HOUSTON, Aug. 5, 2019 /PRNewswire/ -- Parker Drilling
Company (NYSE: PKD) today announced results for the second quarter
ended June 30, 2019, which included a net income of
$4.6 million, or diluted earnings of
$0.31 per share on revenues of
$156.0 million. Second quarter
Adjusted EBITDA was $37.8 million
(1).
Gary Rich, the Company's
President and CEO, said, "Our second quarter results, as
demonstrated by our positive net income and strong Adjusted EBITDA,
is a testament to our strong operational execution, ability to
capture additional opportunities and improved balance sheet.
"In our rental tools business, our International rentals segment
benefited from whipstock sales and continued demand for tubular
running services, in particular our proprietary casing running
tool. Our U.S. rental tools segment performed admirably in the
second quarter in spite of the U.S. land rig count continuing to
decline. Despite this softness, the U.S. offshore market continues
to show modest signs of strength, and we are confident in our
ability to perform well in both the U.S. land and offshore markets
this year.
"In our drilling services business, our ongoing shift to more
capital efficient and increasingly profitable operating activities
supported the second quarter results. We also benefited from
ongoing O&M activities and improving rig utilization, in both
our U.S. (lower 48) drilling and International and Alaska drilling segments, as rigs returned to
service in the inland barge and Mexico markets.
"Despite current market softness in the U.S., our diversified
global exposure, ability to adjust capex spending, and improved
capital structure provide us the ability to execute on profitable
projects and deliver solid returns."
Second Quarter Review
Revenues were $156.0 million and
$157.4 million for the second and
first quarter, respectively. Operating gross margin, excluding
depreciation and amortization expense (gross margin) was
$43.4 million and $36.5 million for the second and first quarter,
respectively.
Rental Tools Services
For the Company's rental tools services business, which is
comprised of the U.S. rental tools and international rental tools
segments, revenues were $75.1 million
and $73.7 million for the second and
first quarter, respectively. Gross margin was $30.6 million and $29.5
million for the second and first quarter, respectively.
Gross margin as a percentage of revenues was 40.8 percent and 40.1
percent for the second and first quarter, respectively.
U.S. Rental Tools
U.S. rental tools segment revenues
were $52.9 million and $52.6 million for the second and first quarter,
respectively. Gross margin was $27.7
million and $29.0 million for
the second and first quarter, respectively. Our second quarter
revenues were primarily driven by customer activity in U.S. land
and offshore shelf rentals.
International Rental
Tools
International rental tools segment
revenues were $22.2 million and
$21.1 million for the second and
first quarter, respectively. Gross margin was $2.9 million and $0.5
million for the second and first quarter, respectively. Our
second quarter revenues were primarily driven by well construction,
well intervention services and surface and tubular services.
|
(1)
|
Adjusted EBITDA is a
non-GAAP financial measure. See the reconciliation and table of net
income/(loss) to EBITDA and Adjusted EBITDA later in this release
for more information on non-GAAP financial measures.
|
Drilling Services
For the Company's drilling services business, which is comprised
of the U.S. (lower 48) drilling and International &
Alaska drilling segments, revenues
were $80.9 million and $83.7 million for the second and first quarter,
respectively. Gross margin was $12.8
million and $7.0 million for
the second and first quarter, respectively. Gross margin as a
percentage of revenues was 15.8 percent, and 8.3 percent for the
second and first quarter, respectively.
U.S. (Lower 48)
Drilling
U.S. (lower 48) drilling segment
revenues were $12.5 million and
$6.6 million for the second and first
quarter, respectively. Gross margin was $2.6
million for the second quarter and a loss of $0.7 million for the first quarter. Our second
quarter revenues were primarily driven by our inland barge rig
fleet and operations and management ("O&M") revenue.
International & Alaska
Drilling
International & Alaska drilling segment revenues were
$68.5 million and $77.1 million for the second and first quarter,
respectively. Gross margin were $10.2
million and $7.7 million for
the second and first quarter, respectively. Our second quarter
revenues were primarily driven by O&M revenue and revenue from
Company-owned rigs in Sakhalin Island, Russia, Mexico and the Kurdistan region of Iraq.
Consolidated
General and administrative expense was $5.6 million for the 2019 second quarter. Total
liquidity at the end of the quarter, exclusive of $2.0 million restricted cash, was $163.9 million, consisting of $139.1 million in unrestricted cash and cash
equivalents and $24.8 million
available under the Company's credit facility.
Capital expenditures in the second quarter were $25.1 million, primarily related to the Company's
Rentals Tools Services business.
Conference Call
Parker Drilling has scheduled a
conference call for 10:00 a.m. Central
Time (11:00 a.m. Eastern Time)
on Tuesday, August 6, 2019, to review second quarter results.
The call will be available by telephone by dialing (+1) (412)
902-0003 and asking for the Parker Drilling Second Quarter
Conference Call. The call can also be accessed through the Investor
Relations section of the Company's website. A replay of the call
can be accessed on the Company's website for 12 months and will be
available by telephone through August 13,
2019 at (+1) (201) 612-7415, conference ID 13692051#.
