$CRK
COMSTOCK RESOURCES INC

2017 Q3 Form 10-Q Financial Statement

#000156459017021301 Filed on November 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3 2015 Q4
Revenue $66.80M $50.30M $47.20M
YoY Change 32.8% -18.02% -58.08%
Cost Of Revenue $15.60M $17.70M $20.60M
YoY Change -11.86% -21.68% -12.71%
Gross Profit $51.20M $32.60M $26.60M
YoY Change 57.06% -15.98% -70.11%
Gross Profit Margin 76.65% 64.81% 56.36%
Selling, General & Admin $6.200M $4.200M $2.700M
YoY Change 47.62% -26.32% -58.46%
% of Gross Profit 12.11% 12.88% 10.15%
Research & Development $0.00 $76.40M $400.0K
YoY Change -100.0% 1428.0% -95.0%
% of Gross Profit 0.0% 234.36% 1.5%
Depreciation & Amortization $32.81M $37.50M $59.40M
YoY Change -12.51% -52.8% -37.41%
% of Gross Profit 64.08% 115.03% 223.31%
Operating Expenses $39.00M $149.1M $62.60M
YoY Change -73.85% -77.32% -42.73%
Operating Profit $11.19M -$98.79M -$290.5M
YoY Change -111.33% -83.43% 261.83%
Interest Expense -$36.20M -$31.20M -$31.20M
YoY Change 16.03% -197.02% 625.58%
% of Operating Profit -323.5%
Other Income/Expense, Net $200.0K $200.0K $500.0K
YoY Change 0.0% -99.02% 150.0%
Pretax Income -$24.81M -$29.30M -$298.0M
YoY Change -15.34% -94.91% 253.08%
Income Tax -$69.00K -$825.0K -$9.500M
% Of Pretax Income
Net Earnings -$24.74M -$28.48M -$288.5M
YoY Change -13.13% -94.78% 395.17%
Net Earnings / Revenue -37.03% -56.61% -611.32%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.669M -$2.317M -$31.36M
COMMON SHARES
Basic Shares Outstanding 12.50M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.40M $26.60M $134.0M
YoY Change -4.51% -83.76% 6280.95%
Cash & Equivalents $25.40M $26.58M $134.0M
Short-Term Investments
Other Short-Term Assets $5.700M $2.000M $1.993M
YoY Change 185.0% -52.38% -80.28%
Inventory
Prepaid Expenses
Receivables $34.40M $48.10M $15.24M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $65.50M $76.70M $156.2M
YoY Change -14.6% -60.03% 155.22%
LONG-TERM ASSETS
Property, Plant & Equipment $833.2M $807.7M $1.038B
YoY Change 3.16% -38.6% -52.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $1.100M $1.192M
YoY Change -18.18% -95.11% -76.9%
Total Long-Term Assets $834.1M $808.8M $1.040B
YoY Change 3.13% -39.54% -52.82%
TOTAL ASSETS
Total Short-Term Assets $65.50M $76.70M $156.2M
Total Long-Term Assets $834.1M $808.8M $1.040B
Total Assets $899.6M $885.5M $1.196B
YoY Change 1.59% -42.11% -47.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.30M $37.80M $57.28M
YoY Change 144.18% -26.17% -51.18%
Accrued Expenses $17.20M $16.80M $38.44M
YoY Change 2.38% -51.72% -14.27%
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 $112.2M $58.20M $95.72M
YoY Change 92.78% -36.04% -40.98%
LONG-TERM LIABILITIES
Long-Term Debt $1.090B $1.026B $1.249B
YoY Change 6.26% -20.95% 17.79%
Other Long-Term Liabilities $16.10M $16.20M $20.10M
YoY Change -0.62% 7.28% 904.0%
Total Long-Term Liabilities $1.106B $1.042B $1.249B
YoY Change 6.15% -20.63% 17.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $112.2M $58.20M $95.72M
Total Long-Term Liabilities $1.106B $1.042B $1.249B
Total Liabilities $1.228B $1.106B $1.367B
YoY Change 11.09% -21.84% -1.95%
SHAREHOLDERS EQUITY
Retained Earnings -$680.7M
YoY Change -285.78%
Common Stock $7.714M $509.4M
YoY Change 1.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$328.4M -$220.0M -$171.3M
YoY Change
Total Liabilities & Shareholders Equity $899.6M $885.5M $1.196B
YoY Change 1.59% -42.11% -47.19%

