Quarterly report pursuant to Section 13 or 15(d)

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

v3.20.1
INVESTMENT IN AMAK (Held-for-Sale) (Tables)
 3 Months Ended
Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Disposal Groups, Including Discontinued Operations
Included in discontinued operations are the following :
 
 
Three Months Ended March 31,
 
 
2020

 
2019

 
 
(thousands of dollars)
Saudi administration (income) expenses
 
$
(17
)
 
$
16

Equity in losses of AMAK
 
532

 
59

Gain on sale of equity interest
 
(6,663
)
 
—

(Income) loss from discontinued operations before taxes
 
(6,148
)
 
75

Tax expense (benefit)
 
1,291

 
(16
)
(Income) loss from discontinued operations (net of tax)
 
$
(4,857
)
 
$
59

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 March 31,
 
 
2020

 
2019

 
 
(thousands of dollars)
Sales
 
$
17,937

 
$
20,664

Cost of sales
 
16,821

 
18,570

Gross profit
 
1,116

 
2,094

Selling, general, and administrative
 
2,680

 
2,738

Operating loss
 
(1,564
)
 
(644
)
Other income
 
17

 
428

Finance and interest expense
 
(531
)
 
(445
)
Loss before Zakat and income taxes
 
(2,078
)
 
(661
)
Zakat and income taxes
 
533

 
522

Net Loss
 
$
(2,611
)
 
$
(1,183
)


Financial Position
 
 
March 31,

 
December 31,

 
 
2020

 
2019

 
 
(thousands of dollars)
Current assets
 
$
44,189

 
$
45,354

Noncurrent assets
 
199,109

 
196,564

Total assets
 
$
243,298

 
$
241,918

 
 
 
 
 
Current liabilities
 
$
28,955

 
$
27,645

Long term liabilities
 
82,029

 
79,348

Stockholders' equity
 
132,314

 
134,925

 
 
$
243,298

 
$
241,918

Summary of Operating Results and Financial Position for Equity Method Investments
The equity in the (losses) earnings of AMAK included in income (loss) from discontinued operations, net of tax, on the consolidated statements of operations for the three months ended March 31, 2020 and 2019, is comprised of the following:
 
 
Three Months Ended
March 31,
 
 
2020

 
2019

 
 
(thousands of dollars)
AMAK Net Loss
 
$
(2,611
)
 
$
(1,183
)
Percentage of Ownership
 
33.3
%
 
33.4
%
 
 
 
 
 
Company's share of loss reported by AMAK
 
$
(869
)
 
$
(395
)
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK
 
337

 
337

Equity in losses of AMAK
 
$
(532
)
 
$
(59
)