HOUSTON, Nov. 1, 2017
/PRNewswire/ -- Parker Drilling Company (NYSE: PKD) today
announced results for the third quarter ended September 30,
2017, including a reported net loss available to common
stockholders of $21.2 million, or a
$0.15 loss per common share, on
revenues of $118.3 million.
Third quarter Adjusted EBITDA was $23.2
million.
"Parker delivered strong third quarter results led by our U.S.
Rental Tools segment, which saw a 20.2 percent sequential increase
in revenues and a 43.1 percent increase in gross margin for the
quarter," said Gary Rich, the
Company's Chairman, President and CEO. "This represents the
fourth consecutive quarter our U.S. rental tools business has far
outpaced the growth in the U.S. rig count, which was up roughly 6
percent during the quarter.
"Internationally, we are encouraged by the emerging recovery in
global activities. Our International rentals revenues rose
7.7 percent sequentially with a 35 percent increase in gross
margin. Our International & Alaska Drilling segment
revenues increased 3.3 percent sequentially with a 33.3 percent
increase in gross margin, reflecting a continued focus on
efficiency and cost management.
"I believe the third quarter results attest to our discipline in
managing our business in a tough environment," concluded Mr.
Rich.
Third Quarter Review
Parker Drilling's revenues for
the 2017 third quarter, compared with the 2017 second quarter,
increased 7.9 percent to $118.3
million from $109.6
million. Operating gross margin excluding depreciation
and amortization expense (gross margin) increased 51.0 percent to
$30.2 million from $20.0 million and gross margin as a percentage of
revenues was 25.5 percent, compared with 18.2 percent for the 2017
second 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, third quarter revenues increased 2.4 percent to
$67.3 million from $65.7 million for the 2017 second quarter.
Gross margin increased 45.1 percent to $11.9
million from $8.2 million, and
gross margin as a percentage of revenues was 17.7 percent, compared
with 12.5 percent for the prior period. Contracted backlog
was $257 million at the end of the
third quarter compared to $289
million at the end of the second quarter.
U.S. (Lower 48)
Drilling
U.S. (Lower 48) Drilling segment
revenues decreased $0.4 million to
$4.6 million from $5.0 million for the 2017 second quarter. Gross
margin improved 50.0 percent to a $0.5
million loss from a loss of $1.0
million for the 2017 second quarter. The decrease in
revenues was due to lower utilization and slightly lower day
rates. Gross margin was up primarily as a result of lower
operating expenses associated with lower rig utilization, an
increase in standby days, and a favorable adjustment to workers'
compensation reserves.
International & Alaska
Drilling
International & Alaska
Drilling segment revenues increased 3.3 percent to $62.7 million from $60.7
million in the 2017 second quarter. Gross margin was
$12.4 million, a 33.3 percent
increase from 2017 second quarter gross margin of $9.3 million. The increases in revenues and
gross margin were primarily due to higher earnings from our joint
venture in Kazakhstan,
mobilization of our rig in the Kurdistan Region of Iraq and increased earnings on our O&M
activities.
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, third quarter revenues increased 16.2 percent to
$51.0 million from $43.9 million for the 2017 second quarter.
Gross margin increased 56.4 percent to $18.3
million from $11.7 million,
and gross margin as a percentage of revenues was 35.9 percent
compared with 26.7 percent for the prior period.
U.S. Rental Tools
U.S. Rental Tools segment revenues
increased 20.2 percent to $35.7
million, from $29.7 million
for the 2017 second quarter. Gross margin increased 43.1
percent to $19.6 million from
$13.7 million for the 2017 second
quarter. The increases in revenues and gross margin were
driven by increased U.S. land drilling activity, higher completion
activity in the Gulf of Mexico and
select price increases.
International Rental
Tools
International Rental Tools segment
revenues increased 7.7 percent to $15.3
million from $14.2 million for
the 2017 second quarter. Gross margin improved 35.0 percent
to a $1.3 million loss from a
$2.0 million loss for the 2017 second
quarter. The increase in revenues was attributable to
increased tubular running services in the Middle East and increased rentals in
Europe, partially offset by
reduced fishing services activity in India. Gross margin
improvement was due to increased activity and lower payroll taxes
and benefits.
