|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
9 Months Ended |
|
Sep. 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
89,516 |
|
|
$ |
21,273 |
|
|
$ |
51,668 |
|
|
$ |
— |
|
|
$ |
162,457 |
|
Accounts and notes receivable, net |
290,856 |
|
|
113,873 |
|
|
386,521 |
|
|
(541,627 |
) |
|
249,623 |
|
Rig materials and supplies |
— |
|
|
2,364 |
|
|
37,838 |
|
|
— |
|
|
40,202 |
|
Deferred costs |
— |
|
|
32 |
|
|
13,551 |
|
|
— |
|
|
13,583 |
|
Deferred income taxes |
— |
|
|
12,363 |
|
|
1,110 |
|
|
— |
|
|
13,473 |
|
Other tax assets |
43,171 |
|
|
(46,939 |
) |
|
22,201 |
|
|
— |
|
|
18,433 |
|
Assets held for sale |
— |
|
|
1,183 |
|
|
6,302 |
|
|
— |
|
|
7,485 |
|
Other current assets |
— |
|
|
14,238 |
|
|
6,668 |
|
|
— |
|
|
20,906 |
|
Total current assets |
423,543 |
|
|
118,387 |
|
|
525,859 |
|
|
(541,627 |
) |
|
526,162 |
|
Property, plant and equipment, net |
60 |
|
|
559,885 |
|
|
298,727 |
|
|
— |
|
|
858,672 |
|
Investment in subsidiaries and intercompany advances |
944,584 |
|
|
(220,110 |
) |
|
1,593,743 |
|
|
(2,318,217 |
) |
|
— |
|
Other noncurrent assets |
52,147 |
|
|
60,002 |
|
|
38,397 |
|
|
— |
|
|
150,546 |
|
Total assets |
$ |
1,420,334 |
|
|
$ |
518,164 |
|
|
$ |
2,456,726 |
|
|
$ |
(2,859,844 |
) |
|
$ |
1,535,380 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Accounts payable and accrued liabilities |
81,524 |
|
|
101,207 |
|
|
263,709 |
|
|
(255,211 |
) |
|
191,229 |
|
Accrued income taxes |
— |
|
|
529 |
|
|
6,732 |
|
|
— |
|
|
7,261 |
|
Total current liabilities |
81,524 |
|
|
101,736 |
|
|
270,441 |
|
|
(255,211 |
) |
|
198,490 |
|
Long-term debt |
653,968 |
|
|
— |
|
|
— |
|
|
— |
|
|
653,968 |
|
Other long-term liabilities |
4,289 |
|
|
5,806 |
|
|
13,953 |
|
|
— |
|
|
24,048 |
|
Long-term deferred tax liability |
— |
|
|
47,684 |
|
|
(8,600 |
) |
|
— |
|
|
39,084 |
|
Intercompany payables |
62,584 |
|
|
43,669 |
|
|
359,106 |
|
|
(465,359 |
) |
|
— |
|
Contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
20,050 |
|
|
18,049 |
|
|
43,003 |
|
|
(61,052 |
) |
|
20,050 |
|
Capital in excess of par value |
654,750 |
|
|
733,899 |
|
|
1,579,458 |
|
|
(2,313,357 |
) |
|
654,750 |
|
Accumulated other comprehensive income |
— |
|
|
— |
|
|
957 |
|
|
— |
|
|
957 |
|
Retained earnings (accumulated deficit) |
(56,831 |
) |
|
(432,679 |
) |
|
196,587 |
|
|
235,135 |
|
|
(57,788 |
) |
Total controlling interest stockholders’ equity |
617,969 |
|
|
319,269 |
|
|
1,820,005 |
|
|
(2,139,274 |
) |
|
617,969 |
|
Noncontrolling interest |
— |
|
|
— |
|
|
1,821 |
|
|
— |
|
|
1,821 |
|
Total equity |
617,969 |
|
|
319,269 |
|
|
1,821,826 |
|
|
(2,139,274 |
) |
|
619,790 |
|
Total liabilities and stockholders’ equity |
$ |
1,420,334 |
|
|
$ |
518,164 |
|
|
$ |
2,456,726 |
|
|
$ |
(2,859,844 |
) |
|
$ |
1,535,380 |
|
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 September 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
119,223 |
|
|
$ |
170,609 |
|
|
$ |
(52,070 |
) |
|
$ |
237,762 |
|
Operating expenses |
— |
|
|
64,297 |
|
|
141,514 |
|
|
(52,070 |
) |
|
153,741 |
|
Depreciation and amortization |
— |
|
|
19,956 |
|
|
15,926 |
|
|
— |
|
|
35,882 |
|
Total operating gross margin |
— |
|
|
34,970 |
|
|
13,169 |
|
|
— |
|
|
48,139 |
|
General and administration expense (1)
|
(47 |
) |
|
(14,028 |
) |
|
(113 |
) |
|
— |
|
|
(14,188 |
) |
Gain on disposition of assets, net |
— |
|
|
(34 |
) |
|
