|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
6 Months Ended |
|
Jun. 30, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
26,366 |
|
|
$ |
7,438 |
|
|
$ |
52,642 |
|
|
$ |
— |
|
|
$ |
86,446 |
|
Accounts and notes receivable, net |
— |
|
|
110,739 |
|
|
147,839 |
|
|
— |
|
|
258,578 |
|
Rig materials and supplies |
— |
|
|
713 |
|
|
44,788 |
|
|
— |
|
|
45,501 |
|
Deferred costs |
— |
|
|
— |
|
|
9,621 |
|
|
— |
|
|
9,621 |
|
Deferred income taxes |
— |
|
|
7,221 |
|
|
1,655 |
|
|
— |
|
|
8,876 |
|
Other tax assets |
55,366 |
|
|
(48,490 |
) |
|
16,995 |
|
|
— |
|
|
23,871 |
|
Other current assets |
— |
|
|
11,386 |
|
|
15,322 |
|
|
— |
|
|
26,708 |
|
Total current assets |
81,732 |
|
|
89,007 |
|
|
288,862 |
|
|
— |
|
|
459,601 |
|
Property, plant and equipment, net |
(19 |
) |
|
595,418 |
|
|
310,700 |
|
|
— |
|
|
906,099 |
|
Investment in subsidiaries and intercompany advances |
2,259,176 |
|
|
152,307 |
|
|
2,113,594 |
|
|
(4,525,077 |
) |
|
— |
|
Other noncurrent assets |
(478,308 |
) |
|
516,754 |
|
|
238,376 |
|
|
(118,546 |
) |
|
158,276 |
|
Total assets |
$ |
1,862,581 |
|
|
$ |
1,353,486 |
|
|
$ |
2,951,532 |
|
|
$ |
(4,643,623 |
) |
|
$ |
1,523,976 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,000 |
|
Accounts payable and accrued liabilities |
56,856 |
|
|
113,169 |
|
|
265,992 |
|
|
(255,315 |
) |
|
180,702 |
|
Accrued income taxes |
(5,231 |
) |
|
9,043 |
|
|
6,755 |
|
|
— |
|
|
10,567 |
|
Total current liabilities |
61,625 |
|
|
122,212 |
|
|
272,747 |
|
|
(255,315 |
) |
|
201,269 |
|
Long-term debt |
610,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
610,000 |
|
Other long-term liabilities |
5,036 |
|
|
7,006 |
|
|
8,315 |
|
|
— |
|
|
20,357 |
|
Long-term deferred tax liability |
(28 |
) |
|
55,361 |
|
|
(7,418 |
) |
|
— |
|
|
47,915 |
|
Intercompany payables |
546,788 |
|
|
801,925 |
|
|
849,564 |
|
|
(2,198,277 |
) |
|
— |
|
Contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total liabilities |
1,223,421 |
|
|
986,504 |
|
|
1,123,208 |
|
|
(2,453,592 |
) |
|
879,541 |
|
Total equity |
639,160 |
|
|
366,982 |
|
|
1,828,324 |
|
|
(2,190,031 |
) |
|
644,435 |
|
Total liabilities and stockholders’ equity |
$ |
1,862,581 |
|
|
$ |
1,353,486 |
|
|
$ |
2,951,532 |
|
|
$ |
(4,643,623 |
) |
|
$ |
1,523,976 |
|
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 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total liabilities |
961,590 |
|
|
443,544 |
|
|
692,776 |
|
|
(1,196,296 |
) |
|
901,614 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
266,602 |
|
|
$ |
304,964 |
|
|
$ |
(88,107 |
) |
|
$ |
483,459 |
|
Operating expenses |
— |
|
|
157,477 |
|
|
271,224 |
|
|
(88,107 |
) |
|
340,594 |
|
Depreciation and amortization |
— |
|
|
41,175 |
|
|
29,342 |
|
|
— |
|
|
70,517 |
|
Total operating gross margin |
— |
|
|
67,950 |
|
|
4,398 |
|
|
— |
|
|
72,348 |
|
General and administration expense (1)
|
(304 |
) |
|
(14,819 |
) |
|
(848 |
) |
|
— |
|
|
(15,971 |
) |
Gain on disposition of assets, net |
(80 |
) |
|
432 |
|
|
538 |
|
|
— |
|
|
890 |
|
Total operating income (loss) |
(384 |
) |
|
53,563 |
|
|
4,088 |
|
|
— |
|
|
57,267 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(24,014 |
) |
|
(85 |
) |
|
(4,412 |
) |
|
5,873 |
|
|
(22,638 |
) |
Interest income |
