Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 |
Consolidating Condensed Statement of Operations | ' | ' |
PARKER DRILLING COMPANY AND SUBSIDIARIES | PARKER DRILLING COMPANY AND SUBSIDIARIES |
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
(Dollars in Thousands) | (Dollars in Thousands) |
(Unaudited) | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2012 | |
| | Three months ended September 30, 2013 | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | Total revenues | | $ | — | | | $ | 393,959 | | | $ | 385,279 | | | $ | (101,256 | ) | | $ | 677,982 | |
Total revenues | | $ | — | | | $ | 119,223 | | | $ | 170,609 | | | $ | (52,070 | ) | | $ | 237,762 | | Operating expenses | | | — | | | | 185,328 | | | | 329,992 | | | | (101,256 | ) | | | 414,064 | |
Operating expenses | | | — | | | | 64,297 | | | | 141,514 | | | | (52,070 | ) | | | 153,741 | | Depreciation and amortization | | | — | | | | 65,354 | | | | 47,663 | | | | — | | | | 113,017 | |
Depreciation and amortization | | | — | | | | 19,956 | | | | 15,926 | | | | — | | | | 35,882 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total operating gross margin | | | — | | | | 143,277 | | | | 7,624 | | | | — | | | | 150,901 | |
Total operating gross margin | | | — | | | | 34,970 | | | | 13,169 | | | | — | | | | 48,139 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | General and administration expense(1) | | | (182 | ) | | | (45,433 | ) | | | (437 | ) | | | — | | | | (46,052 | ) |
General and administration expense(1) | | | (47 | ) | | | (14,028 | ) | | | (113 | ) | | | — | | | | (14,188 | ) | Gain on disposition of assets, net | | | — | | | | 775 | | | | 1,199 | | | | — | | | | 1,974 | |
Gain on disposition of assets, net | | | — | | | | (34 | ) | | | 1,128 | | | | — | | | | 1,094 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total operating income (loss) | | | (182 | ) | | | 98,619 | | | | 8,386 | | | | — | | | | 106,823 | |
Total operating income (loss) | | | (47 | ) | | | 20,908 | | | | 14,184 | | | | — | | | | 35,045 | | | | | | | | | | | | | | | | | | | | | | |
Other income and (expense): | | | | | | | | | | | | | | | | | | | | | Other income and (expense): | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (14,035 | ) | | | (107 | ) | | | (2,198 | ) | | | 3,213 | | | | (13,127 | ) | Interest expense | | | (37,326 | ) | | | (151 | ) | | | (8,739 | ) | | | 12,674 | | | | (33,542 | ) |
Interest income | | | 360 | | | | 250 | | | | 2,733 | | | | (3,213 | ) | | | 130 | | Changes in fair value of derivative positions | | | 55 | | | | — | | | | — | | | | — | | | | 55 | |
Extinguishment of debt | | | (5,218 | ) | | | — | | | | — | | | | — | | | | (5,218 | ) | Interest income | | | 9,863 | | | | 5,073 | | | | 41,999 | | | | (56,782 | ) | | | 153 | |
Changes in fair value of derivative positions | | | — | | | | — | | | | — | | | | — | | | | — | | Loss on extinguishment of debt | | | (2,130 | ) | | | — | | | | — | | | | — | | | | (2,130 | ) |
Other | | | (1 | ) | | | (11 | ) | | | 412 | | | | — | | | | 400 | | Other | | | — | | | | (370 | ) | | | (12 | ) | | | — | | | | (382 | ) |
Equity in net earnings of subsidiaries | | | 22,322 | | | | — | | | | — | | | | (22,322 | ) | | | — | | Equity in net earnings of subsidiaries | | | 43,884 | | | | — | | | | — | | | | (43,884 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total other income (expense) | | | 3,428 | | | | 132 | | | | 947 | | | | (22,322 | ) | | | (17,815 | ) | Total other income (expense) | | | 14,346 | | | | 4,552 | | | | 33,248 | | | | (87,992 | ) | | | (35,846 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (benefit) before income taxes | | | 3,381 | | | | 21,040 | | | | 15,131 | | | | (22,322 | ) | | | 17,230 | | Income (benefit) before income taxes | | | 14,164 | | | | 103,171 | | | | 41,634 | | | | (87,992 | ) | | | 70,977 | |
| | | | | | | | | | | | | | | | | | | | | Income tax expense (benefit): | | | | | | | | | | | | | | | | | | | | |
Total income tax expense (benefit) | | | (4,589 | ) | | | 10,223 | | | | 3,478 | | | | — | | | | 9,112 | | Current | | | (25,406 | ) | | | 32,781 | | | | 10,667 | | | | — | | | | 18,042 | |
| | | | | | | | | | | | | | | | | | | | | Deferred | | | 2,257 | | | | 15,429 | | | | (1,849 | ) | | | — | | | | 15,837 | |
Net income (loss) | | | 7,970 | | | | 10,817 | | | | 11,653 | | | | (22,322 | ) | | | 8,118 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Income tax expense (benefit) | | | (23,149 | ) | | | 48,210 | | | | 8,818 | | | | — | | | | 33,879 | |
Less: Net income (loss) attributable to noncontrolling interest | | | — | | | | — | | | | 148 | | | | — | | | | 148 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net income (loss) | | | 37,313 | | | | 54,961 | | | | 32,816 | | | | (87,992 | ) | | | 37,098 | |
Net income (loss) attributable to controlling interest | | $ | 7,970 | | | $ | 10,817 | | | $ | 11,505 | | | $ | (22,322 | ) | | $ | 7,970 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Less: Net (loss) attributable to noncontrolling interest | | | — | | | | — | | | | (215 | ) | | | — | | | | (215 | ) |
| | | | | | | | | | | | | | | | | | | | | |
-1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | | Net income (loss) attributable to controlling interest | | $ | 37,313 | | | $ | 54,961 | | | $ | 33,031 | | | $ | (87,992 | ) | | $ | 37,313 | |
| | | | | | | | | | | | | | | | | | | | | |
PARKER DRILLING COMPANY AND SUBSIDIARIES | -1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | |
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | PARKER DRILLING COMPANY AND SUBSIDIARIES |
(Dollars in Thousands) | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
(Unaudited) | (Dollars in Thousands) |
| (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2012 | | | | Year ended December 31, 2011 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Total revenues | | $ | — | | | $ | 98,969 | | | $ | 94,749 | | | $ | (28,417 | ) | | $ | 165,301 | | Total revenues | | $ | — | | | $ | 376,229 | | | $ | 426,491 | | | $ | (116,074 | ) | | $ | 686,646 | |
Operating expenses | | | — | | | | 45,850 | | | | 84,051 | | | | (28,417 | ) | | | 101,484 | | Operating expenses | | | — | | | | 175,465 | | | | 358,753 | | | | (116,074 | ) | | | 418,144 | |
Depreciation and amortization | | | — | | | | 17,866 | | | | 11,913 | | | | — | | | | 29,779 | | Depreciation and amortization | | | — | | | | 62,744 | | | | 49,392 | | | | — | | | | 112,136 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating gross margin | | | — | | | | 35,253 | | | | (1,215 | ) | | | — | | | | 34,038 | | Total operating gross margin | | | — | | | | 138,020 | | | | 18,346 | | | | — | | | | 156,366 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administration expense(1) | | | (47 | ) | | | (8,823 | ) | | | (35 | ) | | | — | | | | (8,905 | ) | General and administration expense(1) | | | (218 | ) | | | (30,859 | ) | | | (237 | ) | | | — | | | | (31,314 | ) |
Gain on disposition of assets, net | | | — | | | | 553 | | | | 53 | | | | — | | | | 606 | | Impairment and other charges | | | — | | | | (170,000 | ) | | | — | | | | — | | | | (170,000 | ) |
