| 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, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| |
|
(Thousands of Dollars) |
|
Sales |
|
$ |
17,815 |
|
|
$ |
- |
|
|
$ |
64,310 |
|
|
$ |
- |
|
Gross Profit |
|
|
6,994 |
|
|
|
- |
|
|
|
25,028 |
|
|
|
- |
|
General, administrative and other expenses |
|
|
4,256 |
|
|
|
1,929 |
|
|
|
14,071 |
|
|
|
3,325 |
|
Net Income (loss) |
|
$ |
2,738 |
|
|
$ |
(1,929 |
) |
|
$ |
10,957 |
|
|
$ |
(3,325 |
) |
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
| |
|
(Thousands of Dollars) |
|
Current assets |
|
$ |
43,132 |
|
|
$ |
32,827 |
|
Noncurrent assets |
|
|
263,400 |
|
|
|
261,620 |
|
Total assets |
|
$ |
306,532 |
|
|
$ |
294,447 |
|
| |
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
99,262 |
|
|
$ |
135,111 |
|
Long term liabilities |
|
|
6,237 |
|
|
|
9,260 |
|
Shareholders' equity |
|
|
201,033 |
|
|
|
150,076 |
|
| |
|
$ |
306,532 |
|
|
$ |
294,447 |
|
|
| 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, 2013, and 2012, is comprised of the following:
| |
|
Three months ended
September 30,
|
|
|
Nine months ended
September 30,
|
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
(restated) |
|
|
|
|
|
(restated) |
|
| |
|
(Thousands of Dollars) |
|
Company’s share of income (loss) reported by AMAK |
|
$ |
965 |
|
|
$ |
(712 |
) |
|
$ |
3,991 |
|
|
$ |
(1,227 |
) |
|
Amortization of difference between Company’s investment in
AMAK and Company’s share of net assets of AMAK
|
|
|
337 |
|
|
|
184 |
|
|
|
1,010 |
|
|
|
184 |
|
Gain from additional equity issuance by AMAK |
|
|
- |
|
|
|
- |
|
|
|
3,997 |
|
|
|
- |
|
Equity in income (loss) of AMAK |
|
$ |
1,302 |
|
|
$ |
(528 |
) |
|
$ |
8,998 |
|
|
$ |
(1,043 |
) |
|