HOUSTON, Feb. 18, 2015
/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, 2014, including net
income of $7.8 million, or
$0.06 per diluted share, on revenues
of $243.2 million. Fourth
quarter adjusted EBITDA was $65.2
million.
"In the fourth quarter we delivered solid results in a
challenging environment. The growing impact of declining oil
prices on our business serving the U.S. Gulf of Mexico shallow and inland waters
drilling market was counterbalanced by stronger performance
elsewhere, including revenue gains in international markets," said
Gary Rich, chairman, president and
chief executive officer. "We also increased the number of
international rigs under contract and secured an additional
Operations and Maintenance (O&M) contract. These new
contracts should begin making contributions in the 2015 first
quarter. In addition, we took actions to address reduced
market demand for our U.S. barge drilling and rental tools
businesses and began to prepare the company for the more
challenging conditions we expect in 2015," Mr. Rich added.
2014 Summary
Results for the year ended December 31,
2014 included net income of $23.5
million, or $0.19 per diluted
share, on revenues of $968.7
million. Included in 2014 results are non-routine
items of $16.4 million, after
tax, primarily related to debt extinguishment expense and the
2013 acquisition of ITS. Excluding these non-routine items,
the Company earned net income of $39.9
million, or $0.32 per diluted
share. Adjusted EBITDA, excluding non-routine items, was
$260.5 million.
"We made good progress in 2014, strengthening our market
position, investing in growth, and enhancing our ability to provide
innovative, reliable and efficient solutions to customers," said
Mr. Rich. "Our U.S. rental tools business achieved significant
growth in the U.S. land and Gulf of
Mexico deepwater drilling markets. Our international
rental tools business managed through disruptions in several key
markets during the year, yet ended 2014 with the highest quarterly
revenues and gross margins of the period. In addition, we
continued to raise the operational and financial performance of our
Arctic-class Alaska drilling
rigs.
"Average utilization of our international drilling fleet rose to
70 percent for 2014 from 60 percent for the prior year and
we ended the year with eighteen of our twenty-two rigs under
contract. We completed our first full year of operation in
the Kurdistan Region of Iraq and
added two new projects to our O&M portfolio. During the
year, we reduced our debt by approximately $39 million and refinanced $360 million of debt at lower interest rates and
with extended maturities. In January
2015, we amended our revolving credit facility, expanding it
to $200 million and extending its
maturity to 2020, providing greater liquidity and financial
flexibility. As a result of the progress we made in 2014 we
are in a strong operating position and solid financial condition as
we head into this industry downcycle."
Outlook
"It is clear that 2015 will be a challenging year. The steep and
rapid decline in oil prices has led to a sharp reduction in
drilling activity in U.S. land and Gulf
of Mexico inland and shallow water markets. This also
is putting increased pressure on prices for our services. We
anticipate the downturn in our U.S. markets will be severe and
expect our international markets to be impacted as well, though
with less severity. We are taking actions across the company
to lower our cost base, sustain our utilization, manage our cash
and liquidity, and preserve our ability to respond as opportunities
develop.
Fourth Quarter Review
Parker Drilling's 2014 fourth
quarter revenues of $243.2 million
were approximately the same as 2014 third quarter revenues of
$242.0 million. The Company's
operating gross margin excluding depreciation and amortization
expense (gross margin) decreased to $75.2
million for the 2014 fourth quarter from $81.2 million for the prior period, and gross
margin as a percentage of revenues was 30.9 percent, compared with
33.6 percent for the 2014 third quarter.
For the Company's combined drilling operations, revenues were
$150.8 million, gross margin was
$35.9 million, and gross margin as a
percentage of revenues was 23.8 percent. Compared with the 2014
third quarter, revenues declined 2 percent and gross margin
declined 21 percent. Revenues from reimbursable expenses, which
have a minimal impact on gross margin, increased by $5.8 million. Excluding reimbursables, revenues
declined 7 percent, gross margin declined 21 percent, and gross
margin as a percentage of revenues declined to 28.6 percent from
33.7 percent. The decrease in operating revenues and gross margin
is primarily due to the impact of the rapid decline in oil prices
on the U.S. Barge Drilling business. Revenue gains and improved
operating performance in drilling operations outside of the U.S.
