Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK (Tables)

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INVESTMENT IN AMAK (Tables)
9 Months Ended
Sep. 30, 2015
INVESTMENT IN AMAK [Abstract]  
Summarized Results of Operation and Financial Position for AMAK

Results of Operations

   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2015
   
2014
   
2015
   
2014
 
   
(Thousands of Dollars)
 
Sales
  $ 19,874     $ 16,957     $ 38,458     $ 47,655  
Gross Profit (Loss)
    (2,711 )     1,785       35       6,469  
General, administrative and other expenses
    4,067       3,714       9,605       11,285  
Net Loss
  $ (6,778 )   $ (1,929 )   $ (9,570 )   $ (4,816 )
Depreciation, depletion and amortization
    4,235       5,930       15,250       16,744  
Net Income (Loss) before depreciation, depletion and amortization
  $ (2,543 )   $ 4,001     $ 5,680     $ 11,928  

Financial Position

   
September 30,
   
December 31,
 
   
2015
   
2014
 
   
(Thousands of Dollars)
 
Current assets
  $ 31,904     $ 17,782  
Noncurrent assets
    261,623       265,584  
Total assets
  $ 293,527     $ 283,366  
                 
Current liabilities
  $ 21,216     $ 23,034  
Long term liabilities
    89,156       67,598  
Shareholders' equity
    183,155       192,734  
    $ 293,527     $ 283,366  
Equity in Income or Loss of AMAK Reflected on Consolidated Statement Of Operation
The equity in the income or loss of AMAK reflected on the consolidated statement of income for the three and nine months ended September 30, 2015, and 2014, is comprised of the following:

   
Three months ended
September 30,
   
Nine months ended
September 30,
 
   
2015
   
2014
   
2015
   
2014
 
   
(Thousands of Dollars)
 
Company’s share of loss reported by AMAK
  $ (2,391 )   $ (680 )   $ (3,375 )   $ (1,698 )
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK
    337       337       1,011       1,011  
Equity in loss of AMAK
  $ ( 2,054 )   $ (343 )   $ (2,364 )   $ (687 )