Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK (Tables)

v3.7.0.1
INVESTMENT IN AMAK (Tables)
6 Months Ended
Jun. 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 June 30,
   
Six Months Ended June 30,
 
   
2016
(restated)
   
2015
   
2016
(restated)
   
2015
 
   
(Thousands of Dollars)
 
Sales
 
$
610
   
$
13,283
   
$
9,602
   
$
18,584
 
Gross profit (loss)
   
(3,000
)
   
1,034
     
(2,809
)
   
2,746
 
General, administrative and other expenses
   
2,361
     
3,036
     
4,509
     
5,538
 
Loss from operations
 
$
(5,361
)
 
$
(2,002
)
 
$
(7,318
)
 
$
(2,792
)
Gain on settlement with former operator
   
1,200
     
-
     
17,426
     
-
 
Net income (loss)
 
$
(4,161
)
 
$
(2,002
)
 
$
10,108
   
$
(2,792
)
Equity in Income or Loss of AMAK Reflected on Consolidated Statements of Operation
Therefore, net income before depreciation and amortization was as follows:
 
   
Three Months Ended June 30,
   
Six Months Ended June 30,
 
   
2016
(restated)
   
2015
   
2016 (restated)
   
2015
 
   
(Thousands of Dollars)
 
Net income (loss) before depreciation and amortization
 
$
(1,772
)
 
$
3,903
   
$
15,206
   
$
8,223
 

Financial Position

   
June 30,
   
December 31,
 
   
2016
(restated)
   
2015
 
   
(Thousands of Dollars)
 
Current assets
 
$
10,752
   
$
26,078
 
Noncurrent assets
   
263,446
     
259,527
 
Total assets
 
$
274,198
   
$
285,605
 
                 
Current liabilities
 
$
2,654
   
$
22,740
 
Long term liabilities
   
87,935
     
89,364
 
Shareholders' equity
   
183,609
     
173,501
 
   
$
274,198
   
$
285,605
 

The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three and six months ended June 30, 2016, and 2015, is comprised of the following:

   
Three months ended
June 30,
   
Six months ended
June 30,
 
   
2016
(restated)
   
2015
   
2016
(restated)
   
2015
 
   
(Thousands of Dollars)
 
AMAK Net Income (Loss)    (4,161    (2,002    10,108      (2,792
Zakat tax applicable to Saudi Arabian shareholders only       320        -        320        -  
AMAK Net Income (Loss) before Saudi Arabian shareholders' portion of Zakat     (3,841   (2,002    10,428      (2,792
                                 
Company’s share of income (loss) reported by AMAK (35.25%)
 
$
(1,354
)
 
$
(706
)
 
$
3,676
   
$
(984
)
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK
   
337
     
337
     
674
     
674
 
Equity in earnings (loss) of AMAK
 
$
(1,017
)
 
$
(369
)
 
$
4,350
   
$
(310
)