Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK) (Tables)

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INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK) (Tables)
12 Months Ended
Dec. 31, 2014
INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY ("AMAK") [Abstract]  
Summarized Results of Operation and Financial Position for AMAK
The summarized results of operation and financial position for AMAK are as follows:

Results of Operations

   
Years Ended December 31,
 
   
2014
   
2013
   
2012
 
   
(Thousands of Dollars)
 
Sales
  $ 63,300     $ 104,990     $ 15,594  
Gross Profit
    3,624       21,881       3,825  
General, administrative and other expenses
    10,487       12,360       6,328  
Net Income (loss)
  $ (6,863 )   $ 9,521     $ (2,503 )

Depreciation and amortization for the years ended December 31, 2014, 2013, and 2012 was $23.7 million, $24.4 million and $9.6 million, respectively.  Therefore, net income before depreciation and amortization was as follows:

   
Years Ended December 31,
 
   
2014
   
2013
   
2012
 
   
(Thousands of Dollars)
 
Net income before depreciation and amortization
  $ 16,845     $ 33,878     $ 7,144  

Financial Position

   
December 31,
 
   
2014
   
2013
 
   
(Thousands of Dollars)
 
Current assets
  $ 17,782     $ 32,923  
Noncurrent assets
    265,584       264,997  
Total assets
  $ 283,366     $ 297,920  
                 
Current liabilities
  $ 23,034     $ 22,497  
Long term liabilities
    67,598       75,826  
Shareholders' equity
    192,734       199,597  
Total liabilities and equity
  $ 283,366     $ 297,920  
Equity in Income or Loss of AMAK Reflected on Consolidated Statement Of Operation
The equity in the income or loss of AMAK reflected on the consolidated statements of income for the years ended December 31, 2014, 2013, and 2012, is comprised of the following:

   
2014
   
2013
   
2012
 
Company’s share of earnings (loss) reported by AMAK
  $ (2,419 )   $ 3,356     $ (885 )
Amortization of difference between Company’s investment in AMAK
                       
  and Company’s share of net assets of AMAK
    1,347       1,347       674  
Equity in earnings (loss) of AMAK
  $ (1,072 )   $ 4,703     $ (211 )