| Disposal Groups, Including Discontinued Operations |
Included in discontinued operations are the following:
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Three Months Ended September 30, |
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Nine Months Ended
September 30, |
| |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| |
|
(thousands of dollars) |
|
(thousands of dollars) |
| Saudi administration and transaction expenses |
|
$ |
(2,605) |
|
|
$ |
— |
|
|
$ |
(2,490) |
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|
$ |
— |
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| Equity in earnings (losses) of AMAK |
|
682 |
|
|
(942) |
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|
455 |
|
|
(1,093) |
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| Gain (loss) on sale of equity interest |
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28,510 |
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|
(325) |
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|
35,173 |
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|
(325) |
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| Income (loss) from discontinued operations before taxes |
|
26,587 |
|
|
(1,267) |
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|
33,138 |
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|
(1,418) |
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| Tax (expense) benefit |
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(5,263) |
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|
265 |
|
|
(6,959) |
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|
298 |
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| Income (loss) from discontinued operations, net of tax |
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$ |
21,324 |
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|
$ |
(1,002) |
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|
$ |
26,179 |
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|
$ |
(1,120) |
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| 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
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| |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
| |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| |
|
(thousands of dollars) |
|
(thousands of dollars) |
| Sales |
|
$ |
23,943 |
|
|
$ |
19,643 |
|
|
$ |
62,632 |
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|
$ |
60,873 |
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| Cost of sales |
|
18,644 |
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|
19,072 |
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|
53,294 |
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|
55,804 |
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| Gross profit |
|
5,299 |
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|
571 |
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|
9,338 |
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|
5,069 |
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| Selling, general, and administrative |
|
3,808 |
|
|
3,557 |
|
|
8,850 |
|
|
9,102 |
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| Operating income (loss) |
|
1,491 |
|
|
(2,986) |
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|
488 |
|
|
(4,033) |
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| Other income |
|
16 |
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|
43 |
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|
33 |
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|
396 |
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| Finance and interest expense |
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(237) |
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|
(456) |
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|
(871) |
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|
(1,349) |
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| Income (loss) before Zakat and income taxes |
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1,270 |
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(3,399) |
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(350) |
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|
(4,986) |
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| Zakat and income tax (benefit) |
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(240) |
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|
444 |
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|
859 |
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|
1,332 |
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| Net Income (Loss) |
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$ |
1,510 |
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$ |
(3,843) |
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|
$ |
(1,209) |
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$ |
(6,318) |
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Financial Position
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September 30, |
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December 31, |
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2020 |
|
2019 |
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(thousands of dollars) |
| Current assets |
|
$ |
37,945 |
|
|
$ |
45,354 |
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| Noncurrent assets |
|
204,865 |
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|
196,564 |
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| Total assets |
|
$ |
242,810 |
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|
$ |
241,918 |
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| Current liabilities |
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$ |
23,622 |
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$ |
27,645 |
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| Long term liabilities |
|
100,698 |
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|
79,348 |
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| Stockholders' equity |
|
118,490 |
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|
134,925 |
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| |
|
$ |
242,810 |
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|
$ |
241,918 |
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| Summary of Operating Results and Financial Position for Equity Method Investments |
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 three and nine months ended September 30, 2020 and 2019, is comprised of the following:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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|
2020 |
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2019 |
|
2020 |
|
2019 |
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(thousands of dollars) |
|
(thousands of dollars) |
| AMAK Net Income (Loss) |
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1,510 |
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|
(3,843) |
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|
(1,209) |
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|
(6,318) |
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| Company's share of income (loss) reported by AMAK |
|
345 |
|
* |
(1,279) |
|
|
(555) |
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* |
(2,103) |
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| Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK |
|
337 |
|
|
337 |
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|
1,010 |
|
|
1,010 |
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| Equity in earnings (losses) of AMAK |
|
682 |
|
|
(942) |
|
|
455 |
|
|
(1,093) |
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| * Percentage of Ownership varies during the period. |
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