HOUSTON, Oct. 27, 2016
/PRNewswire/ -- Parker Drilling Company (NYSE: PKD) today
announced results for the third quarter ended September 30,
2016, including a reported net loss of $46.2
million, or a $0.37 loss per
share, on revenues of $97.2
million.
Third quarter adjusted EBITDA was $5.1
million.
"We are pleased with our third quarter results given the
challenging market conditions," said Gary
Rich, the Company's Chairman, President and CEO.
"While results were down quarter-on-quarter, they were in line with
our expectations. We also saw improvements in some areas of our
business.
"Results from our Rentals Tools business improved slightly in
the third quarter. Our rental activity in the U.S. land
market increased as drilling activity improved, and this partially
offset further declines in our U.S. offshore rentals. Results
from our International Rental Tools segment improved in the third
quarter due to the startup of previously delayed contracts and
further cost reductions. In addition, our Drilling Services
business benefited from the initial startup of a new operations and
maintenance (O&M) contract for the Atlantic Coast, Canada and the addition of a fourth rig under
an existing O&M contract on Sakhalin Island, Russia, both of which were awarded in the
second quarter.
"We remain focused on cash flow and ended the quarter with
$194 million in liquidity including
$104 million in cash and $90 million available on our undrawn revolver.
Contracted backlog was $421 million
at the end of the third quarter compared with $446 million as of June 30, 2016.
"Looking forward, while there are indications market conditions
are stabilizing and we may continue to see conditions improve in
the near future, our expectations for the pace of the recovery
remain guarded. As we navigate these market conditions, we
are well positioned in our target markets and will continue to
focus on execution, cash flow and financial discipline," concluded
Rich.
Third Quarter Review
Parker Drilling's revenues for
the 2016 third quarter, compared with the 2016 second quarter,
decreased 7.7 percent to $97.2
million from $105.3 million,
operating gross margin excluding depreciation and amortization
expense (gross margin) decreased 22.4 percent to $12.5 million from $16.1
million and gross margin as a percentage of revenues was
12.9 percent, compared with 15.3 percent.
Drilling Services
For the Company's Drilling Services business, which is comprised
of the U.S. (Lower 48) Drilling and International & Alaska
Drilling segments, third quarter revenues decreased 8.6 percent to
$66.7 million from $73.0 million for the 2016 second quarter, gross
margin decreased 28.8 percent to $9.9
million from $13.9 million,
and gross margin as a percentage of revenues was 14.8 percent,
compared with 19.0 percent for the prior period.
U.S. (Lower 48)
Drilling
U.S. (Lower 48) Drilling segment
revenues were $1.4 million compared
with $1.1 million in the 2016 second
quarter. Gross margin was a $3.7
million loss as compared with a 2016 second quarter loss of
$3.9 million. The increase in
revenues and gross margin improvement were primarily the result of
slightly higher utilization.
International & Alaska
Drilling
International & Alaska
Drilling segment revenues were $65.3
million, a 9.2 percent decrease from 2016 second quarter
revenues of $71.9 million. Gross
margin was $13.6 million, a 23.6
percent decrease from 2016 second quarter gross margin of
$17.8 million. Gross margin as a
percentage of revenues was 20.8 percent as compared with 24.8
percent in the 2016 second quarter. The decrease in revenues and
gross margin were attributable to the completion of a project
services engagement early in the third quarter and lower rig
utilization. There were also margin benefits in the
second quarter that did not repeat in the third quarter, including
a rig contract early termination fee and the release of accruals
related to the wind down of operations in certain locations.
Partially offsetting these declines were the start-ups of the new
O&M contracts.
Rental Tools Services
Effective July 1, 2016, we report
our Rental Tools Services business as two reportable segments: (1)
U.S. Rental Tools and (2) International Rental Tools. Third quarter
revenues for the Rental Tools Services business decreased 5.6
percent to $30.5 million from
$32.3 million for the 2016 second
quarter, gross margin increased 18.2 percent to $2.6 million from $2.2
million, and gross margin as a percentage of revenues was
8.5 percent compared with 6.8 percent for the prior period.
