0001562762-22-000225.txt : 20220506 0001562762-22-000225.hdr.sgml : 20220506 20220506161614 ACCESSION NUMBER: 0001562762-22-000225 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 74 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220506 DATE AS OF CHANGE: 20220506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NCS Multistage Holdings, Inc. CENTRAL INDEX KEY: 0001692427 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 461527455 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38071 FILM NUMBER: 22901264 BUSINESS ADDRESS: STREET 1: 19350 STATE HIGHWAY 249 STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77070 BUSINESS PHONE: 281-453-2222 MAIL ADDRESS: STREET 1: 19350 STATE HIGHWAY 249 STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77070 10-Q 1 ncsm-20220331x10q.htm 10-Q ncsm-20220331x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

Quarterly Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2022

OR

Transition Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

For the transition period from   ______  to  ______

Commission file number: 001-38071

NCS Multistage Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware

46-1527455

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification number)

19350 State Highway 249, Suite 600

Houston, Texas

77070

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (281) 453-2222

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

NCSM

Nasdaq Capital Market

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    No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes    No 

As of May 4, 2022, there were 2,408,296 shares of common stock outstanding.

 

PART I. FINANCIAL INFORMATION

ITEM 1.  Financial Statements

NCS MULTISTAGE HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

March 31,

December 31,

2022

2021

Assets

Current assets

Cash and cash equivalents

$

15,529 

$

22,168 

Accounts receivable—trade, net

28,463 

24,392 

Inventories, net

34,494 

33,917 

Prepaid expenses and other current assets

2,615 

3,290 

Other current receivables

4,554 

4,726 

Total current assets

85,655 

88,493 

Noncurrent assets

Property and equipment, net

24,350 

24,708 

Goodwill

15,222 

15,222 

Identifiable intangibles, net

5,577 

5,744 

Operating lease assets

4,555 

4,809 

Deposits and other assets

2,798 

3,113 

Deferred income taxes, net

239 

236 

Total noncurrent assets

52,741 

53,832 

Total assets

$

138,396 

$

142,325 

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable—trade

$

8,056 

$

7,502 

Accrued expenses

3,849 

6,323 

Income taxes payable

317 

294 

Operating lease liabilities

1,367 

1,556 

Current maturities of long-term debt

1,777 

1,483 

Other current liabilities

1,569 

2,660 

Total current liabilities

16,935 

19,818 

Noncurrent liabilities

Long-term debt, less current maturities

6,190 

6,335 

Operating lease liabilities, long-term

3,683 

3,779 

Other long-term liabilities

1,542 

1,612 

Deferred income taxes, net

134 

114 

Total noncurrent liabilities

11,549 

11,840 

Total liabilities

28,484 

31,658 

Commitments and contingencies (Note 9)

 

 

Stockholders’ equity

Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at

March 31, 2022 and December 31, 2021

Common stock, $0.01 par value, 11,250,000 shares authorized, 2,431,832 shares issued

and 2,405,746 shares outstanding at March 31, 2022 and 2,397,766 shares issued

and 2,380,374 shares outstanding at December 31, 2021

24 

24 

Additional paid-in capital

437,827 

437,022 

Accumulated other comprehensive loss

(81,553)

(82,094)

Retained deficit

(262,897)

(261,362)

Treasury stock, at cost, 26,086 shares at March 31, 2022 and 17,392 shares

at December 31, 2021

(1,378)

(1,006)

Total stockholders’ equity

92,023 

92,584 

Non-controlling interest

17,889 

18,083 

Total equity

109,912 

110,667 

Total liabilities and stockholders' equity

$

138,396 

$

142,325 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


NCS MULTISTAGE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

March 31,

2022

2021

Revenues

Product sales

$

26,213

$

20,174

Services

12,899

8,340

Total revenues

39,112

28,514

Cost of sales

Cost of product sales, exclusive of depreciation
    and amortization expense shown below

17,757

13,921

Cost of services, exclusive of depreciation
    and amortization expense shown below

6,446

4,357

Total cost of sales, exclusive of depreciation
    and amortization expense shown below

24,203

18,278

Selling, general and administrative expenses

16,024

12,784

Depreciation

921

937

Amortization

167

167

Loss from operations

(2,203)

(3,652)

Other income (expense)

Interest expense, net

(183)

(168)

Other income, net

379

341

Foreign currency exchange gain, net

256

150

Total other income

452

323

Loss before income tax

(1,751)

(3,329)

Income tax (benefit) expense

(22)

128

Net loss

(1,729)

(3,457)

Net loss attributable to non-controlling interest

(194)

(60)

Net loss attributable to
    NCS Multistage Holdings, Inc.

$

(1,535)

$

(3,397)

Loss per common share

Basic loss per common share attributable to
    NCS Multistage Holdings, Inc.

$

(0.64)

$

(1.43)

Diluted loss per common share attributable to
    NCS Multistage Holdings, Inc.

$

(0.64)

$

(1.43)

Weighted average common shares outstanding

Basic

2,414

2,380

Diluted

2,414

2,380

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


NCS MULTISTAGE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

(Unaudited)

Three Months Ended

March 31,

2022

2021

Net loss

$

(1,729)

$

(3,457)

Foreign currency translation adjustments, net of tax of $0

541

293

Comprehensive loss

(1,188)

(3,164)

Less: Comprehensive loss attributable to non-controlling interest

(194)

(60)

Comprehensive loss attributable to NCS Multistage Holdings, Inc.

$

(994)

$

(3,104)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


NCS MULTISTAGE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share data)

(Unaudited)

Three Months Ended March 31, 2022

Preferred Stock

Common Stock

Additional
Paid-In

Accumulated
Other
Comprehensive

Retained

Treasury Stock

Non-controlling

Total

Stockholders'

Shares

Amount

Shares

Amount

Capital

Loss

Deficit

Shares

Amount

Interest

Equity

Balances as of

December 31, 2021

$

2,397,766 

$

24 

$

437,022 

$

(82,094)

$

(261,362)

(17,392)

$

(1,006)

$

18,083 

$

110,667 

Share-based

compensation

805 

805 

Net loss

(1,535)

(194)

(1,729)

Vesting of restricted

stock

34,066 

Shares withheld

(8,694)

(372)

(372)

Currency translation

adjustment

541 

541 

Balances as of

March 31, 2022

$

2,431,832 

$

24 

$

437,827 

$

(81,553)

$

(262,897)

(26,086)

$

(1,378)

$

17,889 

$

109,912 

Three Months Ended March 31, 2021

Preferred Stock

Common Stock

Additional
Paid-In

Accumulated
Other
Comprehensive

Retained

Treasury Stock

Non-controlling

Total

Stockholders'

Shares

Amount

Shares

Amount

Capital

Loss

Deficit

Shares

Amount

Interest

Equity

Balances as of

December 31, 2020

$

2,371,992 

$

24 

$

432,801 

$

(81,780)

$

(256,628)

(12,074)

$

(809)

$

19,878 

$

113,486 

Share-based

compensation

1,170 

1,170 

Net loss

(3,397)

(60)

(3,457)

Distribution to

noncontrolling

interest

(1,250)

(1,250)

Vesting of restricted

stock

24,050 

Shares withheld

(5,089)

(191)

(191)

Currency translation

adjustment