75% per annum on the unused portion of the revolver loan under the Senior Loan Agreement, payable in arrears. The fee expense was $14 thousand for the six months ended June 30, 2016.

Maturities of notes payable for the next five years and thereafter, assuming no annual excess cash flow payments and the PIK interest, are as follows (in thousands):

2016 (remaining)	$	2,000
2017		4,000
2018		4,000
2019		4,000
2020		4,000
Thereafter		81,300
Total	$	99,300

In addition, PIK interest of $1,772 thousand associated with the Subordinated Loan Agreement will be paid at maturity. A total of $5,732 thousand of debt issuance cost is amortized over the life of the loans and is recorded net of the notes payable on the condensed consolidated balance sheets.

The Company’s notes payable agreements are subject to certain financial covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. As of June 30, 2016, the Company was in compliance with all such covenants and restrictions.

Income Tax

As of each of June 30, 2016 and December 31, 2015, the Company had U.S. federal and state net operating loss carryforwards of $0 and $68 thousand, respectively. The Company had no alternative minimum tax credit carryforwards as of June 30, 2016 or December 31, 2015. The Company establishes valuation allowances when necessary to reduce deferred tax assets to amounts expected to be realized. As of June 30, 2016, the Company had no valuation allowance recorded.

The effective income tax rate as of June 30, 2016 and December 31, 2015 was 39.3% and 39.8%, respectively.

Net Income per Common Share

Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that would occur should all of the shares of Class A common stock underlying restricted stock units (“RSUs”), as well as all of the shares of Class A common stock, for which the Company has accrued an expense, that may be delivered pursuant to the purchase agreement relating to the assets of Reliable Networks of Maine, LLC (“Reliable Networks”), be issued.

A reconciliation of the common shares for purposes of the calculation of the Company’s basic and diluted net income per common share is as follows (weighted average number of common shares outstanding in whole numbers and net income in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Weighted average number of common shares outstanding - basic		3,283,177		3,239,306		3,283,177		3,239,306
Effect of dilutive securities		97,268		46,228		94,913		44,026
Weighted average number of common shares and potential common shares - diluted		3,380,445		3,285,534		3,378,090		3,283,332
Net income	$	1,324	$	1,655	$	3,074	$	3,790
Net income per common share - basic	$	0.40	$	0.51	$	0.94	$	1.17
Net income per common share - diluted	$	0.39	$	0.50	$	0.91	$	1.15

Revenue Concentrations

Revenues for interstate access services are based on reimbursement of costs and an allowed rate of return. Revenues of this nature are received from the National Exchange Carrier Association in the form of monthly settlements. Such revenues amounted to 19.1% and 16.5% of the Company’s total revenues for the six months ended June 30, 2016 and 2015, respectively.

Commitments and Contingencies

From time to time, the Company may be involved in various claims, legal actions and regulatory proceedings incidental to and in the ordinary course of business, including administrative hearings of the Alabama Public Service Commission, the Maine Public Utilities Commission, the Massachusetts Department of Telecommunications and Cable, the Missouri Public Service Commission, the New Hampshire Public Utilities Commission, the Vermont Public Service Board and the West Virginia Public Service Commission, relating primarily to rate making. In addition, the Company may be involved in similar proceedings with interconnection carriers and the Federal Communications Commission (the “FCC”). Currently, except as set forth below, none of the Company’s legal proceedings are expected to have a material adverse effect on the Company’s business.

Sprint Communications L.P. (“Sprint”), MCI Communications Services, Inc. (“MCI”) and Verizon Select Services, Inc. (“Verizon”) filed more than 60 lawsuits in federal courts across the United States alleging that over 400 local exchange carriers (“LECs” or “LEC Defendants”) overcharged Sprint, MCI and Verizon for so-called intraMTA traffic (wireless phone calls that originate and terminate in the same metropolitan transit area). The lawsuits seek a refund of previously-paid access charges for intraMTA traffic, as well as a discount related to intraMTA traffic on a going-forward basis. One of the Company’s subsidiaries, MMT, was named as a defendant in two of the lawsuits that are being brought before the District Court for the Western District of Missouri (one filed on May 2, 2014 by Sprint and the other filed on September 5, 2014 by MCI and Verizon). In addition, one of the Company’s other subsidiaries, OTP, was named as a defendant in a lawsuit relating to these issues filed by MCI and Verizon in the District Court for the District of Delaware on September 5, 2014. As all of the lawsuits relating to these issues raise the same fundamental questions of law, the United States Judicial Panel on Multidistrict Litigation has consolidated the lawsuits in the District Court for the Northern District of Texas (the “Court”) for all pre-trial proceedings. On November 17, 2015, the Court issued a memorandum opinion and order dismissing the federal-law claims with prejudice, dismissing the state-law claims but granting leave to replead said claims, and denying the Defendants’ request to refer the matter to the FCC. The Court continues to handle pre-trial motions related to some LEC Defendants’ counterclaims, with decisions on those matters and final summary judgment motions not scheduled to occur until April of 2017. After all pre-trial matters are addressed, Sprint, MCI and Verizon have indicated they will appeal the Court’s November 17, 2015 decision making. Accordingly, it is not possible to determine at this time whether these lawsuits will have a material adverse effect on the Company’s business.

On November 10, 2014, a large coalition of the LEC Defendants, including MMT and OTP, filed a petition for declaratory ruling with the FCC seeking a ruling by the FCC that: (1) any traffic intentionally routed over Interexchange carrier (“IXC”) trunks by IXCs should be subject to access charges; (2) only carriers with specific agreements with an LEC may use alternative billing arrangements; (3) federal tariffing rules require the LECs to assess access charges for switched access traffic routed through Feature Group D trunks; and (4) the IXCs may not engage in self-help by refusing to pay the LEC Defendants’ properly assessed access charges. On March 11, 2015, the LEC Defendants filed their reply brief with the FCC. No timeline has been established for a decision by the FCC and the FCC has given no indication that it intends to issue a ruling in the near future. Accordingly, it is not possible to determine at this time whether this action will have a material adverse effect on the Company’s business.

Stock Plans and Stock Associated with Acquisition

During the six months ended June 30, 2016, the Company granted RSUs underlying 119,655 shares of Class A common stock. The Company granted RSUs underlying 122,534 shares of Class A common stock on May 15, 2015. As of June 30, 2016, 212,213 RSUs remained outstanding. These RSUs (or a portion thereof) vest with respect to each recipient over a one to three year period from the date of grant, provided the recipient remains in the employment or service of the Company as of the vesting date and, in selected instances, certain performance criteria are attained. Additionally, these RSUs (or a portion thereof) could vest earlier in the event of a change in control of the Company, or upon involuntary termination without cause. These grants are made primarily to executive-level personnel at the Company and, as a result, no compensation costs have been capitalized.

The following table summarizes RSU activity as of June 30, 2016:

	RSUs			Weighted Average Grant Date Fair Value

Outstanding at December 31, 2015		155,761		$	4.78
Granted		119,655		$	4.40
Vested		(56,728	)	$	4.80
Forfeited or cancelled		(6,475	)	$	4.71
Outstanding at June 30, 2016		212,213		$	4.56

CRC acquired substantially all of the assets of Reliable Networks on January 2, 2014. Pursuant to the purchase agreement relating to the Reliable Networks acquisition, Class A common stock was issued to the former owner of Reliable Networks in 2015 and will be issued to the former owner of Reliable Networks in 2017, contingent on Reliable Networks achieving certain financial objectives and certain other conditions being satisfied, including that certain individuals must be employed by the Company or any of its subsidiaries and in good standing on the last day of the applicable year (the “Earn-Out”). For the year ended December 31, 2014, the Company delivered 68,233 shares of Class A common stock to the former owner of Reliable Networks on March 12, 2015 as a result of the Earn-Out. For the year ended December 31, 2015, the applicable Earn-Out criteria was not met and no shares of Class A common stock will be issued as a result of the Earn-Out. No shares of Class A common stock were earned or issued as a result of the Earn-Out during the six months ended June 30, 2016.

Stock-based compensation expense related to RSUs and the Earn-Out was $199 thousand and $211 thousand for the six months ended June 30, 2016 and 2015, respectively. Accounting standards require that the Company estimate forfeitures for RSUs and the Earn-Out and reduce compensation expense accordingly. The Company has reduced its expense by the assumed forfeiture rate and will evaluate actual experience against the assumed forfeiture rate going forward. The forfeiture rate has been developed using historical performance metrics which could impact the number of the final issuance of Class A common stock.

As of June 30, 2016, the unrecognized total compensation cost related to unvested RSUs was $736 thousand. That cost is expected to be recognized by the end of 2019.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

General

Since 1999, we have acquired and operate eleven rural local exchange carriers (“RLECs”) serving subscribers in north central Alabama, central Maine, western Massachusetts, central Missouri, western Vermont and southern West Virginia. We are the sole wireline telephone services provider for three of the rural communities we serve. We also operate a competitive local exchange carrier (“CLEC”) serving subscribers in Maine, Massachusetts, and New Hampshire. Our services include a broad suite of communications and information services including local and long distance telephone services; internet and data services; network access; other telephone related services; cloud hosting and professional engineering services for small and mid-sized companies who rely on mission-critical software applications; and video and security (in some markets). We view, manage and evaluate the results of operations from the various telecommunications products and services as one company and therefore have identified one reporting segment as it relates to providing segment information. As of June 30, 2016, we operated 95,230 access line equivalents.

The Federal Communications Commission (the “FCC”) issued its Universal Service Fund and Intercarrier Compensation Order (the “FCC Order”) in November 2011. This order makes substantial changes in the way telecommunications carriers are compensated for serving high cost areas and for completing traffic with other carriers. We began seeing the significant impact of the FCC Order to our business in July 2012, with additional impacts beginning in July 2013, July 2014 and July 2015. The initial consequence to our business was to reduce access revenue from intrastate calling in Maine and other states where intrastate rates were higher than interstate rates. Nationwide, all switched access rates will be reduced annually through July 2017 to less than $0.01 per minute. A portion of this revenue loss for our RLEC properties is returned to us through the Connect America Fund. There is no recovery mechanism for the lost revenue in our CLEC.

In March 2016, the FCC issued its Universal Service Fund Reform Order for rate-of-return carriers (the “USF Order”). This order will fundamentally change the way that rural rate-of-return carriers obtain Universal Service Fund (“USF”) support. Specifically, the USF Order will impose a cap of $2 billion on USF available to rural rate-of-return carriers, offer two separate paths for receiving USF, impose new broadband build-out requirements on carriers in return for receiving USF, establish limitations on capital and operating expenses supported by USF for those rate-of-return carriers that elect to continue to utilize the modified legacy mechanisms for USF distribution and introduce the concept of a reverse auction for areas that rate-of-return carriers are unable to serve. Each rate-of-return carrier will be required to choose between one of the two paths within 90 days of a forthcoming Public Notice. We are currently analyzing the potential impact of the USF Order on our RLECs.

The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included in Item 1 of Part I and the other financial information appearing elsewhere in this report. The following discussion and analysis addresses our financial condition and results of operations on a consolidated basis.

Revenue Sources

We offer a wide range of telecommunications, data, entertainment and managed services to our subscribers. More than half of our access line equivalents serve business customers. Our residential customers purchase packages of services that are delivered and billed together. Our CLEC subscribers contract with us for selected services that meet their specific telecommunications requirements. Our revenues are derived from six sources:

Local services. We receive revenues from providing local exchange telecommunications services in our eleven rural territories and on a competitive basis throughout Maine, western Massachusetts and New Hampshire through both wholesale and retail channels. These revenues include monthly subscription charges for basic service, calling beyond the local territory on a fixed price and on a per minute basis, local private line services and enhanced calling features, such as voicemail, caller identification, call waiting and call forwarding. We also provide billing and collections services for other carriers under contract and receive revenues from directory advertising. A significant portion of our rural subscribers take bundled service plans which contain multiple services, including unlimited domestic calling, for a flat monthly fee.

Network access. We receive revenues from charges established to compensate us for the origination, transport and termination of calls of long distance, wireless and other interexchange carriers. These include subscriber line charges imposed on end users and switched and special access charges paid by carriers. Switched access charges for long distance services within Alabama, Maine, Massachusetts, Missouri, New Hampshire, Vermont and West Virginia have historically been based on rates approved by the Alabama Public Service Commission, the Maine Public Utilities Commission, the Massachusetts Department of Telecommunications and Cable, the Missouri Public Service Commission, the New Hampshire Public Utilities Commission, the Vermont Public Service Board and the West Virginia Public Service Commission, respectively, where appropriate. The FCC Order preempted the state commissions’ authority to set terminating intrastate access service rates, and required companies with terminating access rates higher than interstate rates to reduce terminating intrastate access rates to a rate equal to interstate access service rates by July 1, 2013 and to move to “bill and keep” arrangements by July 1, 2020, which will eliminate access charges between carriers. The FCC Order prescribes a recovery mechanism for the recovery of any decrease in intrastate terminating access revenues through the Connect America Fund for RLEC companies. This recovery is limited to 95% of the previous year’s revenue requirement. Switched and special access charges for interstate and international services are based on rates approved by the FCC.

