$INSW
International Seaways, Inc.

2019 Q1 Form 10-Q Financial Statement

#000114420419024653 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $101.9M $100.5M $51.98M
YoY Change 95.99% 44.83% -41.43%
Cost Of Revenue $49.60M $54.70M $48.50M
YoY Change 2.27% 12.32% -2.41%
Gross Profit $52.30M $45.80M $3.500M
YoY Change 1394.29% 121.26% -91.05%
Gross Profit Margin 51.34% 45.55% 6.73%
Selling, General & Admin $12.70M $6.800M $6.000M
YoY Change 111.67% 3.03% -4.76%
% of Gross Profit 24.28% 14.85% 171.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.93M $18.70M $17.62M
YoY Change 7.4% -9.66% -5.25%
% of Gross Profit 36.19% 40.83% 503.54%
Operating Expenses $33.00M $25.50M $23.60M
YoY Change 39.83% -6.25% -5.22%
Operating Profit $19.32M $17.87M -$26.71M
YoY Change -172.36% -120.27% -298.88%
Interest Expense $17.53M $18.20M $11.62M
YoY Change 50.87% 57.34% 26.77%
% of Operating Profit 90.73% 101.9%
Other Income/Expense, Net $1.036M $200.0K $679.0K
YoY Change 52.58% 100.0% 239.5%
Pretax Income $10.90M $6.800M -$29.30M
YoY Change -137.2% -107.5% -261.88%
Income Tax $0.00 -$116.0K $8.000K
% Of Pretax Income 0.0% -1.71%
Net Earnings $10.90M $6.958M -$29.32M
YoY Change -137.17% -107.67% -262.26%
Net Earnings / Revenue 10.7% 6.92% -56.4%
Basic Earnings Per Share
Diluted Earnings Per Share $373.3K $239.7K -$1.007M
COMMON SHARES
Basic Shares Outstanding 29.18M 29.18M 29.11M
Diluted Shares Outstanding 29.22M 29.11M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.50M $58.30M $53.50M
YoY Change 48.6% -2.83% -47.08%
Cash & Equivalents $79.54M $58.31M $53.47M
Short-Term Investments
Other Short-Term Assets $9.200M $6.400M $9.800M
YoY Change -6.12% 8.47% -10.91%
Inventory $4.122M $3.066M $4.000M
Prepaid Expenses
Receivables $95.82M $94.62M $50.70M
Other Receivables $3.900M $5.300M $2.600M
Total Short-Term Assets $192.5M $167.6M $120.5M
YoY Change 59.76% 27.19% -34.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.321B $1.331B $1.045B
YoY Change 26.37% 20.46% -6.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $267.6M $269.0M $384.0M
YoY Change -30.31% -29.01% 2.07%
Other Assets $2.996M $5.056M $62.80M
YoY Change -95.23% 156.65% 2225.93%
Total Long-Term Assets $1.699B $1.681B $1.492B
YoY Change 13.85% 9.68% -0.44%
TOTAL ASSETS
Total Short-Term Assets $192.5M $167.6M $120.5M
Total Long-Term Assets $1.699B $1.681B $1.492B
Total Assets $1.891B $1.849B $1.612B
YoY Change 17.28% 11.06% -4.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.20M $1.164M $24.70M
YoY Change 34.41% 252.73% -34.31%
Accrued Expenses $8.300M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $57.68M $51.56M $20.60M
YoY Change 180.0% 114.25% -10.04%
Total Short-Term Liabilities $100.5M $75.27M $45.40M
YoY Change 121.26% 59.35% -24.96%
LONG-TERM LIABILITIES
Long-Term Debt $748.0M $759.1M $500.6M
YoY Change 49.41% 43.53% 20.05%
Other Long-Term Liabilities $2.304M $2.442M $2.800M
YoY Change -17.71% -10.25% -39.13%
Total Long-Term Liabilities $750.3M $761.6M $503.4M
YoY Change 49.04% 43.26% 19.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.5M $75.27M $45.40M
Total Long-Term Liabilities $750.3M $761.6M $503.4M
Total Liabilities $873.1M $838.7M $548.8M
YoY Change 59.09% 44.9% 13.84%
SHAREHOLDERS EQUITY
Retained Earnings -$258.6M -$269.5M
YoY Change 49.26%
Common Stock $1.310B $1.309B
YoY Change 0.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.018B $1.010B $1.064B
YoY Change
Total Liabilities & Shareholders Equity $1.891B $1.849B $1.613B
YoY Change 17.28% 11.06% -4.21%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $10.90M $6.958M -$29.32M
YoY Change -137.17% -107.67% -262.26%
Depreciation, Depletion And Amortization $18.93M $18.70M $17.62M
YoY Change 7.4% -9.66% -5.25%
Cash From Operating Activities $23.99M -$14.30M -$4.454M
YoY Change -638.64% -326.98% -139.42%
INVESTING ACTIVITIES
Capital Expenditures $2.962M -$14.50M $1.911M
YoY Change 55.0% -73.68% -577.75%
Acquisitions
YoY Change
Other Investing Activities $5.900M $42.00M $60.80M
YoY Change -90.3% 114.29% -60900.0%
Cash From Investing Activities $2.676M $27.50M $58.75M
YoY Change -95.45% -177.46% -11850.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.156M -19.40M -33.72M
YoY Change -78.78% -173.48% 1883.29%
NET CHANGE
Cash From Operating Activities 23.99M -14.30M -4.454M
Cash From Investing Activities 2.676M 27.50M 58.75M
Cash From Financing Activities -7.156M -19.40M -33.72M
Net Change In Cash 19.51M -6.200M 20.58M
YoY Change -5.19% 121.43% 126.15%
FREE CASH FLOW
Cash From Operating Activities $23.99M -$14.30M -$4.454M
Capital Expenditures $2.962M -$14.50M $1.911M
Free Cash Flow $21.03M $200.0K -$6.365M
YoY Change -430.38% -99.67% -154.4%

