$CRK
COMSTOCK RESOURCES INC

2015 Q3 Form 10-Q Financial Statement

#000156459015009682 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $61.36M $145.0M
YoY Change -57.68% 29.92%
Cost Of Revenue $22.60M $25.40M
YoY Change -11.02% 17.59%
Gross Profit $38.80M $119.6M
YoY Change -67.56% 32.89%
Gross Profit Margin 63.23% 82.49%
Selling, General & Admin $5.700M $7.900M
YoY Change -27.85% -3.66%
% of Gross Profit 14.69% 6.61%
Research & Development $5.000M $11.40M
YoY Change -56.14% 280.0%
% of Gross Profit 12.89% 9.53%
Depreciation & Amortization $79.45M $99.98M
YoY Change -20.54% 16.57%
% of Gross Profit 204.76% 83.59%
Operating Expenses $657.4M $144.7M
YoY Change 354.25% 19.92%
Operating Profit -$596.0M $263.0K
YoY Change -226725.86% -102.89%
Interest Expense $32.16M -$2.900M
YoY Change -1208.93% -89.61%
% of Operating Profit -1102.66%
Other Income/Expense, Net $20.38M $200.0K
YoY Change 10092.0% -50.0%
Pretax Income -$575.6M -$2.393M
YoY Change 23955.24% -93.46%
Income Tax -$30.65M -$500.0K
% Of Pretax Income
Net Earnings -$545.0M -$1.903M
YoY Change 28538.78% -92.08%
Net Earnings / Revenue -888.19% -1.31%
Basic Earnings Per Share -$11.81 -$0.04
Diluted Earnings Per Share -$11.81 -$0.04
COMMON SHARES
Basic Shares Outstanding 46.15M 46.65M
Diluted Shares Outstanding 46.15M 46.65M

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $163.8M $6.400M
YoY Change 2459.38% -97.2%
Cash & Equivalents $163.8M $6.433M
Short-Term Investments
Other Short-Term Assets $4.200M $7.500M
YoY Change -44.0% 2.74%
Inventory
Prepaid Expenses
Receivables $23.80M $72.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $191.9M $86.20M
YoY Change 122.62% -73.49%
LONG-TERM ASSETS
Property, Plant & Equipment $1.315B $2.220B
YoY Change -40.76% 14.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.50M $15.80M
YoY Change 42.41% 2.6%
Total Long-Term Assets $1.338B $2.236B
YoY Change -40.18% 14.55%
TOTAL ASSETS
Total Short-Term Assets $191.9M $86.20M
Total Long-Term Assets $1.338B $2.236B
Total Assets $1.530B $2.322B
YoY Change -34.13% 1.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.20M $126.7M
YoY Change -59.59% 5.41%
Accrued Expenses $34.80M $56.80M
YoY Change -38.73% -6.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $91.00M $184.9M
YoY Change -50.79% -51.16%
LONG-TERM LIABILITIES
Long-Term Debt $1.297B $1.000B
YoY Change 29.69% 45.33%
Other Long-Term Liabilities $15.10M $2.025M
YoY Change 645.68% -89.51%
Total Long-Term Liabilities $1.312B $1.002B
YoY Change 30.94% 41.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.00M $184.9M
Total Long-Term Liabilities $1.312B $1.002B
Total Liabilities $1.414B $1.383B
YoY Change 2.29% 7.59%
SHAREHOLDERS EQUITY
Retained Earnings $430.6M
YoY Change
Common Stock $509.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $115.3M $939.6M
YoY Change
Total Liabilities & Shareholders Equity $1.530B $2.322B
YoY Change -34.13% 1.97%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$545.0M -$1.903M
YoY Change 28538.78% -92.08%
Depreciation, Depletion And Amortization $79.45M $99.98M
YoY Change -20.54% 16.57%
Cash From Operating Activities -$700.0K $123.7M
YoY Change -100.57% -84.92%
INVESTING ACTIVITIES
Capital Expenditures -$35.60M -$140.0M
YoY Change -74.57% 19.05%
Acquisitions
YoY Change
Other Investing Activities $102.7M $0.00
YoY Change -100.0%
Cash From Investing Activities $67.10M -$140.0M
YoY Change -147.93% -83.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.70M 18.90M
YoY Change -273.02% -224.34%
NET CHANGE
Cash From Operating Activities -700.0K 123.7M
Cash From Investing Activities 67.10M -140.0M
Cash From Financing Activities -32.70M 18.90M
Net Change In Cash 33.70M 2.600M
YoY Change 1196.15% -107.37%
FREE CASH FLOW
Cash From Operating Activities -$700.0K $123.7M
Capital Expenditures -$35.60M -$140.0M
Free Cash Flow $34.90M $263.7M
YoY Change -86.77% -71.88%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Natural Gas Production Revenue
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Payments Of Dividends
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0.055
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.021
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.055
CY2014Q3 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.151
us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.001
us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.201
CY2014Q3 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.049
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.060
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.160
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.556
crk Number Of State Jurisdiction Currently Under Review
NumberOfStateJurisdictionCurrentlyUnderReview
1
crk Cumulative Common Stock Ownership Change Over Three Year Period That Could Limit Federal And State Net Operating Loss Carry Forwards
CumulativeCommonStockOwnershipChangeOverThreeYearPeriodThatCouldLimitFederalAndStateNetOperatingLossCarryForwards
0.50
crk Rights Plan Establishment Date
RightsPlanEstablishmentDate
2015-10-01
crk Performance Units Adjustment For Performance Multiplier Range Minimum
PerformanceUnitsAdjustmentForPerformanceMultiplierRangeMinimum
0.0000
crk Performance Units Adjustment For Performance Multiplier Range Maximum
PerformanceUnitsAdjustmentForPerformanceMultiplierRangeMaximum
3.00
CY2014Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
151000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-544996000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2054000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
444000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-758566000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
716000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-758566000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
716000
crk Incremental Common Shares Attributable To Performance Stock Units
IncrementalCommonSharesAttributableToPerformanceStockUnits
320000
CY2015Q3 crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
1576000
CY2014Q3 crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
1210000
crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
1430000
crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
1184000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
103000
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
115000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
106000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
115000
CY2015Q3 crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.94
CY2014Q3 crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.90
crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.98
crk Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
32.90
CY2015Q3 crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
670000
CY2014Q3 crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
257000
crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
631000
CY2015Q3 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
9.13
CY2014Q3 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
20.71
crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
9.13
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1467000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
900000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
7500000
us-gaap Dividends Cash
DividendsCash
0
us-gaap Dividends Cash
DividendsCash
17900000
CY2013Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2015Q3 crk Maximum Commitments Under Natural Gas Transportation Agreements
MaximumCommitmentsUnderNaturalGasTransportationAgreements
7100000
CY2015Q3 us-gaap Long Term Debt
LongTermDebt
1297312000
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
CY2015Q3 crk Commitments For Contracted Drilling Services
CommitmentsForContractedDrillingServices
1300000
crk Contract Term Related To Drilling Services
ContractTermRelatedToDrillingServices
through November 2015
crk Natural Gas Transportation Agreement Term
NaturalGasTransportationAgreementTerm
through July 2019

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