535 |
|
|
378 |
|
|
5,080 |
|
|
(5,873 |
) |
|
120 |
|
Extinguishment of debt |
(30,152 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,152 |
) |
Other |
— |
|
|
184 |
|
|
1,743 |
|
|
— |
|
|
1,927 |
|
Equity in net earnings of subsidiaries |
31,149 |
|
|
— |
|
|
— |
|
|
(31,149 |
) |
|
— |
|
Total other income (expense) |
(22,482 |
) |
|
477 |
|
|
2,411 |
|
|
(31,149 |
) |
|
(50,743 |
) |
Income (loss) before income taxes |
(22,866 |
) |
|
54,040 |
|
|
6,499 |
|
|
(31,149 |
) |
|
6,524 |
|
Total Income tax expense (benefit) |
(25,998 |
) |
|
19,849 |
|
|
9,228 |
|
|
— |
|
|
3,079 |
|
Net income (loss) |
3,132 |
|
|
34,191 |
|
|
(2,729 |
) |
|
(31,149 |
) |
|
3,445 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
313 |
|
|
— |
|
|
313 |
|
Net income (loss) attributable to controlling interest |
$ |
3,132 |
|
|
$ |
34,191 |
|
|
$ |
(3,042 |
) |
|
$ |
(31,149 |
) |
|
$ |
3,132 |
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
226,144 |
|
|
$ |
218,308 |
|
|
$ |
(51,362 |
) |
|
$ |
393,090 |
|
Operating expenses |
— |
|
|
122,408 |
|
|
189,101 |
|
|
(51,362 |
) |
|
260,147 |
|
Depreciation and amortization |
— |
|
|
37,380 |
|
|
24,412 |
|
|
— |
|
|
61,792 |
|
Total operating gross margin |
— |
|
|
66,356 |
|
|
4,795 |
|
|
— |
|
|
71,151 |
|
General and administration expense (1)
|
(90 |
) |
|
(34,769 |
) |
|
(190 |
) |
|
— |
|
|
(35,049 |
) |
Gain on disposition of assets, net |
— |
|
|
1,952 |
|
|
(287 |
) |
|
— |
|
|
1,665 |
|
Total operating income (loss) |
(90 |
) |
|
33,539 |
|
|
4,318 |
|
|
— |
|
|
37,767 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(22,699 |
) |
|
(58 |
) |
|
(5,625 |
) |
|
7,635 |
|
|
(20,747 |
) |
Interest income |
3,006 |
|
|
1,333 |
|
|
5,558 |
|
|
(7,635 |
) |
|
2,262 |
|
Changes in fair value of derivative positions |
54 |
|
|
— |
|
|
— |
|
|
— |
|
|
54 |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other |
— |
|
|
(250 |
) |
|
(411 |
) |
|
— |
|
|
(661 |
) |
Equity in net earnings of subsidiaries |
14,007 |
|
|
— |
|
|
— |
|
|
(14,007 |
) |
|
— |
|
Total other income (expense) |
(5,632 |
) |
|
1,025 |
|
|
(478 |
) |
|
(14,007 |
) |
|
(19,092 |
) |
Income (loss) before income taxes |
(5,722 |
) |
|
34,564 |
|
|
3,840 |
|
|
(14,007 |
) |
|
18,675 |
|
Income tax expense (benefit) |
(14,595 |
) |
|
17,770 |
|
|
6,554 |
|
|
— |
|
|
9,729 |
|
Net income (loss) |
8,873 |
|
|
16,794 |
|
|
(2,714 |
) |
|
(14,007 |
) |
|
8,946 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
73 |
|
|
— |
|
|
73 |
|
Net income (loss) attributable to controlling interest |
$ |
8,873 |
|
|
$ |
16,794 |
|
|
$ |
(2,787 |
) |
|
$ |
(14,007 |
) |
|
$ |
8,873 |
|
(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 June 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
15,681 |
|
|
$ |
22,148 |
|
|
$ |
(1,333 |
) |
|
$ |
(20,659 |
) |
|
$ |
15,837 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
336 |
|
|
— |
|
|
336 |
|
Currency translation difference on foreign currency net investments |
|
|
|
|
(188 |
) |
|
|
|
(188 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
148 |
|
|
— |
|
|
148 |
|
Comprehensive income (loss) |
15,681 |
|
|
22,148 |
|
|
(1,185 |
) |
|
(20,659 |
) |
|
15,985 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(80 |
) |
|
— |
|
|
