2014 Q1 Form 10-Q Financial Statement

#000104746914004710 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1 2013
Revenue $275.1M $190.9M $999.5M
YoY Change 44.17% 610.29% 303.12%
Cost Of Revenue $39.40M $26.90M $145.5M
YoY Change 46.47% 224.1% 167.96%
Gross Profit $235.7M $163.9M $854.1M
YoY Change 43.81% 785.95% 340.26%
Gross Profit Margin 85.66% 85.88% 85.45%
Selling, General & Admin $57.00M $49.00M $221.0M
YoY Change 16.33% 120.72% 69.22%
% of Gross Profit 24.18% 29.9% 25.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $119.9M $81.90M $463.7M
YoY Change 46.4% 1265.0% 413.51%
% of Gross Profit 50.87% 49.97% 54.29%
Operating Expenses $181.9M $131.2M $763.9M
YoY Change 38.64% 363.6% 245.19%
Operating Profit -$8.369M $32.03M -$1.291B
YoY Change -126.13% -427.35% 4244.14%
Interest Expense -$64.60M -$23.30M -$89.40M
YoY Change 177.25% 30.17% 139.68%
% of Operating Profit -72.74%
Other Income/Expense, Net -$64.60M -$23.27M -$89.43M
YoY Change 177.57% 29.71% 139.45%
Pretax Income -$72.96M $8.759M -$1.380B
YoY Change -933.02% -131.59% 1958.24%
Income Tax $0.00 $3.294M -$157.7M
% Of Pretax Income 37.61%
Net Earnings -$72.96M $5.465M -$1.223B
YoY Change -1435.11% -116.4% 2169.02%
Net Earnings / Revenue -26.52% 2.86% -122.33%
Basic Earnings Per Share -$0.19 $0.02 -$3.25
Diluted Earnings Per Share -$0.19 $0.01 -$3.25
COMMON SHARES
Basic Shares Outstanding 413.5M shares 346.1M shares 379.6M shares
Diluted Shares Outstanding 413.5M shares 383.6M shares 379.6M shares

Balance Sheet

Concept 2014 Q1 2013 Q1 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.0K $800.0K $2.800M
YoY Change -50.0% -99.88% 12.0%
Cash & Equivalents $366.0K $802.0K
Short-Term Investments
Other Short-Term Assets $58.00K $13.40M $7.700M
YoY Change -99.57% 235.0% -53.05%
Inventory $4.868M $4.200M $5.100M
Prepaid Expenses $5.974M
Receivables $309.3M $323.7M $129.9M
Other Receivables $1.405M $160.1M $193.0M
Total Short-Term Assets $327.2M $342.1M $338.6M
YoY Change -4.34% -51.48% 17.61%
LONG-TERM ASSETS
Property, Plant & Equipment $127.4M $93.04M $4.916B
YoY Change 36.95% -60.51% 10.25%
Goodwill $229.2M
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.294M $10.95M $22.70M
YoY Change -51.64% 5575.0%
Other Assets $82.40M $882.0K $78.80M
YoY Change 9242.4% -96.95% 19.76%
Total Long-Term Assets $5.349B $5.239B $5.018B
YoY Change 2.1% 1880.64% 5.57%
TOTAL ASSETS
Total Short-Term Assets $327.2M $342.1M $338.6M
Total Long-Term Assets $5.349B $5.239B $5.018B
Total Assets $5.676B $5.581B $5.357B
YoY Change 1.71% 475.7% 6.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $216.7M $191.6M $212.9M
YoY Change 13.1% 1040.48% -7.84%
Accrued Expenses $419.2M $505.3M $398.8M
YoY Change -17.04% 12856.41% 13.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $6.900M $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $1.389M $6.924M $1.400M
YoY Change -79.94%
Total Short-Term Liabilities $691.1M $738.2M $664.4M
YoY Change -6.38% 2988.72% -2.01%
LONG-TERM LIABILITIES
Long-Term Debt $3.533B $2.501B $3.184B
YoY Change 41.27% 962.01% 56.49%
Other Long-Term Liabilities $11.16M $10.00K $60.70M
YoY Change 111470.0% -99.97% -19.39%
Total Long-Term Liabilities $3.544B $2.501B $3.245B
YoY Change 41.71% 817.14% 53.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $691.1M $738.2M $664.4M
Total Long-Term Liabilities $3.544B $2.501B $3.245B
Total Liabilities $4.235B $3.239B $3.909B
YoY Change 30.75% 992.13% 32.6%
SHAREHOLDERS EQUITY
Retained Earnings -$1.584B -$269.0M
YoY Change 488.9%
Common Stock $41.00K $2.371B
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $1.381B $2.102B $1.448B
YoY Change
Total Liabilities & Shareholders Equity $5.676B $5.581B $5.357B
YoY Change 1.71% 475.7% 6.26%

Cashflow Statement

Concept 2014 Q1 2013 Q1 2013
OPERATING ACTIVITIES
Net Income -$72.96M $5.465M -$1.223B
YoY Change -1435.11% -116.4% 2169.02%
Depreciation, Depletion And Amortization $119.9M $81.90M $463.7M
YoY Change 46.4% 1265.0% 413.51%
Cash From Operating Activities $159.5M $45.71M $493.9M
YoY Change 248.94% -596.9% 485.5%
INVESTING ACTIVITIES
Capital Expenditures $16.04M $36.34M $139.3M
YoY Change -55.87% 5677.42% 262.01%
Acquisitions $29.90M
YoY Change
Other Investing Activities -$1.821M -$1.328M -$3.455M
YoY Change 37.12% -65.05% -458.03%
Cash From Investing Activities -$509.5M -$445.0M -$2.101B
YoY Change 14.49% 1468.2% -25.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $222.9M
YoY Change -139.32%
Debt Paid & Issued, Net $266.0M $434.5M $2.644B
YoY Change -38.78% 108.88% 303.73%
Cash From Financing Activities $347.5M $397.6M $1.607B
YoY Change -12.6% -45.03% -41.57%
NET CHANGE
Cash From Operating Activities $159.5M $45.71M $493.9M
Cash From Investing Activities -$509.5M -$445.0M -$2.101B
Cash From Financing Activities $347.5M $397.6M $1.607B
Net Change In Cash -$2.468M -$1.704M $328.0K
YoY Change 44.84% -100.25% -86.65%
FREE CASH FLOW
Cash From Operating Activities $159.5M $45.71M $493.9M
Capital Expenditures $16.04M $36.34M $139.3M
Free Cash Flow $143.5M $9.370M $354.6M
YoY Change 1431.1% -195.34% 672.92%

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="FONT-FAMILY: times;"><font size="2"><b>Use of Estimates</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The preparation of the Company's unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimates and assumptions that, in the opinion of management of the Company, are significant include oil and natural gas revenue, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations, fair value estimates and income taxes. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company's operating environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company's unaudited condensed consolidated financial statements.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Interim period results are not necessarily indicative of results of operations or cash flows for the full year and accordingly, certain information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, has been condensed or omitted. The Company has evaluated events or transactions through the date of issuance of these unaudited condensed consolidated financial statements.</font></p> </div>
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CY2014Q1 dei Entity Registrant Name
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HALCON RESOURCES CORP
CY2014Q1 dei Entity Central Index Key
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0001282648
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
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CY2014Q1 dei Amendment Flag
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CY2014Q1 dei Current Fiscal Year End Date
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CY2014Q1 dei Entity Filer Category
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CY2014Q2 dei Entity Common Stock Shares Outstanding
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