HOUSTON, Feb. 26, 2014 /PRNewswire/ -- Parker
Drilling Company (NYSE: PKD), an international provider of contract
drilling and drilling-related services and rental tools to the
energy industry, today reported results for the quarter ended
December 31, 2013, including fourth
quarter net income of $10.2 million,
or $0.08 per diluted share, on
revenues of $243.3 million.
These results include non-routine expenses of $3.3 million, pre-tax, related to the April
acquisition of International Tubular Services Limited (ITS).
Excluding these non-routine expenses, the Company's adjusted net
income was $12.3 million, or
$0.10 per diluted share, compared
with similarly adjusted 2013 third quarter net income of
$14.5 million and $0.12 per diluted share, on revenues of
$237.8 million. Fourth quarter
adjusted EBITDA, excluding non-routine expenses, was $69.6 million, compared with $75.1 million for the preceding quarter.
"Market activity during the fourth quarter was mixed, providing
both challenges and opportunities," said Gary Rich, president and chief executive
officer. "Competitive conditions in the U.S. land market and
a business disruption in Iraq slowed the momentum in our
Rental Tools segment. Elsewhere, we made good operating progress.
Our U.S. Drilling segment produced solid results, the U.S. Barge
Drilling segment achieved higher average dayrates and maintained
its high rig utilization, and the International Drilling segment
increased its fleet utilization. Our Technical Services segment
benefited from a recent drilling package design engagement.
Also, we took steps to sharpen our business focus,
selling two international land rigs and one international barge rig
no longer suited to our strategy."
2013 Summary
Results for the year ended December 31,
2013 included net income of $27.0
million, or $0.22 per diluted
share, on revenues of $874.2
million. Included in the 2013 results are non-routine
expenses of $28.2 million, pre-tax,
primarily related to the April acquisition of ITS and the debt
extinguishment costs associated with a mid-year debt
refinancing. Excluding these non-routine expenses, the Company
earned net income of $48.2 million,
or $0.40 per diluted share, compared
with similarly adjusted 2012 net income of $55.0 million and $0.46 per diluted share, on revenues of
$677.8 million. Adjusted
EBITDA, excluding these non-routine expenses, was $257.3 million, compared with $235.1 million for the preceding year.
"The Company made significant progress in 2013," continued Mr.
Rich. "The fleet average dayrate for our U.S. barge drilling
business was 14 percent higher at the end of 2013, compared with
the end of 2012. Over the same period, our international
drilling rig fleet utilization increased to 73 percent from 42
percent. Our revenues attributable to rental tools
applications in the U.S. Gulf of
Mexico grew by approximately 27 percent in 2013 compared
with the prior year. Our two arctic-class drilling rigs in
Alaska have been solid performers
since being commissioned around the beginning of the year. We
further expanded our performance potential through the strategic
acquisition of ITS, an international rental tools and well service
provider, and the addition of a three-platform O&M contract in
California," Mr. Rich added.
Outlook
"We are encouraged by industry forecasts calling for expanded
drilling activity in the U.S. and international markets, and we
believe the projected growth, if realized, should benefit us
broadly. However, we expect a sequential decline in first
quarter results due to continuing competitive conditions in the
U.S. land drilling market, reduced demand in the U.S. Gulf of Mexico barge drilling market, and
higher rig start-up costs and lower realized dayrates in certain
international drilling markets. We anticipate improvements
during the remainder of the year, as the U.S. land drilling market
strengthens, activity in the U.S. Gulf of
Mexico barge drilling market increases, and our
international drilling operations work through rig start-up and
standby conditions. We are already seeing improvements.
Our U.S. rental tools business is currently achieving higher
utilization, the number of our barge rigs under contract has
increased since January, and our international drilling business
has several rigs scheduled to begin full operation before
mid-year.
