$CRK
COMSTOCK RESOURCES INC

2018 Q3 Form 10-K Financial Statement

#000156459019005805 Filed on March 01, 2019

View on sec.gov

Income Statement

Concept 2018 Q3
Revenue $70.12M
YoY Change 4.97%
Cost Of Revenue $21.80M
YoY Change 39.74%
Gross Profit $81.00M
YoY Change 58.2%
Gross Profit Margin 115.51%
Selling, General & Admin $6.300M
YoY Change 1.61%
% of Gross Profit 7.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.08M
YoY Change -57.08%
% of Gross Profit 17.39%
Operating Expenses $24.36M
YoY Change -37.54%
Operating Profit $34.58M
YoY Change 209.03%
Interest Expense $22.14M
YoY Change -161.16%
% of Operating Profit 64.02%
Other Income/Expense, Net -$24.49M
YoY Change -12344.0%
Pretax Income -$16.26M
YoY Change -34.45%
Income Tax $3.940M
% Of Pretax Income
Net Earnings $13.82M
YoY Change -155.88%
Net Earnings / Revenue 19.71%
Basic Earnings Per Share $0.13
Diluted Earnings Per Share $0.13
COMMON SHARES
Basic Shares Outstanding 15.47M
Diluted Shares Outstanding 15.47M

Balance Sheet

Concept 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.80M
YoY Change 25.2%
Cash & Equivalents $894.2M
Short-Term Investments
Other Short-Term Assets $19.10M
YoY Change 235.09%
Inventory
Prepaid Expenses
Receivables $80.60M
Other Receivables $0.00
Total Short-Term Assets $131.5M
YoY Change 100.76%
LONG-TERM ASSETS
Property, Plant & Equipment $1.594B
YoY Change 91.26%
Goodwill $335.9M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K
YoY Change -44.44%
Total Long-Term Assets $1.963B
YoY Change 135.33%
TOTAL ASSETS
Total Short-Term Assets $131.5M
Total Long-Term Assets $1.963B
Total Assets $2.094B
YoY Change 132.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.0M
YoY Change 34.34%
Accrued Expenses $53.30M
YoY Change 209.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $180.1M
YoY Change 60.52%
LONG-TERM LIABILITIES
Long-Term Debt $1.243B
YoY Change 14.05%
Other Long-Term Liabilities $4.700M
YoY Change -70.81%
Total Long-Term Liabilities $1.248B
YoY Change 12.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $180.1M
Total Long-Term Liabilities $1.248B
Total Liabilities $1.573B
YoY Change 28.11%
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 -$458.5M
YoY Change
Total Liabilities & Shareholders Equity $2.094B
YoY Change 132.81%

