| Summary of Operating Results and Financial Position for Equity Method Investments |
The summarized results of operation and financial position for AMAK are as follows:
Results of Operations
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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(thousands of dollars) |
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(thousands of dollars) |
Sales |
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$ |
19,877 |
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$ |
9,709 |
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$ |
53,458 |
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$ |
11,965 |
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Cost of sales |
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20,350 |
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11,016 |
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49,411 |
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23,480 |
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Gross profit (loss) |
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$ |
(473 |
) |
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$ |
(1,307 |
) |
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$ |
4,047 |
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$ |
(11,515 |
) |
General, administrative and other expenses |
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3,917 |
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2,382 |
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9,083 |
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6,942 |
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Net Loss |
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$ |
(4,390 |
) |
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$ |
(3,689 |
) |
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$ |
(5,036 |
) |
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$ |
(18,457 |
) |
Depreciation and amortization |
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8,899 |
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6,214 |
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24,881 |
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16,880 |
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Net income (loss) before depreciation and amortization |
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$ |
4,509 |
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$ |
2,525 |
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$ |
19,845 |
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$ |
(1,577 |
) |
Financial Position
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September 30, |
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December 31, |
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2018 |
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2017 |
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(thousands of dollars) |
Current assets |
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$ |
44,238 |
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$ |
23,333 |
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Noncurrent assets |
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214,708 |
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237,875 |
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Total assets |
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$ |
258,946 |
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$ |
261,208 |
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Current liabilities |
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$ |
11,569 |
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$ |
24,439 |
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Long term liabilities |
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83,826 |
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68,837 |
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Shareholders' equity |
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163,551 |
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167,932 |
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$ |
258,946 |
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$ |
261,208 |
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The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three months and nine months ended September 30, 2018, and 2017, is comprised of the following:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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(thousands of dollars) |
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(thousands of dollars) |
AMAK Net Loss |
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$ |
(4,390 |
) |
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$ |
(3,689 |
) |
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$ |
(5,036 |
) |
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$ |
(18,457 |
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Company's share of loss reported by AMAK |
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$ |
(1,467 |
) |
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$ |
(1,234 |
) |
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$ |
(1,682 |
) |
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$ |
(6,172 |
) |
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK |
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337 |
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337 |
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1,010 |
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1,011 |
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Equity in loss of AMAK |
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$ |
(1,130 |
) |
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$ |
(897 |
) |
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$ |
(672 |
) |
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$ |
(5,161 |
) |
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