U.S. Rental Tools
U.S. Rental Tools segment revenues
were $15.0 million, compared with
$18.0 million for the 2016 second
quarter. Gross margin was $4.2
million compared with $5.7
million for the 2016 second quarter. The declines in
revenues and gross margin were primarily due to a decline in
offshore Gulf of Mexico revenues
partially offset by an increase in land revenues.
International Rental
Tools
International Rental Tools segment
revenues were $15.5 million, compared
with $14.3 million for the 2016
second quarter. Gross margin was a $1.7 million loss compared with a 2016 second
quarter loss of $3.5
million. The increase in revenues and
improvement in gross margin were due to increased rental activity
associated with both previously delayed new contract start-ups and
existing contracts. Gross margin also benefited from lower
operating expenses.
Consolidated
General and Administrative expenses were $7.4 million for the 2016 third quarter, down
from $8.0 million for the 2016 second
quarter. The decrease was primarily due to incentive plan
adjustments.
Capital expenditures in the third quarter were $4.7 million, and year-to-date through
September 30, 2016 were $21.0
million.
Conference Call
Parker Drilling has scheduled a
conference call for 10:00 a.m. Central
Time (11:00 a.m. Eastern Time)
on Friday, October 28, 2016, to
review third quarter results. The call will be available by
telephone by dialing (+1) (412) 902-0003 and asking for the Parker
Drilling Third Quarter Conference Call. 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
through November 4, 2016 at (+1)
(201) 612-7415, conference ID 13646195.
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 addressing activities, events or developments 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 purchases and sales;
successful negotiation and execution of contracts; scheduled
delivery of drilling rigs or rental equipment for operation; the
Company's financial position; changes 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 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. 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 provides drilling
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-owned and customer-owned equipment. The Company's
Rental Tools Services 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.
Contact: Jason Geach, Vice
President, Investor Relations & Corporate Development, (+1)
(281) 406-2310, jason.geach@parkerdrilling.com.
PARKER DRILLING
COMPANY
|
Consolidated
Condensed Balance Sheets
|
(Dollars in
Thousands)
|
|
|
|
|
|
September 30,
2016
|
|
December 31,
2015
|
|
(Unaudited)
|
|
|
ASSETS:
|
|
|
|
Current
Assets
|
|
|
|
Cash and Cash
Equivalents
|
$
|
103,613
|
|
|
$
|
134,294
|
|
Accounts and Notes
Receivable, net
|
130,616
|
|
|
175,105
|
|
Rig Materials and
Supplies
|
32,681
|
|
|
34,937
|
|
Other Current
Assets
|
22,514
|
|
|
22,405
|
|
Total Current
Assets
|
289,424
|
|
|
366,741
|
|
|
|
|
|
Property, Plant and
Equipment, net
|
718,254
|
|
|
805,841
|
|
|
|
|
|
Other
Assets
|
|
|
|
Deferred Income
Taxes
|
87,653
|
|
|
139,282
|
|
Other
Assets
|
54,551
|
|
|
54,838
|
|
Total Other
Assets
|
142,204
|
|
|
194,120
|
|
|
|
|
|
Total
Assets
|
$
|
1,149,882
|
|
|
$
|
1,366,702
|
|
|
|
|
|
LIABILITIES &
STOCKHOLDERS' EQUITY:
|
|
|
|
Current
Liabilities
|
|
|
|
Accounts Payable and
Accrued Liabilities
|
$
|
93,293
|
|
|
$
|
136,121
|
|
Total Current
Liabilities
|
93,293
|
|
|
136,121
|
|
|
|
|
|
Long-Term Debt, net
