|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Consolidating Condensed Balance Sheet |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
March 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
30,649 |
|
|
$ |
15,916 |
|
|
$ |
46,496 |
|
|
$ |
— |
|
|
$ |
93,061 |
|
Accounts and notes receivable, net |
(12 |
) |
|
122,122 |
|
|
142,327 |
|
|
— |
|
|
264,437 |
|
Rig materials and supplies |
— |
|
|
2,578 |
|
|
41,910 |
|
|
— |
|
|
44,488 |
|
Deferred costs |
— |
|
|
— |
|
|
10,698 |
|
|
— |
|
|
10,698 |
|
Deferred income taxes |
(2 |
) |
|
7,447 |
|
|
1,528 |
|
|
— |
|
|
8,973 |
|
Other tax assets |
50,772 |
|
|
(42,985 |
) |
|
15,526 |
|
|
— |
|
|
23,313 |
|
Other current assets |
— |
|
|
6,122 |
|
|
14,040 |
|
|
— |
|
|
20,162 |
|
Total current assets |
81,407 |
|
|
111,200 |
|
|
272,525 |
|
|
— |
|
|
465,132 |
|
Property, plant and equipment, net |
(19 |
) |
|
564,469 |
|
|
309,850 |
|
|
— |
|
|
874,300 |
|
Investment in subsidiaries and intercompany advances |
2,043,180 |
|
|
(135,328 |
) |
|
1,892,995 |
|
|
(3,800,847 |
) |
|
— |
|
Other noncurrent assets |
(450,209 |
) |
|
475,387 |
|
|
253,763 |
|
|
(118,005 |
) |
|
160,936 |
|
Total assets |
$ |
1,674,359 |
|
|
$ |
1,015,728 |
|
|
$ |
2,729,133 |
|
|
$ |
(3,918,852 |
) |
|
$ |
1,500,368 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
18,801 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,801 |
|
Accounts payable and accrued liabilities |
67,464 |
|
|
92,591 |
|
|
262,044 |
|
|
(254,644 |
) |
|
167,455 |
|
Accrued income taxes |
(4,420 |
) |
|
6,767 |
|
|
14,848 |
|
|
— |
|
|
17,195 |
|
Total current liabilities |
81,845 |
|
|
99,358 |
|
|
276,892 |
|
|
(254,644 |
) |
|
203,451 |
|
Long-term debt |
612,574 |
|
|
— |
|
|
— |
|
|
— |
|
|
612,574 |
|
Other long-term liabilities |
5,036 |
|
|
6,664 |
|
|
5,827 |
|
|
— |
|
|
17,527 |
|
Long-term deferred tax liability |
— |
|
|
50,229 |
|
|
(9,203 |
) |
|
— |
|
|
41,026 |
|
Intercompany payables |
354,161 |
|
|
514,644 |
|
|
626,054 |
|
|
(1,494,859 |
) |
|
— |
|
Contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
20,164 |
|
|
18,049 |
|
|
43,003 |
|
|
(61,052 |
) |
|
20,164 |
|
Capital in excess of par value |
660,742 |
|
|
740,441 |
|
|
1,572,919 |
|
|
(2,313,360 |
) |
|
660,742 |
|
Retained earnings (accumulated deficit) |
(60,163 |
) |
|
(413,657 |
) |
|
208,594 |
|
|
205,063 |
|
|
(60,163 |
) |
Accumulated other comprehensive income |
— |
|
|
— |
|
|
1,783 |
|
|
— |
|
|
1,783 |
|
Total controlling interest stockholders’ equity |
620,743 |
|
|
344,833 |
|
|
1,826,299 |
|
|
(2,169,349 |
) |
|
622,526 |
|
Noncontrolling interest |
— |
|
|
— |
|
|
3,264 |
|
|
— |
|
|
3,264 |
|
Total equity |
620,743 |
|
|
344,833 |
|
|
1,829,563 |
|
|
(2,169,349 |
) |
|
625,790 |
|
Total liabilities and stockholders’ equity |
$ |
1,674,359 |
|
|
$ |
1,015,728 |
|
|
$ |
2,729,133 |
|
|
$ |
(3,918,852 |
) |
|
$ |
1,500,368 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
88,697 |
|
|
$ |
8,310 |
|
|
$ |
51,682 |
|
|
$ |
— |
|
|
$ |
148,689 |
|
Accounts and notes receivable, net |
— |
|
|