Internet. We receive revenues from monthly recurring charges for digital high-speed data lines, legacy dial-up internet access and ancillary services such as web hosting, computer virus protection and Classifax, which is our virtual faxing solution.

Transport services. We receive monthly recurring revenues for the rental of fiber to transport data and other telecommunications services in Maine and New Hampshire.

Video and security. We offer basic, digital, high-definition, digital video recording, video on demand and pay per view cable television services, including IP television (“IPTV”), to a portion of our telephone service territory in Alabama. We are a reseller of satellite services for DirecTV® in Missouri. We provide medical alert and home security systems in Alabama and Missouri, and selected over-the-top video services in Vermont.

Managed services. We provide private/hybrid cloud hosting services, as well as consulting and professional engineering services, for mission-critical software applications for small and mid-sized North American companies. Revenues are generated from monthly recurring hosting IaaS fees, monthly maintenance fees, à la carte professional engineering services and pay-as-you-use SaaS fees. Services are domiciled in two diverse owned data centers. Our operations in-rack and professional engineering services are covered by a SOC 2 Type II audit covering security, availability and confidentiality, while our data center operations are covered by a separate SOC 2 Type II audit covering security and availability.

Access Line and Customer Trends

The number of voice and data access lines serves as a fundamental factor in determining revenue stability for a telecommunications provider. Reflecting general trends in the RLEC industry, the number of residential voice access lines we serve has been decreasing when normalized for territory acquisitions, whereas business access lines have remained generally steady or grown. We expect that these trends will continue, and may be potentially impacted by competition from cable and co-operative electric providers in our RLEC territories, the availability of alternative telecommunications products, such as cellular and IP-based services, as well as economic conditions generally. Historically, these residential trends have been partially offset by the growth of residential data access lines, also called digital high-speed internet access service. As the penetration of data lines in our RLEC markets has increased, the growth in residential data lines no longer offsets the decline in residential voice lines. Our competitive carrier voice and data access lines have grown as we continue to offer new services and further penetrate our chosen markets. Our ability to continue this growth and our response to the rural trends will have an important impact on our future revenues. Our primary strategy consists of leveraging our strong incumbent market position, selling additional services to our rural customer base, such as alarm and medical alert monitoring services, and providing better service and support levels and a broader suite of services, including managed services and hybrid/cloud-based hosting, than the incumbent and other competitive carriers to our CLEC customer base.

Key Operating Statistics
(unaudited)

	As of								% Change
	December 31,				March 31,		June 30,		from
	2014		2015		2016		2016		March 31, 2016
Business/Enterprise
CLEC
Voice lines		19,324		18,606		18,069		17,650		(2.3	)%
HPBX seats		10,029		10,740		10,746		10,800		0.5	%
Data lines		3,313		3,629		3,621		3,638		0.5	%
Wholesale network lines		2,968		2,743		2,680		2,651		(1.1	)%
Classifax		80		140		158		163		3.2	%
RLEC
Voice lines		15,506		16,123		16,139		16,030		(0.7	)%
Data lines		1,587		1,539		1,532		1,652		7.8	%
Access line equivalents ⁽¹⁾		52,807		53,520		52,945		52,584		(0.7	)%

Residential
CLEC
Voice lines		275		225		221		219		(0.9	)%
Data lines		363		282		281		278		(1.1	)%
RLEC
Voice lines		25,569		23,143		22,604		22,140		(2.1	)%
Data lines		20,206		20,089		20,031		20,009		(0.1	)%
Access line equivalents⁽¹⁾		46,413		43,739		43,137		42,646		(1.1	)%

Otelco access line equivalents ⁽¹⁾		99,220		97,259		96,082		95,230		(0.9	)%

Video		3,852		3,648		3,708		3,671		(1.0	)%
Security systems		243		326		337		343		1.8	%
Other internet lines		3,202		2,840		2,794		2,684		(3.9	)%

(1)

We define access line equivalents as retail and wholesale voice lines (including Classifax, our virtual faxing solution) and data lines (including cable modems, digital subscriber lines and dedicated data access trunks).

Our business and enterprise access line equivalents decreased by 361 during second quarter 2016, or 0.7%, compared to March 31, 2016. The loss of traditional retail voice lines in our New England CLEC accounted for the majority of the decline. Residential access line equivalents declined 491 during second quarter 2016, or 1.1%, compared to March 31, 2016, reflecting industry-wide trends. Residential data lines declined by 25 during second quarter 2016, or 0.1%, as most customers disconnecting their voice lines chose to retain their data services.

We offer competitively-priced location-specific bundled service packages, many including unlimited domestic calling, tailored to the varying telecommunications requirements of our customers. Competitive pricing and bundling of services have led our long distance service to be the choice of the majority of our voice customers in the rural markets we serve. In addition, almost all of our CLEC customers have selected us as their long distance carrier. Our cable television, IPTV, satellite and over-the-top customers decreased 1.0% to 3,671 as of June 30, 2016, from 3,708 as of March 31, 2016. Growth in our new over-the top service in Vermont and IPTV subscribers in Alabama was offset by digital cable subscriber attrition. Our other internet customers decreased 3.9% to 2,684 as of June 30, 2016 compared to 2,794 as of March 31, 2016. This also includes the subscribers we service outside of our RLEC telephone service area in Maine and central Missouri. Approximately 77% of the other internet customers are served by high-speed data capability from Otelco. We offer security monitoring and medical alert services in Alabama and Missouri. During second quarter 2016, we installed 6 systems for an increase of 1.8% as of June 30, 2016 when compared to March 31, 2016.

Our Rate and Pricing Structure

Our CLEC enterprise pricing is based on market requirements. We combine varying services to meet individual customer requirements, including technical support and managed services, and provide multi-year contracts which are both market sensitive for the customer and stabilizing for our sales process.

Our RLECs operate in six states and are regulated in varying degrees by the respective state regulatory authorities. The impact on pricing flexibility varies by state. Our rates for other services we provide, including cable, IPTV, satellite, long distance, data lines and dial-up and high-speed internet access, are not price regulated. The market for competitive services, such as wireless, also impacts our ability to adjust prices. With the increase of bundled services offerings, including unlimited long distance, pricing for individual services takes on reduced importance to revenue stability. We expect this trend to continue into the immediate future.

Categories of Operating Expenses

Our operating expenses are categorized as cost of services; selling, general and administrative expenses; and depreciation and amortization.

Cost of services. This includes expenses for salaries, wages and benefits relating to our telephone central office and outside plant operation, maintenance, sales and customer service; other plant operations, maintenance and administrative costs; network access costs; data center operations; and costs of services for long distance, cable television, internet and directory services.

Selling, general and administrative expenses. This includes expenses for salaries, wages and benefits and contract service payments (for example, legal fees) relating to engineering, financial, human resources and corporate operations; information management expenses, including billing; allowance for uncollectible accounts receivable; expenses for travel, lodging and meals; internal and external communications costs; insurance premiums; stock exchange and banking fees; and postage.

Depreciation and amortization. This includes depreciation of our telecommunications, cable and internet networks and equipment, and amortization of intangible assets. Certain of these amortization expenses continue to be deductible for tax purposes.

Our Ability to Control Operating Expenses

We strive to control expenses in order to maintain our operating margins. As our revenue shifts to non-regulated services and CLEC customers and our residential RLEC revenue declines, operating margins decrease, reflecting the lower margins associated with non-regulated services. Reductions over time in USF and Intercarrier Compensation payments based on the FCC Order may not be fully offset by expense control.

Results of Operations

The following table sets forth our results of operations as a percentage of total revenues for the periods indicated:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Revenues
Local services		34.0	%		35.3	%		34.1	%		35.5	%
Network access		31.0			31.4			30.9			31.2
Internet		22.5			20.8			22.2			20.7
Transport services		7.1			7.4			7.3			7.5
Video and security		4.2			3.9			4.2			3.9
Managed services		1.2			1.2			1.3			1.2
Total revenues		100.0	%		100.0	%		100.00	%		100.0	%
Operating expenses
Cost of services		45.7	%		47.0	%		46.1	%		46.9	%
Selling, general and administrative expenses		14.0			13.7			14.4			14.3
Depreciation and amortization		11.9			12.7			11.8			12.7
Total operating expenses		71.6			73.4			72.3			73.9
Income from operations		28.4			26.6			27.7			26.1
Other income (expense)
Interest expense		(15.7	)		(11.1	)		(14.9	)		(11.4	)
Other income		0.0			(0.1	)		1.8			3.0
Total other expense		(15.7	)		(11.2	)		(13.1	)		(8.4	)

Income before income tax		12.7			15.4			14.6			17.7
Income tax expense		(5.0	)		(6.2	)		(5.8	)		(7.0	)

Net income		7.7	%		9.2	%		8.8	%		10.7	%

Three Months and Six Months Ended June 30, 2016 Compared to Three Months and Six Months Ended June 30, 2015

Total revenues. Total revenues decreased 3.7% in the three months ended June 30, 2016 to $17.2 million from $17.9 million in the three months ended June 30, 2015. Total revenues decreased 2.3% in the six months ended June 30, 2016 to $34.7 million from $35.5 million in the six months ended June 30, 2015. The decrease in revenue due to the FCC Order and the loss of residential access lines account for the majority of the decline. The tables below provide the components of our revenues for the three months and six months ended June 30, 2016, compared to the same periods of 2015.

For the three months ended June 30, 2016 and 2015

	Three Months Ended June 30,				Change
	2016		2015		Amount			Percent
	(dollars in thousands)
Local services	$	5,849	$	6,314	$	(465	)		(7.4	)%
Network access		5,345		5,614		(269	)		(4.8	)%
Internet		3,879		3,726		153			4.1	%
Transport services		1,230		1,328		(98	)		(7.4	)%
Video and security		718		688		30			4.4	%
Managed services		211		222		(11	)		(5.0	)%
Total	$	17,232	$	17,892	$	(660	)		(3.7	)%

Local services. Local services revenue decreased 7.4% in the three months ended June 30, 2016 to $5.8 million from $6.3 million in the three months ended June 30, 2015. The decline in RLEC residential voice access lines and the impact of the FCC Order, which reduces or eliminates intrastate and local cellular revenue, accounted for a decrease of $0.3 million. A portion of the RLEC decrease is recovered through the Connect America Fund, which is categorized as interstate access revenue. The decline in long distance and special line revenue accounted for a decrease of $0.2 million.

Network access. Network access revenue decreased 4.8% in the three months ended June 30, 2016 to $5.3 million from $5.6 million in the three months ended June 30, 2015. The Connect America Fund and end user charges increased $0.1 million. This increase was offset by declines in special access charges of $0.2 million and interstate and intrastate switched access charges of $0.2 million.

Internet. Internet revenue increased 4.1% in the three months ended June 30, 2016 to $3.9 million from $3.7 million in the three months ended June 30, 2015. Higher equipment rental fees and increased broadband speed and pricing accounted for the increase.

Transport services. Transport services revenue decreased 7.4% in the three months ended June 30, 2016 to $1.2 million from $1.3 million in the three months ended June 30, 2015. The decrease was in wide area network revenue, including a one-time customer adjustment.

Video and security. Video and security revenue increased 4.4% in the three months ended June 30, 2016 to just over $0.7 million from just under $0.7 million in the three months ended June 30, 2015. Increases in security and IPTV deployment and cable pricing were partially offset by decreases in pay per view revenue and digital cable subscribers.

Managed services. Managed services revenue decreased 5.0% to remain at just over $0.2 million in both the three months ended June 30, 2016 and the three months ended June 30, 2015. The decrease was in equipment sales and groupware services.

For the six months ended June 30, 2016 and 2015

	Six Months Ended June 30,				Change
	2016		2015		Amount			Percent
	(dollars in thousands)
Local services	$	11,848	$	12,598	$	(750	)		(6.0	)%
Network access		10,737		11,094		(357	)		(3.2	)%
Internet		7,700		7,334		366			5.0	%
Transport services		2,533		2,672		(139	)		(5.2	)%
Video and security		1,452		1,398		54			3.9	%
Managed services		452		439		13			3.0	%
Total	$	34,722	$	35,535	$	(813	)		(2.3	)%

Local services. Local services revenue decreased 6.0% in the six months ended June 30, 2016 to $11.8 million from $12.6 million in the six months ended June 30, 2015. The decline in RLEC residential voice access lines and the impact of the FCC Order, which reduces or eliminates intrastate and local cellular revenue, accounted for a decrease of $0.5 million. A portion of the RLEC decrease is recovered through the Connect America Fund, which is categorized as interstate access revenue. The decline in long distance, directory and special line revenue accounted for a decrease of $0.4 million. The declines were partially offset by an increase in fiber rental and other local services revenue of $0.1 million.

Network access. Network access revenue decreased 3.2% in the six months ended June 30, 2016 to $10.7 million from $11.1 million in the six months ended June 30, 2015. The Connect America Fund increased $0.1 million. This increase was offset by declines in special access charges of $0.4 million and end user fees of $0.1 million.

