| Results of Operations by Reportable Segment |
The following table represents the results of operations by reportable segment:
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Three Months Ended
March 31, |
Operations by Reportable Industry Segment |
2014 |
|
2013 |
|
(Dollars in Thousands) |
Revenues: |
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Rental Tools (1)
|
$ |
80,506 |
|
|
$ |
57,082 |
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U.S. Barge Drilling (1)
|
30,490 |
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|
29,865 |
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U.S. Drilling (1)
|
19,417 |
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|
11,635 |
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International Drilling(1)
|
85,469 |
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|
64,650 |
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Technical Services(1)
|
13,343 |
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|
3,903 |
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Total revenues |
229,225 |
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|
167,135 |
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Operating gross margin: |
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Rental Tools (2)
|
13,345 |
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|
21,507 |
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U.S. Barge Drilling (2)
|
7,824 |
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|
8,758 |
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U.S. Drilling (2)
|
1,641 |
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|
(4,052 |
) |
International Drilling (2)
|
5,477 |
|
|
(5,645 |
) |
Technical Services (2)
|
576 |
|
|
309 |
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Total operating gross margin |
28,863 |
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|
20,877 |
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General and administrative expense |
(8,964 |
) |
|
(12,845 |
) |
Gain (loss) on disposition of assets, net |
(129 |
) |
|
1,148 |
|
Total operating income |
19,770 |
|
|
9,180 |
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Interest expense |
(12,039 |
) |
|
(10,006 |
) |
Interest income |
32 |
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|
59 |
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Loss on extinguishment of debt |
(29,673 |
) |
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— |
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Other |
895 |
|
|
(165 |
) |
Loss from continuing operations before income taxes |
$ |
(21,015 |
) |
|
$ |
(932 |
) |
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(1) |
For the three months ended March 31, 2014, our largest customer, ENL, constituted 17.1% of our total consolidated revenues and approximately 37.6% and 52.4% of our International Drilling and Technical Services segment revenues, respectively. For the three months ended March 31, 2013, our largest customer, ENL, constituted approximately 15.1% of our total consolidated revenues and approximately 38.5% of our International Drilling segment revenues.
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(2) |
Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense. |
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