Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 27, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | OIL STATES INTERNATIONAL, INC | |
Entity Central Index Key | 1,121,484 | |
Trading Symbol | ois | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 51,100,302 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Products | $ 82,750 | $ 111,656 | $ 155,930 | $ 214,254 |
Service | 88,652 | 64,193 | 166,939 | 131,250 |
171,402 | 175,849 | 322,869 | 345,504 | |
Costs and expenses: | ||||
Product costs | 59,309 | 83,939 | 109,659 | 152,512 |
Service costs | 72,539 | 52,461 | 141,101 | 112,703 |
Selling, general and administrative expense | 29,482 | 30,486 | 57,212 | 60,466 |
Depreciation and amortization expense | 27,784 | 29,415 | 55,764 | 59,817 |
Other operating (income) expense, net | 794 | (3,291) | 963 | (2,728) |
189,908 | 193,010 | 364,699 | 382,770 | |
Operating loss | (18,506) | (17,161) | (41,830) | (37,266) |
Interest expense | (1,149) | (1,315) | (2,223) | (2,760) |
Interest income | 85 | 110 | 170 | 202 |
Other income | 273 | 224 | 270 | 430 |
Loss from continuing operations before income taxes | (19,297) | (18,142) | (43,613) | (39,394) |
Income tax benefit | 5,051 | 6,437 | 11,689 | 14,453 |
Net loss from continuing operations | (14,246) | (11,705) | (31,924) | (24,941) |
Net loss from discontinued operations, net of tax | (1) | (4) | ||
Net loss attributable to Oil States | $ (14,246) | $ (11,706) | $ (31,924) | $ (24,945) |
Basic net loss per share attributable to Oil States from: | ||||
Continuing operations (in dollars per share) | $ (0.28) | $ (0.23) | $ (0.63) | $ (0.50) |
Discontinued operations (in dollars per share) | ||||
Net loss (in dollars per share) | (0.28) | (0.23) | (0.63) | (0.50) |
Diluted net loss per share attributable to Oil States from: | ||||
Continuing operations (in dollars per share) | (0.28) | (0.23) | (0.63) | (0.50) |
Discontinued operations (in dollars per share) | ||||
Net loss (in dollars per share) | $ (0.28) | $ (0.23) | $ (0.63) | $ (0.50) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 50,232 | 50,210 | 50,296 | 50,126 |
Diluted (in shares) | 50,232 | 50,210 | 50,296 | 50,126 |
Unaudited Consolidated Stateme3
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net loss | $ (14,246) | $ (11,706) | $ (31,924) | $ (24,945) |
Other comprehensive income (loss): | ||||
Currency translation adjustments | 5,139 | (8,870) | 8,633 | (7,317) |
Comprehensive loss attributable to Oil States | $ (9,107) | $ (20,576) | $ (23,291) | $ (32,262) |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 72,468 | $ 68,800 |
Accounts receivable, net | 213,075 | 234,513 |
Inventories, net | 169,622 | 175,490 |
Prepaid expenses and other current assets | 11,112 | 11,174 |
Total current assets | 466,277 | 489,977 |
Property, plant, and equipment, net | 522,815 | 553,402 |
Goodwill, net | 268,698 | 263,369 |
Other intangible assets, net | 52,111 | 52,746 |
Other noncurrent assets | 37,927 | 24,404 |
Total assets | 1,347,828 | 1,383,898 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current portion of long-term debt and capitalized leases | 522 | 538 |
Accounts payable | 34,957 | 34,207 |
Accrued liabilities | 41,817 | 45,018 |
Income taxes payable | 2,658 | 5,839 |
Deferred revenue | 20,506 | 21,315 |
Other current liabilities | 318 | 315 |
Total current liabilities | 100,778 | 107,232 |
Long-term debt and capitalized leases | 50,367 | 45,388 |
Deferred income taxes | 3,500 | 5,036 |
Other noncurrent liabilities | 22,696 | 21,935 |
Total liabilities | 177,341 | 179,591 |
Stockholders’ equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 62,722,686 shares and 62,295,870 shares issued, respectively | 627 | 623 |
Additional paid-in capital | 742,512 | 731,562 |
Retained earnings | 1,101,549 | 1,133,473 |
Accumulated other comprehensive loss | (61,667) | (70,300) |
Treasury stock, at cost, 11,626,979 and 10,921,509 shares, respectively | (612,534) | (591,051) |
Total stockholders’ equity | 1,170,487 | 1,204,307 |
Total liabilities and stockholders’ equity | $ 1,347,828 | $ 1,383,898 |
Consolidated Balance Sheets (C5
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 62,722,686 | 62,295,870 |
Treasury stock, shares (in shares) | 11,626,979 | 10,921,509 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2016 | $ 623 | $ 731,562 | $ 1,133,473 | $ (70,300) | $ (591,051) | $ 1,204,307 |
Net loss | (31,924) | (31,924) | ||||
Currency translation adjustments (excluding intercompany advances) | 8,149 | 8,149 | ||||
Currency translation adjustments on intercompany advances | 484 | 484 | ||||
Restricted stock | 4 | 10,243 | 10,247 | |||
Stock options | 707 | 707 | ||||
Stock repurchases | (16,283) | (16,283) | ||||
Surrender of stock to pay taxes on restricted stock awards | (5,200) | (5,200) | ||||
Balance at Jun. 30, 2017 | $ 627 | $ 742,512 | $ 1,101,549 | $ (61,667) | $ (612,534) | $ 1,170,487 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (31,924) | $ (24,945) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Loss from discontinued operations | 4 | |
Depreciation and amortization | 55,764 | 59,817 |
Stock-based compensation expense | 10,954 | 10,569 |
Deferred income tax benefit | (14,917) | (20,206) |
Provision for bad debt | 210 | 784 |
Gain on disposals of assets | (210) | (372) |
Amortization of deferred financing costs | 405 | 390 |
Other, net | 29 | 665 |
Changes in operating assets and liabilities, net of effect from acquired businesses: | ||
Accounts receivable | 23,404 | 62,321 |
Inventories | 8,689 | 7,677 |
Accounts payable and accrued liabilities | (3,075) | (14,798) |
Income taxes payable | (3,211) | 5,908 |
Other operating assets and liabilities, net | (1,191) | (5,688) |
