Financials

v3.8.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current Assets    
Cash and cash equivalents $ 1,013 $ 391
Accounts receivable, net 12,823 11,761
Prepaid expenses and other current assets 837 868
Inventories 507 576
Income tax receivable, current 57 57
Total current assets 15,237 13,653
Property and equipment, net 28,923 29,417
Income tax receivable, noncurrent 57 57
Other assets 1,157 1,123
TOTAL ASSETS 45,374 44,250
Current Liabilities    
Accounts payable and accrued liabilities 5,799 5,465
Current portion of long-term debt 178 182
Total current liabilities 5,977 5,647
Long-Term Liabilities    
Senior revolving credit facility 25,320 27,066
Subordinated debt 2,244 2,229
Long-term debt, less current portion 239 252
Warrant liability 1,265 831
Total long-term liabilities 29,068 30,378
Total liabilities 35,045 36,025
Commitments and Contingencies (Note 8)
Stockholders' Equity    
Preferred stock, $.005 par value, 10,000,000 shares authorized, no shares issued or outstanding 0 0
Common stock, $.005 par value, 100,000,000 shares authorized, 51,263,334 and 51,197,989 shares issued, respectively; 103,600 shares of treasury stock; and 51,159,734 and 51,094,389 shares outstanding, respectively 256 255
Additional paid-in capital 19,633 19,571
Accumulated deficit (9,560) (11,601)
Total stockholders' equity 10,329 8,225
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 45,374 $ 44,250
v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues    
Revenues $ 21,121,000 $ 13,775,000
Expenses    
Cost of Revenue 15,141,000 10,379,000
Sales, general, and administrative expenses 1,370,000 994,000
Patent litigation and defense costs 20,000 43,000
Severance and Transition Costs 40,000
Depreciation and amortization 1,589,000 1,576,000
Total operating expenses 18,160,000 12,992,000
Income from Operations 2,961,000 783,000
Other (Expense) Income    
Interest expense (500,000) (710,000)
Other (expense) income (420,000) 4,000
Total other expense (920,000) (706,000)
Income Before Tax Expense 2,041,000 77,000
Income Tax Expense (27,000)
Net Income $ 2,041,000 $ 50,000
Earnings per Common Share - Basic (in dollars per share) $ 0.04
Earnings per Common Share – Diluted (in dollars per share) $ 0.04
Basic weighted average number of common shares outstanding (in shares) 51,155,000 51,068,000
Add: Dilutive shares assuming exercise of options and warrants (in shares) 1,793,237
Diluted weighted average number of common shares outstanding (in shares) 52,948,000 51,068,000
Well Enhancement Services Segment [Member]    
Revenues    
Revenues $ 19,285,000 $ 11,984,000
Expenses    
Cost of Revenue 13,091,000 8,449,000
Depreciation and amortization 1,229,000 1,155,000
Water Transfer Services Segment [Member]    
Revenues    
Revenues 995,000 752,000
Expenses    
Cost of Revenue 957,000 676,000
Depreciation and amortization 263,000 232,000
Water Hauling Services Segment [Member]    
Revenues    
Revenues 841,000 885,000
Expenses    
Cost of Revenue 948,000 913,000
Depreciation and amortization 90,000 165,000
Unallocated and Other Segments [Member]    
Revenues    
Revenues 154,000
Expenses    
Cost of Revenue 145,000 341,000
Depreciation and amortization $ 7,000 $ 24,000
v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net income $ 2,041,000 $ 50,000
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 1,589,000 1,576,000
Deferred income taxes 90,000
Stock-based compensation 73,000 116,000
Change in fair value of warrant 434,000
Amortization of debt issuance costs and discount 38,000 256,000
Provision for bad debt expense 33,000 29,000
Changes in operating assets and liabilities    
Accounts receivable (1,095,000) (5,199,000)
Inventories 68,000 (2,000)
Prepaid expense and other current assets (13,000) 75,000
Income taxes receivable 224,000
Other assets (9,000) 11,000
Accounts payable and accrued liabilities 334,000 393,000
Net cash provided by (used in) operating activities 3,493,000 (2,381,000)
INVESTING ACTIVITIES    
Purchases of property and equipment (1,104,000) (621,000)
Proceeds from insurance claims 52,000
Net cash used in investing activities (1,052,000) (621,000)
FINANCING ACTIVITIES    
Net line of credit borrowings (1,787,000) 2,690,000
Stock issuance costs and registration fees (10,000)
Repayment of long-term debt (17,000) (116,000)
Payment of debt issuance costs for credit facilities (5,000) (50,000)
Net cash (used in) provided by financing activities (1,819,000) 2,524,000
Net Increase (Decrease) in Cash and Cash Equivalents 622,000 (478,000)
Cash and Cash Equivalents, beginning of period 391,000 621,000
Cash and Cash Equivalents, end of period 1,013,000 143,000
Supplemental cash flow information:    
Cash paid for interest 437,000 37,000
Cash (received) paid for taxes (222,000)
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Non-cash proceeds from revolving credit facilities $ 40,000 $ 415,000

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