Colorado
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75-2811855
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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Yes
x
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No
o
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Yes
x
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No
o
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if smaller reporting company)
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Yes
o
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No
x
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Class
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May 2, 2016
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Common Stock, $0.01 par value
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|
12,864,226
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NATURAL GAS SERVICES GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) |
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March 31,
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December 31,
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||||
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2016
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2015
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||||
ASSETS
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|
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||||
Current Assets:
|
|
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||||
Cash and cash equivalents
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$
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43,055
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|
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$
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35,532
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Trade accounts receivable, net of allowance for doubtful accounts of $711 and $833, respectively
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10,847
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9,107
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Inventory, net
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25,095
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27,722
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||
Prepaid income taxes
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396
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81
|
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||
Prepaid expenses and other
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297
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|
762
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Total current assets
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79,690
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73,204
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Rental equipment,
net of accumulated depreciation of $116,359 and $111,293, respectively
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188,549
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191,933
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Property and equipment,
net of accumulated depreciation of $10,972 and $10,825 respectively
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8,217
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8,527
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Goodwill
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10,039
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10,039
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Intangibles,
net of accumulated amortization of $1,413 and $1,382, respectively
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1,746
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1,777
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Other assets
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124
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73
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Total assets
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$
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288,365
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$
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285,553
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities:
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Accounts payable
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$
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605
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$
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1,226
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Accrued liabilities
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3,760
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3,071
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Deferred income
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185
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271
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|
||
Total current liabilities
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4,550
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4,568
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||
Line of credit, non-current portion
|
417
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417
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Deferred income tax liability
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56,593
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56,458
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Other long-term liabilities
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177
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129
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Total liabilities
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61,737
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61,572
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Commitments and contingencies (Note 9)
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Stockholders’ Equity:
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Preferred stock, 5,000 shares authorized, no shares issued or outstanding
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—
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—
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Common stock, 30,000 shares authorized, par value $0.01; 12,708 and 12,603 shares issued and outstanding, respectively
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127
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126
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Additional paid-in capital
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98,415
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98,310
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Retained earnings
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128,086
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125,545
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Total stockholders' equity
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226,628
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223,981
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Total liabilities and stockholders' equity
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$
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288,365
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$
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285,553
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NATURAL GAS SERVICES GROUP, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS (in thousands, except earnings per share) (unaudited) |
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Three months ended
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March 31,
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||||||
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2016
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2015
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Revenue:
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Rental income
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$
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16,408
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$
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20,603
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Sales, net
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4,910
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3,912
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Service and maintenance income
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258
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226
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Total revenue
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21,576
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24,741
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Operating costs and expenses:
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Cost of rentals, exclusive of depreciation stated separately below
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5,694
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7,727
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Cost of sales, exclusive of depreciation stated separately below
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3,932
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2,813
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Cost of service and maintenance
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111
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38
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Selling, general, and administrative expense
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2,569
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2,588
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Depreciation and amortization
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5,503
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5,788
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Total operating costs and expenses
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17,809
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18,954
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Operating income
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3,767
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5,787
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Other income (expense):
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Interest expense
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(2
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)
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(3
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)
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Other income
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19
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42
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Total other income, net
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17
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39
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Income before provision for income taxes
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3,784
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5,826
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Provision for income taxes