Net cash flows provided by continuing operating activities | 44,927 | 82,126 |
Net cash flows used in discontinued operating activities | (6) | |
Net cash flows provided by operating activities | 44,927 | 82,120 |
Cash flows from investing activities: | ||
Capital expenditures | (13,291) | (18,398) |
Acquisitions of businesses | (12,859) | |
Proceeds from disposition of property, plant and equipment | 742 | 546 |
Other, net | (453) | (1,551) |
Net cash flows used in investing activities | (25,861) | (19,403) |
Cash flows from financing activities: | ||
Revolving credit facility borrowings (repayments), net | 4,825 | (42,422) |
Debt and capital lease repayments | (267) | (263) |
Purchase of treasury stock | (16,283) | |
Issuance of common stock from stock-based payment arrangements | 366 | |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | (5,200) | (3,924) |
Net cash flows used in financing activities | (16,925) | (46,243) |
Effect of exchange rate changes on cash and cash equivalents | 1,527 | (490) |
Net change in cash and cash equivalents | 3,668 | 15,984 |
Cash and cash equivalents, beginning of period | 68,800 | 35,973 |
Cash and cash equivalents, end of period | $ 72,468 | $ 51,957 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. O rganization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its subsidiaries (referred to in this report as “we” or the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions, upon which the financial statements are based, change in future periods, actual amounts may During the first 2017, 12, no The financial statements included in this report should be read in conjunction with the Company’s audited financial statements and accompanying notes included in its Annual Report on Form 10 December 31, 2016 “2016 10 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. R ecent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not not In May 2014, January 1, 2018, not not 2018 In February 2016, not January 1, 2019. December 31, 2016 14, 2016 10 In March 2016, January 1, 2017. no first six 2017 not In January 2017, no January 1, 2017. January 1, 2017. In January 2017, not January 1, 2017. |
Note 3 - Details of Selected Ba
Note 3 - Details of Selected Balance Sheet Accounts | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 3. D etails of Selected Balance Sheet Accounts Additional information regarding selected balance sheet accounts at June 30, 2017 December 31, 2016 June 30 , D ecember 31, 201 7 201 6 Accounts receivable, net: Trade $ 160,482 $ 173,087 Unbilled revenue 56,007 64,564 Other 4,803 5,372 Total accounts receivable 221,292 243,023 Allowance for doubtful accounts (8,217 ) (8,510 ) $ 213,075 $ 234,513 June 30 , D ecember 31, 201 7 201 6 Inventories, net: Finished goods and purchased products $ 84,191 $ 87,241 Work in process 31,618 30,584 Raw materials 69,357 72,514 Total inventories 185,166 190,339 Allowance for excess or obsolete inventory (15,544 ) (14,849 ) $ 169,622 $ 175,490 Estimated June 30 , D ecember 31, Useful Life (years) 201 7 201 6 Property, plant and equipment, net: Land $ 31,888 $ 31,683 Buildings and leasehold improvements 3 - 40 230,463 227,642 Machinery and equipment 2 - 28 463,786 455,873 Completion services equipment 2 - 10 425,606 429,845 Office furniture and equipment 3 - 10 44,115 42,827 Vehicles 2 - 10 120,297 121,317 Construction in progress 34,137 27,519 Total property, plant and equipment 1,350,292 1,336,706 Accumulated depreciation (827,477 ) (783,304 ) $ 522,815 $ 553,402 June 30 , D ecember 31, 201 7 201 6 Other noncurrent assets : Deferred compensation plan $ 19,588 $ 18,772 Deferred income taxes 12,952 120 Other 5,387 5,512 $ 37,927 $ 24,404 June 30 , D ecember 31, 201 7 201 6 Accrued liabilities: Accrued compensation $ 18,152 $ 23,131 Insurance liabilities 7,602 8,099 Accrued taxes, other than income taxes 5,983 2,461 Accrued leasehold restoration liability 807 766 Accrued product warranty reserves 764 1,113 Accrued commissions 1,568 1,305 Accrued claims 1,416 1,578 Other 5,525 6,565 $ 41,817 $ 45,018 |
Note 4 - Accumulated Other Comp
Note 4 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 4. A ccumulated Other Comprehensive Loss Accumulated other comprehensive loss, reported as a component of stockholders’ equity, decreased from $70.3 December 31, 2016 $61.7 June 30, 2017, six June 30, 2017 2016, June 30, 2017, 5% 3%, December 31, 2016, 2% $8.6 six June 30, 2017. During the first 2016, 10% 7% 19%, $7.3 |
Note 5 - Net Loss Per Share
Note 5 - Net Loss Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Net Loss Per Share The table below provides a reconciliation of the numerators and denominators of basic and diluted net loss per share for the three six June 30, 2017 2016 Three Months Ended Six Months Ended June 30, June 30, 201 7 201 6 201 7 201 6 Numerators: Net loss from continuing operations $ (14,246 ) $ (11,705 ) $ (31,924 ) $ (24,941 ) Less: Income attributable to unvested restricted stock awards – – – – Numerator for basic net loss per share from continuing operations (14,246 ) (11,705 ) (31,924 ) (24,941 ) Net loss from discontinued operations, net of tax – (1 ) – (4 ) Numerator for basic net loss per share attributable to Oil S tates (14,246 ) (11,706 ) (31,924 ) (24,945 ) Effect of dilutive securities: Unvested restricted stock awards – – – – Numerator for diluted net loss per share attributable to Oil States $ (14,246 ) $ (11,706 ) $ (31,924 ) $ (24,945 ) Denominators: Weighted average number of common shares outstanding 51,350 51,348 51,421 51,254 Less: Weighted average number of unvested restricted stock awards outstanding (1,118 ) (1,138 ) (1,125 ) (1,128 ) Denominator for basic