of debt issuance costs
|
575,935
|
|
|
574,798
|
|
|
|
|
|
Deferred Tax
Liability
|
78,893
|
|
|
68,654
|
|
|
|
|
|
Other Long-Term
Liabilities
|
16,161
|
|
|
18,617
|
|
|
|
|
|
Total Stockholders'
Equity
|
385,600
|
|
|
568,512
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
1,149,882
|
|
|
$
|
1,366,702
|
|
PARKER DRILLING
COMPANY
|
Consolidated
Statement Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Three Months Ended
September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
|
|
|
|
|
Revenues
|
$
|
97,189
|
|
|
$
|
173,418
|
|
|
$
|
105,287
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Operating
Expenses
|
84,680
|
|
|
128,963
|
|
|
89,195
|
|
Depreciation and
Amortization
|
34,474
|
|
|
39,584
|
|
|
36,317
|
|
|
119,154
|
|
|
168,547
|
|
|
125,512
|
|
Total Operating Gross
Margin
|
(21,965)
|
|
|
4,871
|
|
|
(20,225)
|
|
|
|
|
|
|
|
General and
Administrative Expense
|
(7,424)
|
|
|
(8,895)
|
|
|
(7,995)
|
|
Provision for
Reduction in Carrying Value of Certain Assets
|
—
|
|
|
(906)
|
|
|
—
|
|
Gain (Loss) on
Disposition of Assets, net
|
(187)
|
|
|
383
|
|
|
(2)
|
|
Total Operating
Income (Loss)
|
(29,576)
|
|
|
(4,547)
|
|
|
(28,222)
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
Interest
Expense
|
(11,015)
|
|
|
(11,293)
|
|
|
(12,187)
|
|
Interest
Income
|
9
|
|
|
7
|
|
|
32
|
|
Other
|
(351)
|
|
|
(719)
|
|
|
(358)
|
|
Total Other Income
(Expense)
|
(11,357)
|
|
|
(12,005)
|
|
|
(12,513)
|
|
|
|
|
|
|
|
Income (Loss) before
Income Taxes
|
(40,933)
|
|
|
(16,552)
|
|
|
(40,735)
|
|
|
|
|
|
|
|
Income Tax Expense
(Benefit)
|
5,295
|
|
|
31,930
|
|
|
(913)
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
(46,228)
|
|
|
(48,482)
|
|
|
(39,822)
|
|
Less: Net Income
(Loss) Attributable to Noncontrolling Interest
|
—
|
|
|
138
|
|
|
—
|
|
Net Income (Loss)
Attributable to Controlling Interest
|
$
|
(46,228)
|
|
|
$
|
(48,620)
|
|
|
$
|
(39,822)
|
|
|
|
|
|
|
|
Income (Loss) per
Share - Basic
|
|
|
|
|
|
Net Income
(Loss)
|
$
|
(0.37)
|
|
|
$
|
(0.40)
|
|
|
$
|
(0.32)
|
|
|
|
|
|
|
|
Income (Loss) per
Share - Diluted
|
|
|
|
|
|
Net Income
(Loss)
|
$
|
(0.37)
|
|
|
$
|
(0.40)
|
|
|
$
|
(0.32)
|
|
|
|
|
|
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
|
|
Basic
|
124,486,848
|
|
|
122,933,518
|
|
|
124,101,349
|
|
Diluted
|
124,486,848
|
|
|
122,933,518
|
|
|
124,101,349
|
|
PARKER DRILLING
COMPANY
|
Consolidated
Statement Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2016
|
|
2015
|
|
|
|
|
Revenues
|
$
|
332,979
|
|
|
$
|
563,435
|
|
|
|
|
|
Expenses:
|
|
|
|
Operating
Expenses
|
281,992
|
|
|
411,802
|
|
Depreciation and
Amortization
|
106,605
|
|
|
118,474
|
|
|
388,597
|
|
|
530,276
|
|
Total Operating Gross
Margin
|
(55,618)
|
|
|
33,159
|
|
|
|
|
|
General and
Administrative Expense
|
(25,200)
|
|
|
(29,243)
|
|
Provision for
Reduction in Carrying Value of Certain Assets
|
—
|
|
|
(3,222)
|
|
Gain (Loss) on
Disposition of Assets, net
|
(249)
|
|
|
2,686
|
|
Total Operating
Income (Loss)
|
(81,067)
|
|
|
3,380
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
Interest
Expense
|
(34,764)
|
|
|
(33,767)
|
|
Interest
Income
|
48
|
|
|
209
|
|
Other
|
1,776
|
|
|
(3,628)
|
|
Total Other Income
(Expense)
|
(32,940)
|
|
|
(37,186)
|
|
|
|
|
|
Income (Loss) before
Income Taxes
|
(114,007)
|
|
|
(33,806)
|
|
|
|
|
|
Income Tax Expense
(Benefit)
|
67,878
|
|
|
24,832
|
|
|
|
|
|
Net Income
(Loss)
|
(181,885)
|
|
|
(58,638)
|
|
Less: Net Income
(Loss) Attributable to Noncontrolling Interest
