$CRK
COMSTOCK RESOURCES INC

2014 Q1 Form 10-Q Financial Statement

#000156459014001811 Filed on May 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $141.9M $105.9M $95.02M
YoY Change 49.35% 13.14% -14.01%
Cost Of Revenue $24.40M $22.30M $19.50M
YoY Change 25.13% 8.25% -20.08%
Gross Profit $117.5M $83.60M $75.50M
YoY Change 55.63% 14.52% -4.91%
Gross Profit Margin 82.8% 78.94% 79.46%
Selling, General & Admin $8.400M $8.800M $8.800M
YoY Change -4.55% 12.82% 0.0%
% of Gross Profit 7.15% 10.53% 11.66%
Research & Development $0.00 $18.10M $2.600M
YoY Change -100.0% -69.17% 85.71%
% of Gross Profit 0.0% 21.65% 3.44%
Depreciation & Amortization $88.87M $81.10M $84.97M
YoY Change 4.6% -9.28% 9.9%
% of Gross Profit 75.64% 97.01% 112.54%
Operating Expenses $121.7M $108.0M $115.9M
YoY Change 5.01% -30.68% 3.52%
Operating Profit $20.23M -$24.39M -$20.86M
YoY Change -196.99% -76.28% 1356.42%
Interest Expense $13.68M -$14.00M $17.58M
YoY Change -22.18% 2.94% 42.88%
% of Operating Profit 67.63%
Other Income/Expense, Net -$18.38M $200.0K -$15.90M
YoY Change 15.54% -33.33% -627.29%
Pretax Income $1.853M -$56.00M -$36.76M
YoY Change -105.04% -51.81% -2420.64%
Income Tax $688.0K -$19.40M -$12.24M
% Of Pretax Income 37.13%
Net Earnings $1.165M -$37.50M -$27.14M
YoY Change -104.29% -52.02% -2074.11%
Net Earnings / Revenue 0.82% -35.41% -28.57%
Basic Earnings Per Share $0.02 -$0.82 -$0.58
Diluted Earnings Per Share $0.02 -$0.82 -$0.58
COMMON SHARES
Basic Shares Outstanding 46.60M 46.73M
Diluted Shares Outstanding 46.75M 46.73M

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.800M $3.000M $6.800M
YoY Change -73.53% -82.14% -67.46%
Cash & Equivalents $1.771M $2.967M $6.844M
Short-Term Investments $0.00
Other Short-Term Assets $2.352M $1.796M $4.832M
YoY Change -51.32% -50.35% -61.34%
Inventory $1.400M
Prepaid Expenses
Receivables $74.30M $35.87M $38.42M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $79.30M $57.13M $673.7M
YoY Change -88.23% -28.49% 281.07%
LONG-TERM ASSETS
Property, Plant & Equipment $2.166B $2.067B $1.930B
YoY Change 12.25% 5.52% -23.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.30M $15.53M $18.94M
YoY Change -19.23% -22.14% 16.93%
Total Long-Term Assets $2.182B $2.082B $1.949B
YoY Change 11.95% -16.37% -23.09%
TOTAL ASSETS
Total Short-Term Assets $79.30M $57.13M $673.7M
Total Long-Term Assets $2.182B $2.082B $1.949B
Total Assets $2.261B $2.139B $2.623B
YoY Change -13.79% -16.75% -3.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.7M $101.9M $86.55M
YoY Change 30.22% 50.26%
Accrued Expenses $53.00M $91.30M $87.78M
YoY Change -39.62% 146.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $168.5M $195.0M $225.9M
YoY Change -25.39% 35.96% -9.7%
LONG-TERM LIABILITIES
Long-Term Debt $949.1M $798.7M $1.335B
YoY Change -28.9% -39.69% 10.6%
Other Long-Term Liabilities $17.20M $2.138M $2.260M
YoY Change 661.06% -5.94% -87.51%
Total Long-Term Liabilities $966.3M $800.8M $1.337B
YoY Change -27.74% -39.63% 9.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $168.5M $195.0M $225.9M
Total Long-Term Liabilities $966.3M $800.8M $1.337B
Total Liabilities $1.315B $1.187B $1.721B
YoY Change -23.58% -27.44% 2.27%
SHAREHOLDERS EQUITY
Retained Earnings $447.3M $397.2M
YoY Change 5.43%
Common Stock $504.7M $504.7M
YoY Change -0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $946.0M $952.0M $901.9M
YoY Change
Total Liabilities & Shareholders Equity $2.261B $2.139B $2.623B
YoY Change -13.79% -16.75% -3.25%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income $1.165M -$37.50M -$27.14M
YoY Change -104.29% -52.02% -2074.11%
Depreciation, Depletion And Amortization $88.87M $81.10M $84.97M
YoY Change 4.6% -9.28% 9.9%
Cash From Operating Activities $95.74M -$666.9M $97.35M
YoY Change -1.65% -512.94% -26.9%
INVESTING ACTIVITIES
Capital Expenditures $237.5M -$272.9M $62.06M
YoY Change 282.64% 1.3% -56.17%
Acquisitions
YoY Change
Other Investing Activities $823.4M -$39.60M
YoY Change 3220.16% 725.0%
Cash From Investing Activities -$237.5M $550.5M -$101.7M
YoY Change 133.58% -325.06% -30.57%
FINANCING ACTIVITIES
Cash Dividend Paid $5.980M
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $25.00M
YoY Change
Cash From Financing Activities 140.5M -108.9M 6.681M
YoY Change 2003.32% -228.12% -21.7%
NET CHANGE
Cash From Operating Activities 95.74M -666.9M 97.35M
Cash From Investing Activities -237.5M 550.5M -101.7M
Cash From Financing Activities 140.5M -108.9M 6.681M
Net Change In Cash -1.196M -225.3M 2.373M
YoY Change -150.4% -11957.89% -150.38%
FREE CASH FLOW
Cash From Operating Activities $95.74M -$666.9M $97.35M
Capital Expenditures $237.5M -$272.9M $62.06M
Free Cash Flow -$141.7M -$394.0M $35.29M
YoY Change -501.54% -191.44% -519.92%

