HOUSTON, Aug. 2, 2017
/PRNewswire/ -- Parker Drilling Company (NYSE: PKD) today announced
results for the second quarter ended June 30, 2017, including
a reported net loss available to common stockholders of
$31.1 million, or a $0.23 loss per common share, on revenues of
$109.6 million.
Second quarter Adjusted EBITDA was $13.5
million.
"Parker continues to capitalize on increasing activity in the
U.S. and is prudently managing international operations, which are
recovering more slowly," said Gary
Rich, the Company's Chairman, President and CEO. "As
expected, our U.S. rental tools business led our second quarter
improvement with a 47 percent sequential increase in revenues and
incremental margin growth of 73 percent driven by higher equipment
utilization and select pricing increases on specific product
lines. For the third consecutive quarter, the growth of
our U.S. rental tools business outpaced the growth in the U.S. land
rig count, which increased 21 percent in the second
quarter. Our U.S. barge drilling business also
experienced an increase in activity, with utilization of 19 percent
in the second quarter compared with 4 percent in the
first quarter.
"Internationally, we continue to see signs of an emerging
recovery. We executed a one-well contract plus optional wells
for a rig in the Kurdistan region
of Iraq that should commence
operations in the fourth quarter and a one-year contract for a rig
in Indonesia that should begin
mobilizing in September. We are encouraged by our recent contract
wins and remain cautiously optimistic about continued contracting
activity in the second half of 2017 and heading into 2018.
"With oil prices declining below $50 per barrel in the second quarter, we are
maintaining a prudent approach to our capital spending plan. We
remain encouraged by the recent higher activity in the U.S. and
indications of improving conditions in our other markets, and
believe we are well positioned to capture opportunities as they
arise," concluded Rich.
Second Quarter Review
Parker Drilling's revenues for
the 2017 second quarter, compared with the 2017 first quarter,
increased 11.5 percent to $109.6
million from $98.3
million. Operating gross margin excluding depreciation
and amortization expense (gross margin) increased 60.0 percent to
$20.0 million from $12.5 million and gross margin as a percentage of
revenues was 18.2 percent, compared with 12.7 percent for the 2017
first quarter.
Drilling Services
For the Company's Drilling Services business, which is comprised
of the U.S. (Lower 48) Drilling and International & Alaska
Drilling segments, second quarter revenues increased 2.0 percent to
$65.7 million from $64.4 million for the 2017 first quarter.
Gross margin increased 2.5 percent to $8.2
million from $8.0 million, and
gross margin as a percentage of revenues was 12.5 percent, compared
with 12.4 percent for the prior period. Contracted backlog
was $289 million at the end of the
second quarter.
U.S. (Lower 48)
Drilling
U.S. (Lower 48) Drilling segment
revenues increased $3.8 million to
$5.0 million from $1.2 million for the 2017 first quarter. Gross
margin improved 66.7 percent to a $1.0
million loss from a loss of $3.0
million for the 2017 first quarter. The increase in revenues
and gross margin improvement were primarily the result of increased
utilization.
International & Alaska
Drilling
International & Alaska
Drilling segment revenues decreased 4.0 percent to $60.7 million from $63.2
million for the 2017 first quarter. Gross margin was
$9.3 million, a 15.5 percent decrease
from 2017 first quarter gross margin of $11.0 million. The decrease in revenues and
gross margin were driven primarily by our Operations &
Management (O&M) business due to an O&M contract that was
completed in the first quarter and lower earnings from our joint
venture in Kazakhstan partially
offset by a Company-owned rig shifting from standby to an operating
rate.
Rental Tools Services
For the Company's Rental Tools Services business, which is
comprised of the U.S. Rental Tools and International Rental Tools
segments, second quarter revenues increased 29.9 percent to
$43.9 million from $33.8 million for the 2017 first quarter.
Gross margin increased 165.9 percent to $11.7 million from $4.4
million, and gross margin as a percentage of revenues was
26.7 percent compared with 13.0 percent for the prior period.
U.S. Rental Tools
U.S. Rental Tools segment revenues
increased 47.0 percent to $29.7
million, from $20.2 million
for the 2017 first quarter. Gross margin increased 101.5
percent to $13.7 million from
$6.8 million for the 2017 first
quarter. The increases in revenues and gross margin were
driven by increased U.S. land drilling activity and select price
increases.
International Rental
Tools
International Rental Tools segment
revenues increased 4.4 percent to $14.2
million from $13.6 million for
the 2017 first quarter. Gross margin improved 16.7 percent to
a $2.0 million loss from a
$2.4 million loss for the 2017 first
quarter. The increase in revenues was attributable to
increased tubular running services partially offset by reduced
rental activity in Latin America
and the Asia Pacific
regions. Gross margin improvement was due to increased
activity partially offset by increases in payroll taxes and
benefits.
