2019 Q4 Form 10-Q Financial Statement

#000100665520000002 Filed on February 07, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $9.382M $11.05M $12.31M
YoY Change -15.08% -0.17% 44.15%
Cost Of Revenue $4.235M $3.452M $3.460M
YoY Change 22.67% 24.63% 25.36%
Gross Profit $5.147M $7.596M $8.850M
YoY Change -32.24% -6.8% 56.64%
Gross Profit Margin 54.86% 68.75% 71.91%
Selling, General & Admin $1.436M $1.259M $1.310M
YoY Change 14.11% -24.64% -16.56%
% of Gross Profit 27.9% 16.57% 14.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.461M $1.604M $1.548M
YoY Change -8.89% -3.21% 0.54%
% of Gross Profit 28.39% 21.11% 17.5%
Operating Expenses $2.897M $6.314M $6.312M
YoY Change -54.12% 3.57% 7.61%
Operating Profit $2.250M $4.734M $5.995M
YoY Change -52.47% -1.98% 136.35%
Interest Expense $29.35K $29.35K $29.35K
YoY Change 0.0% 43.45% 43.46%
% of Operating Profit 1.3% 0.62% 0.49%
Other Income/Expense, Net
YoY Change
Pretax Income $2.273M $4.764M $7.112M
YoY Change -52.28% -1.25% 181.02%
Income Tax $508.4K $859.7K $1.316M
% Of Pretax Income 22.37% 18.04% 18.51%
Net Earnings $1.765M $3.905M $5.796M
YoY Change -54.8% -60.47% 170.76%
Net Earnings / Revenue 18.81% 35.34% 47.09%
Basic Earnings Per Share $0.05 $0.12 $0.18
Diluted Earnings Per Share $0.05 $0.12 $0.17
COMMON SHARES
Basic Shares Outstanding 32.99M shares 33.17M shares 33.10M shares
Diluted Shares Outstanding 32.99M shares 33.18M shares 33.12M shares

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.94M $30.00M $28.84M
YoY Change -30.22% 16.55% 19.52%
Cash & Equivalents $20.94M $30.00M $28.84M
Short-Term Investments
Other Short-Term Assets $518.4K $588.5K $940.0K
YoY Change -11.91% -29.1% 224.14%
Inventory
Prepaid Expenses $518.4K
Receivables $4.000M $3.434M $4.330M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $25.46M $34.03M $34.12M
YoY Change -25.17% 11.04% 24.3%
LONG-TERM ASSETS
Property, Plant & Equipment $68.84M $62.16M $62.46M
YoY Change 10.74% 3.39% 2.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $108.8K $108.8K $110.0K
YoY Change 0.0% -1.14% 0.0%
Other Assets $19.47K $34.62K $40.00K
YoY Change -43.76% -50.54% -50.0%
Total Long-Term Assets $69.17M $62.39M $62.70M
YoY Change 10.86% 3.32% 2.42%
TOTAL ASSETS
Total Short-Term Assets $25.46M $34.03M $34.12M
Total Long-Term Assets $69.17M $62.39M $62.70M
Total Assets $94.63M $96.42M $96.82M
YoY Change -1.86% 5.92% 9.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.986M $2.705M $3.055M
YoY Change 10.37% 12.71% 50.34%
Accrued Expenses $548.7K $363.2K $418.7K
YoY Change 51.06% -45.01% -34.03%
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 $3.782M $3.205M $4.649M
YoY Change 18.0% 4.71% 53.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.607M $1.468M $1.440M
YoY Change 77.6% 12.9% 12.5%
Total Long-Term Liabilities $2.607M $1.468M $1.440M
YoY Change 77.6% 12.9% 12.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.782M $3.205M $4.649M
Total Long-Term Liabilities $2.607M $1.468M $1.440M
Total Liabilities $17.75M $15.73M $16.92M
YoY Change 12.82% 5.33% -16.05%
SHAREHOLDERS EQUITY
Retained Earnings $35.54M $38.56M $37.98M
YoY Change -7.84% 11.71% 39.97%
Common Stock $33.11K $33.19K $33.16K
YoY Change -0.24% 0.05% 0.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.88M $80.69M $79.89M
YoY Change
Total Liabilities & Shareholders Equity $94.63M $96.42M $96.82M
YoY Change -1.86% 5.92% 9.2%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $1.765M $3.905M $5.796M
YoY Change -54.8% -60.47% 170.76%
Depreciation, Depletion And Amortization $1.461M $1.604M $1.548M
YoY Change -8.89% -3.21% 0.54%
Cash From Operating Activities $3.131M $6.484M $7.656M
YoY Change -51.72% 32.33% 82.29%
INVESTING ACTIVITIES
Capital Expenditures -$9.896M -$1.961M -$3.090M
YoY Change 404.64% 284.52% 505.88%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$9.896M -$1.961M -$3.089M
YoY Change 404.64% 284.52% 505.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $89.99K
YoY Change -18.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.703M -3.364M -$3.406M
YoY Change 10.1% 21.43% 31.5%
NET CHANGE
Cash From Operating Activities 3.131M 6.484M $7.656M
Cash From Investing Activities -9.896M -1.961M -$3.089M
Cash From Financing Activities -3.703M -3.364M -$3.406M
Net Change In Cash -10.47M 1.160M $1.161M
YoY Change -1002.74% -28.41% 5.47%
FREE CASH FLOW
Cash From Operating Activities $3.131M $6.484M $7.656M
Capital Expenditures -$9.896M -$1.961M -$3.090M
Free Cash Flow $13.03M $8.445M $10.75M
YoY Change 54.25% 56.11% 128.15%

