2019 Q2 Form 10-Q Financial Statement

#000100665519000012 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q2
Revenue $10.37M $9.501M $11.43M
YoY Change -9.22% -7.3% 29.33%
Cost Of Revenue $3.563M $3.793M $2.890M
YoY Change 23.29% 16.35% -14.75%
Gross Profit $6.810M $5.708M $8.400M
YoY Change -18.93% -17.16% 54.13%
Gross Profit Margin 65.65% 60.08% 73.51%
Selling, General & Admin $1.312M $1.197M $1.700M
YoY Change -22.81% -34.95% 38.21%
% of Gross Profit 19.27% 20.97% 20.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.547M $1.558M $1.540M
YoY Change 0.43% 12.65% -5.52%
% of Gross Profit 22.71% 27.3% 18.33%
Operating Expenses $2.855M $6.548M $3.220M
YoY Change -11.33% 0.93% 12.59%
Operating Profit $3.955M $2.953M $5.183M
YoY Change -23.68% -19.39% 100.57%
Interest Expense $37.82K $28.79K -$10.00K
YoY Change -478.2% -5.69% 0.0%
% of Operating Profit 0.96% 0.97% -0.19%
Other Income/Expense, Net
YoY Change
Pretax Income $3.993M $2.990M $5.180M
YoY Change -22.91% -18.17% 101.56%
Income Tax $715.2K $591.1K $710.0K
% Of Pretax Income 17.91% 19.77% 13.71%
Net Earnings $3.278M $2.399M $4.530M
YoY Change -27.64% -21.82% 202.0%
Net Earnings / Revenue 31.6% 25.25% 39.64%
Basic Earnings Per Share $0.10 $0.07 $0.14
Diluted Earnings Per Share $0.10 $0.07 $0.14
COMMON SHARES
Basic Shares Outstanding 33.19M shares 33.19M shares 33.17M shares
Diluted Shares Outstanding 33.20M shares

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.55M $29.55M $24.93M
YoY Change 26.56% 8.68% 8.25%
Cash & Equivalents $31.55M $29.55M $24.93M
Short-Term Investments
Other Short-Term Assets $458.3K $679.9K $3.270M
YoY Change -85.99% -1.47% 738.46%
Inventory
Prepaid Expenses $458.3K
Receivables $3.168M $3.687M $3.941M
Other Receivables $0.00 $47.00 $918.00
Total Short-Term Assets $35.18M $33.92M $32.15M
YoY Change 9.43% 6.59% 22.97%
LONG-TERM ASSETS
Property, Plant & Equipment $60.37M $61.35M $61.27M
YoY Change -1.46% 2.9% -0.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $108.8K $108.8K $110.0K
YoY Change -1.14% -1.14% 0.0%
Other Assets $210.0K $30.83K $244.8K
YoY Change -14.21% -48.62% -17.11%
Total Long-Term Assets $60.58M $61.57M $61.51M
YoY Change -1.52% 2.85% -0.98%
TOTAL ASSETS
Total Short-Term Assets $35.18M $33.92M $32.15M
Total Long-Term Assets $60.58M $61.57M $61.51M
Total Assets $95.76M $95.49M $93.66M
YoY Change 2.24% 4.15% 6.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.084M $2.124M $3.433M
YoY Change -39.28% -23.78% 72.12%
Accrued Expenses $537.8K $571.0K $874.9K
YoY Change -38.53% -9.17% 20.73%
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 $2.753M $2.795M $4.430M
YoY Change -37.87% -18.17% 62.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.561M $1.533M $1.390M
YoY Change 12.27% 16.14% 11.2%
Total Long-Term Liabilities $1.561M $1.533M $1.390M
YoY Change 12.27% 16.14% 11.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.753M $2.795M $4.430M
Total Long-Term Liabilities $1.561M $1.533M $1.390M
Total Liabilities $15.64M $15.52M $16.37M
YoY Change -4.5% 0.18% -17.3%
SHAREHOLDERS EQUITY
Retained Earnings $37.60M $37.64M $35.50M
YoY Change 5.93% 9.83% 29.2%
Common Stock $33.18K $33.19K $33.08K
YoY Change 0.31% 0.05% -0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.13M $79.97M $77.29M
YoY Change
Total Liabilities & Shareholders Equity $95.76M $95.49M $93.66M
YoY Change 2.24% 4.15% 6.11%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q2
OPERATING ACTIVITIES
Net Income $3.278M $2.399M $4.530M
YoY Change -27.64% -21.82% 202.0%
Depreciation, Depletion And Amortization $1.547M $1.558M $1.540M
YoY Change 0.43% 12.65% -5.52%
Cash From Operating Activities $5.725M $4.189M $6.020M
YoY Change -4.9% -22.71% 17.12%
INVESTING ACTIVITIES
Capital Expenditures -$386.0K -$1.321M -$2.030M
YoY Change -80.99% 103.18% 3283.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$20.00K
YoY Change -100.0% -140.0%
Cash From Investing Activities -$386.0K -$1.321M -$2.050M
YoY Change -81.17% 103.18% 20400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.337M -3.319M -3.490M
YoY Change -4.39% -0.04% 50.43%
NET CHANGE
Cash From Operating Activities 5.725M 4.189M 6.020M
Cash From Investing Activities -386.0K -1.321M -2.050M
Cash From Financing Activities -3.337M -3.319M -3.490M
Net Change In Cash 2.002M -450.4K 480.0K
YoY Change 317.11% -131.06% -82.92%
FREE CASH FLOW
Cash From Operating Activities $5.725M $4.189M $6.020M
Capital Expenditures -$386.0K -$1.321M -$2.030M
Free Cash Flow $6.111M $5.510M $8.050M
YoY Change -24.09% -9.23% 54.81%

