King Merger Sub II LLC

Delisted

CIK 0001615817Large AcceleratedOil & Gas Field Services, NecDelawareFY ends Dec 31

Period

FY 2018

Revenue

—

Net Income

$-130.00M

Total Assets

$1.42B

Equity

$1.15B

Shares Out

66.03M

Op. Cash Flow

$342.06M

Business

King Merger Sub II LLC is a former operating company in Oil & Gas Field Services, incorporated in Delaware. Securities are no longer actively traded on a major U.S. exchange.

Auto-generated from company profile

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31	FY 2015 2015-12-31	FY 2014 2014-12-31
Revenue	2,222	1,639	971	—	—
Direct costs	1,725	1,288	—	—	—
Selling, general and administrative expenses	226	251	229	240	183
Research and development	6	6	8	17	14
Depreciation and amortization	225	141	217	276	108
Impairment expense	146	—	436	792	—
(Gain) loss on disposal of assets	26	−31	3	−544,000	−17,000
Operating loss	−131	−16	−870	−1,098	124
Interest expense, net	−4	−2	−157	−82	−10
Other income (expense), net	2	3,000	10	9	598,000
Total other expense	−1	−2	−148	−73	−9
Loss before reorganization items and income taxes	−132	−17	−1,018	−1,172	115
Reorganization items	—	—	55	—	—
Income tax benefit	−2	−40	−129	−299	46
Net income (loss)	−130	22	−944	−873	69
Basic (in dollars per share)	−1.94	0.37	−7.98	−8.48	1.28
Diluted (in dollars per share)	−1.94	0.37	−7.98	−8.48	1.22
Basic (in shares)	67	61	118	103	54
Diluted (in shares)	67	61	118	103	57

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31	FY 2016 2016-03-31	FY 2015 2015-12-31
Cash and cash equivalents	136	114	181	—	26
Accounts receivable, net of allowance of $4,877 at December 31, 2018 and $4,269 at December 31, 2017	309	368	137	—	275
Inventories, net	63	78	54	—	102
Prepaid and other current assets	22	33	37	—	73
Total current assets	530	593	300	—	484
Property, plant and equipment, net of accumulated depreciation of $320,134 at December 31, 2018 and $133,755 at December 31, 2017	737	703	951	—	1,210
Goodwill	—	148	—	0	308
Intangible assets, net	115	124	76	—	148
Deferred financing costs, net of accumulated amortization of $2,932 at December 31, 2018 and $608 at December 31, 2017	5	3	—	—	14
Other noncurrent assets	38	39	35	—	34
Total assets	1,424	1,609	1,362	—	2,199
Accounts payable	140	139	75	—	185
Payroll and related costs	49	53	18	—	11
Accrued expenses	55	67	59	—	52
Total current liabilities	244	259	181	—	291
Deferred tax liabilities	537,000	4	16	—	149
Other long-term liabilities	26	25	19	—	18
Total liabilities	271	287	215	—	1,566
Commitments and contingencies	—	—	—	—	—
Common stock, par value of $0.01, 1,000,000,000 shares authorized, 66,120,015 and 68,546,820 issued and outstanding at December 31, 2018 and December 31, 2017, respectively	661,000	686,000	1	—	1
Additional paid-in capital	1,274	1,299	1,009	—	998
Accumulated other comprehensive loss	−148,000	−580,000	−3	—	−4
Retained earnings (deficit)	−121	22	−1,307	—	−362
Total stockholders equity	1,153	1,321	926	—	633
Total liabilities and stockholders equity	1,424	1,609	1,362	—	2,199

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31	FY 2015 2015-12-31	FY 2014 2014-12-31
Inventory write-down	—	—	35	31	—
Deferred income taxes	−3	−31	−130	−273	33
Provision for doubtful accounts	1	4	2	8	700,000
Share-based compensation expense	19	23	18	19	18
Amortization of financing costs and original issue discount	2	608,000	48	11	1
Reorganization items, net	—	—	31	—	—
Accounts receivable	55	−203	137	278	−136
Inventories	9	−26	4	21	−50
Prepaid expenses and other current assets	13	16	24	−27	−12
Accounts payable	−5	42	−75	−169	132
Payroll and related costs and accrued expenses	−21	38	35	17	14
Liabilities subject to compromise	—	—	—	—	—
Income taxes receivable	5	2	4	−108,000	−301,000
Other	489,000	3	−7	−3	4
Net cash provided by (used in) operating activities	342	94,000	−107	103	182
Purchases of and deposits on property, plant and equipment	−311	−210	−58	−166	−308
Proceeds from disposal of property, plant and equipment and non-core service lines	33	68	33	4	719,000
Proceeds from Previous Acquisition	−2	—	—	—	—
Purchase price adjustment	—	−134	—	—	—
Net cash used in investing activities	−276	−276	−27	−825	−343
Proceeds from revolving debt	—	—	174	338	229
Payments on revolving debt and term loans	—	—	−11	−532	−64
DIP Facility proceeds (payments)	—	—	—	—	—
Payments of capital lease obligations	—	—	−2	−4	−4
Financing costs	−4	−2	−1	−55	−2
Proceeds from issuance of common stock, net of offering costs	—	216	—	—	—
Settlement and employee tax withholding on restricted stock vesting	−4	−4	−497,000	−3	−4
Excess tax expense from share-based compensation	—	—	6	2	−2
Shares repurchased and retired	−37	—	—	—	—
Net cash provided by financing activities	−44	210	174	734	157
Effect of exchange rate on cash	381,000	−2	−1	4	—
Net increase (decrease) in cash and cash equivalents	22	−67	39	16	−4

Filings

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Frequently asked questions

What is King Merger Sub II LLC's CIK number?

King Merger Sub II LLC's SEC CIK number is 0001615817 (1615817). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

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