(80 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
15,681 |
|
|
$ |
22,148 |
|
|
$ |
(1,265 |
) |
|
$ |
(20,659 |
) |
|
$ |
15,905 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
8,281 |
|
|
$ |
6,809 |
|
|
$ |
7,112 |
|
|
$ |
(13,828 |
) |
|
$ |
8,374 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(965 |
) |
|
— |
|
|
(965 |
) |
Currency translation difference on foreign currency net investments |
|
|
|
|
401 |
|
|
|
|
401 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(564 |
) |
|
— |
|
|
(564 |
) |
Comprehensive income (loss) |
8,281 |
|
|
6,809 |
|
|
6,548 |
|
|
(13,828 |
) |
|
7,810 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(30 |
) |
|
— |
|
|
(30 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
8,281 |
|
|
$ |
6,809 |
|
|
$ |
6,518 |
|
|
$ |
(13,828 |
) |
|
$ |
7,780 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
3,132 |
|
|
$ |
34,191 |
|
|
$ |
(2,729 |
) |
|
$ |
(31,149 |
) |
|
$ |
3,445 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(468 |
) |
|
— |
|
|
(468 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
511 |
|
|
— |
|
|
511 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
43 |
|
|
— |
|
|
43 |
|
Comprehensive income |
3,132 |
|
|
34,191 |
|
|
(2,686 |
) |
|
(31,149 |
) |
|
3,488 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(234 |
) |
|
— |
|
|
(234 |
) |
Comprehensive income attributable to controlling interest |
$ |
3,132 |
|
|
$ |
34,191 |
|
|
$ |
(2,920 |
) |
|
$ |
(31,149 |
) |
|
$ |
3,254 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
8,873 |
|
|
$ |
16,794 |
|
|
$ |
(2,714 |
) |
|
$ |
(14,007 |
) |
|
$ |
8,946 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(965 |
) |
|
— |
|
|
(965 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
401 |
|
|
— |
|
|
401 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(564 |
) |
|
— |
|
|
(564 |
) |
Comprehensive income |
8,873 |
|
|
16,794 |
|
|
(3,278 |
) |
|
(14,007 |
) |
|
8,382 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(30 |
) |
|
— |
|
|
(30 |
) |
Comprehensive income attributable to controlling interest |
$ |
8,873 |
|
|
$ |
16,794 |
|
|
$ |
(3,308 |
) |
|
$ |
(14,007 |
) |
|
$ |
8,352 |
|
|
| Consolidated Condensed Statements of Cash Flows |
ARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,132 |
|
|
$ |
34,191 |
|
|
$ |
(2,729 |
) |
|
$ |
(31,149 |
) |
|
$ |
3,445 |
|
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
41,175 |
|
|
29,342 |
|
|
— |
|
|
70,517 |
|
Loss on extinguishment of debt |
30,152 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,152 |
|
Gain on disposition of assets |
80 |
|
|
(432 |
) |
|
(538 |
) |
|
— |
|
|
(890 |
) |
Deferred income tax expense |
(19,621 |
) |
|
8,917 |
|
|
2,346 |
|
|
— |
|
|
(8,358 |
) |
Expenses not requiring cash |
7,939 |
|
|
(997 |
) |
|
1,806 |
|
|
— |
|
|
8,748 |
|
Equity in net earnings of subsidiaries |
(31,149 |
) |
|
— |
|
|
— |
|
|
31,149 |
|
|
— |
|
Change in accounts receivable |
— |
|
|
(6,132 |
) |
|
5,066 |
|
|
— |
|
|
(1,066 |
) |
Change in accrued income taxes |
(5,231 |
) |
|
9,481 |
|
|
(8,237 |
) |
|
— |
|
|
(3,987 |
) |
Change in other assets |
37,589 |
|
|
(51,431 |
) |
|
13,065 |
|
|
— |
|
|
(777 |
) |
Change in liabilities |
(19,629 |
) |
|
20,886 |
|
|
4,532 |
|
|
— |
|
|
