Summarized Results of Operation and Financial Position for AMAK |
The summarized results of operation and financial position for AMAK are as follows:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
(Thousands of Dollars) |
|
Sales |
|
$ |
318 |
|
|
$ |
19,874 |
|
|
$ |
9,921 |
|
|
$ |
38,458 |
|
Gross profit (loss) |
|
|
(4,747 |
) |
|
|
(2,711 |
) |
|
|
(7,556 |
) |
|
|
35 |
|
General, administrative and other expenses |
|
|
2,796 |
|
|
|
4,067 |
|
|
|
6,986 |
|
|
|
9,605 |
|
Loss from operations |
|
$ |
(7,543 |
) |
|
$ |
(6,778 |
) |
|
$ |
(14,542 |
) |
|
$ |
(9,570 |
) |
Gain on settlement with former operator |
|
|
14 |
|
|
|
- |
|
|
|
25,434 |
|
|
|
- |
|
Net income (loss) |
|
$ |
(7,529 |
) |
|
$ |
(6,778 |
) |
|
$ |
10,892 |
|
|
$ |
(9,570 |
) |
|
Equity in Income or Loss of AMAK Reflected on Consolidated Statements of Operation |
Therefore, net income (loss) before depreciation and amortization was as follows:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
(Thousands of Dollars) |
|
Net income (loss) before depreciation and amortization |
|
$ |
(4,341 |
) |
|
$ |
(2,543 |
) |
|
$ |
19,498 |
|
|
$ |
5,680 |
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
(Thousands of Dollars) |
|
Current assets |
|
$ |
35,153 |
|
|
$ |
26,078 |
|
Noncurrent assets |
|
|
260,142 |
|
|
|
259,527 |
|
Total assets |
|
$ |
295,295 |
|
|
$ |
285,605 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
2,883 |
|
|
$ |
22,740 |
|
Long term liabilities |
|
|
87,994 |
|
|
|
89,364 |
|
Shareholders' equity |
|
|
204,418 |
|
|
|
173,501 |
|
|
|
$ |
295,295 |
|
|
$ |
285,605 |
|
The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three and nine months ended September 30, 2016, and 2015, is comprised of the following:
|
|
Three months ended
September 30,
|
|
|
Nine months ended
September 30,
|
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
(Thousands of Dollars) |
|
Company’s share of income (loss) reported by AMAK |
|
$ |
(2,426 |
) |
|
$ |
(2,391 |
) |
|
$ |
4,068 |
|
|
$ |
(3,375 |
) |
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 earnings (loss) of AMAK |
|
$ |
(2,089 |
) |
|
$ |
(2,054 |
) |
|
$ |
5,079 |
|
|
$ |
(2,364 |
) |
|