"To further develop our long term potential, we continue to
strengthen our customer-focused core competencies, aligning our
activities with our customer's needs. As we expand our
presence with customers who value the kind of innovation,
reliability and efficiency we provide, we expect to find
opportunities to consistently deliver reliable results, higher
returns and continued growth," Mr. Rich concluded.
Fourth Quarter Review
Parker Drilling's revenues for
the 2013 fourth quarter, compared with the 2013 third quarter,
increased 2 percent to $243.3 million
from $237.8 million, segment
operating gross margin excluding depreciation and amortization
expense (segment gross margin) increased to $84.9 million from $84.6
million and segment gross margin as a percentage of revenues
was 34.9 percent, compared with 35.6 percent for the prior
period.
- Rental Tools segment revenues were $81.3 million, segment gross margin was
$35.6 million and segment gross
margin as a percentage of revenues was 43.8 percent. Compared
with the 2013 third quarter, revenues decreased 9 percent, segment
gross margin decreased 13 percent, and segment gross margin as a
percentage of revenues was lower. These decreases reflect the
continued impact of competitive conditions in the U.S. land
drilling market, lower levels of Gulf of
Mexico offshore drilling business, a short-term business
disruption in southern Iraq, and
lower sales of "lost-in-hole" tools.
- U.S. Barge Drilling segment revenues were $34.8 million, segment gross margin was
$17.4 million, and segment gross
margin as a percentage of revenues was 49.9 percent. Compared
with the 2013 third quarter, revenues increased 3 percent, segment
gross margin increased 10 percent, and segment gross margin as a
percentage of revenues rose. These results primarily reflect the
benefit of an increase in our average dayrate while sustaining high
utilization levels and a reduction in operating costs.
- U.S. Drilling segment revenues were $18.7 million, segment gross margin was
$4.0 million and segment gross margin
as a percentage of revenues was 21.5 percent. Compared with the
2013 third quarter, revenues were unchanged, segment gross margin
increased by 3 percent and segment gross margin as a percentage of
revenues rose. Since initiation of drilling activities by our
arctic-class drilling rigs in Alaska and an O&M contract in California, the segment continues to make a
steady contribution to operating results.
- International Drilling segment revenues were
$97.6 million, segment gross margin
was $21.7 million, and segment gross
margin as a percentage of revenues was 22.2 percent. Compared with
the 2013 third quarter, revenues increased 10 percent, segment
gross margin decreased 9 percent and segment gross margin as a
percentage of revenues declined. The segment's higher
level of reimbursables and higher average rig fleet utilization
were the primary contributors to the increase in revenues. This was
partially offset by the impact of a greater number of days on
reduced rate during the period. A decline in segment gross
margin is primarily due to higher operating costs in select
locations including start-up of our two rigs in the Kurdistan
Region of Iraq.
- Technical Services segment revenues were $11.0 million and segment gross margin was
$1.6 million, and segment gross
margin as a percentage of revenues was 14.4 percent. Compared
with the 2013 third quarter, revenues, segment gross margin and
segment gross margin as a percentage of revenues all rose,
primarily due to a recent design and engineering engagement for a
large international extended-reach land rig project.
- Construction Contract segment reported a contribution to
earnings of $4.7 million resulting
from the close-out of the contingency reserve for an extended-reach
land rig construction project cancelled by the customer in
2011.
General and administrative expense increased to $18.7 million for the 2013 fourth quarter, from
$14.2 million for the prior
quarter. Both periods included non-routine costs associated
with the integration of ITS. Excluding these costs, the
increase in expense was primarily due to an executive retirement,
the "go-live" of a key finance module of our new enterprise
resource planning system, and higher compensation and employee
benefit program costs.
Capital expenditures were approximately $51 million for the 2013 fourth quarter, and
approximately $156 million for the
year.
Conference Call
Parker Drilling has scheduled a
conference call for 10:00 a.m. Central
time (11:00 a.m. Eastern time)
on Wednesday, February 26, 2014, to
review reported results. The call will be available by
telephone at (480) 629-9771. The call can also be accessed
through the Investor Relations section of the Company's
website. A replay of the call can be accessed on the
Company's website for 12 months and will be available by telephone
from February 26, 2014 through
March 5, 2014 at (303) 590-3030,
using the access code 46685446#.