| | | | | | | | | | | | | | | | | | | | | Provision for reduction in carrying value of certain assets | | | — | | | | (1,350 | ) | | | — | | | | — | | | | (1,350 | ) |
Total operating income (loss) | | | (47 | ) | | | 26,983 | | | | (1,197 | ) | | | — | | | | 25,739 | | Gain on disposition of assets, net | | | — | | | | 2,706 | | | | 953 | | | | — | | | | 3,659 | |
Other income and (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (9,105 | ) | | | (43 | ) | | | (1,840 | ) | | | 2,817 | | | | (8,171 | ) | Total operating income (loss) | | | (218 | ) | | | (61,483 | ) | | | 19,062 | | | | — | | | | (42,639 | ) |
Interest income | | | 95 | | | | 179 | | | | 2,573 | | | | (2,817 | ) | | | 30 | | | | | | | | | | | | | | | | | | | | | | |
Changes in fair value of derivative positions | | | 19 | | | | — | | | | — | | | | — | | | | 19 | | Other income and (expense): | | | | | | | | | | | | | | | | | | | | |
Loss on extinguishment of debt | | | (117 | ) | | | — | | | | — | | | | — | | | | (117 | ) | Interest expense | | | (26,654 | ) | | | (17,889 | ) | | | (8,865 | ) | | | 30,814 | | | | (22,594 | ) |
Other | | | — | | | | 26 | | | | — | | | | — | | | | 26 | | Changes in fair value of derivative positions | | | (110 | ) | | | — | | | | — | | | | — | | | | (110 | ) |
Equity in net earnings of subsidiaries | | | 10,596 | | | | — | | | | — | | | | (10,596 | ) | | | — | | Interest income | | | 18,131 | | | | 750 | | | | 12,189 | | | | (30,814 | ) | | | 256 | |
| | | | | | | | | | | | | | | | | | | | | Other | | | — | | | | (345 | ) | | | 20 | | | | — | | | | (325 | ) |
Total other income (expense) | | | 1,488 | | | | 162 | | | | 733 | | | | (10,596 | ) | | | (8,213 | ) | Equity in net earnings of subsidiaries | | | (23,484 | ) | | | — | | | | — | | | | 23,484 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | 1,441 | | | | 27,145 | | | | (464 | ) | | | (10,596 | ) | | | 17,526 | | Total other income and (expense) | | | (32,117 | ) | | | (17,484 | ) | | | 3,344 | | | | 23,484 | | | | (22,773 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense (benefit) | | | (9,495 | ) | | | 10,451 | | | | 5,739 | | | | — | | | | 6,695 | | Income (benefit) before income taxes | | | (32,335 | ) | | | (78,967 | ) | | | 22,406 | | | | 23,484 | | | | (65,412 | ) |
| | | | | | | | | | | | | | | | | | | | | Income tax expense (benefit): | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 10,936 | | | | 16,694 | | | | (6,203 | ) | | | (10,596 | ) | | | 10,831 | | Current | | | (13,402 | ) | | | 27,169 | | | | 19,841 | | | | — | | | | 33,608 | |
| | | | | | | | | | | | | | | | | | | | | Deferred | | | 31,518 | | | | (57,030 | ) | | | (22,863 | ) | | | — | | | | (48,375 | ) |
Less: Net income (loss) attributable to noncontrolling interest | | | — | | | | — | | | | (105 | ) | | | — | | | | (105 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total income tax expense (benefit) | | | 18,116 | | | | (29,861 | ) | | | (3,022 | ) | | | — | | | | (14,767 | ) |
Net income (loss) attributable to controlling interest | | $ | 10,936 | | | $ | 16,694 | | | $ | (6,098 | ) | | $ | (10,596 | ) | | $ | 10,936 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net income (loss) | | | (50,451 | ) | | | (49,106 | ) | | | 25,428 | | | | 23,484 | | | | (50,645 | ) |
| | | | | | | | | | | | | | | | | | | | | |
-1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | | Less: Net (loss) attributable to noncontrolling interest | | | — | | | | — | | | | (194 | ) | | | — | | | | (194 | ) |
| | | | | | | | | | | | | | | | | | | | | |
PARKER DRILLING COMPANY AND SUBSIDIARIES | Net income (loss) attributable to controlling interest | | $ | (50,451 | ) | | $ | (49,106 | ) | | $ | 25,622 | | | $ | 23,484 | | | $ | (50,451 | ) |
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | | | | | | | | | | | | | | | | | | | | | |
(Dollars in Thousands) | -1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | |
(Unaudited) | PARKER DRILLING COMPANY AND SUBSIDIARIES |
| CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
| | | | | | | | | | | | | | | | | | | | | (Dollars in Thousands) |
| | Nine Months Ended September 30, 2013 | | (Unaudited) |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | | |
Total revenues | | $ | — | | | $ | 345,434 | | | $ | 388,912 | | | $ | (103,428 | ) | | $ | 630,918 | | | | Twelve months ended December 31, 2010 | |
Operating expenses | | | — | | | | 186,708 | | | | 331,056 | | | | (103,428 | ) | | | 414,336 | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Depreciation and amortization | | | — | | | | 57,335 | | | | 40,339 | | | | — | | | | 97,674 | | Total revenues | | $ | — | | | $ | 366,947 | | | $ | 401,617 | | | $ | (109,089 | ) | | $ | 659,475 | |
| | | | | | | | | | | | | | | | | | | | | Operating expenses | | | — | | | | 237,584 | | | | 342,783 | | | | (109,089 | ) | | | 471,278 | |
Total operating gross margin | | | — | | | | 101,391 | | | | 17,517 | | | | — | | | | 118,908 | | Depreciation and amortization | | | — | | | | 63,402 | | | | 51,628 | | | | — | | | | 115,030 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administration expense(1) | | | (140 | ) | | | (48,942 | ) | | | (367 | ) | | | — | | | | (49,449 | ) | Total operating gross margin | | | — | | | | 65,961 | | | | 7,206 | | | | — | | | | 73,167 | |
Gain on disposition of assets, net | | | — | | | | 1,917 | | | | 842 | | | | — | | | | 2,759 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | General and administration expense(1) | | | (225 | ) | | | (30,193 | ) | | | (310 | ) | | | — | | | | (30,728 | ) |
Total operating income (loss) | | | (140 | ) | | | 54,366 | | | | 17,992 | | | | — | | | | 72,218 | | Provision for reduction in carrying value of certain assets | | | — | | | | (1,952 | ) | | | — | | | | — | | | | (1,952 | ) |
Other income and (expense): | | | | | | | | | | | | | | | | | | | | | Gain on disposition of assets, net | | | — | | | | 2,067 | | | | 2,553 | | | | — | | | | 4,620 | |
Interest expense | | | (36,734 | ) | | | (167 | ) | | | (9,494 | ) | | | 12,521 | | | | (33,874 | ) | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 3,366 | | | | 1,584 | | | | 9,963 | | | | (12,521 | ) | | | 2,392 | | Total operating income (loss) | | | (225 | ) | | | 35,883 | | | | 9,449 | | | | — | | | | 45,107 | |
Extinguishment of debt | | | (5,218 | ) | | | — | | | | — | | | | — | | | | (5,218 | ) | | | | | | | | | | | | | | | | | | | | | |
Changes in fair value of derivative positions | | | 54 | | | | — | | | | — | | | | — | | | | 54 | | Other income and (expense): | | | | | | | | | | | | | | | | | | | | |
Other | | | — | | | | (178 | ) | | | 511 | | | | — | | | | 333 | | Interest expense | | | (30,771 | ) | | | (35,640 | ) | | | (16,185 | ) | | | 55,791 | | | | (26,805 | ) |
Equity in net earnings of subsidiaries | | | 36,330 | | | | — | | | | — | | | | (36,330 | ) | | | — | | Interest income | | | 42,000 | | | | 757 | | | | 23,291 | | | | (65,791 | ) | | | 257 | |
| | | | | | | | | | | | | | | | | | | | | Loss on extinguishment of debt | | | (7,209 | ) | | | — | | | | — | | | | — | | | | (7,209 | ) |
Total other income (expense) | | | (2,202 | ) | | | 1,239 | | | | 980 | | | | (36,330 | ) | | | (36,313 | ) | Other | | | — | | | | 88 | | | | 67 | | | | — | | | | 155 | |
