|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| 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, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
14,706 |
|
|
$ |
5,043 |
|
|
$ |
49,859 |
|
|
$ |
— |
|
|
$ |
69,608 |
|
Accounts and notes receivable, net |
415,294 |
|
|
127,661 |
|
|
368,236 |
|
|
(659,751 |
) |
|
251,440 |
|
Rig materials and supplies |
— |
|
|
2,514 |
|
|
36,715 |
|
|
— |
|
|
39,229 |
|
Deferred costs |
— |
|
|
65 |
|
|
10,757 |
|
|
— |
|
|
10,822 |
|
Deferred income taxes |
— |
|
|
11,950 |
|
|
4,461 |
|
|
— |
|
|
16,411 |
|
Other tax assets |
1,152 |
|
|
(783 |
) |
|
13,353 |
|
|
— |
|
|
13,722 |
|
Assets held for sale |
— |
|
|
1,771 |
|
|
6,885 |
|
|
— |
|
|
8,656 |
|
Other current assets |
— |
|
|
11,343 |
|
|
8,475 |
|
|
— |
|
|
19,818 |
|
Total current assets |
431,152 |
|
|
159,564 |
|
|
498,741 |
|
|
(659,751 |
) |
|
429,706 |
|
Property, plant and equipment, net |
60 |
|
|
557,331 |
|
|
295,422 |
|
|
— |
|
|
852,813 |
|
Investment in subsidiaries and intercompany advances |
818,597 |
|
|
(241,693 |
) |
|
1,705,099 |
|
|
(2,282,003 |
) |
|
— |
|
Other noncurrent assets |
53,989 |
|
|
54,771 |
|
|
45,258 |
|
|
— |
|
|
154,018 |
|
Total assets |
$ |
1,303,798 |
|
|
$ |
529,973 |
|
|
$ |
2,544,520 |
|
|
$ |
(2,941,754 |
) |
|
$ |
1,436,537 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,000 |
|
Accounts payable and accrued liabilities |
68,206 |
|
|
90,012 |
|
|
373,142 |
|
|
(362,230 |
) |
|
169,130 |
|
Accrued income taxes |
(35,299 |
) |
|
41,885 |
|
|
389 |
|
|
— |
|
|
6,975 |
|
Total current liabilities |
42,907 |
|
|
131,897 |
|
|
373,531 |
|
|
(362,230 |
) |
|
186,105 |
|
Long-term debt |
589,147 |
|
|
— |
|
|
— |
|
|
— |
|
|
589,147 |
|
Other long-term liabilities |
3,933 |
|
|
5,075 |
|
|
13,735 |
|
|
— |
|
|
22,743 |
|
Long-term deferred tax liability |
|
|
|
40,892 |
|
|
(9,586 |
) |
|
— |
|
|
31,306 |
|
Intercompany payables |
62,584 |
|
|
43,657 |
|
|
356,331 |
|
|
(462,572 |
) |
|
— |
|
Contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
19,995 |
|
|
18,049 |
|
|
43,003 |
|
|
(61,052 |
) |
|
19,995 |
|
Capital in excess of par value |
651,535 |
|
|
733,899 |
|
|
1,579,458 |
|
|
(2,313,357 |
) |
|
651,535 |
|
Accumulated other comprehensive income |
— |
|
|
— |
|
|
(564 |
) |
|
— |
|
|
(564 |
) |
Retained earnings (accumulated deficit) |
(66,303 |
) |
|
(443,496 |
) |
|
186,602 |
|
|
257,457 |
|
|
(65,740 |
) |
Total controlling interest stockholders’ equity |
605,227 |
|
|
308,452 |
|
|
1,808,499 |
|
|
(2,116,952 |
) |
|
605,226 |
|
Noncontrolling interest |
— |
|
|
— |
|
|
2,010 |
|
|
— |
|
|
2,010 |
|
Total equity |
605,227 |
|
|
