$REI
RING ENERGY, INC.

2016 Q3 Form 10-Q Financial Statement

#000114420416132417 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $7.823M $8.629M
YoY Change -9.35% -21.05%
Cost Of Revenue $2.720M $3.330M
YoY Change -18.32% 80.0%
Gross Profit $5.100M $5.300M
YoY Change -3.77% -41.63%
Gross Profit Margin 65.2% 61.42%
Selling, General & Admin $1.880M $2.000M
YoY Change -6.0% 9.89%
% of Gross Profit 36.86% 37.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.67K $79.80K
YoY Change -10.19% 127.26%
% of Gross Profit 1.41% 1.51%
Operating Expenses $4.570M $6.770M
YoY Change -32.5% 6.45%
Operating Profit -$9.121M -$1.474M
YoY Change 519.01% -154.09%
Interest Expense $95.86K $350.7K
YoY Change -72.67% 1653.69%
% of Operating Profit
Other Income/Expense, Net -$89.45K -$348.9K
YoY Change -74.36%
Pretax Income -$9.211M -$1.822M
YoY Change 405.41% -166.51%
Income Tax -$3.267M -$684.2K
% Of Pretax Income
Net Earnings -$5.944M -$1.138M
YoY Change 422.21% -165.93%
Net Earnings / Revenue -75.99% -13.19%
Basic Earnings Per Share -$0.14 -$0.04
Diluted Earnings Per Share -$0.14 -$0.04
COMMON SHARES
Basic Shares Outstanding 41.92M shares 30.37M shares
Diluted Shares Outstanding 41.92M shares 30.37M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.200M $3.100M
YoY Change -29.03% -89.35%
Cash & Equivalents $2.249M $3.118M
Short-Term Investments
Other Short-Term Assets $300.0K $300.0K
YoY Change 0.0% 50.0%
Inventory
Prepaid Expenses
Receivables $3.000M $2.700M
Other Receivables $600.0K $2.700M
Total Short-Term Assets $6.200M $8.800M
YoY Change -29.55% -73.81%
LONG-TERM ASSETS
Property, Plant & Equipment $198.8M $242.3M
YoY Change -17.95% 99.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.40M $700.0K
YoY Change 3100.0%
Total Long-Term Assets $221.1M $243.1M
YoY Change -9.05% 99.92%
TOTAL ASSETS
Total Short-Term Assets $6.200M $8.800M
Total Long-Term Assets $221.1M $243.1M
Total Assets $227.3M $251.9M
YoY Change -9.77% 62.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.400M $7.500M
YoY Change -1.33% -13.79%
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 $7.400M $7.500M
YoY Change -1.33% -18.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $40.90M
YoY Change -100.0%
Other Long-Term Liabilities $8.000M $6.300M
YoY Change 26.98% 125.0%
Total Long-Term Liabilities $8.000M $47.20M
YoY Change -83.05% 1585.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.400M $7.500M
Total Long-Term Liabilities $8.000M $47.20M
Total Liabilities $15.40M $58.80M
YoY Change -73.81% 267.5%
SHAREHOLDERS EQUITY
Retained Earnings -$44.23M
YoY Change
Common Stock $41.92K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $211.9M $193.1M
YoY Change
Total Liabilities & Shareholders Equity $227.3M $251.9M
YoY Change -9.75% 62.31%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$5.944M -$1.138M
YoY Change 422.21% -165.93%
Depreciation, Depletion And Amortization $71.67K $79.80K
YoY Change -10.19% 127.26%
Cash From Operating Activities $7.870M $5.500M
YoY Change 43.09% -38.62%
INVESTING ACTIVITIES
Capital Expenditures -$13.93M -$9.150M
YoY Change 52.24% -64.03%
Acquisitions
YoY Change
Other Investing Activities -$190.0K
YoY Change 375.0%
Cash From Investing Activities -$13.93M -$9.340M
YoY Change 49.14% -63.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 1.190M
YoY Change -100.84% 2280.0%
NET CHANGE
Cash From Operating Activities 7.870M 5.500M
Cash From Investing Activities -13.93M -9.340M
Cash From Financing Activities -10.00K 1.190M
Net Change In Cash -6.070M -2.650M
YoY Change 129.06% -83.9%
FREE CASH FLOW
Cash From Operating Activities $7.870M $5.500M
Capital Expenditures -$13.93M -$9.150M
Free Cash Flow $21.80M $14.65M
YoY Change 48.81% -57.41%

Facts In Submission

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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;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Use of Estimates</font></i></b> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#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.</font></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;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><i><strong> Concentration of Credit Risk and Major Customer</strong> <strong> &#150;</strong></i> The Company had cash in excess of federally insured limits at September 30, 2016. During the nine months ended September 30, 2016, sales to two customers represented <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 48</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 September 30, 2016, these customers made up <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 43</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 43</font>%, respectively, of the Company&#8217;s accounts receivable.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><strong> <i>&#160;</i></strong></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 83</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 September 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.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q3 rei Amortization Expense1
AmortizationExpense1
2568153 USD
rei Estimated Present Value Of Future Net Revenues From Proved Reserves Discounted At Interest Rate
EstimatedPresentValueOfFutureNetRevenuesFromProvedReservesDiscountedAtInterestRate
0.1 pure
CY2016Q3 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
9648942 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
56513016 USD
CY2016Q3 rei Percentage Of Accounts Receivables
PercentageOfAccountsReceivables
0.83 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0132 pure
rei Leverage Ratio Total
LeverageRatioTotal
4.0 to 1.0
rei Minimum Leverage Ratio Current
MinimumLeverageRatioCurrent
1.0 to 1.0
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.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.03 pure
CY2016Q3 rei Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
11.72
CY2015Q3 rei Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
21.33
CY2016Q2 rei Repayments Of Lines Of Credit Related Interest
RepaymentsOfLinesOfCreditRelatedInterest
215000 USD

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