| | | | | | | | | | | | | | | | | | | | | Equity in net earnings of subsidiaries | | | (22,962 | ) | | | — | | | | — | | | | 22,962 | | | | — | |
Income (loss) before income taxes | | | (2,342 | ) | | | 55,605 | | | | 18,972 | | | | (36,330 | ) | | | 35,905 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total other income and (expense) | | | (18,942 | ) | | | (34,795 | ) | | | 7,173 | | | | 12,962 | | | | (33,602 | ) |
Total Income tax expense (benefit) | | | (19,185 | ) | | | 27,993 | | | | 10,033 | | | | — | | | | 18,841 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Income (benefit) before income taxes | | | (19,167 | ) | | | 1,088 | | | | 16,622 | | | | 12,962 | | | | 11,505 | |
Net income (loss) | | | 16,843 | | | | 27,612 | | | | 8,939 | | | | (36,330 | ) | | | 17,064 | | Income tax expense (benefit): | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Current | | | 139 | | | | (189 | ) | | | 27,571 | | | | — | | | | 27,521 | |
Less: Net income (loss) attributable to noncontrolling interest | | | — | | | | — | | | | 221 | | | | — | | | | 221 | | Deferred | | | (4,845 | ) | | | 2,323 | | | | 1,214 | | | | — | | | | (1,308 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to controlling interest | | $ | 16,843 | | | $ | 27,612 | | | $ | 8,718 | | | $ | (36,330 | ) | | $ | 16,843 | | Total income tax expense (benefit) | | | (4,706 | ) | | | 2,134 | | | | 28,785 | | | | — | | | | 26,213 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | | (14,461 | ) | | | (1,046 | ) | | | (12,163 | ) | | | 12,962 | | | | (14,708 | ) |
-1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Less: Net (loss) attributable to noncontrolling interest | | | — | | | | — | | | | (247 | ) | | | — | | | | (247 | ) |
PARKER DRILLING COMPANY AND SUBSIDIARIES | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | Net income (loss) attributable to controlling interest | | $ | (14,461 | ) | | $ | (1,046 | ) | | $ | (11,916 | ) | | $ | 12,962 | | | $ | (14,461 | ) |
(Dollars in Thousands) | | | | | | | | | | | | | | | | | | | | | |
(Unaudited) | -1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2012 | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | |
Total revenues | | $ | — | | | $ | 302,892 | | | $ | 295,811 | | | $ | (77,908 | ) | | $ | 520,795 | | |
Operating expenses | | | — | | | | 136,849 | | | | 242,001 | | | | (77,908 | ) | | | 300,942 | | |
Depreciation and amortization | | | — | | | | 49,127 | | | | 36,230 | | | | — | | | | 85,357 | | |
| | | | | | | | | | | | | | | | | | | | | |
Total operating gross margin | | | — | | | | 116,916 | | | | 17,580 | | | | — | | | | 134,496 | | |
| | | | | | | | | | | | | | | | | | | | | |
General and administration expense(1) | | | (137 | ) | | | (21,273 | ) | | | (412 | ) | | | — | | | | (21,822 | ) | |
Gain on disposition of assets, net | | | — | | | | 1,168 | | | | 1,298 | | | | — | | | | 2,466 | | |
| | | | | | | | | | | | | | | | | | | | | |
Total operating income (loss) | | | (137 | ) | | | 96,811 | | | | 18,466 | | | | — | | | | 115,140 | | |
Other income and (expense): | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (27,923 | ) | | | (115 | ) | | | (5,811 | ) | | | 8,716 | | | | (25,133 | ) | |
Interest income | | | 8,695 | | | | 4,894 | | | | 39,345 | | | | (52,825 | ) | | | 109 | | |
Changes in fair value of derivative positions | | | 8 | | | | — | | | | — | | | | — | | | | 8 | | |
Loss on extinguishment of debt | | | (1,766 | ) | | | — | | | | — | | | | — | | | | (1,766 | ) | |
Other | | | — | | | | 64 | | | | (2 | ) | | | — | | | | 62 | | |
Equity in net earnings of subsidiaries | | | 61,553 | | | | — | | | | — | | | | (61,553 | ) | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
Total other income (expense) | | | 40,567 | | | | 4,843 | | | | 33,532 | | | | (105,662 | ) | | | (26,720 | ) | |
| | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | 40,430 | | | | 101,654 | | | | 51,998 | | | | (105,662 | ) | | | 88,420 | | |
| | | | | | | | | | | | | | | | | | | | | |
Income tax expense (benefit) | | | (16,981 | ) | | | 38,149 | | | | 9,987 | | | | — | | | | 31,155 | | |
| | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 57,411 | | | | 63,505 | | | | 42,011 | | | | (105,662 | ) | | | 57,265 | | |
| | | | | | | | | | | | | | | | | | | | | |
Less: Net income (loss) attributable to noncontrolling interest | | | — | | | | — | | | | (146 | ) | | | — | | | | (146 | ) | |
| | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to controlling interest | | $ | 57,411 | | | $ | 63,505 | | | $ | 42,157 | | | $ | (105,662 | ) | | $ | 57,411 | | |
| | | | | | | | | | | | | | | | | | | | | |
| |
-1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | | |
Consolidating Condensed Balance Sheet | ' | ' |
PARKER DRILLING COMPANY AND SUBSIDIARIES | PARKER DRILLING COMPANY AND SUBSIDIARIES |
CONSOLIDATING CONDENSED BALANCE SHEET | CONSOLIDATING CONDENSED BALANCE SHEET |
(Dollars in Thousands) | (Dollars in Thousands) |
(Unaudited) | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 31-Dec-12 | |
| | September 30, 2013 | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | ASSETS | |
ASSETS | | | | | | | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 42,251 | | | $ | 11,023 | | | $ | 34,612 | | | $ | — | | | $ | 87,886 | |
Cash and cash equivalents | | $ | 89,516 | | | $ | 21,273 | | | $ | 51,668 | | | $ | — | | | $ | 162,457 | | Accounts and notes receivable, net | | | 289,957 | | | | 98,747 | | | | 292,644 | | | | (512,786 | ) | | | 168,562 | |
Accounts and notes receivable, net | | | 290,856 | | | | 113,873 | | | | 386,521 | | | | (541,627 | ) | | | 249,623 | | Rig materials and supplies | | | — | | | | 2,834 | | | | 26,026 | | | | — | | | | 28,860 | |
Rig materials and supplies | | | — | | | | 2,364 | | | | 37,838 | | | | — | | | | 40,202 | | Deferred costs | | | — | | | | — | | | | 1,089 | | | | — | | | | 1,089 | |
Deferred costs | | | — | | | | 32 | | | | 13,551 | | | | — | | | | 13,583 | | Deferred income taxes | | | — | | | | 7,615 | | | | 1,127 | | | | — | | | | 8,742 | |
Deferred income taxes | | | — | | | | 12,363 | | | | 1,110 | | | | — | | | | 13,473 | | Other tax assets | | | 46,249 | | | | (31,136 | ) | | | 18,411 | | | | — | | | | 33,524 | |
Other tax assets | | | 43,171 | | | | (46,939 | ) | | | 22,201 | | | | — | | | | 18,433 | | Assets held for sale | | | — | | | | — | | | | 11,550 | | | | — | | | | 11,550 | |
Assets held for sale | | | — | | | | 1,183 | | | | 6,302 | | | | — | | | | 7,485 | | Other current assets | | | — | | | | 8,675 | | | | 4,146 | | | | — | | | | 12,821 | |
Other current assets | | | — | | | | 14,238 | | | | 6,668 | | | | — | | | | 20,906 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total current assets | | | 378,457 | | | | 97,758 | | | | 389,605 | | | | (512,786 | ) | | | 353,034 | |
Total current assets | | | 423,543 | | | | 118,387 | | | | 525,859 | | | | (541,627 | ) | | | 526,162 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Property, plant and equipment, net | | | 60 | | | | 548,794 | | | | 237,304 | | | | — | | | | 786,158 | |
Property, plant and equipment, net | | | 60 | | | | 559,885 | | | | 298,727 | | | | — | | | | 858,672 | | Investment in subsidiaries and intercompany advances | | | 780,878 | | | | (233,388 | ) | | | 1,467,429 | | | | (2,014,919 | ) | | | — | |