308,452 |
|
|
1,810,509 |
|
|
(2,116,952 |
) |
|
607,236 |
|
Total liabilities and stockholders’ equity |
$ |
1,303,798 |
|
|
$ |
529,973 |
|
|
$ |
2,544,520 |
|
|
$ |
(2,941,754 |
) |
|
$ |
1,436,537 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
42,251 |
|
|
$ |
11,023 |
|
|
$ |
34,612 |
|
|
$ |
— |
|
|
$ |
87,886 |
|
Accounts and notes receivable, net |
289,957 |
|
|
98,747 |
|
|
292,644 |
|
|
(512,786 |
) |
|
168,562 |
|
Rig materials and supplies |
— |
|
|
2,834 |
|
|
26,026 |
|
|
— |
|
|
28,860 |
|
Deferred costs |
— |
|
|
— |
|
|
1,089 |
|
|
— |
|
|
1,089 |
|
Deferred income taxes |
— |
|
|
7,615 |
|
|
1,127 |
|
|
— |
|
|
8,742 |
|
Other tax assets |
46,249 |
|
|
(31,136 |
) |
|
18,411 |
|
|
— |
|
|
33,524 |
|
Assets held for sale |
— |
|
|
— |
|
|
6,800 |
|
|
— |
|
|
6,800 |
|
Other current assets |
— |
|
|
8,675 |
|
|
4,146 |
|
|
— |
|
|
12,821 |
|
Total current assets |
378,457 |
|
|
97,758 |
|
|
384,855 |
|
|
(512,786 |
) |
|
348,284 |
|
Property, plant and equipment, net |
60 |
|
|
548,794 |
|
|
240,269 |
|
|
— |
|
|
789,123 |
|
Investment in subsidiaries and intercompany advances |
780,878 |
|
|
(233,388 |
) |
|
1,467,429 |
|
|
(2,014,919 |
) |
|
— |
|
Other noncurrent assets |
43,569 |
|
|
59,541 |
|
|
15,216 |
|
|
— |
|
|
118,326 |
|
Total assets |
$ |
1,202,964 |
|
|
$ |
472,705 |
|
|
$ |
2,107,769 |
|
|
$ |
(2,527,705 |
) |
|
$ |
1,255,733 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,000 |
|
Accounts payable and accrued liabilities |
65,839 |
|
|
93,243 |
|
|
205,864 |
|
|
(227,200 |
) |
|
137,746 |
|
Accrued income taxes |
— |
|
|
612 |
|
|
3,508 |
|
|
— |
|
|
4,120 |
|
Total current liabilities |
75,839 |
|
|
93,855 |
|
|
209,372 |
|
|
(227,200 |
) |
|
151,866 |
|
Long-term debt |
469,205 |
|
|
— |
|
|
— |
|
|
— |
|
|
469,205 |
|
Other long-term liabilities |
3,933 |
|
|
6,129 |
|
|
13,120 |
|
|
— |
|
|
23,182 |
|
Long-term deferred tax liability |
— |
|
|
36,894 |
|
|
(16,047 |
) |
|
— |
|
|
20,847 |
|
Intercompany payables |
62,583 |
|
|
43,657 |
|
|
216,320 |
|
|
(322,560 |
) |
|
— |
|
Contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
19,818 |
|
|
18,049 |
|
|
43,003 |
|
|
(61,052 |
) |
|
19,818 |
|
Capital in excess of par value |
646,217 |
|
|
733,112 |
|
|
1,455,246 |
|
|
(2,188,358 |
) |
|
646,217 |
|
Accumulated other comprehensive income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Retained earnings (accumulated deficit) |
(74,631 |
) |
|
(458,991 |
) |
|
187,526 |
|
|
271,465 |
|
|
(74,631 |
) |
Total controlling interest stockholders’ equity |
591,404 |
|
|
292,170 |
|
|
1,685,775 |
|
|
(1,977,945 |
) |
|
591,404 |
|
Noncontrolling interest |