Cautionary Statement
This press release contains certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934. All
statements in this press release other than statements of
historical facts that address activities, events or developments
that the Company expects, projects, believes, or anticipates will
or may occur in the future are forward-looking statements. These
statements include, but are not limited to, statements about
anticipated future financial or operational results; the outlook
for rental tools utilization and rig utilization and dayrates; the
results of past capital expenditures; scheduled start-ups of rigs;
general industry conditions such as the demand for drilling and the
factors affecting demand; competitive advantages such as
technological innovation; future operating results of the Company's
rigs, rental tools operations and projects under management; future
capital expenditures; expansion and growth opportunities;
acquisitions or joint ventures; asset sales; successful negotiation
and execution of contracts; scheduled delivery of drilling rigs for
operation; the strengthening of the Company's financial position;
increases in market share; outcomes of legal proceedings;
compliance with credit facility and indenture covenants; and
similar matters. These statements are based on certain assumptions
made by the Company based on management's experience and perception
of historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Although
the Company believes that its expectations stated in this press
release are based on reasonable assumptions, such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company, that could cause
actual results to differ materially from those implied or expressed
by the forward-looking statements. These include risks relating to
changes in worldwide economic and business conditions, fluctuations
in oil and natural gas prices, compliance with existing laws and
changes in laws or government regulations, the failure to realize
the benefits of, and other risks relating to, acquisitions, the
risk of cost overruns, our ability to refinance our debt and other
important factors, many of which could adversely affect market
conditions, demand for our services, and costs, and all or any one
of which could cause actual results to differ materially from those
projected as described in the Company's reports filed with the
Securities and Exchange Commission. For more information, see "Risk
Factors" in the Company's Annual Report filed on Form 10-K and
other public filings and press releases. Each forward-looking
statement speaks only as of the date of this press release and the
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Company Description
Parker Drilling (NYSE: PKD)
provides contract drilling and drilling-related services and rental
tools to the energy industry. The Company's drilling services
business serves operators in the inland waters of the U.S.
Gulf of Mexico utilizing Parker's
barge rig fleet and in select international markets and
harsh-environment regions utilizing Parker-owned and customer-owned
equipment. The Company's rental tools business supplies premium
equipment and well services to operators on land and offshore in
the U.S. and international markets. More information about
Parker Drilling can be found on the
Company's website at www.parkerdrilling.com.
PARKER DRILLING
COMPANY
|
Consolidated