Investment in subsidiaries and intercompany advances | | | 944,584 | | | | (220,110 | ) | | | 1,593,743 | | | | (2,318,217 | ) | | | — | | Other noncurrent assets | | | 43,569 | | | | 59,541 | | | | 13,431 | | | | — | | | | 116,541 | |
Other noncurrent assets | | | 52,147 | | | | 60,002 | | | | 38,397 | | | | — | | | | 150,546 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total assets | | $ | 1,202,964 | | | $ | 472,705 | | | $ | 2,107,769 | | | $ | (2,527,705 | ) | | $ | 1,255,733 | |
Total assets | | $ | 1,420,334 | | | $ | 518,164 | | | $ | 2,456,726 | | | $ | (2,859,844 | ) | | $ | 1,535,380 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | LIABILITIES AND STOCKHOLDERS’ EQUITY | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | Current portion of long-term debt | | $ | 10,000 | | | $ | — | | | $ | — | | | $ | — | | | $ | 10,000 | |
Current portion of long-term debt | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | Accounts payable and accrued liabilities | | | 65,839 | | | | 93,243 | | | | 205,864 | | | | (227,200 | ) | | | 137,746 | |
Accounts payable and accrued liabilities | | | 81,524 | | | | 101,207 | | | | 263,709 | | | | (255,211 | ) | | | 191,229 | | Accrued income taxes | | | — | | | | 612 | | | | 3,508 | | | | — | | | | 4,120 | |
Accrued income taxes | | | — | | | | 529 | | | | 6,732 | | | | — | | | | 7,261 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total current liabilities | | | 75,839 | | | | 93,855 | | | | 209,372 | | | | (227,200 | ) | | | 151,866 | |
Total current liabilities | | | 81,524 | | | | 101,736 | | | | 270,441 | | | | (255,211 | ) | | | 198,490 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Long-term debt | | | 469,205 | | | | — | | | | — | | | | — | | | | 469,205 | |
Long-term debt | | | 653,968 | | | | — | | | | — | | | | — | | | | 653,968 | | Other long-term liabilities | | | 3,933 | | | | 6,129 | | | | 13,120 | | | | — | | | | 23,182 | |
Other long-term liabilities | | | 4,289 | | | | 5,806 | | | | 13,953 | | | | — | | | | 24,048 | | Long-term deferred tax liability | | | — | | | | 36,894 | | | | (16,047 | ) | | | — | | | | 20,847 | |
Long-term deferred tax liability | | | — | | | | 47,684 | | | | (8,600 | ) | | | — | | | | 39,084 | | Intercompany payables | | | 62,583 | | | | 43,657 | | | | 216,320 | | | | (322,560 | ) | | | — | |
Intercompany payables | | | 62,584 | | | | 43,669 | | | | 359,106 | | | | (465,359 | ) | | | — | | Contingencies | | | — | | | | — | | | | — | | | | — | | | | — | |
Contingencies | | | — | | | | — | | | | — | | | | — | | | | — | | Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | Common stock | | | 19,818 | | | | 18,049 | | | | 43,003 | | | | (61,052 | ) | | | 19,818 | |
Common stock | | | 20,050 | | | | 18,049 | | | | 43,003 | | | | (61,052 | ) | | | 20,050 | | Capital in excess of par value | | | 646,217 | | | | 733,112 | | | | 1,455,246 | | | | (2,188,358 | ) | | | 646,217 | |
Capital in excess of par value | | | 654,750 | | | | 733,899 | | | | 1,579,458 | | | | (2,313,357 | ) | | | 654,750 | | Retained earnings (accumulated deficit) | | | (74,631 | ) | | | (458,991 | ) | | | 187,526 | | | | 271,465 | | | | (74,631 | ) |
Accumulated other comprehensive income | | | — | | | | — | | | | 957 | | | | — | | | | 957 | | | | | | | | | | | | | | | | | | | | | | |
Retained earnings (accumulated deficit) | | | (56,831 | ) | | | (432,679 | ) | | | 196,587 | | | | 235,135 | | | | (57,788 | ) | Total controlling interest stockholders’ equity | | | 591,404 | | | | 292,170 | | | | 1,685,775 | | | | (1,977,945 | ) | | | 591,404 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total controlling interest stockholders’ equity | | | 617,969 | | | | 319,269 | | | | 1,820,005 | | | | (2,139,274 | ) | | | 617,969 | | Noncontrolling interest | | | — | | | | — | | | | (771 | ) | | | — | | | | (771 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noncontrolling interest | | | — | | | | — | | | | 1,821 | | | | — | | | | 1,821 | | Total Equity | | | 591,404 | | | | 292,170 | | | | 1,685,004 | | | | (1,977,945 | ) | | | 590,633 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total equity | | | 617,969 | | | | 319,269 | | | | 1,821,826 | | | | (2,139,274 | ) | | | 619,790 | | Total liabilities and stockholders’ equity | | $ | 1,202,964 | | | $ | 472,705 | | | $ | 2,107,769 | | | $ | (2,527,705 | ) | | $ | 1,255,733 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,420,334 | | | $ | 518,164 | | | $ | 2,456,726 | | | $ | (2,859,844 | ) | | $ | 1,535,380 | | PARKER DRILLING COMPANY AND SUBSIDIARIES |
| | | | | | | | | | | | | | | | | | | | | CONSOLIDATING CONDENSED BALANCE SHEET |
| (Dollars in Thousands) |
PARKER DRILLING COMPANY AND SUBSIDIARIES | (Unaudited) |
CONSOLIDATING CONDENSED BALANCE SHEET | | | | | | | | | | | | | | | | | | | | | |
(Dollars in Thousands) | | | 31-Dec-11 | |
(Unaudited) | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
| ASSETS | |
| | | | | | | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2012 | | Cash and cash equivalents | | $ | 55,670 | | | $ | 4,212 | | | $ | 37,987 | | | $ | — | | | $ | 97,869 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | Accounts and notes receivable, net | | | 289,512 | | | | 94,748 | | | | 285,326 | | | | (485,663 | ) | | | 183,923 | |
ASSETS | | | | | | | | | | | | | | | | | | | | | Rig materials and supplies | | | — | | | | 762 | | | | 29,185 | | | | — | | | | 29,947 | |
Current assets: | | | | | | | | | | | | | | | | | | | | | Deferred costs | | | — | | | | — | | | | 3,249 | | | | — | | | | 3,249 | |
Cash and cash equivalents | | $ | 42,251 | | | $ | 11,023 | | | $ | 34,612 | | | $ | — | | | $ | 87,886 | | Deferred income taxes | | | — | | | | 5,311 | | | | 853 | | | | 486 | | | | 6,650 | |
Accounts and notes receivable, net | | | 289,957 | | | | 98,747 | | | | 292,644 | | | | (512,786 | ) | | | 168,562 | | Other tax assets | | | 47,834 | | | | (25,218 | ) | | | 2,742 | | | | — | | | | 25,358 | |
Rig materials and supplies | | | — | | | | 2,834 | | | | 26,026 | | | | — | | | | 28,860 | | Assets held for sale | | | — | | | | — | | | | 5,315 | | | | — | | | | 5,315 | |
Deferred costs | | | — | | | | — | | | | 1,089 | | | | — | | | | 1,089 | | Other current assets | | | 788 | | | | 6,381 | | | | 8,133 | | | | — | | | | 15,302 | |
Deferred income taxes | | | — | | | | 7,615 | | | | 1,127 | | | | — | | | | 8,742 | | | | | | | | | | | | | | | | | | | | | | |
Other tax assets | | | 46,249 | | | | (31,136 | ) | | | 18,411 | | | | — | | | | 33,524 | | Total current assets | | | 393,804 | | | | 86,196 | | | | 372,790 | | | | (485,177 | ) | | | 367,613 | |
Assets held for sale | | | — | | | | — | | | | 6,800 | | | | — | | | | 6,800 | | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | — | | | | 8,675 | | | | 4,146 | | | | — | | | | 12,821 | | Property, plant and equipment, net | | | 79 | | | | 474,942 | | | | 244,787 | | | | 1 | | | | 719,809 | |
| | | | | | | | | | | | | | | | | | | | | Investment in subsidiaries and intercompany advances | | | 720,214 | | | | (212,883 | ) | | | 1,347,719 | | | | (1,855,050 | ) | | | — | |
