Discontinued Operations |
Included in discontinued operations are the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2020 |
|
2019 |
|
2018 |
|
|
(thousands of dollars) |
Saudi administration and transaction expenses |
|
$ |
(2,452) |
|
|
$ |
(187) |
|
|
$ |
136 |
|
Equity in earnings (losses) of AMAK |
|
702 |
|
|
(986) |
|
|
(901) |
|
Gain (loss) on sale of equity interest |
|
34,926 |
|
|
(1,473) |
|
|
— |
|
Income (loss) from discontinued operations before taxes |
|
33,176 |
|
|
(2,646) |
|
|
(765) |
|
Tax (expense) benefit |
|
(6,967) |
|
|
556 |
|
|
161 |
|
Income (loss) from discontinued operations, net of tax |
|
$ |
26,209 |
|
|
$ |
(2,090) |
|
|
$ |
(604) |
|
|
Summarized Results of Operation and Financial Position for AMAK |
The summarized results of operations and financial position for AMAK are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of Operations |
|
Nine Months Ended September 30, |
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2018 |
|
|
(thousands of dollars) |
Sales |
|
$ |
62,633 |
|
|
$ |
78,350 |
|
|
$ |
70,234 |
|
Cost of sales |
|
(55,728) |
|
|
(69,620) |
|
|
(68,084) |
|
Gross profit |
|
6,905 |
|
|
8,730 |
|
|
2,150 |
|
Selling, general, and administrative |
|
(4,985) |
|
|
(13,047) |
|
|
(7,860) |
|
Operating income (loss) |
|
1,920 |
|
|
(4,317) |
|
|
(5,710) |
|
Other (expense) income |
|
(346) |
|
|
558 |
|
|
86 |
|
Finance and interest expense |
|
(1,211) |
|
|
(1,450) |
|
|
(1,592) |
|
Income (loss) before Zakat and income taxes |
|
363 |
|
|
(5,209) |
|
|
(7,216) |
|
Zakat and income tax (expense) benefit |
|
(490) |
|
|
(1,801) |
|
|
487 |
|
Net loss |
|
$ |
(127) |
|
|
$ |
(7,010) |
|
|
$ |
(6,729) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Position |
|
September 30, |
|
December 31, |
|
|
2020 |
|
2019 |
|
|
(thousands of dollars) |
Current assets |
|
$ |
29,799 |
|
|
$ |
45,354 |
|
Noncurrent assets |
|
209,814 |
|
|
196,564 |
|
Total assets |
|
$ |
239,613 |
|
|
$ |
241,918 |
|
|
|
|
|
|
Current liabilities |
|
$ |
40,919 |
|
|
$ |
27,645 |
|
Long term liabilities |
|
79,122 |
|
|
79,348 |
|
Stockholders' equity |
|
119,572 |
|
|
134,925 |
|
|
|
$ |
239,613 |
|
|
$ |
241,918 |
|
|
Equity in Income or Loss of AMAK Reflected on Consolidated Statements |
The equity in the earnings (losses) of AMAK included in income (loss) from discontinued operations, net of tax, on the consolidated statements of operations for the years ended December 31, 2020, 2019, and 2018, is comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2018 |
|
|
(thousands of dollars) |
AMAK Net Loss |
|
(127) |
|
|
(7,010) |
|
|
(6,729) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company’s share of loss reported by AMAK |
|
(308) |
|
* |
(1,996) |
|
|
(2,248) |
|
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK |
|
1,010 |
|
|
1,010 |
|
|
1,347 |
|
Equity in earnings (losses) of AMAK |
|
702 |
|
|
(986) |
|
|
(901) |
|
* Percentage of Ownership varies during the period. |
|
|
|