Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK (Tables)

v3.5.0.2
INVESTMENT IN AMAK (Tables)
9 Months Ended
Sep. 30, 2016
INVESTMENT IN AMAK [Abstract]  
Summarized Results of Operation and Financial Position for AMAK
The summarized results of operation and financial position for AMAK are as follows:

Results of Operations

   
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  

Financial Position

   
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 )