$REI
Ring Energy Inc

2016 Q2 Form 10-Q Financial Statement

#000114420416117209 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $7.105M $8.977M
YoY Change -20.86% -19.88%
Cost Of Revenue $2.540M $2.630M
YoY Change -3.42% 65.41%
Gross Profit $4.560M $6.350M
YoY Change -28.19% -33.92%
Gross Profit Margin 64.18% 70.74%
Selling, General & Admin $1.920M $2.040M
YoY Change -5.88% 25.15%
% of Gross Profit 42.11% 32.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $78.88K $74.89K
YoY Change 5.33% 190.93%
% of Gross Profit 1.73% 1.18%
Operating Expenses $4.630M $5.330M
YoY Change -13.13% 3.5%
Operating Profit -$25.52M $1.020M
YoY Change -2602.35% -77.13%
Interest Expense $86.54K $79.01K
YoY Change 9.53%
% of Operating Profit 7.75%
Other Income/Expense, Net -$12.37K -$79.00K
YoY Change -84.34% -503.57%
Pretax Income -$25.53M $940.7K
YoY Change -2813.82% -79.0%
Income Tax -$9.587M $406.5K
% Of Pretax Income 43.21%
Net Earnings -$15.94M $534.2K
YoY Change -3084.37% -81.07%
Net Earnings / Revenue -224.38% 5.95%
Basic Earnings Per Share -$0.41 $0.02
Diluted Earnings Per Share -$0.41 $0.02
COMMON SHARES
Basic Shares Outstanding 38.63M shares 26.12M shares
Diluted Shares Outstanding 38.63M shares 27.17M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.300M $5.800M
YoY Change 43.1% -87.25%
Cash & Equivalents $8.329M $5.768M
Short-Term Investments
Other Short-Term Assets $400.0K $1.200M
YoY Change -66.67% 300.0%
Inventory
Prepaid Expenses $422.2K $1.175M
Receivables $2.900M $4.021M
Other Receivables $800.0K $2.600M
Total Short-Term Assets $12.47M $13.59M
YoY Change -8.25% -73.14%
LONG-TERM ASSETS
Property, Plant & Equipment $196.9M $237.7M
YoY Change -17.18% 137.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.20M
YoY Change
Total Long-Term Assets $216.1M $237.7M
YoY Change -9.09% 137.74%
TOTAL ASSETS
Total Short-Term Assets $12.47M $13.59M
Total Long-Term Assets $216.1M $237.7M
Total Assets $228.6M $251.3M
YoY Change -9.04% 66.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.600M $6.999M
YoY Change -48.57% -11.4%
Accrued Expenses $0.00 $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.600M $6.999M
YoY Change -48.57% -19.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $40.90M
YoY Change -100.0%
Other Long-Term Liabilities $7.700M $6.300M
YoY Change 22.22% 173.91%
Total Long-Term Liabilities $7.700M $47.20M
YoY Change -83.69% 1952.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.600M $6.999M
Total Long-Term Liabilities $7.700M $47.20M
Total Liabilities $11.30M $58.94M
YoY Change -80.83% 320.98%
SHAREHOLDERS EQUITY
Retained Earnings $1.543M
YoY Change
Common Stock $30.28K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $217.3M $192.4M
YoY Change
Total Liabilities & Shareholders Equity $228.6M $251.3M
YoY Change -9.04% 66.88%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$15.94M $534.2K
YoY Change -3084.37% -81.07%
Depreciation, Depletion And Amortization $78.88K $74.89K
YoY Change 5.33% 190.93%
Cash From Operating Activities -$1.230M $3.130M
YoY Change -139.3% -43.09%
INVESTING ACTIVITIES
Capital Expenditures -$4.520M -$80.03M
YoY Change -94.35% 202.69%
Acquisitions $75.00M
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.520M -$80.03M
YoY Change -94.35% 202.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.27M 79.82M
YoY Change -87.13% 177.83%
NET CHANGE
Cash From Operating Activities -1.230M 3.130M
Cash From Investing Activities -4.520M -80.03M
Cash From Financing Activities 10.27M 79.82M
Net Change In Cash 4.520M 2.920M
YoY Change 54.79% -62.52%
FREE CASH FLOW
Cash From Operating Activities -$1.230M $3.130M
Capital Expenditures -$4.520M -$80.03M
Free Cash Flow $3.290M $83.16M
YoY Change -96.04% 160.36%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2016-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
RING ENERGY, INC.
dei Entity Central Index Key
EntityCentralIndexKey
0001384195
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Trading Symbol
TradingSymbol
REI
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us-gaap Use Of Estimates
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i>Use of Estimates</i></b> &#150; 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 the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company&#8217;s future results of operations.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i>Concentration of Credit Risk and Major Customer</i></b> &#150; The Company had cash in excess of federally insured limits at June 30, 2016. During the six months ended June 30, 2016, sales to two customers represented <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 49</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 43</font>%, respectively, of the Company&#8217;s oil and gas revenues. At June 30, 2016, these customers made up <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 45</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 39</font>%, respectively, of the Company&#8217;s accounts receivable.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 78</font>% of the Company&#8217;s accounts and joint interest receivables are from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at June 30, 2016. The Company also has a joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
1539991 USD
CY2015Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
1539991 USD
CY2016Q2 us-gaap Accretion Expense
AccretionExpense
124976 USD
CY2015Q2 us-gaap Accretion Expense
AccretionExpense
79400 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
61074997 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
48915744 USD
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
0 USD
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
2177110 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
50900000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2016Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
41917061 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
30391942 shares
CY2016Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
25451988 USD
CY2015Q2 rei Amortization Expense1
AmortizationExpense1
3205033 USD
CY2016Q2 us-gaap Depreciation
Depreciation
78878 USD
CY2015Q2 us-gaap Depreciation
Depreciation
74888 USD
us-gaap Debt Instrument Redemption Description
DebtInstrumentRedemptionDescription
The Borrowing Base will be redetermined semi-annually on each May 1 and November 1, beginning November 1, 2015.
rei Leverage Ratio Total
LeverageRatioTotal
4.0 to 1.0
rei Minimum Leverage Ratio Current
MinimumLeverageRatioCurrent
1.0 to 1.0
CY2016Q2 rei Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
507642 USD
CY2015Q2 rei Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
656486 USD
CY2016Q2 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.1 pure
CY2016Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
50900000 USD
CY2016Q2 us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
1800000 USD
CY2016Q2 rei Amortization Expense1
AmortizationExpense1
2579201 USD

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