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1,243
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2,132
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Net income
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$
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2,541
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$
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3,694
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Earnings per share:
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Basic
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$
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0.20
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$
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0.30
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Diluted
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$
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0.20
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$
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0.29
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Weighted average shares outstanding:
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Basic
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12,648
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12,504
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Diluted
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12,838
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12,713
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NATURAL GAS SERVICES GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
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Three months ended
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March 31,
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||||||
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2016
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2015
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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2,541
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$
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3,694
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Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation and amortization
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5,503
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5,788
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Deferred income taxes
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135
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591
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Stock based compensation
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648
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794
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Bad debt allowance
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29
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160
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Gain on sale of assets
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(25
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)
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(44
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)
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Gain on company owned life insurance
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(3
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)
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—
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Changes in current assets and liabilities:
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Trade accounts receivables
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(1,769
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)
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619
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Inventory
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2,791
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5,146
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Prepaid expenses
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165
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1,491
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Accounts payable and accrued liabilities
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68
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(6,229
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)
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Deferred income
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(86
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)
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(728
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)
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Other
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51
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—
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Tax benefit from equity compensation
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(15
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)
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—
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NET CASH PROVIDED BY OPERATING ACTIVITIES
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10,033
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11,282
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchase of property and equipment
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(1,942
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)
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(8,712
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)
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Purchase of company owned life insurance
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(48
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)
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—
|
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Proceeds from sale of property and equipment
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25
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44
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NET CASH USED IN INVESTING ACTIVITIES
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(1,965
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)
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(8,668
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)
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Payments from other long-term liabilities, net
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(3
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)
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(7
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)
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Proceeds from exercise of stock options
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352
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492
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Taxes paid related to net share settlement of equity awards
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(909
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)
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(660
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)
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Tax benefit from equity compensation
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15
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—
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NET CASH USED IN FINANCING ACTIVITIES
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(545
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)
|
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(175
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)
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NET CHANGE IN CASH AND CASH EQUIVALENTS
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7,523
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2,439
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CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
35,532
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|
|
6,181
|
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||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
43,055
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|
|
$
|
8,620
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
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Interest paid
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$
|
2
|
|
|
$
|
3
|
|
Income taxes paid
|
$
|
1,550
|
|
|
$
|
—
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NON-CASH TRANSACTIONS
|
|
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|
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Transfer of rental equipment components to inventory
|
$
|
164
|
|
|
$
|
—
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|
|
Number
of
Stock Options
|
|
Weighted Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual Life (years)
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
|||||
Outstanding, December 31, 2015
|
414,769
|
|
|
$
|
19.07
|
|
|
5.08
|
|
$
|
1,814
|
|
Exercised
|
(22,750
|
)
|
|
15.46
|
|
|
|
|
137
|
|
||
Outstanding, March 31, 2016
|
392,019
|
|
|
$
|
19.28
|
|
|
5.01
|
|
$
|
1,468
|
|
Exercisable, March 31, 2016
|
336,187
|
|
|
$
|
18.22
|
|
|
4.40
|
|
$
|
1,468
|
|
Range of Exercise Prices
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||
Shares
|
|
Weighted
Average
Remaining
Contractual
Life (years)
|
|
Weighted
Average
Exercise
Price
|
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|||||||
$0.01-15.70
|
79,852
|
|
|
3.42
|
|
$
|
10.67
|
|
|
79,852
|
|
|
$
|
10.67
|
|
$15.71-17.81
|
85,750
|
|
|
3.49
|
|
17.55
|
|
|
85,750
|
|
|
17.55
|
|
||
$17.82-20.48
|
118,917
|
|
|
4.00
|
|
19.59
|
|
|
118,917
|
|
|
19.59
|
|
||
$20.49-33.36
|
107,500
|
|
|
8.50
|
|
26.72
|
|
|
51,668
|
|
|
27.85
|
|
||
|
392,019
|
|
|
5.01
|
|
$
|
19.28
|
|
|
336,187
|
|
|
$
|
18.22
|
|
Unvested stock options:
|
Shares
|
|
Weighted Average
Grant Date Fair Value Per Share
|
|||
Unvested at December 31, 2015
|
101,836
|
|
|
$
|
12.67
|
|
Vested
|
(46,004
|
)
|
|
12.55
|
|
|
Unvested at March 31, 2016
|
55,832
|
|
|
$
|
12.77
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(in thousands)
|
||||||
Raw materials
|
$
|
20,283
|
|
|
$
|
20,726
|
|
Finished Goods
|
1,034
|
|
|
1,051
|
|
||
Work in process
|
3,778
|
|
|
5,945
|
|
||
|
$
|
25,095
|
|
|
$
|
27,722
|
|
|
Three months ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Numerator:
|
|
|
|
||||
Net income
|
$
|
2,541
|
|
|
$
|
3,694
|
|
Denominator for basic net income per common share:
|
|
|
|
||||
Weighted average common shares outstanding
|
12,648
|
|
|
12,504
|
|
||
|
|
|
|
||||
Denominator for diluted net income per share:
|
|
|
|
||||
Weighted average common shares outstanding
|
12,648
|
|
|
12,504
|
|
||
Dilutive effect of stock options and restricted stock
|
190
|
|
|
209
|
|
||
Diluted weighted average shares
|
12,838
|
|
|
12,713
|
|
||
Earnings per common share:
|
|
|
|
||||
Basic
|
$
|
0.20
|
|
|
$
|
0.30
|
|
Diluted
|
$
|
0.20
|
|
|
$
|
0.29
|
|
•
|
The nature of the products and services;
|
•
|
The nature of the production processes;
|
•
|
The type or class of customer for their products and services;
|
•
|
The methods used to distribute their products or provide their services; and
|
•
|
The nature of the regulatory environment, if applicable.