Cashflow Statement

Concept 2018 Q3
OPERATING ACTIVITIES
Net Income $13.82M
YoY Change -155.88%
Depreciation, Depletion And Amortization $14.08M
YoY Change -57.08%
Cash From Operating Activities $3.609M
YoY Change -89.78%
INVESTING ACTIVITIES
Capital Expenditures $59.02M
YoY Change -226.37%
Acquisitions
YoY Change
Other Investing Activities $7.400M
YoY Change 393.33%
Cash From Investing Activities -$50.05M
YoY Change 10.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.291B
YoY Change
Cash From Financing Activities -816.0M
YoY Change
NET CHANGE
Cash From Operating Activities 3.609M
Cash From Investing Activities -50.05M
Cash From Financing Activities -816.0M
Net Change In Cash -862.4M
YoY Change 8611.18%
FREE CASH FLOW
Cash From Operating Activities $3.609M
Capital Expenditures $59.02M
Free Cash Flow -$55.41M
YoY Change -167.57%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018 dei Entity Small Business
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true
CY2018 dei Entity Emerging Growth Company
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CY2018 dei Entity Shell Company
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates in the Preparation of Financial Statements </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:3.33%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analyses could have a significant impact on the future results of operations. </p>
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11955
us-gaap Defined Benefit Plan Contributions By Employer
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us-gaap Deferred State And Local Income Tax Expense Benefit
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3805000
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0.21
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0.80
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45265000
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42000
CY2018Q4 us-gaap Gain Loss On Sale Of Oil And Gas Property
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57000
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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17444000
crk Income Tax Reconciliation Alternative Minimum Tax Credit Refundable
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1349000
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-903000
us-gaap Income Tax Reconciliation State And Local Income Taxes
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3863000
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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-120000
us-gaap Income Tax Reconciliation Other Adjustments
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9000
crk Effective Income Tax Rate Reconciliation Alternative Minimum Tax Credit Refundable
EffectiveIncomeTaxRateReconciliationAlternativeMinimumTaxCreditRefundable
-0.016
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.011
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.047
us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.001
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.229
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Asset Retirement Obligations
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations
2329000
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
65317000
CY2018Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3711000
CY2018Q4 us-gaap Deferred Tax Assets Gross Noncurrent
DeferredTaxAssetsGrossNoncurrent
116664000
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance Noncurrent
DeferredTaxAssetsValuationAllowanceNoncurrent
18390000
CY2018Q4 us-gaap Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
98274000
CY2018Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
252668000
CY2018Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
3399000
CY2018Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
4124000
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
260191000
CY2018 crk Net Operating Loss Limitation
NetOperatingLossLimitation
3300000
CY2018 crk Period Of Increase In Net Operating Loss Limitation
PeriodOfIncreaseInNetOperatingLossLimitation
P5Y
CY2018 crk Net Operating Loss Expiration Period
NetOperatingLossExpirationPeriod
P20Y
CY2018Q4 us-gaap Cash Flow Hedges Derivative Instruments At Fair Value Net
CashFlowHedgesDerivativeInstrumentsAtFairValueNet
0
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
70123000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153498000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
34581000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
81450000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
13823000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
50299000
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.13
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.48
CY2018Q3 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
98000
CY2018Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Cash Inflows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesCashInflows
8054092000
CY2018Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Production Costs
FutureNetCashFlowsRelatingToProvedOilAndGasReservesProductionCosts
2160912000
CY2018Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Development Costs
FutureNetCashFlowsRelatingToProvedOilAndGasReservesDevelopmentCosts
1800335000
CY2018Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Income Tax Expense
FutureNetCashFlowsRelatingToProvedOilAndGasReservesIncomeTaxExpense
622241000
CY2018Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Net Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows
3470604000
CY2018Q4 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Ten Percent Annual Discount For Estimated Timing Of Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows
1996764000
CY2018Q4 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
1473840000
crk Percentage Of Discount Factor
PercentageOfDiscountFactor
0.10
CY2018Q3 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
1317383000
srt Net Increase Decrease In Sales And Transfer Prices And Production Costs
NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts
223731000
srt Previously Estimated Development Costs Incurred
PreviouslyEstimatedDevelopmentCostsIncurred
112073000
srt Revisions Of Previous Quantity Estimates
RevisionsOfPreviousQuantityEstimates
27090000
srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
StandardizedMeasureOfDiscountedFutureNetCashFlowRelatingToProvedOilAndGasReservesAccretionOfDiscount
55692000
srt Increase Decrease In Estimated Future Development Costs
IncreaseDecreaseInEstimatedFutureDevelopmentCosts
23139000
crk Changes In Timing
ChangesInTiming
9434000
srt Extensions Discoveries Additions And Improved Recovery Less Related Costs
ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts
15263000
srt Increase Due To Purchases Of Minerals In Place
IncreaseDueToPurchasesOfMineralsInPlace
54143000
srt Decrease Due To Sales Of Minerals In Place
DecreaseDueToSalesOfMineralsInPlace
42870000
srt Sales And Transfers Of Oil And Gas Produced Net Of Production Costs
SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts
181218000
srt Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves
-140020000

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