$CRK
COMSTOCK RESOURCES INC

2017 Q1 Form 10-Q Financial Statement

#000156459017009326 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $53.80M $36.20M
YoY Change 48.62% -45.58%
Cost Of Revenue $15.10M $18.50M
YoY Change -18.38% -11.9%
Gross Profit $38.70M $17.70M
YoY Change 118.64% -61.18%
Gross Profit Margin 71.93% 48.9%
Selling, General & Admin $6.400M $5.600M
YoY Change 14.29% -30.0%
% of Gross Profit 16.54% 31.64%
Research & Development $0.00 $7.800M
YoY Change -100.0% -81.52%
% of Gross Profit 0.0% 44.07%
Depreciation & Amortization $29.91M $38.84M
YoY Change -23.0% -57.74%
% of Gross Profit 77.27% 219.41%
Operating Expenses $51.42M $52.20M
YoY Change -1.49% -68.06%
Operating Profit $2.381M -$56.49M
YoY Change -104.21% -41.72%
Interest Expense $32.90M -$29.30M
YoY Change -212.29% -241.18%
% of Operating Profit 1381.77%
Other Income/Expense, Net -$24.88M $300.0K
YoY Change -8392.33% -101.29%
Pretax Income -$22.50M -$52.12M
YoY Change -56.84% -56.62%
Income Tax $435.0K $4.500M
% Of Pretax Income
Net Earnings -$22.93M -$56.58M
YoY Change -59.47% -27.93%
Net Earnings / Revenue -42.62% -156.29%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.613M -$5.099M
COMMON SHARES
Basic Shares Outstanding 15.20M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.40M $89.30M
YoY Change -65.96% -60.99%
Cash & Equivalents $30.40M $89.32M
Short-Term Investments
Other Short-Term Assets $2.800M $3.000M
YoY Change -6.67% 24.02%
Inventory
Prepaid Expenses
Receivables $24.50M $57.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.70M $149.4M
YoY Change -61.38% -43.68%
LONG-TERM ASSETS
Property, Plant & Equipment $807.3M $934.6M
YoY Change -13.62% -57.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $1.200M
YoY Change -16.67% -95.43%
Total Long-Term Assets $808.3M $935.7M
YoY Change -13.62% -57.75%
TOTAL ASSETS
Total Short-Term Assets $57.70M $149.4M
Total Long-Term Assets $808.3M $935.7M
Total Assets $866.0M $1.085B
YoY Change -20.19% -56.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.10M $41.60M
YoY Change 37.26% -64.23%
Accrued Expenses $16.50M $29.50M
YoY Change -44.07% -39.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $74.50M $72.30M
YoY Change 3.04% -56.23%
LONG-TERM LIABILITIES
Long-Term Debt $1.051B $1.211B
YoY Change -13.15% -13.13%
Other Long-Term Liabilities $16.00M $16.10M
YoY Change -0.62% 5.23%
Total Long-Term Liabilities $1.067B $1.227B
YoY Change -12.99% -11.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.50M $72.30M
Total Long-Term Liabilities $1.067B $1.227B
Total Liabilities $1.151B $1.305B
YoY Change -11.8% -22.69%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$285.4M -$220.2M
YoY Change
Total Liabilities & Shareholders Equity $866.0M $1.085B
YoY Change -20.19% -56.25%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$22.93M -$56.58M
YoY Change -59.47% -27.93%
Depreciation, Depletion And Amortization $29.91M $38.84M
YoY Change -23.0% -57.74%
Cash From Operating Activities $3.200M -$31.00M
YoY Change -110.32% -151.5%
INVESTING ACTIVITIES
Capital Expenditures $38.40M $14.19M
YoY Change 170.72% -89.9%
Acquisitions
YoY Change
Other Investing Activities $0.00 $900.0K
YoY Change -100.0%
Cash From Investing Activities -$38.40M -$13.30M
YoY Change 188.72% -90.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -300.0K -300.0K
YoY Change 0.0% -100.1%
NET CHANGE
Cash From Operating Activities 3.200M -31.00M
Cash From Investing Activities -38.40M -13.30M
Cash From Financing Activities -300.0K -300.0K
Net Change In Cash -35.50M -44.60M
YoY Change -20.4% -119.66%
FREE CASH FLOW
Cash From Operating Activities $3.200M -$31.00M
Capital Expenditures $38.40M $14.19M
Free Cash Flow -$35.20M -$45.19M
YoY Change -22.1% -43.66%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q1 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
53801000
CY2016Q1 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
740000
CY2017Q1 us-gaap Revenues
Revenues
53801000
CY2017Q1 crk Production And Severance Taxes Operating Expense
ProductionAndSeveranceTaxesOperatingExpense
1097000
CY2017Q1 us-gaap Gas Gathering Transportation Marketing And Processing Costs
GasGatheringTransportationMarketingAndProcessingCosts
4128000
CY2017Q1 us-gaap Lease Operating Expense
LeaseOperatingExpense
9889000
CY2016Q1 crk Exploration Expense Including Unproved Impairments And Exploratory Dry Hole Costs
ExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts
7753000
CY2017Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
29905000
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6401000
CY2016Q1 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
22718000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
51420000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2381000
CY2016Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
33380000
CY2017Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1265000
CY2017Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
271000
CY2017Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
7789000
CY2017Q1 crk Stock And Warrants Exercised During Period Value Preferred Stock And Warrants
StockAndWarrantsExercisedDuringPeriodValuePreferredStockAndWarrants
1000
CY2017Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
359000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4446000
CY2016Q1 us-gaap Gain Loss On Sale Of Property
GainLossOnSaleOfProperty
740000
CY2016Q1 crk Exploratory Lease Impairments
ExploratoryLeaseImpairments
7753000
CY2017Q1 crk Derivative Cash Paid Received On Hedge
DerivativeCashPaidReceivedOnHedge
-505000
CY2016Q1 crk Derivative Cash Paid Received On Hedge
DerivativeCashPaidReceivedOnHedge
-998000
CY2017Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
5435000
CY2016Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1281000
CY2017Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
9240000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1265000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1330000
CY2017Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2048000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4287000
CY2017Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-362000
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-109000
CY2017Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-11025000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-21444000