101,299 |
|
|
156,590 |
|
|
— |
|
|
257,889 |
|
Rig materials and supplies |
— |
|
|
3,002 |
|
|
38,779 |
|
|
— |
|
|
41,781 |
|
Deferred costs |
— |
|
|
— |
|
|
13,682 |
|
|
— |
|
|
13,682 |
|
Deferred income taxes |
(57 |
) |
|
8,435 |
|
|
1,562 |
|
|
— |
|
|
9,940 |
|
Other tax assets |
54,524 |
|
|
(46,770 |
) |
|
16,325 |
|
|
— |
|
|
24,079 |
|
Other current assets |
— |
|
|
9,089 |
|
|
14,134 |
|
|
— |
|
|
23,223 |
|
Total current assets |
143,164 |
|
|
83,365 |
|
|
292,754 |
|
|
— |
|
|
519,283 |
|
Property, plant and equipment, net |
60 |
|
|
562,148 |
|
|
309,148 |
|
|
— |
|
|
871,356 |
|
Investment in subsidiaries and intercompany advances |
1,906,128 |
|
|
(336,570 |
) |
|
1,667,937 |
|
|
(3,237,495 |
) |
|
— |
|
Other noncurrent assets |
(457,954 |
) |
|
468,864 |
|
|
250,983 |
|
|
(117,776 |
) |
|
144,117 |
|
Total assets |
$ |
1,591,398 |
|
|
$ |
777,807 |
|
|
$ |
2,520,822 |
|
|
$ |
(3,355,271 |
) |
|
$ |
1,534,756 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
25,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,000 |
|
Accounts payable and accrued liabilities |
75,268 |
|
|
92,546 |
|
|
261,436 |
|
|
(254,364 |
) |
|
174,886 |
|
Accrued income taxes |
— |
|
|
725 |
|
|
6,541 |
|
|
— |
|
|
7,266 |
|
Total current liabilities |
100,268 |
|
|
93,271 |
|
|
267,977 |
|
|
(254,364 |
) |
|
207,152 |
|
Long-term debt |
628,781 |
|
|
— |
|
|
— |
|
|
— |
|
|
628,781 |
|
Other long-term liabilities |
5,037 |
|
|
6,743 |
|
|
15,134 |
|
|
— |
|
|
26,914 |
|
Long-term deferred tax liability |
— |
|
|
51,747 |
|
|
(12,980 |
) |
|
— |
|
|
38,767 |
|
Intercompany payables |
227,504 |
|
|
291,783 |
|
|
422,645 |
|
|
(941,932 |
) |
|
— |
|
Contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
20,075 |
|
|
18,049 |
|
|
43,003 |
|
|
(61,052 |
) |
|
20,075 |
|
Capital in excess of par value |
657,349 |
|
|
740,438 |
|
|
1,572,919 |
|
|
(2,313,357 |
) |
|
657,349 |
|
Retained earnings (accumulated deficit) |
(47,616 |
) |
|
(424,224 |
) |
|
208,790 |
|
|
215,434 |
|
|
(47,616 |
) |
Accumulated other comprehensive income |
— |
|
|
— |
|
|
1,888 |
|
|
— |
|
|
1,888 |
|
Total controlling interest stockholders’ equity |
629,808 |
|
|
334,263 |
|
|
1,826,600 |
|
|
(2,158,975 |
) |
|
631,696 |
|
Noncontrolling interest |
— |
|
|
— |
|
|
1,446 |
|
|
— |
|
|
1,446 |
|
Total Equity |
629,808 |
|
|
334,263 |
|
|
1,828,046 |
|
|
(2,158,975 |
) |
|
633,142 |
|
Total liabilities and stockholders’ equity |
$ |
1,591,398 |
|
|
$ |
777,807 |
|
|
$ |
2,520,822 |
|
|
$ |
(3,355,271 |
) |
|
$ |
1,534,756 |
|
|
| Consolidating Condensed Statement of Operations |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
123,431 |
|
|
$ |
149,132 |
|
|
$ |
(43,338 |
) |
|
$ |
229,225 |
|
Operating expenses |
— |
|
|
76,548 |
|
|
132,815 |
|
|
(43,338 |
) |
|
166,025 |
|
Depreciation and amortization |
— |
|
|
20,168 |
|
|
14,169 |
|
|
— |
|
|
34,337 |
|
Total operating gross margin |
— |
|
|
26,715 |
|
|
2,148 |
|
|
— |
|
|
28,863 |
|
General and administration expense (1)
|
(70 |
) |
|
(8,464 |
) |
|
(430 |
) |
|
— |
|
|
(8,964 |
