2017 Q2 Form 10-Q Financial Statement

#000134943617000014 Filed on August 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4
Revenue $84.85M $98.50M
YoY Change -14.65% -31.43%
Cost Of Revenue $27.90M $27.60M
YoY Change 5823.57% -62.8%
Gross Profit $57.00M $70.80M
YoY Change -42.4% 1.87%
Gross Profit Margin 67.18% 71.88%
Selling, General & Admin $23.80M -$8.500M
YoY Change -23.23% -129.31%
% of Gross Profit 41.75% -12.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.50M $37.90M
YoY Change -12.61% -40.03%
% of Gross Profit 53.51% 53.53%
Operating Expenses $56.70M $31.70M
YoY Change -15.75% -65.99%
Operating Profit $23.35M $39.10M
YoY Change -108.48% -104.08%
Interest Expense $22.50M -$26.10M
YoY Change -145.36% -64.39%
% of Operating Profit 96.37% -66.75%
Other Income/Expense, Net $109.0K $2.700M
YoY Change -100.05% -113.71%
Pretax Income $23.50M $2.340B
YoY Change -104.56% -398.55%
Income Tax -$42.00K $0.00
% Of Pretax Income -0.18% 0.0%
Net Earnings $23.50M $2.340B
YoY Change -104.55% -398.52%
Net Earnings / Revenue 27.69% 2375.94%
Basic Earnings Per Share $0.69
Diluted Earnings Per Share $0.69 $123.2M
COMMON SHARES
Basic Shares Outstanding 34.08M shares 719.6M shares
Diluted Shares Outstanding 34.14M shares

Balance Sheet

Concept 2017 Q2 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.4M $121.2M
YoY Change -76.6% -72.18%
Cash & Equivalents $148.4M $121.2M
Short-Term Investments
Other Short-Term Assets $9.914M $3.633M
YoY Change 500.85% -81.77%
Inventory
Prepaid Expenses $3.925M $5.375M
Receivables $57.17M $74.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $240.1M $257.2M
YoY Change -68.15% -61.85%
LONG-TERM ASSETS
Property, Plant & Equipment $242.3M $255.8M
YoY Change -42.39% -47.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.527M $6.284M
YoY Change -87.05% -52.53%
Total Long-Term Assets $892.6M $824.2M
YoY Change -39.97% -63.33%
TOTAL ASSETS
Total Short-Term Assets $240.1M $257.2M
Total Long-Term Assets $892.6M $824.2M
Total Assets $1.133B $1.081B
YoY Change -49.45% -62.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $113.0M $116.5M
YoY Change 74.11% -72.81%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $187.2M $213.7M
YoY Change 153.58% -51.14%
LONG-TERM LIABILITIES
Long-Term Debt $37.68M $305.3M
YoY Change -91.43%
Other Long-Term Liabilities $1.703M $6.958M
YoY Change -53.03%
Total Long-Term Liabilities $39.38M $312.3M
YoY Change -91.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $187.2M $213.7M
Total Long-Term Liabilities $39.38M $312.3M
Total Liabilities $268.5M $568.5M
YoY Change -94.05% -86.17%
SHAREHOLDERS EQUITY
Retained Earnings -$259.7M -$334.0M
YoY Change -96.57% -95.22%
Common Stock $34.00K $20.00K
YoY Change -95.26% -96.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $864.2M $512.9M
YoY Change
Total Liabilities & Shareholders Equity $1.133B $1.081B
YoY Change -49.45% -62.99%

Cashflow Statement

Concept 2017 Q2 2016 Q4
OPERATING ACTIVITIES
Net Income $23.50M $2.340B
YoY Change -104.55% -398.52%
Depreciation, Depletion And Amortization $30.50M $37.90M
YoY Change -12.61% -40.03%
Cash From Operating Activities $39.70M $17.50M
YoY Change 68.22% 38.89%
INVESTING ACTIVITIES
Capital Expenditures -$45.30M -$51.70M
YoY Change -20.53% -84.38%
Acquisitions
YoY Change
Other Investing Activities $4.600M $11.80M
YoY Change -65.93% -44.08%
Cash From Investing Activities -$40.80M -$39.80M
YoY Change -5.99% -87.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.500M -456.3M
YoY Change -96.26% 694.95%
NET CHANGE
Cash From Operating Activities 39.70M 17.50M
Cash From Investing Activities -40.80M -39.80M
Cash From Financing Activities -1.500M -456.3M
Net Change In Cash -2.600M -478.6M
YoY Change -95.66% 34.93%
FREE CASH FLOW
Cash From Operating Activities $39.70M $17.50M
Capital Expenditures -$45.30M -$51.70M
Free Cash Flow $85.00M $69.20M
YoY Change 5.46% -79.86%

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Interim Financial Statements. <span style="font-family:inherit;font-size:10pt;">The unaudited condensed consolidated financial statements as of </span><span style="font-family:inherit;font-size:10pt;">December 31, 2016</span><span style="font-family:inherit;font-size:10pt;">, have been derived from and should be read in conjunction with the audited financial statements and notes contained in the Company’s </span><span style="font-family:inherit;font-size:10pt;">2016</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K. The unaudited condensed consolidated financial statements were also prepared in accordance with the accounting policies stated in the </span><span style="font-family:inherit;font-size:10pt;">2016</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements.     </span><br/>
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Reclassifications.<span style="font-family:inherit;font-size:10pt;"> Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. </span><br/>
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Use of Estimates.<span style="font-family:inherit;font-size:10pt;"> The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas and natural gas liquids (“NGL”) reserves; impairment tests of long-lived assets; depreciation, depletion and amortization; asset retirement obligations; determinations of significant alterations to the full cost pool and related estimates of fair value used to allocate the full cost pool net book value to divested properties, as necessary; income taxes; valuation of derivative instruments; contingencies; </span></div>and accrued revenue and related receivables. Although management believes these estimates are reasonable, actual results could differ significantly.
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