Internet. Internet revenue increased 5.0% for the six months ended June 30, 2016 to $7.7 million from $7.3 million in the six months ended June 30, 2015. Higher equipment rental fees and increased broadband speed and pricing accounted for the increase.

Transport services. Transport services revenue decreased 5.2% for the six months ended June 30, 2016 to $2.5 million from $2.7 million in the six months ended June 30, 2015. The decrease was in wide area network revenue, including a one-time customer adjustment.

Video and security. Video and security revenue increased 3.9% in the six months ended June 30, 2016 to $1.5 million from $1.4 million in the six months ended June 30, 2015. Increases in security and IPTV deployment and cable pricing were partially offset by decreases in pay per view revenue and digital cable subscribers.

Managed services. Managed services revenue increased 3.0% in the six months ended June 30, 2016 to $0.5 million from $0.4 million in the six months ended June 30, 2015. The increase was in engineering and professional services revenue.

Operating expenses. Operating expenses in the three months ended June 30, 2016 decreased 6.1% to $12.3 million from $13.1 million in the three months ended June 30, 2015. Operating expenses in the six months ended June 30, 2016 decreased 4.5% to $25.1 million from $26.3 million in the six months ended June 30, 2015. The tables below provide the components of our operating expenses for the three months and six months ended June 30, 2016, compared to the same periods of 2015.

For the three months ended June 30, 2016 and 2015

	Three Months Ended June 30,				Change
	2016		2015		Amount			Percent
	(dollars in thousands)
Cost of services	$	7,875	$	8,406	$	(531	)		(6.3	)%
Selling, general and administrative expenses		2,407		2,457		(50	)		(2.0	)%
Depreciation and amortization		2,051		2,264		(213	)		(9.4	)%
Total	$	12,333	$	13,127	$	(794	)		(6.1	)%

Cost of services. Cost of services decreased 6.3% to $7.9 million in the three months ended June 30, 2016 from $8.4 million in the three months ended June 30, 2015. Internet, circuit and digital equipment expense decreased $0.2 million; access, toll and reciprocal compensation expense decreased by $0.1 million; HPBX expense decreased by $0.1 million; and marketing, sales and directory expense decreased by $0.1 million, reflecting New England operations optimization.

Selling, general and administrative expenses. Selling, general and administrative expenses decreased 2.0% to $2.4 million in the three months ended June 30, 2016 from $2.5 million in the three months ended June 30, 2015. Small decreases in external relations, executive, insurance, uncollectible and non-cash stock expense were partially offset by small increases in legal expense and sales concession costs.

Depreciation and amortization. Depreciation and amortization decreased 9.4% to $2.1 million in the three months ended June 30, 2016 from $2.3 million in the three months ended June 30, 2015. New England CLEC and RLEC and Alabama cable depreciation decreased $0.1 million and the amortization of other intangible assets decreased $0.1 million.

For the six months ended June 30, 2016 and 2015

	Six Months Ended June 30,				Change
	2016		2015		Amount			Percent
	(dollars in thousands)
Cost of services	$	16,005	$	16,663	$	(658	)		(3.9	)%
Selling, general and administrative expenses		4,983		5,086		(103	)		(2.0	)%
Depreciation and amortization		4,089		4,514		(425	)		(9.4	)%
Total	$	25,077	$	26,263	$	(1,186	)		(4.5	)%

Cost of services. Cost of services decreased 3.9% to $16.0 million in the six months ended June 30, 2016 from $16.7 million in the six months ended June 30, 2015. Access and toll expense decreased by $0.2 million, HPBX expense decreased by $0.2 million and all other costs decreased by $0.5 million, reflecting New England operations optimization. Performance assurance plan billing credits received from Fairpoint Communications in Maine decreased by $0.2 million, effectively increasing our cost as their service levels showed further improvement and resulting credits decreased.

Selling, general and administrative expenses. Selling, general and administrative expenses decreased 2.0% to $5.0 million in the six months ended June 30, 2016 from $5.1 million in the six months ended June 30, 2015. External relations and human resources expense decreased by $0.1 million; and uncollectible and other administrative expenses decreased by $0.1 million. These declines were partially offset by an increase in loan fees and legal expense of $0.1 million.

Depreciation and amortization. Depreciation and amortization decreased 9.4% to $4.1 million in the six months ended June 30, 2016 from $4.5 million in the six months ended June 30, 2015. New England CLEC and RLEC depreciation decreased $0.2 million; the amortization of other intangible assets decreased $0.2 million; and cable television depreciation decreased by $0.1 million.

For the three months ended June 30, 2016 and 2015

	Three Months Ended June 30,						Change
	2016			2015			Amount			Percent
	(dollars in thousands)
Interest expense	$	(2,721	)	$	(1,991	)	$	730			36.7	%
Other income (expense)		4			(17	)		21			116.7	%
Income tax expense		(858	)		(1,102	)		(244	)		(22.1	)%

Interest expense. Interest expense increased 36.7% to $2.7 million in the three months ended June 30, 2016 from $2.0 million in the three months ended June 30, 2015. Higher interest rates on our new loan facilities accounted for an increase of $0.6 million and the increased loan cost amortization accounted for an increase of $0.1 million.

Other income (expense). Other income increased in the three months ended June 30, 2016 from an expense in the three months ended June 30, 2015, but did not represent a material change.

Income tax expense. Provision for income tax expense was $0.9 million in the three months ended June 30, 2016, compared to $1.1 million in the three months ended June 30, 2015. The effective income tax rate as of June 30, 2016 and December 31, 2015 was 39.3% and 39.8%, respectively.

For the six months ended June 30, 2016 and 2015

	Six Months Ended June 30,						Change
	2016			2015			Amount			Percent
	(dollars in thousands)
Interest expense	$	(5,203	)	$	(4,039	)	$	1,164			28.8	%
Other income		623			1,046			(423	)		40.4	%
Income tax expense		(1,991	)		(2,490	)		(499	)		(20.0	)%

Interest expense. Interest expense increased 28.8% to $5.2 million in the six months ended June 30, 2016 from $4.0 million in the six months ended June 30, 2015. Higher interest rates on our new loan facilities accounted for an increase of $0.9 million and the increased loan cost amortization accounted for an increase of $0.3 million.

Other income. Other income decreased 40.4% to $0.6 million in the six months ended June 30, 2016 from $1.0 million in the six months ended June 30, 2015. The decrease in the annual CoBank dividend in first quarter 2016 accounted for the decrease.

Income tax expense. Provision for income tax expense was $2.0 million in the six months ended June 30, 2016, compared to $2.5 million in the six months ended June 30, 2015. The effective income tax rate as of June 30, 2016 and December 31, 2015 was 39.3% and 39.8%, respectively.

Net income. As a result of the foregoing, there was net income of $1.3 million and $1.7 million in the three months ended June 30, 2016 and 2015, respectively. As a result of the foregoing, there was net income of $3.1 million and $3.8 million in the six months ended June 30, 2016 and 2015, respectively. The differences are primarily attributable to lower residential and access revenues in both the three months and six months ended June 30, 2016 and the smaller CoBank dividend received in first quarter 2016, partially offset by continued cost reductions.

Liquidity and Capital Resources

Our liquidity needs arise primarily from: (i) interest and principal payments related to our credit facilities; (ii) capital expenditures for investment in our business; and (iii) working capital requirements.

For the six months ended June 30, 2016, we generated cash from our business to invest in additional property and equipment of $2.2 million, pay loan origination costs of $5.2 million, pay scheduled interest on our debt of $3.7 million and pay income taxes of $0.7 million. As described in greater detail below, we fully repaid our previous credit facility that was scheduled to mature in April 2016 with borrowings under two new credit agreements, both of which are scheduled to mature in 2021. After reflecting the above changes in our business, cash increased to $8.3 million as of June 30, 2016 when compared to $6.9 million as of December 31, 2015.

Cash flows from operating activities for the six months ended June 30, 2016 amounted to $9.7 million compared to $11.9 million for the six months ended June 30, 2015. The decrease in other income associated with the CoBank dividend and the reduction in prepaid expenses and other assets and accounts payable and accrued expenses primarily accounted for the difference.

Cash flows used in investing activities for the six months ended June 30, 2016 were $2.2 million compared to $3.0 million in the six months ended June 30, 2015. Lower investment in property and equipment in the six months ended June 30, 2016 accounted for the difference.

Cash flows used in financing activities for the six months ended June 30, 2016 were $6.1 million compared to $7.1 million in the six months ended June 30, 2015, reflecting changes associated with the changes in our credit facilities, primarily loan origination costs for the new facilities and the change in principal payment date from the last day of the quarter with respect to the former facility to the first day of the following quarter with respect to the new senior facility.

We do not invest in financial instruments as part of our business strategy.

As mentioned above, our prior credit facility was scheduled to mature in April 2016. However, on January 25, 2016, we entered into a new senior credit facility, providing for a five year term loan facility in the aggregate principal amount of $85.0 million and a five year $5.0 million revolving credit facility, and a new subordinated credit facility, providing for a five and a half year term loan facility in the aggregate principal amount of $15.0 million. On February 17, 2016, the subordinated credit facility was amended to increase the aggregate principal amount available for borrowing thereunder to $15.3 million, and we borrowed $85.0 million under the term loan facility of the senior credit facility and $15.3 million under the subordinated credit facility. We used the borrowings under the credit facilities to, among other things, pay all amounts due, including principal, interest and fees, and satisfy in full all of our obligations under our previous credit facility. Under the new senior credit facility, excess cash flow payments will be made annually rather than quarterly as they were under our previous credit facility.

We use consolidated earnings before interest, taxes, depreciation and amortization (“Consolidated EBITDA”) as an operational performance measurement. Consolidated EBITDA, as presented in this Quarterly Report on Form 10-Q, corresponds to the definition of Consolidated EBITDA in our credit facilities. Consolidated EBITDA, as presented in this Quarterly Report on Form 10-Q, is a supplemental measure of our performance that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (“U.S. GAAP”). The lenders under our credit facilities use this measure to determine compliance with credit facility requirements. We report Consolidated EBITDA in our quarterly earnings press release to allow current and potential investors to understand this performance metric and because we believe that it provides current and potential investors with helpful information with respect to our operating performance. However, Consolidated EBITDA should not be considered as an alternative to net income or any other performance measures derived in accordance with U.S. GAAP. Our presentation of Consolidated EBITDA may not be comparable to similarly titled measures used by other companies. Consolidated EBITDA for the three months and six months ended June 30, 2016 and 2015, and its reconciliation to net income, is reflected in the table below (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016		2015
Net income	$	1,324		$	1,655		$	3,074		3,790
Add: Depreciation		1,792			1,929			3,571		3,843
Interest expense less interest income		2,400			1,768			4,439		3,590
Interest expense - amortize loan cost		321			222			764		447
Income tax expense		858			1,102			1,991		2,490
Amortization - intangibles		259			335			518		670
Stock-based compensation (earn-out)		(78	)		(54	)		—		71
Stock-based compensation (board & senior management)		137			105			199		141
Other excluded expense		—			17			—		20
Loan fees		40			25			124		50
Consolidated EBITDA	$	7,053		$	7,104		$	14,680	$	15,112

Recent Accounting Pronouncements

See Note 1, Organization and Basis of Financial Reporting, to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a description of the recent accounting pronouncements that are applicable to us.

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Our short-term excess cash balance is invested in short-term commercial paper. We do not invest in any derivative or commodity type instruments. Accordingly, we are subject to minimal market risk on our investments.

Interest rates applicable to the term loans and the revolving loans under our senior credit facility are set at a margin over a LIBOR rate (which is defined as the higher of (1) LIBOR and (2) 1.0% per annum) or a reference rate (which is generally defined as the highest of (1) 3.5% per annum, (2) the federal funds rate plus 0.50% per annum, (3) the LIBOR rate plus 1.00% per annum and (4) the prime rate). Accordingly, we are exposed to interest rate risk. If our current senior credit facility had been in place for the full period, and assuming $85.0 million was outstanding under that facility from January 1, 2016 through February 16, 2016 (the date immediately before the date that we actually drew down funds under that facility), a one percentage point change in market interest rates from the June 30, 2016 interest rates would have resulted in an approximately $198 thousand increase in the interest expense for the six months ended June 30, 2016.

Item 4.

Controls and Procedures

With the participation of the Chief Executive Officer and the Chief Financial Officer, management has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2016.

