Back to GetFilings.com



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

Form 10-Q
 
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended September 30, 2004

or

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANTGE ACT OF 1934

For the Transition Period from _____ to _____
_______________

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 November 12, 2004, was 29,439,429.

 

 
1
 

BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.

TABLE OF CONTENTS

PART I
FINANCIAL INFORMATION
(Unaudited)
 
 
Page    
     
Item 1.
Financial Statements
3
 
Condensed Consolidated Balance Sheets
3
 
Condensed Consolidated Statements of Operations
4
 
Condensed Consolidated Statements of Stockholders' Equity
5
 
Condensed Consolidated Statements of Cash Flows
6
 
Notes to Condensed Consolidated Financial Statements
7-12
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
 12
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
20
Item 4.
Controls and Procedures
20
 
 
PART II
OTHER INFORMATION
  
Item 1.
Legal Proceedings
20
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
21
Item 3.
Defaults Upon Senior Securities
21
Item 4.
Submissions of Matters to a Vote of Security Holders
21
Item 5.
Other Information
21
Item 6.
Exhibits
22
 
Signatures
25

 
2
Table of Contents
 
BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.

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

ASSETS
  
   
September 30,
2004
  
December 31,
2003
  
   
(unaudited)
      
CURRENT ASSETS:
          
Cash and cash equivalents
  
$
3,605
  
$
1,543
  
Receivables — net
    
5,819
    
13,235
  
Assets of discontinued operations
    
—
    
3
  
Prepaid expenses and other current assets
    
1,676
    
1,542
  
Total current assets
    
11,100
    
16,323
  
           
PROPERTY AND EQUIPMENT — net
    
2,869
    
3,301
  
DEFERRED TAX ASSET
    
98
    
98
  
OTHER ASSETS
    
1,066
    
4
  
Total assets
  
$
15,133
  
$
19,726
  
           
LIABILITIES AND STOCKHOLDERS' EQUITY
           
CURRENT LIABILITIES:
          
Current maturities of long term debt
  
$
2,535
  
$
—
  
Accrued interest
    
652
    
—
  
Accounts payable
    
667
    
746
  
Accrued liabilities
    
4,163
    
5,993
  
Liabilities of discontinued operations
    
56
    
209
  
Total current liabilities
    
8,073
    
6,948
  
               
LONG TERM DEBT AND NOTES PAYABLE,
 net of current maturities.
    
5,850
    
10,385
  
Accrued interest net of current portion
    
655
    
2,013
  
           
            Total liabilities
    
14,578
    
19,346
  
           
COMMITMENTS AND CONTINGENCIES
    
—
    
—
  
           
STOCKHOLDERS' EQUITY:
          
Preferred stock ($.00001 par value, 5,000,000 shares authorized, 52,000 and 53,000 issued and outstanding at September 30, 2004 and
December 31, 2003, respectively)
    
—
    
—
  
Common stock ($.00001 par value, 125,000,000 shares authorized, 29,439,000 and 27,300,000 shares issued and outstanding at September 30, 2004 and December 31, 2003, respectively)
    
—
    
—
  
Additional paid-in capital
    
70,669
    
68,603
  
Deferred compensation
Accumulated other comprehensive loss
    
(350
(873
)
)
  
(270
(439
)
)
Accumulated deficit
    
(68,891
)
  
(67,514
)
Total stockholders' equity
    
555
    
380
  
Total liabilities and stockholders' equity
  
$
15,133
  
$
19,726
  

See accompanying notes to condensed consolidated financial statements.

 
3
Table of Contents

BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.

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


   
Three Months Ended
September 30,
  
Nine Months Ended
September 30,
  
 
  
2004
  
2003
  
2004 
  
2003
  
REVENUES
                          
Service
 
$
3,308
  
$
8,051
  
$
14,655
  
$
20,379
  
Equipment sales
    
—
    
—
    
—
    
6,629
  
Total Revenues
    
3,308
    
8,051
    
14,655
    
27,008
  
                           
COSTS OF SALES
                          
Service
    
975
    
3,427
    
5,411
    
6,948
  
Equipment sales
    
—
    
—
    
—
    
3,082
  
Total Costs of Sales
    
975
    
3,427
    
5,411
    
10,030
  
                           
Gross Margin
    
2,333
    
4,624
    
9,244
    
16,978
  
                           
Operating expenses
    
1,770
    
1,738
    
5,033
    
5,489
  
Selling, general and administrative
    
1,038
    
689
    
2,706