net loss per s hare attributable to Oil States 50,232 50,210 50,296 50,126 Effect of dilutive securities: Unvested restricted stock awards – – – – Assumed exercise of stock options – – – – – – – – Denominator for diluted net loss per share attributable to Oil States 50,232 50,210 50,296 50,126 Basic net loss per share attributable to Oil States from : Continuing operations $ (0.28 ) $ (0.23 ) $ (0.63 ) $ (0.50 ) Discontinued operations – – – – Net loss $ (0.28 ) $ (0.23 ) $ (0.63 ) $ (0.50 ) Diluted net loss per share attributable to Oil States from : Continuing operations $ (0.28 ) $ (0.23 ) $ (0.63 ) $ (0.50 ) Discontinued operations – – – – Net loss $ (0.28 ) $ (0.23 ) $ (0.63 ) $ (0.50 ) The calculation of diluted net loss per share for the three six June 30, 2017 715 718 three six June 30, 2016 757 759 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions and Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. B usiness Acquisitions and Goodwill In January 2017, In April 2017, Using cash on hand, consideration paid in connection with these transactions totaled $12.9 no Changes in the carrying amount of goodwill for the six June 30, 2017 Well Site Services Completion Services Drilling Services Subtotal Offshore / Manufactured Products Total Balance as of December 31, 2016 Goodwill $ 199,278 $ 22,767 $ 222,045 $ 158,619 $ 380,664 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) 104,750 – 104,750 158,619 263,369 Goodwill acquired – – – 4,698 4,698 Foreign currency translation 353 – 353 278 631 Balance as of June 30, 2017 $ 105,103 $ – $ 105,103 $ 163,595 $ 268,698 Balance as of June 30, 2017 Goodwill $ 199,631 $ 22,767 $ 222,398 $ 163,595 $ 385,993 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) $ 105,103 $ – $ 105,103 $ 163,595 $ 268,698 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Long-term Debt As of June 30, 2017 December 31, 2016, June 30 , 201 7 December 31, 201 6 Revolving credit facility (1) $ 45,460 $ 40,230 Capital lease obligations and other debt 5,429 5,696 Total debt 50,889 45,926 Less: Current portion (522 ) (538 ) Total long-term debt and capitalized leases $ 50,367 $ 45,388 ( 1 Amounts presented are net of $1.6 $2.0 Revolving Credit Facility The Company has a $600 $750 May 28, 2019. June 30, 2017, $47.0 $24.0 $128.0 June 30, 2017, 2017 twelve The Revolving Credit Facility is governed by a Credit Agreement dated as of May 28, 2014, 1.50% 2.50%, 0.50% 1.50%, first 2017, 1.50%. 0.375% first 2017. 3.0 1.0 no 3.25 1.0. June 30, 2017, Borrowings under the Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our domestic subsidiaries. Our obligations under the Credit Agreement are guaranteed by our significant domestic subsidiaries. The Revolving Credit Facility also contains negative covenants that limit the Company's ability to borrow additional funds, encumber assets, pay dividends, sell assets and enter into other significant transactions. Under the Credit Agreement, the occurrence of specified change of control events involving our Company would constitute an event of default that would permit the banks to, among other things, accelerate the maturity of the facility and cause it to become immediately due and payable in full. |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value Measurements The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables, bank debt and foreign currency forward contracts. The Company believes that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values. |
Note 9 - Changes in Common Stoc
Note 9 - Changes in Common Stock Outstanding | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Changes in Common Stock Outstanding Shares of common stock outstanding – December 31, 2016 51,374,361 Restricted stock awards, net of forfeitures 426,816 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (143,705 ) Purchase of treasury stock (561,765 ) Shares of common stock outstanding – June 30, 2017 51,095,707 On July 29, 2015, $150.0 July 29, 2017. July 26, 2017, one July 29, 2018. second 2017, 562 $16.3 June 30, 2017 $120.5 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Stock-based Compensation The following table presents a summary of activity for stock options, service-based restricted stock awards and performance-based stock unit awards for the six June 30, 2017. Stock Options Service-based Restricted Stock Performance-based Stock Units Outstanding at December 31, 2016 715,095 1,140,489 157,925 Granted – 468,544 74,758 Restricted stock awards vested – (453,625 ) – Forfeited (19,182 ) (41,728 ) – Outstanding at June 30, 2017 695,913 1,113,680 232,683 Weighted average grant date fair value (2017 awards) $ – $ 39.71 $ 62.66 The restricted stock program consists of a combination of service-based restricted stock and performance-based stock units. The service-based restricted stock awards generally vest on a straight-line basis over their term, which is generally three four three 200% may no 2017 2016 2015 2015 80 2017. Stock-based compensation pre-tax expense recognized in the three June 30, 2017 2016 $6.0 $5.5 six June 30, 2017 2016 $11.0 $10.6 June 30, 2017, $39.6 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Income Taxes The income tax provision for interim periods is based on estimates of the effective tax rate for the entire fiscal year. The Company’s income tax provision for the three six June 30, 2017 $5.1 26.2% $11.7 26.8% $6.4 35.5% $14.5 36.7% three six June 30, 2016. first 2017 The Company records a valuation allowance in each reporting period when management believes that it is more likely than not not 2016 first six 2017, |
Note 12 - Segments and Related