— |
|
|
— |
|
|
(771 |
) |
|
— |
|
|
(771 |
) |
Total Equity |
591,404 |
|
|
292,170 |
|
|
1,685,004 |
|
|
(1,977,945 |
) |
|
590,633 |
|
Total liabilities and stockholders’ equity |
$ |
1,202,964 |
|
|
$ |
472,705 |
|
|
$ |
2,107,769 |
|
|
$ |
(2,527,705 |
) |
|
$ |
1,255,733 |
|
|
| Consolidating Condensed Statement of Operations |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
121,848 |
|
|
$ |
133,057 |
|
|
$ |
(28,904 |
) |
|
$ |
226,001 |
|
Operating expenses |
— |
|
|
63,833 |
|
|
108,620 |
|
|
(28,904 |
) |
|
143,549 |
|
Depreciation and amortization |
— |
|
|
18,721 |
|
|
13,559 |
|
|
— |
|
|
32,280 |
|
Total operating gross margin |
— |
|
|
39,294 |
|
|
10,878 |
|
|
— |
|
|
50,172 |
|
General and administration expense (1)
|
(46 |
) |
|
(22,160 |
) |
|
(172 |
) |
|
— |
|
|
(22,378 |
) |
Gain on disposition of assets, net |
— |
|
|
843 |
|
|
(326 |
) |
|
— |
|
|
517 |
|
Total operating income (loss) |
(46 |
) |
|
17,977 |
|
|
10,380 |
|
|
— |
|
|
28,311 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,719 |
) |
|
(35 |
) |
|
(2,765 |
) |
|
3,778 |
|
|
(10,741 |
) |
Changes in fair value of derivative positions |
17 |
|
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
Interest income |
1,437 |
|
|
1,144 |
|
|
3,400 |
|
|
(3,778 |
) |
|
2,203 |
|
Other |
— |
|
|
(269 |
) |
|
86 |
|
|
— |
|
|
(183 |
) |
Equity in net earnings of subsidiaries |
13,828 |
|
|
— |
|
|
— |
|
|
(13,828 |
) |
|
— |
|
Total other income (expense) |
3,563 |
|
|
840 |
|
|
721 |
|
|
(13,828 |
) |
|
(8,704 |
) |
Income (benefit) before income taxes |
3,517 |
|
|
18,817 |
|
|
11,101 |
|
|
(13,828 |
) |
|
19,607 |
|
Total income tax expense (benefit) |
(4,764 |
) |
|
12,182 |
|
|
3,815 |
|
|
— |
|
|
11,233 |
|
Net income (loss) |
8,281 |
|
|
6,635 |
|
|
7,286 |
|
|
(13,828 |
) |
|
8,374 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
93 |
|
|
— |
|
|
93 |
|
Net income (loss) attributable to controlling interest |
$ |
8,281 |
|
|
$ |
6,635 |
|
|
$ |
7,193 |
|
|
$ |
(13,828 |
) |
|
$ |
8,281 |
|
(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 June 30, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
104,767 |
|
|
$ |
98,036 |
|
|
$ |
(23,878 |
) |
|
$ |
178,925 |
|
Operating expenses |
— |
|
|
47,632 |
|
|
80,772 |
|
|
(23,878 |
) |
|
104,526 |
|
Depreciation and amortization |
— |
|
|
15,665 |
|
|
12,294 |
|
|
— |
|
|
27,959 |
|
Total operating gross margin |
— |
|
|
41,470 |
|
|
4,970 |
|
|
— |
|
|
46,440 |
|
General and administration expense (1) |
(44 |
) |
|
(7,078 |
) |
|
(298 |
) |
|
— |
|
|
(7,420 |
) |
Gain on disposition of assets, net |
— |
|
|
197 |
|
|
1,171 |
|
|
— |
|
|
