2018 Q4 Form 10-Q Financial Statement

#000104289318000014 Filed on October 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $97.34M $93.26M $108.0M
YoY Change -9.85% -7.06% 1.77%
Cost Of Revenue $73.44M $71.11M $72.36M
YoY Change 1.5% 12.79% -6.99%
Gross Profit $23.90M $22.14M $35.62M
YoY Change -32.91% -40.63% 25.87%
Gross Profit Margin 24.55% 23.75% 32.99%
Selling, General & Admin $20.70M $27.09M $31.10M
YoY Change -33.44% -3.19% 43.32%
% of Gross Profit 86.62% 122.35% 87.32%
Research & Development $9.300M $10.20M $9.600M
YoY Change -3.13% -1.92% -15.04%
% of Gross Profit 38.92% 46.06% 26.95%
Depreciation & Amortization $9.300M $8.724M $8.800M
YoY Change 5.68% -8.34% 0.0%
% of Gross Profit 38.92% 39.4% 24.71%
Operating Expenses $30.00M $27.09M $40.70M
YoY Change -26.29% -3.19% 23.71%
Operating Profit -$98.63M -$14.08M -$5.107M
YoY Change 1831.25% -77.3% 10.21%
Interest Expense $2.300M $195.0K $600.0K
YoY Change 283.33% 1525.0% -45.45%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$96.50M -$12.39M -$4.500M
YoY Change 2044.44% -79.73% 25.0%
Income Tax -$21.60M -$2.028M $400.0K
% Of Pretax Income
Net Earnings -$74.91M -$10.36M -$71.49M
YoY Change 4.79% -64.6% -5590.63%
Net Earnings / Revenue -76.96% -11.11% -66.21%
Basic Earnings Per Share -$2.02 -$0.28 $0.03
Diluted Earnings Per Share -$2.02 -$0.28 $0.03
COMMON SHARES
Basic Shares Outstanding 35.78M shares 37.12M 37.86M shares
Diluted Shares Outstanding 37.12M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $418.1M $424.1M $493.2M
YoY Change -15.23% -10.34% 16.46%
Cash & Equivalents $418.1M $424.1M $493.2M
Short-Term Investments
Other Short-Term Assets $41.52M $40.84M $32.65M
YoY Change 27.16% 62.78% -17.94%
Inventory $191.2M $242.1M $291.1M
Prepaid Expenses
Receivables $118.7M $190.4M $191.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $853.0M $897.5M $1.009B
YoY Change -15.42% -9.58% -4.56%
LONG-TERM ASSETS
Property, Plant & Equipment $274.1M $292.7M $284.2M
YoY Change -3.56% 2.13% -12.04%
Goodwill $7.714M $47.12M $47.62M
YoY Change -83.8% -2.87% 38.56%
Intangibles $34.97M $35.54M $46.82M
YoY Change -25.31% -25.18% 23.19%
Long-Term Investments
YoY Change
Other Assets $14.72M $14.48M $15.61M
YoY Change -5.7% -15.69% -1.68%
Total Long-Term Assets $339.5M $395.3M $391.3M
YoY Change -13.22% -11.16% -3.32%
TOTAL ASSETS
Total Short-Term Assets $853.0M $897.5M $1.009B
Total Long-Term Assets $339.5M $395.3M $391.3M
Total Assets $1.193B $1.293B $1.400B
YoY Change -14.81% -10.07% -4.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.69M $21.16M $33.48M
YoY Change -20.27% -11.34% -7.28%
Accrued Expenses $42.10M $35.00M $37.00M
YoY Change 13.78% 0.57% 28.03%
Deferred Revenue $7.489M $4.767M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $81.54M $68.26M $99.91M
YoY Change -18.39% -1.47% -1.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.720M $2.001M $2.001M
YoY Change 35.93%
Total Long-Term Liabilities $2.720M $2.001M $2.001M
YoY Change 35.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.54M $68.26M $99.91M
Total Long-Term Liabilities $2.720M $2.001M $2.001M
Total Liabilities $96.35M $101.5M $105.3M
YoY Change -8.54% 42.02% 0.35%
SHAREHOLDERS EQUITY
Retained Earnings $1.206B $1.371B $1.400B
YoY Change -13.88% -6.83% -6.71%
Common Stock $35.33M $31.40M $20.46M
YoY Change 72.72% 87.15% 250.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $71.11M $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $1.096B $1.191B $1.294B
YoY Change
Total Liabilities & Shareholders Equity $1.193B $1.293B $1.400B
YoY Change -14.81% -10.07% -4.22%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income -$74.91M -$10.36M -$71.49M
YoY Change 4.79% -64.6% -5590.63%
Depreciation, Depletion And Amortization $9.300M $8.724M $8.800M
YoY Change 5.68% -8.34% 0.0%
Cash From Operating Activities $12.90M $9.100M $33.30M
YoY Change -61.26% -74.72% 33.2%
INVESTING ACTIVITIES
Capital Expenditures -$5.400M -$7.100M -$8.000M
YoY Change -32.5% 5.97% 45.45%
Acquisitions
YoY Change
Other Investing Activities $5.700M $700.0K $2.800M
YoY Change 103.57% 16.67% -102.11%
Cash From Investing Activities $200.0K -$6.300M -$5.200M
YoY Change -103.85% 3.28% -96.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.60M -70.60M 100.0K
YoY Change -18700.0% -70700.0% -92.31%
NET CHANGE
Cash From Operating Activities 12.90M 9.100M 33.30M
Cash From Investing Activities 200.0K -6.300M -5.200M
Cash From Financing Activities -18.60M -70.60M 100.0K
Net Change In Cash -5.500M -67.80M 28.20M
YoY Change -119.5% -326.0% -125.29%
FREE CASH FLOW
Cash From Operating Activities $12.90M $9.100M $33.30M
Capital Expenditures -$5.400M -$7.100M -$8.000M
Free Cash Flow $18.30M $16.20M $41.30M
YoY Change -55.69% -62.06% 35.41%