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-align:left;line-height:100%;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;font-size:10pt;">Concentration of Credit Risk</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">&#x2014;</font><font style="display: inline;font-size:10pt;"> Financial instruments that potentially subject the Company to concentrations of credit risk are voyage receivables due from charterers and pools in which the Company participates. With respect to voyage receivables, the Company limits its credit risk by performing ongoing credit evaluations. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the voyage receivables balance. We determine the allowance based on troubled accounts, historical experience, and other currently available evidence.</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">Voyage receivables reflected in the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 are net of an allowance for doubtful accounts of </font><font style="display: inline;font-size:10pt;">$1,325</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">$27</font><font style="display: inline;font-size:10pt;">, respectively. The provisions for doubtful accounts for the three months ended March 31, 2019 and 2018 were </font><font style="display: inline;font-size:10pt;">$1,298</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">$41</font><font style="display: inline;font-size:10pt;">, respectively. During the three months ended March 31, 2019 and 2018, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for </font><font style="display: inline;font-size:10pt;">85%</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">88%</font><font style="display: inline;font-size:10pt;"> of consolidated voyage receivables at March 31, 2019 and December 31, 2018, respectively.</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2019Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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268322000
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CY2019Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
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CY2019Q1 us-gaap Number Of Reportable Segments
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2
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2587000
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0.0736
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CY2019Q1 us-gaap Other Assets
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CY2018Q4 us-gaap Other Assets Noncurrent
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CY2019Q1 us-gaap Other Assets Noncurrent
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2996000
CY2018Q1 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
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41000
CY2019Q1 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
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26000
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CY2019Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
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-173000
CY2018Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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7041000
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CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2442000
CY2019Q1 us-gaap Other Liabilities Noncurrent
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2304000
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-36000
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
41954
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29106180
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29223187
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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29106180
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29181233
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
679000
CY2019Q1 us-gaap Other Nonoperating Income Expense
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1036000
CY2018Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
1911000
CY2019Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
2962000
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
278000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
149000
CY2018Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
126000
CY2019Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
208000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1911000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2962000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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5912000
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2018Q1 us-gaap Proceeds From Collection Of Advance To Affiliate
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2488000
CY2019Q1 us-gaap Proceeds From Collection Of Advance To Affiliate
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CY2018Q1 us-gaap Proceeds From Insurance Settlement Operating Activities
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CY2019Q1 us-gaap Proceeds From Insurance Settlement Operating Activities
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CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2018Q1 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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CY2019Q1 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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CY2018Q1 us-gaap Profit Loss
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CY2019Q1 us-gaap Profit Loss
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CY2018Q4 us-gaap Property Plant And Equipment Net
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CY2019Q1 us-gaap Property Plant And Equipment Net
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CY2018Q1 us-gaap Provision For Loan And Lease Losses
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41000
CY2019Q1 us-gaap Provision For Loan And Lease Losses
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1298000
CY2019Q1 us-gaap Recapitalization Costs
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30000
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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37714000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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59331000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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57618000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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51978000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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51978000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q1 us-gaap Revenues
Revenues
51978000
CY2019Q1 us-gaap Revenues
Revenues
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CY2018Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation
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761000
CY2018Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
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183000
CY2019Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
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233000
CY2017Q4 us-gaap Stockholders Equity
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1085654000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1063642000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
1009855000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1017987000
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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366000
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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149000
CY2017Q2 us-gaap Stock Repurchase Program Authorized Amount1
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30000000
CY2018Q4 us-gaap Unbilled Contracts Receivable
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87725000
CY2019Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
85103000

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