Gulf of Mexico offset some of that
impact.
- U.S. Barge Drilling revenues were $26.7
million, gross margin was $9.7
million, and gross margin as a percentage of revenues was
36.3 percent. Compared with the 2014 third quarter, revenues
declined 33 percent and gross margin declined 53 percent. The
declines in revenues and gross margin reflect the impact of the
steep decline in oil prices. This led to lower rig fleet
utilization and a decline in realized average dayrates.
- U.S. Drilling revenues were $20.8
million, gross margin was $6.4
million and gross margin as a percentage of revenues was
30.8 percent. Compared with the 2014 third quarter, revenues
increased 6 percent and gross margin increased 21 percent,
primarily due to higher realized average dayrates and lower
operating costs.
- International Drilling revenues were $95.2 million, gross margin was $19.0 million, and gross margin as a percentage
of revenues was 19.9 percent. Compared with the 2014 third quarter,
revenues increased 8 percent and gross margin increased 3
percent. Excluding reimbursables,
revenues increased 2 percent, gross margin increased 3
percent, and gross margin as a percentage of revenues increased to
26.2 percent from 26.0 percent. The increase in operating revenues
and gross margin is primarily due to the start-up of Rig 216 in
Kazakhstan during the 2014 fourth
quarter.
- Technical Services revenues were $8.1
million, gross margin was $0.8
million, and gross margin as a percentage of revenues was
10.1 percent. Revenues increased $1.3
million and gross margin declined $0.2 million, reflecting shifts in work
requirements as projects develop.
Rental Tools revenues were $92.4
million, gross margin was $39.3
million and gross margin as a percentage of revenues was
42.6 percent. Compared with the 2014 third quarter, revenues
increased 5 percent and gross margin increased 10 percent. The
increases in revenues and gross margin were primarily due to growth
in U.S. Gulf of Mexico offshore
deepwater activity and key international markets. This was
partially offset by increased handling costs for inbound tools as
business slowed in the U.S. Gulf of
Mexico shelf and inland waters markets, and, late in the
quarter, in the U.S. land drilling market.
General and Administrative Expense were $9.7 million for the 2014 fourth quarter,
compared with $9.4 million for the
2014 third quarter. Capital expenditures for 2014 were $176.8 million.
"We believe we are in sound condition, prepared to meet the
challenges ahead and capture opportunities that arise. We
will continue to push forward on our strategic objectives and on
strengthening our core competencies to enhance our ability to serve
customers and produce value for the company," concluded Mr.
Rich.
Conference Call
Parker Drilling has scheduled a
conference call for 10:00 a.m. Central
Time (11:00 a.m. Eastern Time)
on Thursday, February 19, 2015, to review reported
results. The call will be available by telephone at (888)
510-1786. 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
19, 2015 through February 26,
2015 at (719) 457-0820, using the access code 5031371#.