Condensed Balance Sheets
|
(Dollars in
Thousands)
|
|
|
|
|
|
|
December 31,
2013
|
|
December 31,
2012
|
|
|
|
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and Cash
Equivalents
|
$
148,689
|
|
$
87,886
|
Accounts and Notes
Receivable, Net
|
257,889
|
|
168,615
|
Rig Materials and
Supplies
|
41,781
|
|
29,422
|
Deferred
Costs
|
13,682
|
|
1,089
|
Deferred Income
Taxes
|
9,940
|
|
8,742
|
Other Current
Assets
|
47,302
|
|
46,377
|
TOTAL CURRENT
ASSETS
|
519,283
|
|
342,131
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
871,356
|
|
793,197
|
|
|
|
|
OTHER
ASSETS
|
|
|
|
Deferred Income
Taxes
|
102,420
|
|
95,295
|
Other
Assets
|
41,697
|
|
25,110
|
TOTAL OTHER
ASSETS
|
144,117
|
|
120,405
|
|
|
|
|
TOTAL
ASSETS
|
$
1,534,756
|
|
$
1,255,733
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Current Portion
of Long-Term Debt
|
$
25,000
|
|
$
10,000
|
Accounts Payable and
Accrued Liabilities
|
182,152
|
|
141,866
|
TOTAL CURRENT
LIABILITIES
|
207,152
|
|
151,866
|
|
|
|
|
LONG-TERM
DEBT
|
628,781
|
|
469,205
|
|
|
|
|
LONG-TERM DEFERRED
TAX LIABILITY
|
38,767
|
|
20,847
|
|
|
|
|
OTHER LONG-TERM
LIABILITIES
|
26,913
|
|
23,182
|
|
|
|
|
TOTAL CONTROLLING
INTEREST IN STOCKHOLDERS' EQUITY
|
631,697
|
|
591,404
|
Noncontrolling
interest
|
1,446
|
|
(771)
|
TOTAL
EQUITY
|
633,143
|
|
590,633
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
1,534,756
|
|
$
1,255,733
|
|
|
|
|
|
|
|
|
Current
Ratio
|
2.51
|
|
2.32
|
|
|
|
|
Total Debt as a
Percent of Capitalization
|
51%
|
|
45%
|
|
|
|
|
Book Value Per Common
Share
|
$
5.24
|
|
$
4.97
|
PARKER DRILLING
COMPANY
|
Consolidated
Statement Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September
30,
|
|
Three Months Ended
December 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
|
|
|
|
|
REVENUES
|
$
243,321
|
|
$
157,171
|
|
$
237,762
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
Operating
Expenses
|
158,380
|
|
112,873
|
|
153,145
|
Depreciation and
Amortization
|
36,378
|
|
27,660
|
|
35,882
|
|
194,758
|
|
140,533
|
|
189,027
|
TOTAL OPERATING GROSS
MARGIN
|
48,563
|
|
16,638
|
|
48,735
|
|
|
|
|
|
|
General and
Administrative Expense
|
(18,738)
|
|
(24,443)
|
|
(14,238)
|
Provision for
Reduction in Carrying Value of Certain Assets
|
(2,544)
|
|
-
|
|
-
|
Gain on Disposition
of Assets, Net
|
1,234
|
|
(492)
|
|
1,094
|
|
|
|
|
|
|
TOTAL OPERATING
INCOME
|
28,515
|
|
(8,297)
|
|
35,591
|
|
|
|
|
|
|
OTHER INCOME AND
(EXPENSE):
|
|
|
|
|
|
Interest
Expense
|
(13,946)
|
|
(8,409)
|
|
(13,127)
|
Interest
Income
|
58
|
|
44
|
|
130
|
Loss on
extinguishment of debt
|
-
|
|
(364)
|
|
(5,218)
|
Change in fair value
of derivative positions
|
-
|
|
47
|
|
-
|
Other
|
2,255
|
|
(464)
|
|
(146)
|
TOTAL OTHER
EXPENSE
|
(11,633)
|
|
(9,146)
|
|
(18,361)
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
16,882
|
|
(17,443)
|
|
17,230
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
6,766
|
|
2,724
|
|
9,112
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
10,116
|
|
(20,167)
|
|
8,118
|
Less: net income
(loss) attributable to noncontrolling interest
|
(58)
|
|
(69)
|
|
148
|
NET INCOME (LOSS)
ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
10,174
|
|
$
(20,098)
|
|
$
7,970
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE - BASIC
|
|
|
|
|
|
Net Income
(loss)
|
$
0.08
|
|
$
(0.17)
|
|
$
0.07
|
|
|
|
|
|
|
EARNINGS PER SHARE -
DILUTED
|
|
|
|
|
|
Net Income
(loss)
|
$
0.08
