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Last $0.40 USD
Change Today 0.00 / 0.00%
Volume 0.0
IRIG On Other Exchanges
Symbol
Exchange
OTC US
OTC US
As of 8:10 PM 04/22/15 All times are local (Market data is delayed by at least 15 minutes).

integrated drilling equipmen (IRIG) Snapshot

Open
$0.40
Previous Close
$0.40
Day High
$0.40
Day Low
$0.40
52 Week High
05/13/14 - $3.15
52 Week Low
12/4/14 - $0.25
Market Cap
3.5M
Average Volume 10 Days
200.0
EPS TTM
$-0.11
Shares Outstanding
8.8M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for INTEGRATED DRILLING EQUIPMEN (IRIG)

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integrated drilling equipmen (IRIG) Details

Integrated Drilling Equipment Holdings Corp. manufactures drilling rigs, rig control systems, and rig components; and provides rig refurbishment and reconfiguration services for contract drilling companies worldwide. It operates through two segments, Electrical Products and Services, and Drilling Products and Services. The Electrical Products and Services segment designs, manufactures, installs, and services rig electrical and control systems, such as silicon controlled rectifier units, variable frequency drive units, electrical cabling, lighting systems, closed circuit video systems, gas and fire detection systems, and communication systems. This segment also offers rig power systems, AC and DC drive systems and MCC, electrical rig up, engine generators, automation, controls/sensors, hydraulic power units, other rig related hydraulic solutions, system integration, hydraulic system design, testing, and rig up/support products and services. The Drilling Products and Services segment provides drilling rigs and components. This segment designs, manufactures, and services land-based drilling rigs, and rig subsystems and parts; offers drilling rig services comprising mechanical services, assembly testing, rig refurbishment and inspection, new rig fabrication, and completion of land rig packages; and fabricates mud tanks, masts and substructures, dog houses, and other drilling rig related products. Integrated Drilling Equipment Holdings Corp. is headquartered in Spring, Texas.

270 Employees
Last Reported Date: 04/10/15

integrated drilling equipmen (IRIG) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: $148.3K
Founder, Vice Chairman, Secretary and Directo...
Total Annual Compensation: $104.2K
Chief Financial Officer and Principal Account...
Total Annual Compensation: $175.0K
Compensation as of Fiscal Year 2014.

integrated drilling equipmen (IRIG) Key Developments

Integrated Drilling Equipment Holdings Corp. Auditor Raises 'Going Concern' Doubt

Integrated Drilling Equipment Holdings Corp. filed its 10-K on Apr 10, 2015 for the period ending Dec 31, 2014. In this report its auditor, Whitley Penn, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Integrated Drilling Equipment Holdings Corp. announced delayed annual 10-K filing

On 03/31/2015, Integrated Drilling Equipment Holdings Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

Integrated Drilling Equipment Holdings Corp., Integrated Drilling Equipment, LLC and Integrated Drilling Equipment Company Holdings, LLC Enter into the Fourth Amendment to Term Loan and Security Agreement and Forbearance Agreement

Integrated Drilling Equipment Holdings Corp., Integrated Drilling Equipment, LLC and Integrated Drilling Equipment Company Holdings, LLC (collectively with the borrowers) entered into the fourth amendment to term loan and security agreement and forbearance agreement with Elm Park Credit Opportunities Fund, L.P. and Elm Park Credit Opportunities Fund (Canada), L.P., as lenders, and Elm Park Capital Management, LLC, as administrative agent to, among other things, (1) amend the maturity date of the term facility from June 30, 2015 to September 30, 2015; (2) amend the capital expenditures covenant to limit capital expenditures to not greater than (a) $2,000,000 for the twelve months ended December 31, 2014, (b) $300,000 for the three months ended March 31, 2014 and (c) $500,000 for the nine months ended September 30, 2015; and (3) add a new covenant requiring that with respect to the borrowers rig yard division business, for the period of 90 consecutive days ending March 31, 2015, and for each period of 90 consecutive days ending on the last day of any month ending thereafter, the borrowers not incur operating losses in an aggregate amount exceeding $400,000 in any such 90 consecutive day period. In addition, the fourth term loan amendment provides that during the period beginning December 31, 2014 and ending on the earlier of (a) the occurrence of a termination event or (b) 5:00 pm Dallas time on March 31, 2015, the lenders under the term facility agree to forbear from commencing any enforcement action as a result of certain existing defaults or the borrowers failure to comply with either the fixed charge coverage ratio covenant or minimum EBITDA covenant in the term loan agreement for the quarters ended December 31, 2014 or March 31, 2105, so long as the borrowers (1) have at least $5,000,000 in EBITDA, measured monthly on a trailing twelve-month basis (with an add-back for a one-time severance payment of $2,520,120 previously made to Stephen Cope); (2) have a fixed charge coverage ratio of at least 1.0 to 1.0, measured monthly on a trailing twelve-month basis (with an add-back for a one-time severance payment of $2,520,120 previously made to Stephen Cope); (3) furnish the agent and lenders with a forbearance compliance certificate, in form and substance reasonably satisfactory to the agent and lenders, within thirty days after the end of each month; (4) diligently pursue a financing commitment from a third party financing source, the proceeds of which will be used to repay all obligations under the revolving facility; and (5) deliver a weekly status report to the agent regarding the status of all actions taken to seek such financing commitment.

 

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Industry Analysis

IRIG

Industry Average

Valuation IRIG Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.0x
Price/Book NM Not Meaningful
Price/Cash Flow 2.8x
TEV/Sales NM Not Meaningful
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