$CRK
COMSTOCK RESOURCES INC

2015 Q2 Form 10-Q Financial Statement

#000156459015006189 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $77.30M $155.7M
YoY Change -50.36% 44.32%
Cost Of Revenue $24.90M $23.60M
YoY Change 5.51% 11.32%
Gross Profit $52.40M $132.1M
YoY Change -60.33% 52.54%
Gross Profit Margin 67.79% 84.83%
Selling, General & Admin $7.200M $9.600M
YoY Change -25.0% 5.49%
% of Gross Profit 13.74% 7.27%
Research & Development $23.00M $0.00
YoY Change -100.0%
% of Gross Profit 43.89% 0.0%
Depreciation & Amortization $90.57M $94.54M
YoY Change -4.2% 10.9%
% of Gross Profit 172.85% 71.57%
Operating Expenses $259.5M $128.0M
YoY Change 102.74% 1.66%
Operating Profit -$182.2M $27.73M
YoY Change -757.02% -254.02%
Interest Expense $33.81M $14.77M
YoY Change 128.94% -23.25%
% of Operating Profit 53.25%
Other Income/Expense, Net -$25.56M -$24.58M
YoY Change 3.98% 58.33%
Pretax Income -$207.7M $3.151M
YoY Change -6692.89% -109.4%
Income Tax -$72.67M $1.253M
% Of Pretax Income 39.77%
Net Earnings -$135.1M $1.898M
YoY Change -7216.33% -98.54%
Net Earnings / Revenue -174.73% 1.22%
Basic Earnings Per Share $0.04
Diluted Earnings Per Share -$14.68M $0.04
COMMON SHARES
Basic Shares Outstanding 46.65M
Diluted Shares Outstanding 47.00M

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.2M $3.800M
YoY Change 3326.32% -98.56%
Cash & Equivalents $130.2M $3.813M
Short-Term Investments
Other Short-Term Assets $3.100M $5.700M
YoY Change -45.61% 10.83%
Inventory
Prepaid Expenses
Receivables $135.3M $80.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $268.6M $90.20M
YoY Change 197.79% -73.04%
LONG-TERM ASSETS
Property, Plant & Equipment $1.912B $2.193B
YoY Change -12.84% 14.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.80M $16.56M
YoY Change 49.72% -7.5%
Total Long-Term Assets $1.937B $2.210B
YoY Change -12.37% 14.65%
TOTAL ASSETS
Total Short-Term Assets $268.6M $90.20M
Total Long-Term Assets $1.937B $2.210B
Total Assets $2.205B $2.300B
YoY Change -4.13% 1.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.80M $128.9M
YoY Change -52.85% 55.95%
Accrued Expenses $49.70M $42.14M
YoY Change 17.95% 10.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $110.7M $179.7M
YoY Change -38.37% 47.12%
LONG-TERM LIABILITIES
Long-Term Debt $1.379B $975.2M
YoY Change 41.46% 10.4%
Other Long-Term Liabilities $14.90M $1.803M
YoY Change 726.4% -18.12%
Total Long-Term Liabilities $1.379B $977.0M
YoY Change 41.2% 10.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $110.7M $179.7M
Total Long-Term Liabilities $1.379B $977.0M
Total Liabilities $1.547B $1.356B
YoY Change 14.13% 9.86%
SHAREHOLDERS EQUITY
Retained Earnings $152.8M $438.4M
YoY Change -65.14% -15.82%
Common Stock $505.4M $506.3M
YoY Change -0.17% -0.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $658.3M $944.7M
YoY Change
Total Liabilities & Shareholders Equity $2.205B $2.300B
YoY Change -4.13% 1.68%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$135.1M $1.898M
YoY Change -7216.33% -98.54%
Depreciation, Depletion And Amortization $90.57M $94.54M
YoY Change -4.2% 10.9%
Cash From Operating Activities -$36.00M $109.6M
YoY Change -132.85% 933.96%
INVESTING ACTIVITIES
Capital Expenditures -$56.90M -$124.9M
YoY Change -54.44% 76.66%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$56.90M -$124.9M
YoY Change -54.44% -117.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.800M 17.40M
YoY Change -133.33% -103.79%
NET CHANGE
Cash From Operating Activities -36.00M 109.6M
Cash From Investing Activities -56.90M -124.9M
Cash From Financing Activities -5.800M 17.40M
Net Change In Cash -98.70M 2.100M
YoY Change -4800.0% -99.18%
FREE CASH FLOW
Cash From Operating Activities -$36.00M $109.6M
Capital Expenditures -$56.90M -$124.9M
Free Cash Flow $20.90M $234.5M
YoY Change -91.09% 188.44%

Facts In Submission

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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.90
crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.95
crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.90
CY2015Q2 crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
670000
crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
612000
CY2015Q2 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
9.13
crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
9.13
us-gaap Interest Paid
InterestPaid
31836000
us-gaap Interest Paid
InterestPaid
28907000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1408000
CY2014Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2600000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
900000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
4800000
us-gaap Dividends Cash
DividendsCash
0
us-gaap Dividends Cash
DividendsCash
12000000
CY2013Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2015Q2 us-gaap Long Term Debt
LongTermDebt
1379434000
crk Minimum Percentage Of Oil And Gas Properties Used As Collateral
MinimumPercentageOfOilAndGasPropertiesUsedAsCollateral
0.80
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3700000
CY2015Q2 crk Commitments For Contracted Drilling Services
CommitmentsForContractedDrillingServices
3800000
crk Contract Term Related To Drilling Services
ContractTermRelatedToDrillingServices
through November 2015
crk Natural Gas Transportation Agreement Term
NaturalGasTransportationAgreementTerm
through July 2019
CY2015Q2 crk Maximum Commitments Under Natural Gas Transportation Agreements
MaximumCommitmentsUnderNaturalGasTransportationAgreements
8100000

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