Summary of Operating Results and Financial Position for Equity Method Investments |
The equity in the (losses) earnings of AMAK included in loss from discontinued operations, net of tax, on the consolidated statements of operations for the three and nine months ended September 30, 2019, and 2018, 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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2019 |
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2018 |
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2019 |
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2018 |
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(thousands of dollars) |
|
(thousands of dollars) |
AMAK Net Loss |
|
$ |
(3,843 |
) |
|
$ |
(4,390 |
) |
|
$ |
(6,318 |
) |
|
$ |
(5,036 |
) |
Percentage of Ownership |
|
33.29 |
% |
|
33.41 |
% |
|
33.29 |
% |
|
33.41 |
% |
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Company's share of loss reported by AMAK |
|
$ |
(1,279 |
) |
|
$ |
(1,467 |
) |
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$ |
(2,103 |
) |
|
$ |
(1,682 |
) |
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK |
|
337 |
|
|
337 |
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|
1,010 |
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|
1,010 |
|
Equity in (losses) earnings of AMAK |
|
$ |
(942 |
) |
|
$ |
(1,130 |
) |
|
$ |
(1,093 |
) |
|
$ |
(672 |
) |
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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2019 |
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2018 |
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2019 |
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2018 |
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(thousands of dollars) |
|
(thousands of dollars) |
Sales |
|
$ |
19,643 |
|
|
$ |
19,877 |
|
|
$ |
60,873 |
|
|
$ |
53,458 |
|
Cost of sales |
|
19,072 |
|
|
20,350 |
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|
55,804 |
|
|
49,411 |
|
Gross profit (loss) |
|
571 |
|
|
(473 |
) |
|
5,069 |
|
|
4,047 |
|
Selling, general, and administrative |
|
3,557 |
|
|
2,736 |
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|
9,102 |
|
|
7,151 |
|
Operating loss |
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(2,986 |
) |
|
(3,209 |
) |
|
(4,033 |
) |
|
(3,104 |
) |
Other income |
|
43 |
|
|
35 |
|
|
396 |
|
|
70 |
|
Finance and interest expense |
|
(456 |
) |
|
(416 |
) |
|
(1,349 |
) |
|
(1,201 |
) |
Loss before Zakat and income taxes |
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(3,399 |
) |
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(3,590 |
) |
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(4,986 |
) |
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(4,235 |
) |
Zakat and income taxes |
|
444 |
|
|
800 |
|
|
1,332 |
|
|
800 |
|
Net Loss |
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$ |
(3,843 |
) |
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$ |
(4,390 |
) |
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$ |
(6,318 |
) |
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$ |
(5,035 |
) |
Financial Position
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September 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 |
|
$ |
41,030 |
|
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$ |
44,093 |
|
Noncurrent assets |
|
191,043 |
|
|
212,291 |
|
Total assets |
|
$ |
232,073 |
|
|
$ |
256,384 |
|
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Current liabilities |
|
$ |
22,107 |
|
|
$ |
17,160 |
|
Long term liabilities |
|
74,371 |
|
|
77,366 |
|
Stockholders' equity |
|
135,595 |
|
|
161,858 |
|
|
|
$ |
232,073 |
|
|
$ |
256,384 |
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