Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract]

Supplemental Guarantor Condensed Consolidated Balance Sheets

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

	December 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	27,688			(5,516		)	12,752			—			$	34,924
Receivables, net of allowance	1,641			151,048			37,512			—			190,201
Intercompany receivable (payable)	(24,836		)	55,567			(30,728		)	(3		)	—
Deferred income taxes	1,827			8,196			975			—			10,998
Inventory	—			7,208			6,909			—			14,117
Assets held for sale	—			9,909			—			—			9,909
Prepaid expenses and other current assets	1,217			6,554			1,154			—			8,925
Total current assets	7,537			232,966			28,574			(3		)	269,074
Net property and equipment	4,179			763,994			89,118			(750		)	856,541
Investment in subsidiaries	830,185			116,799			—			(946,984		)	—
Intangible assets, net of accumulated amortization	—			24,223			—			—			24,223
Noncurrent deferred income taxes	111,286			—			2,753			(111,286		)	2,753
Other long-term assets	10,122			1,955			6,921			—			18,998
Total assets	$	963,309		$	1,139,937		$	127,366		$	(1,059,023	)	$	1,171,589
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	735		$	57,910		$	5,660		—			$	64,305
Current portion of long-term debt	—			27			—			—			27
Deferred revenues	—			3,315			—			—			3,315
Accrued expenses	11,109			64,063			4,376			(3		)	79,545
Total current liabilities	11,844			125,315			10,036			(3		)	147,192
Long-term debt, less current portion	455,000			53			—			—			455,053
Noncurrent deferred income taxes	138			180,726			—			(111,286		)	69,578
Other long-term liabilities	513			3,658			531			—			4,702
Total liabilities	467,495			309,752			10,567			(111,289		)	676,525
Total shareholders’ equity	495,814			830,185			116,799			(947,734		)	495,064
Total liabilities and shareholders’ equity	$	963,309		$	1,139,937		$	127,366		$	(1,059,023	)	$	1,171,589
	December 31, 2013
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	28,368		$	(2,059	)	$	1,076		$	—		$	27,385
Receivables, net of allowance	905			125,979			49,476			—			176,360
Intercompany receivable (payable)	(24,837		)	52,671			(27,834		)	—			—
Deferred income taxes	1,143			8,005			3,944			—			13,092
Inventory	—			7,415			5,817			—			13,232
Prepaid expenses and other current assets	1,013			7,094			1,204			—			9,311
Total current assets	6,592			199,105			33,683			—			239,380
Net property and equipment	4,531			846,632			87,244			(750		)	937,657
Investment in subsidiaries	939,091			120,630			—			(1,059,721		)	—
Intangible assets, net of accumulated amortization	—			32,194			—			—			32,194
Noncurrent deferred income taxes	78,486			—			1,156			(78,486		)	1,156
Other long-term assets	7,588			2,009			9,639			—			19,236
Total assets	$	1,036,288		$	1,200,570		$	131,722		$	(1,138,957	)	$	1,229,623
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	757		$	37,797		$	5,164		$	—		$	43,718
Current portion of long-term debt	—			2,847			—			—			2,847
Deferred revenues	—			699			—			—			699
Accrued expenses	16,368			51,739			5,462			—			73,569
Total current liabilities	17,125			93,082			10,626			—			120,833
Long-term debt, less current portion	499,586			80			—			—			499,666
Noncurrent deferred income taxes	—			163,122			—			(78,486		)	84,636
Other long-term liabilities	394			5,195			466			—			6,055
Total liabilities	517,105			261,479			11,092			(78,486		)	711,190
Total shareholders’ equity	519,183			939,091			120,630			(1,060,471		)	518,433
Total liabilities and shareholders’ equity	$	1,036,288		$	1,200,570		$	131,722		$	(1,138,957	)	$	1,229,623

Supplemental Guarantor Condensed Consolidated Statements of Operations

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands)

