Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Tables)

3 Months Ended

Mar. 31, 2017

Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS

(unaudited, in thousands)



	March 31, 2017
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	7,269		$	(851	)	$	872		$	—		$	7,290
Receivables, net of allowance	3			64,990			15,462			33			80,488
Intercompany receivable (payable)	(24,836		)	43,657			(18,821		)	—			—
Inventory	—			6,358			5,213			—			11,571
Assets held for sale	—			11,347			58			—			11,405
Prepaid expenses and other current assets	1,225			3,793			841			—			5,859
Total current assets	(16,339		)	129,294			3,625			33			116,613
Net property and equipment	2,341			563,362			24,521			—			590,224
Investment in subsidiaries	591,347			23,572			—			(614,919		)	—
Deferred income taxes	60,672			—			—			(60,672		)	—
Other long-term assets	461			997			33			—			1,491
Total assets	$	638,482		$	717,225		$	28,179		$	(675,558	)	$	708,328
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	442		$	20,158		$	2,193		$	—		$	22,793
Deferred revenues	—			334			247			—			581
Accrued expenses	4,447			33,562			2,081			33			40,123
Total current liabilities	4,889			54,054			4,521			33			63,497
Long-term debt, less debt issuance costs	373,633			—			—			—			373,633
Deferred income taxes	—			68,716			—			(60,672		)	8,044
Other long-term liabilities	2,723			3,108			86			—			5,917
Total liabilities	381,245			125,878			4,607			(60,639		)	451,091
Total shareholders’ equity	257,237			591,347			23,572			(614,919		)	257,237
Total liabilities and shareholders’ equity	$	638,482		$	717,225		$	28,179		$	(675,558	)	$	708,328

	December 31, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	9,898		$	(764	)	$	1,060		$	—		$	10,194
Receivables, net of allowance	480			64,946			7,210			(513		)	72,123
Intercompany receivable (payable)	(24,836		)	35,427			(10,591		)	—			—
Inventory	—			5,659			4,001			—			9,660
Assets held for sale	—			15,035			58			—			15,093
Prepaid expenses and other current assets	1,280			4,014			1,632			—			6,926
Total current assets	(13,178		)	124,317			3,370			(513		)	113,996
Net property and equipment	2,501			556,062			25,517			—			584,080
Investment in subsidiaries	577,965			24,270			—			(602,235		)	—
Deferred income taxes	65,041			—			—			(65,041		)	—
Other long-term assets	583			1,029			414			—			2,026
Total assets	$	632,912		$	705,678		$	29,301		$	(667,789	)	$	700,102
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	546		$	16,317		$	2,345		$	—		$	19,208
Deferred revenues	—			680			769			—			1,449
Accrued expenses	9,316			34,765			1,777			(513		)	45,345
Total current liabilities	9,862			51,762			4,891			(513		)	66,002
Long-term debt, less debt issuance costs	339,473			—			—			—			339,473
Deferred income taxes	—			73,249			(28		)	(65,041		)	8,180
Other long-term liabilities	2,179			2,702			168			—			5,049
Total liabilities	351,514			127,713			5,031			(65,554		)	418,704
Total shareholders’ equity	281,398			577,965			24,270			(602,235		)	281,398
Total liabilities and shareholders’ equity	$	632,912		$	705,678		$	29,301		$	(667,789	)	$	700,102

Condensed Consolidated Statements of Operations

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands)



	Three months ended March 31, 2017
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	85,086		$	10,671		$	—		$	95,757
Costs and expenses:
Operating costs	—			65,155			7,593			—			72,748
Depreciation and amortization	301			23,069			1,622			—			24,992
General and administrative	5,829			11,583			450			(138		)	17,724
Bad debt recovery	—			(363		)	—			—			(363		)
Gain on dispositions of property and equipment, net	—			(456		)	(15		)	—			(471		)
Intercompany leasing	—			(1,215		)	1,215			—			—
Total costs and expenses	6,130			97,773			10,865			(138		)	114,630
Income (loss) from operations	(6,130		)	(12,687		)	(194		)	138			(18,873		)
Other income (expense):
Equity in earnings of subsidiaries	(8,585		)	(648		)	—			9,233			—
Interest expense, net of interest capitalized	(6,016		)	(43		)	—			—			(6,059		)
Other	16			213			(235		)	(138		)	(144		)
Total other (expense) income	(14,585		)	(478		)	(235		)	9,095			(6,203		)
Income (loss) before income taxes	(20,715		)	(13,165		)	(429		)	9,233			(25,076		)
Income tax (expense) benefit ¹	(4,409		)	4,580			(219		)	—			(48		)
Net income (loss)	$	(25,124	)	$	(8,585	)	$	(648	)	$	9,233		$	(25,124	)