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 or
rental equipment for operation; the strengthening of the Company's
financial position; increases in utilization or 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 reasonable,
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. For more
information, see "Risk Factors" in the Company's Annual Report
filed on Form 10-K with the Securities and Exchange Commission 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 Drilling's barge rig fleet
and in select international markets and harsh-environment regions
utilizing Parker Drilling-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, Except Per Share Data)
|
|
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and Cash
Equivalents
|
$
|
108,456
|
|
$
|
148,689
|
Accounts and Notes
Receivable, Net
|
270,952
|
|
257,889
|
Rig Materials and
Supplies
|
47,943
|
|
41,781
|
Deferred
Costs
|
5,673
|
|
13,682
|
Deferred Income
Taxes
|
7,476
|
|
9,940
|
Other Current
Assets
|
29,279
|
|
47,302
|
TOTAL CURRENT
ASSETS
|
469,779
|
|
519,283
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
895,940
|
|
871,356
|
|
|
|
|
OTHER
ASSETS
|
|
|
|
Deferred Income
Taxes
|
122,689
|
|
102,420
|
Other
Assets
|
32,251
|
|
41,697
|
TOTAL OTHER
ASSETS
|
154,940
|
|
144,117
|
|
|
|
|
TOTAL
ASSETS
|
$
|
1,520,659
|
|
$
|
1,534,756
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Current Portion
of Long-Term Debt
|
$
|
10,000
|
|
$
|
25,000
|
Accounts Payable and
Accrued Liabilities
|
168,665
|
|
182,152
|
TOTAL CURRENT
LIABILITIES
|
178,665
|
|
207,152
|
|
|
|
|
LONG-TERM
DEBT
|
605,000
|
|
628,781
|
|
|
|
|
LONG-TERM DEFERRED
TAX LIABILITY
|
52,115
|
|
38,767
|
|
|
|
|
OTHER LONG-TERM
LIABILITIES
|
18,665
|
|
26,914
|
|
|
|
|
TOTAL CONTROLLING
INTEREST IN STOCKHOLDERS' EQUITY
|
662,431
|
|
631,696
|
Noncontrolling
interest
|
3,783
|
|
1,446
|
TOTAL
EQUITY
|
666,214
|
|
633,142
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
1,520,659
|
|
$
|
1,534,756
|
|
|
|
|
|
|
|
|
Current
Ratio
|
2.63
|
|
2.51
|
|
|
|
|
Total Debt as a
Percent of Capitalization
|
48%
|
|
51%
|
|
|
|
|
Book Value Per Common
Share
|
$
|
5.43
|
|
$
|
5.24
|
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,
|
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
|
|
|
REVENUES
|
$
|
243,213
|
|
$
|
243,321
|
|
$
|
242,012
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
Operating
Expenses
|
167,990
|
|
158,380
|
|
160,797
|
Depreciation and
Amortization
|
38,455
|
|
36,378
|
|
36,149
|
|
206,445
|
|
194,758
|
|
196,946
|
TOTAL OPERATING GROSS
MARGIN
|
36,768
|
|
48,563
|
|
45,066
|
|
|
|
|
|
|
General and
Administrative Expense
|
(9,675)
|
|
(18,738)
|
|
(9,370)
|
Provision for
Reduction in Carrying Value of Certain Assets
|
—
|
|
(2,544)
|
|
—
|
Gain (Loss) on
Disposition of Assets, Net
|
621
|
|
1,234
|
|
(457)
|
|
|
|
|
|
|
TOTAL OPERATING
INCOME
|
27,714
|
|
28,515
|
|
35,239
|
|
|
|
|
|
|
OTHER INCOME AND
(EXPENSE):
|
|
|
|
|
|
Interest
Expense
|
(10,779)
|
|
(13,946)
|
|
(10,848)
|
Interest
Income
|
39
|
|
58
|
|
36
|
Other
|
1,148
|
|
2,255
|
|
(536)
|
TOTAL OTHER
EXPENSE
|
(9,592)
|
|
(11,633)
|
|
(11,348)
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
18,122
|
|
16,882
|
|
23,891
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
9,983
|
|
6,766
|
|
11,014
|
|
|
|
|
|
|
NET INCOME
|
8,139
|
|
10,116
|
|
12,877
|
|
|
|
|
|
|
Less: net income
(loss) attributable to noncontrolling interest
|
386
|
|
(58)
|
|
311
|
NET INCOME
ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