Note 12 - Segments and Related Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. Segments and Related Information The Company operates through two Our Well Site Services segment provides a broad range of equipment and services that are used to drill for, establish and maintain the flow of oil and natural gas from a well throughout its life cycle. In this segment, our operations primarily include completion-focused equipment and services as well as land drilling services. Our Completion Services operations provide solutions to our customers using our fleet of completion tools and highly-trained personnel throughout our service offerings which include: wireline support, frac stacks, isolations tools, extended reach tools, ball launchers, well testing operations, thru tubing activity and sand control. Drilling Services provides land drilling services for shallow to medium depth wells in West Texas and the Rocky Mountain region of the United States. Our Offshore/Manufactured Products segment designs, manufactures and markets capital equipment utilized on floating production systems, subsea pipeline infrastructure, and offshore drilling rigs and vessels, along with short-cycle and other products. Driven principally by longer-term customer investments for offshore oil and natural gas projects, “project-driven product” revenues include: flexible bearings, advanced connector systems, high-pressure riser systems, deepwater mooring systems, cranes, subsea pipeline products and blow-out preventer stack integration. “Short-cycle products” manufactured by the segment include: valves, elastomers and other specialty products generally used in the land-based drilling and completion markets. “Other products,” manufactured and offered by the segment, include a variety of products for use in industrial, military and other applications outside the oil and gas industry. The segment also offers a broad line of complementary, value-added services including: specialty welding, fabrication, cladding and machining services, offshore installation services, and inspection and repair services. Financial information by business segment for the three six June 30, 2017 2016 Revenues Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Three months ended June 30 , 201 7 Well Site Services – Completion Services $ 57,890 $ 16,193 $ (12,547 ) $ – $ 3,621 $ 446,807 Drilling Services 11,477 4,794 (3,787 ) – 815 73,906 Total Well Site Services 69,367 20,987 (16,334 ) – 4,436 520,713 Offshore/Manufactured Products 102,035 6,534 10,662 (31 ) 2,907 784,891 Corporate – 263 (12,834 ) – 131 42,224 Total $ 171,402 $ 27,784 $ (18,506 ) $ (31 ) $ 7,474 $ 1,347,828 Revenues Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Three months ended June 30 , 201 6 Well Site Services – Completion Services $ 36,824 $ 17,615 $ (21,466 ) $ - $ 2,129 $ 489,750 Drilling Services 3,869 5,902 (5,951 ) - 246 87,001 Total Well Site Services 40,693 23,517 (27,417 ) - 2,375 576,751 Offshore/Manufactured Products 135,156 5,611 21,676 (97 ) 5,583 877,609 Corporate - 287 (11,420 ) - 160 28,476 Total $ 175,849 $ 29,415 $ (17,161 ) $ (97 ) $ 8,118 $ 1,482,836 The Company has one 16% 15% three six June 30, 2017, 11% June 30, 2017. Revenues Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Six months ended June 30 , 201 7 Well Site Services – Completion Services $ 106,562 $ 32,721 $ (29,027 ) $ – $ 6,113 $ 446,807 Drilling Services 22,958 9,829 (8,004 ) – 1,107 73,906 Total Well Site Services 129,520 42,550 (37,031 ) – 7,220 520,713 Offshore/Manufactured Products 193,349 12,687 20,126 (29 ) 5,929 784,891 Corporate – 527 (24,925 ) – 142 42,224 Total $ 322,869 $ 55,764 $ (41,830 ) $ (29 ) $ 13,291 $ 1,347,828 Revenues Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Six months ended June 30 , 201 6 Well Site Services – Completion Services $ 77,773 $ 35,558 $ (45,801 ) $ - $ 6,667 $ 489,750 Drilling Services 6,641 12,424 (14,056 ) - 499 87,001 Total Well Site Services 84,414 47,982 (59,857 ) - 7,166 576,751 Offshore/Manufactured Products 261,090 11,265 44,987 (119 ) 10,974 877,609 Corporate - 570 (22,396 ) - 258 28,476 Total $ 345,504 $ 59,817 $ (37,266 ) $ (119 ) $ 18,398 $ 1,482,836 The following table provides supplemental revenue information for the Offshore/Manufactured Products segment for the three six June 30, 2017 2016 Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Project-driven products $ 34,582 $ 83,767 $ 66,917 $ 157,899 Short-cycle products 40,020 18,579 73,091 39,267 Other products and services 27,433 32,810 53,341 63,924 $ 102,035 $ 135,156 $ 193,349 $ 261,090 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Commitments and Contingencies In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state and local levels. Over recent years, a number of lawsuits were filed in Federal Court, against the Company and or one November 19, 2015. not We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of our products or operations. Some of these claims relate to matters occurring prior to our acquisition of businesses, and some relate to businesses we have sold. In certain cases, we are entitled to indemnification from the sellers of businesses and, in other cases, we have indemnified the buyers of businesses from us. Although we can give no may not not |
Note 3 - Details of Selected 21
Note 3 - Details of Selected Balance Sheet Accounts (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30 , D ecember 31, 201 7 201 6 Accounts receivable, net: Trade $ 160,482 $ 173,087 Unbilled revenue 56,007 64,564 Other 4,803 5,372 Total accounts receivable 221,292 243,023 Allowance for doubtful accounts (8,217 ) (8,510 ) $ 213,075 $ 234,513 |