Consolidated
General and Administrative expenses were $6.5 million for the 2017 second quarter, down
from $7.0 million for the 2017 first
quarter. The decrease was primarily due to incentive
compensation adjustments during the 2017 second quarter.
Capital expenditures in the second quarter were $12.1 million, and year-to-date through
June 30, 2017 were $26.6 million.
Conference Call
Parker Drilling has scheduled a
conference call for 10:00 a.m. Central
Time (11:00 a.m. Eastern Time)
on Thursday, August 3, 2017, to review second quarter
results. The call will be available by telephone by dialing
(+1) (412) 902-0003 and asking for the Parker Drilling Second
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 August 10, 2017 at (+1) (201)
612-7415, conference ID 13665029#.
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.
This news release contains non-GAAP financial measures as
defined by SEC Regulation G. A reconciliation of each such measure
to its most directly comparable U.S. Generally Accepted Accounting
Principles (GAAP) financial measure, together with an explanation
of why management believes that these non-GAAP financial measures
provide useful information to investors, is provided in the
following tables.
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 U.S. and 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)
|
|
|
|
|
|
June 30,
2017
|
|
December 31,
2016
|
|
(Unaudited)
|
|
|
ASSETS:
|
|
|
|
Current
Assets
|
|
|
|
Cash and Cash
Equivalents
|
$
|
146,234
|
|
|
$
|
119,691
|
|
Accounts and Notes
Receivable, net
|
120,070
|
|
|
113,231
|
|
Rig Materials and
Supplies
|
35,270
|
|
|
32,354
|
|
Other Current
Assets
|
25,708
|
|
|
21,042
|
|
Total Current
Assets
|
327,282
|
|
|
286,318
|
|
|
|
|
|
Property, Plant and
Equipment, net
|
667,042
|
|
|
693,439
|
|
|
|
|
|
Other
Assets
|
|
|
|
Deferred Income
Taxes
|
79,152
|
|
|
70,309
|
|
Other
Assets
|
48,630
|
|
|
53,485
|
|
Total Other
Assets
|
127,782
|
|
|
123,794
|
|
|
|
|
|
Total
Assets
|
$
|
1,122,106
|
|
|
$
|
1,103,551
|
|
|
|
|
|
LIABILITIES &
STOCKHOLDERS' EQUITY:
|
|
|
|
Current
Liabilities
|
|
|
|
Accounts Payable and
Accrued Liabilities
|
$
|
111,439
|
|
|
$
|
102,921
|
|
Total Current
Liabilities
|
111,439
|
|
|
102,921
|
|
|
|
|
|
Long-Term Debt, net
of debt issuance costs
|
577,133
|
|
|
576,326
|
|
|
|
|
|
Deferred Tax
Liability
|
77,221
|
|
|
69,333
|
|
|
|
|
|
Other Long-Term
Liabilities
|
12,518
|
|
|
15,836
|
|
|
|
|
|
Total Stockholders'
Equity
|
343,795
|
|
|
339,135
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
1,122,106
|
|
|
$
|
1,103,551
|
|
PARKER DRILLING
COMPANY
|
Consolidated
Statements Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
Three Months Ended
June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
|
|
|
|
Revenues
|
$
|
109,607
|
|
|
$
|
105,287
|
|
|
$
|
98,271
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Operating
Expenses
|
89,641
|
|
|
89,195
|
|
|
85,814
|
|
Depreciation and
Amortization
|
30,982
|
|
|
36,317
|
|
|
32,202
|
|
|
120,623
|
|
|
125,512
|
|
|
118,016
|
|
Total Operating Gross
Margin
|
(11,016)
|
|
|
(20,225)
|
|
|
(19,745)
|
|
|
|
|
|
|
|
General and
Administrative Expense
|
(6,503)
|
|
|
(7,995)
|
|
|
(7,040)
|
|
Gain (Loss) on
Disposition of Assets, net
|
(113)
|
|
|
(2)
|
|
|
(352)
|
|
Total Operating
Income (Loss)
|
(17,632)
|
|
|
(28,222)
|
|
|
(27,137)
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
Interest
Expense
|
(11,095)
|
|
|
(12,187)
|
|
|
(10,870)
|
|
Interest
Income
|
22
|
|
|
32
|
|
|
10
|
|
Other
