$CRK
COMSTOCK RESOURCES INC

2020 Q1 Form 10-Q Financial Statement

#000156459020022917 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $225.9M $126.9M
YoY Change 78.02% 74.77%
Cost Of Revenue $62.60M $28.30M
YoY Change 121.2% 77.99%
Gross Profit $163.3M $98.60M
YoY Change 65.62% 74.2%
Gross Profit Margin 72.3% 77.71%
Selling, General & Admin $8.900M $7.800M
YoY Change 14.1% 30.0%
% of Gross Profit 5.45% 7.91%
Research & Development $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $110.4M $37.60M
YoY Change 193.68% 38.48%
% of Gross Profit 67.62% 38.13%
Operating Expenses $181.9M $73.66M
YoY Change 146.9% -5.22%
Operating Profit $44.02M $53.22M
YoY Change -17.3% -1139.13%
Interest Expense $52.81M $27.85M
YoY Change 89.62% -28.31%
% of Operating Profit 119.98% 52.33%
Other Income/Expense, Net $9.402M -$35.42M
YoY Change -126.55% -2.12%
Pretax Income $53.42M $17.81M
YoY Change 199.96% -143.12%
Income Tax $11.39M $4.234M
% Of Pretax Income 21.32% 23.77%
Net Earnings $42.03M $13.58M
YoY Change 209.6% -132.41%
Net Earnings / Revenue 18.61% 10.7%
Basic Earnings Per Share $0.16 $0.13
Diluted Earnings Per Share $0.15 $0.13
COMMON SHARES
Basic Shares Outstanding 188.9M shares 105.5M
Diluted Shares Outstanding 285.2M shares 105.5M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.50M $29.30M
YoY Change -47.1% -42.55%
Cash & Equivalents $15.53M $29.32M
Short-Term Investments
Other Short-Term Assets $116.0M $8.600M
YoY Change 1248.84% 59.26%
Inventory
Prepaid Expenses
Receivables $126.0M $86.00M
Other Receivables $10.30M $10.20M
Total Short-Term Assets $267.8M $134.1M
YoY Change 99.7% -35.75%
LONG-TERM ASSETS
Property, Plant & Equipment $4.033B $1.727B
YoY Change 133.48% 153.23%
Goodwill $350.2M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $231.0K $2.000K
YoY Change 11450.0% -99.6%
Total Long-Term Assets $4.376B $2.088B
YoY Change 109.6% 197.49%
TOTAL ASSETS
Total Short-Term Assets $267.8M $134.1M
Total Long-Term Assets $4.376B $2.088B
Total Assets $4.644B $2.222B
YoY Change 109.0% 144.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $215.3M $155.6M
YoY Change 38.42% 23.86%
Accrued Expenses $107.1M $40.51M
YoY Change 164.36% 52.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $327.6M $198.1M
YoY Change 65.39% 18.12%
LONG-TERM LIABILITIES
Long-Term Debt $2.507B $1.266B
YoY Change 98.07% 11.88%
Other Long-Term Liabilities $4.594M $8.000M
YoY Change -42.58% -23.81%
Total Long-Term Liabilities $2.512B $1.266B
YoY Change 98.43% 10.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $327.6M $198.1M
Total Long-Term Liabilities $2.512B $1.266B
Total Liabilities $3.087B $1.638B
YoY Change 88.47% 24.06%
SHAREHOLDERS EQUITY
Retained Earnings $168.6M $77.70M
YoY Change 116.94%
Common Stock $94.99M $506.1M
YoY Change -81.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.174B $583.8M
YoY Change
Total Liabilities & Shareholders Equity $4.644B $2.222B
YoY Change 109.0% 144.03%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $42.03M $13.58M
YoY Change 209.6% -132.41%
Depreciation, Depletion And Amortization $110.4M $37.60M
YoY Change 193.68% 38.48%
Cash From Operating Activities $150.1M $74.72M
YoY Change 100.92% 245.9%
INVESTING ACTIVITIES
Capital Expenditures $143.5M $94.94M
YoY Change 51.14% 104.35%
Acquisitions
YoY Change
Other Investing Activities $0.00 $6.400M
YoY Change -100.0%
Cash From Investing Activities -$143.5M -$88.49M
YoY Change 62.15% 90.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$9.634M 19.91M
YoY Change -148.39% 36.37%
NET CHANGE
Cash From Operating Activities $150.1M 74.72M
Cash From Investing Activities -$143.5M -88.49M
Cash From Financing Activities -$9.634M 19.91M
Net Change In Cash -$3.005M 6.131M
YoY Change -149.01% -159.52%
FREE CASH FLOW
Cash From Operating Activities $150.1M $74.72M
Capital Expenditures $143.5M $94.94M
Free Cash Flow $6.629M -$20.22M
YoY Change -132.78% -18.64%