|
|
$
(0.17)
|
|
$
0.07
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES USED IN COMPUTING EARNINGS PER SHARE
|
|
|
|
|
Basic
|
119,930,516
|
|
118,503,732
|
|
119,990,196
|
Diluted
|
121,608,427
|
|
118,503,732
|
|
121,674,591
|
PARKER DRILLING
COMPANY
|
Consolidated
Statement Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
2013
|
|
2012
|
|
2011
|
|
|
|
|
|
|
REVENUES
|
$
874,172
|
|
$
677,761
|
|
$
686,234
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
Operating
Expenses
|
571,672
|
|
413,188
|
|
416,677
|
Depreciation and
Amortization
|
134,053
|
|
113,017
|
|
112,136
|
|
705,725
|
|
526,205
|
|
528,813
|
TOTAL OPERATING GROSS
MARGIN
|
168,447
|
|
151,556
|
|
157,421
|
|
|
|
|
|
|
General and
Administrative Expense
|
(68,025)
|
|
(46,257)
|
|
(31,567)
|
Impairment and other
charges
|
-
|
|
-
|
|
(170,000)
|
Provision for
Reduction in Carrying Value of Certain Assets
|
(2,544)
|
|
-
|
|
(1,350)
|
Gain on Disposition
of Assets, Net
|
3,994
|
|
1,974
|
|
3,659
|
|
|
|
|
|
|
TOTAL OPERATING
INCOME
|
101,872
|
|
107,273
|
|
(41,837)
|
|
|
|
|
|
|
OTHER INCOME AND
(EXPENSE):
|
|
|
|
|
|
Interest
Expense
|
(47,820)
|
|
(33,542)
|
|
(22,594)
|
Interest
Income
|
2,451
|
|
153
|
|
256
|
Loss on
extinguishment of debt
|
(5,218)
|
|
(2,130)
|
|
-
|
Change in fair value
of derivative positions
|
54
|
|
55
|
|
(110)
|
Other
|
1,450
|
|
(832)
|
|
(1,127)
|
TOTAL OTHER
EXPENSE
|
(49,083)
|
|
(36,296)
|
|
(23,575)
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
52,789
|
|
70,977
|
|
(65,412)
|
|
|
|
|
|
|
INCOME TAX EXPENSE
(BENEFIT)
|
25,608
|
|
33,879
|
|
(14,767)
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
27,181
|
|
37,098
|
|
(50,645)
|
|
|
|
|
|
|
Less: net income
(loss) attributable to noncontrolling interest
|
164
|
|
(215)
|
|
(194)
|
NET INCOME (LOSS)
ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
27,017
|
|
$
37,313
|
|
$
(50,451)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE - BASIC
|
$
0.23
|
|
$
0.32
|
|
$
(0.43)
|
|
|
|
|
|
|
EARNINGS PER SHARE -
DILUTED
|
$
0.22
|
|
$
0.31
|
|
$
(0.43)
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES USED IN COMPUTING
|
|
|
|
|
|
EARNINGS PER
SHARE:
|
|
|
|
|
|
Basic
|
119,284,468
|
|
117,721,135
|
|
116,081,590
|
Diluted
|
121,224,550
|
|
119,093,590
|
|
116,081,590
|
PARKER DRILLING
COMPANY
|
Selected Financial
Data
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
December 31,
|
|
|
|
December
31,
|
|
September
30,
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2013
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
Rental
Tools
|
|
$
81,324
|
|
$
55,666
|
|
$
89,613
|
|
$ 310,041
|
|
$ 246,900
|
|
$ 237,068
|
|
U.S. Barge
Drilling
|
|
34,770
|
|
29,404
|
|
33,919
|
|
136,855
|
|
123,672
|
|
93,763
|
|
U.S.
Drilling
|
|
18,690
|
|
1,387
|
|
18,693
|
|
66,928
|
|
1,387
|
|
-
|
|
International
Drilling
|
|
97,568
|
|
67,596
|
|
88,563
|
|
333,962
|
|
291,772
|
|
318,481
|
|
Technical
Services
|
|
10,969
|
|
3,118
|
|
6,974
|
|
26,386
|
|
14,030
|
|
27,284
|
|
Construction
Contract
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9,638
|
|
Total
Revenues
|
|
243,321
|
|
157,171
|
|
237,762
|
|
874,172
|
|
677,761
|
|
686,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
Tools
|
|
45,736
|
|
22,823
|
|
48,739
|
|
163,024
|
|
88,884
|
|
74,491
|
|
U.S. Barge
Drilling
|
|
17,416
|
|
16,382
|
|
18,112
|
|
71,260
|
|
69,572
|
|
65,144
|
|
U.S.
