2015 Q2 Form 10-Q Financial Statement

#000100665515000025 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q2
Revenue $9.064M $7.065M $4.311M
YoY Change 110.27% 62.89% -20.17%
Cost Of Revenue $2.850M $3.200M $190.0K
YoY Change 1400.0% 814.29% -58.7%
Gross Profit $6.210M $3.860M $4.130M
YoY Change 50.36% -3.02% -16.4%
Gross Profit Margin 68.52% 54.64% 95.81%
Selling, General & Admin $1.680M $1.470M $1.510M
YoY Change 11.26% -52.58% -31.36%
% of Gross Profit 27.05% 38.08% 36.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $1.139M $290.0K
YoY Change 313.79% 265.12% -23.68%
% of Gross Profit 19.32% 29.49% 7.02%
Operating Expenses $2.880M $5.819M $1.800M
YoY Change 60.0% 95.29% -30.5%
Operating Profit $3.335M $1.246M $2.365M
YoY Change 41.01% -8.22% 0.56%
Interest Expense -$120.0K $24.63K -$10.00K
YoY Change 1100.0% 39.88% 0.0%
% of Operating Profit -3.6% 1.98% -0.42%
Other Income/Expense, Net
YoY Change
Pretax Income $3.210M $1.229M $2.350M
YoY Change 36.6% -8.8% 0.43%
Income Tax $1.330M $494.2K $740.0K
% Of Pretax Income 41.43% 40.22% 31.49%
Net Earnings $1.890M $734.6K $1.610M
YoY Change 17.39% -20.47% 45.05%
Net Earnings / Revenue 20.85% 10.4% 37.35%
Basic Earnings Per Share $0.05 $0.02 $0.04
Diluted Earnings Per Share $0.05 $0.02 $0.04
COMMON SHARES
Basic Shares Outstanding 32.91M shares 32.86M shares 32.62M shares
Diluted Shares Outstanding 32.96M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.12M $20.39M $23.94M
YoY Change -15.96% -18.05% -4.92%
Cash & Equivalents $20.12M $20.39M $23.94M
Short-Term Investments $0.00
Other Short-Term Assets $430.0K $380.0K $910.0K
YoY Change -52.75% -42.42% 203.33%
Inventory
Prepaid Expenses
Receivables $3.122M $2.463M $1.456M
Other Receivables $318.00 $16.59K $1.066K
Total Short-Term Assets $23.69M $23.89M $26.30M
YoY Change -9.93% -12.71% -4.12%
LONG-TERM ASSETS
Property, Plant & Equipment $45.46M $40.66M $38.25M
YoY Change 18.87% 6.74% -1.53%
Goodwill
YoY Change
Intangibles $44.80K $43.33K $40.93K
YoY Change 9.47%
Long-Term Investments
YoY Change
Other Assets $726.0K $170.0K $464.1K
YoY Change 56.46% -61.1% 83.48%
Total Long-Term Assets $46.19M $41.32M $38.71M
YoY Change 19.32% 7.25% -1.05%
TOTAL ASSETS
Total Short-Term Assets $23.69M $23.89M $26.30M
Total Long-Term Assets $46.19M $41.32M $38.71M
Total Assets $69.88M $65.21M $65.02M
YoY Change 7.49% -1.04% -2.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.174M $4.556M $441.7K
YoY Change 1750.46% 837.57% -42.57%
Accrued Expenses $855.4K $789.7K $2.558M
YoY Change -66.56% -67.5% 69.4%
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 $9.329M $5.462M $3.000M
YoY Change 211.0% 69.9% 13.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $730.0K $770.0K $240.0K
YoY Change 204.17% 250.0% -64.18%
Total Long-Term Liabilities $730.0K $770.0K $240.0K
YoY Change 204.17% 250.0% -64.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.329M $5.462M $3.000M
Total Long-Term Liabilities $730.0K $770.0K $240.0K
Total Liabilities $21.31M $17.07M $13.14M
YoY Change 62.17% 32.92% 12.1%
SHAREHOLDERS EQUITY
Retained Earnings $11.70M $11.62M $17.21M
YoY Change -32.05% -38.96% -28.32%
Common Stock $32.85K $32.91K $32.62K
YoY Change 0.71% 1.04% 10.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares
Shareholders Equity $48.58M $48.14M $51.88M
YoY Change
Total Liabilities & Shareholders Equity $69.88M $65.21M $65.02M
YoY Change 7.49% -1.04% -2.31%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q2
OPERATING ACTIVITIES
Net Income $1.890M $734.6K $1.610M
YoY Change 17.39% -20.47% 45.05%
Depreciation, Depletion And Amortization $1.200M $1.139M $290.0K
YoY Change 313.79% 265.12% -23.68%
Cash From Operating Activities $3.760M $1.980M $2.450M
YoY Change 53.47% -30.04% -13.12%
INVESTING ACTIVITIES
Capital Expenditures -$2.450M -$2.440M -$340.0K
YoY Change 620.59% 1776.92% -34.62%
Acquisitions
YoY Change
Other Investing Activities -$50.00K -$90.00K -$20.00K
YoY Change 150.0% -228.57% -104.76%
Cash From Investing Activities -$2.490M -$2.540M -$360.0K
YoY Change 591.67% 4133.33% 260.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.540M -1.570M -3.030M
YoY Change -49.17% -54.36% -694.12%
NET CHANGE
Cash From Operating Activities 3.760M 1.980M 2.450M
Cash From Investing Activities -2.490M -2.540M -360.0K
Cash From Financing Activities -1.540M -1.570M -3.030M
Net Change In Cash -270.0K -2.130M -940.0K
YoY Change -71.28% 217.91% -129.1%
FREE CASH FLOW
Cash From Operating Activities $3.760M $1.980M $2.450M
Capital Expenditures -$2.450M -$2.440M -$340.0K
Free Cash Flow $6.210M $4.420M $2.790M
YoY Change 122.58% 49.32% -16.47%

