Quarterly report pursuant to Section 13 or 15(d)

Acquistions (Tables)

v2.4.0.8
Acquistions (Tables)
 6 Months Ended
Jun. 30, 2013
Business Combinations [Abstract]  
Schedule of Business Acquisition
The following details the fair value of the consideration transferred to effect the ITS Acquisition (dollars in thousands).

Cash paid to, or on behalf of, ITS and its equity holders
$
101,000

Cash deposited in escrow
19,000

Fair value of contingent consideration deposited in escrow for assets not acquired (1)
5,000

Total fair value of the consideration transferred
$
125,000

The final allocation of consideration will include changes in (1) amounts deposited in escrow, (2) estimated fair values of property and equipment, (3) allocations to intangible assets and liabilities, (4) changes in contingent consideration, and (5) other assets and liabilities. These amounts will be finalized as soon as possible, but no later than one year from the acquisition date.
 
April 22, 2013
 
(In thousands)
 
 
Cash and cash equivalents
$
7,009

Accounts and notes receivable, net (1) 
48,795

Other current assets
1,803

Accounts payable and accrued liabilities
(39,156
)
Accrued income taxes
(1,251
)
Working capital excluding Rig materials and supplies
17,200

Rig materials and supplies
11,514

Property, plant and equipment, net (2) 
70,339

Investment in joint venture
4,134

Other noncurrent assets
2,818

Total tangible assets
106,005

Deferred income tax assets - current
222

Deferred income tax assets - noncurrent (3) 
14,153

Intangible Assets (4)
 
Trade name, developed technology, and customer relationship
10,000

Indefinite-lived intangible assets
200

Total assets acquired
130,580

Other long-term liabilities
(211
)
Long-term deferred tax liability
(2,661
)
Net assets acquired
127,708

Less: Noncontrolling interest (5)
(2,708
)
Total consideration transferred
$
125,000

Schedule of Pro Forma Information for Business Acquisition
The following unaudited supplemental pro forma results present consolidated information for the six months ended June 30, 2013 as if the ITS Acquisition had been completed on January 1, 2012.  The pro forma results have been calculated after applying our accounting policies and include, among others, (i) the amortization associated with the fair value of the acquired intangible assets, (ii) interest expense associated with the term loan issued to fund the ITS Acquisition and (iii) the impact of certain fair value adjustments such as a decrease in depreciation expense related to the write-down in property, plant and equipment. The pro forma results do not include any potential synergies, non-recurring charges which result directly from the ITS Acquisition, cost savings or other expected benefits of the ITS Acquisition. The pro forma financial information does not necessarily represent what would have occurred if the transaction had taken place at the beginning of the period presented and should not be taken as representative of our future consolidated results of operations. We have not concluded our integration work. Accordingly, this pro forma information does not include all costs related to the integration nor the benefits we expect to realize from operating synergies, such as consolidating procurement activities.

 
Six Months Ended June 30,
 
2013
 
2012
 
(Dollars in thousands, except per share data)
 
 
 
 
Revenue
$
433,976

 
$
418,362

Net income
$
20,558

 
$
45,905

Net income attributable to Parker Drilling
$
20,255

 
$
45,946

Earnings per share - basic
$
0.17

 
$
0.39

Earnings per share - diluted
$
0.17

 
$
0.39

 
 
 
 
Basic number of shares
119,177,431

 
117,129,364

Diluted number of shares
121,498,223

 
118,623,037