1,128 |
|
|
— |
|
|
1,094 |
|
Total operating income (loss) |
(47 |
) |
|
20,908 |
|
|
14,184 |
|
|
— |
|
|
35,045 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(14,035 |
) |
|
(107 |
) |
|
(2,198 |
) |
|
3,213 |
|
|
(13,127 |
) |
Interest income |
360 |
|
|
250 |
|
|
2,733 |
|
|
(3,213 |
) |
|
130 |
|
Extinguishment of debt |
(5,218 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,218 |
) |
Changes in fair value of derivative positions |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other |
(1 |
) |
|
(11 |
) |
|
412 |
|
|
— |
|
|
400 |
|
Equity in net earnings of subsidiaries |
22,322 |
|
|
— |
|
|
— |
|
|
(22,322 |
) |
|
— |
|
Total other income (expense) |
3,428 |
|
|
132 |
|
|
947 |
|
|
(22,322 |
) |
|
(17,815 |
) |
Income (benefit) before income taxes |
3,381 |
|
|
21,040 |
|
|
15,131 |
|
|
(22,322 |
) |
|
17,230 |
|
Total income tax expense (benefit) |
(4,589 |
) |
|
10,223 |
|
|
3,478 |
|
|
— |
|
|
9,112 |
|
Net income (loss) |
7,970 |
|
|
10,817 |
|
|
11,653 |
|
|
(22,322 |
) |
|
8,118 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
148 |
|
|
— |
|
|
148 |
|
Net income (loss) attributable to controlling interest |
$ |
7,970 |
|
|
$ |
10,817 |
|
|
$ |
11,505 |
|
|
$ |
(22,322 |
) |
|
$ |
7,970 |
|
(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 September 30, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
98,969 |
|
|
$ |
94,749 |
|
|
$ |
(28,417 |
) |
|
$ |
165,301 |
|
Operating expenses |
— |
|
|
45,850 |
|
|
84,051 |
|
|
(28,417 |
) |
|
101,484 |
|
Depreciation and amortization |
— |
|
|
17,866 |
|
|
11,913 |
|
|
— |
|
|
29,779 |
|
Total operating gross margin |
— |
|
|
35,253 |
|
|
(1,215 |
) |
|
— |
|
|
34,038 |
|
General and administration expense (1) |
(47 |
) |
|
(8,823 |
) |
|
(35 |
) |
|
— |
|
|
(8,905 |
) |
Gain on disposition of assets, net |
— |
|
|
553 |
|
|
53 |
|
|
— |
|
|
606 |
|
Total operating income (loss) |
(47 |
) |
|
26,983 |
|
|
(1,197 |
) |
|
— |
|
|
25,739 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(9,105 |
) |
|
(43 |
) |
|
(1,840 |
) |
|
2,817 |
|
|
(8,171 |
) |
Interest income |
95 |
|
|
179 |
|
|
2,573 |
|
|
(2,817 |
) |
|
30 |
|
Changes in fair value of derivative positions |
19 |
|
|
— |
|
|
— |
|
|
— |
|
|
19 |
|
Loss on extinguishment of debt |
(117 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(117 |
) |
Other |
— |
|
|
26 |
|
|
— |
|
|
— |
|
|
26 |
|
Equity in net earnings of subsidiaries |
10,596 |
|
|
— |
|
|
— |
|
|
(10,596 |
) |
|
— |
|
Total other income (expense) |
1,488 |
|
|
162 |
|
|
733 |
|
|
(10,596 |
) |
|
(8,213 |
) |
Income (loss) before income taxes |
1,441 |
|
|
27,145 |
|
|
(464 |
) |
|
(10,596 |
) |
|
17,526 |
|
Income tax expense (benefit) |
(9,495 |
) |
|
10,451 |
|
|
5,739 |
|
|
— |
|
|
6,695 |
|
Net income (loss) |
10,936 |
|
|
16,694 |
|
|
(6,203 |
) |
|
(10,596 |
) |
|
10,831 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(105 |
) |
|
— |
|
|
(105 |
) |
Net income (loss) attributable to controlling interest |
$ |
10,936 |
|
|
$ |
16,694 |
|
|
$ |
(6,098 |
) |
|
$ |
(10,596 |
) |
|
$ |
10,936 |
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
345,434 |
|
|
$ |
388,912 |
|
|
$ |
(103,428 |
) |
|
$ |
630,918 |
|
Operating expenses |
— |
|
|
186,708 |
|
|
331,056 |
|
|
(103,428 |
) |
|
414,336 |
|
Depreciation and amortization |
— |
|
|
57,335 |
|
|
40,339 |
|
|
— |
|
|
97,674 |
|
Total operating gross margin |
— |
|