7,753
|
|
$
|
10,174
|
|
$
|
12,566
|
|
|
|
|
|
|
EARNINGS PER SHARE -
BASIC
|
|
|
|
|
|
Net Income
|
$
|
0.06
|
|
$
|
0.08
|
|
$
|
0.10
|
|
|
|
|
|
|
EARNINGS PER SHARE -
DILUTED
|
$
|
0.06
|
|
$
|
0.08
|
|
$
|
0.10
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES USED IN COMPUTING EARNINGS PER SHARE
|
|
|
|
|
|
Basic
|
|
121,755,421
|
|
|
119,930,516
|
|
|
121,523,674
|
Diluted
|
|
123,295,412
|
|
|
121,608,427
|
|
|
123,177,753
|
PARKER DRILLING
COMPANY
|
Consolidated
Statement Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
2014
|
|
2013
|
|
2012
|
|
|
|
|
|
|
REVENUES
|
$
|
968,684
|
|
$
|
874,172
|
|
$
|
677,761
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
Operating
Expenses
|
669,381
|
|
571,672
|
|
413,188
|
Depreciation and
Amortization
|
145,121
|
|
134,053
|
|
113,017
|
|
814,502
|
|
705,725
|
|
526,205
|
TOTAL OPERATING GROSS
MARGIN
|
154,182
|
|
168,447
|
|
151,556
|
|
|
|
|
|
|
General and
Administrative Expense
|
(35,016)
|
|
(68,025)
|
|
(46,257)
|
Provision for
Reduction in Carrying Value of Certain Assets
|
—
|
|
(2,544)
|
|
—
|
Gain on Disposition
of Assets, Net
|
1,054
|
|
3,994
|
|
1,974
|
|
|
|
|
|
|
TOTAL OPERATING
INCOME
|
120,220
|
|
101,872
|
|
107,273
|
|
|
|
|
|
|
OTHER INCOME AND
(EXPENSE):
|
|
|
|
|
|
Interest
Expense
|
(44,265)
|
|
(47,820)
|
|
(33,542)
|
Interest
Income
|
195
|
|
2,450
|
|
153
|
Loss on
extinguishment of debt
|
(30,152)
|
|
(5,218)
|
|
(2,130)
|
Change in fair value
of derivative positions
|
—
|
|
53
|
|
55
|
Other
|
2,539
|
|
1,450
|
|
(832)
|
TOTAL OTHER
EXPENSE
|
(71,683)
|
|
(49,085)
|
|
(36,296)
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
48,537
|
|
52,787
|
|
70,977
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
24,076
|
|
25,608
|
|
33,879
|
|
|
|
|
|
|
NET INCOME
|
24,461
|
|
27,179
|
|
37,098
|
|
|
|
|
|
|
Less: net income
(loss) attributable to noncontrolling interest
|
1,010
|
|
164
|
|
(215)
|
NET INCOME
ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
23,451
|
|
$
|
27,015
|
|
$
|
37,313
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE - BASIC
|
$
|
0.19
|
|
$
|
0.23
|
|
$
|
0.32
|
|
|
|
|
|
|
EARNINGS PER SHARE -
DILUTED
|
$
|
0.19
|
|
$
|
0.22
|
|
$
|
0.31
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES USED IN COMPUTING
|
|
|
|
|
|
EARNINGS PER
SHARE:
|
|
|
|
|
|
Basic
|
121,186,464
|
|
119,284,468
|
|
117,721,135
|
Diluted
|
123,076,648
|
|
121,224,550
|
|
119,093,590
|
PARKER DRILLING
COMPANY
|
Selected Financial
Data
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
December 31,
|
|
|
December
31,
|
|
September
30,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
Tools
|
$
|
92,378
|
|
$
|
81,324
|
|
$
|
87,711
|
|
$
|
347,766
|
|
$
|
310,041
|
|
$
|
246,900
|
|
U.S. Barge
Drilling
|
26,705
|
|
34,770
|
|
39,630
|
|
137,113
|
|
136,855
|
|
123,672
|
|
U.S.
Drilling
|
20,841
|
|
18,690
|
|
19,687
|
|
79,984
|
|
66,928
|
|
1,387
|
|
International
Drilling
|
95,193
|
|
97,568
|
|
88,173
|
|
360,588
|
|
333,962
|
|
291,772
|
|
Technical
Services
|
8,096
|
|
10,969
|
|
6,811
|
|
43,233
|
|
26,386
|
|
14,030
|
|
Construction
Contract
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total
Revenues
|
$
|
243,213
|
|
$
|
243,321
|
|
$
|
242,012
|
|
$
|
968,684
|
|
$
|
874,172
|
|
$
|
677,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
Tools
|
$
|
53,058
|
|
$
|
45,736
|
|
$
|
51,987
|
|
$
|
210,643
|
|
$
|
163,024
|
|
$
|
88,884
|
|
U.S. Barge
Drilling
|
17,000
|
|
17,416
|
|
18,939
|
|
73,354
|
|
71,260
|
|
69,572
|
|
U.S.