|
—
|
|
|
789
|
|
Net Income (Loss)
Attributable to Controlling Interest
|
$
|
(181,885)
|
|
|
$
|
(59,427)
|
|
|
|
|
|
Income (Loss) per
Share - Basic
|
|
|
|
Net Income
(Loss)
|
$
|
(1.47)
|
|
|
$
|
(0.49)
|
|
|
|
|
|
Income (Loss) per
Share - Diluted
|
|
|
|
Net Income
(Loss)
|
$
|
(1.47)
|
|
|
$
|
(0.49)
|
|
|
|
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
Basic
|
123,894,980
|
|
|
122,430,957
|
|
Diluted
|
123,894,980
|
|
|
122,430,957
|
|
PARKER DRILLING
COMPANY
|
Selected Financial
Data
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
September
30,
|
|
June 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
|
$
|
1,431
|
|
|
$
|
5,961
|
|
|
$
|
1,065
|
|
International &
Alaska Drilling
|
|
65,307
|
|
|
110,661
|
|
|
71,926
|
|
|
Total Drilling
Services
|
|
66,738
|
|
|
116,622
|
|
|
72,991
|
|
Rental Tools
Services:
|
|
|
|
|
|
|
U.S. Rental
Tools
|
|
$
|
14,967
|
|
|
$
|
31,905
|
|
|
$
|
17,961
|
|
International Rental
Tools
|
|
15,484
|
|
|
24,891
|
|
|
14,335
|
|
|
Total Rental Tools
Services
|
|
30,451
|
|
|
56,796
|
|
|
32,296
|
|
|
Total
Revenues
|
|
$
|
97,189
|
|
|
$
|
173,418
|
|
|
$
|
105,287
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
|
$
|
5,112
|
|
|
$
|
7,820
|
|
|
$
|
4,967
|
|
International &
Alaska Drilling
|
|
51,682
|
|
|
81,586
|
|
|
54,110
|
|
|
Total Drilling
Services
|
|
56,794
|
|
|
89,406
|
|
|
59,077
|
|
Rental Tools
Services:
|
|
|
|
|
|
|
U.S. Rental
Tools
|
|
$
|
10,746
|
|
|
$
|
17,002
|
|
|
$
|
12,267
|
|
International Rental
Tools
|
|
17,140
|
|
|
22,555
|
|
|
17,851
|
|
|
Total Rental Tools
Services
|
|
27,886
|
|
|
39,557
|
|
|
30,118
|
|
|
Total
Operating Expenses
|
|
$
|
84,680
|
|
|
$
|
128,963
|
|
|
$
|
89,195
|
|
|
|
|
|
|
|
|
|
Operating Gross
Margin:
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
|
$
|
(3,681)
|
|
|
$
|
(1,859)
|
|
|
$
|
(3,902)
|
|
International &
Alaska Drilling
|
|
13,625
|
|
|
29,075
|
|
|
17,816
|
|
|
Total Drilling
Services
|
|
9,944
|
|
|
27,216
|
|
|
13,914
|
|
Rental Tools
Services:
|
|
|
|
|
|
|
U.S. Rental
Tools
|
|
$
|
4,221
|
|
|
$
|
14,903
|
|
|
$
|
5,694
|
|
International Rental
Tools
|
|
(1,656)
|
|
|
2,336
|
|
|
(3,516)
|
|
|
Total Rental Tools
Services
|
|
2,565
|
|
|
17,239
|
|
|
2,178
|
|
Depreciation and
Amortization
|
|
(34,474)
|
|
|
(39,584)
|
|
|
(36,317)
|
|
|
Total
Operating Gross Margin
|
|
$
|
(21,965)
|
|
|
$
|
4,871
|
|
|
$
|
(20,225)
|
|
PARKER DRILLING
COMPANY
|
Adjusted EBITDA
(1)
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
Attributable to Controlling Interest
|
|
$
|
(46,228)
|
|
|
$
|
(39,822)
|
|
|
$
|
(95,835)
|
|
|
$
|
(35,646)
|
|
|
$
|
(48,620)
|
|
Interest
Expense
|
|
11,015
|
|
|
12,187
|
|
|
11,562
|
|
|
11,388
|
|
|
11,293
|
|
Income Tax Expense
(Benefit)
|
|
5,295
|
|
|
(913)
|
|
|
63,496
|
|
|
(2,519)
|
|
|
31,930
|
|
Depreciation and
Amortization
|
|
34,474
|
|
|
36,317
|
|
|
35,814
|
|
|
37,720
|
|
|
39,584
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
4,556
|
|
|
7,769
|
|
|
15,037
|
|
|
10,943
|
|
|
34,187
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Other (Income)
Expense
|
|
342
|
|
|
326
|
|
|
(2,492)
|
|
|
6,059
|
|
|
712
|
|
(Gain) Loss on
Disposition of Assets, net
|
|
187
|
|
|
2
|
|
|
60
|
|
|
1,043
|
|
|
(383)
|
|
Provision for
Reduction in Carrying Value of Certain Assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,268
|
|
|
906
|
|
Special items
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,265