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) during the three months ended June 30, 2016 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

As previously reported in Item 3, Legal Proceedings, of our Annual Report on Form 10-K for the year ended December 31, 2015, Sprint Communications L.P. (“Sprint”), MCI Communications Services, Inc. (“MCI”) and Verizon Select Services, Inc. (“Verizon”) filed more than 60 lawsuits in federal courts across the United States alleging that over 400 local exchange carriers overcharged Sprint, MCI and Verizon for so-called intraMTA traffic (wireless phone calls that originate and terminate in the same metropolitan transit area). The lawsuits seek a refund of previously-paid access charges for intraMTA traffic, as well as a discount related to intraMTA traffic on a going-forward basis. One of our subsidiaries, Otelco Mid-Missouri LLC, was named as a defendant in two of the lawsuits that are being brought before the District Court for the Western District of Missouri (one filed on May 2, 2014 by Sprint and the other filed on September 5, 2014 by MCI and Verizon). In addition, one of our other subsidiaries, Otelco Telephone LLC, was named as a defendant in a lawsuit relating to these issues filed by MCI and Verizon in the District Court for the District of Delaware on September 5, 2014. As all of the lawsuits relating to these issues raise the same fundamental questions of law, the United States Judicial Panel on Multidistrict Litigation has consolidated the lawsuits in the District Court for the Northern District of Texas for all pre-trial proceedings. On November 17, 2015, that court issued a memorandum opinion and order dismissing the federal-law claims with prejudice, dismissing the state-law claims but granting leave to replead said claims, and denying the local exchange carrier defendants’ request to refer the matter to the FCC. The District Court for the Northern District of Texas continues to handle pre-trial motions related to some local exchange carrier defendants’ counterclaims, with decisions on those matters and final summary judgment motions not scheduled to occur until April of 2017. After all pre-trial matters are addressed, Sprint, MCI and Verizon have indicated they will appeal the District Court for the Northern District of Texas’s November 17, 2015 decision making. Accordingly, it is not possible to determine at this time whether these lawsuits will have a material adverse effect on our business.

As also previously reported in Item 3, Legal Proceedings, of our Annual Report on Form 10-K for the year ended December 31, 2015, on November 10, 2014, a large coalition of the local exchange carrier defendants, including Otelco Mid-Missouri LLC and Otelco Telephone LLC, filed a petition for declaratory ruling with the FCC seeking a ruling by the FCC that: (1) any traffic intentionally routed over Interexchange carrier (“IXC”) trunks by IXCs should be subject to access charges; (2) only carriers with specific agreements with a local exchange carrier may use alternative billing arrangements; (3) federal tariffing rules require the local exchange carriers to assess access charges for switched access traffic routed through Feature Group D trunks; and (4) the IXCs may not engage in self-help by refusing to pay the local exchange carriers’ properly assessed access charges. On March 11, 2015, the local exchange carrier defendants filed their reply brief with the FCC. No timeline has been established for a decision by the FCC and the FCC has given no indication that it intends to issue a ruling in the near future. Accordingly, it is not possible to determine at this time whether this action will have a material adverse effect on our business.

Item 6.

Exhibits

See Exhibit Index.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: August 3, 2016	OTELCO INC.

	By:	/s/ Curtis L. Garner, Jr.
		Curtis L. Garner, Jr.
		Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description
31.1		Certificate pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934 of the Chief Executive Officer

31.2		Certificate pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934 of the Chief Financial Officer

32.1		Certificate pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer

32.2		Certificate pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer

101		The following information from the Company’s quarterly report on Form 10-Q for the quarterly period ended June 30, 2016 formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Cash Flows; and (iv) Notes to Condensed Consolidated Financial Statements

EX-31.1 2 t1600473_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

I, Robert J. Souza, certify that:

I have reviewed this quarterly report on Form 10-Q of Otelco Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 3, 2016

/s/ Robert J. Souza
Robert J. Souza
Chief Executive Officer

EX-31.2 3 t1600473_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION BY CHIEF FINANCIAL OFFICER

I, Curtis L. Garner, Jr., certify that:

I have reviewed this quarterly report on Form 10-Q of Otelco Inc.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 3, 2016

/s/ Curtis L. Garner, Jr.
Curtis L. Garner, Jr.
Chief Financial Officer

EX-32.1 4 t1600473_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Otelco Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert J. Souza, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Robert J. Souza
Robert J. Souza
Chief Executive Officer
August 3, 2016

EX-32.2 5 t1600473_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Otelco Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Curtis L. Garner, Jr., Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Curtis L. Garner, Jr.
Curtis L. Garner, Jr.
Chief Financial Officer
August 3, 2016

EX-101.INS 6 otel-20160630.xml XBRL INSTANCE DOCUMENT false --12-31 Q2 2016 2016-06-30 10-Q 0001288359 0 3283177 Yes Smaller Reporting Company OTELCO INC. No No otel 1772000 7875000 8406000 16005000 16663000 4000000 14607000 79559000 80000000

1640000

1722000

940000

1818000

3423000

3575000

5662000

4567000

3971000

3881000

518000

670000

122534

199000

211000

183000

258000

426000

57000

141000

447000

609000

447000

115994000

117784000

18604000

18529000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Basis of Presentation and Principles of Consolidation</div></div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The unaudited condensed consolidated financial statements include the accounts of Otelco Inc. (the “Company”) and its subsidiaries, all of which are either directly or indirectly wholly owned. These include: Blountsville Telephone LLC; Brindlee Mountain Telephone LLC; CRC Communications LLC (“CRC”); Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC (“MMT”) and its wholly owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC (“OTP”); Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC.</div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and all of the aforesaid subsidiaries after elimination of all material intercompany balances and transactions. The unaudited operating results for the three months and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period.</div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The unaudited condensed consolidated financial statements and notes included in this Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The interim condensed consolidated financial information herein is unaudited. The information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods included in this report.</div></div></div></div></div>

68233

8276000

6884000

5082000

6863000

1392000

1781000

0.01

10000000

250000

3283177

3015099

232780

3283177

3015099

232780

33000

30000

2000

0.191

0.165

2000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Financial Condition and Management’s Plan</div></div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On January 25, 2016, the Company entered into a senior loan agreement (the “Senior Loan Agreement”), providing for a five year term loan facility in the aggregate principal amount of $85.0 million and a five year $5.0 million revolving credit facility, and a subordinated loan agreement (the “Subordinated Loan Agreement”), providing for a five and a half year term loan facility in the aggregate principal amount of $15.0 million. On February 17, 2016, the Subordinated Loan Agreement was amended to increase the aggregate principal amount available for borrowing thereunder to $15.3 million, and the Company borrowed $85.0 million under the term loan facility of the Senior Loan Agreement and $15.3 million under the Subordinated Loan Agreement. The Company used the borrowings under the Senior Loan Agreement and the Subordinated Loan Agreement to, among other things, pay all amounts due, including principal, interest and fees, and satisfy in full all of its obligations under its previous credit facility (the “Previous Credit Facility”), which was scheduled to mature on April 30, 2016. As a result of the repayment of the Previous Credit Facility, all of the shares of the Company’s Class B common stock were automatically converted into an equal number of shares of the Company’s Class A common stock. The term loan facility under the Senior Loan Agreement requires principal payments of $1.0 million quarterly, beginning on April 1, 2016. Principal amounts outstanding under the Subordinated Loan Agreement will generally not be due until maturity. The Company recorded costs of $15 thousand and write-off of loan costs of $140 thousand in connection with this refinancing.</div></div></div></div></div>

72000

68000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2.</div><div style="display: inline; font-weight: bold;"></div></div></div></td> <td style="VERTICAL-ALIGN: top"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"></div><div style="display: inline; font-weight: bold;">Notes Payable</div></div></div></td> </tr> </table> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Notes payable consists of the following (in thousands, except percentages) as of:</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; WIDTH: 69.7%; TEXT-INDENT: -9pt"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; WIDTH: 1%"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">June 30,</div></div></div> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; font-weight: bold;">2016</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; WIDTH: 1%"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">December 31,</div></div></div> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; font-weight: bold;">2015</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; WIDTH: 69.7%; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Third amended and restated term credit facility; Antares Capital (formerly General Electric Capital Corporation); variable interest rate of 6.50% at December 31, 2015. The Previous Credit Facility was secured by the total assets of the subsidiary guarantors. The Previous Credit Facility was fully repaid on February 17, 2016.</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">99,255</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Less: Current portion of long-term debt, net of debt issuance cost of $0 and $797, respectively</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">(2,203</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Long-term notes payable less current maturities (net)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">97,052</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Current</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Long-term</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">June 30,</div></div></div></div> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2016</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31,</div></div></div></div> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2015</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; WIDTH: 52%; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at June 30, 2016, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021. </div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 9.9pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 9.9pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">4,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 9.9pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 9.9pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">80,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">84,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Debt issuance cost</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">(1,088</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">(3,353</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">(4,441</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Senior notes payable, net of debt issuance cost</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">2,912</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">76,647</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">79,559</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">June 30,</div></div></div> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; font-weight: bold;">2016</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">December 31,</div></div></div> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; font-weight: bold;">2015</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; WIDTH: 70%; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest rate due monthly of 12.00% at June 30, 2016. Payment in Kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued is added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance is due August 17, 2021.</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">15,300</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">PIK interest added to principal</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">115</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Less: long-term portion of debt issuance cost</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">(808</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Long-term notes payable, net of debt issuance cost</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">14,607</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">—</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Associated with the Senior Loan Agreement, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $4.9 million in deferred financing cost associated with the Senior Loan Agreement. Amortization expense for the deferred financing cost associated with the Senior Loan Agreement was $426 thousand for the six months ended June 30, 2016. </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Associated with the Subordinated Loan Agreement, the Company has capitalized and amortized deferred financing cost using the effective interest method. The Company has capitalized $865 thousand in deferred financing cost associated with the Subordinated Loan Agreement. Amortization expense for the deferred financing cost associated with the Subordinated Loan Agreement was $57 thousand for the six months ended June 30, 2016.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Associated with the Previous Credit Facility, the Company had capitalized and amortized deferred financing cost using the effective interest method. The Company had capitalized $2.7 million in deferred financing cost associated with the Previous Credit Facility. Amortization expense for the deferred financing cost associated with the third amendment and restatement of the Previous Credit Facility was $141 thousand and $447 thousand for the six months ended June 30, 2016 and 2015, respectively. The Company wrote off $140 thousand of prior deferred financing cost and incurred $15 thousand in external legal fees during the six months ended June 30, 2016 as a result of the extinguishment of the Previous Credit Facility, which is included in interest expense.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company has a revolving credit facility on December 31, 2015 of $5.0 million associated with the Previous Credit Facility. There was no balance outstanding as of December 31, 2015. The facility was terminated on February 17, 2016. The Company paid a commitment fee of 0.50% per annum, payable quarterly in arrears, on the unused portion of the revolver loan under the Previous Credit Facility. The commitment fee expense was $3 thousand and $13 thousand for the six months ended June 30, 2016 and 2015, respectively.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company had a revolving credit facility on June 30, 2016 with a maximum borrowing capacity of $5.0 million associated with the Senior Loan Agreement. The revolving credit facility is available until February 17, 2021. There was no balance outstanding as of June 30, 2016. The Company pays a monthly fee of 0.75% per annum on the unused portion of the revolver loan under the Senior Loan Agreement, payable in arrears. The fee expense was $14 thousand for the six months ended June 30, 2016. </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Maturities of notes payable for the next five years and thereafter, assuming no annual excess cash flow payments and the PIK interest, are as follows (in thousands):</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 10%; WIDTH: 80%; MARGIN-RIGHT: 10%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2016 (remaining)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #cceeff">2,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #ffffff">4,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2018</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #cceeff">4,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2019</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #ffffff">4,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2020</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #cceeff">4,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Thereafter</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #ffffff">81,300</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #cceeff">99,300</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In addition, PIK interest of $1,772 thousand associated with the Subordinated Loan Agreement will be paid at maturity. A total of $5,732 thousand of debt issuance cost is amortized over the life of the loans and is recorded net of the notes payable on the condensed consolidated balance sheets. </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company’s notes payable agreements are subject to certain financial covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. As of June 30, 2016, the Company was in compliance with all such covenants and restrictions.</div></div></div>