Consolidated
General and Administrative expenses were $7.0 million for the 2017 third quarter, up from
$6.5 million for the 2017 second
quarter. The increase was primarily due to incentive
compensation adjustments during the 2017 second quarter.
Capital expenditures in the third quarter were $18.2 million, and year-to-date through
September 30, 2017 were $44.8 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, November 2, 2017, 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 9, 2017 at (+1)
(201) 612-7415, conference ID 13671916#.
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)
|
|
|
|
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(Unaudited)
|
|
|
ASSETS:
|
|
|
|
Current
Assets
|
|
|
|
Cash and Cash
Equivalents
|
$
|
121,039
|
|
|
$
|
119,691
|
|
Accounts and Notes
Receivable, net
|
128,234
|
|
|
113,231
|
|
Rig Materials and
Supplies
|
34,312
|
|
|
32,354
|
|
Other Current
Assets
|
26,405
|
|
|
21,042
|
|
Total Current
Assets
|
309,990
|
|
|
286,318
|
|
|
|
|
|
Property, Plant and
Equipment, net
|
647,193
|
|
|
693,439
|
|
|
|
|
|
Other
Assets
|
|
|
|
Deferred Income
Taxes
|
81,606
|
|
|
70,309
|
|
Other
Assets
|
47,641
|
|
|
53,485
|
|
Total Other
Assets
|
129,247
|
|
|
123,794
|
|
|
|
|
|
Total
Assets
|
$
|
1,086,430
|
|
|
$
|
1,103,551
|
|
|
|
|
|
LIABILITIES &
STOCKHOLDERS' EQUITY:
|
|
|
|
Current
Liabilities
|
|
|
|
Accounts Payable and
Accrued Liabilities
|
$
|
91,388
|
|
|
$
|
102,921
|
|
Total Current
Liabilities
|
91,388
|
|
|
102,921
|
|
|
|
|
|
Long-Term Debt, net
of debt issuance costs
|
577,550
|
|
|
576,326
|
|
|
|
|
|
Deferred Tax
Liability
|
80,015
|
|
|
69,333
|
|
|
|
|
|
Other Long-Term
Liabilities
|
12,921
|
|
|
15,836
|
|
|
|
|
|
Total Stockholders'
Equity
|
324,556
|
|
|
339,135
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
1,086,430
|
|
|
$
|
1,103,551
|
|
PARKER DRILLING
COMPANY
|
Consolidated
Statements Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Three Months Ended
September 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
|
|
|
|
Revenues
|
$
|
118,308
|
|
|
$
|
97,189
|
|
|
$
|
109,607
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Operating
Expenses
|
88,120
|
|
|
84,680
|
|
|
89,641
|
|
Depreciation and
Amortization
|
30,067
|
|
|
34,474
|
|
|
30,982
|
|
|
118,187
|
|
|
119,154
|
|
|
120,623
|
|
Total Operating Gross
Margin (Loss)
|
121
|
|
|
(21,965)
|
|
|
(11,016)
|
|
|
|
|
|
|
|
General and
Administrative Expense
|
(7,033)
|
|
|
(7,424)
|
|
|
(6,503)
|
|
Gain (Loss) on
Disposition of Assets, net
|
97
|
|
|
(187)
|
|
|
(113)
|
|
Total Operating
Income (Loss)
|
(6,815)
|
|
|
(29,576)
|
|
|
(17,632)
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
Interest
Expense
|
(11,067)
|
|
|
(11,015)
|
|
|
(11,095)
|
|
Interest
Income
|
128
|
|
|
9
|
|
|
22
|
|
Other
|
(638)
|
|
|
(351)
|
|
|
560
|
|
Total Other Income
(Expense)
|
(11,577)
|
|
|
(11,357)
|
|
|
(10,513)
|
|
|
|
|
|
|
|
Income (Loss) before
Income Taxes
|
(18,392)
|
|
|
(40,933)
|
|
|
(28,145)
|
|
|
|
|
|
|
|
Income Tax Expense
(Benefit)
|
1,919
|
|
|
5,295
|
|
|
1,743