Schedule of Inventory, Current [Table Text Block] | June 30 , D ecember 31, 201 7 201 6 Inventories, net: Finished goods and purchased products $ 84,191 $ 87,241 Work in process 31,618 30,584 Raw materials 69,357 72,514 Total inventories 185,166 190,339 Allowance for excess or obsolete inventory (15,544 ) (14,849 ) $ 169,622 $ 175,490 |
Property, Plant and Equipment [Table Text Block] | Estimated June 30 , D ecember 31, Useful Life (years) 201 7 201 6 Property, plant and equipment, net: Land $ 31,888 $ 31,683 Buildings and leasehold improvements 3 - 40 230,463 227,642 Machinery and equipment 2 - 28 463,786 455,873 Completion services equipment 2 - 10 425,606 429,845 Office furniture and equipment 3 - 10 44,115 42,827 Vehicles 2 - 10 120,297 121,317 Construction in progress 34,137 27,519 Total property, plant and equipment 1,350,292 1,336,706 Accumulated depreciation (827,477 ) (783,304 ) $ 522,815 $ 553,402 |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 30 , D ecember 31, 201 7 201 6 Other noncurrent assets : Deferred compensation plan $ 19,588 $ 18,772 Deferred income taxes 12,952 120 Other 5,387 5,512 $ 37,927 $ 24,404 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30 , D ecember 31, 201 7 201 6 Accrued liabilities: Accrued compensation $ 18,152 $ 23,131 Insurance liabilities 7,602 8,099 Accrued taxes, other than income taxes 5,983 2,461 Accrued leasehold restoration liability 807 766 Accrued product warranty reserves 764 1,113 Accrued commissions 1,568 1,305 Accrued claims 1,416 1,578 Other 5,525 6,565 $ 41,817 $ 45,018 |
Note 5 - Net Loss Per Share (Ta
Note 5 - Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 201 7 201 6 201 7 201 6 Numerators: Net loss from continuing operations $ (14,246 ) $ (11,705 ) $ (31,924 ) $ (24,941 ) Less: Income attributable to unvested restricted stock awards – – – – Numerator for basic net loss per share from continuing operations (14,246 ) (11,705 ) (31,924 ) (24,941 ) Net loss from discontinued operations, net of tax – (1 ) – (4 ) Numerator for basic net loss per share attributable to Oil S tates (14,246 ) (11,706 ) (31,924 ) (24,945 ) Effect of dilutive securities: Unvested restricted stock awards – – – – Numerator for diluted net loss per share attributable to Oil States $ (14,246 ) $ (11,706 ) $ (31,924 ) $ (24,945 ) Denominators: Weighted average number of common shares outstanding 51,350 51,348 51,421 51,254 Less: Weighted average number of unvested restricted stock awards outstanding (1,118 ) (1,138 ) (1,125 ) (1,128 ) Denominator for basic net loss per s hare attributable to Oil States 50,232 50,210 50,296 50,126 Effect of dilutive securities: Unvested restricted stock awards – – – – Assumed exercise of stock options – – – – – – – – Denominator for diluted net loss per share attributable to Oil States 50,232 50,210 50,296 50,126 Basic net loss per share attributable to Oil States from : Continuing operations $ (0.28 ) $ (0.23 ) $ (0.63 ) $ (0.50 ) Discontinued operations – – – – Net loss $ (0.28 ) $ (0.23 ) $ (0.63 ) $ (0.50 ) Diluted net loss per share attributable to Oil States from : Continuing operations $ (0.28 ) $ (0.23 ) $ (0.63 ) $ (0.50 ) Discontinued operations – – – – Net loss $ (0.28 ) $ (0.23 ) $ (0.63 ) $ (0.50 ) |
Note 6 - Business Acquisition23
Note 6 - Business Acquisitions and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Well Site Services Completion Services Drilling Services Subtotal Offshore / Manufactured Products Total Balance as of December 31, 2016 Goodwill $ 199,278 $ 22,767 $ 222,045 $ 158,619 $ 380,664 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) 104,750 – 104,750 158,619 263,369 Goodwill acquired – – – 4,698 4,698 Foreign currency translation 353 – 353 278 631 Balance as of June 30, 2017 $ 105,103 $ – $ 105,103 $ 163,595 $ 268,698 Balance as of June 30, 2017 Goodwill $ 199,631 $ 22,767 $ 222,398 $ 163,595 $ 385,993 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) $ 105,103 $ – $ 105,103 $ 163,595 $ 268,698 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30 , 201 7 December 31, 201 6 Revolving credit facility (1) $ 45,460 $ 40,230 Capital lease obligations and other debt 5,429 5,696 Total debt 50,889 45,926 Less: Current portion (522 ) (538 ) Total long-term debt and capitalized leases $ 50,367 $ 45,388 |
Note 9 - Changes in Common St25
Note 9 - Changes in Common Stock Outstanding (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Shares of common stock outstanding – December 31, 2016 51,374,361 Restricted stock awards, net of forfeitures 426,816 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (143,705 ) Purchase of treasury stock (561,765 ) Shares of common stock outstanding – June 30, 2017 51,095,707 |
Note 10 - Stock-based Compens26
Note 10 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Options Service-based Restricted Stock Performance-based Stock Units Outstanding at December 31, 2016 715,095 1,140,489 157,925 Granted – 468,544 74,758 Restricted stock awards vested – (453,625 ) – Forfeited (19,182 ) (41,728 ) – Outstanding at June 30, 2017 695,913 1,113,680 232,683 Weighted average grant date fair value (2017 awards) $ – $ 39.71 $ 62.66 |
Note 12 - Segments and Relate27