Total current assets | | | 378,457 | | | | 97,758 | | | | 384,855 | | | | (512,786 | ) | | | 348,284 | | Other noncurrent assets | | | 44,962 | | | | 66,660 | | | | 16,839 | | | | 363 | | | | 128,824 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | 60 | | | | 548,794 | | | | 240,269 | | | | — | | | | 789,123 | | Total assets | | $ | 1,159,059 | | | $ | 414,915 | | | $ | 1,982,135 | | | $ | (2,339,863 | ) | | $ | 1,216,246 | |
Investment in subsidiaries and intercompany advances | | | 780,878 | | | | (233,388 | ) | | | 1,467,429 | | | | (2,014,919 | ) | | | — | | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 43,569 | | | | 59,541 | | | | 15,216 | | | | — | | | | 118,326 | | LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | | | | | | | | | | | | | | | | | | | Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,202,964 | | | $ | 472,705 | | | $ | 2,107,769 | | | $ | (2,527,705 | ) | | $ | 1,255,733 | | Current portion of long-term debt | | $ | 145,723 | | | $ | — | | | $ | — | | | $ | — | | | $ | 145,723 | |
| | | | | | | | | | | | | | | | | | | | | Accounts payable and accrued liabilities | | | 60,120 | | | | 94,056 | | | | 181,010 | | | | (199,936 | ) | | | 135,250 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | Accrued income taxes | | | (205 | ) | | | 921 | | | | 4,121 | | | | — | | | | 4,837 | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 10,000 | | | $ | — | | | $ | — | | | $ | — | | | $ | 10,000 | | Total current liabilities | | | 205,638 | | | | 94,977 | | | | 185,131 | | | | (199,936 | ) | | | 285,810 | |
Accounts payable and accrued liabilities | | | 65,839 | | | | 93,243 | | | | 205,864 | | | | (227,200 | ) | | | 137,746 | | | | | | | | | | | | | | | | | | | | | | |
Accrued income taxes | | | — | | | | 612 | | | | 3,508 | | | | — | | | | 4,120 | | Long-term debt | | | 337,000 | | | | — | | | | — | | | | — | | | | 337,000 | |
| | | | | | | | | | | | | | | | | | | | | Other long-term liabilities | | | 8,081 | | | | 9,474 | | | | 15,897 | | | | — | | | | 33,452 | |
Total current liabilities | | | 75,839 | | | | 93,855 | | | | 209,372 | | | | (227,200 | ) | | | 151,866 | | Long-term deferred tax liability | | | 1,151 | | | | 25,232 | | | | (11,296 | ) | | | 847 | | | | 15,934 | |
| | | | | | | | | | | | | | | | | | | | | Intercompany payables | | | 62,583 | | | | 43,657 | | | | 111,619 | | | | (217,859 | ) | | | — | |
Long-term debt | | | 469,205 | | | | — | | | | — | | | | — | | | | 469,205 | | Contingencies | | | — | | | | — | | | | — | | | | — | | | | — | |
Other long-term liabilities | | | 3,933 | | | | 6,129 | | | | 13,120 | | | | — | | | | 23,182 | | Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Long-term deferred tax liability | | | — | | | | 36,894 | | | | (16,047 | ) | | | — | | | | 20,847 | | Common stock | | | 19,508 | | | | 18,049 | | | | 43,003 | | | | (61,052 | ) | | | 19,508 | |
Intercompany payables | | | 62,583 | | | | 43,657 | | | | 216,320 | | | | (322,560 | ) | | | — | | Capital in excess of par value | | | 637,042 | | | | 733,120 | | | | 1,444,091 | | | | (2,177,211 | ) | | | 637,042 | |
Contingencies | | | — | | | | — | | | | — | | | | — | | | | — | | Retained earnings (accumulated deficit) | | | (111,944 | ) | | | (509,594 | ) | | | 194,246 | | | | 315,348 | | | | (111,944 | ) |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 19,818 | | | | 18,049 | | | | 43,003 | | | | (61,052 | ) | | | 19,818 | | Total controlling interest stockholders’ equity | | | 544,606 | | | | 241,575 | | | | 1,681,340 | | | | (1,922,915 | ) | | | 544,606 | |
Capital in excess of par value | | | 646,217 | | | | 733,112 | | | | 1,455,246 | | | | (2,188,358 | ) | | | 646,217 | | | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | — | | | | — | | | | — | | | | — | | | | — | | Noncontrolling interest | | | — | | | | — | | | | (556 | ) | | | — | | | | (556 | ) |
Retained earnings (accumulated deficit) | | | (74,631 | ) | | | (458,991 | ) | | | 187,526 | | | | 271,465 | | | | (74,631 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total Equity | | | 544,606 | | | | 241,575 | | | | 1,680,784 | | | | (1,922,915 | ) | | | 544,050 | |
Total controlling interest stockholders’ equity | | | 591,404 | | | | 292,170 | | | | 1,685,775 | | | | (1,977,945 | ) | | | 591,404 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total liabilities and stockholders’ equity | | $ | 1,159,059 | | | $ | 414,915 | | | $ | 1,982,135 | | | $ | (2,339,863 | ) | | $ | 1,216,246 | |
Noncontrolling interest | | | — | | | | — | | | | (771 | ) | | | — | | | | (771 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Total Equity | | | 591,404 | | | | 292,170 | | | | 1,685,004 | | | | (1,977,945 | ) | | | 590,633 | | |
| | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,202,964 | | | $ | 472,705 | | | $ | 2,107,769 | | | $ | (2,527,705 | ) | | $ | 1,255,733 | | |
| | | | | | | | | | | | | | | | | | | | | |
Consolidated Condensed Statements of Cash Flows | ' | ' |
PARKER DRILLING COMPANY AND SUBSIDIARIES | PARKER DRILLING COMPANY AND SUBSIDIARIES |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
(Dollars in Thousands) | (Dollars in Thousands) |
(Unaudited) | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | |
| | Nine Months Ended September 30, 2013 | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | |
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | | Net income (loss) | | $ | 37,313 | | | $ | 54,961 | | | $ | 32,816 | | | $ | (87,992 | ) | | $ | 37,098 | |
Net income (loss) | | $ | 16,843 | | | $ | 27,612 | | | $ | 8,939 | | | $ | (36,330 | ) | | $ | 17,064 | | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |
Adjustments to reconcile net income (loss): | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | | — | | | | 65,354 | | | | 47,663 | | | | — | | | | 113,017 | |
Depreciation and amortization | | | — | | | | 57,335 | | | | 40,339 | | | | — | | | | 97,674 | | Loss on extinguishment of debt | | | 2,130 | | | | — | | | | — | | | | — | | | | 2,130 | |
Loss on extinguishment of debt | | | 5,218 | | | | — | | | | — | | | | — | | | | 5,218 | | Gain on disposition of assets | | | — | | | | (775 | ) | | | (1,199 | ) | | | — | | | | (1,974 | ) |
Gain on disposition of assets | | | — | | | | (1,917 | ) | | | (842 | ) | | | — | | | | (2,759 | ) | Deferred income tax expense | | | 2,257 | | | | 15,429 | | | | (1,849 | ) | | | — | | | | 15,837 | |
Deferred income tax expense | | | (2,860 | ) | | | 10,479 | | | | 5,253 | | | | — | | | | 12,872 | | Expenses not requiring cash | | | 16,558 | | | | 33,644 | | | | (27,602 | ) | | | — | | | | 22,600 | |
Expenses not requiring cash | | | 10,494 | | | | 591 | | | | (1,157 | ) | | | — | | | | 9,928 | | Equity in net earnings of subsidiaries | | | (43,884 | ) | | | — | | | | — | | | | 43,884 | | | | — | |
Equity in net earnings of subsidiaries | | | (36,330 | ) | | | — | | | | — | | | | 36,330 | | | | — | | Change in accounts receivable | | | (445 | ) | | | (1,788 | ) | | | 17,474 | | | | — | | | | 15,241 | |
Change in accounts receivable | | | (899 | ) | | | (7,951 | ) | | | (19,755 | ) | | | — | | | | (28,605 | ) | Change in other assets | | | 1,649 | | | | 2,060 | | | | (9,200 | ) | | | — | | | | (5,491 | ) |