|
560
|
|
|
(358)
|
|
|
530
|
|
Total Other Income
(Expense)
|
(10,513)
|
|
|
(12,513)
|
|
|
(10,330)
|
|
|
|
|
|
|
|
Income (Loss) before
Income Taxes
|
(28,145)
|
|
|
(40,735)
|
|
|
(37,467)
|
|
|
|
|
|
|
|
Income Tax Expense
(Benefit)
|
1,743
|
|
|
(913)
|
|
|
2,342
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
(29,888)
|
|
|
(39,822)
|
|
|
(39,809)
|
|
Mandatory convertible
preferred stock dividend
|
1,239
|
|
|
—
|
|
|
—
|
|
Net Income (Loss)
Available to Common Stockholders
|
$
|
(31,127)
|
|
|
$
|
(39,822)
|
|
|
$
|
(39,809)
|
|
|
|
|
|
|
|
Income (Loss) per
Common Share - Basic
|
|
|
|
|
|
Net Income
(Loss)
|
$
|
(0.23)
|
|
|
$
|
(0.32)
|
|
|
$
|
(0.31)
|
|
|
|
|
|
|
|
Income (Loss) per
Common Share - Diluted
|
|
|
|
|
|
Net Income
(Loss)
|
$
|
(0.23)
|
|
|
$
|
(0.32)
|
|
|
$
|
(0.31)
|
|
|
|
|
|
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
|
|
Basic
|
137,833,318
|
|
|
124,101,349
|
|
|
130,142,527
|
|
Diluted
|
137,833,318
|
|
|
124,101,349
|
|
|
130,142,527
|
|
PARKER DRILLING
COMPANY
|
Consolidated
Statement Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
Six Months Ended June
30,
|
|
2017
|
|
2016
|
|
|
|
|
Revenues
|
$
|
207,878
|
|
|
$
|
235,790
|
|
|
|
|
|
Expenses:
|
|
|
|
Operating
Expenses
|
175,455
|
|
|
197,312
|
|
Depreciation and
Amortization
|
63,184
|
|
|
72,131
|
|
|
238,639
|
|
|
269,443
|
|
Total Operating Gross
Margin
|
(30,761)
|
|
|
(33,653)
|
|
|
|
|
|
General and
Administrative Expense
|
(13,543)
|
|
|
(17,776)
|
|
Gain (Loss) on
Disposition of Assets, net
|
(465)
|
|
|
(62)
|
|
Total Operating
Income (Loss)
|
(44,769)
|
|
|
(51,491)
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
Interest
Expense
|
(21,965)
|
|
|
(23,749)
|
|
Interest
Income
|
32
|
|
|
39
|
|
Other
|
1,090
|
|
|
2,127
|
|
Total Other Income
(Expense)
|
(20,843)
|
|
|
(21,583)
|
|
|
|
|
|
Income (Loss) before
Income Taxes
|
(65,612)
|
|
|
(73,074)
|
|
|
|
|
|
Income Tax Expense
(Benefit)
|
4,085
|
|
|
62,583
|
|
|
|
|
|
Net Income
(Loss)
|
(69,697)
|
|
|
(135,657)
|
|
Mandatory convertible
preferred stock dividend
|
1,239
|
|
|
—
|
|
Net Income (Loss)
Available to Common Stockholders
|
$
|
(70,936)
|
|
|
$
|
(135,657)
|
|
|
|
|
|
Income (Loss) per
Common Share - Basic
|
|
|
|
Net Income
(Loss)
|
$
|
(0.53)
|
|
|
$
|
(1.10)
|
|
|
|
|
|
Income (Loss) per
Common Share - Diluted
|
|
|
|
Net Income
(Loss)
|
$
|
(0.53)
|
|
|
$
|
(1.10)
|
|
|
|
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
Basic
|
134,009,168
|
|
|
123,595,793
|
|
Diluted
|
134,009,168
|
|
|
123,595,793
|
|
PARKER DRILLING
COMPANY
|
Selected Financial
Data
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
|
$
|
5,042
|
|
|
$
|
1,065
|
|
|
$
|
1,215
|
|
International &
Alaska Drilling
|
|
60,669
|
|
|
71,926
|
|
|
63,213
|
|
|
Total Drilling
Services
|
|
65,711
|
|
|
72,991
|
|
|
64,428
|
|
Rental Tools
Services:
|
|
|
|
|
|
|
U.S. Rental
Tools
|
|
$
|
29,704
|
|
|
$
|
17,961
|
|
|
$
|
20,231
|
|
International Rental
Tools
|
|
14,192
|
|
|
14,335
|
|
|
13,612
|
|
|
Total Rental Tools
Services
|
|
43,896
|
|
|
32,296
|
|
|
33,843
|
|
|
Total
Revenues
|
|
$
|
109,607
|
|
|
$
|
105,287
|
|
|
$
|
98,271
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
|
$
|
6,067
|
|
|
$
|
4,967
|
|
|
$
|
4,200
|
|
International &
Alaska Drilling
|
|
51,404
|
|
|
54,110
|
|
|
52,184
|
|
|
Total Drilling
Services
|
|
57,471
|
|
|
59,077
|
|
|
56,384
|
|
Rental Tools
Services:
|
|
|
|
|
|
|
U.S. Rental
Tools
|
|
$
|
15,973
|
|
|
$
|
12,267
|
|
|
$
|
13,455
|
|
International Rental
Tools
|
|
