2016 Q2 Form 10-Q Financial Statement

#000127344116000078 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $71.70M $69.40M
YoY Change 3.31% -53.08%
Cost Of Revenue $24.00M $24.10M
YoY Change -0.41% -4.74%
Gross Profit $47.70M $45.20M
YoY Change 5.53% -63.1%
Gross Profit Margin 66.53% 65.13%
Selling, General & Admin $8.000M $10.30M
YoY Change -22.33% -25.9%
% of Gross Profit 16.77% 22.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.90M $106.5M
YoY Change -70.05% 130.52%
% of Gross Profit 66.88% 235.62%
Operating Expenses $39.90M $79.80M
YoY Change -50.0% 42.5%
Operating Profit $7.800M -$34.60M
YoY Change -122.54% -152.03%
Interest Expense -$1.200M -$1.200M
YoY Change 0.0% -82.35%
% of Operating Profit -15.38%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income -$86.40M -$37.76M
YoY Change 128.78% -163.07%
Income Tax -$22.84M $801.0K
% Of Pretax Income
Net Earnings -$63.56M -$38.56M
YoY Change 64.81% -522.06%
Net Earnings / Revenue -88.65% -55.57%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$214.4K -$0.13
COMMON SHARES
Basic Shares Outstanding 296.6M shares 286.4M shares
Diluted Shares Outstanding 296.6M shares 286.4M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.4M $176.1M
YoY Change -0.4% -49.19%
Cash & Equivalents $171.5M $166.4M
Short-Term Investments $4.000M $9.700M
Other Short-Term Assets $5.112M $5.700M
YoY Change -10.32% -13.64%
Inventory $9.339M $33.46M
Prepaid Expenses $3.867M
Receivables $43.73M $51.33M
Other Receivables $30.40M $28.80M
Total Short-Term Assets $280.8M $295.2M
YoY Change -4.91% -41.51%
LONG-TERM ASSETS
Property, Plant & Equipment $747.3M $1.057B
YoY Change -29.32% -15.33%
Goodwill $102.6M $102.6M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.58M $6.068M
YoY Change 156.72% -13.77%
Total Long-Term Assets $881.7M $1.184B
YoY Change -25.53% -13.78%
TOTAL ASSETS
Total Short-Term Assets $280.8M $295.2M
Total Long-Term Assets $881.7M $1.184B
Total Assets $1.162B $1.479B
YoY Change -21.42% -21.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.90M $34.26M
YoY Change 92.35% -41.29%
Accrued Expenses $53.35M
YoY Change -45.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.94M $95.65M
YoY Change -26.89% -45.88%
LONG-TERM LIABILITIES
Long-Term Debt $109.1M $0.00
YoY Change
Other Long-Term Liabilities $10.92M $32.80M
YoY Change -66.7% 23.31%
Total Long-Term Liabilities $166.5M $189.0M
YoY Change -11.92% -8.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.94M $95.65M
Total Long-Term Liabilities $166.5M $189.0M
Total Liabilities $236.4M $284.7M
YoY Change -16.95% -25.64%
SHAREHOLDERS EQUITY
Retained Earnings -$137.0M $156.2M
YoY Change -187.71% -66.43%
Common Stock $10.20M $10.19M
YoY Change 0.12% 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $926.0M $1.195B
YoY Change
Total Liabilities & Shareholders Equity $1.162B $1.479B
YoY Change -21.42% -21.23%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$63.56M -$38.56M
YoY Change 64.81% -522.06%
Depreciation, Depletion And Amortization $31.90M $106.5M
YoY Change -70.05% 130.52%
Cash From Operating Activities $27.40M $400.0K
YoY Change 6750.0% -103.25%
INVESTING ACTIVITIES
Capital Expenditures -$18.40M -$18.40M
YoY Change 0.0% -79.56%
Acquisitions
YoY Change
Other Investing Activities -$11.10M -$22.20M
YoY Change -50.0% -159.68%
Cash From Investing Activities -$29.50M -$40.40M
YoY Change -26.98% -23.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 113.1M 100.0K
YoY Change 113000.0% -98.46%
NET CHANGE
Cash From Operating Activities 27.40M 400.0K
Cash From Investing Activities -29.50M -40.40M
Cash From Financing Activities 113.1M 100.0K
Net Change In Cash 111.0M -39.90M
YoY Change -378.2% -31.91%
FREE CASH FLOW
Cash From Operating Activities $27.40M $400.0K
Capital Expenditures -$18.40M -$18.40M
Free Cash Flow $45.80M $18.80M
YoY Change 143.62% -75.8%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's commodity price and foreign currency derivatives are recorded on its interim unaudited condensed consolidated balance sheet at fair value as either an asset or a liability with changes in fair value recognized in the interim unaudited condensed consolidated statements of operations. While the Company utilizes derivative instruments to manage the price risk attributable to its expected oil production and foreign exchange risk, it has elected not to designate its derivative instruments as accounting hedges under the accounting guidance. </font></div></div>
us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gran Tierra Energy Inc., a Nevada corporation (the &#8220;Company&#8221; or &#8220;Gran Tierra&#8221;), is a publicly traded company focused on oil and natural gas exploration and production in Colombia. The Company also has business activities in Peru and Brazil.</font></div></div>

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