$ICDIQ
Independence Contract Drilling, Inc.

2016 Q1 Form 10-Q Financial Statement

#000153702816000021 Filed on April 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $22.46M $22.31M
YoY Change 0.67% 64.63%
Cost Of Revenue $12.57M $13.11M
YoY Change -4.12% 49.32%
Gross Profit $9.890M $9.200M
YoY Change 7.5% 92.87%
Gross Profit Margin 44.04% 41.24%
Selling, General & Admin $3.621M $3.827M
YoY Change -5.38% 82.76%
% of Gross Profit 36.61% 41.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.830M $4.290M
YoY Change 35.9% 25.44%
% of Gross Profit 58.95% 46.63%
Operating Expenses $3.621M $3.827M
YoY Change -5.38% 82.76%
Operating Profit $567.0K $1.532M
YoY Change -62.99% -129.47%
Interest Expense -$980.0K -$310.0K
YoY Change 216.13% -20.51%
% of Operating Profit -172.84% -20.23%
Other Income/Expense, Net
YoY Change
Pretax Income -$410.0K $1.220M
YoY Change -133.61% -121.82%
Income Tax $4.000K -$155.0K
% Of Pretax Income -12.7%
Net Earnings -$414.0K $1.375M
YoY Change -130.11% -137.11%
Net Earnings / Revenue -1.84% 6.16%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share -$341.7K $0.06
COMMON SHARES
Basic Shares Outstanding 24.02M shares 24.63M shares
Diluted Shares Outstanding 24.02M shares 24.63M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.400M $11.00M
YoY Change -32.73% 254.84%
Cash & Equivalents $7.410M $11.04M
Short-Term Investments
Other Short-Term Assets $3.500M $3.900M
YoY Change -10.26% -68.03%
Inventory $2.400M $2.200M
Prepaid Expenses
Receivables $14.43M $18.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.74M $35.13M
YoY Change -21.05% 28.69%
LONG-TERM ASSETS
Property, Plant & Equipment $281.2M $273.9M
YoY Change 2.66% 95.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.821M $2.580M
YoY Change -29.42% 29.0%
Total Long-Term Assets $283.0M $276.5M
YoY Change 2.36% 58.0%
TOTAL ASSETS
Total Short-Term Assets $27.74M $35.13M
Total Long-Term Assets $283.0M $276.5M
Total Assets $310.8M $311.6M
YoY Change -0.28% 54.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.562M $30.01M
YoY Change -81.47% 140.1%
Accrued Expenses $7.778M $5.386M
YoY Change 44.41% 144.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $0.00
YoY Change
Total Short-Term Liabilities $13.71M $35.65M
YoY Change -61.56% 102.57%
LONG-TERM LIABILITIES
Long-Term Debt $63.10M $35.90M
YoY Change 75.77% -5.77%
Other Long-Term Liabilities $200.0K $400.0K
YoY Change -50.0% -87.5%
Total Long-Term Liabilities $63.30M $36.30M
YoY Change 74.38% -12.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.71M $35.65M
Total Long-Term Liabilities $63.30M $36.30M
Total Liabilities $77.28M $72.37M
YoY Change 6.78% 19.42%
SHAREHOLDERS EQUITY
Retained Earnings -$43.58M -$33.91M
YoY Change 28.51%
Common Stock $278.3M $274.2M
YoY Change 1.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.286M $971.0K
YoY Change 32.44%
Treasury Stock Shares 136.3K shares 85.01K shares
Shareholders Equity $233.5M $239.3M
YoY Change
Total Liabilities & Shareholders Equity $310.8M $311.6M
YoY Change -0.28% 54.05%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$414.0K $1.375M
YoY Change -130.11% -137.11%
Depreciation, Depletion And Amortization $5.830M $4.290M
YoY Change 35.9% 25.44%
Cash From Operating Activities $7.221M $5.320M
YoY Change 35.73% -212.24%
INVESTING ACTIVITIES
Capital Expenditures $5.677M $21.28M
YoY Change -73.33% 71.2%
Acquisitions
YoY Change
Other Investing Activities $650.0K $2.990M
YoY Change -78.26% 550.0%
Cash From Investing Activities -$5.029M -$18.29M
YoY Change -72.5% 52.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$126.0K 13.26M
YoY Change -100.95% -22.41%
NET CHANGE
Cash From Operating Activities $7.221M 5.320M
Cash From Investing Activities -$5.029M -18.29M
Cash From Financing Activities -$126.0K 13.26M
Net Change In Cash $2.066M 290.0K
YoY Change 612.41% -23.68%
FREE CASH FLOW
Cash From Operating Activities $7.221M $5.320M
Capital Expenditures $5.677M $21.28M
Free Cash Flow $1.544M -$15.96M
YoY Change -109.67% -7.04%

Facts In Submission

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CY2015Q1 us-gaap Revenues
Revenues
22306000 USD
CY2016Q1 us-gaap Revenues
Revenues
22455000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3827000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3621000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
933000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1155000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24015000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.00
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
814170 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.01
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
463413 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1277583 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
12.97
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
7.26
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0.00
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
882340 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.74
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.00
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
956653 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
956653 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.74
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.74
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
104143 shares
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
74313 shares
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0.00
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.88
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.73
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y1M0D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
29830 shares
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
4.27
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
232737000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
233478000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2585000 USD
CY2016Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
1255000 USD
CY2016Q1 us-gaap Treasury Stock Number Of Shares Held
TreasuryStockNumberOfSharesHeld
136278 shares
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
136278 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
136278 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1286000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1286000 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24629000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24015000 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24629000 shares
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24015000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24629000 shares

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