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
(20,311)
|
|
|
(46,228)
|
|
|
(29,888)
|
|
Mandatory convertible
preferred stock dividend
|
906
|
|
|
—
|
|
|
1,239
|
|
Net Income (Loss)
Available to Common Stockholders
|
$
|
(21,217)
|
|
|
$
|
(46,228)
|
|
|
$
|
(31,127)
|
|
|
|
|
|
|
|
Income (Loss) per
Common Share - Basic
|
|
|
|
|
|
Net Income
(Loss)
|
$
|
(0.15)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
Income (Loss) per
Common Share - Diluted
|
|
|
|
|
|
Net Income
(Loss)
|
$
|
(0.15)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
|
|
Basic
|
138,300,015
|
|
|
124,486,848
|
|
|
137,833,318
|
|
Diluted
|
138,300,015
|
|
|
124,486,848
|
|
|
137,833,318
|
|
PARKER DRILLING
COMPANY
|
Consolidated
Statement Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
|
|
|
Revenues
|
$
|
326,186
|
|
|
$
|
332,979
|
|
|
|
|
|
Expenses:
|
|
|
|
Operating
Expenses
|
263,575
|
|
|
281,992
|
|
Depreciation and
Amortization
|
93,251
|
|
|
106,605
|
|
|
356,826
|
|
|
388,597
|
|
Total Operating Gross
Margin (Loss)
|
(30,640)
|
|
|
(55,618)
|
|
|
|
|
|
General and
Administrative Expense
|
(20,576)
|
|
|
(25,200)
|
|
Gain (Loss) on
Disposition of Assets, net
|
(368)
|
|
|
(249)
|
|
Total Operating
Income (Loss)
|
(51,584)
|
|
|
(81,067)
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
Interest
Expense
|
(33,032)
|
|
|
(34,764)
|
|
Interest
Income
|
160
|
|
|
48
|
|
Other
|
452
|
|
|
1,776
|
|
Total Other Income
(Expense)
|
(32,420)
|
|
|
(32,940)
|
|
|
|
|
|
Income (Loss) before
Income Taxes
|
(84,004)
|
|
|
(114,007)
|
|
|
|
|
|
Income Tax Expense
(Benefit)
|
6,004
|
|
|
67,878
|
|
|
|
|
|
Net Income
(Loss)
|
(90,008)
|
|
|
(181,885)
|
|
Mandatory convertible
preferred stock dividend
|
2,145
|
|
|
—
|
|
Net Income (Loss)
Available to Common Stockholders
|
$
|
(92,153)
|
|
|
$
|
(181,885)
|
|
|
|
|
|
Income (Loss) per
Common Share - Basic
|
|
|
|
Net Income
(Loss)
|
$
|
(0.68)
|
|
|
$
|
(1.47)
|
|
|
|
|
|
Income (Loss) per
Common Share - Diluted
|
|
|
|
Net Income
(Loss)
|
$
|
(0.68)
|
|
|
$
|
(1.47)
|
|
|
|
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
Basic
|
135,455,168
|
|
|
123,894,980
|
|
Diluted
|
135,455,168
|
|
|
123,894,980
|
|
PARKER DRILLING
COMPANY
|
Selected Financial
Data
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
September
30,
|
|
June 30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
|
$
|
4,585
|
|
|
$
|
1,431
|
|
|
$
|
5,042
|
|
International &
Alaska Drilling
|
|
62,726
|
|
|
65,307
|
|
|
60,669
|
|
|
Total Drilling
Services
|
|
67,311
|
|
|
66,738
|
|
|
65,711
|
|
Rental Tools
Services:
|
|
|
|
|
|
|
U.S. Rental
Tools
|
|
$
|
35,677
|
|
|
$
|
14,967
|
|
|
$
|
29,704
|
|
International Rental
Tools
|
|
15,320
|
|
|
15,484
|
|
|
14,192
|
|
|
Total Rental Tools
Services
|
|
50,997
|
|
|
30,451
|
|
|
43,896
|
|
|
Total
Revenues
|
|
$
|
118,308
|
|
|
$
|
97,189
|
|
|
$
|
109,607
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
|
$
|
5,052
|
|
|
$
|
5,112
|
|
|
$
|
6,067
|
|
International &
Alaska Drilling
|
|
50,345
|
|
|
51,682
|
|
|
51,404
|
|
|
Total Drilling
