2017 Q2 Form 10-Q Financial Statement

#000100665517000012 Filed on May 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q2
Revenue $8.836M $9.525M $7.240M
YoY Change 22.03% 86.53% -20.12%
Cost Of Revenue $3.390M $2.810M $2.030M
YoY Change 67.0% 27.73% -28.77%
Gross Profit $5.450M $6.710M $5.210M
YoY Change 4.61% 131.38% -16.1%
Gross Profit Margin 61.68% 70.44% 71.96%
Selling, General & Admin $1.230M $1.280M $3.030M
YoY Change -59.41% -44.35% 80.36%
% of Gross Profit 22.57% 19.08% 58.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.630M $1.523M $1.220M
YoY Change 33.61% 20.07% 1.67%
% of Gross Profit 29.91% 22.7% 23.42%
Operating Expenses $2.860M $5.632M $4.260M
YoY Change -32.86% -2.69% 47.92%
Operating Profit $2.584M $3.893M $954.8K
YoY Change 170.62% -671.57% -71.37%
Interest Expense -$10.00K $20.32K -$660.0K
YoY Change -98.48% 44.75% 450.0%
% of Operating Profit -0.39% 0.52% -69.12%
Other Income/Expense, Net $28.10M
YoY Change
Pretax Income $2.570M $3.937M $28.39M
YoY Change -90.95% -2049.71% 784.42%
Income Tax $1.070M $1.518M $7.520M
% Of Pretax Income 41.63% 38.56% 26.49%
Net Earnings $1.500M $2.419M $20.87M
YoY Change -92.81% -1966.51% 1004.23%
Net Earnings / Revenue 16.98% 25.4% 288.24%
Basic Earnings Per Share $0.05 $0.07 $0.63
Diluted Earnings Per Share $0.07 $0.07 $0.63
COMMON SHARES
Basic Shares Outstanding 33.06M shares 33.06M shares 32.91M shares
Diluted Shares Outstanding 33.12M shares

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.03M $20.22M $34.08M
YoY Change -32.42% 44.33% 69.38%
Cash & Equivalents $23.03M $20.22M $34.08M
Short-Term Investments
Other Short-Term Assets $390.0K $230.0K $370.0K
YoY Change 5.41% -8.0% -13.95%
Inventory
Prepaid Expenses
Receivables $2.723M $3.354M $2.638M
Other Receivables $3.822K $7.821K $595.00
Total Short-Term Assets $26.14M $24.34M $37.09M
YoY Change -29.51% 45.2% 56.53%
LONG-TERM ASSETS
Property, Plant & Equipment $61.83M $62.82M $60.00M
YoY Change 3.05% 17.03% 31.97%
Goodwill
YoY Change
Intangibles $0.00
YoY Change -100.0%
Long-Term Investments $110.0K $110.0K $110.0K
YoY Change 0.0% 0.0%
Other Assets $295.4K $110.0K $365.5K
YoY Change -19.18% 450.0% -49.66%
Total Long-Term Assets $62.13M $63.13M $60.36M
YoY Change 2.92% 17.1% 30.69%
TOTAL ASSETS
Total Short-Term Assets $26.14M $24.34M $37.09M
Total Long-Term Assets $62.13M $63.13M $60.36M
Total Assets $88.27M $87.47M $97.45M
YoY Change -9.42% 23.76% 39.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.994M $1.707M $5.809M
YoY Change -65.67% -77.13% -28.93%
Accrued Expenses $724.6K $694.1K $2.098M
YoY Change -65.46% -43.38% 145.27%
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 $2.719M $2.859M $8.529M
YoY Change -68.12% -67.68% -8.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.250M $810.0K $760.0K
YoY Change 64.47% 15.71% 4.11%
Total Long-Term Liabilities $1.250M $810.0K $760.0K
YoY Change 64.47% 15.71% 4.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.719M $2.859M $8.529M
Total Long-Term Liabilities $1.250M $810.0K $760.0K
Total Liabilities $19.80M $18.48M $21.13M
YoY Change -6.3% -9.33% -0.83%
SHAREHOLDERS EQUITY
Retained Earnings $27.47M $28.29M $29.12M
YoY Change -5.64% 181.66% 148.94%
Common Stock $33.09K $33.06K $32.91K
YoY Change 0.55% 0.52% 0.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.47M $68.98M $76.32M
YoY Change
Total Liabilities & Shareholders Equity $88.27M $87.47M $97.45M
YoY Change -9.42% 23.76% 39.45%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q2
OPERATING ACTIVITIES
Net Income $1.500M $2.419M $20.87M
YoY Change -92.81% -1966.51% 1004.23%
Depreciation, Depletion And Amortization $1.630M $1.523M $1.220M
YoY Change 33.61% 20.07% 1.67%
Cash From Operating Activities $5.140M $5.500M $24.88M
YoY Change -79.34% 336.51% 561.7%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$2.120M -$8.910M
YoY Change -99.33% -40.11% 263.67%
Acquisitions
YoY Change
Other Investing Activities $50.00K $0.00 $120.0K
YoY Change -58.33% -100.0% -340.0%
Cash From Investing Activities -$10.00K -$2.120M -$8.790M
YoY Change -99.89% 33.33% 253.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.320M -2.310M 3.980M
YoY Change -158.29% 16.08% -358.44%
NET CHANGE
Cash From Operating Activities 5.140M 5.500M 24.88M
Cash From Investing Activities -10.00K -2.120M -8.790M
Cash From Financing Activities -2.320M -2.310M 3.980M
Net Change In Cash 2.810M 1.070M 20.07M
YoY Change -86.0% -146.12% -7533.33%
FREE CASH FLOW
Cash From Operating Activities $5.140M $5.500M $24.88M
Capital Expenditures -$60.00K -$2.120M -$8.910M
Free Cash Flow $5.200M $7.620M $33.79M
YoY Change -84.61% 58.75% 444.12%