Cautionary Statement
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as
amended, (the "Exchange Act"). All statements contained in this
Form 10-Q, other than statements of historical facts, are
forward-looking statements for purposes of these provisions. In
some cases, you can identify these statements by forward-looking
words such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "outlook," "may," "should," "plan," "seek,"
"forecast," "target," "will," and "would" or similar words.
Forward-looking statements are based on certain assumptions and
analyses we make in light of our experience and perception of
historical trends, current conditions, expected future
developments, and other factors we believe are relevant. Although
we believe our assumptions are reasonable based on information
currently available, those assumptions are subject to significant
risks and uncertainties, many of which are outside our control.
Each forward-looking statement speaks only as of the date of this
Form 10-Q, and we undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise. You should be aware
that certain events could have a material adverse effect on our
business, results of operations, financial condition, and cash
flows. For more information about such events, see "Risk Factors"
described in Item 1A. of the Company's Annual Report filed on Form
10-K, and the Company's Quarterly Report on Form 10-Q for the
period ended March 31, 2019, along with additional risk
factors described from time to time in our SEC filings.
This news release contains non-GAAP financial measures as
defined by SEC Regulation G. A reconciliation of each such measure
to its most directly comparable U.S. Generally Accepted Accounting
Principles (GAAP) financial measure, together with an explanation
of why management believes that these non-GAAP financial measures
provide useful information to investors, is provided in the
following tables.
Company Description
Parker Drilling provides drilling
services and rental tools to the energy industry. The Company's
Drilling Services business serves operators through the use of
Parker-owned and customer-owned rig fleets in select U.S. and
international markets, specializing in remote and harsh environment
regions. The Company's Rental Tools Services business supplies
premium equipment and well services to operators on land and
offshore in the U.S. and international markets. More information
about Parker Drilling can be found
on the Company's website at www.parkerdrilling.com.
Contact: Nick Henley,
Director, Investor Relations, (+1) (281) 406-2082,
nick.henley@parkerdrilling.com.
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
|
CONSOLIDATED
CONDENSED BALANCE SHEETS
|
|
(Dollars in
Thousands)
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
June 30,
2019
|
|
|
December 31,
2018
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
139,099
|
|
|
|
$
|
48,602
|
|
|
Restricted
cash
|
2,024
|
|
|
|
10,389
|
|
|
Accounts and notes
receivable, net of allowance for bad debts
|
162,718
|
|
|
|
136,437
|
|
|
Rig materials and
supplies
|
19,360
|
|
|
|
36,245
|
|
|
Other current
assets
|
25,234
|
|
|
|
35,231
|
|
|
Total current
assets
|
348,435
|
|
|
|
266,904
|
|
|
Property, plant and
equipment, net of accumulated depreciation
|
304,978
|
|
|
|
534,371
|
|
|
Intangible assets,
net
|
16,558
|
|
|
|
4,821
|
|
|
Deferred income
taxes
|
4,618
|
|
|
|
2,143
|
|
|
Other non-current
assets
|
33,322
|
|
|
|
20,175
|
|
|
Total
assets
|
$
|
707,911
|
|
|
|
$
|
828,414
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Debtor in possession
financing
|
$
|
—
|
|
|
|
$
|
10,000
|
|
|
Accounts payable and
accrued liabilities
|
121,245
|
|
|
|
75,063
|
|
|
Accrued income
taxes
|
5,021
|
|
|
|
3,385
|
|
|
Total current
liabilities
|
126,266
|
|
|
|
88,448
|
|
|
Long-term
debt
|
211,132
|
|
|
|
—
|
|
|
Other long-term
liabilities
|
16,801
|
|
|
|
11,544
|
|
|
Long-term deferred
tax liability
|
4,554
|
|
|
|
510
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
Total liabilities not
subject to compromise
|
358,753
|
|
|
|
100,502
|
|
|
Liabilities subject
to compromise
|
—
|
|
|
|
600,996
|
|
|
Total
liabilities