Note 12 - Segments and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Revenues Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Three months ended June 30 , 201 7 Well Site Services – Completion Services $ 57,890 $ 16,193 $ (12,547 ) $ – $ 3,621 $ 446,807 Drilling Services 11,477 4,794 (3,787 ) – 815 73,906 Total Well Site Services 69,367 20,987 (16,334 ) – 4,436 520,713 Offshore/Manufactured Products 102,035 6,534 10,662 (31 ) 2,907 784,891 Corporate – 263 (12,834 ) – 131 42,224 Total $ 171,402 $ 27,784 $ (18,506 ) $ (31 ) $ 7,474 $ 1,347,828 Revenues Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Three months ended June 30 , 201 6 Well Site Services – Completion Services $ 36,824 $ 17,615 $ (21,466 ) $ - $ 2,129 $ 489,750 Drilling Services 3,869 5,902 (5,951 ) - 246 87,001 Total Well Site Services 40,693 23,517 (27,417 ) - 2,375 576,751 Offshore/Manufactured Products 135,156 5,611 21,676 (97 ) 5,583 877,609 Corporate - 287 (11,420 ) - 160 28,476 Total $ 175,849 $ 29,415 $ (17,161 ) $ (97 ) $ 8,118 $ 1,482,836 Revenues Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Six months ended June 30 , 201 7 Well Site Services – Completion Services $ 106,562 $ 32,721 $ (29,027 ) $ – $ 6,113 $ 446,807 Drilling Services 22,958 9,829 (8,004 ) – 1,107 73,906 Total Well Site Services 129,520 42,550 (37,031 ) – 7,220 520,713 Offshore/Manufactured Products 193,349 12,687 20,126 (29 ) 5,929 784,891 Corporate – 527 (24,925 ) – 142 42,224 Total $ 322,869 $ 55,764 $ (41,830 ) $ (29 ) $ 13,291 $ 1,347,828 Revenues Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Six months ended June 30 , 201 6 Well Site Services – Completion Services $ 77,773 $ 35,558 $ (45,801 ) $ - $ 6,667 $ 489,750 Drilling Services 6,641 12,424 (14,056 ) - 499 87,001 Total Well Site Services 84,414 47,982 (59,857 ) - 7,166 576,751 Offshore/Manufactured Products 261,090 11,265 44,987 (119 ) 10,974 877,609 Corporate - 570 (22,396 ) - 258 28,476 Total $ 345,504 $ 59,817 $ (37,266 ) $ (119 ) $ 18,398 $ 1,482,836 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Project-driven products $ 34,582 $ 83,767 $ 66,917 $ 157,899 Short-cycle products 40,020 18,579 73,091 39,267 Other products and services 27,433 32,810 53,341 63,924 $ 102,035 $ 135,156 $ 193,349 $ 261,090 |
Note 3 - Details of Selected 28
Note 3 - Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts receivable, gross | $ 221,292 | $ 243,023 |
Allowance for doubtful accounts | (8,217) | (8,510) |
213,075 | 234,513 | |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 160,482 | 173,087 |
Unbilled Revenue [Member] | ||
Accounts receivable, gross | 56,007 | 64,564 |
Other Receivables [Member] | ||
Accounts receivable, gross | $ 4,803 | $ 5,372 |
Note 3 - Details of Selected 29
Note 3 - Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventories, net: | ||
Finished goods and purchased products | $ 84,191 | $ 87,241 |
Work in process | 31,618 | 30,584 |
Raw materials | 69,357 | 72,514 |
Total inventories | 185,166 | 190,339 |
Allowance for excess or obsolete inventory | (15,544) | (14,849) |
$ 169,622 | $ 175,490 |
Note 3 - Details of Selected 30
Note 3 - Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Property, plant, and equipment, gross | $ 1,350,292 | $ 1,336,706 |
Accumulated depreciation | (827,477) | (783,304) |
Property, plant, and equipment, net | 522,815 | 553,402 |
Land [Member] | ||
Property, plant, and equipment, gross | 31,888 | 31,683 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | $ 230,463 | 227,642 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 40 years | |
Machinery and Equipment [Member] | ||
Property, plant, and equipment, gross | $ 463,786 | 455,873 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 28 years | |
Completion Services Equipment [Member] | ||
Property, plant, and equipment, gross | $ 425,606 | 429,845 |
Completion Services Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Completion Services Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | $ 44,115 | 42,827 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Vehicles [Member] | ||
Property, plant, and equipment, gross | $ 120,297 | 121,317 |
Vehicles [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Vehicles [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 34,137 | $ 27,519 |
Note 3 - Details of Selected 31
Note 3 - Details of Selected Balance Sheet Accounts - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Other noncurrent assets: | ||
Deferred compensation plan | $ 19,588 | $ 18,772 |
Deferred income taxes | 12,952 | 120 |
Other | 5,387 | 5,512 |
$ 37,927 | $ 24,404 |
Note 3 - Details of Selected 32
Note 3 - Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued liabilities: | ||
Accrued compensation | $ 18,152 | $ 23,131 |
Insurance liabilities | 7,602 | 8,099 |
Accrued taxes, other than income taxes | 5,983 | 2,461 |
Accrued leasehold restoration liability | 807 | 766 |
Accrued product warranty reserves | 764 | 1,113 |
Accrued commissions | 1,568 | 1,305 |
Accrued claims | 1,416 | 1,578 |
Other | 5,525 | 6,565 |
$ 41,817 | $ 45,018 |
Note 4 - Accumulated Other Co33
Note 4 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | $ 5,139 | $ (8,870) | $ 8,633 | $ (7,317) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (61,667) | $ (61,667) | $ (70,300) | ||
United Kingdom, Pounds | |||||
Exchange Rate, Weakened | 10.00% | 10.00% | |||
Exchange Rate, Strengthened | 5.00% | 5.00% | |||
Canada, Dollars | |||||
Exchange Rate, Strengthened | 3.00% | 7.00% | 3.00% | 7.00% | |
Brazil, Brazil Real | |||||
Exchange Rate, Weakened | 2.00% | 2.00% | |||
Exchange Rate, Strengthened | 19.00% | 19.00% |
Note 5 - Net Loss Per Share (De
Note 5 - Net Loss Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 715 | 757 | 718 | 759 |
Note 5 - Net Loss Per Share - S
Note 5 - Net Loss Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net loss from continuing operations | $ (14,246) | $ (11,705) | $ (31,924) | $ (24,941) |
Less: Income attributable to unvested restricted stock awards | ||||
Numerator for basic net loss per share from continuing operations | (14,246) | (11,705) | (31,924) | (24,941) |
Net loss from discontinued operations, net of tax | (1) | (4) | ||
Numerator for basic net loss per share attributable to Oil States | (14,246) | (11,706) | (31,924) | (24,945) |