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
5,085
|
|
|
$
|
8,097
|
|
|
$
|
12,605
|
|
|
$
|
28,578
|
|
|
$
|
35,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) We believe
Adjusted EBITDA is an important measure of operating performance
because it allows management, investors and others to evaluate and
compare our core operating results from period to period by
removing the impact of our capital structure (interest expense from
our outstanding debt), asset base (depreciation and amortization),
remeasurement of foreign currency transactions, tax consequences,
impairment and other special items. Special items include items
impacting operating expenses that management believes detract from
an understanding of normal operating performance. Management uses
Adjusted EBITDA as a supplemental measure to review current period
operating performance and period to period comparisons. Our
Adjusted EBITDA may not be comparable to a similarly titled measure
of another company because other entities may not calculate EBITDA
in the same manner. EBITDA and Adjusted EBITDA are not measures of
financial performance under U.S. Generally Accepted Accounting
Principles (GAAP), and should not be considered in isolation or as
an alternative to operating income or loss, net income or loss,
cash flows provided by or used in operating, investing and
financing activities, or other income or cash flow statement data
prepared in accordance with GAAP.
|
|
(2) For the three
months ended December 31, 2015, special items include a $1.3
million write-off of inventory associated with our decision to no
longer provide drilling services in Colombia.
|
PARKER DRILLING
COMPANY
|
Reconciliation of
Adjusted Earnings Per Share
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
September
30,
|
|
June 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
|
|
|
|
|
|
|
Net Income (Loss)
Attributable to Controlling Interest
|
|
$
|
(46,228)
|
|
|
$
|
(48,620)
|
|
|
$
|
(39,822)
|
|
Income (Loss) per
Diluted Share
|
|
$
|
(0.37)
|
|
|
$
|
(0.40)
|
|
|
$
|
(0.32)
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Valuation
Allowance
|
|
—
|
|
|
36,632
|
|
|
—
|
|
Total
adjustments
|
|
—
|
|
|
36,632
|
|
|
—
|
|
Tax effect of
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
Net
adjustments
|
|
—
|
|
|
36,632
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Loss) Attributable to Controlling Interest
(1)
|
|
$
|
(46,228)
|
|
|
$
|
(11,988)
|
|
|
$
|
(39,822)
|
|
Adjusted Income
(Loss) per Diluted Share (1)
|
|
$
|
(0.37)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.32)
|
|
|
|
|
|
|
|
|
|
(1) We believe
Adjusted Net Income (Loss) Attributable to Controlling Interest and
Adjusted Income (Loss) per Diluted Share are useful financial
measures for investors to assess and understand operating
performance for period to period comparisons. Management views the
adjustments to Net Income (Loss) Attributable to Controlling
Interest and Income (Loss) per Diluted Share to be items outside of
the Company's normal operating results. Adjusted Net Income (Loss)
Attributable to Controlling Interest and Adjusted Income (Loss) per
Diluted Share are not measures of financial performance under GAAP,
and should not be considered in isolation or as an alternative to
Net Income (Loss) or Income (Loss) per Diluted Share.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/parker-drilling-reports-2016-third-quarter-results-300352961.html
SOURCE Parker Drilling Company