Change in accrued income taxes | | | 358 | | | | (85 | ) | | | 2,604 | | | | — | | | | 2,877 | | Change in accrued income taxes | | | (4,055 | ) | | | 220 | | | | (2,267 | ) | | | — | | | | (6,102 | ) |
Change in other assets | | | 3,045 | | | | 4,580 | | | | (8,971 | ) | | | — | | | | (1,346 | ) | Change in liabilities | | | 3,914 | | | | (4,158 | ) | | | (2,413 | ) | | | — | | | | (2,657 | ) |
Change in liabilities | | | 14,222 | | | | (2,116 | ) | | | 306 | | | | — | | | | 12,412 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net cash provided by (used in) operating activities | | | 15,437 | | | | 164,947 | | | | 53,423 | | | | (44,108 | ) | | | 189,699 | |
Net cash provided by (used in) operating activities | | | 10,091 | | | | 88,528 | | | | 26,716 | | | | — | | | | 125,335 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | Capital expenditures | | | — | | | | (176,333 | ) | | | (15,210 | ) | | | — | | | | (191,543 | ) |
Capital expenditures | | | — | | | | (66,956 | ) | | | (35,900 | ) | | | — | | | | (102,856 | ) | Proceeds from the sale of assets | | | — | | | | 2,062 | | | | 1,875 | | | | — | | | | 3,937 | |
Proceeds from the sale of assets | | | — | | | | 2,751 | | | | 2,782 | | | | — | | | | 5,533 | | Proceeds from insurance settlements | | | — | | | | — | | | | — | | | | — | | | | — | |
Acquisition of ITS, net of cash acquired | | | — | | | | (292 | ) | | | (117,699 | ) | | | — | | | | (117,991 | ) | Intercompany dividend payment | | | (8,387 | ) | | | (4,357 | ) | | | (31,364 | ) | | | 44,108 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) investing activities | | | — | | | | (64,497 | ) | | | (150,817 | ) | | | — | | | | (215,314 | ) | Net cash (used in) investing activities | | | (8,387 | ) | | | (178,628 | ) | | | (44,699 | ) | | | 44,108 | | | | (187,606 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
Proceeds from debt issuance | | | 350,000 | | | | — | | | | — | | | | — | | | | 350,000 | | Proceeds from debt issuance | | | 130,000 | | | | — | | | | — | | | | — | | | | 130,000 | |
Repayments of long term debt | | | (125,000 | ) | | | — | | | | — | | | | — | | | | (125,000 | ) | Proceeds from draw on revolver credit facility | | | 7,000 | | | | — | | | | — | | | | — | | | | 7,000 | |
Paydown on term note | | | (50,000 | ) | | | — | | | | — | | | | — | | | | (50,000 | ) | Paydown on senior notes | | | (125,000 | ) | | | — | | | | — | | | | — | | | | (125,000 | ) |
Payment of debt issuance costs | | | (10,981 | ) | | | — | | | | — | | | | — | | | | (10,981 | ) | Paydown on term note | | | (18,000 | ) | | | — | | | | — | | | | — | | | | (18,000 | ) |
Excess tax benefit from stock-based compensation | | | 531 | | | | — | | | | — | | | | — | | | | 531 | | Paydown on revolver credit facility | | | — | | | | — | | | | — | | | | — | | | | — | |
Intercompany advances, net | | | (127,376 | ) | | | (13,781 | ) | | | 141,157 | | | | — | | | | — | | Payment of debt issuance costs | | | (4,859 | ) | | | — | | | | — | | | | — | | | | (4,859 | ) |
| | | | | | | | | | | | | | | | | | | | | Payment of debt extinguishment costs | | | (555 | ) | | | — | | | | — | | | | — | | | | (555 | ) |
Net cash provided by (used in) financing activities | | | 37,174 | | | | (13,781 | ) | | | 141,157 | | | | — | | | | 164,550 | | Proceeds from stock options exercised | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | Excess tax benefit from stock-based compensation | | | (662 | ) | | | — | | | | — | | | | — | | | | (662 | ) |
Net change in cash and cash equivalents | | | 47,265 | | | | 10,250 | | | | 17,056 | | | | — | | | | 74,571 | | Intercompany advances, net | | | (8,393 | ) | | | 20,492 | | | | (12,099 | ) | | | — | | | | — | |
Cash and cash equivalents at beginning of year | | | 42,251 | | | | 11,023 | | | | 34,612 | | | | — | | | | 87,886 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net cash provided by (used in) financing activities | | | (20,469 | ) | | | 20,492 | | | | (12,099 | ) | | | — | | | | (12,076 | ) |
Cash and cash equivalents at end of year | | $ | 89,516 | | | $ | 21,273 | | | $ | 51,668 | | | $ | — | | | $ | 162,457 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net change in cash and cash equivalents | | | (13,419 | ) | | | 6,811 | | | | (3,375 | ) | | | — | | | | (9,983 | ) |
| Cash and cash equivalents at beginning of year | | | 55,670 | | | | 4,212 | | | | 37,987 | | | | — | | | | 97,869 | |
PARKER DRILLING COMPANY AND SUBSIDIARIES | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | Cash and cash equivalents at end of year | | $ | 42,251 | | | $ | 11,023 | | | $ | 34,612 | | | $ | — | | | $ | 87,886 | |
(Dollars in Thousands) | | | | | | | | | | | | | | | | | | | | | |
(Unaudited) | See accompanying notes to unaudited consolidated condensed financial statements. |
| PARKER DRILLING COMPANY AND SUBSIDIARIES |
| | | | | | | | | | | | | | | | | | | | | CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| | Nine Months Ended September 30, 2012 | | (Dollars in Thousands) |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | (Unaudited) |
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 57,411 | | | $ | 63,505 | | | $ | 42,011 | | | $ | (105,662 | ) | | $ | 57,265 | | | | Year Ended December 31, 2011 | |
Adjustments to reconcile net income (loss)to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Depreciation and amortization | | | — | | | | 49,127 | | | | 36,230 | | | | — | | | | 85,357 | | Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | |
Loss on extinguishment of debt | | | 1,766 | | | | — | | | | — | | | | — | | | | 1,766 | | Net income (loss) | | $ | (50,451 | ) | | $ | (49,106 | ) | | $ | 25,428 | | | $ | 23,484 | | | $ | (50,645 | ) |
Gain on disposition of assets | | | — | | | | (1,168 | ) | | | (1,298 | ) | | | — | | | | (2,466 | ) | Adjustments to reconcile net income (loss)to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |
Deferred income tax expense | | | 5,940 | | | | 4,868 | | | | (2,405 | ) | | | — | | | | 8,403 | | Depreciation and amortization | | | — | | | | 62,744 | | | | 49,392 | | | | — | | | | 112,136 | |
Expenses not requiring cash | | | 13,264 | | | | 689 | | | | 1,770 | | | | 1 | | | | 15,724 | | Loss on extinguishment of debt | | | — | | | | — | | | | — | | | | — | | | | — | |
Equity in net earnings of subsidiaries | | | (61,553 | ) | | | — | | | | — | | | | 61,553 | | | | — | | Gain on disposition of assets | | | — | | | | (2,706 | ) | | | (953 | ) | | | — | | | | (3,659 | ) |
Change in accounts receivable | | | (291 | ) | | | 766 | | | | 24,173 | | | | — | | | | 24,648 | | Deferred income tax expense | | | 31,518 | | | | (57,030 | ) | | | (22,863 | ) | | | — | | | | (48,375 | ) |
Change in other assets | | | (32,874 | ) | | | 61,320 | | | | (27,882 | ) | | | — | | | | 564 | | Impairment and other charges | | | — | | | | 170,000 | | | | — | | | | — | | | | 170,000 | |
Change in accrued income taxes | | | (5,068 | ) | | | 1,832 | | | | 187 | | | | — | | | | (3,049 | ) | Provision for reduction in carrying value of certain assets | | | — | | | | 1,350 | | | | — | | | | — | | | | 1,350 | |
Change in liabilities | | | 12,917 | | | | (21,430 | ) | | | (1,672 | ) | | | — | | | | (10,185 | ) | Expenses not requiring cash | | | 16,411 | | | | 376 | | | | (3,954 | ) | | | — | | | | 12,833 | |
