$REI
Ring Energy Inc

2017 Q4 Form 10-Q Financial Statement

#000114420417057271 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $23.31M $16.64M $9.831M
YoY Change 137.1% 112.77% 33.53%
Cost Of Revenue $6.590M $4.262M $3.320M
YoY Change 98.49% 56.69% -0.3%
Gross Profit $16.72M $12.38M $6.510M
YoY Change 156.84% 142.78% 61.14%
Gross Profit Margin 71.73% 74.39% 66.22%
Selling, General & Admin $2.940M $2.370M $2.000M
YoY Change 47.0% 26.06% -9.91%
% of Gross Profit 17.58% 19.14% 30.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.090M $83.45K $2.940M
YoY Change 141.16% 16.44% -19.45%
% of Gross Profit 42.4% 0.67% 45.16%
Operating Expenses $10.17M $7.300M $5.070M
YoY Change 100.59% 59.74% -15.92%
Operating Profit $6.551M $4.292M $1.438M
YoY Change 355.53% -147.06% -112.71%
Interest Expense -$4.110M $0.00 -$80.00K
YoY Change 5037.5% -100.0% -75.0%
% of Operating Profit -62.74% 0.0% -5.56%
Other Income/Expense, Net $151.4K
YoY Change -269.24%
Pretax Income $2.440M $4.443M $1.360M
YoY Change 79.41% -148.24% -111.69%
Income Tax $0.00 $1.370M $1.840M
% Of Pretax Income 0.0% 30.83% 135.29%
Net Earnings -$4.510M $3.074M -$477.0K
YoY Change 845.47% -151.71% -93.62%
Net Earnings / Revenue -19.35% 18.47% -4.85%
Basic Earnings Per Share -$0.08 $0.06 -$0.01
Diluted Earnings Per Share -$0.08 $0.06 -$0.01
COMMON SHARES
Basic Shares Outstanding 54.15M shares 53.01M shares
Diluted Shares Outstanding 54.37M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.00M $40.90M $71.10M
YoY Change -78.9% 1759.09% 1515.91%
Cash & Equivalents $3.364M $40.88M $15.01M
Short-Term Investments
Other Short-Term Assets $200.0K $300.0K $200.0K
YoY Change 0.0% 0.0% 100.0%
Inventory
Prepaid Expenses $229.4K $226.8K
Receivables $12.83M $7.600M $3.453M
Other Receivables $1.100M $900.0K $400.0K
Total Short-Term Assets $29.12M $49.70M $75.22M
YoY Change -61.28% 701.61% 763.17%
LONG-TERM ASSETS
Property, Plant & Equipment $373.6M $321.9M $211.9M
YoY Change 76.3% 61.92% -12.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.40M $18.40M $20.50M
YoY Change -44.39% -17.86% 2177.78%
Total Long-Term Assets $385.0M $340.4M $232.4M
YoY Change 65.67% 53.96% -4.04%
TOTAL ASSETS
Total Short-Term Assets $29.12M $49.70M $75.22M
Total Long-Term Assets $385.0M $340.4M $232.4M
Total Assets $414.1M $390.1M $307.6M
YoY Change 34.62% 71.62% 22.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.48M $21.20M $9.099M
YoY Change 388.77% 186.49% -17.45%
Accrued Expenses $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.44M $21.64M $9.099M
YoY Change 432.38% 192.43% -19.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $9.100M $8.200M $8.000M
YoY Change 13.75% 2.5% 8.11%
Total Long-Term Liabilities $9.100M $8.200M $8.000M
YoY Change 13.75% 2.5% -84.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.44M $21.64M $9.099M
Total Long-Term Liabilities $9.100M $8.200M $8.000M
Total Liabilities $57.50M $29.85M $17.06M
YoY Change 237.11% 93.8% -73.61%
SHAREHOLDERS EQUITY
Retained Earnings -$41.36M -$36.85M -$44.71M
YoY Change -7.49% -16.69% 532.49%
Common Stock $54.22K $54.15K $49.11K
YoY Change 10.41% 29.17% 61.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $356.6M $360.3M $290.5M
YoY Change
Total Liabilities & Shareholders Equity $414.1M $390.1M $307.6M
YoY Change 34.62% 71.6% 22.61%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income -$4.510M $3.074M -$477.0K
YoY Change 845.47% -151.71% -93.62%
Depreciation, Depletion And Amortization $7.090M $83.45K $2.940M
YoY Change 141.16% 16.44% -19.45%
Cash From Operating Activities $14.51M $10.18M $6.310M
YoY Change 129.95% 29.35% -7.48%
INVESTING ACTIVITIES
Capital Expenditures -$40.29M -$40.71M -$15.99M
YoY Change 151.97% 192.25% 49.58%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$40.29M -$40.71M -$15.99M
YoY Change 151.97% 192.25% 52.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K 59.26M 78.50M
YoY Change -100.09% -592700.0% 1470.0%
NET CHANGE
Cash From Operating Activities 14.51M 10.18M 6.310M
Cash From Investing Activities -40.29M -40.71M -15.99M
Cash From Financing Activities -70.00K 59.26M 78.50M
Net Change In Cash -25.85M 28.73M 68.82M
YoY Change -137.56% -573.31% 5113.64%
FREE CASH FLOW
Cash From Operating Activities $14.51M $10.18M $6.310M
Capital Expenditures -$40.29M -$40.71M -$15.99M
Free Cash Flow $54.80M $50.89M $22.30M
YoY Change 145.74% 133.44% 27.36%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2017-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
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 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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 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 September 30, 2017. During the nine months ended September 30, 2017, sales to two customers represented <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 73</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 23</font>%, respectively, of the Company&#8217;s oil and gas revenues. At September 30, 2017, these two customers made up <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 85</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11</font>%, respectively, of the Company&#8217;s accounts receivable.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 90</font>% of the Company&#8217;s accounts and joint interest receivables is 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, 2017. 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>
us-gaap Use Of Estimates
UseOfEstimates
<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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 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 Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i>Reclassifications &#150;</i></b> Certain reclassifications of amounts previously reported have been made to the accompanying financial statements to maintain consistency between periods presented. The reclassifications had no impact on net income (loss) or stockholders&#8217; equity.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q3 rei Amortization Expense1
AmortizationExpense1
4823044 USD
rei Estimated Present Value Of Future Net Revenues From Proved Reserves Discounted At Interest Rate
EstimatedPresentValueOfFutureNetRevenuesFromProvedReservesDiscountedAtInterestRate
0.1 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.
CY2017Q3 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
65828 USD
CY2016Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
0 USD
CY2017Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
65828 USD
CY2016Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
65828 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 USD
CY2017Q3 rei Number Of Barrels Per Day
NumberOfBarrelsPerDay
1000 pure
CY2017Q3 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
414000 USD
CY2016Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
0 USD
rei Well Service Expenses Per Well
WellServiceExpensesPerWell
18000 USD
us-gaap Well Service Expense
WellServiceExpense
414000 USD

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