	Three months ended March 31, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	73,856		$	1,096		$	—		$	74,952
Costs and expenses:
Operating costs	—			50,310			1,979			—			52,289
Depreciation and amortization	332			27,731			1,761			—			29,824
General and administrative	5,885			10,548			213			(138		)	16,508
Bad debt recovery	—			(55		)	—			—			(55		)
Gain on dispositions of property and equipment, net	—			(555		)	(45		)	—			(600		)
Intercompany leasing	—			(1,215		)	1,215			—			—
Total costs and expenses	6,217			86,764			5,123			(138		)	97,966
Income (loss) from operations	(6,217		)	(12,908		)	(4,027		)	138			(23,014		)
Other income (expense):
Equity in earnings of subsidiaries	(16,417		)	(4,846		)	—			21,263			—
Interest expense, net of interest capitalized	(6,234		)	(22		)	2			—			(6,254		)
Other	(7		)	320			(564		)	(138		)	(389		)
Total other (expense) income	(22,658		)	(4,548		)	(562		)	21,125			(6,643		)
Income (loss) before income taxes	(28,875		)	(17,456		)	(4,589		)	21,263			(29,657		)
Income tax (expense) benefit ¹	1,176			1,039			(257		)	—			1,958
Net income (loss)	$	(27,699	)	$	(16,417	)	$	(4,846	)	$	21,263		$	(27,699	)

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 CONSOLIDATING STATEMENTS OF CASH FLOWS

(unaudited, in thousands)



	Three months ended March 31, 2017
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities	$	(14,236	)	$	(8,233	)	$	649		$	—		$	(21,820	)

Cash flows from investing activities:
Purchases of property and equipment	(127		)	(24,013		)	(813		)	270			(24,683		)
Proceeds from sale of property and equipment	—			7,387			31			(270		)	7,148
Proceeds from insurance recoveries	—			3,119			—			—			3,119
	(127		)	(13,507		)	(782		)	—			(14,416		)

Cash flows from financing activities:
Debt repayments	(6,305		)	—			—			—			(6,305		)
Proceeds from issuance of debt	40,000			—			—			—			40,000
Purchase of treasury stock	(363		)	—			—			—			(363		)
Intercompany contributions/distributions	(21,598		)	21,653			(55		)	—			—
	11,734			21,653			(55		)	—			33,332

Net increase (decrease) in cash and cash equivalents	(2,629		)	(87		)	(188		)	—			(2,904		)
Beginning cash and cash equivalents	9,898			(764		)	1,060			—			10,194
Ending cash and cash equivalents	$	7,269		$	(851	)	$	872		$	—		$	7,290

	Three months ended March 31, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities	$	(15,583	)	$	24,998		$	212		$	—		$	9,627

Cash flows from investing activities:
Purchases of property and equipment	(68		)	(5,424		)	(40		)	—			(5,532		)
Proceeds from sale of property and equipment	—			432			45			—			477
	(68		)	(4,992		)	5			—			(5,055		)

Cash flows from financing activities:
Debt issuance costs	(20		)	—			—			—			(20		)
Purchase of treasury stock	(43		)	—			—			—			(43		)
Intercompany contributions/distributions	14,275			(14,242		)	(33		)	—			—
	14,212			(14,242		)	(33		)	—			(63		)

Net increase (decrease) in cash and cash equivalents	(1,439		)	5,764			184			—			4,509
Beginning cash and cash equivalents	17,221			(5,612		)	2,551			—			14,160
Ending cash and cash equivalents	$	15,782		$	152		$	2,735		$	—		$	18,669