$DMLP
DORCHESTER MINERALS, L.P.

2016 Form 10-K Financial Statement

#000143774917003642 Filed on March 02, 2017

View on sec.gov

Income Statement

Concept 2016 2015 Q4 2015
Revenue $37.56M $7.390M $31.87M
YoY Change 17.84% -47.74% -51.1%
Cost Of Revenue $3.090M $980.0K $3.580M
YoY Change -13.69% -14.04% -34.43%
Gross Profit $34.46M $6.420M $28.29M
YoY Change 21.81% -50.65% -52.62%
Gross Profit Margin 91.75% 86.87% 88.77%
Selling, General & Admin $4.990M $1.480M $4.970M
YoY Change 0.4% -31.16% -3.31%
% of Gross Profit 14.48% 23.05% 17.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.507M $10.07M $10.07M
YoY Change -15.5% 0.2% 0.18%
% of Gross Profit 24.69% 156.85% 35.59%
Operating Expenses $1.733M $3.690M $15.04M
YoY Change -88.48% -14.19% -0.92%
Operating Profit $20.97M $2.730M $13.25M
YoY Change 58.27% -68.66% -70.25%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $7.000K
YoY Change -99.02%
Pretax Income $20.97M $2.730M $13.26M
YoY Change 58.14% -68.62% -70.69%
Income Tax
% Of Pretax Income
Net Earnings $20.97M $2.730M $13.26M
YoY Change 58.18% -68.62% -70.7%
Net Earnings / Revenue 55.83% 36.94% 41.59%
Basic Earnings Per Share
Diluted Earnings Per Share $683.5K $88.98K $432.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.200M $7.100M $7.100M
YoY Change 15.49% -55.35% -55.35%
Cash & Equivalents $8.200M $7.136M $7.100M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $4.300M $5.600M $2.600M
Other Receivables $2.300M $0.00 $3.000M
Total Short-Term Assets $14.80M $12.78M $12.80M
YoY Change 15.63% -51.71% -51.7%
LONG-TERM ASSETS
Property, Plant & Equipment $52.40M $60.90M $60.90M
YoY Change -13.96% -14.23% -14.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $19.00K $0.00
YoY Change 0.0%
Total Long-Term Assets $52.40M $60.95M $60.90M
YoY Change -13.96% -14.21% -14.23%
TOTAL ASSETS
Total Short-Term Assets $14.80M $12.78M $12.80M
Total Long-Term Assets $52.40M $60.95M $60.90M
Total Assets $67.20M $73.73M $73.70M
YoY Change -8.82% -24.39% -24.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.0K $500.0K $500.0K
YoY Change -40.0% -50.0% -50.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $300.0K $535.0K $500.0K
YoY Change -40.0% -45.69% -50.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $300.0K $535.0K $500.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $300.0K $558.0K $600.0K
YoY Change -50.0% -43.35% -40.0%
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 $66.90M $73.20M $73.20M
YoY Change
Total Liabilities & Shareholders Equity $67.20M $73.73M $73.70M
YoY Change -8.82% -24.39% -24.41%

