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

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