Cashflow Statement

Concept 2017 Q3 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$24.74M -$28.48M -$288.5M
YoY Change -13.13% -94.78% 395.17%
Depreciation, Depletion And Amortization $32.81M $37.50M $59.40M
YoY Change -12.51% -52.8% -37.41%
Cash From Operating Activities $35.30M -$23.50M $6.600M
YoY Change -250.21% 3257.14% -90.83%
INVESTING ACTIVITIES
Capital Expenditures -$46.70M -$7.400M -$31.30M
YoY Change 531.08% -79.21% -76.36%
Acquisitions
YoY Change
Other Investing Activities $1.500M $0.00 -$200.0K
YoY Change -100.0%
Cash From Investing Activities -$45.20M -$7.500M -$31.50M
YoY Change 502.67% -111.18% -76.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -9.800M -4.900M
YoY Change -100.0% -70.03% -108.73%
NET CHANGE
Cash From Operating Activities 35.30M -23.50M 6.600M
Cash From Investing Activities -45.20M -7.500M -31.50M
Cash From Financing Activities 0.000 -9.800M -4.900M
Net Change In Cash -9.900M -40.80M -29.80M
YoY Change -75.74% -221.07% 593.02%
FREE CASH FLOW
Cash From Operating Activities $35.30M -$23.50M $6.600M
Capital Expenditures -$46.70M -$7.400M -$31.30M
Free Cash Flow $82.00M -$16.10M $37.90M
YoY Change -609.32% -146.13% -81.46%

Facts In Submission

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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
340000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12000
CY2017Q3 crk Antidilutive Securities Warrants For Common Stock Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesWarrantsForCommonStockExcludedFromComputationOfEarningsPerShareAmount
415000
CY2016Q3 crk Antidilutive Securities Warrants For Common Stock Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesWarrantsForCommonStockExcludedFromComputationOfEarningsPerShareAmount
377000
crk Antidilutive Securities Warrants For Common Stock Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesWarrantsForCommonStockExcludedFromComputationOfEarningsPerShareAmount
479000
crk Antidilutive Securities Warrants For Common Stock Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesWarrantsForCommonStockExcludedFromComputationOfEarningsPerShareAmount
127000
CY2017Q3 crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
303000
CY2016Q3 crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
135000
crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
281000
crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
137000
CY2017Q3 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
17.12
CY2016Q3 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
22.09
CY2017Q3 crk Antidilutive Securities Contingently Convertible Shares Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesContingentlyConvertibleSharesExcludedFromComputationOfEarningsPerShareAmount
37624000
CY2016Q3 crk Antidilutive Securities Contingently Convertible Shares Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesContingentlyConvertibleSharesExcludedFromComputationOfEarningsPerShareAmount
9770000
crk Antidilutive Securities Contingently Convertible Shares Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesContingentlyConvertibleSharesExcludedFromComputationOfEarningsPerShareAmount
36676000
crk Antidilutive Securities Contingently Convertible Shares Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesContingentlyConvertibleSharesExcludedFromComputationOfEarningsPerShareAmount
3257000
us-gaap Interest Paid
InterestPaid
72913000
us-gaap Interest Paid
InterestPaid
109642000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3000
CY2017Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
12027000
CY2017Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
415087
crk Stock And Warrants Exercised During Period Shares Preferred Stock And Warrants
StockAndWarrantsExercisedDuringPeriodSharesPreferredStockAndWarrants
246793
crk Natural Gas Transportation Agreement Term
NaturalGasTransportationAgreementTerm
through July 2019
CY2017Q3 crk Maximum Commitments Under Natural Gas Transportation Agreements
MaximumCommitmentsUnderNaturalGasTransportationAgreements
2900000
crk Contract Terms Related To Drilling Services
ContractTermsRelatedToDrillingServices
through April 2018
CY2017Q3 crk Commitments For Contracted Drilling Services
CommitmentsForContractedDrillingServices
9100000
CY2017Q3 crk Eagle Ford Shale Net Book Value
EagleFordShaleNetBookValue
238000000

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