2015 Q1 Form 10-Q Financial Statement

#000156459015003874 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $66.52M $141.9M
YoY Change -53.12% 49.35%
Cost Of Revenue $21.00M $24.40M
YoY Change -13.93% 25.13%
Gross Profit $45.60M $117.5M
YoY Change -61.19% 55.63%
Gross Profit Margin 68.55% 82.8%
Selling, General & Admin $8.000M $8.400M
YoY Change -4.76% -4.55%
% of Gross Profit 17.54% 7.15%
Research & Development $42.20M $0.00
YoY Change -100.0%
% of Gross Profit 92.54% 0.0%
Depreciation & Amortization $91.89M $88.87M
YoY Change 3.39% 4.6%
% of Gross Profit 201.51% 75.64%
Operating Expenses $163.5M $121.7M
YoY Change 34.33% 5.01%
Operating Profit -$96.93M $20.23M
YoY Change -579.18% -196.99%
Interest Expense $20.75M $13.68M
YoY Change 51.71% -22.18%
% of Operating Profit 67.63%
Other Income/Expense, Net -$23.20M -$18.38M
YoY Change 26.27% 15.54%
Pretax Income -$120.1M $1.853M
YoY Change -6583.0% -105.04%
Income Tax -$41.63M $688.0K
% Of Pretax Income 37.13%
Net Earnings -$78.50M $1.165M
YoY Change -6838.37% -104.29%
Net Earnings / Revenue -118.01% 0.82%
Basic Earnings Per Share -$1.71 $0.02
Diluted Earnings Per Share -$1.71 $0.02
COMMON SHARES
Basic Shares Outstanding 46.03M 46.60M
Diluted Shares Outstanding 46.03M 46.75M

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $228.9M $1.800M
YoY Change 12616.67% -73.53%
Cash & Equivalents $228.9M $1.771M
Short-Term Investments
Other Short-Term Assets $2.419M $2.352M
YoY Change 2.85% -51.32%
Inventory
Prepaid Expenses
Receivables $34.00M $74.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $265.3M $79.30M
YoY Change 234.52% -88.23%
LONG-TERM ASSETS
Property, Plant & Equipment $2.189B $2.166B
YoY Change 1.03% 12.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.23M $15.30M
YoY Change 71.44% -19.23%
Total Long-Term Assets $2.215B $2.182B
YoY Change 1.53% 11.95%
TOTAL ASSETS
Total Short-Term Assets $265.3M $79.30M
Total Long-Term Assets $2.215B $2.182B
Total Assets $2.480B $2.261B
YoY Change 9.7% -13.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $116.3M $112.7M
YoY Change 3.18% 30.22%
Accrued Expenses $48.88M $53.00M
YoY Change -7.77% -39.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $165.2M $168.5M
YoY Change -1.98% -25.39%
LONG-TERM LIABILITIES
Long-Term Debt $1.394B $949.1M
YoY Change 46.84% -28.9%
Other Long-Term Liabilities $15.30M $17.20M
YoY Change -11.05% 661.06%
Total Long-Term Liabilities $1.394B $966.3M
YoY Change 44.23% -27.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $165.2M $168.5M
Total Long-Term Liabilities $1.394B $966.3M
Total Liabilities $1.689B $1.315B
YoY Change 28.42% -23.58%
SHAREHOLDERS EQUITY
Retained Earnings $287.9M
YoY Change
Common Stock $503.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $791.6M $946.0M
YoY Change
Total Liabilities & Shareholders Equity $2.480B $2.261B
YoY Change 9.7% -13.79%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$78.50M $1.165M
YoY Change -6838.37% -104.29%
Depreciation, Depletion And Amortization $91.89M $88.87M
YoY Change 3.39% 4.6%
Cash From Operating Activities $60.20M $95.74M
YoY Change -37.12% -1.65%
INVESTING ACTIVITIES
Capital Expenditures $140.4M $237.5M
YoY Change -40.88% 282.64%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$140.4M -$237.5M
YoY Change -40.87% 133.58%
FINANCING ACTIVITIES
Cash Dividend Paid $5.980M
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net $415.0M
YoY Change
Cash From Financing Activities 307.0M 140.5M
YoY Change 118.47% 2003.32%
NET CHANGE
Cash From Operating Activities 60.20M 95.74M
Cash From Investing Activities -140.4M -237.5M
Cash From Financing Activities 307.0M 140.5M
Net Change In Cash 226.8M -1.196M
YoY Change -19063.21% -150.4%
FREE CASH FLOW
Cash From Operating Activities $60.20M $95.74M
Capital Expenditures $140.4M $237.5M
Free Cash Flow -$80.20M -$141.7M
YoY Change -43.41% -501.54%

Facts In Submission

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CY2015Q1 crk Amount Of Dilutive Securities Performance Stock Units
AmountOfDilutiveSecuritiesPerformanceStockUnits
0
CY2014Q1 crk Amount Of Dilutive Securities Performance Stock Units
AmountOfDilutiveSecuritiesPerformanceStockUnits
0
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-78502000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1026000
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2015Q1 crk Incremental Common Shares Attributable To Performance Stock Units
IncrementalCommonSharesAttributableToPerformanceStockUnits
0
CY2014Q1 crk Incremental Common Shares Attributable To Performance Stock Units
IncrementalCommonSharesAttributableToPerformanceStockUnits
150000
CY2015Q1 crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
1166000
CY2014Q1 crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
1113000
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
111000
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
115000
CY2015Q1 crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.95
CY2014Q1 crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.90
CY2015Q1 crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
111000
CY2015Q1 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageExercisePrice
9.13
CY2015Q1 us-gaap Interest Paid
InterestPaid
2093000
CY2014Q1 us-gaap Interest Paid
InterestPaid
1794000
CY2015Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11000
CY2014Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1408000
CY2015Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
900000
CY2014Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2200000
CY2015Q1 us-gaap Dividends Cash
DividendsCash
0
CY2014Q1 us-gaap Dividends Cash
DividendsCash
6000000
CY2013Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2015Q1 us-gaap Long Term Debt
LongTermDebt
1393653000
CY2015Q1 crk Minimum Percentage Of Oil And Gas Properties Used As Collateral
MinimumPercentageOfOilAndGasPropertiesUsedAsCollateral
0.80
CY2015Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3700000
CY2015Q1 crk Commitments For Contracted Drilling Services
CommitmentsForContractedDrillingServices
6300000
CY2015Q1 crk Contract Term Related To Drilling Services
ContractTermRelatedToDrillingServices
through November, 2015
CY2015Q1 crk Natural Gas Transportation Agreement Term
NaturalGasTransportationAgreementTerm
through July 2019
CY2015Q1 crk Maximum Commitments Under Natural Gas Transportation Agreements
MaximumCommitmentsUnderNaturalGasTransportationAgreements
9700000

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