84000000

85000000

15000000

15300000

1000000

P5Y

P5Y182D

P5Y

797000

1088000

4900000

865000

2700000

5732000

15000

-808000

1377000

1418000

601000

628000

57000

26163000

3571000

3843000

2051000

2264000

4089000

4513000

0.40

0.51

0.94

1.17

0.39

0.50

0.91

1.15

0.393

0.398

736000

-155000

44976000

2182000

2757000

5065000

6280000

858000

1102000

1991000

2490000

685000

11000

217000

905000

-115000

1000

-67000

-27000

173000

221000

637000

-14000

-13000

-1246000

-2076000

2038000

2363000

2721000

1991000

5203000

4039000

3728000

3591000

15000

128989000

133944000

115994000

117784000

1181000

1818000

10963000

10074000

3000

13000

14000

0.005

0.0075

5000000

99300000

99255000

15300000

-2203000

2912000

2203000

81300000

4000000

2000000

97052000

76647000

91254000

97052000

0.12

0.02

0.065

1833000

1846000

2079000

1906000

-6077000

-7061000

-2215000

-3013000

9684000

11855000

1324000

1655000

3074000

3790000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements</div></div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">During 2016, the Financial Accounting Standards Board (the “FASB”) has issued Accounting Standards Updates (“ASUs”) 2016-01 through 2016-13. Except for ASU 2016-02, 2016-08, 2016-09, 2016-10, and 2016-12 which are discussed below, these ASUs provide technical corrections or simplification to existing guidance and to specialized industries or entities and therefore have minimal, if any, impact on the Company.</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In February 2016, the FASB issued ASU 2016-02, <div style="display: inline; font-style: italic;">Leases (Topic 842).</div> This ASU requires lessees to recognize most leases on the balance sheet. The provisions of this ASU are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this ASU and has not yet determined the impact of the adoption on the Company’s financial position or results of operations.</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In March 2016, the FASB issued ASU 2016-09<div style="display: inline; font-style: italic;">, Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</div>. The objective of this ASU is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted for any entity in any interim or annual period. The Company adopted this ASU as of March 31, 2016 and did not have a material impact on its condensed consolidated financial statements. </div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In May 2014, the FASB issued ASU 2014-09, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic 606)</div>. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also provides a more robust framework for revenue issues and improves comparability of revenue recognition practices across industries. This ASU was the product of a joint project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard. This guidance was to be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption not permitted. In July 2015, the FASB issued ASU 2015-14, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. </div>This ASU confirmed a one-year delay in the effective date of ASU 2014-09, making the effective date for the Company the first quarter of fiscal 2018 instead of the first quarter of fiscal 2017.  </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In March 2016, the FASB issued ASU 2016-08, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenues Gross versus Net)</div>. This ASU is further guidance to ASU 2014-09, and clarifies principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. </div>This ASU is also further guidance to ASU 2014-09, and clarifies the identification of performance obligations. In May 2016, the FASB issued ASU 2016-12, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. </div>This ASU is also further guidance to ASU 2014-09, and clarifies assessing the narrow aspects of recognizing revenue. The Company is currently evaluating the impact of the pending adoption of ASUs 2014-09, 2016-08, 2016-10 and 2016-12 on its condensed consolidated financial statements and has not yet determined the method by which the Company will adopt ASU 2014-09.</div></div></div></div>

-2717000

-2008000

-4580000

-2993000

4899000

4765000

9645000

9273000

68000

269000

259000

12333000

13127000

25077000

26262000

8000

27000

4000

-17000

623000

1046000

115000

5215000

15000

109000

2215000

3013000

1519000

2775000

85000000

15300000

100300000

3074000

3790000

48274000

49811000

119000

175000

101053000

7046000

-16999000

-20073000

17232000

17892000

34722000

35535000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 10%; WIDTH: 80%; MARGIN-RIGHT: 10%; TEXT-INDENT: 0px;; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2016 (remaining)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #cceeff">2,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2017</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #ffffff">4,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2018</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #cceeff">4,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2019</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #ffffff">4,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2020</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #cceeff">4,000</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Thereafter</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #ffffff">81,300</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 16%; BACKGROUND-COLOR: #cceeff">99,300</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 95%; MARGIN-RIGHT: 5%; TEXT-INDENT: 0px;; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">RSUs</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Weighted Average</div></div></div> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Grant Date</div></div></div> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Fair Value</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; WIDTH: 68%; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Outstanding at December 31, 2015</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #cceeff">155,761</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #cceeff">4.78</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">Granted</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #cceeff">119,655</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #cceeff">4.40</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Vested</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #ffffff">(56,728</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #ffffff">4.80</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Forfeited or cancelled</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #cceeff">(6,475</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #cceeff">4.71</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Outstanding at June 30, 2016</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #ffffff">212,213</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; WIDTH: 13%; BACKGROUND-COLOR: #ffffff">4.56</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> </table></div>

2407000

2457000

4983000

5086000

199000

211000

P1Y

P3Y

6475

4.71

119655

4.40

155761

212213

4.78

4.56

56728

4.80

212213

1000

-12995000

-16160000

1610000

97268

46228

94913

44026

3380445

3285534

3378090

3283332

3283177

3239306

3283177

3239306

140000

iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0001288359 otel:ReliableNetworksMember us-gaap:CommonClassAMember 2014-01-01 2014-12-31 0001288359 2015-01-01 2015-06-30 0001288359 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-06-30 0001288359 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember otel:NationalExchangeCarrierAssociationMember 2015-01-01 2015-06-30 0001288359 otel:PreviousCreditFacilityMember 2015-01-01 2015-06-30 0001288359 2015-01-01 2015-12-31 0001288359 otel:ErrorCorrectionFromTypographicalMistakeMember us-gaap:RestatementAdjustmentMember 2015-01-01 2015-12-31 0001288359 us-gaap:SubordinatedDebtMember 2015-01-01 2015-12-31 0001288359 2015-04-01 2015-06-30 0001288359 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassAMember 2015-05-15 2015-05-15 0001288359 2016-01-01 2016-06-30 0001288359 us-gaap:RestrictedStockUnitsRSUMember 2016-01-01 2016-06-30 0001288359 us-gaap:RestrictedStockUnitsRSUMember us-gaap:MaximumMember 2016-01-01 2016-06-30 0001288359 us-gaap:RestrictedStockUnitsRSUMember us-gaap:MinimumMember 2016-01-01 2016-06-30 0001288359 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassAMember 2016-01-01 2016-06-30 0001288359 otel:ReliableNetworksMember us-gaap:CommonClassAMember 2016-01-01 2016-06-30 0001288359 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember otel:NationalExchangeCarrierAssociationMember 2016-01-01 2016-06-30 0001288359 otel:PreviousCreditFacilityMember 2016-01-01 2016-06-30 0001288359 us-gaap:RevolvingCreditFacilityMember 2016-01-01 2016-06-30 0001288359 us-gaap:SeniorNotesMember 2016-01-01 2016-06-30 0001288359 us-gaap:SubordinatedDebtMember 2016-01-01 2016-06-30 0001288359 us-gaap:RevolvingCreditFacilityMember 2016-01-24 2016-01-25 0001288359 us-gaap:SeniorNotesMember 2016-01-24 2016-01-25 0001288359 us-gaap:SubordinatedDebtMember 2016-01-24 2016-01-25 0001288359 us-gaap:SeniorNotesMember 2016-01-24 2016-06-30 0001288359 us-gaap:SubordinatedDebtMember 2016-01-24 2016-06-30 0001288359 2016-04-01 2016-06-30 0001288359 2014-12-31 0001288359 2015-06-30 0001288359 2015-12-31 0001288359 us-gaap:RestrictedStockUnitsRSUMember 2015-12-31 0001288359 otel:PreviousCreditFacilityMember 2015-12-31 0001288359 otel:ErrorCorrectionFromTypographicalMistakeMember 2015-12-31 0001288359 otel:ErrorCorrectionFromTypographicalMistakeMember us-gaap:ScenarioPreviouslyReportedMember 2015-12-31 0001288359 us-gaap:DomesticCountryMember 2015-12-31 0001288359 us-gaap:SeniorNotesMember 2015-12-31 0001288359 us-gaap:SubordinatedDebtMember 2015-12-31 0001288359 us-gaap:CommonClassAMember 2015-12-31 0001288359 us-gaap:CommonClassBMember 2015-12-31 0001288359 us-gaap:RevolvingCreditFacilityMember 2016-01-25 0001288359 us-gaap:SeniorNotesMember 2016-01-25 0001288359 us-gaap:SubordinatedDebtMember 2016-01-25 0001288359 us-gaap:SubordinatedDebtMember 2016-02-17 0001288359 2016-06-30 0001288359 us-gaap:RestrictedStockUnitsRSUMember 2016-06-30 0001288359 otel:NotesPayableNetMember 2016-06-30 0001288359 otel:PreviousCreditFacilityMember 2016-06-30 0001288359 us-gaap:RevolvingCreditFacilityMember 2016-06-30 0001288359 us-gaap:DomesticCountryMember 2016-06-30 0001288359 us-gaap:PaymentInKindPIKNoteMember 2016-06-30 0001288359 us-gaap:SeniorNotesMember 2016-06-30 0001288359 us-gaap:SubordinatedDebtMember 2016-06-30 0001288359 us-gaap:CommonClassAMember 2016-06-30 0001288359 us-gaap:CommonClassBMember 2016-06-30 0001288359 us-gaap:CommonClassAMember 2016-08-03 0001288359 us-gaap:CommonClassBMember 2016-08-03

