Print Page  Close Window

SEC Filings

10-Q
KEY ENERGY SERVICES INC filed this Form 10-Q on 11/09/2017
Entire Document
 

PART I — FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
Key Energy Services, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
 
September 30,
2017
 
December 31,
2016
 
(unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
77,657

 
$
90,505

Restricted cash
8,700

 
24,707

Accounts receivable, net of allowance for doubtful accounts of $1,251 and $168, respectively
69,693

 
71,327

Inventories
19,846

 
22,269

Other current assets
17,418

 
25,762

Total current assets
193,314

 
234,570

Property and equipment
407,536

 
408,716

Accumulated depreciation
(64,829
)
 
(3,565
)
Property and equipment, net
342,707

 
405,151

Intangible assets, net
477

 
520

Other non-current assets
14,607

 
17,740

TOTAL ASSETS
$
551,105

 
$
657,981

LIABILITIES AND EQUITY

 

Current liabilities:

 

Accounts payable
$
11,967

 
$
10,357

Current portion of long-term debt
2,500

 
2,500

Other current liabilities
82,383

 
103,938

Total current liabilities
96,850

 
116,795

Long-term debt
243,610

 
245,477

Workers’ compensation, vehicular and health insurance liabilities
26,545

 
23,313

Other non-current liabilities
28,488

 
29,779

Commitments and contingencies

 

Equity:

 

Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued

 

Common stock, $0.01 par value; 100,000,000 shares authorized, 20,109,885 and 20,096,462 shares issued and outstanding
201

 
201

Additional paid-in capital
263,917

 
252,421

Accumulated other comprehensive loss

 
239

Retained deficit
(108,506
)
 
(10,244
)
Total equity
155,612

 
242,617

TOTAL LIABILITIES AND EQUITY
$
551,105

 
$
657,981

See the accompanying notes which are an integral part of these condensed consolidated financial statements.

4