|
|
Revenue Three months ended March 31,
|
||||||||||
|
(in thousands)
|
||||||||||
|
2016
|
|
2015
|
||||||||
Rental
|
$
|
16,408
|
|
76
|
%
|
|
$
|
20,603
|
|
83
|
%
|
Sales
|
4,910
|
|
23
|
%
|
|
3,912
|
|
16
|
%
|
||
Service and Maintenance
|
258
|
|
1
|
%
|
|
226
|
|
1
|
%
|
||
Total
|
$
|
21,576
|
|
|
|
|
$
|
24,741
|
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
43,055
|
|
|
$
|
35,532
|
|
Trade accounts receivable, net
|
10,847
|
|
|
9,107
|
|
||
Inventory, net
|
25,095
|
|
|
27,722
|
|
||
Prepaid income taxes
|
396
|
|
|
81
|
|
||
Prepaid expenses and other
|
297
|
|
|
762
|
|
||
Total current assets
|
79,690
|
|
|
73,204
|
|
||
Current Liabilities:
|
|
|
|
|
|||
Accounts payable
|
605
|
|
|
1,226
|
|
||
Accrued liabilities
|
3,760
|
|
|
3,071
|
|
||
Deferred income
|
185
|
|
|
271
|
|
||
Total current liabilities
|
4,550
|
|
|
4,568
|
|
||
Total working capital
|
$
|
75,140
|
|
|
$
|
68,636
|
|
|
|
Obligations Due in Period (
in thousands)
|
||||||||||||||||||||||
Cash Contractual Obligations
|
|
2016
(1)
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
||||||||||||
Line of credit (secured)
|
|
$
|
—
|
|
|
$
|
417
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
417
|
|
Interest on line of credit
(2)
|
|
13
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
||||||
Purchase obligations
(3)
|
|
342
|
|
|
400
|
|
|
400
|
|
|
400
|
|
|
466
|
|
|
2,008
|
|
||||||
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|
126
|
|
||||||
Facilities and office leases
|
|
316
|
|
|
407
|
|
|
275
|
|
|
59
|
|
|
—
|
|
|
1,057
|
|
||||||
Total
|
|
$
|
671
|
|
|
$
|
1,241
|
|
|
$
|
675
|
|
|
$
|
459
|
|
|
$
|
592
|
|
|
$
|
3,638
|
|
Exhibit No.
