Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK (Held-for-Sale) (Tables)

v3.19.3
INVESTMENT IN AMAK (Held-for-Sale) (Tables)
9 Months Ended
Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
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:
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019

 
2018

 
2019

 
2018

 
 
(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
%
 
 
 
 
 
 
 
 
 
Company's share of loss reported by AMAK
 
$
(1,279
)
 
$
(1,467
)
 
$
(2,103
)
 
$
(1,682
)
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK
 
337

 
337

 
1,010

 
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
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019

 
2018

 
2019

 
2018

 
 
(thousands of dollars)
 
(thousands of dollars)
Sales
 
$
19,643

 
$
19,877

 
$
60,873

 
$
53,458

Cost of sales
 
19,072

 
20,350

 
55,804

 
49,411

Gross profit (loss)
 
571

 
(473
)
 
5,069

 
4,047

Selling, general, and administrative
 
3,557

 
2,736

 
9,102

 
7,151

Operating loss
 
(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
 
(3,399
)
 
(3,590
)
 
(4,986
)
 
(4,235
)
Zakat and income taxes
 
444

 
800

 
1,332

 
800

Net Loss
 
$
(3,843
)
 
$
(4,390
)
 
$
(6,318
)
 
$
(5,035
)


Financial Position
 
 
September 30,

 
December 31,

 
 
2019

 
2018

 
 
(thousands of dollars)
Current assets
 
$
41,030

 
$
44,093

Noncurrent assets
 
191,043

 
212,291

Total assets
 
$
232,073

 
$
256,384

 
 
 
 
 
Current liabilities
 
$
22,107

 
$
17,160

Long term liabilities
 
74,371

 
77,366

Stockholders' equity
 
135,595

 
161,858

 
 
$
232,073

 
$
256,384