16,197
|
|
|
17,851
|
|
|
15,975
|
|
|
Total Rental Tools
Services
|
|
32,170
|
|
|
30,118
|
|
|
29,430
|
|
|
Total
Operating Expenses
|
|
$
|
89,641
|
|
|
$
|
89,195
|
|
|
$
|
85,814
|
|
|
|
|
|
|
|
|
|
Operating Gross
Margin:
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
|
$
|
(1,025)
|
|
|
$
|
(3,902)
|
|
|
$
|
(2,985)
|
|
International &
Alaska Drilling
|
|
9,265
|
|
|
17,816
|
|
|
11,029
|
|
|
Total Drilling
Services
|
|
8,240
|
|
|
13,914
|
|
|
8,044
|
|
Rental Tools
Services:
|
|
|
|
|
|
|
U.S. Rental
Tools
|
|
$
|
13,731
|
|
|
$
|
5,694
|
|
|
$
|
6,776
|
|
International Rental
Tools
|
|
(2,005)
|
|
|
(3,516)
|
|
|
(2,363)
|
|
|
Total Rental Tools
Services
|
|
11,726
|
|
|
2,178
|
|
|
4,413
|
|
|
Total Operating Gross
Margin Excluding Depreciation and Amortization
|
|
$
|
19,966
|
|
|
$
|
16,092
|
|
|
$
|
12,457
|
|
Depreciation and
Amortization
|
|
(30,982)
|
|
|
(36,317)
|
|
|
(32,202)
|
|
|
Total Operating Gross
Margin
|
|
(11,016)
|
|
|
(20,225)
|
|
|
(19,745)
|
|
PARKER DRILLING
COMPANY
|
Adjusted EBITDA
(1)
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
|
(29,888)
|
|
|
$
|
(39,809)
|
|
|
$
|
(48,929)
|
|
|
$
|
(46,228)
|
|
|
$
|
(39,822)
|
|
Interest
Expense
|
|
11,095
|
|
|
10,870
|
|
|
11,048
|
|
|
11,015
|
|
|
12,187
|
|
Income Tax Expense
(Benefit)
|
|
1,743
|
|
|
2,342
|
|
|
6,292
|
|
|
5,295
|
|
|
(913)
|
|
Depreciation and
Amortization
|
|
30,982
|
|
|
32,202
|
|
|
33,190
|
|
|
34,474
|
|
|
36,317
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
13,932
|
|
|
5,605
|
|
|
1,601
|
|
|
4,556
|
|
|
7,769
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Other (Income)
Expense
|
|
(582)
|
|
|
(540)
|
|
|
1,399
|
|
|
342
|
|
|
326
|
|
(Gain) Loss on
Disposition of Assets, net
|
|
113
|
|
|
352
|
|
|
1,364
|
|
|
187
|
|
|
2
|
|
Special items
(2)
|
|
—
|
|
|
—
|
|
|
876
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
13,463
|
|
|
$
|
5,417
|
|
|
$
|
5,240
|
|
|
$
|
5,085
|
|
|
$
|
8,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Special items
include:
|
|
- For the three
months ended December 31, 2016, special items include $0.9 million
of net severance associated with the departure of three
executives.
|
PARKER DRILLING
COMPANY
|
Reconciliation of
Adjusted Earnings Per Share
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
|
|
|
|
|
|
Net Income (Loss)
Available to Common Shareholders
|
|
$
|
(31,127)
|
|
|
$
|
(39,822)
|
|
|
$
|
(39,809)
|
|
|
Income (Loss) per
Diluted Share
|
|
$
|
(0.23)
|
|
|
$
|
(0.32)
|
|
|
$
|
(0.31)
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Special
Items
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Tax effect of
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Loss) Available to Common
Shareholders(1)
|
|
$
|
(31,127)
|
|
|
$
|
(39,822)
|
|
|
$
|
(39,809)
|
|
|
Adjusted Income
(Loss) per Diluted Share (1)
|
|
$
|
(0.23)
|
|
|
$
|
(0.32)
|
|
|
$
|
(0.31)
|
|
|
|
|
|
|
|
|
|
|
|
(1) We believe
Adjusted Net Income (Loss) Available to Common Shareholders 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) Available to Common Shareholders
and Income (Loss) per Diluted Share to be items outside of the
Company's normal operating results. Adjusted Net Income (Loss)
Available to Common Shareholders 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) Available to Common Shareholders or Income (Loss)
per Diluted Share.
|
View original
content:http://www.prnewswire.com/news-releases/parker-drilling-reports-2017-second-quarter-results-300498485.html
SOURCE Parker Drilling Company