Cashflow Statement

Concept 2016 2015 Q4 2015
OPERATING ACTIVITIES
Net Income $20.97M $2.730M $13.26M
YoY Change 58.18% -68.62% -70.7%
Depreciation, Depletion And Amortization $8.507M $10.07M $10.07M
YoY Change -15.5% 0.2% 0.18%
Cash From Operating Activities $28.28M $5.210M $27.69M
YoY Change 2.12% -51.08% -51.97%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $140.0K
YoY Change -100.0% -100.0% -96.13%
Cash From Investing Activities $0.00 $140.0K
YoY Change -100.0% -96.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.20M -6.200M -36.61M
YoY Change -25.7% -56.49% -39.53%
NET CHANGE
Cash From Operating Activities 28.28M 5.210M 27.69M
Cash From Investing Activities 0.000 140.0K
Cash From Financing Activities -27.20M -6.200M -36.61M
Net Change In Cash 28.28M -990.0K 27.83M
YoY Change 1.6% -5050.0% -51.73%
FREE CASH FLOW
Cash From Operating Activities $28.28M $5.210M $27.69M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="WIDTH: 18pt"></td> <td style="WIDTH: 18pt; VERTICAL-ALIGN: top"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></div></div></div></td> <td style="VERTICAL-ALIGN: top"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">New Accounting Pronouncements</div></div></div></td> </tr> </table> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 14.4pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> the FASB issued Accounting Standards Update (ASU) No. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> Revenue from Contracts with Customers (ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09),</div> which supersedes nearly all existing revenue recognition guidance under U.S. GAAP.</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The guidance requires entities to recognize revenue using the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step model: identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue as the entity satisfies each performance obligation. Adoption of this standard could result in retrospective application, either in the form of recasting all prior periods presented or a cumulative adjustment to equity in the period of adoption. The guidance is effective for annual and interim reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 14.4pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our Partnership&#x2019;s revenues are substantially attributable to oil and gas sales. Based on our initial review of our contracts, we believe the timing and presentation of revenues under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> will be consistent with our current revenue recognition policy as described above. The Partnership will continue to monitor specific developments for our industry as it relates to ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09.</div></div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 14.4pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> which requires lessees to record most leases on the balance sheet. Under the new guidance, lease classification as either a finance lease or an operating lease will determine how lease-related revenue and expense are recognized. The guidance is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> including interim periods within those fiscal years. We are currently reviewing these new requirements to determine the impact of this guidance on our financial statements. Our current corporate office lease expires before <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> The lease obligations that will be in place upon adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be significantly different than our current obligations. Accordingly, at this time we cannot estimate the amount that will be capitalized when this standard is adopted.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt 3.6pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;">General Partner&#x2014;</div>Our<div style="display: inline; font-style: italic;"> </div>general partner is Dorchester Minerals Management LP, referred to in these Notes as &#x201c;our general partner.&#x201d; Our general partner owns all of the partnership interests in Dorchester Minerals Operating LP, the operating partnership. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> <div style="display: inline; font-style: italic;">&#x2014;</div>Related Party Transactions. The general partner is allocated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> of our Royalty Properties&#x2019; net revenues and Net Profits Interest (or &#x201c;NPI&#x201d;) net proceeds actually received by the operating partnership, respectively.</div></div></div></div></div></div></div></div>
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CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
272000
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
231000
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
268000
CY2016Q1 us-gaap Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
P1Y
CY2016Q1 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P2Y30D
CY2016Q4 us-gaap Liabilities
Liabilities
275000
CY2015Q4 us-gaap Liabilities
Liabilities
558000
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
67211000
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
73729000
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
275000
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
535000
CY2016Q4 us-gaap Limited Partners Capital Account
LimitedPartnersCapitalAccount
65127000
CY2015Q4 us-gaap Limited Partners Capital Account
LimitedPartnersCapitalAccount
71175000
CY2016Q4 us-gaap Limited Partners Capital Account Units Authorized
LimitedPartnersCapitalAccountUnitsAuthorized
8000000
CY2016Q4 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
30675431
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28278000
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
27692000
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
57660000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
20967000
CY2015 us-gaap Net Income Loss
NetIncomeLoss
13255000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
45239000
CY2016 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
736000
CY2015 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
513000
CY2014 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1593000
CY2016 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
20231000
CY2015 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
12742000
CY2014 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
43646000
CY2016Q4 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
574
CY2016Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
25
CY2016Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
288163000
CY2015Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
279710000
CY2016Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
340563000
CY2015Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
340563000
CY2016 us-gaap Oil And Gas Revenue
OilAndGasRevenue
37557000
CY2015 us-gaap Oil And Gas Revenue
OilAndGasRevenue
31863000
CY2014 us-gaap Oil And Gas Revenue
OilAndGasRevenue
65170000
CY2016Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
52400000
CY2015Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
60853000
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
20967000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
13248000
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
44527000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
459000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
323000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
136000
CY2016 us-gaap Production Tax Expense
ProductionTaxExpense
1360000
CY2015 us-gaap Production Tax Expense
ProductionTaxExpense
1336000
CY2014 us-gaap Production Tax Expense
ProductionTaxExpense
2548000
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
19000
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
19000
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
CY2015 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000
CY2014 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
712000
CY2016 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
262000
CY2015 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
161000
CY2014 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
197000
CY2016Q4 us-gaap Partners Capital
PartnersCapital
66936000
CY2015Q4 us-gaap Partners Capital
PartnersCapital
73171000
CY2013Q4 us-gaap Partners Capital
PartnersCapital
111824000
CY2014Q4 us-gaap Partners Capital
PartnersCapital
96524000
CY2014 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
60539000
CY2015 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
36608000
CY2016 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
27202000
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;">Estimates &#x2014; </div>The<div style="display: inline; font-style: italic;"> </div>preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, estimates of uncollected revenues and unpaid expenses from royalties and net profits interests in properties operated by non-affiliated entities are particularly subjective due to our inability to gain timely information. Therefore, actual results could differ from those estimates. </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 3.6pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The discounted present value of our proved oil and natural gas reserves is a major component of the ceiling test calculation and requires many subjective judgments. Estimates of reserves are forecasts based on engineering and geological analyses. Different reserve engineers could reach different conclusions as to estimated quantities of oil and natural gas reserves based on the same information. The passage of time provides more qualitative and quantitative information regarding reserve estimates, and revisions are made to prior estimates based on updated information. However, there can be no assurance that more significant revisions will not be necessary in the future. Significant downward revisions could result in an impairment representing a non-cash charge to income. In addition to the impact on the calculation of the ceiling test, estimates of proved reserves are also a major component of the calculation of depletion. See the discussion under <div style="display: inline; font-style: italic;">Oil and Natural Gas Properties</div>.</div></div></div></div></div></div></div></div>
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30675000
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30675000
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30675000

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