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
3207000
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-31039000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38401000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14185000
CY2016Q1 us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
868000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-38401000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-13317000
CY2017Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1000
CY2016Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
15000
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
271000
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
312000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-327000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-44683000
CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
89323000
CY2017Q1 crk Correction Of Immaterial Error Amount
CorrectionOfImmaterialErrorAmount
2900000
CY2017Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.2
CY2017Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
a one-for-five (1:5) reverse split
CY2016Q1 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
900000
CY2016Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
4446000
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.387
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.454
CY2016Q1 crk Oil And Gas Properties Sold Operating Income Loss
OilAndGasPropertiesSoldOperatingIncomeLoss
230000
CY2016Q1 crk Property Exchange Gross Wells Received
PropertyExchangeGrossWellsReceived
4
CY2016Q1 crk Property Exchange Net Wells Received
PropertyExchangeNetWellsReceived
3.5
CY2016Q1 crk Property Exchange Gross Wells Disposed
PropertyExchangeGrossWellsDisposed
7
CY2016Q1 crk Property Exchange Net Wells Disposed
PropertyExchangeNetWellsDisposed
5.3
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.042
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.021
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.024
CY2016Q1 crk Gain On Property Exchange Of Oil And Gas Properties
GainOnPropertyExchangeOfOilAndGasProperties
700000
CY2016Q1 crk Impairment Charges Related To Unevaluated Properties
ImpairmentChargesRelatedToUnevaluatedProperties
7800000
CY2017Q1 crk Jv Well Operator Working Interest Per Well
JVWellOperatorWorkingInterestPerWell
0.125
CY2017Q1 crk Jv Acreage Cost Reimbursement Working Interest Per Well
JVAcreageCostReimbursementWorkingInterestPerWell
0.125
CY2017Q1 crk Accrued Drilling Costs
AccruedDrillingCosts
7393000
CY2016Q4 crk Accrued Drilling Costs
AccruedDrillingCosts
7498000
CY2017Q1 us-gaap Interest Payable Current
InterestPayableCurrent
4090000
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
22721000
CY2017Q1 crk Accrued Transportation Costs
AccruedTransportationCosts
2577000
CY2016Q4 crk Accrued Transportation Costs
AccruedTransportationCosts
2227000
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1280000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6292000
CY2017Q1 crk Accrued Ad Valorem Taxes Payable
AccruedAdValoremTaxesPayable
900000
CY2017Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
12000
CY2016Q1 crk Asset Retirement Obligation Assets Held For Sale
AssetRetirementObligationAssetsHeldForSale
3933000
CY2016Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
16100000
CY2017Q1 us-gaap Cash Flow Hedges Derivative Instruments At Fair Value Net
CashFlowHedgesDerivativeInstrumentsAtFairValueNet
0
CY2017Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
76000
CY2016Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
14000
CY2017Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
359000
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.003
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.019
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.086
CY2017Q1 crk Cumulative Common Stock Ownership Change Over Three Year Period That Would Limit Federal And State Net Operating Loss Carry Forwards
CumulativeCommonStockOwnershipChangeOverThreeYearPeriodThatWouldLimitFederalAndStateNetOperatingLossCarryForwards
0.50
CY2017Q1 crk Performance Units Adjustment For Performance Multiplier Range Minimum
PerformanceUnitsAdjustmentForPerformanceMultiplierRangeMinimum
0.0000
CY2017Q1 crk Performance Units Adjustment For Performance Multiplier Range Maximum
PerformanceUnitsAdjustmentForPerformanceMultiplierRangeMaximum
2.00
CY2017Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2017Q1 crk Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-22931000
CY2016Q1 crk Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-56577000
CY2017Q1 crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
503000
CY2016Q1 crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
314000
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12000
CY2017Q1 crk Antidilutive Securities Warrants For Common Stock Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesWarrantsForCommonStockExcludedFromComputationOfEarningsPerShareAmount
590000
CY2017Q1 crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
233000
CY2017Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
509138
CY2017Q1 crk Stock And Warrants Exercised During Period Shares Preferred Stock And Warrants
StockAndWarrantsExercisedDuringPeriodSharesPreferredStockAndWarrants
152742
CY2017Q1 crk Natural Gas Transportation Agreement Term
NaturalGasTransportationAgreementTerm
through July 2019
CY2017Q1 crk Maximum Commitments Under Natural Gas Transportation Agreements
MaximumCommitmentsUnderNaturalGasTransportationAgreements
3800000
CY2017Q1 crk Contract Terms Related To Drilling Services
ContractTermsRelatedToDrillingServices
through April 2018
CY2017Q1 crk Commitments For Contracted Drilling Services
CommitmentsForContractedDrillingServices
10800000
CY2016Q1 crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
135000
CY2017Q1 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
17.12
CY2016Q1 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
22.10
CY2017Q1 crk Antidilutive Securities Contingently Convertible Shares Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesContingentlyConvertibleSharesExcludedFromComputationOfEarningsPerShareAmount
36409000
CY2017Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
14709000

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