|
Description
|
|
|
3.1
|
Articles of Incorporation, as amended (Incorporated by reference to Exhibit 3.1 of the 10-QSB filed and dated November 10, 2004)
|
|
|
3.2
|
Bylaws (Incorporated by reference to Exhibit 3.4 of the Registrant's Registration Statement on Form SB-2, No. 333-88314)
|
|
|
4.1
|
Non-Statutory Stock Option Agreement (Incorporated by reference to Exhibit 10.2 to Form 8-K filed with the SEC on August 30, 2005)
|
10.1
|
Lease Agreement, dated March 26, 2008, between WNB Tower, LTD and Natural Gas Services Group, Inc. (Incorporated by reference to Exhibit 10.15 of the Registrant’s Form 10-K for the fiscal year ended December 31, 2008 and filed with the Securities and Exchange Commission on March 9, 2009)
|
|
|
10.2
|
2009 Restricted Stock/Unit Plan, as amended (Incorporated by reference to Exhibit 99.1 of the Registrant’s Current Report on Form 8-K dated June 3, 2014 and filed with the Securities and Exchange Commission on June 6, 2014.)
|
|
|
10.3
|
1998 Stock Option Plan, as amended (Incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K dated September 18, 2009 and filed with the Securities and Exchange Commission on September 18, 2009.)
|
|
|
10.4
|
Lease Agreement, dated December 11, 2008, between Klement-Wes Partnership, LTD and Natural Gas Services Group, Inc. and commencing on January 1, 2009
|
|
|
10.5
|
Credit Agreement between Natural Gas Services Group, Inc. and JPMorgan Chase Bank, N.A., dated December 10, 2010 (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 24, 2014.)
|
|
|
10.6
|
Third Amendment of Credit Agreement between Natural Gas Services Group, Inc. and JPMorgan Chase Bank, N.A., dated November 19, 2014 (Incorporated by reference to Exhibit 10.1 of the Registrant's Current report on Form 8-K filed with the Securities and Exchange Commission on January 9, 2012.)
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|
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10.7
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Security Agreement between Natural Gas Services Group, Inc. and JPMorgan Chase Bank, N.A., dated December 10, 2010 (Incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 16, 2011.)
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|
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10.8
|
First Amendment of Security Agreement between Natural Gas Services Group, Inc. and JPMorgan Chase Bank, N.A., dated December 31, 2011 (Incorporated by reference to Exhibit 10.2 of the Registrant's Current report on Form 8-K filed with the Securities and Exchange Commission on January 9, 2012.)
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|
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10.9
|
Promissory Note in the aggregate amount of $30,000,000 issued to JPMorgan Chase Bank, N.A., dated December 31, 2014, in connection with the revolving credit line under the Credit Agreement with JPMorgan Chase Bank, N.A. (Incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 24, 2014.)
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|
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10.10
|
Amended and restated Employment Agreement dated April 27, 2015 between Natural Gas Services Group, Inc. and Stephen C. Taylor (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 29, 2015.)
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|
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*10.11
|
The Executive Nonqualified Excess Plan Adoption Agreement (Nonqualified Deferred Compensation Plan)
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|
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*31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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|
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*31.2
|
Certification of Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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|
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*32.1
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
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*32.2
|
Certification of Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
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|
* Filed herewith.
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/s/ Stephen C. Taylor
|
|
/s/ G. Larry Lawrence
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|
Stephen C. Taylor
|
|
G. Larry Lawrence
|
|
President and Chief Executive Officer
|
|
Vice President and Chief Financial Officer
|
|
(Principal Executive Officer)
|
|
(Principal Accounting Officer)
|
|
10.1
|
Lease Agreement, dated March 26, 2008, between WNB Tower, LTD and Natural Gas Services Group, Inc. (Incorporated by reference to Exhibit 10.15 of the Registrant’s Form 10-K for the fiscal year ended December 31, 2008 and filed with the Securities and Exchange Commission on March 9, 2009)
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|
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10.2
|
2009 Restricted Stock/Unit Plan, as amended (Incorporated by reference to Exhibit 99.1 of the Registrant’s Current Report on Form 8-K dated June 3, 2014 and filed with the Securities and Exchange Commission on June 6, 2014.)
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|
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10.3
|
1998 Stock Option Plan, as amended (Incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K dated September 18, 2009 and filed with the Securities and Exchange Commission on September 18, 2009.)