| | | | | | | | | | | | | | | | | | | | | Equity in net earnings of subsidiaries | | | 23,484 | | | | — | | | | — | | | | (23,484 | ) | | | — | |
Net cash provided by (used in) operating activities | | | (8,488 | ) | | | 159,509 | | | | 71,114 | | | | (44,108 | ) | | | 178,027 | | Change in accounts receivable | | | (288,333 | ) | | | 347,344 | | | | (65,852 | ) | | | — | | | | (6,841 | ) |
| | | | | | Change in other assets | | | 62,173 | | | | (16,724 | ) | | | 16,404 | | | | — | | | | 61,853 | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | Change in liabilities | | | (10,454 | ) | | | (53,404 | ) | | | 41,091 | | | | — | | | | (22,767 | ) |
Capital expenditures | | | — | | | | (139,618 | ) | | | (8,040 | ) | | | — | | | | (147,658 | ) | | | | | | | | | | | | | | | | | | | | | |
Proceeds from the sale of assets | | | — | | | | 1,667 | | | | 1,829 | | | | — | | | | 3,496 | | Net cash provided by (used in) operating activities | | | (215,652 | ) | | | 402,844 | | | | 38,693 | | | | — | | | | 225,885 | |
Intercompany dividend payment | | | (8,387 | ) | | | (4,357 | ) | | | (31,364 | ) | | | 44,108 | | | | — | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) investing activities | | | (8,387 | ) | | | (142,308 | ) | | | (37,575 | ) | | | 44,108 | | | | (144,162 | ) | Capital expenditures | | | — | | | | (174,999 | ) | | | (15,400 | ) | | | — | | | | (190,399 | ) |
| | | | | | Proceeds from the sale of assets | | | — | | | | 4,335 | | | | 1,200 | | | | — | | | | 5,535 | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | Proceeds from insurance settlements | | | — | | | | 250 | | | | — | | | | — | | | | 250 | |
Proceeds from debt issuance | | | 130,000 | | | | — | | | | — | | | | — | | | | 130,000 | | Intercompany dividend payment | | | — | | | | — | | | | — | | | | — | | | | — | |
Repayments of senior notes | | | (125,000 | ) | | | — | | | | — | | | | — | | | | (125,000 | ) | | | | | | | | | | | | | | | | | | | | | |
Paydown on term note | | | (18,000 | ) | | | — | | | | — | | | | — | | | | (18,000 | ) | Net cash provided by (used in) investing activities | | | — | | | | (170,414 | ) | | | (14,200 | ) | | | — | | | | (184,614 | ) |
Payment of debt issuance costs | | | (3,516 | ) | | | — | | | | — | | | | — | | | | (3,516 | ) | | | | | | | | | | | | | | | | | | | | | |
Payment of debt extinguishment costs | | | (519 | ) | | | — | | | | — | | | | — | | | | (519 | ) | Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
Excess tax benefit from stock-based compensation | | | (572 | ) | | | — | | | | — | | | | — | | | | (572 | ) | Proceeds from debt issuance | | | 50,000 | | | | — | | | | — | | | | — | | | | 50,000 | |
Intercompany advances, net | | | 56,280 | | | | (13,507 | ) | | | (42,773 | ) | | | — | | | | — | | Proceeds from draw on revolver credit facility | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | Paydown on senior notes | | | — | | | | — | | | | — | | | | — | | | | — | |
Net cash provided by (used in) financing activities | | | 38,673 | | | | (13,507 | ) | | | (42,773 | ) | | | — | | | | (17,607 | ) | Paydown on term note | | | (21,000 | ) | | | — | | | | — | | | | — | | | | (21,000 | ) |
| | | | | | Paydown on revolver credit facility | | | (25,000 | ) | | | — | | | | — | | | | — | | | | (25,000 | ) |
Net change in cash and cash equivalents | | | 21,798 | | | | 3,694 | | | | (9,234 | ) | | | — | | | | 16,258 | | Payment of debt issuance costs | | | (504 | ) | | | — | | | | — | | | | — | | | | (504 | ) |
Cash and cash equivalents at beginning of year | | | 55,670 | | | | 4,212 | | | | 37,987 | | | | — | | | | 97,869 | | Payment of debt extinguishment costs | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | Proceeds from stock options exercised | | | 183 | | | | — | | | | — | | | | — | | | | 183 | |
Cash and cash equivalents at end of year | | $ | 77,468 | | | $ | 7,906 | | | $ | 28,753 | | | $ | — | | | $ | 114,127 | | Excess tax benefit from stock-based compensation | | | 1,488 | | | | — | | | | — | | | | — | | | | 1,488 | |
| | | | | | | | | | | | | | | | | | | | | Intercompany advances, net | | | 252,320 | | | | (230,535 | ) | | | (21,785 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) financing activities | | | 257,487 | | | | (230,535 | ) | | | (21,785 | ) | | | — | | | | 5,167 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net change in cash and cash equivalents | | | 41,835 | | | | 1,895 | | | | 2,708 | | | | — | | | | 46,438 | |
| Cash and cash equivalents at beginning of year | | | 13,835 | | | | 2,317 | | | | 35,279 | | | | — | | | | 51,431 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents at end of year | | $ | 55,670 | | | $ | 4,212 | | | $ | 37,987 | | | $ | — | | | $ | 97,869 | |
| | | | | | | | | | | | | | | | | | | | | |
| See accompanying notes to unaudited consolidated condensed financial statements. |
| PARKER DRILLING COMPANY AND SUBSIDIARIES |
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| (Dollars in Thousands) |
| (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, 2010 | |
| | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
| Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | (14,461 | ) | | $ | (1,046 | ) | | $ | (12,163 | ) | | $ | 12,962 | | | $ | (14,708 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | — | | | | 63,402 | | | | 51,628 | | | | — | | | | 115,030 | |
| Loss on extinguishment of debt | | | 7,209 | | | | — | | | | — | | | | — | | | | 7,209 | |
| Gain on disposition of assets | | | — | | | | (2,067 | ) | | | (2,553 | ) | | | — | | | | (4,620 | ) |
| Deferred income tax expense | | | (4,845 | ) | | | 2,323 | | | | 1,214 | | | | — | | | | (1,308 | ) |
| Provision for reduction in carrying value of certain assets | | | — | | | | 1,952 | | | | — | | | | — | | | | 1,952 | |
| Expenses not requiring cash | | | 14,829 | | | | — | | | | — | | | | — | | | | 14,829 | |
| Equity in net earnings of subsidiaries | | | 22,962 | | | | — | | | | — | | | | (22,962 | ) | | | — | |
| Change in accounts receivable | | | 16,178 | | | | (14,763 | ) | | | 19,337 | | | | — | | | | 20,752 | |
| Change in other assets | | | (2,505 | ) | | | (13,454 | ) | | | 15,365 | | | | — | | | | (594 | ) |
| Change in liabilities | | | (144 | ) | | | 7,793 | | | | (22,641 | ) | | | — | | | | (14,992 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) operating activities | | | 39,223 | | | | 44,140 | | | | 50,187 | | | | (10,000 | ) | | | 123,550 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
| Capital expenditures | | | — | | | | (169,784 | ) | | | (49,400 | ) | | | — | | | | (219,184 | ) |
| Proceeds from the sale of assets | | | — | | | | 4,646 | | | | 1,829 | | | | — | | | | 6,475 | |
| Intercompany dividend payment | | | — | | | | — | | | | (10,000 | ) | | | 10,000 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) investing activities | | | — | | | | (165,138 | ) | | | (57,571 | ) | | | 10,000 | | | | (212,709 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
| Proceeds from debt issuance | | | 300,000 | | | | — | | | | — | | | | — | | | | 300,000 | |