1,368 |
|
Total operating income (loss) |
(44 |
) |
|
34,589 |
|
|
5,843 |
|
|
— |
|
|
40,388 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(9,817 |
) |
|
(35 |
) |
|
(2,023 |
) |
|
2,950 |
|
|
(8,925 |
) |
Changes in fair value of derivative positions |
38 |
|
|
— |
|
|
— |
|
|
— |
|
|
38 |
|
Interest income |
8,504 |
|
|
4,537 |
|
|
34,070 |
|
|
(47,058 |
) |
|
53 |
|
Loss on extinguishment of debt |
(1,649 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,649 |
) |
Other |
— |
|
|
23 |
|
|
(3 |
) |
|
— |
|
|
20 |
|
Equity in net earnings of subsidiaries |
19,057 |
|
|
— |
|
|
— |
|
|
(19,057 |
) |
|
— |
|
Total other income (expense) |
16,133 |
|
|
4,525 |
|
|
32,044 |
|
|
(63,165 |
) |
|
(10,463 |
) |
Income (loss) before income taxes |
16,089 |
|
|
39,114 |
|
|
37,887 |
|
|
(63,165 |
) |
|
29,925 |
|
Income tax expense (benefit) |
(3,994 |
) |
|
13,668 |
|
|
143 |
|
|
— |
|
|
9,817 |
|
Net income (loss) |
20,083 |
|
|
25,446 |
|
|
37,744 |
|
|
(63,165 |
) |
|
20,108 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
25 |
|
|
— |
|
|
25 |
|
Net income (loss) attributable to controlling interest |
$ |
20,083 |
|
|
$ |
25,446 |
|
|
$ |
37,719 |
|
|
$ |
(63,165 |
) |
|
$ |
20,083 |
|
(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 |
$ |
— |
|
|
$ |
226,210 |
|
|
$ |
219,357 |
|
|
$ |
(52,411 |
) |
|
$ |
393,156 |
|
Operating expenses |
— |
|
|
122,411 |
|
|
190,595 |
|
|
(52,411 |
) |
|
260,595 |
|
Depreciation and amortization |
— |
|
|
37,380 |
|
|
24,412 |
|
|
— |
|
|
61,792 |
|
Total operating gross margin |
— |
|
|
66,419 |
|
|
4,350 |
|
|
— |
|
|
70,769 |
|
General and administration expense (1)
|
(91 |
) |
|
(34,914 |
) |
|
(256 |
) |
|
— |
|
|
(35,261 |
) |
Gain on disposition of assets, net |
— |
|
|
1,952 |
|
|
(287 |
) |
|
— |
|
|
1,665 |
|
Total operating income (loss) |
(91 |
) |
|
33,457 |
|
|
3,807 |
|
|
— |
|
|
37,173 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(22,699 |
) |
|
(59 |
) |
|
(6,182 |
) |
|
8,193 |
|
|
(20,747 |
) |
Changes in fair value of derivative positions |
54 |
|
|
— |
|
|
— |
|
|
— |
|
|
54 |
|
Interest income |
3,006 |
|
|
1,334 |
|
|
6,104 |
|
|
(8,193 |
) |
|
2,251 |
|
Other |
— |
|
|
(167 |
) |
|
111 |
|
|
— |
|
|
(56 |
) |
Equity in net earnings of subsidiaries |
14,007 |
|
|
— |
|
|
— |
|
|
(14,007 |
) |
|
— |
|
Total other income (expense) |
(5,632 |
) |
|
1,108 |
|
|
33 |
|
|
(14,007 |
) |
|
(18,498 |
) |
Income (loss) before income taxes |
(5,723 |
) |
|
34,565 |
|
|
3,840 |
|
|
(14,007 |
) |
|
18,675 |
|
Total Income tax expense (benefit) |
(14,596 |
) |
|
17,771 |
|
|
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.