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CY2015Q1 us-gaap Insurance Receivable For Malpractice Current
InsuranceReceivableForMalpracticeCurrent
206895 USD
CY2014Q1 us-gaap Interest Expense
InterestExpense
17605 USD
us-gaap Interest Expense
InterestExpense
50700 USD
CY2015Q1 us-gaap Interest Expense
InterestExpense
24625 USD
us-gaap Interest Expense
InterestExpense
55244 USD
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
7383 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
22787 USD
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
7401 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
27826 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2548071 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
5660763 USD
CY2014Q2 us-gaap Liabilities
Liabilities
13138230 USD
CY2015Q1 us-gaap Liabilities
Liabilities
17069106 USD
CY2014Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
65015752 USD
CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
65209229 USD
CY2014Q2 us-gaap Liabilities Current
LiabilitiesCurrent
2999726 USD
CY2015Q1 us-gaap Liabilities Current
LiabilitiesCurrent
5462149 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-53018 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-3549019 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5321970 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-7620514 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-391811 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
6619566 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
923700 USD
us-gaap Net Income Loss
NetIncomeLoss
1987268 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
734586 USD
us-gaap Net Income Loss
NetIncomeLoss
3103514 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
755125 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1481542 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
566011 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2597788 USD
CY2014Q2 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
9344212 USD
CY2015Q1 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
11372217 USD
CY2014Q2 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
47166282 USD
CY2015Q1 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
51722157 USD
CY2014Q2 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
37822070 USD
CY2015Q1 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
40349940 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
2979472 USD
us-gaap Operating Expenses
OperatingExpenses
10199658 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
5818699 USD
us-gaap Operating Expenses
OperatingExpenses
13528433 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1357534 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
3163336 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1245990 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
5249150 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
212015 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
53004 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
159011 USD
CY2014Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
44473 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
131151 USD
CY2015Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
43776 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
131327 USD
CY2014Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
57224 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49191 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
19100000 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
2432424 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
989616 USD
CY2014Q2 us-gaap Other Inventory
OtherInventory
85888 USD
CY2015Q1 us-gaap Other Inventory
OtherInventory
34984 USD
CY2014Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2558004 USD
CY2015Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
789692 USD
CY2014Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
42800 USD
CY2015Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
63634 USD
CY2014Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1066 USD
CY2015Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
16587 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
181751 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
183877 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
40334 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
63737 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6462269 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8192989 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
505726 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
505726 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
12793 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
320936 USD
CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
168575 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
505726 USD
CY2015Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
168575 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
505726 USD
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
317 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
317 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
747453 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
650826 USD
CY2014Q2 us-gaap Prepaid Insurance
PrepaidInsurance
169288 USD
CY2015Q1 us-gaap Prepaid Insurance
PrepaidInsurance
93497 USD
CY2014Q2 us-gaap Prepaid Taxes
PrepaidTaxes
419999 USD
CY2015Q1 us-gaap Prepaid Taxes
PrepaidTaxes
431733 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
6850 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
67 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
542349 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
389166 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3162801 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
141600 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
38246897 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40658351 USD
CY2014Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
343178 USD
CY2015Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
288732 USD
CY2014Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
296294 USD
CY2015Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
310846 USD
CY2014Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
424827 USD
CY2015Q1 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
308411 USD
CY2014Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
1457212 USD
CY2015Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
2686686 USD
CY2014Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
1332186 USD
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
-5431 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
1332186 USD
CY2014Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
530412 USD
CY2015Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
0 USD
CY2014Q2 us-gaap Retainage Deposit
RetainageDeposit
29478 USD
CY2015Q1 us-gaap Retainage Deposit
RetainageDeposit
26978 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
17212213 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
11617012 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
4337006 USD
us-gaap Sales Revenue Net
SalesRevenueNet
13362994 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
7064689 USD
us-gaap Sales Revenue Net
SalesRevenueNet
18777583 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1134841 USD
us-gaap Share Based Compensation
ShareBasedCompensation
715864 USD
CY2014Q2 us-gaap Shares Outstanding
SharesOutstanding
32615646 shares
CY2015Q1 us-gaap Shares Outstanding
SharesOutstanding
32909331 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
67 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
141600 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
51877522 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
48140123 USD
CY2014Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
CY2015Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
116343 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32732049 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32503460 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32958218 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32909981 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32358163 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30328344 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32861001 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32789157 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates.&#160;</font><font style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, income taxes and the valuation of deferred tax assets, stock-based compensation and commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.</font></div></div>

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