Unvested restricted stock awards | ||||
Numerator for diluted net loss per share attributable to Oil States | $ (14,246) | $ (11,706) | $ (31,924) | $ (24,945) |
Weighted average number of common shares outstanding (in shares) | 51,350 | 51,348 | 51,421 | 51,254 |
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) | (1,118) | (1,138) | (1,125) | (1,128) |
Denominator for basic net loss per share attributable to Oil States (in shares) | 50,232 | 50,210 | 50,296 | 50,126 |
Denominator for diluted net loss per share attributable to Oil States (in shares) | 50,232 | 50,210 | 50,296 | 50,126 |
Basic net loss per share attributable to Oil States from: | ||||
Continuing operations (in dollars per share) | $ (0.28) | $ (0.23) | $ (0.63) | $ (0.50) |
Discontinued operations (in dollars per share) | ||||
Net loss (in dollars per share) | (0.28) | (0.23) | (0.63) | (0.50) |
Diluted net loss per share attributable to Oil States from: | ||||
Continuing operations (in dollars per share) | (0.28) | (0.23) | (0.63) | (0.50) |
Discontinued operations (in dollars per share) | ||||
Net loss (in dollars per share) | $ (0.28) | $ (0.23) | $ (0.63) | $ (0.50) |
Restricted Stock [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | ||||
Employee Stock Option [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) |
Note 6 - Business Acquisition36
Note 6 - Business Acquisitions and Goodwill (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Payments to Acquire Businesses, Gross | $ 12,859 | |
Offshore/Manufactured Products [Member] | ||
Payments to Acquire Businesses, Gross | $ 12,900 |
Note 6 - Business Acquisition37
Note 6 - Business Acquisitions and Goodwill - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Goodwill, gross | $ 385,993 | $ 380,664 | |
Accumulated impairment losses | (117,295) | (117,295) | |
Goodwill | $ 263,369 | ||
Goodwill acquired | 4,698 | ||
Foreign currency translation | 631 | ||
Goodwill | 268,698 | ||
Goodwill, net | 268,698 | 268,698 | 263,369 |
Well Site Services Completion Services [Member] | |||
Goodwill, gross | 199,631 | 199,278 | |
Accumulated impairment losses | (94,528) | (94,528) | |
Goodwill | 104,750 | ||
Goodwill acquired | |||
Foreign currency translation | 353 | ||
Goodwill | 105,103 | ||
Goodwill, net | 104,750 | 105,103 | 104,750 |
Well Site Services Drilling Services [Member] | |||
Goodwill, gross | 22,767 | 22,767 | |
Accumulated impairment losses | (22,767) | (22,767) | |
Goodwill | |||
Goodwill acquired | |||
Foreign currency translation | |||
Goodwill | |||
Goodwill, net | |||
Total Well Site Services [Member] | |||
Goodwill, gross | 222,398 | 222,045 | |
Accumulated impairment losses | (117,295) | (117,295) | |
Goodwill | 104,750 | ||
Goodwill acquired | |||
Foreign currency translation | 353 | ||
Goodwill | 105,103 | ||
Goodwill, net | 104,750 | 105,103 | 104,750 |
Offshore/Manufactured Products [Member] | |||
Goodwill, gross | 163,595 | 158,619 | |
Accumulated impairment losses | |||
Goodwill | 158,619 | ||
Goodwill acquired | 4,698 | ||
Foreign currency translation | 278 | ||
Goodwill | 163,595 | ||
Goodwill, net | $ 158,619 | $ 163,595 | $ 158,619 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) $ in Millions | Oct. 03, 2016 | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | May 28, 2014USD ($) |
Debt Issuance Costs, Net | $ 1.6 | $ 2 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | |||
Long-term Line of Credit | 47 | |||
Letters of Credit Outstanding, Amount | 24 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 128 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||
Debt Instrument, Covenant, Minimum Interest Coverage Ratio | 3 | |||
Debt Instrument, Covenant, Maximum Leverage Ratio | 3.25 | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | |||
Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note 7 - Long-term Debt- Summar
Note 7 - Long-term Debt- Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Capital lease obligations and other debt | $ 5,429 | $ 5,696 | |
Total debt | 50,889 | 45,926 | |
Less: Current portion | (522) | (538) | |
Total long-term debt and capitalized leases | 50,367 | 45,388 | |
Revolving Credit Facility [Member] | |||
Revolving credit facility | [1] | $ 45,460 | $ 40,230 |
[1] | Amounts presented are net of $1.6 million and $2.0 million, respectively, of unamortized debt issuance costs. |
Note 9 - Changes in Common St40
Note 9 - Changes in Common Stock Outstanding (Details Textual) - USD ($) $ in Thousands | Jul. 26, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Jul. 29, 2015 |
Stock Repurchase Program, Authorized Amount | $ 150,000 | |||
Treasury Stock, Shares, Acquired | 562,000 | 561,765 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 16,300 | $ 16,283 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 120,500 | $ 120,500 | ||
Subsequent Event [Member] | ||||
Stock Repurchase Program, Period in Force | 1 year |
Note 9 - Changes in Common St41
Note 9 - Changes in Common Stock Outstanding - Common Stock Outstanding Activity (Details) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Shares of common stock outstanding – December 31, 2016 (in shares) | 51,374,361 | |
Restricted stock awards, net of forfeitures (in shares) | 426,816 | |
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (in shares) | (143,705) | |
Purchase of treasury stock (in shares) | (562,000) | (561,765) |
Shares of common stock outstanding – June 30, 2017 (in shares) | 51,095,707 | 51,095,707 |
Note 10 - Stock-based Compens42
Note 10 - Stock-based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | |
Allocated Share-based Compensation Expense | $ 6 | $ 5.5 | $ 11 | $ 10.6 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 39.6 | $ 39.6 | |||