Facts In Submission

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287000
CY2019Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
96000
CY2019Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
5243000
CY2020Q1 crk Derivative Contracts Settlement Frequency
DerivativeContractsSettlementFrequency
monthly
CY2020Q1 us-gaap Cash Flow Hedges Derivative Instruments At Fair Value Net
CashFlowHedgesDerivativeInstrumentsAtFairValueNet
0
CY2020Q1 crk Number Of Primary Products
NumberOfPrimaryProducts
2
CY2020Q1 crk Contract Cash Settlement Max Days
ContractCashSettlementMaxDays
P25D
CY2020Q1 crk Contract Cancellable Notice Term
ContractCancellableNoticeTerm
P30D
CY2020Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
61000
CY2019Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-118000
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
11503000
CY2019Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
3942000
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.005
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.015
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.003
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.007
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.005
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.006
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.238
CY2019Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
0
CY2019Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
4351000
CY2020Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
15665000
CY2020Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-7328000
CY2020Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
12688000
CY2020Q1 crk Participating Securities That Share In Losses
ParticipatingSecuritiesThatShareInLosses
0
CY2020Q1 crk Temporary Equity Stock Conversion Price
TemporaryEquityStockConversionPrice
4.00
CY2020Q1 crk Temporary Equity Stock Earliest Conversion Date
TemporaryEquityStockEarliestConversionDate
2020-07-16
CY2020Q1 crk Net Income Loss Allocated To Unvested Restricted Shares
NetIncomeLossAllocatedToUnvestedRestrictedShares
-37000
CY2019Q1 crk Net Income Loss Allocated To Unvested Restricted Shares
NetIncomeLossAllocatedToUnvestedRestrictedShares
-53000
CY2020Q1 crk Net Income Loss Available To Common Stockholders Basic Adjusted
NetIncomeLossAvailableToCommonStockholdersBasicAdjusted
29919000
CY2019Q1 crk Net Income Loss Available To Common Stockholders Basic Adjusted
NetIncomeLossAvailableToCommonStockholdersBasicAdjusted
13522000
CY2020Q1 crk Amount Of Dilutive Securities Preferred Stock Dividends And Accretion
AmountOfDilutiveSecuritiesPreferredStockDividendsAndAccretion
12072000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
41991000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
13522000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
96250000
CY2020Q1 crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
1085000
CY2019Q1 crk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Nonvested Weighted Average Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionNonvestedWeightedAverageNumber
414000
CY2020Q1 crk Antidilutive Securities Excluded From Computation Of Earnings Per Unit Weighted Average Grant Date Fair Value Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerUnitWeightedAverageGrantDateFairValuePrice
9.58
CY2020Q1 us-gaap Interest Paid
InterestPaid
55207000
CY2019Q1 us-gaap Interest Paid
InterestPaid
50329000
CY2020Q1 crk Noncash Or Part Noncash Increase Decrease In Accrued Capital Expenditure
NoncashOrPartNoncashIncreaseDecreaseInAccruedCapitalExpenditure
13190000
CY2019Q1 crk Noncash Or Part Noncash Increase Decrease In Accrued Capital Expenditure
NoncashOrPartNoncashIncreaseDecreaseInAccruedCapitalExpenditure
2463000
CY2020Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
24593000
CY2019Q3 crk Temporary Equity Stock Conversion Price
TemporaryEquityStockConversionPrice
4.00
CY2019Q3 crk Temporary Equity Aggregate Common Stock Conversion Shares
TemporaryEquityAggregateCommonStockConversionShares
96250000
CY2020Q1 crk Natural Gas Transportation Agreement Term
NaturalGasTransportationAgreementTerm
February 2021 and extend through October 2031
CY2020Q1 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
10900000
CY2020Q1 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
15100000
CY2020Q1 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
24800000
CY2020Q1 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
24800000
CY2020Q1 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
24900000
CY2020Q1 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
169600000
CY2020Q1 crk Contract Terms Related To Drilling Services Cancellable
ContractTermsRelatedToDrillingServicesCancellable
30 to 60 days'
CY2020Q1 crk Commitments For Contracted Drilling Services
CommitmentsForContractedDrillingServices
4400000
CY2020Q1 crk Payments Received From Related Parties
PaymentsReceivedFromRelatedParties
46700000
CY2019Q1 crk Payments Received From Related Parties
PaymentsReceivedFromRelatedParties
700000

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