EX-101.SCH 7 otel-20160630.xsd XBRL TAXONOMY EXTENSION SCHEMA 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink 001 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) link:calculationLink link:definitionLink link:presentationLink 002 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 003 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:calculationLink link:definitionLink link:presentationLink 004 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:calculationLink link:definitionLink link:presentationLink 005 - Disclosure - Note 1 - Organization and Basis of Financial Reporting link:calculationLink link:definitionLink link:presentationLink 006 - Disclosure - Note 2 - Notes Payable link:calculationLink link:definitionLink link:presentationLink 007 - Disclosure - Note 3 - Income Tax link:calculationLink link:definitionLink link:presentationLink 009 - Disclosure - Note 5 - Revenue Concentrations link:calculationLink link:definitionLink link:presentationLink 010 - Document - Note 6 - Commitments and Contingencies link:calculationLink link:definitionLink link:presentationLink 011 - Disclosure - Note 7 - Stock Plans and Stock Associated with Acquisition link:calculationLink link:definitionLink link:presentationLink 012 - Disclosure - Significant Accounting Policies (Policies) link:calculationLink link:definitionLink link:presentationLink 013 - Disclosure - Note 2 - Notes Payable (Tables) link:calculationLink link:definitionLink link:presentationLink 015 - Disclosure - Note 7 - Stock Plans and Stock Associated with Acquisition (Tables) link:calculationLink link:definitionLink link:presentationLink 016 - Disclosure - Note 1 - Organization and Basis of Financial Reporting (Details Textual) link:calculationLink link:definitionLink link:presentationLink 017 - Disclosure - Note 2 - Notes Payable (Details Textual) link:calculationLink link:definitionLink link:presentationLink 018 - Disclosure - Note 2 - Summary of Notes Payable (Details) link:calculationLink link:definitionLink link:presentationLink 019 - Disclosure - Note 2 - Summary of Notes Payable (Details) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 020 - Disclosure - Note 2 - Senior Loan Agreement (Details) link:calculationLink link:definitionLink link:presentationLink 021 - Disclosure - Note 2 - Maturities of Notes Payable (Details) link:calculationLink link:definitionLink link:presentationLink 022 - Disclosure - Note 3 - Income Tax (Details Textual) link:calculationLink link:definitionLink link:presentationLink 024 - Disclosure - Note 5 - Revenue Concentrations (Details Textual) link:calculationLink link:definitionLink link:presentationLink 025 - Disclosure - Note 7 - Stock Plans and Stock Associated with Acquisition (Details Textual) link:calculationLink link:definitionLink link:presentationLink 026 - Disclosure - Note 7 - Summary of RSU Activity (Details) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 8 otel-20160630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 otel-20160630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 otel-20160630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Supplemental disclosures of cash flow information: Document And Entity Information Revenues Note To Financial Statement Details Textual Cost of services The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. statementsignificantaccountingpoliciespolicies Operating expenses Income taxes paid statementnote2notespayabletables statementnote4netincomepercommonsharetables statementnote7stockplansandstockassociatedwithacquisitiontables statementnote2summaryofnotespayabledetails statementnote2summaryofnotespayabledetailsparentheticals Conversion of Class B common stock to Class A common stock Amendment Flag us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements statementnote2seniorloanagreementdetails statementnote2maturitiesofnotespayabledetails statementnote4reconciliationofincomelosspercommonsharedetails statementnote7summaryofrsuactivitydetails Notes To Financial Statements Notes To Financial Statements [Abstract] Accounts receivable: Document Fiscal Year Focus Changes in operating assets and liabilities Document Fiscal Period Focus us-gaap_ProceedsFromIssuanceOfDebt Proceeds from Issuance of Debt us-gaap_OtherCostAndExpenseOperating Total operating expenses Document Period End Date 2018 Provision for uncollectible accounts receivable Selling, general and administrative expenses 2017 Current Fiscal Year End Date Credit Facility [Axis] Deferred income taxes us-gaap_EffectiveIncomeTaxRateContinuingOperations Effective Income Tax Rate Reconciliation, Percent Document Information [Line Items] Document Information [Table] us-gaap_OperatingLossCarryforwards Operating Loss Carryforwards Entity Current Reporting Status Entity Voluntary Filers Customer Deposits Entity Filer Category Document Type us-gaap_DeferredTaxAssetsValuationAllowance Deferred Tax Assets, Valuation Allowance Common stock, outstanding (in shares) us-gaap_InterestExpense Interest expense Cash flows used in financing activities: us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash used in investing activities Senior Notes [Member] Total stockholders' deficit Amortization of loan costs Amortization of Debt Issuance Costs Entity Well-known Seasoned Issuer Issuance of Class A common stock Statement of Financial Position [Abstract] us-gaap_LineOfCredit Long-term Line of Credit Business Acquisition, Acquiree [Domain] Business Acquisition [Axis] Long-term Debt Total Long-term Debt Depreciation and amortization us-gaap_IncreaseDecreaseInInventories Material and supplies us-gaap_TableTextBlock Notes Tables Revolving Credit Facility [Member] Statement [Table] Credit Facility [Domain] us-gaap_DebtInstrumentCarryingAmount Senior note payable, face amount us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Less: long-term portion of debt issuance cost Income Statement [Abstract] us-gaap_DeferredFinanceCostsNet Debt Issuance Costs, Net us-gaap_WriteOffOfDeferredDebtIssuanceCost Write off of Deferred Debt Issuance Cost us-gaap_IncreaseDecreaseInAccountsReceivable Accounts receivable Statement of Cash Flows [Abstract] us-gaap_GainsLossesOnExtinguishmentOfDebt Loss on extinguishment of debt Issuance Costs, Net Debt issuance cost Materials and supplies Long-term Debt, Type [Domain] Long-term Debt, Type [Axis] us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets Prepaid expenses and other assets Weighted average number of common shares outstanding: Diluted net income per common share (in dollars per share) Net income per common share - diluted (in dollars per share) us-gaap_DeferredRevenueLeasesNetNoncurrent Advance billings and payments Basic net income per common share (in dollars per share) Net income per common share - basic (in dollars per share) Basic (in shares) Weighted average number of common shares outstanding - basic (in shares) us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment Effect of dilutive securities (in shares) Diluted (in shares) Weighted average number of common shares and potential common shares - diluted (in shares) Maximum [Member] Minimum [Member] Range [Axis] us-gaap_PaymentsOfLoanCosts Loan origination costs Range [Domain] Customer [Axis] Customer [Domain] Payment in Kind (PIK) Note [Member] Previous Credit Facility [Member] Represents the reporting entity's previous credit facility. us-gaap_LegalFees Legal Fees us-gaap_DeferredTaxLiabilitiesNoncurrent Deferred income taxes us-gaap_DeferredFinanceCostsGross Debt Issuance Costs, Gross Error Correction from Typographical Mistake [Member] Represents the correction made due to a typographical error. Interest Rate Long-term notes payable, net of debt issuance cost, less current maturities (net) Long-term notes payable less current maturities (net) Accumulated deficit us-gaap_RepaymentsOfSeniorDebt Principal repayment of long-term notes payable us-gaap_LiabilitiesAndStockholdersEquity Total liabilities and stockholders' deficit Legal Entity [Axis] Entity Registrant Name Entity Central Index Key Entity [Domain] Proceeds from loan refinancing Entity Common Stock, Shares Outstanding (in shares) us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax Domestic Tax Authority [Member] Income Tax Authority [Domain] otel_AccruedPaidinkindInterestPaymentAtMaturity Accrued Paid-in-Kind Interest, Payment at Maturity The accrued interest to be paid at maturity in other than in cash for example by issuing additional debt securities. As a noncash item, it is added to net income when calculating cash provided by or used in operations using the indirect method. Notes Payable, Net [Member] Represents the balance sheet account Notes Payable, Net. Other income (expense) Income Tax Authority [Axis] us-gaap_IncreaseDecreaseInOperatingLiabilities Increase (Decrease) in Operating Liabilities us-gaap_IncreaseDecreaseInOtherOperatingLiabilities Other liabilities Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Trading Symbol Other liabilities 2020 2019 2016 (remaining) Thereafter us-gaap_IncreaseDecreaseInDeferredRevenue Advance billings and payments Long-term notes payable, net of debt issuance cost Senior notes payable, net of debt issuance cost Represents long-term debt less finance costs. Accounts payable and accrued expenses Balance Sheet Location [Axis] Balance Sheet Location [Domain] us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments Income before income tax expense Senior note payable, current Gross amount of current maturity of long-term debt due within one year or the normal operating cycle, if longer. otel_LongtermDebtNoncurrentGross Senior note payable, long-term Amount non current gross amount maturity of long-term debt due in more than one year. Current assets Equity Component [Domain] Equity Components [Axis] us-gaap_DebtInstrumentPeriodicPayment Debt Instrument, Periodic Payment us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease Net increase in cash and cash equivalents us-gaap_ProfitLoss Net income us-gaap_DebtInstrumentFaceAmount Debt Instrument, Face Amount Unbilled receivables Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] us-gaap_IncomeTaxExpenseBenefit Income tax expense Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Due from subscribers, net of allowance for doubtful accounts of $183 and $258, respectively Class of Stock [Axis] Class of Stock [Domain] Allowance for doubtful accounts Commitments and Contingencies Disclosure [Text Block] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Common Class A [Member] Common Class B [Member] Accounts payable Accrued expenses Reclassification, Policy [Policy Text Block] Common stock, par value (in dollars per share) Concentration Risk Disclosure [Text Block] New Accounting Pronouncements, Policy [Policy Text Block] Other Schedule of Maturities of Long-term Debt [Table Text Block] Schedule of Long-term Debt Instruments [Table Text Block] us-gaap_AllocatedShareBasedCompensationExpense Allocated Share-based Compensation Expense Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] Subordinated Debt [Member] us-gaap_OperatingIncomeLoss Income from operations us-gaap_LiabilitiesCurrent Total current liabilities Liabilities, Current Fixed interest rate Common Stock, Value us-gaap_DebtInstrumentTerm Debt Instrument, Term Common stock, issued (in shares) Basis of Accounting, Policy [Policy Text Block] Common stock, authorized (in shares) Accounting Policies [Abstract] us-gaap_NonoperatingIncomeExpense Total other expenses Statement [Line Items] us-gaap_OtherNonoperatingIncomeExpense Other income (expense) Sales Revenue, Net [Member] Restatement Adjustment [Member] Advance billings and payments us-gaap_PolicyTextBlockAbstract Accounting Policies us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation Tax withholdings paid on behalf of employees for restricted stock units Cash flows used in investing activities: us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash from operating activities Cash flows from operating activities: us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount Adjustments for Error Corrections [Axis] us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Scenario, Unspecified [Domain] EX-101.PRE 11 otel-20160630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2016	Aug. 03, 2016
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		3,283,177
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0
Entity Registrant Name	OTELCO INC.
Entity Central Index Key	0001288359
Trading Symbol	otel
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Common Class A [Member]
Stockholders' deficit
Common Stock, Value	$ 33	$ 30
Common Class B [Member]
Stockholders' deficit
Common Stock, Value		2
Cash and cash equivalents	8,276	6,884
Due from subscribers, net of allowance for doubtful accounts of $183 and $258, respectively	3,423	3,575
Unbilled receivables	1,610	1,610
Other	1,640	1,722
Materials and supplies	2,079	1,906
Prepaid expenses	1,519	2,775
Deferred income taxes	57	57
Total current assets	18,604	18,529
Property and equipment, net	48,274	49,811
Goodwill	44,976	44,976
Intangible assets, net	2,038	2,363
Investments	1,833	1,846
Other assets	269	259
Total assets	115,994	117,784
Accounts payable	940	1,818
Accrued expenses	5,662	4,567
Advance billings and payments	1,377	1,418
Customer Deposits	72	68
Senior notes payable, net of debt issuance cost	2,912	2,203
Total current liabilities	10,963	10,074
Deferred income taxes	26,163	26,163
Advance billings and payments	601	628
Other liabilities	8	27
Long-term notes payable, net of debt issuance cost, less current maturities (net)	91,254	97,052
Total liabilities	128,989	133,944
Additional paid in capital	3,971	3,881
Accumulated deficit	(16,999)	(20,073)
Total stockholders' deficit	(12,995)	(16,160)
Total liabilities and stockholders' deficit	$ 115,994	$ 117,784

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	3,283,177	3,015,099
Common stock, outstanding (in shares)	3,283,177	3,015,099
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	250,000	250,000
Common stock, issued (in shares)	0	232,780
Common stock, outstanding (in shares)	0	232,780
Allowance for doubtful accounts	$ 183	$ 258

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 17,232	$ 17,892	$ 34,722	$ 35,535
Operating expenses
Cost of services	7,875	8,406	16,005	16,663
Selling, general and administrative expenses	2,407	2,457	4,983	5,086
Depreciation and amortization	2,051	2,264	4,089	4,513
Total operating expenses	12,333	13,127	25,077	26,262
Income from operations	4,899	4,765	9,645	9,273
Other income (expense)
Interest expense	(2,721)	(1,991)	(5,203)	(4,039)
Other income (expense)	4	(17)	623	1,046
Total other expenses	(2,717)	(2,008)	(4,580)	(2,993)
Income before income tax expense	2,182	2,757	5,065	6,280
Income tax expense	(858)	(1,102)	(1,991)	(2,490)
Net income	$ 1,324	$ 1,655	$ 3,074	$ 3,790
Weighted average number of common shares outstanding:
Basic (in shares)	3,283,177	3,239,306	3,283,177	3,239,306
Diluted (in shares)	3,380,445	3,285,534	3,378,090	3,283,332
Basic net income per common share (in dollars per share)	$ 0.40	$ 0.51	$ 0.94	$ 1.17
Diluted net income per common share (in dollars per share)	$ 0.39	$ 0.50	$ 0.91	$ 1.15

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 3,074	$ 3,790
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation	3,571	3,843
Amortization	518	670
Amortization of loan costs	609	447
Loss on extinguishment of debt	155
Provision for uncollectible accounts receivable	119	175
Stock-based compensation	199	211
PIK interest added to principal	115
Changes in operating assets and liabilities
Accounts receivable	115	(1)
Material and supplies	(173)	(221)
Prepaid expenses and other assets	1,246	2,076
Accounts payable and accrued expenses	217	905
Advance billings and payments	(67)	(27)
Other liabilities	(14)	(13)
Net cash from operating activities	9,684	11,855
Cash flows used in investing activities:
Acquisition and construction of property and equipment	(2,215)	(3,013)
Net cash used in investing activities	(2,215)	(3,013)
Cash flows used in financing activities:
Loan origination costs	(5,215)	(15)
Principal repayment of long-term notes payable	(101,053)	(7,046)
Proceeds from loan refinancing	100,300
Tax withholdings paid on behalf of employees for restricted stock units	(109)
Net cash used in financing activities	(6,077)	(7,061)
Net increase in cash and cash equivalents	1,392	1,781
Cash and cash equivalents, beginning of period	6,884	5,082
Cash and cash equivalents, end of period	8,276	6,863
Supplemental disclosures of cash flow information:
Interest paid	3,728	3,591
Income taxes paid	685	11
Conversion of Class B common stock to Class A common stock	2
Issuance of Class A common stock	$ 1

XML 17 R6.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Basis of Financial Reporting

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.	Organization and Basis of Financial Reporting

Basis of Presentation and Principles of Consolidation

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02,

Leases (Topic 842).

This ASU requires lessees to recognize most leases on the balance sheet. The provisions of this ASU are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this ASU and has not yet determined the impact of the adoption on the Company’s financial position or results of operations.

In March 2016, the FASB issued ASU 2016-09

, Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

. The objective of this ASU is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted for any entity in any interim or annual period. The Company adopted this ASU as of March 31, 2016 and did not have a material impact on its condensed consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09,

Revenue from Contracts with Customers (Topic 606)

. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also provides a more robust framework for revenue issues and improves comparability of revenue recognition practices across industries. This ASU was the product of a joint project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard. This guidance was to be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption not permitted. In July 2015, the FASB issued ASU 2015-14,

Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.

This ASU confirmed a one-year delay in the effective date of ASU 2014-09, making the effective date for the Company the first quarter of fiscal 2018 instead of the first quarter of fiscal 2017.

In March 2016, the FASB issued ASU 2016-08,

Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenues Gross versus Net)

. This ASU is further guidance to ASU 2014-09, and clarifies principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10,

Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.

This ASU is also further guidance to ASU 2014-09, and clarifies the identification of performance obligations. In May 2016, the FASB issued ASU 2016-12,

Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.

This ASU is also further guidance to ASU 2014-09, and clarifies assessing the narrow aspects of recognizing revenue. The Company is currently evaluating the impact of the pending adoption of ASUs 2014-09, 2016-08, 2016-10 and 2016-12 on its condensed consolidated financial statements and has not yet determined the method by which the Company will adopt ASU 2014-09.