Service-based Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Service-based Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Performance-based Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional Performance-based Shares to Be Issued if Current Period Metrics Achieved, Maximum Target Award, Percentage | 200.00% | 200.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional Performance-based Shares to be Issued if Current Period Metrics Achieved | 80 |
Note 10 - Stock-based Compens43
Note 10 - Stock-based Compensation - Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Outstanding, stock options (in shares) | 715,095 |
Forfeited, stock options (in shares) | (19,182) |
Outstanding, stock options (in shares) | 695,913 |
Service-based Restricted Stock [Member] | |
Outstanding, service-based restricted stock (in shares) | 1,140,489 |
Granted, service-based restricted stock (in shares) | 468,544 |
Restricted stock awards vested, service-based restricted stock (in shares) | (453,625) |
Outstanding, service-based restricted stock (in shares) | 1,113,680 |
Weighted average grant date fair value (2017 awards), service-based restricted stock (in dollars per share) | $ / shares | $ 39.71 |
Forfeited, service-based restricted stock (in shares) | (41,728) |
Performance-based Restricted Stock [Member] | |
Outstanding, service-based restricted stock (in shares) | 157,925 |
Granted, service-based restricted stock (in shares) | 74,758 |
Outstanding, service-based restricted stock (in shares) | 232,683 |
Weighted average grant date fair value (2017 awards), service-based restricted stock (in dollars per share) | $ / shares | $ 62.66 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Expense (Benefit) | $ (5,051) | $ (6,437) | $ (11,689) | $ (14,453) |
Effective Income Tax Rate Reconciliation, Percent | 26.20% | 35.50% | 26.80% | 36.70% |
Note 12 - Segments and Relate45
Note 12 - Segments and Related Information (Details Textual) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Number of Reportable Segments | 2 | |
Number of Customers | 1 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 16.00% | 15.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 11.00% |
Note 12 - Segments and Relate46
Note 12 - Segments and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Equity in losses of unconsolidated affiliates | $ (31) | $ (97) | $ (29) | $ (119) | |
Capital expenditures | 7,474 | 8,118 | 13,291 | 18,398 | |
Total assets | 1,347,828 | 1,482,836 | 1,347,828 | 1,482,836 | $ 1,383,898 |
Revenues | 171,402 | 175,849 | 322,869 | 345,504 | |
Depreciation and amortization | 27,784 | 29,415 | 55,764 | 59,817 | |
Operating (loss) income | (18,506) | (17,161) | (41,830) | (37,266) | |
Corporate, Non-Segment [Member] | |||||
Equity in losses of unconsolidated affiliates | |||||
Capital expenditures | 131 | 160 | 142 | 258 | |
Total assets | 42,224 | 28,476 | 42,224 | 28,476 | |
Revenues | |||||
Depreciation and amortization | 263 | 287 | 527 | 570 | |
Operating (loss) income | (12,834) | (11,420) | (24,925) | (22,396) | |
Well Site Services Completion Services [Member] | Operating Segments [Member] | |||||
Equity in losses of unconsolidated affiliates | |||||
Capital expenditures | 3,621 | 2,129 | 6,113 | 6,667 | |
Total assets | 446,807 | 489,750 | 446,807 | 489,750 | |
Revenues | 57,890 | 36,824 | 106,562 | 77,773 | |
Depreciation and amortization | 16,193 | 17,615 | 32,721 | 35,558 | |
Operating (loss) income | (12,547) | (21,466) | (29,027) | (45,801) | |
Well Site Services Drilling Services [Member] | Operating Segments [Member] | |||||
Equity in losses of unconsolidated affiliates | |||||
Capital expenditures | 815 | 246 | 1,107 | 499 | |
Total assets | 73,906 | 87,001 | 73,906 | 87,001 | |
Revenues | 11,477 | 3,869 | 22,958 | 6,641 | |
Depreciation and amortization | 4,794 | 5,902 | 9,829 | 12,424 | |
Operating (loss) income | (3,787) | (5,951) | (8,004) | (14,056) | |
Total Well Site Services [Member] | Operating Segments [Member] | |||||
Equity in losses of unconsolidated affiliates | |||||
Capital expenditures | 4,436 | 2,375 | 7,220 | 7,166 | |
Total assets | 520,713 | 576,751 | 520,713 | 576,751 | |
Revenues | 69,367 | 40,693 | 129,520 | 84,414 | |
Depreciation and amortization | 20,987 | 23,517 | 42,550 | 47,982 | |
Operating (loss) income | (16,334) | (27,417) | (37,031) | (59,857) | |
Offshore/Manufactured Products [Member] | Operating Segments [Member] | |||||
Equity in losses of unconsolidated affiliates | (31) | (97) | (29) | (119) | |
Capital expenditures | 2,907 | 5,583 | 5,929 | 10,974 | |
Total assets | 784,891 | 877,609 | 784,891 | 877,609 | |
Revenues | 102,035 | 135,156 | 193,349 | 261,090 | |
Depreciation and amortization | 6,534 | 5,611 | 12,687 | 11,265 | |
Operating (loss) income | $ 10,662 | $ 21,676 | $ 20,126 | $ 44,987 |
Note 12 - Segments and Relate47
Note 12 - Segments and Related Information - Supplemental External Customer Revenue Information for Offshore/Manufactured Product Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | $ 171,402 | $ 175,849 | $ 322,869 | $ 345,504 |
Operating Segments [Member] | Offshore/Manufactured Products [Member] | ||||
Revenues | 102,035 | 135,156 | 193,349 | 261,090 |
Operating Segments [Member] | Offshore/Manufactured Products [Member] | Project-driven Products [Member] | ||||
Revenues | 34,582 | 83,767 | 66,917 | 157,899 |
Operating Segments [Member] | Offshore/Manufactured Products [Member] | Short-cycle Products [Member] | ||||
Revenues | 40,020 | 18,579 | 73,091 | 39,267 |
Operating Segments [Member] | Offshore/Manufactured Products [Member] | Other Products and Services [Member] | ||||
Revenues | $ 27,433 | $ 32,810 | $ 53,341 | $ 63,924 |