|
101,391 |
|
|
17,517 |
|
|
— |
|
|
118,908 |
|
General and administration expense (1)
|
(140 |
) |
|
(48,942 |
) |
|
(367 |
) |
|
— |
|
|
(49,449 |
) |
Gain on disposition of assets, net |
— |
|
|
1,917 |
|
|
842 |
|
|
— |
|
|
2,759 |
|
Total operating income (loss) |
(140 |
) |
|
54,366 |
|
|
17,992 |
|
|
— |
|
|
72,218 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(36,734 |
) |
|
(167 |
) |
|
(9,494 |
) |
|
12,521 |
|
|
(33,874 |
) |
Interest income |
3,366 |
|
|
1,584 |
|
|
9,963 |
|
|
(12,521 |
) |
|
2,392 |
|
Extinguishment of debt |
(5,218 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,218 |
) |
Changes in fair value of derivative positions |
54 |
|
|
— |
|
|
— |
|
|
— |
|
|
54 |
|
Other |
— |
|
|
(178 |
) |
|
511 |
|
|
— |
|
|
333 |
|
Equity in net earnings of subsidiaries |
36,330 |
|
|
— |
|
|
— |
|
|
(36,330 |
) |
|
— |
|
Total other income (expense) |
(2,202 |
) |
|
1,239 |
|
|
980 |
|
|
(36,330 |
) |
|
(36,313 |
) |
Income (loss) before income taxes |
(2,342 |
) |
|
55,605 |
|
|
18,972 |
|
|
(36,330 |
) |
|
35,905 |
|
Total Income tax expense (benefit) |
(19,185 |
) |
|
27,993 |
|
|
10,033 |
|
|
— |
|
|
18,841 |
|
Net income (loss) |
16,843 |
|
|
27,612 |
|
|
8,939 |
|
|
(36,330 |
) |
|
17,064 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
221 |
|
|
— |
|
|
221 |
|
Net income (loss) attributable to controlling interest |
$ |
16,843 |
|
|
$ |
27,612 |
|
|
$ |
8,718 |
|
|
$ |
(36,330 |
) |
|
$ |
16,843 |
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
— |
|
|
$ |
302,892 |
|
|
$ |
295,811 |
|
|
$ |
(77,908 |
) |
|
$ |
520,795 |
|
Operating expenses |
— |
|
|
136,849 |
|
|
242,001 |
|
|
(77,908 |
) |
|
300,942 |
|
Depreciation and amortization |
— |
|
|
49,127 |
|
|
36,230 |
|
|
— |
|
|
85,357 |
|
Total operating gross margin |
— |
|
|
116,916 |
|
|
17,580 |
|
|
— |
|
|
134,496 |
|
General and administration expense (1)
|
(137 |
) |
|
(21,273 |
) |
|
(412 |
) |
|
— |
|
|
(21,822 |
) |
Gain on disposition of assets, net |
— |
|
|
1,168 |
|
|
1,298 |
|
|
— |
|
|
2,466 |
|
Total operating income (loss) |
(137 |
) |
|
96,811 |
|
|
18,466 |
|
|
— |
|
|
115,140 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(27,923 |
) |
|
(115 |
) |
|
(5,811 |
) |
|
8,716 |
|
|
(25,133 |
) |
Interest income |
8,695 |
|
|
4,894 |
|
|
39,345 |
|
|
(52,825 |
) |
|
109 |
|
Changes in fair value of derivative positions |
8 |
|
|
— |
|
|
— |
|
|
— |
|
|
8 |
|
Loss on extinguishment of debt |
(1,766 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,766 |
) |
Other |
— |
|
|
64 |
|
|
(2 |
) |
|
— |
|
|
62 |
|
Equity in net earnings of subsidiaries |
61,553 |
|
|
— |
|
|
— |
|
|
(61,553 |
) |
|
— |
|
Total other income (expense) |
40,567 |
|
|
4,843 |
|
|
33,532 |
|
|
(105,662 |
) |
|
(26,720 |
) |
Income (loss) before income taxes |
40,430 |
|
|
101,654 |
|
|
51,998 |
|
|
(105,662 |
) |
|
88,420 |
|
Income tax expense (benefit) |
(16,981 |
) |
|
38,149 |
|
|
9,987 |
|
|
— |
|
|
31,155 |
|
Net income (loss) |
57,411 |
|
|
63,505 |
|
|
42,011 |
|
|
(105,662 |
) |
|
57,265 |
|
Less: Net income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(146 |
) |
|
— |
|
|
(146 |
) |
Net income (loss) attributable to controlling interest |
$ |
57,411 |
|
|
$ |
63,505 |
|
|
$ |
42,157 |
|
|
$ |
(105,662 |
) |
|
$ |
57,411 |
|
(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 September 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