5,789 |
|
Net cash provided by (used in) operating activities |
3,262 |
|
|
55,658 |
|
|
44,653 |
|
|
— |
|
|
103,573 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(79,374 |
) |
|
(26,814 |
) |
|
— |
|
|
(106,188 |
) |
Proceeds from the sale of assets |
— |
|
|
1,008 |
|
|
2,338 |
|
|
— |
|
|
3,346 |
|
Net cash (used in) investing activities |
— |
|
|
(78,366 |
) |
|
(24,476 |
) |
|
— |
|
|
(102,842 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Repayments of long term debt |
(425,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(425,000 |
) |
Paydown on term note |
(5,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,000 |
) |
Payment of debt issuance costs |
(7,425 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,425 |
) |
Payment of debt extinguishment costs |
(26,214 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(26,214 |
) |
Excess tax benefit from stock-based compensation |
665 |
|
|
— |
|
|
— |
|
|
— |
|
|
665 |
|
Intercompany advances, net |
(2,619 |
) |
|
21,836 |
|
|
(19,217 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(65,593 |
) |
|
21,836 |
|
|
(19,217 |
) |
|
— |
|
|
(62,974 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(62,331 |
) |
|
(872 |
) |
|
960 |
|
|
— |
|
|
(62,243 |
) |
Cash and cash equivalents at beginning of year |
88,697 |
|
|
8,310 |
|
|
51,682 |
|
|
— |
|
|
148,689 |
|
Cash and cash equivalents at end of year |
$ |
26,366 |
|
|
$ |
7,438 |
|
|
$ |
52,642 |
|
|
$ |
— |
|
|
$ |
86,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,132 |
|
|
$ |
34,191 |
|
|
$ |
(2,729 |
) |
|
$ |
(31,149 |
) |
|
$ |
3,445 |
|
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
41,175 |
|
|
29,342 |
|
|
— |
|
|
70,517 |
|
Loss on extinguishment of debt |
30,152 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,152 |
|
Gain on disposition of assets |
80 |
|
|
(432 |
) |
|
(538 |
) |
|
— |
|
|
(890 |
) |
Deferred income tax expense |
(19,621 |
) |
|
8,917 |
|
|
2,346 |
|
|
— |
|
|
(8,358 |
) |
Expenses not requiring cash |
7,939 |
|
|
(997 |
) |
|
1,806 |
|
|
— |
|
|
8,748 |
|
Equity in net earnings of subsidiaries |
(31,149 |
) |
|
— |
|
|
— |
|
|
31,149 |
|
|
— |
|
Change in accounts receivable |
— |
|
|
(6,132 |
) |
|
5,066 |
|
|
— |
|
|
(1,066 |
) |
Change in accrued income taxes |
(5,231 |
) |
|
9,481 |
|
|
(8,237 |
) |
|
— |
|
|
(3,987 |
) |
Change in other assets |
37,589 |
|
|
(51,431 |
) |
|
13,065 |
|
|
— |
|
|
(777 |
) |
Change in liabilities |
(19,629 |
) |
|
20,886 |
|
|
4,532 |
|
|
— |
|
|
5,789 |
|
Net cash provided by (used in) operating activities |
3,262 |
|
|
55,658 |
|
|
44,653 |
|
|
— |
|
|
103,573 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(79,374 |
) |
|
(26,814 |
) |
|
— |
|
|
(106,188 |
) |
Proceeds from the sale of assets |
— |
|
|
1,008 |
|
|
2,338 |
|
|
— |
|
|
3,346 |
|
Net cash (used in) investing activities |
— |
|
|
(78,366 |
) |
|
(24,476 |
) |
|
— |
|
|
(102,842 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Repayments of long term debt |
(425,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(425,000 |
) |
Paydown on term note |
(5,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,000 |
) |
Payment of debt issuance costs |
(7,425 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,425 |
) |