| Proceeds from draw on revolver credit facility | | | 25,000 | | | | — | | | | — | | | | — | | | | 25,000 | |
| Paydown on senior notes | | | (225,000 | ) | | | — | | | | — | | | | — | | | | (225,000 | ) |
| Paydown on term note | | | (12,000 | ) | | | — | | | | — | | | | — | | | | (12,000 | ) |
| Paydown on revolver credit facility | | | (42,000 | ) | | | — | | | | — | | | | — | | | | (42,000 | ) |
| Payment of debt issuance costs | | | (7,976 | ) | | | — | | | | — | | | | — | | | | (7,976 | ) |
| Payment of debt extinguishment costs | | | (7,466 | ) | | | — | | | | — | | | | — | | | | (7,466 | ) |
| Proceeds from stock options exercised | | | 26 | | | | — | | | | — | | | | — | | | | 26 | |
| Excess tax benefit from stock-based compensation | | | 1,203 | | | | — | | | | — | | | | — | | | | 1,203 | |
| Intercompany advances, net | | | (115,364 | ) | | | 121,547 | | | | (6,183 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) financing activities | | | (83,577 | ) | | | 121,547 | | | | (6,183 | ) | | | — | | | | 31,787 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net change in cash and cash equivalents | | | (44,354 | ) | | | 549 | | | | (13,567 | ) | | | — | | | | (57,372 | ) |
| Cash and cash equivalents at beginning of year | | | 58,189 | | | | 1,768 | | | | 48,846 | | | | — | | | | 108,803 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents at end of year | | $ | 13,835 | | | $ | 2,317 | | | $ | 35,279 | | | $ | — | | | $ | 51,431 | |
| | | | | | | | | | | | | | | | | | | | | |
| See accompanying notes to unaudited consolidated condensed financial statements. |
| Note 17 — Selected Quarterly Financial Data |
| | | | | | | | | | | | | | | | | | | | | |
| | | Quarter | |
| Year 2012 | | First | | | Second | | | Third | | | Fourth | | | Total | |
| | | (Dollars in Thousands Except Per Share Amounts) | |
| | | (Unaudited) | |
| Revenues | | $ | 176,569 | | | $ | 178,925 | | | $ | 165,301 | | | $ | 157,187 | | | $ | 677,982 | |
| Operating gross margin(2) | | $ | 54,018 | | | $ | 46,440 | | | $ | 34,038 | | | $ | 16,405 | | | $ | 150,901 | |
| Operating income | | $ | 49,013 | | | $ | 40,388 | | | $ | 25,739 | | | $ | (8,317 | ) | | $ | 106,823 | |
| Net income (loss) attributable to controlling interest | | $ | 26,392 | | | $ | 20,083 | | | $ | 10,936 | | | $ | (20,098 | ) | | $ | 37,313 | |
| Basic earnings per share — net income (loss)(1) | | $ | 0.23 | | | $ | 0.17 | | | $ | 0.09 | | | $ | (0.17 | ) | | $ | 0.32 | |
| Diluted earnings per share — net income (loss)(1) | | $ | 0.22 | | | $ | 0.17 | | | $ | 0.09 | | | $ | (0.17 | ) | | $ | 0.31 | |
| | |
| | | Quarter | |
| Year 2011 | | First | | | Second | | | Third | | | Fourth | | | Total | |
| | | (Dollars in Thousands Except Per Share Amounts) | |
| | | (Unaudited) | |
| Revenues | | $ | 156,179 | | | $ | 172,812 | | | $ | 176,589 | | | $ | 181,066 | | | $ | 686,646 | |
| Operating gross margin(2) | | $ | 21,204 | | | $ | 40,797 | | | $ | 49,966 | | | $ | 44,399 | | | $ | 156,366 | |
| Operating income | | $ | 15,402 | | | $ | 33,215 | | | $ | 41,959 | | | $ | (133,215 | ) | | $ | (42,639 | ) |
| Net income (loss) attributable to controlling interest | | $ | 4,827 | | | $ | 14,173 | | | $ | 20,725 | | | $ | (90,176 | ) | | $ | (50,451 | ) |
| Basic earnings per share — net income (loss)(1) | | $ | 0.04 | | | $ | 0.12 | | | $ | 0.18 | | | $ | (0.77 | ) | | $ | (0.43 | ) |
| Diluted earnings per share — net income (loss)(1) | | $ | 0.04 | | | $ | 0.12 | | | $ | 0.18 | | | $ | (0.77 | ) | | $ | (0.43 | ) |
| 1) | As a result of shares issued during the year, earnings per share for each of the year’s four quarters, which are based on weighted average shares outstanding during each quarter, may not equal the annual earnings per share, which is based on the weighted average shares outstanding during the year. Additionally, as a result of rounding to the thousands, revenues, operating gross margin, operating income, and net income (loss) attributable to controlling interest may not equal the 2012 year to date results. | | | | | | | | | | | | | | | | | | | |
| 2) | As the Company modified our reporting segments to be consistent with recent organizational changes to improve our drilling organization, expenses related to our U.S. Barge Drilling segment were found to be incorrectly included in our general and administrative expense during the first through third quarters of the current year. These expenses have been appropriately reclassified to be included as part of the segment operating expenses, therefore our operating gross margin for each of the first three quarters will not agree to the respective 10-Q reports for the current year only. | | | | | | | | | | | | | | | | | | | |
Consolidating Condensed Statements of Comprehensive Income (Loss) | ' | ' |
PARKER DRILLING COMPANY AND SUBSIDIARIES |
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
(Dollars in Thousands) |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2013 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 7,970 | | | $ | 10,817 | | | $ | 11,653 | | | $ | (22,322 | ) | | $ | 8,118 | |
Other comprehensive gain, net of tax: | | | | | | | | | | | | | | | | | | | | |
Currency translation difference on related borrowings | | | — | | | | — | | | | (577 | ) | | | — | | | | (577 | ) |
Currency translation difference on foreign currency net investments | | | | | | | | | | | 2,098 | | | | | | | | 2,098 | |
| | | | | | | | | | | | | | | | | | | | |
Total other comprehensive gain, net of tax: | | | — | | | | — | | | | 1,521 | | | | — | | | | 1,521 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | | 7,970 | | | | 10,817 | | | | 13,174 | | | | (22,322 | ) | | | 9,639 | |
Comprehensive (income) attributable to noncontrolling interest | | | — | | | | — | | | | (53 | ) | | | — | | | | (53 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to controlling interest | | $ | 7,970 | | | $ | 10,817 | | | $ | 13,121 | | | $ | (22,322 | ) | | $ | 9,586 | |
| | | | | | | | | | | | | | | | | | | | |
PARKER DRILLING COMPANY AND SUBSIDIARIES |
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
(Dollars in Thousands) |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2013 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 16,843 | | | $ | 27,612 | | | $ | 8,939 | | | $ | (36,330 | ) | | $ | 17,064 | |
Other comprehensive gain, net of tax: | | | | | | | | | | | | | | | | | | | | |
Currency translation difference on related borrowings | | | — | | | | — | | | | (1,542 | ) | | | — | | | | (1,542 | ) |
Currency translation difference on foreign currency net investments | | | | | | | | | | | 2,499 | | | | | | | | 2,499 | |
| | | | | | | | | | | | | | | | | | | | |
Total other comprehensive gain, net of tax: | | | — | | | | — | | | | 957 | | | | — | | | | 957 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | | 16,843 | | | | 27,612 | | | | 9,896 | | | | (36,330 | ) | | | 18,021 | |
Comprehensive (income) attributable to noncontrolling interest | | | — | | | | — | | | | (83 | ) | | | — | | | | (83 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to controlling interest | | $ | 16,843 | | | $ | 27,612 | | | $ | 9,813 | | | $ | (36,330 | ) | | $ | 17,938 | |
| | | | | | | | | | | | | | | | | | | | |