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
203,924 |
|
|
$ |
201,061 |
|
|
$ |
(49,491 |
) |
|
$ |
355,494 |
|
Operating expenses |
— |
|
|
90,999 |
|
|
157,950 |
|
|
(49,491 |
) |
|
199,458 |
|
Depreciation and amortization |
— |
|
|
31,261 |
|
|
24,317 |
|
|
— |
|
|
55,578 |
|
Total operating gross margin |
— |
|
|
81,664 |
|
|
18,794 |
|
|
— |
|
|
100,458 |
|
General and administration expense (1)
|
(90 |
) |
|
(12,450 |
) |
|
(377 |
) |
|
— |
|
|
(12,917 |
) |
Gain on disposition of assets, net |
— |
|
|
615 |
|
|
1,245 |
|
|
— |
|
|
1,860 |
|
Total operating income (loss) |
(90 |
) |
|
69,829 |
|
|
19,662 |
|
|
— |
|
|
89,401 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(18,818 |
) |
|
(71 |
) |
|
(3,972 |
) |
|
5,899 |
|
|
(16,962 |
) |
Changes in fair value of derivative positions |
(11 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(11 |
) |
Interest income |
8,600 |
|
|
4,715 |
|
|
36,771 |
|
|
(50,007 |
) |
|
79 |
|
Loss on extinguishment of debt |
(1,649 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,649 |
) |
Other |
— |
|
|
36 |
|
|
— |
|
|
— |
|
|
36 |
|
Equity in net earnings of subsidiaries |
50,957 |
|
|
— |
|
|
— |
|
|
(50,957 |
) |
|
— |
|
Total other income (expense) |
39,079 |
|
|
4,680 |
|
|
32,799 |
|
|
(95,065 |
) |
|
(18,507 |
) |
Income (loss) before income taxes |
38,989 |
|
|
74,509 |
|
|
52,461 |
|
|
(95,065 |
) |
|
70,894 |
|
Income tax expense (benefit) |
(7,486 |
) |
|
27,698 |
|
|
4,248 |
|
|
— |
|
|
24,460 |
|
Net income (loss) |
46,475 |
|
|
46,811 |
|
|
48,213 |
|
|
(95,065 |
) |
|
46,434 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(41 |
) |
|
— |
|
|
(41 |
) |
Net income (loss) attributable to controlling interest |
$ |
46,475 |
|
|
$ |
46,811 |
|
|
$ |
48,254 |
|
|
$ |
(95,065 |
) |
|
$ |
46,475 |
|
(1) General and administration expenses for field operations are included in operating expenses.
|
| Consolidated Condensed Statements of Cash Flows |
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 |
|
Gain on disposition of assets |
— |
|
|
(1,952 |
) |
|
287 |
|
|
— |
|
|
(1,665 |
) |
Deferred income tax expense |
(4,560 |
) |
|
6,261 |
|
|
99 |
|
|
— |
|
|
1,800 |
|
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 accrued income taxes |
(35,297 |
) |
|
41,272 |
|
|
(3,796 |
) |
|
— |
|
|
2,179 |
|
Change in other assets |
45,072 |
|
|
(42,264 |
) |
|
3,903 |
|
|
— |
|
|
6,711 |
|
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 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
46,475 |
|
|
$ |
46,811 |
|
|
$ |
48,213 |
|
|
$ |
(95,065 |
) |
|
$ |
46,434 |
|
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
31,261 |
|
|
24,317 |
|
|
— |
|
|
55,578 |
|
Loss on extinguishment of debt |
1,649 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,649 |
|
Gain on disposition of assets |
— |
|
|
(615 |
) |
|
(1,245 |
) |
|
— |
|
|
(1,860 |
) |
Deferred income tax expense |
7,025 |
|
|
3,832 |
|
|
(425 |
) |
|
— |
|
|
10,432 |
|
Expenses not requiring cash |
10,737 |
|
|
716 |
|
|
336 |
|
|
— |
|
|
11,789 |
|
Equity in net earnings of subsidiaries |
(50,957 |
) |
|
— |
|
|
— |
|
|
50,957 |
|
|
— |
|
Change in accounts receivable |
(208 |
) |
|
(11,248 |
) |
|
20,617 |
|
|
— |
|
|
9,161 |
|
Change in other assets |
(29,586 |
) |
|
22,490 |
|
|
(42 |
) |
|
— |
|
|
(7,138 |
) |