Financial Condition and Management’s Plan

Reclassifications

XML 18 R7.htm IDEA: XBRL DOCUMENT

Note 2 - Notes Payable

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

2.	Notes Payable

Notes payable consists of the following (in thousands, except percentages) as of:

		June 30, 2016		December 31, 2015
Third amended and restated term credit facility; Antares Capital (formerly General Electric Capital Corporation); variable interest rate of 6.50% at December 31, 2015. The Previous Credit Facility was secured by the total assets of the subsidiary guarantors. The Previous Credit Facility was fully repaid on February 17, 2016.	$	—	$	99,255

Less: Current portion of long-term debt, net of debt issuance cost of $0 and $797, respectively		—		(2,203	)

Long-term notes payable less current maturities (net)	$	—	$	97,052

	Current			Long-term			June 30, 2016			December 31, 2015
Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at June 30, 2016, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021.	$	4,000		$	80,000		$	84,000		$	—

Debt issuance cost		(1,088	)		(3,353	)		(4,441	)		—

Senior notes payable, net of debt issuance cost	$	2,912		$	76,647		$	79,559		$	—

	June 30, 2016			December 31, 2015
Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest rate due monthly of 12.00% at June 30, 2016. Payment in Kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued is added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance is due August 17, 2021.	$	15,300		$	—

PIK interest added to principal		115			—

Less: long-term portion of debt issuance cost		(808	)		—

Long-term notes payable, net of debt issuance cost	$	14,607		$	—

Maturities of notes payable for the next five years and thereafter, assuming no annual excess cash flow payments and the PIK interest, are as follows (in thousands):

2016 (remaining)	$	2,000
2017		4,000
2018		4,000
2019		4,000
2020		4,000
Thereafter		81,300
Total	$	99,300

XML 19 R8.htm IDEA: XBRL DOCUMENT

Note 3 - Income Tax

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Income Tax Disclosure [Text Block]

3.	Income Tax

The effective income tax rate as of June 30, 2016 and December 31, 2015 was 39.3% and 39.8%, respectively.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Note 4 - Net Income per Common Share

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

4.	Net Income per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

Weighted average number of common shares outstanding - basic		3,283,177		3,239,306		3,283,177		3,239,306

Effect of dilutive securities		97,268		46,228		94,913		44,026

Weighted average number of common shares and potential common shares - diluted		3,380,445		3,285,534		3,378,090		3,283,332

Net income	$	1,324	$	1,655	$	3,074	$	3,790

Net income per common share - basic	$	0.40	$	0.51	$	0.94	$	1.17

Net income per common share - diluted	$	0.39	$	0.50	$	0.91	$	1.15

XML 21 R10.htm IDEA: XBRL DOCUMENT

Note 5 - Revenue Concentrations

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

5.	Revenue Concentrations

XML 22 R11.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

6.	Commitments and Contingencies

. Accordingly, it is not possible to determine at this time whether this action will have a material adverse effect on the Company’s business.

XML 23 R12.htm IDEA: XBRL DOCUMENT

Note 7 - Stock Plans and Stock Associated with Acquisition

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Shareholders' Equity and Share-based Payments [Text Block]

7.	Stock Plans and Stock Associated with Acquisition

During the

six months ended June 30, 2016, the Company granted RSUs underlying 119,655 shares of Class A common stock. The Company granted RSUs underlying 122,534 shares of Class A common stock on May 15, 2015. As of June 30, 2016, 212,213 RSUs remained outstanding. These RSUs (or a portion thereof) vest with respect to each recipient over a one to three year period from the date of grant, provided the recipient remains in the employment or service of the Company as of the vesting date and, in selected instances, certain performance criteria are attained. Additionally, these RSUs (or a portion thereof) could vest earlier in the event of a change in control of the Company, or upon involuntary termination without cause. These grants are made primarily to executive-level personnel at the Company and, as a result, no compensation costs have been capitalized.

The following table summarizes RSU activity as of June 30, 2016:

	RSUs			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2015		155,761		$	4.78
Granted
		119,655		$	4.40
Vested		(56,728	)	$	4.80
Forfeited or cancelled		(6,475	)	$	4.71
Outstanding at June 30, 2016		212,213		$	4.56

As of June 30, 2016, the unrecognized total compensation cost related to unvested RSUs was $736 thousand. That cost is expected to be recognized by the end of 2019.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Otelco Inc. (the “Company”) and its subsidiaries, all of which are either directly or indirectly wholly owned. These include: Blountsville Telephone LLC; Brindlee Mountain Telephone LLC; CRC Communications LLC (“CRC”); Granby Telephone LLC; Hopper Telecommunications LLC; Mid-Maine Telecom LLC; Mid-Maine TelPlus LLC; Otelco Mid-Missouri LLC (“MMT”) and its wholly owned subsidiary I-Land Internet Services LLC; Otelco Telecommunications LLC; Otelco Telephone LLC (“OTP”); Pine Tree Telephone LLC; Saco River Telephone LLC; Shoreham Telephone LLC; and War Telephone LLC. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and all of the aforesaid subsidiaries after elimination of all material intercompany balances and transactions. The unaudited operating results for the three months and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. The unaudited condensed consolidated financial statements and notes included in this Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The interim condensed consolidated financial information herein is unaudited. The information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods included in this report.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements During 2016, the Financial Accounting Standards Board (the “FASB”) has issued Accounting Standards Updates (“ASUs”) 2016-01 through 2016-13. Except for ASU 2016-02, 2016-08, 2016-09, 2016-10, and 2016-12 which are discussed below, these ASUs provide technical corrections or simplification to existing guidance and to specialized industries or entities and therefore have minimal, if any, impact on the Company. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to recognize most leases on the balance sheet. The provisions of this ASU are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this ASU and has not yet determined the impact of the adoption on the Company’s financial position or results of operations. In March 2016, the FASB issued ASU 2016-09 , Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The objective of this ASU is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted for any entity in any interim or annual period. The Company adopted this ASU as of March 31, 2016 and did not have a material impact on its condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also provides a more robust framework for revenue issues and improves comparability of revenue recognition practices across industries. This ASU was the product of a joint project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard. This guidance was to be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption not permitted. In July 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This ASU confirmed a one-year delay in the effective date of ASU 2014-09, making the effective date for the Company the first quarter of fiscal 2018 instead of the first quarter of fiscal 2017. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenues Gross versus Net) . This ASU is further guidance to ASU 2014-09, and clarifies principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. This ASU is also further guidance to ASU 2014-09, and clarifies the identification of performance obligations. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. This ASU is also further guidance to ASU 2014-09, and clarifies assessing the narrow aspects of recognizing revenue. The Company is currently evaluating the impact of the pending adoption of ASUs 2014-09, 2016-08, 2016-10 and 2016-12 on its condensed consolidated financial statements and has not yet determined the method by which the Company will adopt ASU 2014-09.
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]	Financial Condition and Management’s Plan On January 25, 2016, the Company entered into a senior loan agreement (the “Senior Loan Agreement”), providing for a five year term loan facility in the aggregate principal amount of $85.0 million and a five year $5.0 million revolving credit facility, and a subordinated loan agreement (the “Subordinated Loan Agreement”), providing for a five and a half year term loan facility in the aggregate principal amount of $15.0 million. On February 17, 2016, the Subordinated Loan Agreement was amended to increase the aggregate principal amount available for borrowing thereunder to $15.3 million, and the Company borrowed $85.0 million under the term loan facility of the Senior Loan Agreement and $15.3 million under the Subordinated Loan Agreement. The Company used the borrowings under the Senior Loan Agreement and the Subordinated Loan Agreement to, among other things, pay all amounts due, including principal, interest and fees, and satisfy in full all of its obligations under its previous credit facility (the “Previous Credit Facility”), which was scheduled to mature on April 30, 2016. As a result of the repayment of the Previous Credit Facility, all of the shares of the Company’s Class B common stock were automatically converted into an equal number of shares of the Company’s Class A common stock. The term loan facility under the Senior Loan Agreement requires principal payments of $1.0 million quarterly, beginning on April 1, 2016. Principal amounts outstanding under the Subordinated Loan Agreement will generally not be due until maturity. The Company recorded costs of $15 thousand and write-off of loan costs of $140 thousand in connection with this refinancing.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain items in the prior year’s condensed consolidated financial statements have been reclassified to conform with 2016 presentation. In addition, the Company has corrected a typographical mistake in the Company’s audited consolidated balance sheet as of December 31, 2015. Specifically, current liabilities as shown in its audited consolidated balance sheet as of December 31, 2015 included in its Annual Report on Form 10-K for the year ended December 31, 2015 was presented as $1,181 thousand but should have been $1,818 thousand, or an increase of $637 thousand. The typographical mistake did not affect the total current liabilities as of December 31, 2015, as set forth in the audited consolidated balance sheet as of December 31, 2015. Based on its evaluation, the Company concluded that it is not probable that the analysis of a reasonable person relying on the financial statements would have been changed or influenced by the mistake or its correction.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Note 2 - Notes Payable (Tables)

6 Months Ended

Jun. 30, 2016

Senior Notes [Member]

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	Current			Long-term			June 30, 2016			December 31, 2015
Senior Loan Agreement with Cerberus Business Finance, LLC; variable interest rate of 8.75% at June 30, 2016, interest is monthly, paid in arrears on the first business day of each month. The Senior Loan Agreement is secured by the total assets of the subsidiary guarantors. The unpaid balance is due February 17, 2021.	$	4,000		$	80,000		$	84,000		$	—

Debt issuance cost		(1,088	)		(3,353	)		(4,441	)		—

Senior notes payable, net of debt issuance cost	$	2,912		$	76,647		$	79,559		$	—

Schedule of Long-term Debt Instruments [Table Text Block]

		June 30, 2016		December 31, 2015
Third amended and restated term credit facility; Antares Capital (formerly General Electric Capital Corporation); variable interest rate of 6.50% at December 31, 2015. The Previous Credit Facility was secured by the total assets of the subsidiary guarantors. The Previous Credit Facility was fully repaid on February 17, 2016.	$	—	$	99,255

Less: Current portion of long-term debt, net of debt issuance cost of $0 and $797, respectively		—		(2,203	)

Long-term notes payable less current maturities (net)	$	—	$	97,052

	June 30, 2016			December 31, 2015
Subordinated Loan Agreement with NewSpring Mezzanine Capital III, L.P.; fixed interest rate due monthly of 12.00% at June 30, 2016. Payment in Kind (“PIK”) interest rate of 2.00% per annum. PIK interest accrued is added to the principal amount then outstanding on the last business day of each quarter. The unpaid balance is due August 17, 2021.	$	15,300		$	—

PIK interest added to principal		115			—

Less: long-term portion of debt issuance cost		(808	)		—

Long-term notes payable, net of debt issuance cost	$	14,607		$	—

Schedule of Maturities of Long-term Debt [Table Text Block]

2016 (remaining)	$	2,000
2017		4,000
2018		4,000
2019		4,000
2020		4,000
Thereafter		81,300
Total	$	99,300

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

XML 26 R15.htm IDEA: XBRL DOCUMENT

Note 4 - Net Income per Common Share (Tables)

6 Months Ended

Jun. 30, 2016

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

Weighted average number of common shares outstanding - basic		3,283,177		3,239,306		3,283,177		3,239,306

Effect of dilutive securities		97,268		46,228		94,913		44,026

Weighted average number of common shares and potential common shares - diluted		3,380,445		3,285,534		3,378,090		3,283,332

Net income	$	1,324	$	1,655	$	3,074	$	3,790

Net income per common share - basic	$	0.40	$	0.51	$	0.94	$	1.17

Net income per common share - diluted	$	0.39	$	0.50	$	0.91	$	1.15

XML 27 R16.htm IDEA: XBRL DOCUMENT

Note 7 - Stock Plans and Stock Associated with Acquisition (Tables)

6 Months Ended

Jun. 30, 2016

Notes Tables

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]

	RSUs			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2015		155,761		$	4.78
Granted
		119,655		$	4.40
Vested		(56,728	)	$	4.80
Forfeited or cancelled		(6,475	)	$	4.71
Outstanding at June 30, 2016		212,213		$	4.56

XML 28 R17.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Basis of Financial Reporting (Details Textual) - USD ($)		5 Months Ended	6 Months Ended	12 Months Ended
	Jan. 25, 2016	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Feb. 17, 2016
Senior Notes [Member]
Debt Instrument, Term	5 years
Debt Instrument, Face Amount	$ 85,000,000
Proceeds from Issuance of Debt		$ 85,000,000
Debt Instrument, Periodic Payment			$ 1,000,000
Subordinated Debt [Member]
Debt Instrument, Term	5 years 182 days
Debt Instrument, Face Amount	$ 15,000,000				$ 15,300,000
Proceeds from Issuance of Debt		15,300,000
Revolving Credit Facility [Member]
Debt Instrument, Term	5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000	5,000,000	5,000,000
Error Correction from Typographical Mistake [Member] \| Scenario, Previously Reported [Member]
Liabilities, Current				$ 1,181,000
Error Correction from Typographical Mistake [Member] \| Restatement Adjustment [Member]
Increase (Decrease) in Operating Liabilities				637,000
Error Correction from Typographical Mistake [Member]
Liabilities, Current				1,818,000
Debt Issuance Costs, Net		15,000	15,000
Write off of Deferred Debt Issuance Cost			140,000
Liabilities, Current		$ 10,963,000	$ 10,963,000	$ 10,074,000