Facts In Submission

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CY2014Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.26%;text-indent:0%;font-size:8pt;;">&nbsp;</p><p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.26%;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-weight:bold;font-style:italic;;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications </font></p><p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:8pt;;">&nbsp;</p><p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain reclassifications have been made to prior period'</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s financial statements, consisting primarily of reclassifications to the presentation of the Company's derivative financial instruments. </font></p></div>
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DisposalGroupIncludingDiscontinuedOperationOilAndGasSalesRevenue
16299000
CY2014Q1 crk Derivative Cash Paid Received On Hedge
DerivativeCashPaidReceivedOnHedge
1300000
CY2013Q1 crk Derivative Cash Paid Received On Hedge
DerivativeCashPaidReceivedOnHedge
-2300000
CY2014Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
14000
CY2013Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3000
CY2014Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2013Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2014Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.017
CY2013Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.032
CY2013Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.018
CY2014Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.004
CY2013Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.003
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.371
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.333
CY2014Q1 crk Number Of State Jurisdiction Currently Under Review
NumberOfStateJurisdictionCurrentlyUnderReview
1
CY2014Q1 crk Performance Units Adjustment For Performance Multiplier Range Minimum
PerformanceUnitsAdjustmentForPerformanceMultiplierRangeMinimum
0.0000
CY2014Q1 crk Performance Units Adjustment For Performance Multiplier Range Maximum
PerformanceUnitsAdjustmentForPerformanceMultiplierRangeMaximum
3.00
CY2013Q1 crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
1573000
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
157000
CY2014Q1 crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.90
CY2013Q1 crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
38.36
CY2013Q1 crk Anti Dilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount1
AntiDilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount1
20000
CY2013Q1 crk Disposal Group Including Discontinued Operation Production And Severance Taxes Operating Expense
DisposalGroupIncludingDiscontinuedOperationProductionAndSeveranceTaxesOperatingExpense
693000
CY2013Q1 crk Disposal Group Including Discontinued Operation Gas Gathering Transportation Marketing And Processing Costs
DisposalGroupIncludingDiscontinuedOperationGasGatheringTransportationMarketingAndProcessingCosts
331000
CY2013Q1 crk Disposal Group Including Discontinued Operation Lease Operating Expense
DisposalGroupIncludingDiscontinuedOperationLeaseOperatingExpense
6308000
CY2013Q1 crk Disposal Group Including Discontinued Operation Depreciation Depletion And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationDepletionAndAmortization
8649000
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
3499000
CY2013Q1 crk Disposal Group Including Discontinued Operation Costs And Expenses
DisposalGroupIncludingDiscontinuedOperationCostsAndExpenses
19480000
CY2013Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-3181000
CY2013Q1 crk Disposal Group Including Discontinued Operation Current Income Tax Expense Benefit
DisposalGroupIncludingDiscontinuedOperationCurrentIncomeTaxExpenseBenefit
CY2013Q1 crk Disposal Group Including Discontinued Operation Deferred Income Tax Expense Benefit
DisposalGroupIncludingDiscontinuedOperationDeferredIncomeTaxExpenseBenefit
-554000
CY2013Q1 crk Disposal Group Including Discontinued Operation Income Tax Expense Benefit
DisposalGroupIncludingDiscontinuedOperationIncomeTaxExpenseBenefit
-554000
CY2014Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2014-02-20
CY2014Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2014-03-07
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.125
CY2014Q1 us-gaap Dividends Cash
DividendsCash
6000000
CY2014Q1 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
100000000
CY2014Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
90800000
CY2013Q1 us-gaap Dividends Cash
DividendsCash
0
CY2014Q1 us-gaap Long Term Debt
LongTermDebt
949140000
CY2014Q1 crk Contract Term Related To Drilling Services
ContractTermRelatedToDrillingServices
Up to two years
CY2014Q1 crk Commitments For Contracted Drilling Services
CommitmentsForContractedDrillingServices
34000000
CY2014Q1 crk Natural Gas Transportation Agreement Term
NaturalGasTransportationAgreementTerm
Through July 2019
CY2014Q1 crk Maximum Commitments Under Natural Gas Transportation Agreements
MaximumCommitmentsUnderNaturalGasTransportationAgreements
17400000

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