$CRK
COMSTOCK RESOURCES INC

2019 Q2 Form 10-Q Financial Statement

#000156459019031188 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4
Revenue $128.1M $153.5M
YoY Change 108.49% 109.7%
Cost Of Revenue $30.80M $27.90M
YoY Change 128.15% 75.47%
Gross Profit $97.30M $125.6M
YoY Change 102.71% 119.2%
Gross Profit Margin 75.95% 81.83%
Selling, General & Admin $6.800M $8.100M
YoY Change 3.03% 15.71%
% of Gross Profit 6.99% 6.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $46.85M $36.10M
YoY Change 74.8% 17.97%
% of Gross Profit 48.15% 28.74%
Operating Expenses $84.50M $44.20M
YoY Change 152.98% 17.55%
Operating Profit $43.62M $81.45M
YoY Change 198.77% -436.24%
Interest Expense $28.57M -$16.30M
YoY Change -168.18% -55.95%
% of Operating Profit 65.49% -20.01%
Other Income/Expense, Net -$15.11M $100.0K
YoY Change -5137.33% 0.0%
Pretax Income $28.51M $65.30M
YoY Change -183.6% -206.87%
Income Tax $7.102M $16.40M
% Of Pretax Income 24.91% 25.11%
Net Earnings $21.41M $50.30M
YoY Change -162.96% -218.92%
Net Earnings / Revenue 16.71% 32.77%
Basic Earnings Per Share $0.20
Diluted Earnings Per Share $0.20 $476.8K
COMMON SHARES
Basic Shares Outstanding 105.5M 105.9M
Diluted Shares Outstanding 105.5M

Balance Sheet

Concept 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.70M $23.20M
YoY Change -70.52% -62.15%
Cash & Equivalents $46.75M $23.19M
Short-Term Investments
Other Short-Term Assets $4.140M $13.83M
YoY Change -8.0% 237.29%
Inventory
Prepaid Expenses
Receivables $62.79M $87.61M
Other Receivables $10.20M $10.20M
Total Short-Term Assets $151.4M $159.4M
YoY Change -25.07% -47.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.765B $1.668B
YoY Change 152.68% 174.38%
Goodwill $350.2M $335.9M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $328.0K $2.000K
YoY Change -76.57% -99.78%
Total Long-Term Assets $2.131B $2.028B
YoY Change 196.36% 223.05%
TOTAL ASSETS
Total Short-Term Assets $151.4M $159.4M
Total Long-Term Assets $2.131B $2.028B
Total Assets $2.283B $2.188B
YoY Change 147.79% 135.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $154.1M $138.8M
YoY Change 0.47% 10.13%
Accrued Expenses $72.47M $68.09M
YoY Change 104.14% 60.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $228.6M $206.9M
YoY Change 20.9% 22.76%
LONG-TERM LIABILITIES
Long-Term Debt $1.267B $1.244B
YoY Change 9.89% 12.05%
Other Long-Term Liabilities $7.800M $5.100M
YoY Change -26.42% -50.96%
Total Long-Term Liabilities $1.267B $1.244B
YoY Change 8.89% 11.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $228.6M $206.9M
Total Long-Term Liabilities $1.267B $1.244B
Total Liabilities $1.677B $1.618B
YoY Change 22.97% 24.51%
SHAREHOLDERS EQUITY
Retained Earnings $99.10M $64.12M
YoY Change
Common Stock $506.7M $505.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $605.8M $569.6M
YoY Change
Total Liabilities & Shareholders Equity $2.283B $2.188B
YoY Change 147.79% 135.15%

Cashflow Statement

Concept 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income $21.41M $50.30M
YoY Change -162.96% -218.92%
Depreciation, Depletion And Amortization $46.85M $36.10M
YoY Change 74.8% 17.97%
Cash From Operating Activities $98.30M $98.70M
YoY Change 50.31% 17.78%
INVESTING ACTIVITIES
Capital Expenditures -$82.90M -$110.8M
YoY Change 87.98% 130.83%
Acquisitions
YoY Change
Other Investing Activities $2.100M -$800.0K
YoY Change -97.93%
Cash From Investing Activities -$80.80M -$111.5M
YoY Change -240.77% 132.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 4.300M
YoY Change -99.35%
NET CHANGE
Cash From Operating Activities 98.30M 98.70M
Cash From Investing Activities -80.80M -111.5M
Cash From Financing Activities -100.0K 4.300M
Net Change In Cash 17.40M -8.500M
YoY Change -83.8% -123.74%
FREE CASH FLOW
Cash From Operating Activities $98.30M $98.70M
Capital Expenditures -$82.90M -$110.8M
Free Cash Flow $181.2M $209.5M
YoY Change 65.48% 58.95%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2019Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
244000
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
654000
CY2019Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
6834000
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
10776000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.002
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.005
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.024
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.017
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.012
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.249
crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
12.93
us-gaap Interest Paid
InterestPaid
56430000
crk Net Operating Loss Limitation
NetOperatingLossLimitation
3300000
crk Period Of Increase In Net Operating Loss Limitation
PeriodOfIncreaseInNetOperatingLossLimitation
P5Y
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.244
crk Operating Losses Carryforward Indefinitely With No Carryback As Percentage Of Taxable Income
OperatingLossesCarryforwardIndefinitelyWithNoCarrybackAsPercentageOfTaxableIncome
0.80
crk Interest Expense Threshold Percentage Of Adjusted Taxable Income Beyond Which Interest Expense Is Deductible
InterestExpenseThresholdPercentageOfAdjustedTaxableIncomeBeyondWhichInterestExpenseIsDeductible
0.30
crk Refundable Unused Alternative Minimum Tax Credit Carryforward Percentage
RefundableUnusedAlternativeMinimumTaxCreditCarryforwardPercentage
0.50
crk Refundable Unused Alternative Minimum Tax Credit Carryforward Years
RefundableUnusedAlternativeMinimumTaxCreditCarryforwardYears
2018 through 2020
CY2019Q2 crk Unused Alternative Minimum Tax Credit Carryforwards
UnusedAlternativeMinimumTaxCreditCarryforwards
20400000
crk Section382 Limitation Recognition Period
Section382LimitationRecognitionPeriod
2018 to 2023
crk Net Operating Loss Expiration Period
NetOperatingLossExpirationPeriod
P20Y
crk Performance Units Adjustment For Performance Multiplier Range Minimum
PerformanceUnitsAdjustmentForPerformanceMultiplierRangeMinimum
0.00
crk Performance Units Adjustment For Performance Multiplier Range Maximum
PerformanceUnitsAdjustmentForPerformanceMultiplierRangeMaximum
2.00
crk Participating Securities That Share In Losses
ParticipatingSecuritiesThatShareInLosses
0
CY2019Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
89000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21318000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
21318000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105457000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105457000
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105457000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105457000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
141000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34841000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
34841000
CY2019Q2 crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
335000
crk Antidilutive Securities Performance Share Units Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesPerformanceShareUnitsExcludedFromComputationOfEarningsPerShareAmount
335000
CY2019Q2 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
12.93
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2000
CY2019Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
21120000
CY2019Q2 crk Payments Received From Related Parties
PaymentsReceivedFromRelatedParties
900000
crk Payments Received From Related Parties
PaymentsReceivedFromRelatedParties
1600000
CY2019Q1 crk Wells To Be Drilled For Related Parties
WellsToBeDrilledForRelatedParties
6

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