Change in accrued income taxes |
(766 |
) |
|
1,042 |
|
|
647 |
|
|
— |
|
|
923 |
|
Change in liabilities |
2,402 |
|
|
(25,239 |
) |
|
(8,600 |
) |
|
— |
|
|
(31,437 |
) |
Net cash provided by (used in) operating activities |
(13,229 |
) |
|
69,050 |
|
|
83,818 |
|
|
(44,108 |
) |
|
95,531 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(103,855 |
) |
|
(5,676 |
) |
|
— |
|
|
(109,531 |
) |
Proceeds from the sale of assets |
— |
|
|
906 |
|
|
1,434 |
|
|
— |
|
|
2,340 |
|
Intercompany dividend payment |
(8,387 |
) |
|
(4,357 |
) |
|
(31,364 |
) |
|
44,108 |
|
|
— |
|
Net cash (used in) investing activities |
(8,387 |
) |
|
(107,306 |
) |
|
(35,606 |
) |
|
44,108 |
|
|
(107,191 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
130,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
130,000 |
|
Paydown on senior notes |
(122,852 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(122,852 |
) |
Paydown on term note |
(12,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(12,000 |
) |
Payment of debt issuance costs |
(3,537 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,537 |
) |
Payment of debt extinguishment costs |
(402 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(402 |
) |
Excess tax benefit from stock-based compensation |
49 |
|
|
— |
|
|
— |
|
|
— |
|
|
49 |
|
Intercompany advances, net |
2,919 |
|
|
44,310 |
|
|
(47,229 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(5,823 |
) |
|
44,310 |
|
|
(47,229 |
) |
|
— |
|
|
(8,742 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(27,439 |
) |
|
6,054 |
|
|
983 |
|
|
— |
|
|
(20,402 |
) |
Cash and cash equivalents at beginning of year |
55,670 |
|
|
4,212 |
|
|
37,987 |
|
|
— |
|
|
97,869 |
|
Cash and cash equivalents at end of year |
$ |
28,231 |
|
|
$ |
10,266 |
|
|
$ |
38,970 |
|
|
$ |
— |
|
|
$ |
77,467 |
|
|
| Consolidating Condensed Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income |
$ |
8,281 |
|
|
$ |
6,635 |
|
|
$ |
7,193 |
|
|
$ |
(13,828 |
) |
|
$ |
8,281 |
|
Other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
Foreign exchange translation losses and other |
— |
|
|
— |
|
|
(564 |
) |
|
— |
|
|
(564 |
) |
Total other comprehensive loss, net of tax: |
— |
|
|
— |
|
|
(564 |
) |
|
— |
|
|
(564 |
) |
Comprehensive income |
8,281 |
|
|
6,635 |
|
|
6,629 |
|
|
(13,828 |
) |
|
7,717 |
|
Comprehensive (income)/loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
(30 |
) |
|
— |
|
|
(30 |
) |
Comprehensive income attributable to controlling interest |
$ |
8,281 |
|
|
$ |
6,635 |
|
|
$ |
6,599 |
|
|
$ |
(13,828 |
) |
|
$ |
7,687 |
|
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 (loss): |
|
|
|
|
|
|
|
|
|
Net income |
$ |
8,873 |
|
|
$ |
16,794 |
|
|
$ |
(2,787 |
) |
|
$ |
(14,007 |
) |
|
$ |
8,873 |
|
Other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
Foreign exchange translation losses and other |
— |
|
|
— |
|
|
(564 |
) |
|
— |
|
|
(564 |
) |
Total other comprehensive loss, net of tax: |
— |
|
|
— |
|
|
(564 |
) |
|
— |
|
|
(564 |
) |
Comprehensive income |
8,873 |
|
|
16,794 |
|
|
(3,351 |
) |
|
(14,007 |
) |
|
8,309 |
|
Comprehensive (income)/loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
(30 |
) |
|
— |
|
|
(30 |
) |
Comprehensive income attributable to controlling interest |
$ |
8,873 |
|
|
$ |
16,794 |
|
|
$ |
(3,381 |
) |
|
$ |
(14,007 |
) |
|
$ |
8,279 |
|
|