Services
|
|
55,397
|
|
|
56,794
|
|
|
57,471
|
|
Rental Tools
Services:
|
|
|
|
|
|
|
U.S. Rental
Tools
|
|
$
|
16,086
|
|
|
$
|
10,746
|
|
|
$
|
15,973
|
|
International Rental
Tools
|
|
16,637
|
|
|
17,140
|
|
|
16,197
|
|
|
Total Rental Tools
Services
|
|
32,723
|
|
|
27,886
|
|
|
32,170
|
|
|
Total
Operating Expenses
|
|
$
|
88,120
|
|
|
$
|
84,680
|
|
|
$
|
89,641
|
|
|
|
|
|
|
|
|
|
Operating Gross
Margin:
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
|
$
|
(467)
|
|
|
$
|
(3,681)
|
|
|
$
|
(1,025)
|
|
International &
Alaska Drilling
|
|
12,381
|
|
|
13,625
|
|
|
9,265
|
|
|
Total Drilling
Services
|
|
11,914
|
|
|
9,944
|
|
|
8,240
|
|
Rental Tools
Services:
|
|
|
|
|
|
|
U.S. Rental
Tools
|
|
$
|
19,591
|
|
|
$
|
4,221
|
|
|
$
|
13,731
|
|
International Rental
Tools
|
|
(1,317)
|
|
|
(1,656)
|
|
|
(2,005)
|
|
|
Total Rental Tools
Services
|
|
18,274
|
|
|
2,565
|
|
|
11,726
|
|
|
Total Operating Gross
Margin Excluding Depreciation and Amortization
|
|
$
|
30,188
|
|
|
$
|
12,509
|
|
|
$
|
19,966
|
|
Depreciation and
Amortization
|
|
(30,067)
|
|
|
(34,474)
|
|
|
(30,982)
|
|
|
Total Operating Gross
Margin
|
|
121
|
|
|
(21,965)
|
|
|
(11,016)
|
|
PARKER DRILLING
COMPANY
|
Adjusted EBITDA
(1)
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
|
(20,311)
|
|
|
$
|
(29,888)
|
|
|
$
|
(39,809)
|
|
|
$
|
(48,929)
|
|
|
$
|
(46,228)
|
|
Interest
Expense
|
|
11,067
|
|
|
11,095
|
|
|
10,870
|
|
|
11,048
|
|
|
11,015
|
|
Income Tax Expense
(Benefit)
|
|
1,919
|
|
|
1,743
|
|
|
2,342
|
|
|
6,292
|
|
|
5,295
|
|
Depreciation and
Amortization
|
|
30,067
|
|
|
30,982
|
|
|
32,202
|
|
|
33,190
|
|
|
34,474
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
22,742
|
|
|
13,932
|
|
|
5,605
|
|
|
1,601
|
|
|
4,556
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Other (Income)
Expense
|
|
510
|
|
|
(582)
|
|
|
(540)
|
|
|
1,399
|
|
|
342
|
|
(Gain) Loss on
Disposition of Assets, net
|
|
(97)
|
|
|
113
|
|
|
352
|
|
|
1,364
|
|
|
187
|
|
Special items
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
876
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
23,155
|
|
|
$
|
13,463
|
|
|
$
|
5,417
|
|
|
$
|
5,240
|
|
|
$
|
5,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
September
30,
|
|
June 30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
|
|
|
|
|
|
Net Income (Loss)
Available to Common Shareholders
|
|
$
|
(21,217)
|
|
|
$
|
(46,228)
|
|
|
$
|
(31,127)
|
|
Income (Loss) per
Diluted Share
|
|
$
|
(0.15)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Special
Items
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
Tax effect of
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
Net
adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Loss) Available to Common
Shareholders(1)
|
|
$
|
(21,217)
|
|
|
$
|
(46,228)
|
|
|
$
|
(31,127)
|
|
Adjusted Income
(Loss) per Diluted Share (1)
|
|
$
|
(0.15)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
|
|
(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-third-quarter-results-300547721.html
SOURCE Parker Drilling Company