2019 Q3 Form 10-Q Financial Statement

#000001004819000017 Filed on August 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $3.108M $3.409M $3.168M
YoY Change 31.14% 7.61% 136.42%
Cost Of Revenue $2.497M $2.556M $1.074M
YoY Change 44.34% 137.99% 81.11%
Gross Profit $611.0K $853.0K $2.094M
YoY Change -4.53% -59.26% 180.32%
Gross Profit Margin 19.66% 25.02% 66.1%
Selling, General & Admin $1.163M $1.352M $1.590M
YoY Change -28.65% -14.97% 18.66%
% of Gross Profit 190.34% 158.5% 75.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $714.0K $731.0K $187.0K
YoY Change 70.0% 290.91% -20.09%
% of Gross Profit 116.86% 85.7% 8.93%
Operating Expenses $1.877M $2.083M $1.770M
YoY Change -7.99% 17.68% 12.03%
Operating Profit -$1.266M $105.0K $1.152M
YoY Change -9.57% -90.89% 188.72%
Interest Expense $268.0K $0.00 $0.00
YoY Change -13.55% -100.0%
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income -$4.295M -$1.489M -$257.0K
YoY Change 294.04% 479.38% -73.12%
Income Tax $0.00 -$91.00K -$163.0K
% Of Pretax Income
Net Earnings -$4.324M -$1.365M -$374.0K
YoY Change 307.92% 264.97% -26.95%
Net Earnings / Revenue -139.12% -40.04% -11.81%
Basic Earnings Per Share -$0.16 -$0.05
Diluted Earnings Per Share -$522.4K -$0.16 -$0.05
COMMON SHARES
Basic Shares Outstanding 8.277M shares 8.277M shares 8.277M shares
Diluted Shares Outstanding 8.277M shares 8.277M shares

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.613M $5.035M $17.00M
YoY Change -31.15% -70.38% -8.6%
Cash & Equivalents $4.613M $5.035M $13.54M
Short-Term Investments $0.00 $0.00 $3.500M
Other Short-Term Assets $1.821M $2.138M $1.269M
YoY Change 91.68% 68.48% 38.54%
Inventory
Prepaid Expenses
Receivables $1.322M $1.731M $1.400M
Other Receivables $386.0K $166.0K $2.200M
Total Short-Term Assets $8.704M $9.336M $22.91M
YoY Change -27.96% -59.25% -2.36%
LONG-TERM ASSETS
Property, Plant & Equipment $8.388M $13.03M $3.473M
YoY Change -48.89% 275.24% -25.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $980.0K $711.0K $1.700M
YoY Change -38.75% -58.18% -41.38%
Other Assets $0.00 $1.029M $0.00
YoY Change -100.0%
Total Long-Term Assets $9.598M $15.23M $5.628M
YoY Change -50.26% 170.65% -25.07%
TOTAL ASSETS
Total Short-Term Assets $8.704M $9.336M $22.91M
Total Long-Term Assets $9.598M $15.23M $5.628M
Total Assets $18.30M $24.57M $28.54M
YoY Change -41.67% -13.92% -7.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.223M $1.214M $1.158M
YoY Change 2.69% 4.84% -0.17%
Accrued Expenses $1.571M $1.630M $1.600M
YoY Change -17.32% 1.88% -11.11%
Deferred Revenue $1.633M $1.675M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.768M $5.001M $3.274M
YoY Change 31.39% 52.75% -25.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.04M $11.51M $8.000M
YoY Change 7.47% 43.93% -32.2%
Total Long-Term Liabilities $0.00 $11.51M $8.000M
YoY Change -100.0% 43.93% -32.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.768M $5.001M $3.274M
Total Long-Term Liabilities $0.00 $11.51M $8.000M
Total Liabilities $16.97M $16.69M $11.59M
YoY Change 12.11% 44.08% -29.86%
SHAREHOLDERS EQUITY
Retained Earnings $859.0K $5.183M $14.31M
YoY Change -93.52% -63.78% -0.38%
Common Stock $5.573M $5.573M $5.574M
YoY Change 0.0% -0.02% 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.286M $2.286M $2.286M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 167.9K shares 167.9K shares 167.9K shares
Shareholders Equity $1.229M $7.804M $16.37M
YoY Change
Total Liabilities & Shareholders Equity $18.30M $24.57M $28.54M
YoY Change -41.67% -13.92% -7.87%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$4.324M -$1.365M -$374.0K
YoY Change 307.92% 264.97% -26.95%
Depreciation, Depletion And Amortization $714.0K $731.0K $187.0K
YoY Change 70.0% 290.91% -20.09%
Cash From Operating Activities -$502.0K -$810.0K -$860.0K
YoY Change -34.81% -5.81% -60.0%
INVESTING ACTIVITIES
Capital Expenditures -$369.0K -$623.0K $110.0K
YoY Change -96.49% -666.36% -320.0%
Acquisitions
YoY Change
Other Investing Activities $472.0K $0.00 $3.090M
YoY Change -88.65% -100.0% 175.89%
Cash From Investing Activities $103.0K -$623.0K $3.200M
YoY Change -101.62% -119.47% 199.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 -80.00K
YoY Change -100.0% -100.0% -121.05%
NET CHANGE
Cash From Operating Activities -502.0K -810.0K -860.0K
Cash From Investing Activities 103.0K -623.0K 3.200M
Cash From Financing Activities 0.000 0.000 -80.00K
Net Change In Cash -399.0K -1.433M 2.260M
YoY Change -94.76% -163.41% -422.86%
FREE CASH FLOW
Cash From Operating Activities -$502.0K -$810.0K -$860.0K
Capital Expenditures -$369.0K -$623.0K $110.0K
Free Cash Flow -$133.0K -$187.0K -$970.0K
YoY Change -101.36% -80.72% -53.81%

Facts In Submission

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0 USD
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0 USD
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0 USD
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473000 USD
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58000 USD
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594000 USD
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110000 USD
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215000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
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PensionAndOtherPostretirementBenefitExpense
222000 USD
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PensionAndOtherPostretirementBenefitExpense
133000 USD
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4559000 USD
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417000 USD
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16411000 USD
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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Revenues
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us-gaap Revenues
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Revenues
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18183000 USD
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2286000 USD
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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8277160 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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8277160 shares
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8277160 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">Use of Estimates in the Preparation of Condensed Consolidated Financial Statements</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management of Barnwell to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ significantly from those estimates. Significant assumptions are required in the valuation of deferred tax assets, asset retirement obligations, share-based payment arrangements, obligations for retirement plans, contract drilling estimated costs to complete, proved oil and natural gas reserves, and the carrying value of other assets, and such assumptions may impact the amount at which such items are recorded.</font></div></div>

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