$CVEO
Civeo Corp

2017 Q1 Form 10-Q Financial Statement

#000143774917007277 Filed on April 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $91.43M $95.04M
YoY Change -3.8% -44.42%
Cost Of Revenue $59.53M $61.38M
YoY Change -3.01% -38.52%
Gross Profit $29.76M $29.09M
YoY Change 2.28% -57.26%
Gross Profit Margin 32.55% 30.61%
Selling, General & Admin $14.21M $13.12M
YoY Change 8.33% -21.39%
% of Gross Profit 47.75% 45.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.83M $33.56M
YoY Change -2.16% -20.95%
% of Gross Profit 110.32% 115.34%
Operating Expenses $109.2M $121.2M
YoY Change -9.96% -27.02%
Operating Profit -$17.73M -$26.20M
YoY Change -32.31% -637.26%
Interest Expense $5.504M $4.944M
YoY Change 11.33% -11.86%
% of Operating Profit
Other Income/Expense, Net $254.0K $112.0K
YoY Change 126.79% -88.78%
Pretax Income -$23.81M -$31.25M
YoY Change -23.78% -2352.7%
Income Tax -$2.948M -$4.571M
% Of Pretax Income
Net Earnings -$20.99M -$26.82M
YoY Change -21.75% 167537.5%
Net Earnings / Revenue -22.95% -28.22%
Basic Earnings Per Share -$0.17 -$0.25
Diluted Earnings Per Share -$0.17 -$0.25
COMMON SHARES
Basic Shares Outstanding 120.8M 106.8M
Diluted Shares Outstanding 120.8M 106.8M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.10M $3.000M
YoY Change 803.33% -98.93%
Cash & Equivalents $27.14M $2.968M
Short-Term Investments
Other Short-Term Assets $5.950M $4.784M
YoY Change 24.37% -87.73%
Inventory $3.604M $5.163M
Prepaid Expenses $14.55M $15.90M
Receivables $54.03M $63.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $105.3M $92.13M
YoY Change 14.27% -79.84%
LONG-TERM ASSETS
Property, Plant & Equipment $782.1M $946.1M
YoY Change -17.33% -16.14%
Goodwill
YoY Change
Intangibles $27.74M $35.22M
YoY Change -21.24%
Long-Term Investments
YoY Change
Other Assets $9.876M $9.879M
YoY Change -0.03% -50.85%
Total Long-Term Assets $819.8M $991.2M
YoY Change -17.29% -19.93%
TOTAL ASSETS
Total Short-Term Assets $105.3M $92.13M
Total Long-Term Assets $819.8M $991.2M
Total Assets $925.0M $1.083B
YoY Change -14.61% -36.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.24M $28.48M
YoY Change -25.41% 2.8%
Accrued Expenses $10.36M $12.57M
YoY Change -17.54% -7.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.57M $15.96M
YoY Change -2.49% -45.14%
Total Short-Term Liabilities $54.66M $65.91M
YoY Change -17.06% -38.46%
LONG-TERM LIABILITIES
Long-Term Debt $296.4M $394.0M
YoY Change -24.76% -47.18%
Other Long-Term Liabilities $28.64M $32.79M
YoY Change -12.64% -12.57%
Total Long-Term Liabilities $325.1M $426.8M
YoY Change -23.83% -45.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.66M $65.91M
Total Long-Term Liabilities $325.1M $426.8M
Total Liabilities $386.3M $515.7M
YoY Change -25.1% -45.48%
SHAREHOLDERS EQUITY
Retained Earnings -$494.4M -$403.2M
YoY Change 22.62%
Common Stock $1.379B $1.307B
YoY Change 5.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $344.0K
YoY Change
Treasury Stock Shares $158.5K
Shareholders Equity $538.6M $566.8M
YoY Change
Total Liabilities & Shareholders Equity $925.0M $1.083B
YoY Change -14.61% -36.08%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$20.99M -$26.82M
YoY Change -21.75% 167537.5%
Depreciation, Depletion And Amortization $32.83M $33.56M
YoY Change -2.16% -20.95%
Cash From Operating Activities $9.848M $11.30M
YoY Change -12.85% -76.89%
INVESTING ACTIVITIES
Capital Expenditures $3.883M $4.761M
YoY Change -18.44% -55.51%
Acquisitions
YoY Change
Other Investing Activities $302.0K
YoY Change
Cash From Investing Activities -$3.305M -$3.500M
YoY Change -5.57% -63.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $64.85M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $3.947M $29.06M
YoY Change -86.42%
Cash From Financing Activities 18.89M -13.10M
YoY Change -244.16% -2720.0%
NET CHANGE
Cash From Operating Activities 9.848M 11.30M
Cash From Investing Activities -3.305M -3.500M
Cash From Financing Activities 18.89M -13.10M
Net Change In Cash 25.43M -5.300M
YoY Change -579.77% -113.32%
FREE CASH FLOW
Cash From Operating Activities $9.848M $11.30M
Capital Expenditures $3.883M $4.761M
Free Cash Flow $5.965M $6.539M
YoY Change -8.78% -82.88%

Facts In Submission

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CY2017Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
14545000
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
15431000
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
64847000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
CY2017Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
34904000
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
117106000
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-279000
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-52000
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
578000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1599000
CY2017Q1 us-gaap Profit Loss
ProfitLoss
-20866000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-26674000
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1742465000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1701568000
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
782143000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
789710000
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-60000
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-135000
CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
74868000
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
99021000
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3947000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
29055000
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-494387000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-472764000
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1568000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3269000
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
91429000
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
95036000
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
89861000
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
91767000
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14210000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13117000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
14000000
CY2016 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
68000
CY2017Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
64847000
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
538602000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
475467000
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
538726000
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
475990000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
563770000
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
567558000
CY2017Q1 us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax
200000000
CY2017Q1 us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax
500000000
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
158540
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
68281
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106814000
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
344000
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
65000
CY2017Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
4474000
CY2016Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3996000
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
120846000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106814000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120846000

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