Back to GetFilings.com



 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_______________

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2004

_______________

Commission File Number: 1-13817

 
Boots & Coots International
Well Control, Inc.
(Exact name of registrant as specified in its charter)

Delaware
11-2908692
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
   
11615 N. Houston-Rosslyn
  
Houston, Texas
77086
(Address of principal executive offices)
(Zip Code)

(281) 931-8884
Registrant's telephone number, including area code

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act)
Yes [ ] No [X]

The number of shares of the Registrant's Common Stock, par value $.00001 per share, outstanding at August 13, 2004, was 29,289,429.
 
 

 

  1  
 



BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.

TABLE OF CONTENTS

PART I
FINANCIAL INFORMATION
(Unaudited)
Page   
     
Item 1.
3
 
3
 
4
 
5
 
6
 
7-13
Item 2.
13
Item 3.
20
Item 4.
20
 
PART II
OTHER INFORMATION
  
Item 1.
21
Item 2.
21
Item 3.
21
Item 4.
21
Item 5.
22
Item 6.
23
 
27
     


 
  2  
 

BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(000’s except share amounts)

ASSETS 
 
  
June 30, 2004
  
December 31, 2003
  
   
(unaudited)
      
CURRENT ASSETS:
              
Cash and cash equivalents
  
$
4,542
  
$
1,543
  
Receivables — net
    
7,290
    
13,235
  
Assets of discontinued operations
    
—
    
3
  
Prepaid expenses and other current assets
    
1,095
    
1,542
  
Total current assets   
   
12,927
    
16,323
  
               
PROPERTY AND EQUIPMENT — net
    
2,900
    
3,301
  
DEFERRED TAX ASSET
    
98
    
98
  
OTHER ASSETS
    
67
    
4
  
Total assets   
 
$
15,992
  
$
19,726
  
               
LIABILITIES AND STOCKHOLDERS' EQUITY
               
CURRENT LIABILITIES:
              
Current maturities of long term debt
  
$
1,156
  
$
—
  
Accounts payable
    
285
    
746
  
Accrued liabilities
    
3,541
    
5,993
  
Liabilities of discontinued operations
    
56
    
209
  
Total current liabilities   
   
5,038
    
6,948
  
LONG TERM DEBT AND NOTES PAYABLE,
net of current maturities
    
10,525
    
12,398
  
Total liabilities   
   
15,563
    
19,346
  
               
COMMITMENTS AND CONTINGENCIES
    
—
    
—
  
               
STOCKHOLDERS' EQUITY:
              
Preferred stock ($.00001 par value, 5,000,000 shares authorized, 53,000 issued and outstanding at June 30, 2004 and December 31, 2003)
    
—
    
—
  
Common stock ($.00001 par value, 125,000,000 shares authorized, 27,360,000 and 27,300,000 shares issued and outstanding at June 30, 2004 and December 31, 2003, respectively)
    
—
    
—
 
Additional paid-in capital
    
68,919
    
68,603
  
Deferred compensation
Accumulated other comprehensive loss
    
(234
(917
)
)
  
(270
(439
)
)
Accumulated deficit
    
(67,339
)
  
(67,514
)
Total stockholders' equity   
   
429
    
380
  
Total liabilities and stockholders' equity
  
$
15,992
  
$
19,726
  

See accompanying notes to condensed consolidated financial statements.

 
  3  
 

BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(000’s except per share amounts)
(Unaudited)


   
Three Months Ended
June 30,
  
Six Months Ended
June 30, 
 
 
  
2004   
 
2003   
 
2004   
 
2003   
 
REVENUES
                  
Service    
 
$
6,936
  
$
8,026
  
$
11,347
  
$
12,328
  
Equipment sales   
   
—
    
—
    
—
    
6,629
  
Total Revenues
    
6,936
    
8,026
    
11,347
    
18,957
  
                           
COSTS OF SALES   
                         
Service   
   
3,002
    
2,640
    
4,436
    
3,521
  
Equipment sales   
   
—
    
—
    
—
    
3,082
  
Total Costs of Sales
    
3,002
    
2,640
    
4,436
    
6,603
  
                           
Gross Margin
    
3,934
    
5,386
    
6,911
    
12,354
  
                           
Operating expenses   
   
1,670
    
1,892
    
3,263
    
3,751
  
Selling, general and administrative   
   
864
    
634
    
1,668
    
1,471
  
Depreciation and amortization   
   
252
    
254
    
501
    
499
  
                           
OPERATING INCOME   
   
1,148
    
2,606
    
1,479
    
6,633
  
                           
INTEREST EXPENSE AND OTHER   
   
377
    
481
    
377
    
906
  
                           
INCOME FROM CONTINUING OPERATIONS, before income taxes   
   
771
    
2,125
    
1,102
    
5,727