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us-gaap Lease And Rental Expense
LeaseAndRentalExpense
57617 USD
CY2019Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
18568 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
56672 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12179 USD
CY2018Q2 us-gaap Liabilities
Liabilities
16373065 USD
CY2019Q1 us-gaap Liabilities
Liabilities
15516846 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
93662544 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
95491515 USD
CY2018Q2 us-gaap Liabilities Current
LiabilitiesCurrent
4430214 USD
CY2019Q1 us-gaap Liabilities Current
LiabilitiesCurrent
2794703 USD
CY2018Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
0 USD
CY2019Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8682036 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10092200 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1674853 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6371700 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14515545 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
18333152 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
3068354 USD
us-gaap Net Income Loss
NetIncomeLoss
15085734 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
2398875 USD
us-gaap Net Income Loss
NetIncomeLoss
12099241 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3068354 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15085734 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2398875 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12099241 USD
CY2018Q2 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
29153172 USD
CY2019Q1 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
33765225 USD
CY2018Q2 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
90392918 USD
CY2019Q1 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
95099158 USD
CY2018Q2 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
61239746 USD
CY2019Q1 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
61333933 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
6487888 USD
us-gaap Operating Expenses
OperatingExpenses
18450364 USD
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
6548073 USD
us-gaap Operating Expenses
OperatingExpenses
19174596 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3663267 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
11028978 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2952955 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
13681629 USD
CY2018Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
874886 USD
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
571009 USD
CY2018Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
82940 USD
CY2019Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
203757 USD
CY2018Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
918 USD
CY2019Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
47 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
395550 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
138638 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8286486 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9953562 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
6369363 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
6033 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
2337 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
524507 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
679871 USD
CY2018Q2 us-gaap Prepaid Insurance
PrepaidInsurance
198558 USD
CY2019Q1 us-gaap Prepaid Insurance
PrepaidInsurance
31572 USD
CY2018Q2 us-gaap Prepaid Taxes
PrepaidTaxes
231920 USD
CY2019Q1 us-gaap Prepaid Taxes
PrepaidTaxes
438453 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61270153 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61354053 USD
CY2018Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
143223 USD
CY2019Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
145560 USD
CY2018Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
112816 USD
CY2019Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
125440 USD
CY2018Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
30407 USD
CY2019Q1 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
20120 USD
CY2018Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
3941916 USD
CY2019Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
3687016 USD
CY2018Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
2751289 USD
CY2019Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
0 USD
CY2018Q2 us-gaap Retainage Deposit
RetainageDeposit
11089 USD
CY2019Q1 us-gaap Retainage Deposit
RetainageDeposit
6089 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
35498754 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
37644433 USD
CY2018Q1 us-gaap Revenues
Revenues
10151155 USD
us-gaap Revenues
Revenues
29479342 USD
CY2019Q1 us-gaap Revenues
Revenues
9501028 USD
us-gaap Revenues
Revenues
32856225 USD
CY2018Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
89773 USD
CY2019Q1 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
50250 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1324230 USD
us-gaap Share Based Compensation
ShareBasedCompensation
678149 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.040
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.418
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0269
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y9M26D
CY2018Q2 us-gaap Shares Outstanding
SharesOutstanding
33080543 shares
CY2019Q1 us-gaap Shares Outstanding
SharesOutstanding
33186665 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
395550 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
138638 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
68469855 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
76094160 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
76197783 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
77289479 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
80685795 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
79974669 USD
CY2018Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
122760 USD
CY2019Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
99918 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33191312 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33155870 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33196197 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33163661 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33171514 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33123185 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33186665 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33151786 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;"> &#160;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 may 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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