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CY2017Q4 us-gaap Inventory Net
InventoryNet
291087000 USD
CY2018Q3 us-gaap Inventory Net
InventoryNet
242123000 USD
CY2017Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
70188000 USD
CY2018Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
59505000 USD
CY2017Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
83566000 USD
CY2018Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
77471000 USD
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
65382000 USD
CY2018Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
53546000 USD
CY2017Q3 us-gaap Inventory Write Down
InventoryWriteDown
33600000 USD
CY2017Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
957000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
2963000 USD
CY2018Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
1893000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
5965000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
105344000 USD
CY2018Q3 us-gaap Liabilities
Liabilities
101503000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1399805000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1292759000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
99911000 USD
CY2018Q3 us-gaap Liabilities Current
LiabilitiesCurrent
68262000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
455000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-80646000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-39692000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15439000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
74735000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
32607000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-29260000 USD
us-gaap Net Income Loss
NetIncomeLoss
-29149000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-10358000 USD
us-gaap Net Income Loss
NetIncomeLoss
-20783000 USD
CY2017Q4 us-gaap Noncurrent Assets
NoncurrentAssets
391256000 USD
CY2018Q3 us-gaap Noncurrent Assets
NoncurrentAssets
395309000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-62045000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-64027000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-14084000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-23912000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25538000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
23557000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
32653000 USD
CY2018Q3 us-gaap Other Assets Current
OtherAssetsCurrent
40837000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
15613000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
14475000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
13187000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
27786000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-5566000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-14111000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2001000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2001000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
80937000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
815000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
21289000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19563000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26683000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Revenues
Revenues
287291000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
27985000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
85060000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31566000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
83359000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9950000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1294461000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
1191256000 USD
CY2018Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
44.87
us-gaap Share Based Compensation
ShareBasedCompensation
10477000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
1160000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
11244000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
455000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1106000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
284247000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
292667000 USD
CY2018Q3 us-gaap Restructuring Charges
RestructuringCharges
3700000 USD
us-gaap Restructuring Charges
RestructuringCharges
3700000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1400296000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1371368000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
80787000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
252013000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
33800000 USD
CY2017Q3 us-gaap Revenues
Revenues
100346000 USD
us-gaap Revenues
Revenues
347498000 USD
CY2018Q3 us-gaap Revenues
Revenues
93257000 USD
CY2018Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
50.95
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
71107000 USD
CY2017Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
41000000 USD
CY2018Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
47300000 USD
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37528000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37527000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37119000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37349000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37528000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37527000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37119000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37349000 shares
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:left;text-indent:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Lease revenues</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns lease revenues from the rental of running tools. Rental revenues are recognized within service revenues on a dayrate basis over the lease term.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:left;text-indent:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company&#8217;s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.</font></div></div>

Files In Submission

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0001042893-18-000014-index-headers.html Edgar Link pending
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0001042893-18-000014.txt Edgar Link pending
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a2018930document.htm Edgar Link pending
drq-20180930.xml Edgar Link completed
drq-20180930.xsd Edgar Link pending
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