) |
Gain on disposition of assets, net |
(79 |
) |
|
(81 |
) |
|
31 |
|
|
— |
|
|
(129 |
) |
Total operating income (loss) |
(149 |
) |
|
18,170 |
|
|
1,749 |
|
|
— |
|
|
19,770 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(12,715 |
) |
|
(50 |
) |
|
(2,499 |
) |
|
3,225 |
|
|
(12,039 |
) |
Interest income |
439 |
|
|
176 |
|
|
2,642 |
|
|
(3,225 |
) |
|
32 |
|
Extinguishment of debt |
(29,673 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(29,673 |
) |
Other |
— |
|
|
128 |
|
|
767 |
|
|
— |
|
|
895 |
|
Equity in net earnings of subsidiaries |
10,489 |
|
|
— |
|
|
— |
|
|
(10,489 |
) |
|
— |
|
Total other income (expense) |
(31,460 |
) |
|
254 |
|
|
910 |
|
|
(10,489 |
) |
|
(40,785 |
) |
Income (benefit) before income taxes |
(31,609 |
) |
|
18,424 |
|
|
2,659 |
|
|
(10,489 |
) |
|
(21,015 |
) |
Total income tax expense (benefit) |
(19,060 |
) |
|
6,384 |
|
|
4,053 |
|
|
— |
|
|
(8,623 |
) |
Net income (loss) |
(12,549 |
) |
|
12,040 |
|
|
(1,394 |
) |
|
(10,489 |
) |
|
(12,392 |
) |
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
157 |
|
|
— |
|
|
157 |
|
Net income (loss) attributable to controlling interest |
$ |
(12,549 |
) |
|
$ |
12,040 |
|
|
$ |
(1,551 |
) |
|
$ |
(10,489 |
) |
|
$ |
(12,549 |
) |
(1) General and administration expenses for field operations are included in operating expenses.
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
104,342 |
|
|
$ |
86,300 |
|
|
$ |
(23,507 |
) |
|
$ |
167,135 |
|
Operating expenses |
— |
|
|
58,578 |
|
|
81,675 |
|
|
(23,507 |
) |
|
116,746 |
|
Depreciation and amortization |
— |
|
|
18,659 |
|
|
10,853 |
|
|
— |
|
|
29,512 |
|
Total operating gross margin |
— |
|
|
27,105 |
|
|
(6,228 |
) |
|
— |
|
|
20,877 |
|
General and administration expense (1) |
(45 |
) |
|
(12,732 |
) |
|
(68 |
) |
|
— |
|
|
(12,845 |
) |
Gain on disposition of assets, net |
— |
|
|
1,108 |
|
|
40 |
|
|
— |
|
|
1,148 |
|
Total operating income (loss) |
(45 |
) |
|
15,481 |
|
|
(6,256 |
) |
|
— |
|
|
9,180 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(10,980 |
) |
|
(24 |
) |
|
(3,417 |
) |
|
4,415 |
|
|
(10,006 |
) |
Interest income |
1,569 |
|
|
190 |
|
|
2,715 |
|
|
(4,415 |
) |
|
59 |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other |
37 |
|
|
101 |
|
|
(303 |
) |
|
— |
|
|
(165 |
) |
Equity in net earnings of subsidiaries |
179 |
|
|
— |
|
|
— |
|
|
(179 |
) |
|
— |
|
Total other income (expense) |
(9,195 |
) |
|
267 |
|
|
(1,005 |
) |
|
(179 |
) |
|
(10,112 |
) |
Income (loss) before income taxes |
(9,240 |
) |
|
15,748 |
|
|
(7,261 |
) |
|
(179 |
) |
|
(932 |
) |
Income tax expense (benefit) |
(9,832 |
) |
|
5,589 |
|
|
2,739 |
|
|
— |
|
|
(1,504 |
) |
Net income (loss) |
592 |
|
|
10,159 |
|
|
(10,000 |
) |
|
(179 |
) |
|
572 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(20 |
) |
|
— |
|
|
(20 |
) |
Net income (loss) attributable to controlling interest |
$ |
592 |
|
|
$ |
10,159 |
|
|
$ |
(9,980 |
) |
|
$ |
(179 |
) |
|
$ |
592 |
|
(1) General and administration expenses for field operations are included in operating expenses.