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|
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10.4
|
Lease Agreement, dated December 11, 2008, between Klement-Wes Partnership, LTD and Natural Gas Services Group, Inc. and commencing on January 1, 2009
|
|
|
10.5
|
Credit Agreement between Natural Gas Services Group, Inc. and JPMorgan Chase Bank, N.A., dated December 10, 2010 (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 24, 2014.)
|
|
|
10.6
|
Third Amendment of Credit Agreement between Natural Gas Services Group, Inc. and JPMorgan Chase Bank, N.A., dated November 19, 2014 (Incorporated by reference to Exhibit 10.1 of the Registrant's Current report on Form 8-K filed with the Securities and Exchange Commission on January 9, 2012.)
|
|
|
10.7
|
Security Agreement between Natural Gas Services Group, Inc. and JPMorgan Chase Bank, N.A., dated December 10, 2010 (Incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 16, 2011.)
|
|
|
10.8
|
First Amendment of Security Agreement between Natural Gas Services Group, Inc. and JPMorgan Chase Bank, N.A., dated December 31, 2011 (Incorporated by reference to Exhibit 10.2 of the Registrant's Current report on Form 8-K filed with the Securities and Exchange Commission on January 9, 2012.)
|
|
|
10.9
|
Promissory Note in the aggregate amount of $30,000,000 issued to JPMorgan Chase Bank, N.A., dated December 31, 2014, in connection with the revolving credit line under the Credit Agreement with JPMorgan Chase Bank, N.A. (Incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 24, 2014.)
|
|
|
10.10
|
Amended and restated Employment Agreement dated April 27, 2015 between Natural Gas Services Group, Inc. and Stephen C. Taylor (Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 29, 2015.)
|
|
|
*10.11
|
The Executive Nonqualified Excess Plan Adoption Agreement (Nonqualified Deferred Compensation Plan)
|
|
|
(i)
|
To file such reports as may be required with the United States Department of Labor, the Internal Revenue Service and any other government agency to which reports may be required to be submitted from time to time; and
|
(i)
|
the specific reason or reasons for the adverse determination;
|
(ii)
|
specific reference to pertinent Plan provisions on which the adverse determination is based;
|
(iii)
|
a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits; and
|
(iv)
|
a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s right to obtain the information about such procedures, as well as a statement of the claimant’s right to bring an action under ERISA section 502(a).
|
/s/ G. Larry Lawrence
|
G. Larry Lawrence
|
Vice President and Chief Financial Officer
|
(Principal Accounting Officer)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Natural Gas Services Group, Inc;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated:
|
May 6, 2016
|
|
Natural Gas Services Group, Inc.
|
|
|
|
|
|
|
|
|
By:
|
/s/ Stephen C. Taylor
|
|
|
|
|
Stephen C. Taylor,
|
|
|
|
|
President, CEO and Chairman of the Board of Directors
|
|
|
|
|
(Principal Executive Officer)
|
Dated:
|
May 6, 2016
|
|
Natural Gas Services Group, Inc.
|
|
|
|
|
|
|
|
|
By:
|
/s/ G. Larry Lawrence
|
|
|
|
|
G. Larry Lawrence
|
|
|
|
|
Vice President, Chief Financial Officer
|
|
|
|
|
(Principal Accounting Officer)
|
Dated:
|
May 6, 2016
|
|
Natural Gas Services Group, Inc.
|
|
|
|
|
|
|
|
|
By:
|
/s/ Stephen C. Taylor
|
|
|
|
|
Stephen C. Taylor,
|
|
|
|
|
President, CEO and Chairman of the Board of Directors
|
|
|
|
|
(Principal Executive Officer)
|
Dated:
|
May 6, 2016
|
|
Natural Gas Services Group, Inc.
|
|
|
|
|
|
|
|
|
By:
|
/s/ G. Larry Lawrence
|
|
|
|
|
G. Larry Lawrence,
|
|
|
|
|
Vice President and Chief Financial Officer
|
|
|
|
|
(Principle Accounting Officer)
|
|