| 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 June 30, |
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Six Months Ended June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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(thousands of dollars) |
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(thousands of dollars) |
Sales |
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$ |
20,566 |
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$ |
19,494 |
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$ |
41,230 |
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$ |
33,581 |
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Cost of sales |
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18,162 |
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|
16,555 |
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|
36,732 |
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|
29,061 |
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Gross profit |
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2,404 |
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2,939 |
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|
4,498 |
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4,520 |
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Selling, general, and administrative |
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2,807 |
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2,892 |
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|
5,545 |
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|
4,415 |
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Operating (loss) income |
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(403 |
) |
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47 |
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(1,047 |
) |
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105 |
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Other (expense) income |
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(75 |
) |
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15 |
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|
353 |
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|
34 |
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Finance and interest expense |
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(448 |
) |
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(388 |
) |
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(893 |
) |
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(785 |
) |
Loss before Zakat and income taxes |
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(926 |
) |
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(326 |
) |
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(1,587 |
) |
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(646 |
) |
Zakat and income taxes |
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366 |
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— |
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|
888 |
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— |
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Net Loss |
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$ |
(1,292 |
) |
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$ |
(326 |
) |
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$ |
(2,475 |
) |
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$ |
(646 |
) |
Financial Position
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June 30, |
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December 31, |
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2019 |
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2018 |
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(thousands of dollars) |
Current assets |
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$ |
35,658 |
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$ |
44,093 |
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Noncurrent assets |
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197,093 |
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212,291 |
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Total assets |
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$ |
232,751 |
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$ |
256,384 |
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Current liabilities |
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$ |
19,201 |
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$ |
17,160 |
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Long term liabilities |
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74,111 |
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77,366 |
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Stockholders' equity |
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139,439 |
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|
161,858 |
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$ |
232,751 |
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$ |
256,384 |
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The equity in the (losses) earnings of AMAK reflected on the consolidated statements of income for the three and six months ended June 30, 2019, and 2018, is comprised of the following:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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(thousands of dollars) |
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(thousands of dollars) |
AMAK Net Loss |
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$ |
(1,292 |
) |
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$ |
(326 |
) |
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$ |
(2,475 |
) |
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$ |
(646 |
) |
Percentage of Ownership |
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33.29 |
% |
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33.41 |
% |
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33.29 |
% |
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33.41 |
% |
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Company's share of loss reported by AMAK |
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$ |
(429 |
) |
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$ |
(109 |
) |
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$ |
(824 |
) |
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$ |
(216 |
) |
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK |
|
337 |
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|
337 |
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|
674 |
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|
674 |
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Equity in (losses) earnings of AMAK |
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$ |
(91 |
) |
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$ |
228 |
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$ |
(150 |
) |
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$ |
458 |
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