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9344 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
13049 shares
CY2019Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3864 shares
CY2018Q4 us-gaap Interest Expense
InterestExpense
29345 USD
us-gaap Interest Expense
InterestExpense
58690 USD
CY2019Q4 us-gaap Interest Expense
InterestExpense
29345 USD
us-gaap Interest Expense
InterestExpense
58690 USD
CY2019Q4 us-gaap Lease Cost
LeaseCost
18609 USD
us-gaap Lease Cost
LeaseCost
32614 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
177305 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
26098 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
61843 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
59945 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
29419 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12461 USD
CY2019Q2 us-gaap Liabilities
Liabilities
15635986 USD
CY2019Q4 us-gaap Liabilities
Liabilities
17751103 USD
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
95761844 USD
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
94630869 USD
CY2019Q2 us-gaap Liabilities Current
LiabilitiesCurrent
2752694 USD
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
3781549 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6773534 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8372033 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5051053 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10418590 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14144255 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8174058 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
3904565 USD
us-gaap Net Income Loss
NetIncomeLoss
9700366 USD
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
1764918 USD
us-gaap Net Income Loss
NetIncomeLoss
4557738 USD
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3904565 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9700366 USD
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1764918 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4557738 USD
CY2019Q2 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
35275687 USD
CY2019Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
38136611 USD
CY2019Q2 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
95622153 USD
CY2019Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
106951180 USD
CY2019Q2 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
60346466 USD
CY2019Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
68814569 USD
CY2018Q4 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
6314371 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
12626523 USD
CY2019Q4 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
7131851 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
13010047 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
4733747 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
10728674 USD
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
2249764 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
5523783 USD
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
13015 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
26030 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
164844 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
51974 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
112870 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
4903 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
139379 USD
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0515
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M28D
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
11554 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
11553 USD
CY2019Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
537755 USD
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
548676 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
9648 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
32149 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
138638 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1750839 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6634896 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6621194 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
5048987 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
1080874 USD
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
0 USD
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
9337716 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
2066 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
0 USD
CY2019Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
458278 USD
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
518396 USD
CY2019Q2 us-gaap Prepaid Insurance
PrepaidInsurance
206198 USD
CY2019Q4 us-gaap Prepaid Insurance
PrepaidInsurance
90504 USD
CY2019Q2 us-gaap Prepaid Taxes
PrepaidTaxes
121679 USD
CY2019Q4 us-gaap Prepaid Taxes
PrepaidTaxes
351679 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60372884 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
68836483 USD
CY2019Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
154731 USD
CY2019Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
154731 USD
CY2019Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
128313 USD
CY2019Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
132817 USD
CY2019Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
26418 USD
CY2019Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
21914 USD
CY2019Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
3168116 USD
CY2019Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
4008414 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
37603762 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
35540306 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11048118 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
23355197 USD
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9381615 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18533830 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
161125 USD
CY2019Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
100500 USD
CY2019Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
52515 USD
us-gaap Share Based Compensation
ShareBasedCompensation
469484 USD
us-gaap Share Based Compensation
ShareBasedCompensation
568203 USD
CY2019Q2 us-gaap Shares Outstanding
SharesOutstanding
33183730 shares
CY2019Q4 us-gaap Shares Outstanding
SharesOutstanding
33106988 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
49118 shares
CY2019Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2018Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
48646 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
138638 USD
CY2019Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
388415 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1750839 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
77289479 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
79894876 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
80685795 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
80125858 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
78581859 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
76879766 USD
CY2019Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
130799 USD
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
246972 USD
CY2019Q4 us-gaap Variable Lease Cost
VariableLeaseCost
5594 USD
us-gaap Variable Lease Cost
VariableLeaseCost
6584 USD
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33176503 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33147775 shares
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32988737 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33061555 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33167159 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33134726 shares
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32988737 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33057691 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) income taxes and the valuation of deferred tax assets and (e) 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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