Willbros Group, Inc.\NEW\

CIK:0001449732|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Contract revenue	$ 200,980	$ 163,900
Contract costs	193,294	162,219
Contract income	7,686	1,681
Amortization of intangibles	2,399	2,417
General and administrative	13,475	14,051
Gain on sale of assets	(6,080)	(696)
Other charges	8,365	762
Operating loss	(10,473)	(14,853)
Interest expense	(6,528)	(3,488)
Interest income	8	8
Other, net	37	(3)
Loss from continuing operations before income taxes	(16,956)	(18,336)
Benefit for income taxes	(221)	(600)
Loss from continuing operations	(16,735)	(17,736)
Loss from discontinued operations net of provision for income taxes	(230)	(31)
Net loss	$ (16,965)	$ (17,767)
Basic loss per share attributable to Company shareholders:
Loss from continuing operations (in USD per share)	$ (0.27)	$ (0.29)
Loss from discontinued operations (in USD per share)	0.00	0.00
Net loss (in USD per share)	(0.27)	(0.29)
Diluted loss per share attributable to Company shareholders:
Loss from continuing operations (in USD per share)	(0.27)	(0.29)
Loss from discontinued operations (in USD per share)	0.00	0.00
Net loss (in USD per share)	$ (0.27)	$ (0.29)
Weighted average number of common shares outstanding:
Basic (in shares)	62,404,906	61,829,768
Diluted (in shares)	62,404,906	61,829,768

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (16,965)	$ (17,767)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss from discontinued operations	230	31
Depreciation and amortization	4,315	5,037
Stock-based compensation	524	906
Amortization of debt issuance costs	718	410
Non-cash interest expense	1,316	517
Provision (benefit) for deferred income taxes	0	(31)
Gain on sale of assets	(6,080)	(696)
Provision for bad debt	16	44
Changes in operating assets and liabilities:
Accounts receivable, net	7,115	92
Contract cost and recognized income not yet billed	(7,655)	(5,162)
Prepaid expenses and other current assets	(3,694)	(206)
Accounts payable and accrued liabilities	3,593	9,972
Accrued income taxes	10	80
Contract billings in excess of cost and recognized income	(8,474)	2,724
Assets held for sale	0	(8,670)
Liabilities held for sale	0	9,748
Other assets and liabilities, net	(908)	(714)
Cash used in operating activities from continuing operations	(25,939)	(3,685)
Cash used in operating activities from discontinued operations	(404)	(240)
Cash used in operating activities	(26,343)	(3,925)
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	7,848	1,094
Proceeds from sale of subsidiary	2,500	950
Purchases of property, plant and equipment	(385)	(493)
Cash provided by investing activities from continuing operations	9,963	1,551
Cash provided by (used in) investing activities from discontinued operations	0	0
Cash provided by investing activities	9,963	1,551
Cash flows from financing activities:
Proceeds from revolving credit facility	72	0
Proceeds from Initial First-Out Loan	10,000	0
Payments on revolving credit facility	(5,000)	0
Cost of debt issuance	(528)	(2,306)
Payments to reacquire common stock	(27)	(148)
Cash provided by (used in) financing activities from continuing operations	4,517	(2,454)
Cash provided by (used in) financing activities from discontinued operations	0	0
Cash provided by (used in) financing activities	4,517	(2,454)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(139)	86
Net decrease in cash, cash equivalents and restricted cash	(12,002)	(4,742)
Cash, cash equivalents and restricted cash at beginning of period	73,839	81,626
Cash, cash equivalents and restricted cash at end of period	61,837	76,884
Supplemental disclosures of cash flow information:
Cash paid for interest (including discontinued operations)	3,786	2,629
Cash paid for income taxes (including discontinued operations)	$ 7	$ 10

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 21,364	$ 33,472
Accounts receivable, net	134,560	142,192
Contract cost and recognized income not yet billed	21,615	13,992
Prepaid expenses and other current assets	24,405	20,760
Parts and supplies inventories	2,432	1,152
Total current assets	206,316	213,696
Property, plant and equipment, net	24,776	30,113
Intangible assets, net	63,950	67,181
Restricted cash	40,473	40,367
Other long-term assets	13,524	12,520
Total assets	349,039	363,877
Current liabilities:
Accounts payable and accrued liabilities	141,884	138,161
Contract billings in excess of cost and recognized income	9,346	17,814
Current maturities of long-term debt	116,857	105,175
Short-term borrowings under revolving credit facility	23,045	28,108
Accrued income taxes	320	310
Other current liabilities	6,200	6,056
Total current liabilities	298,680	297,580
Long-term liabilities for unrecognized tax benefits	612	603
Other long-term liabilities	33,780	33,093
Long-term liabilities associated with discontinued operations	794	893
Total liabilities	333,866	332,169
Contingencies and commitments (Note 13)
Stockholders’ equity:
Preferred stock, par value $.01 per share, 1,000,000 shares authorized, none issued	0	0
Common stock, par value $.05 per share, 105,000,000 shares authorized and 65,613,565 shares issued at March 31, 2018 (65,598,095 at December 31, 2017)	3,272	3,271
Additional paid-in capital	752,640	752,117
Accumulated deficit	(723,081)	(706,116)
Treasury stock at cost, 2,406,051 shares at March 31, 2018 (2,361,343 at December 31, 2017)	(15,729)	(15,702)
Accumulated other comprehensive loss	(1,929)	(1,862)
Total stockholders’ equity	15,173	31,708
Total liabilities and stockholders’ equity	349,039	363,877
Disposal group, not discontinued operations
Current assets:
Assets held for sale	1,604	1,804
Current liabilities:
Current liabilities associated with discontinued operations	0	865
Discontinued operations
Current assets:
Assets held for sale	336	324
Current liabilities:
Current liabilities associated with discontinued operations	$ 1,028	$ 1,091