7,970 |
|
|
$ |
10,817 |
|
|
$ |
11,653 |
|
|
$ |
(22,322 |
) |
|
$ |
8,118 |
|
Other comprehensive gain, net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(577 |
) |
|
— |
|
|
(577 |
) |
Currency translation difference on foreign currency net investments |
|
|
|
|
2,098 |
|
|
|
|
2,098 |
|
Total other comprehensive gain, net of tax: |
— |
|
|
— |
|
|
1,521 |
|
|
— |
|
|
1,521 |
|
Comprehensive income |
7,970 |
|
|
10,817 |
|
|
13,174 |
|
|
(22,322 |
) |
|
9,639 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(53 |
) |
|
— |
|
|
(53 |
) |
Comprehensive income attributable to controlling interest |
$ |
7,970 |
|
|
$ |
10,817 |
|
|
$ |
13,121 |
|
|
$ |
(22,322 |
) |
|
$ |
9,586 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
16,843 |
|
|
$ |
27,612 |
|
|
$ |
8,939 |
|
|
$ |
(36,330 |
) |
|
$ |
17,064 |
|
Other comprehensive gain, net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(1,542 |
) |
|
— |
|
|
(1,542 |
) |
Currency translation difference on foreign currency net investments |
|
|
|
|
2,499 |
|
|
|
|
2,499 |
|
Total other comprehensive gain, net of tax: |
— |
|
|
— |
|
|
957 |
|
|
— |
|
|
957 |
|
Comprehensive income |
16,843 |
|
|
27,612 |
|
|
9,896 |
|
|
(36,330 |
) |
|
18,021 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(83 |
) |
|
— |
|
|
(83 |
) |
Comprehensive income attributable to controlling interest |
$ |
16,843 |
|
|
$ |
27,612 |
|
|
$ |
9,813 |
|
|
$ |
(36,330 |
) |
|
$ |
17,938 |
|
|
| Consolidated Condensed Statements of Cash Flows |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
16,843 |
|
|
$ |
27,612 |
|
|
$ |
8,939 |
|
|
$ |
(36,330 |
) |
|
$ |
17,064 |
|
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
57,335 |
|
|
40,339 |
|
|
— |
|
|
97,674 |
|
Loss on extinguishment of debt |
5,218 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,218 |
|
Gain on disposition of assets |
— |
|
|
(1,917 |
) |
|
(842 |
) |
|
— |
|
|
(2,759 |
) |
Deferred income tax expense |
(2,860 |
) |
|
10,479 |
|
|
5,253 |
|
|
— |
|
|
12,872 |
|
Expenses not requiring cash |
10,494 |
|
|
591 |
|
|
(1,157 |
) |
|
— |
|
|
9,928 |
|
Equity in net earnings of subsidiaries |
(36,330 |
) |
|
— |
|
|
— |
|
|
36,330 |
|
|
— |
|
Change in accounts receivable |
(899 |
) |
|
(7,951 |
) |
|
(19,755 |
) |
|
— |
|
|
(28,605 |
) |
Change in accrued income taxes |
358 |
|
|
(85 |
) |
|
2,604 |
|
|
— |
|
|
2,877 |
|
Change in other assets |
3,045 |
|
|
4,580 |
|
|
(8,971 |
) |
|
— |
|
|
(1,346 |
) |
Change in liabilities |
14,222 |
|
|
(2,116 |
) |
|
306 |
|
|
— |
|
|
12,412 |
|
Net cash provided by (used in) operating activities |
10,091 |
|
|
88,528 |
|
|
26,716 |
|
|
— |
|
|
125,335 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(66,956 |
) |
|
(35,900 |
) |
|
— |
|
|
(102,856 |
) |
Proceeds from the sale of assets |
— |
|
|
2,751 |
|
|
2,782 |
|
|
— |
|
|
5,533 |
|
Acquisition of ITS, net of cash acquired |
— |
|
|
(292 |
) |
|
(117,699 |
) |
|
— |
|
|
(117,991 |
) |
Net cash (used in) investing activities |
— |
|
|
(64,497 |
) |
|
(150,817 |
) |
|
— |
|
|
(215,314 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
350,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
350,000 |
|
Repayments of long term debt |
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
Paydown on term note |
(50,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(50,000 |
) |
Payment of debt issuance costs |
