Summary of Operating Results and Financial Position for Equity Method Investments |
The summarized results of operation and financial position for AMAK are as follows:
Results of Operations
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Three Months Ended March 31, |
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2019 |
|
|
2018 |
|
|
|
(thousands of dollars) |
Sales |
|
$ |
20,664 |
|
|
$ |
14,087 |
|
Cost of sales |
|
18,570 |
|
|
12,506 |
|
Gross profit |
|
2,094 |
|
|
1,581 |
|
Selling, general, and administrative |
|
2,738 |
|
|
1,523 |
|
Operating income (loss) |
|
(644 |
) |
|
58 |
|
Other income |
|
428 |
|
|
20 |
|
Finance and interest expense |
|
(445 |
) |
|
(397 |
) |
Loss before Zakat and income taxes |
|
(661 |
) |
|
(319 |
) |
Zakat and income taxes |
|
522 |
|
|
— |
|
Net Loss |
|
$ |
(1,183 |
) |
|
$ |
(319 |
) |
Financial Position
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March 31, |
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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 |
|
$ |
56,073 |
|
|
$ |
44,093 |
|
Noncurrent assets |
|
202,640 |
|
|
212,291 |
|
Total assets |
|
$ |
258,713 |
|
|
$ |
256,384 |
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|
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|
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Current liabilities |
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$ |
18,030 |
|
|
$ |
17,160 |
|
Long term liabilities |
|
80,008 |
|
|
77,366 |
|
Stockholders' equity |
|
160,675 |
|
|
161,858 |
|
|
|
$ |
258,713 |
|
|
$ |
256,384 |
|
The equity in the earnings (losses) of AMAK reflected on the consolidated statements of income for the three months ended March 31, 2019, and 2018, is comprised of the following:
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Three Months Ended March 31, |
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|
2019 |
|
|
2018 |
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|
|
(thousands of dollars) |
AMAK Net Loss |
|
$ |
(1,183 |
) |
|
$ |
(319 |
) |
Percentage of Ownership |
|
33.41 |
% |
|
33.41 |
% |
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|
|
|
|
Company's share of loss reported by AMAK |
|
$ |
(395 |
) |
|
$ |
(107 |
) |
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK |
|
337 |
|
|
337 |
|
Equity in earnings (losses) of AMAK |
|
$ |
(59 |
) |
|
$ |
230 |
|
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