$CVEO
Civeo Corp

2016 Q1 Form 10-Q Financial Statement

#000143774916030204 Filed on April 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $95.04M $171.0M
YoY Change -44.42% -32.36%
Cost Of Revenue $61.38M $99.84M
YoY Change -38.52% -30.43%
Gross Profit $29.09M $68.08M
YoY Change -57.26% -37.71%
Gross Profit Margin 30.61% 39.81%
Selling, General & Admin $13.12M $16.69M
YoY Change -21.39% 3.64%
% of Gross Profit 45.09% 24.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.56M $42.45M
YoY Change -20.95% 7.19%
% of Gross Profit 115.34% 62.35%
Operating Expenses $121.2M $166.1M
YoY Change -27.02% 197.69%
Operating Profit -$26.20M $4.876M
YoY Change -637.26% -90.88%
Interest Expense $4.944M $5.609M
YoY Change -11.86% -233.55%
% of Operating Profit 115.03%
Other Income/Expense, Net $112.0K $998.0K
YoY Change -88.78% 399.0%
Pretax Income -$31.25M $1.387M
YoY Change -2352.7% -97.16%
Income Tax -$4.571M $1.157M
% Of Pretax Income 83.42%
Net Earnings -$26.82M -$16.00K
YoY Change 167537.5% -100.04%
Net Earnings / Revenue -28.22% -0.01%
Basic Earnings Per Share -$0.25 $0.00
Diluted Earnings Per Share -$0.25 $0.00
COMMON SHARES
Basic Shares Outstanding 106.8M 106.5M
Diluted Shares Outstanding 106.8M 106.5M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.000M $279.8M
YoY Change -98.93% 5.66%
Cash & Equivalents $2.968M $279.8M
Short-Term Investments
Other Short-Term Assets $4.784M $39.00M
YoY Change -87.73% 225.0%
Inventory $5.163M $9.800M
Prepaid Expenses $15.90M
Receivables $63.32M $128.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $92.13M $456.9M
YoY Change -79.84% -5.15%
LONG-TERM ASSETS
Property, Plant & Equipment $946.1M $1.128B
YoY Change -16.14% -16.49%
Goodwill
YoY Change
Intangibles $35.22M
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.879M $20.10M
YoY Change -50.85% -0.5%
Total Long-Term Assets $991.2M $1.238B
YoY Change -19.93% -27.82%
TOTAL ASSETS
Total Short-Term Assets $92.13M $456.9M
Total Long-Term Assets $991.2M $1.238B
Total Assets $1.083B $1.695B
YoY Change -36.08% -22.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.48M $27.70M
YoY Change 2.8% -49.45%
Accrued Expenses $12.57M $13.60M
YoY Change -7.59% -39.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.96M $29.10M
YoY Change -45.14%
Total Short-Term Liabilities $65.91M $107.1M
YoY Change -38.46% -0.19%
LONG-TERM LIABILITIES
Long-Term Debt $394.0M $745.9M
YoY Change -47.18% 131.29%
Other Long-Term Liabilities $32.79M $37.50M
YoY Change -12.57% 82.93%
Total Long-Term Liabilities $426.8M $783.4M
YoY Change -45.52% 128.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.91M $107.1M
Total Long-Term Liabilities $426.8M $783.4M
Total Liabilities $515.7M $946.0M
YoY Change -45.48% 77.29%
SHAREHOLDERS EQUITY
Retained Earnings -$403.2M
YoY Change
Common Stock $1.307B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $566.8M $748.8M
YoY Change
Total Liabilities & Shareholders Equity $1.083B $1.695B
YoY Change -36.08% -22.85%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$26.82M -$16.00K
YoY Change 167537.5% -100.04%
Depreciation, Depletion And Amortization $33.56M $42.45M
YoY Change -20.95% 7.19%
Cash From Operating Activities $11.30M $48.90M
YoY Change -76.89% -46.09%
INVESTING ACTIVITIES
Capital Expenditures $4.761M $10.70M
YoY Change -55.51% -116.85%
Acquisitions
YoY Change
Other Investing Activities $302.0K
YoY Change
Cash From Investing Activities -$3.500M -$9.600M
YoY Change -63.54% -84.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $500.0K
YoY Change -100.0%
Debt Paid & Issued, Net $29.06M
YoY Change
Cash From Financing Activities -13.10M 500.0K
YoY Change -2720.0% -97.52%
NET CHANGE
Cash From Operating Activities 11.30M 48.90M
Cash From Investing Activities -3.500M -9.600M
Cash From Financing Activities -13.10M 500.0K
Net Change In Cash -5.300M 39.80M
YoY Change -113.32% -16.39%
FREE CASH FLOW
Cash From Operating Activities $11.30M $48.90M
Capital Expenditures $4.761M $10.70M
Free Cash Flow $6.539M $38.20M
YoY Change -82.88% -75.23%

Facts In Submission

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CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10702000
CY2016Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
15895000
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
11712000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
500000
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
117106000
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1599000
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1127000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-26674000
CY2015Q1 us-gaap Profit Loss
ProfitLoss
230000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1743651000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1666091000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
946056000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
931914000
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-135000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
730000
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
99021000
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
29055000
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
563245000
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
567558000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-403198000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-376376000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3269000
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2855000
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
95036000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
170987000
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
91767000
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
168132000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13117000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16686000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
4000000
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
566842000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
563770000
CY2016Q1 us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax
200000000
CY2016Q1 us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax
500000000
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
4683000
CY2016Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
5346000
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106814000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106460000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106814000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106460000

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