Drilling
|
|
14,663
|
|
5,898
|
|
14,786
|
|
55,027
|
|
9,538
|
|
1,692
|
|
International
Drilling
|
|
75,904
|
|
64,706
|
|
64,718
|
|
262,884
|
|
231,280
|
|
244,879
|
|
Technical
Services
|
|
9,389
|
|
3,064
|
|
6,790
|
|
24,205
|
|
13,914
|
|
21,604
|
|
Construction
Contract
|
|
(4,728)
|
|
-
|
|
-
|
|
(4,728)
|
|
-
|
|
8,867
|
|
Total
Operating Expenses
|
|
158,380
|
|
112,873
|
|
153,145
|
|
571,672
|
|
413,188
|
|
416,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING GROSS
MARGIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
Tools
|
|
35,588
|
|
32,843
|
|
40,874
|
|
147,017
|
|
158,016
|
|
162,577
|
|
U.S. Barge
Drilling
|
|
17,354
|
|
13,022
|
|
15,807
|
|
65,595
|
|
54,100
|
|
28,619
|
|
U.S.
Drilling
|
|
4,027
|
|
(4,511)
|
|
3,907
|
|
11,901
|
|
(8,151)
|
|
(1,692)
|
|
International
Drilling
|
|
21,664
|
|
2,890
|
|
23,845
|
|
71,078
|
|
60,492
|
|
73,602
|
|
Technical
Services
|
|
1,580
|
|
54
|
|
184
|
|
2,181
|
|
116
|
|
5,680
|
|
Construction
Contract
|
|
4,728
|
|
-
|
|
-
|
|
4,728
|
|
-
|
|
771
|
|
Depreciation and
Amortization
|
|
(36,378)
|
|
(27,660)
|
|
(35,882)
|
|
(134,053)
|
|
(113,017)
|
|
(112,136)
|
|
Total
Operating Gross Margin
|
|
48,563
|
|
16,638
|
|
48,735
|
|
168,447
|
|
151,556
|
|
157,421
|
PARKER DRILLING
COMPANY
|
Adjusted
EBITDA
|
(Dollars in
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
December 31,
2013
|
|
September 30,
2013
|
|
June 30,
2013
|
|
March 31,
2013
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
Attributable to Controlling Interest
|
$
10,174
|
|
$
7,970
|
|
$
8,281
|
|
$
592
|
|
$
(20,098)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Benefit)
Expense
|
|
6,766
|
|
9,112
|
|
11,233
|
|
(1,504)
|
|
2,724
|
|
Interest
Expense
|
|
13,946
|
|
13,127
|
|
10,741
|
|
10,006
|
|
8,409
|
|
Other Income and
Expense
|
|
(2,313)
|
|
5,234
|
|
(1,761)
|
|
107
|
|
737
|
|
Gain on Disposition
of Assets, Net
|
|
(1,234)
|
|
(1,094)
|
|
(517)
|
|
(1,148)
|
|
492
|
|
Depreciation and
Amortization
|
|
36,378
|
|
35,882
|
|
32,280
|
|
29,512
|
|
27,660
|
|
Provision for
Reduction in Carrying Value of Certain Assets
|
|
2,544
|
|
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
66,261
|
|
70,231
|
|
60,257
|
|
37,565
|
|
19,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Non-routine Items
|
|
3,306
|
|
4,819
|
|
11,390
|
|
3,463
|
|
15,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA after
Non-routine Items
|
|
$
69,567
|
|
$
75,050
|
|
$
71,647
|
|
$
41,028
|
|
$
35,845
|
|
SOURCE Parker Drilling Company