XML 29 R18.htm IDEA: XBRL DOCUMENT

Note 2 - Notes Payable (Details Textual) - USD ($)	6 Months Ended
Note 2 - Notes Payable (Details Textual) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jan. 25, 2016	Dec. 31, 2015
Revolving Credit Facility [Member]
Long-term Line of Credit	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000		$ 5,000,000
Line of Credit Facility, Commitment Fee Percentage	0.75%
Line of Credit Facility, Commitment Fee Amount	$ 14,000
Previous Credit Facility [Member]
Long-term Line of Credit				$ 0
Debt Issuance Costs, Gross	2,700,000
Amortization of Debt Issuance Costs	141,000	$ 447,000
Write off of Deferred Debt Issuance Cost	140,000
Legal Fees	$ 15,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 5,000,000
Line of Credit Facility, Commitment Fee Percentage	0.50%
Line of Credit Facility, Commitment Fee Amount	$ 3,000	13,000
Senior Notes [Member]
Debt Issuance Costs, Gross	4,900,000
Amortization of Debt Issuance Costs	426,000
Subordinated Debt [Member]
Debt Issuance Costs, Gross	865,000
Amortization of Debt Issuance Costs	57,000
Accrued Paid-in-Kind Interest, Payment at Maturity	1,772,000
Notes Payable, Net [Member]
Debt Issuance Costs, Gross	5,732,000
Amortization of Debt Issuance Costs	609,000	$ 447,000
Write off of Deferred Debt Issuance Cost	$ 140,000

XML 30 R19.htm IDEA: XBRL DOCUMENT

Note 2 - Summary of Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Subordinated Debt [Member]
Long-term Debt	$ 15,300
Long-term Debt	15,300
PIK interest added to principal	115
Less: long-term portion of debt issuance cost	(808)
Long-term notes payable, net of debt issuance cost	14,607
Previous Credit Facility [Member]
Long-term Debt			99,255
Less: Current portion of long-term debt, net of debt issuance cost of $0 and $797, respectively			(2,203)
Long-term notes payable less current maturities (net)			97,052
Long-term Debt			99,255
Long-term Debt	99,300
Less: Current portion of long-term debt, net of debt issuance cost of $0 and $797, respectively	2,912		2,203
Long-term notes payable less current maturities (net)	91,254		$ 97,052
Long-term Debt	99,300
PIK interest added to principal	$ 115

XML 31 R20.htm IDEA: XBRL DOCUMENT

Note 2 - Summary of Notes Payable (Details) (Parentheticals) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Subordinated Debt [Member]
Fixed interest rate	12.00%
Payment in Kind (PIK) Note [Member]
Fixed interest rate	2.00%
Previous Credit Facility [Member]
Interest Rate		6.50%
Issuance Costs, Net	$ 0	$ 797,000

XML 32 R21.htm IDEA: XBRL DOCUMENT

Note 2 - Senior Loan Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Senior Notes [Member]
Senior note payable, current	$ 4,000
Senior note payable, long-term	80,000
Senior note payable, face amount	84,000
Debt issuance cost	(1,088)
Senior notes payable, net of debt issuance cost	2,912
Long-term notes payable less current maturities (net)	76,647
Senior notes payable, net of debt issuance cost	79,559
Senior notes payable, net of debt issuance cost	2,912	2,203
Long-term notes payable less current maturities (net)	$ 91,254	$ 97,052

XML 33 R22.htm IDEA: XBRL DOCUMENT

Note 2 - Maturities of Notes Payable (Details) $ in Millions	Jun. 30, 2016 USD ($)
2016 (remaining)	$ 2.0
2017	4.0
2018	4.0
2019	4.0
2020	4.0
Thereafter	81.3
Total	$ 99.3

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 3 - Income Tax (Details Textual) - USD ($)	6 Months Ended	12 Months Ended
Note 3 - Income Tax (Details Textual) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 0	$ 68,000
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	0	$ 0
Deferred Tax Assets, Valuation Allowance	$ 0
Effective Income Tax Rate Reconciliation, Percent	39.30%	39.80%

XML 35 R24.htm IDEA: XBRL DOCUMENT

Note 4 - Reconciliation of Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Weighted average number of common shares outstanding - basic (in shares)	3,283,177	3,239,306	3,283,177	3,239,306
Effect of dilutive securities (in shares)	97,268	46,228	94,913	44,026
Weighted average number of common shares and potential common shares - diluted (in shares)	3,380,445	3,285,534	3,378,090	3,283,332
Net income	$ 1,324	$ 1,655	$ 3,074	$ 3,790
Net income per common share - basic (in dollars per share)	$ 0.40	$ 0.51	$ 0.94	$ 1.17
Net income per common share - diluted (in dollars per share)	$ 0.39	$ 0.50	$ 0.91	$ 1.15

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 5 - Revenue Concentrations (Details Textual)	6 Months Ended
Note 5 - Revenue Concentrations (Details Textual)	Jun. 30, 2016	Jun. 30, 2015
National Exchange Carrier Association [Member] \| Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Concentration Risk, Percentage	19.10%	16.50%

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 7 - Stock Plans and Stock Associated with Acquisition (Details Textual) - USD ($)		6 Months Ended		12 Months Ended
	May 15, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014
Reliable Networks [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		0
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		0		68,233
Common Class A [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		119,655
Allocated Share-based Compensation Expense	$ 122,534
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		119,655
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount		$ 0
Allocated Share-based Compensation Expense		$ 199,000	$ 211,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number		212,213
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 736,000

XML 38 R27.htm IDEA: XBRL DOCUMENT

Note 7 - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2016 $ / shares shares
Outstanding at December 31, 2015 (in shares) \| shares	155,761
Outstanding at December 31, 2015 (in dollars per share) \| $ / shares	$ 4.78
Granted (in shares) \| shares	119,655
Granted (in dollars per share) \| $ / shares	$ 4.40
Vested (in shares) \| shares	(56,728)
Vested (in dollars per share) \| $ / shares	$ 4.80
Forfeited or cancelled (in shares) \| shares	(6,475)
Forfeited or cancelled (in dollars per share) \| $ / shares	$ 4.71
Outstanding at June 30, 2016 (in shares) \| shares	212,213
Outstanding at June 30, 2016 (in dollars per share) \| $ / shares	$ 4.56

EXCEL 39 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 41 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 43 FilingSummary.xml IDEA: XBRL DOCUMENT 3.5.0.2 html 56 156 1 false 19 0 false 4 false false R1.htm 000 - Document - Document And Entity Information Sheet http://www.OtelcoInc.com/20160630/role/statement-document-and-entity-information Document And Entity Information Cover 1 false false R2.htm 001 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) Sheet http://www.OtelcoInc.com/20160630/role/statement-condensed-consolidated-balance-sheets-current-period-unaudited Condensed Consolidated Balance Sheets (Current Period Unaudited) Statements 2 false false R3.htm 002 - Statement - Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) Sheet http://www.OtelcoInc.com/20160630/role/statement-condensed-consolidated-balance-sheets-current-period-unaudited-parentheticals Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) Statements 3 false false R4.htm 003 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://www.OtelcoInc.com/20160630/role/statement-condensed-consolidated-statements-of-operations-unaudited Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 004 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://www.OtelcoInc.com/20160630/role/statement-condensed-consolidated-statements-of-cash-flows-unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 005 - Disclosure - Note 1 - Organization and Basis of Financial Reporting Sheet http://www.OtelcoInc.com/20160630/role/statement-note-1-organization-and-basis-of-financial-reporting Note 1 - Organization and Basis of Financial Reporting Notes 6 false false R7.htm 006 - Disclosure - Note 2 - Notes Payable Notes http://www.OtelcoInc.com/20160630/role/statement-note-2-notes-payable Note 2 - Notes Payable Notes 7 false false R8.htm 007 - Disclosure - Note 3 - Income Tax Sheet http://www.OtelcoInc.com/20160630/role/statement-note-3-income-tax Note 3 - Income Tax Notes 8 false false R9.htm 008 - Disclosure - Note 4 - Net Income per Common Share Sheet http://www.OtelcoInc.com/20160630/role/statement-note-4-net-income-per-common-share Note 4 - Net Income per Common Share Notes 9 false false R10.htm 009 - Disclosure - Note 5 - Revenue Concentrations Sheet http://www.OtelcoInc.com/20160630/role/statement-note-5-revenue-concentrations Note 5 - Revenue Concentrations Notes 10 false false R11.htm 010 - Document - Note 6 - Commitments and Contingencies Sheet http://www.OtelcoInc.com/20160630/role/statement-note-6-commitments-and-contingencies Note 6 - Commitments and Contingencies Uncategorized 11 false false R12.htm 011 - Disclosure - Note 7 - Stock Plans and Stock Associated with Acquisition Sheet http://www.OtelcoInc.com/20160630/role/statement-note-7-stock-plans-and-stock-associated-with-acquisition Note 7 - Stock Plans and Stock Associated with Acquisition Uncategorized 12 false false R13.htm 012 - Disclosure - Significant Accounting Policies (Policies) Sheet http://www.OtelcoInc.com/20160630/role/statement-significant-accounting-policies-policies Significant Accounting Policies (Policies) Uncategorized 13 false false R14.htm 013 - Disclosure - Note 2 - Notes Payable (Tables) Notes http://www.OtelcoInc.com/20160630/role/statement-note-2-notes-payable-tables Note 2 - Notes Payable (Tables) Uncategorized 14 false false R15.htm 014 - Disclosure - Note 4 - Net Income per Common Share (Tables) Sheet http://www.OtelcoInc.com/20160630/role/statement-note-4-net-income-per-common-share-tables Note 4 - Net Income per Common Share (Tables) Uncategorized 15 false false R16.htm 015 - Disclosure - Note 7 - Stock Plans and Stock Associated with Acquisition (Tables) Sheet http://www.OtelcoInc.com/20160630/role/statement-note-7-stock-plans-and-stock-associated-with-acquisition-tables Note 7 - Stock Plans and Stock Associated with Acquisition (Tables) Uncategorized 16 false false R17.htm 016 - Disclosure - Note 1 - Organization and Basis of Financial Reporting (Details Textual) Sheet http://www.OtelcoInc.com/20160630/role/statement-note-1-organization-and-basis-of-financial-reporting-details-textual Note 1 - Organization and Basis of Financial Reporting (Details Textual) Uncategorized 17 false false R18.htm 017 - Disclosure - Note 2 - Notes Payable (Details Textual) Notes http://www.OtelcoInc.com/20160630/role/statement-note-2-notes-payable-details-textual Note 2 - Notes Payable (Details Textual) Uncategorized 18 false false R19.htm 018 - Disclosure - Note 2 - Summary of Notes Payable (Details) Notes http://www.OtelcoInc.com/20160630/role/statement-note-2-summary-of-notes-payable-details Note 2 - Summary of Notes Payable (Details) Uncategorized 19 false false R20.htm 019 - Disclosure - Note 2 - Summary of Notes Payable (Details) (Parentheticals) Notes http://www.OtelcoInc.com/20160630/role/statement-note-2-summary-of-notes-payable-details-parentheticals Note 2 - Summary of Notes Payable (Details) (Parentheticals) Uncategorized 20 false false R21.htm 020 - Disclosure - Note 2 - Senior Loan Agreement (Details) Sheet http://www.OtelcoInc.com/20160630/role/statement-note-2-senior-loan-agreement-details Note 2 - Senior Loan Agreement (Details) Uncategorized 21 false false R22.htm 021 - Disclosure - Note 2 - Maturities of Notes Payable (Details) Notes http://www.OtelcoInc.com/20160630/role/statement-note-2-maturities-of-notes-payable-details Note 2 - Maturities of Notes Payable (Details) Uncategorized 22 false false R23.htm 022 - Disclosure - Note 3 - Income Tax (Details Textual) Sheet http://www.OtelcoInc.com/20160630/role/statement-note-3-income-tax-details-textual Note 3 - Income Tax (Details Textual) Uncategorized 23 false false R24.htm 023 - Disclosure - Note 4 - Reconciliation of Income (Loss) Per Common Share (Details) Sheet http://www.OtelcoInc.com/20160630/role/statement-note-4-reconciliation-of-income-loss-per-common-share-details Note 4 - Reconciliation of Income (Loss) Per Common Share (Details) Uncategorized 24 false false R25.htm 024 - Disclosure - Note 5 - Revenue Concentrations (Details Textual) Sheet http://www.OtelcoInc.com/20160630/role/statement-note-5-revenue-concentrations-details-textual Note 5 - Revenue Concentrations (Details Textual) Uncategorized 25 false false R26.htm 025 - Disclosure - Note 7 - Stock Plans and Stock Associated with Acquisition (Details Textual) Sheet http://www.OtelcoInc.com/20160630/role/statement-note-7-stock-plans-and-stock-associated-with-acquisition-details-textual Note 7 - Stock Plans and Stock Associated with Acquisition (Details Textual) Uncategorized 26 false false R27.htm 026 - Disclosure - Note 7 - Summary of RSU Activity (Details) Sheet http://www.OtelcoInc.com/20160630/role/statement-note-7-summary-of-rsu-activity-details Note 7 - Summary of RSU Activity (Details) Uncategorized 27 false false All Reports Book All Reports otel-20160630.xml otel-20160630.xsd otel-20160630_cal.xml otel-20160630_def.xml otel-20160630_lab.xml otel-20160630_pre.xml true true ZIP 45 0001571049-16-017042-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001571049-16-017042-xbrl.zip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end