	Year ended December 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	950,703		$	104,520		$	—		$	1,055,223
Costs and expenses:
Operating costs	—			609,596			76,368			—			685,964
Depreciation and amortization	1,336			168,157			13,883			—			183,376
General and administrative	27,314			72,878			3,745			(552		)	103,385
Bad debt expense (recovery)	—			1,329			116			—			1,445
Impairment charges	—			73,025			—			—			73,025
Gain on sale of fishing and rental services operations	—			(10,702		)	—			—			(10,702		)
Gain on litigation	(5,254		)	—			—			—			(5,254		)
Intercompany leasing	—			(4,860		)	4,860			—			—
Total costs and expenses	23,396			909,423			98,972			(552		)	1,031,239
Income (loss) from operations	(23,396		)	41,280			5,548			552			23,984
Other (expense) income:
Equity in earnings of subsidiaries	21,254			(3,767		)	—			(17,487		)	—
Interest expense, net of interest capitalized	(38,562		)	(223		)	4			—			(38,781		)
Loss on extinguishment of debt	(31,221		)	—			—			—			(31,221		)
Other	21			2,985			(5,758		)	(552		)	(3,304		)
Total other (expense) income	(48,508		)	(1,005		)	(5,754		)	(18,039		)	(73,306		)
Income (loss) before income taxes	(71,904		)	40,275			(206		)	(17,487		)	(49,322		)
Income tax (expense) benefit	33,886			(19,021		)	(3,561		)	—			11,304
Net income (loss)	$	(38,018	)	$	21,254		$	(3,767	)	$	(17,487	)	$	(38,018	)
	Year ended December 31, 2013
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	844,555		$	115,631		$	—		$	960,186
Costs and expenses:
Operating costs	—			548,345			80,910			—			629,255
Depreciation and amortization	1,113			173,516			13,289			—			187,918
General and administrative	25,272			65,962			3,501			(552		)	94,183
Bad debt expense (recovery)	67			700			—			—			767
Impairment charges	—			54,292			—			—			54,292
Intercompany leasing	—			(4,860		)	4,860			—			—
Total costs and expenses	26,452			837,955			102,560			(552		)	966,415
Income (loss) from operations	(26,452		)	6,600			13,071			552			(6,229		)
Other (expense) income:
Equity in earnings of subsidiaries	11,861			6,260			—			(18,121		)	—
Interest expense, net of interest capitalized	(48,302		)	(37		)	29			—			(48,310		)
Other	9			1,990			(2,686		)	(552		)	(1,239		)
Total other (expense) income	(36,432		)	8,213			(2,657		)	(18,673		)	(49,549		)
Income (loss) before income taxes	(62,884		)	14,813			10,414			(18,121		)	(55,778		)
Income tax (expense) benefit	26,952			(2,952		)	(4,154		)	—			19,846
Net income (loss)	$	(35,932	)	$	11,861		$	6,260		$	(18,121	)	$	(35,932	)
	Year ended December 31, 2012
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	779,163		$	140,280		$	—		$	919,443
Costs and expenses:
Operating costs	—			485,342			101,279			—			586,621
Depreciation and amortization	873			142,972			20,872			—			164,717
General and administrative	22,212			54,715			9,228			(552		)	85,603
Bad debt expense (recovery)	—			(612		)	172			—			(440		)
Impairment of equipment	—			1,131			—			—			1,131
Intercompany leasing	—			(4,860		)	4,860			—			—
Total costs and expenses	23,085			678,688			136,411			(552		)	837,632
Income (loss) from operations	(23,085		)	100,475			3,869			552			81,811
Other (expense) income:
Equity in earnings of subsidiaries	68,352			4,029			—			(72,381		)	—
Interest expense	(37,011		)	(59		)	21			—			(37,049		)
Other	268			940			968			(552		)	1,624
Total other (expense) income	31,609			4,910			989			(72,933		)	(35,425		)
Income (loss) before income taxes	8,524			105,385			4,858			(72,381		)	46,386
Income tax expense (benefit)	21,508			(37,033		)	(829		)	—			(16,354		)
Net income (loss)	$	30,032		$	68,352		$	4,029		$	(72,381	)	$	30,032

Supplemental Guarantor Condensed Consolidated Statements of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Year ended December 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Cash flows from operating activities	$	58,818		$	146,891		$	27,332		$	233,041
Cash flows from investing activities:
Purchases of property and equipment	(1,029		)	(158,392		)	(15,957		)	(175,378		)
Proceeds from sale of fishing and rental services operations	15,090			—			—			15,090
Proceeds from sale of property and equipment	—			8,069			301			8,370
	14,061			(150,323		)	(15,656		)	(151,918		)
Cash flows from financing activities:
Debt repayments	(490,000		)	(25		)	—			(490,025		)
Proceeds from issuance of debt	440,000			—			—			440,000
Debt issuance costs	(9,239		)	—			—			(9,239		)
Tender premium costs	(21,553		)	—			—			(21,553		)
Proceeds from exercise of options	8,368			—			—			8,368
Purchase of treasury stock	(1,135		)	—			—			(1,135		)
	(73,559		)	(25		)	—			(73,584		)
Net increase (decrease) in cash and cash equivalents	(680		)	(3,457		)	11,676			7,539
Beginning cash and cash equivalents	28,368			(2,059		)	1,076			27,385
Ending cash and cash equivalents	$	27,688		$	(5,516	)	$	12,752		$	34,924
	Year ended December 31, 2013
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Cash flows from operating activities	$	31,908		$	142,225		$	447		$	174,580
Cash flows from investing activities:
Purchases of property and equipment	(2,649		)	(151,363		)	(11,344		)	(165,356		)
Proceeds from sale of property and equipment	8			12,510			1,318			13,836
Proceeds from insurance recoveries	—			844			—			844
	(2,641		)	(138,009		)	(10,026		)	(150,676		)
Cash flows from financing activities:
Debt repayments	(60,000		)	(874		)	—			(60,874		)
Proceeds from issuance of debt	40,000			—			—			40,000
Debt issuance costs	(13		)	—			—			(13		)
Proceeds from exercise of options	1,266			—			—			1,266
Purchase of treasury stock	(631		)	—			—			(631		)
	(19,378		)	(874		)	—			(20,252		)
Net increase (decrease) in cash and cash equivalents	9,889			3,342			(9,579		)	3,652
Beginning cash and cash equivalents	18,479			(5,401		)	10,655			23,733
Ending cash and cash equivalents	$	28,368		$	(2,059	)	$	1,076		$	27,385
	Year ended December 31, 2012
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Cash flows from operating activities	$	(171,541	)	$	338,418		$	32,489		$	199,366
Cash flows from investing activities:
Purchases of property and equipment	(2,187		)	(332,082		)	(30,055		)	(364,324		)
Proceeds from sale of property and equipment	—			2,998			95			3,093
	(2,187		)	(329,084		)	(29,960		)	(361,231		)
Cash flows from financing activities:
Debt repayments	—			(856		)	(18		)	(874		)
Proceeds from issuance of debt	100,000			—			—			100,000
Debt issuance costs	(58		)	—			—			(58		)
Proceeds from exercise of options	693			—			—			693
Purchase of treasury stock	(360		)	—			—			(360		)
	100,275			(856		)	(18		)	99,401
Net increase (decrease) in cash and cash equivalents	(73,453		)	8,478			2,511			(62,464		)
Beginning cash and cash equivalents	91,932			(13,879		)	8,144			86,197
Ending cash and cash equivalents	$	18,479		$	(5,401	)	$	10,655		$	23,733