Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract]

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)



	December 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	17,221		$	(5,612	)	$	2,551		$	—		$	14,160
Receivables, net of allowance	74			67,174			12,814			(246		)	79,816
Intercompany receivable (payable)	(24,836		)	31,108			(6,272		)	—			—
Inventory	—			5,591			3,671			—			9,262
Assets held for sale	—			4,619			—			—			4,619
Prepaid expenses and other current assets	1,200			4,767			1,444			—			7,411
Total current assets	(6,341		)	107,647			14,208			(246		)	115,268
Net property and equipment	3,311			667,321			31,953			—			702,585
Investment in subsidiaries	657,090			42,240			—			(699,330		)	—
Intangible assets, net of accumulated amortization	—			1,944			—			—			1,944
Noncurrent deferred income taxes	84,014			—			18			(84,014		)	18
Other long-term assets	8,295			962			704			—			9,961
Total assets	$	746,369		$	820,114		$	46,883		$	(783,590	)	$	829,776
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	616		$	14,628		$	1,707		$	—		$	16,951
Deferred revenues	—			5,570			652			—			6,222
Accrued expenses	8,373			37,023			1,719			(246		)	46,869
Total current liabilities	8,989			57,221			4,078			(246		)	70,042
Long-term debt, less current portion	395,000			—			—			—			395,000
Noncurrent deferred income taxes	(975		)	102,509			—			(84,014		)	17,520
Other long-term liabilities	712			3,294			565			—			4,571
Total liabilities	403,726			163,024			4,643			(84,260		)	487,133
Total shareholders’ equity	342,643			657,090			42,240			(699,330		)	342,643
Total liabilities and shareholders’ equity	$	746,369		$	820,114		$	46,883		$	(783,590	)	$	829,776

	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	850,807			116,799			—			(967,606		)	—
Intangible assets, net of accumulated amortization	—			24,223			—			—			24,223
Noncurrent deferred income taxes	90,664			—			2,753			(90,664		)	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			160,104			—			(90,664		)	69,578
Other long-term liabilities	513			3,658			531			—			4,702
Total liabilities	467,495			289,130			10,567			(90,667		)	676,525
Total shareholders’ equity	495,814			850,807			116,799			(968,356		)	495,064
Total liabilities and shareholders’ equity	$	963,309		$	1,139,937		$	127,366		$	(1,059,023	)	$	1,171,589

Condensed Consolidated Statements of Operations

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands)



	Year ended December 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	496,900		$	43,878		$	—		$	540,778
Costs and expenses:
Operating costs	—			322,458			35,558			—			358,016
Depreciation and amortization	1,338			137,987			11,614			—			150,939
General and administrative	21,515			50,710			2,230			(552		)	73,903
Bad debt expense (recovery)	—			571			(759		)	—			(188		)
Impairment charges	—			73,270			56,632			(750		)	129,152
Gain on dispositions of property and equipment, net	117			(4,350		)	(111		)	—			(4,344		)
Intercompany leasing	—			(4,860		)	4,860			—			—
Total costs and expenses	22,970			575,786			110,024			(1,302		)	707,478
Income (loss) from operations	(22,970		)	(78,886		)	(66,146		)	1,302			(166,700		)
Other (expense) income:
Equity in earnings of subsidiaries	(126,553		)	(74,459		)	—			201,012			—
Interest expense, net of interest capitalized	(21,128		)	(117		)	23			—			(21,222		)
Loss on extinguishment of debt	(2,186		)	—			—			—			(2,186		)
Other	6			1,687			(3,752		)	(552		)	(2,611		)
Total other (expense) income	(149,861		)	(72,889		)	(3,729		)	200,460			(26,019		)
Income (loss) before income taxes	(172,831		)	(151,775		)	(69,875		)	201,762			(192,719		)
Income tax (expense) benefit ¹	16,941			25,222			(4,584		)	—			37,579
Net income (loss)	$	(155,890	)	$	(126,553	)	$	(74,459	)	$	201,762		$	(155,140	)

	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	—			611,392			76,431			—			687,823
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 dispositions of property and equipment, net	—			(1,796		)	(63		)	—			(1,859		)
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 ¹	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	—			548,628			82,048			—			630,676
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
Gain on dispositions of property and equipment, net	—			(283		)	(1,138		)	—			(1,421		)
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 ¹	26,952			(2,952		)	(4,154		)	—			19,846
Net income (loss)	$	(35,932	)	$	11,861		$	6,260		$	(18,121	)	$	(35,932	)

¹ The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries.

Condensed Consolidated Statements of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)



	Year ended December 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities	$	4,067		$	147,643		$	(8,991	)	$	—		$	142,719
Cash flows from investing activities:
Purchases of property and equipment	(663		)	(157,336		)	(1,885		)	269			(159,615		)
Proceeds from sale of property and equipment	32			57,444			467			(269		)	57,674
Proceeds from insurance recoveries	—			285			—			—			285
	(631		)	(99,607		)	(1,418		)	—			(101,656		)
Cash flows from financing activities:
Debt repayments	(60,000		)	(2		)	—			—			(60,002		)
Debt issuance costs	(1,877		)	—			—			—			(1,877		)
Proceeds from exercise of options	781			—			—			—			781
Purchase of treasury stock	(729		)	—			—			—			(729		)
Intercompany contributions/distributions	47,922			(48,130		)	208			—			—
	(13,903		)	(48,132		)	208			—			(61,827		)
Net increase (decrease) in cash and cash equivalents	(10,467		)	(96		)	(10,201		)	—			(20,764		)
Beginning cash and cash equivalents	27,688			(5,516		)	12,752			—			34,924
Ending cash and cash equivalents	$	17,221		$	(5,612	)	$	2,551		$	—		$	14,160

	Year ended December 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities	$	(59,405	)	$	265,171		$	27,275		$	—		$	233,041
Cash flows from investing activities:
Purchases of property and equipment	(1,029		)	(158,392		)	(15,957		)	—			(175,378		)
Proceeds from sale of property and equipment	—			8,069			301			—			8,370
Proceeds from sale of fishing and rental services operations	15,090			—			—			—			15,090
	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		)
Intercompany contributions/distributions	118,223			(118,280		)	57			—			—
	44,664			(118,305		)	57			—			(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			Eliminations		Consolidated
Cash flows from operating activities	$	(66,941	)	$	240,108		$	1,413		$	—	$	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		)
Intercompany contributions/distributions	98,849			(97,883		)	(966		)	—		—
	79,471			(98,757		)	(966		)	—		(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