|
| Consolidating Condensed Statements of Comprehensive Income (Loss) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(12,549 |
) |
|
$ |
12,040 |
|
|
$ |
(1,394 |
) |
|
$ |
(10,489 |
) |
|
$ |
(12,392 |
) |
Other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(804 |
) |
|
— |
|
|
(804 |
) |
Currency translation difference on foreign currency net investments |
|
|
|
|
699 |
|
|
|
|
699 |
|
Total other comprehensive loss, net of tax: |
— |
|
|
— |
|
|
(105 |
) |
|
— |
|
|
(105 |
) |
Comprehensive income (loss) |
(12,549 |
) |
|
12,040 |
|
|
(1,499 |
) |
|
(10,489 |
) |
|
(12,497 |
) |
Comprehensive (income) loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
(154 |
) |
|
— |
|
|
(154 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(12,549 |
) |
|
$ |
12,040 |
|
|
$ |
(1,653 |
) |
|
$ |
(10,489 |
) |
|
$ |
(12,651 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
592 |
|
|
$ |
10,159 |
|
|
$ |
(10,000 |
) |
|
$ |
(179 |
) |
|
$ |
572 |
|
Other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Currency translation difference on foreign currency net investments |
|
|
|
|
— |
|
|
|
|
— |
|
Total other comprehensive loss, net of tax: |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Comprehensive income (loss) |
592 |
|
|
10,159 |
|
|
(10,000 |
) |
|
(179 |
) |
|
572 |
|
Comprehensive (income) loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
20 |
|
|
— |
|
|
20 |
|
Comprehensive income (loss) attributable to controlling interest |
$ |
592 |
|
|
$ |
10,159 |
|
|
$ |
(9,980 |
) |
|
$ |
(179 |
) |
|
$ |
592 |
|
|
| Consolidated Condensed Statements of Cash Flows |
ARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(12,549 |
) |
|
$ |
12,040 |
|
|
$ |
(1,394 |
) |
|
$ |
(10,489 |
) |
|
$ |
(12,392 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
20,168 |
|
|
14,169 |
|
|
— |
|
|
34,337 |
|
Loss on extinguishment of debt |
29,673 |
|
|
— |
|
|
— |
|
|
— |
|
|
29,673 |
|
Gain on disposition of assets |
79 |
|
|
81 |
|
|
(31 |
) |
|
— |
|
|
129 |
|
Deferred income tax expense |
(17,472 |
) |
|
3,891 |
|
|
1,289 |
|
|
— |
|
|
(12,292 |
) |
Expenses not requiring cash |
4,180 |
|
|
129 |
|
|
2,535 |
|
|
— |
|
|
6,844 |
|
Equity in net earnings of subsidiaries |
(10,489 |
) |
|
— |
|
|
— |
|
|
10,489 |
|
|
— |
|
Change in accounts receivable |
11 |
|
|
(18,803 |
) |
|
12,566 |
|
|
— |
|
|
(6,226 |
) |
Change in accrued income taxes |
(4,420 |
) |
|
7,206 |
|
|
(2,636 |
) |
|
— |
|
|
150 |
|
Change in other assets |
12,746 |
|
|
(14,180 |
) |
|
1,040 |
|
|
— |
|
|
(394 |
) |
Change in liabilities |
(8,476 |
) |
|
(34 |
) |
|
305 |
|
|
— |
|
|
(8,205 |
) |
Net cash provided by (used in) operating activities |
(6,717 |
) |
|
10,498 |
|
|
27,843 |
|
|
— |
|
|
31,624 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(25,523 |
) |
|
(11,922 |
) |
|
— |
|
|
(37,445 |
) |
Proceeds from the sale of assets |
— |
|
|
472 |
|
|
1,154 |
|
|
— |
|
|
1,626 |
|
Net cash (used in) investing activities |
— |
|
|
(25,051 |
) |
|
(10,768 |
) |
|
— |
|
|
(35,819 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Repayments of long term debt |
(416,199 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(416,199 |