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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Net Cash Provided By Used In Continuing Operations
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
5765304 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-129608 USD
us-gaap Net Income Loss
NetIncomeLoss
3785892 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-298183 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3280166 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2419143 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5290122 USD
CY2016Q2 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
17437890 USD
CY2017Q1 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
21565780 USD
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OilAndGasPropertyFullCostMethodGross
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59970463 USD
CY2017Q1 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
62771528 USD
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
5787882 USD
us-gaap Operating Expenses
OperatingExpenses
18398704 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
5632201 USD
us-gaap Operating Expenses
OperatingExpenses
15352984 USD
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OtherAccruedLiabilitiesCurrent
44840 USD
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OperatingIncomeLoss
-681147 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
710364 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3893236 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
10296210 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
73073 USD
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OperatingLeasesFutureMinimumPaymentsDueInThreeYears
12179 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
73073 USD
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46286 USD
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137185 USD
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OperatingLeasesRentExpenseNet
14656 USD
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OperatingLeasesRentExpenseNet
68081 USD
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OtherAccruedLiabilitiesCurrent
46273 USD
CY2016Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2097951 USD
CY2017Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
694051 USD
CY2016Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
52500 USD
CY2017Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
86169 USD
CY2016Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
595 USD
CY2017Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
7821 USD
us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
-3513285 USD
us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
318618 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
161345 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1355880 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
459858 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
0 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
7932975 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
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PaymentsOfDividendsCommonStock
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PaymentsOfDividendsCommonStock
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
505726 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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250990 USD
us-gaap Payments To Acquire Oil And Gas Property
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12191121 USD
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PaymentsToAcquireOilAndGasProperty
10096475 USD
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PaymentsToAcquireOtherPropertyPlantAndEquipment
1876 USD
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32260 USD
CY2016Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
168575 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
505726 USD
CY2017Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
250990 USD
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
317 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
251749 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
697346 USD
CY2016Q2 us-gaap Prepaid Insurance
PrepaidInsurance
168681 USD
CY2017Q1 us-gaap Prepaid Insurance
PrepaidInsurance
71911 USD
CY2016Q2 us-gaap Prepaid Taxes
PrepaidTaxes
0 USD
CY2017Q1 us-gaap Prepaid Taxes
PrepaidTaxes
531713 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
1556999 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-21969 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
32 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
51000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
59999112 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
62816722 USD
CY2016Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
235752 USD
CY2017Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
231432 USD
CY2016Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
207103 USD
CY2017Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
186238 USD
CY2016Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
28649 USD
CY2017Q1 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
45194 USD
CY2016Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
2638188 USD
CY2017Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
3372199 USD
CY2016Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
0 USD
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
0 USD
CY2017Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
0 USD
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1002440 USD
CY2015Q4 us-gaap Restructuring Charges
RestructuringCharges
1257433 USD
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
1257433 USD
CY2017Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2015Q4 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
569228 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
569228 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
0 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
628866 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
419488 USD
CY2017Q1 us-gaap Restructuring Reserve
RestructuringReserve
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CY2016Q2 us-gaap Retainage Deposit
RetainageDeposit
30568 USD
CY2017Q1 us-gaap Retainage Deposit
RetainageDeposit
7553 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
29116363 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
28290162 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
5106735 USD
us-gaap Sales Revenue Net
SalesRevenueNet
19109068 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
9525437 USD
us-gaap Sales Revenue Net
SalesRevenueNet
25649194 USD
us-gaap Share Based Compensation
ShareBasedCompensation
768085 USD
us-gaap Share Based Compensation
ShareBasedCompensation
878023 USD
CY2016Q2 us-gaap Shares Outstanding
SharesOutstanding
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CY2017Q1 us-gaap Shares Outstanding
SharesOutstanding
33062297 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
50414 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
32 USD
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
7932975 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
459858 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
76321150 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
68982611 USD
CY2016Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
621850 USD
CY2017Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
457306 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
3960059 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32879381 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32834765 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33115699 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33064708 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32879381 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32779234 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33062297 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33021865 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 (a) 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, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative assets and liabilities, (e) income taxes and the valuation of deferred tax assets and (f) 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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