Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK (Tables)

v3.8.0.1
INVESTMENT IN AMAK (Tables)
9 Months Ended
Sep. 30, 2017
INVESTMENT IN 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

   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2017
   
2016
   
2017
   
2016
 
   
(Thousands of Dollars)
 
Sales
 
$
9,709
   
$
318
   
$
11,965
   
$
9,921
 
                                 
Gross loss
   
(1,307
)
   
(4,747
)
   
(11,515
)
   
(7,556
)
General, administrative and other expenses
   
2,382
     
2,463
     
6,942
     
6,986
 
Loss from operations
 
$
(3,689
)
 
$
(7,210
)
 
$
(18,457
)
 
$
(14,542
)
Gain on settlements with former operator
   
-
     
-
     
-
     
17,440
 
Net income (loss)
 
$
(3,689
)
 
$
(7,210
)
 
$
(18,457
)
 
$
2,898
 
Equity in Income or Loss of AMAK Reflected on Consolidated Statements
Therefore, net income before depreciation and amortization was as follows:

   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2017
   
2016
   
2017
   
2016
 
   
(Thousands of Dollars)
 
Net income (loss) before depreciation and amortization
 
$
2,525
   
$
(4,021
)
 
$
(1,577
)
 
$
11,504
 

Financial Position

   
September 30,
   
December 31,
 
   
2017
   
2016
 
   
(Thousands of Dollars)
 
Current assets
 
$
22,839
   
$
22,860
 
Noncurrent assets
   
247,335
     
251,741
 
Total assets
 
$
270,174
   
$
274,601
 
                 
Current liabilities
 
$
26,315
   
$
8,005
 
Long term liabilities
   
78,265
     
82,546
 
Shareholders' equity
   
165,594
     
184,050
 
   
$
270,174
   
$
274,601
 

The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three and nine months ended September 30, 2017, and 2016, is comprised of the following:
 
   
Three months ended
September 30,
   
Nine months ended
September 30,
 
   
2017
   
2016
   
2017
   
2016
 
   
(Thousands of Dollars)
 
AMAK Net Income (Loss)
 
$
(3,689
)
 
$
(7,210
)
 
$
(18,457
)
 
$
2,898
 
Zakat tax applicable to Saudi Arabian shareholders only
   
-
     
-
     
-
     
320
 
AMAK Net Income (Loss) before Saudi Arabian shareholders' portion of Zakat
 
$
(3,689
)
 
$
(7,210
)
 
$
(18,457
)
 
$
3,218
 
                                 
Company's share of income (loss) reported by AMAK
 
$
(1,234
)
 
$
(2,426
)
 
$
(6,172
)
 
$
1,250
 
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK
   
337
     
337
     
1,011
     
1,011
 
Equity in earnings (loss) of AMAK
 
$
(897
)
 
$
(2,089
)
 
$
(5,161
)
 
$
2,261