(10,981 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10,981 |
) |
Excess tax benefit from stock-based compensation |
531 |
|
|
— |
|
|
— |
|
|
— |
|
|
531 |
|
Intercompany advances, net |
(127,376 |
) |
|
(13,781 |
) |
|
141,157 |
|
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
37,174 |
|
|
(13,781 |
) |
|
141,157 |
|
|
— |
|
|
164,550 |
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
47,265 |
|
|
10,250 |
|
|
17,056 |
|
|
— |
|
|
74,571 |
|
Cash and cash equivalents at beginning of year |
42,251 |
|
|
11,023 |
|
|
34,612 |
|
|
— |
|
|
87,886 |
|
Cash and cash equivalents at end of year |
$ |
89,516 |
|
|
$ |
21,273 |
|
|
$ |
51,668 |
|
|
$ |
— |
|
|
$ |
162,457 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
57,411 |
|
|
$ |
63,505 |
|
|
$ |
42,011 |
|
|
$ |
(105,662 |
) |
|
$ |
57,265 |
|
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
49,127 |
|
|
36,230 |
|
|
— |
|
|
85,357 |
|
Loss on extinguishment of debt |
1,766 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,766 |
|
Gain on disposition of assets |
— |
|
|
(1,168 |
) |
|
(1,298 |
) |
|
— |
|
|
(2,466 |
) |
Deferred income tax expense |
5,940 |
|
|
4,868 |
|
|
(2,405 |
) |
|
— |
|
|
8,403 |
|
Expenses not requiring cash |
13,264 |
|
|
689 |
|
|
1,770 |
|
|
1 |
|
|
15,724 |
|
Equity in net earnings of subsidiaries |
(61,553 |
) |
|
— |
|
|
— |
|
|
61,553 |
|
|
— |
|
Change in accounts receivable |
(291 |
) |
|
766 |
|
|
24,173 |
|
|
— |
|
|
24,648 |
|
Change in other assets |
(32,874 |
) |
|
61,320 |
|
|
(27,882 |
) |
|
— |
|
|
564 |
|
Change in accrued income taxes |
(5,068 |
) |
|
1,832 |
|
|
187 |
|
|
— |
|
|
(3,049 |
) |
Change in liabilities |
12,917 |
|
|
(21,430 |
) |
|
(1,672 |
) |
|
— |
|
|
(10,185 |
) |
Net cash provided by (used in) operating activities |
(8,488 |
) |
|
159,509 |
|
|
71,114 |
|
|
(44,108 |
) |
|
178,027 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(139,618 |
) |
|
(8,040 |
) |
|
— |
|
|
(147,658 |
) |
Proceeds from the sale of assets |
— |
|
|
1,667 |
|
|
1,829 |
|
|
— |
|
|
3,496 |
|
Intercompany dividend payment |
(8,387 |
) |
|
(4,357 |
) |
|
(31,364 |
) |
|
44,108 |
|
|
— |
|
Net cash (used in) investing activities |
(8,387 |
) |
|
(142,308 |
) |
|
(37,575 |
) |
|
44,108 |
|
|
(144,162 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
130,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
130,000 |
|
Repayments of senior notes |
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
Paydown on term note |
(18,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(18,000 |
) |
Payment of debt issuance costs |
(3,516 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,516 |
) |
Payment of debt extinguishment costs |
(519 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(519 |
) |
Excess tax benefit from stock-based compensation |
(572 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(572 |
) |
Intercompany advances, net |
56,280 |
|
|
(13,507 |
) |
|
(42,773 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
38,673 |
|
|
(13,507 |
) |
|
(42,773 |
) |
|
— |
|
|
(17,607 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
21,798 |
|
|
3,694 |
|
|
(9,234 |
) |
|
— |
|
|
16,258 |
|
Cash and cash equivalents at beginning of year |
55,670 |
|
|
4,212 |
|
|
37,987 |
|
|
— |
|
|
97,869 |
|
Cash and cash equivalents at end of year |
$ |
77,468 |
|
|
$ |
7,906 |
|
|
$ |
28,753 |
|
|
$ |
— |
|
|
$ |
114,127 |
|
|