) |
Paydown on term note |
(2,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,500 |
) |
Payment of debt issuance costs |
(7,273 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,273 |
) |
Payment of debt extinguishment costs |
(25,796 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(25,796 |
) |
Excess tax benefit from stock-based compensation |
335 |
|
|
— |
|
|
— |
|
|
— |
|
|
335 |
|
Intercompany advances, net |
102 |
|
|
22,159 |
|
|
(22,261 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(51,331 |
) |
|
22,159 |
|
|
(22,261 |
) |
|
— |
|
|
(51,433 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(58,048 |
) |
|
7,606 |
|
|
(5,186 |
) |
|
— |
|
|
(55,628 |
) |
Cash and cash equivalents at beginning of year |
88,697 |
|
|
8,310 |
|
|
51,682 |
|
|
— |
|
|
148,689 |
|
Cash and cash equivalents at end of year |
$ |
30,649 |
|
|
$ |
15,916 |
|
|
$ |
46,496 |
|
|
$ |
— |
|
|
$ |
93,061 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
592 |
|
|
$ |
10,159 |
|
|
$ |
(10,000 |
) |
|
$ |
(179 |
) |
|
$ |
572 |
|
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
18,659 |
|
|
10,853 |
|
|
— |
|
|
29,512 |
|
Gain on disposition of assets |
— |
|
|
(1,108 |
) |
|
(40 |
) |
|
— |
|
|
(1,148 |
) |
Deferred income tax expense |
(8,310 |
) |
|
2,936 |
|
|
3,767 |
|
|
— |
|
|
(1,607 |
) |
Expenses not requiring cash |
2,951 |
|
|
5,875 |
|
|
(1,647 |
) |
|
— |
|
|
7,179 |
|
Equity in net earnings of subsidiaries |
(179 |
) |
|
— |
|
|
— |
|
|
179 |
|
|
— |
|
Change in accounts receivable |
(25 |
) |
|
(14,540 |
) |
|
(3,992 |
) |
|
— |
|
|
(18,557 |
) |
Change in other assets |
(3,051 |
) |
|
(3,030 |
) |
|
(1,937 |
) |
|
— |
|
|
(8,018 |
) |
Change in accrued income taxes |
(630 |
) |
|
1,141 |
|
|
1,049 |
|
|
— |
|
|
1,560 |
|
Change in liabilities |
10,412 |
|
|
3,784 |
|
|
3,551 |
|
|
— |
|
|
17,747 |
|
Net cash provided by operating activities |
1,760 |
|
|
23,876 |
|
|
1,604 |
|
|
— |
|
|
27,240 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(21,998 |
) |
|
(8,025 |
) |
|
— |
|
|
(30,023 |
) |
Proceeds from the sale of assets |
— |
|
|
1,504 |
|
|
46 |
|
|
— |
|
|
1,550 |
|
Net cash (used in) investing activities |
— |
|
|
(20,494 |
) |
|
(7,979 |
) |
|
— |
|
|
(28,473 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Paydown on term note |
(2,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,500 |
) |
Payment of debt issuance costs |
(307 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(307 |
) |
Excess tax benefit from stock-based compensation |
(159 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(159 |
) |
Intercompany advances, net |
2,447 |
|
|
(8,484 |
) |
|
6,037 |
|
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(519 |
) |
|
(8,484 |
) |
|
6,037 |
|
|
— |
|
|
(2,966 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
1,241 |
|
|
(5,102 |
) |
|
(338 |
) |
|
— |
|
|
(4,199 |
) |
Cash and cash equivalents at beginning of year |
42,251 |
|
|
11,023 |
|
|
34,612 |
|
|
— |
|
|
87,886 |
|
Cash and cash equivalents at end of year |
$ |
43,492 |
|
|
$ |
5,921 |
|
|
$ |
34,274 |
|
|
$ |
— |
|
|
$ |
83,687 |
|
|