Drilling
|
14,422
|
|
14,663
|
|
14,395
|
|
57,716
|
|
55,027
|
|
9,538
|
|
International
Drilling
|
76,235
|
|
75,904
|
|
69,713
|
|
287,971
|
|
262,884
|
|
231,280
|
|
Technical
Services
|
7,275
|
|
9,389
|
|
5,763
|
|
39,697
|
|
24,205
|
|
13,914
|
|
Construction
Contract
|
—
|
|
(4,728)
|
|
—
|
|
—
|
|
(4,728)
|
|
—
|
|
Total
Operating Expenses
|
$
|
167,990
|
|
$
|
158,380
|
|
$
|
160,797
|
|
$
|
669,381
|
|
$
|
571,672
|
|
$
|
413,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING GROSS
MARGIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
Tools
|
$
|
39,320
|
|
$
|
35,588
|
|
$
|
35,724
|
|
$
|
137,123
|
|
$
|
147,017
|
|
$
|
158,016
|
|
U.S. Barge
Drilling
|
9,705
|
|
17,354
|
|
20,691
|
|
63,759
|
|
65,595
|
|
54,100
|
|
U.S.
Drilling
|
6,419
|
|
4,027
|
|
5,292
|
|
22,268
|
|
11,901
|
|
(8,151)
|
|
International
Drilling
|
18,958
|
|
21,664
|
|
18,460
|
|
72,617
|
|
71,078
|
|
60,492
|
|
Technical
Services
|
821
|
|
1,580
|
|
1,048
|
|
3,536
|
|
2,181
|
|
116
|
|
Construction
Contract
|
—
|
|
4,728
|
|
—
|
|
—
|
|
4,728
|
|
—
|
|
Depreciation and
Amortization
|
(38,455)
|
|
(36,378)
|
|
(36,149)
|
|
(145,121)
|
|
(134,053)
|
|
(113,017)
|
|
Total
Operating Gross Margin
|
$
|
36,768
|
|
$
|
48,563
|
|
$
|
45,066
|
|
$
|
154,182
|
|
$
|
168,447
|
|
$
|
151,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARKER DRILLING
COMPANY
|
Adjusted
EBITDA
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
December 31,
2014
|
|
September 30,
2014
|
|
June 30,
2014
|
|
March 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
Attributable to Controlling Interest
|
$
|
7,753
|
|
$
|
12,566
|
|
$
|
15,681
|
|
$
|
(12,549)
|
|
$
|
10,172
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Income Tax (Benefit)
Expense
|
9,983
|
|
11,014
|
|
11,702
|
|
(8,623)
|
|
6,766
|
Interest
Expense
|
10,779
|
|
10,848
|
|
10,599
|
|
12,039
|
|
13,946
|
Other Income and
Expense
|
(1,187)
|
|
500
|
|
(641)
|
|
28,746
|
|
(2,313)
|
(Gain) Loss on
Disposition of Assets, Net
|
(621)
|
|
457
|
|
(1,019)
|
|
129
|
|
(1,234)
|
Depreciation and
Amortization
|
38,455
|
|
36,149
|
|
36,180
|
|
34,337
|
|
36,378
|
Provision for
Reduction in Carrying Value of Certain Assets
|
—
|
|
—
|
|
—
|
|
—
|
|
2,544
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA*
|
65,162
|
|
71,534
|
|
72,502
|
|
54,079
|
|
66,259
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Non-routine
Items
|
—
|
|
(1,250)
|
|
(1,500)
|
|
—
|
|
3,306
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA after
Non-routine Items
|
$
|
65,162
|
|
$
|
70,284
|
|
$
|
71,002
|
|
$
|
54,079
|
|
$
|
69,565
|
|
*Adjusted EBITDA, a
non-GAAP financial measure, excludes items that management believes
are of a non-routine nature and which detract from an understanding
of normal operating performance and comparisons with other periods.
Management also believes that results excluding these items are
more comparable to estimates provided by securities analysts and
used by them in evaluating the Company's performance.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/parker-drilling-reports-2014-fourth-quarter-and-full-year-results-300038294.html
SOURCE Parker Drilling Company