Payment of debt extinguishment costs |
(26,214 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(26,214 |
) |
Excess tax benefit from stock-based compensation |
665 |
|
|
— |
|
|
— |
|
|
— |
|
|
665 |
|
Intercompany advances, net |
(2,619 |
) |
|
21,836 |
|
|
(19,217 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(65,593 |
) |
|
21,836 |
|
|
(19,217 |
) |
|
— |
|
|
(62,974 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(62,331 |
) |
|
(872 |
) |
|
960 |
|
|
— |
|
|
(62,243 |
) |
Cash and cash equivalents at beginning of year |
88,697 |
|
|
8,310 |
|
|
51,682 |
|
|
— |
|
|
148,689 |
|
Cash and cash equivalents at end of year |
$ |
26,366 |
|
|
$ |
7,438 |
|
|
$ |
52,642 |
|
|
$ |
— |
|
|
$ |
86,446 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
8,873 |
|
|
$ |
16,794 |
|
|
$ |
(2,714 |
) |
|
$ |
(14,007 |
) |
|
$ |
8,946 |
|
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
37,380 |
|
|
24,412 |
|
|
— |
|
|
61,792 |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Gain on disposition of assets |
— |
|
|
(1,952 |
) |
|
287 |
|
|
— |
|
|
(1,665 |
) |
Deferred income tax expense |
(4,560 |
) |
|
6,261 |
|
|
99 |
|
|
— |
|
|
1,800 |
|
Impairment and other charges |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Expenses not requiring cash |
5,218 |
|
|
1,563 |
|
|
1,208 |
|
|
— |
|
|
7,989 |
|
Equity in net earnings of subsidiaries |
(14,007 |
) |
|
— |
|
|
— |
|
|
14,007 |
|
|
— |
|
Change in accounts receivable |
(125,337 |
) |
|
(22,895 |
) |
|
115,947 |
|
|
— |
|
|
(32,285 |
) |
Change in other assets |
45,072 |
|
|
(42,264 |
) |
|
3,903 |
|
|
— |
|
|
6,711 |
|
Change in accrued income taxes |
(35,297 |
) |
|
41,272 |
|
|
(3,796 |
) |
|
— |
|
|
2,179 |
|
Change in liabilities |
1,780 |
|
|
(14,043 |
) |
|
2,720 |
|
|
— |
|
|
(9,543 |
) |
Net cash provided by (used in) operating activities |
(118,258 |
) |
|
22,116 |
|
|
142,066 |
|
|
— |
|
|
45,924 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(38,430 |
) |
|
(25,107 |
) |
|
— |
|
|
(63,537 |
) |
Proceeds from the sale of assets |
— |
|
|
2,834 |
|
|
67 |
|
|
— |
|
|
2,901 |
|
Acquisition of ITS, net of cash acquired |
— |
|
|
(292 |
) |
|
(117,699 |
) |
|
— |
|
|
(117,991 |
) |
Net cash (used in) investing activities |
— |
|
|
(35,888 |
) |
|
(142,739 |
) |
|
— |
|
|
(178,627 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
125,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
125,000 |
|
Paydown on term note |
(5,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,000 |
) |
Payment of debt issuance costs |
(5,386 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,386 |
) |
Excess tax benefit from stock-based compensation |
(189 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(189 |
) |
Intercompany advances, net |
(23,712 |
) |
|
7,792 |
|
|
15,920 |
|
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
90,713 |
|
|
7,792 |
|
|
15,920 |
|
|
— |
|
|
114,425 |
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(27,545 |
) |
|
(5,980 |
) |
|
15,247 |
|
|
— |
|
|
(18,278 |
) |
Cash and cash equivalents at beginning of year |
42,251 |
|
|
11,023 |
|
|
34,612 |
|
|
— |
|
|
87,886 |
|
Cash and cash equivalents at end of year |
$ |
14,706 |
|
|
$ |
5,043 |
|
|
$ |
49,859 |
|
|
$ |
— |
|
|
$ |
69,608 |
|
|