|
358,753
|
|
|
|
701,498
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Predecessor preferred
stock
|
—
|
|
|
|
500
|
|
|
Predecessor common
stock
|
—
|
|
|
|
1,398
|
|
|
Predecessor capital
in excess of par value
|
—
|
|
|
|
766,347
|
|
|
Predecessor
accumulated other comprehensive income (loss)
|
—
|
|
|
|
(6,879)
|
|
|
Successor common
stock
|
150
|
|
|
|
—
|
|
|
Successor capital in
excess of par value
|
344,519
|
|
|
|
—
|
|
|
Successor accumulated
other comprehensive income (loss)
|
(152)
|
|
|
|
—
|
|
|
Retained earnings
(accumulated deficit)
|
4,641
|
|
|
|
(634,450)
|
|
|
Total stockholders'
equity
|
349,158
|
|
|
|
126,916
|
|
|
Total liabilities and
stockholders' equity
|
$
|
707,911
|
|
|
|
$
|
828,414
|
|
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
|
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
|
(Dollars in
Thousands, Except Per Share Data)
|
|
(Unaudited)
|
|
|
|
Successor
|
|
|
Predecessor
|
|
Three Months
Ended June 30,
|
|
|
Three Months
Ended June 30,
|
|
Three Months
Ended March 31,
|
|
2019
|
|
|
2018
|
|
2019
|
|
Revenues
|
$
|
156,031
|
|
|
|
$
|
118,603
|
|
|
$
|
157,397
|
|
|
Expenses:
|
|
|
|
|
|
|
|
Operating
expenses
|
112,649
|
|
|
|
91,634
|
|
|
120,871
|
|
|
Depreciation and
amortization
|
20,391
|
|
|
|
27,136
|
|
|
25,102
|
|
|
133,040
|
|
|
|
118,770
|
|
|
145,973
|
|
|
Total operating gross
margin (loss)
|
22,991
|
|
|
|
(167)
|
|
|
11,424
|
|
|
General and
administrative expense
|
(5,610)
|
|
|
|
(8,288)
|
|
|
(8,147)
|
|
|
Gain (loss) on
disposition of assets, net
|
(53)
|
|
|
|
(478)
|
|
|
384
|
|
|
Reorganization
items
|
(962)
|
|
|
|
|
—
|
|
|
(92,977)
|
|
|
Total operating
income (loss)
|
16,366
|
|
|
|
(8,933)
|
|
|
(89,316)
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
(7,663)
|
|
|
|
(11,197)
|
|
|
(274)
|
|
|
Interest
income
|
374
|
|
|
|
30
|
|
|
8
|
|
|
Other
|
(644)
|
|
|
|
(1,191)
|
|
|
(10)
|
|
|
Total other income
(expense)
|
(7,933)
|
|
|
|
(12,358)
|
|
|
(276)
|
|
|
Income (loss) before
income taxes
|
8,433
|
|
|
|
(21,291)
|
|
|
(89,592)
|
|
|
Income tax
expense
|
3,792
|
|
|
|
1,586
|
|
|
656
|
|
|
Net income
(loss)
|
4,641
|
|
|
|
(22,877)
|
|
|
(90,248)
|
|
|
Less: Predecessor
preferred stock dividend
|
—
|
|
|
|
907
|
|
|
—
|
|
|
Net income (loss)
available to common stockholders
|
$
|
4,641
|
|
|
|
$
|
(23,784)
|
|
|
$
|
(90,248)
|
|
|
Basic earnings (loss)
per common share:
|
$
|
0.31
|
|
|
|
$
|
(2.56)
|
|
|
$
|
(9.63)
|
|
|
Diluted earnings
(loss) per common share:
|
$
|
0.31
|
|
|
|
$
|
(2.56)
|
|
|
$
|
(9.63)
|
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
|
|
|
|
Basic
|
15,044,739
|
|
|
|
9,292,224
|
|
|
9,368,322
|
|
|
Diluted
|
15,044,739
|
|
|
|
9,292,224
|
|
|
9,368,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
|
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
|
(Dollars in
Thousands, Except Per Share Data)
|
|
(Unaudited)
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
Three Months
Ended June 30,
|
|
|
Three Months
Ended March 31,
|
|
Six Months
Ended June 30,
|
|
2019
|
|
|
2019
|
|
2018
|
|
Revenues
|
$
|
156,031
|
|
|
|
$
|
157,397
|
|
|
$
|
228,278
|
|
|
Expenses:
|
|
|
|
|
|
|
|
Operating
expenses
|
112,649
|
|
|
|
120,871
|
|
|
183,168
|
|
|
Depreciation and
amortization
|
20,391
|
|
|
|
25,102
|
|
|
55,685
|
|
|
133,040
|
|
|
|
145,973
|
|
|
238,853
|
|
|
Total operating gross
margin (loss)
|
22,991
|
|
|
|
11,424
|
|
|
(10,575)
|
|
|
|
|
|
|
|
|
|
General and
administrative expense
|
(5,610)
|
|
|
|
(8,147)
|
|
|
(14,489)
|
|
|
Gain (loss) on
disposition of assets, net
|
(53)
|
|
|
|
384
|
|
|
(135)
|
|
|
Reorganization
items
|
(962)
|
|
|
|
(92,977)
|
|
|
—
|
|
|
Total operating
income (loss)
|
16,366
|
|
|
|
(89,316)
|
|
|
(25,199)
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
(7,663)
|
|
|
|
(274)
|
|
|
(22,437)
|
|
|
Interest
income
|
374
|
|
|
|
8
|
|
|
53
|
|
|
Other
|
(644)
|
|
|
|
(10)
|
|
|
(900)
|
|
|
Total other income
(expense)
|
(7,933)
|
|
|
|
(276)
|
|
|
(23,284)
|
|
|
Income (loss) before
income taxes
|
8,433
|
|
|
|
(89,592)
|
|
|
(48,483)
|
|
|
Income tax
expense
|
3,792
|
|
|
|
656
|
|
|
3,190
|
|
|
Net income
(loss)
|
4,641
|
|
|
|
(90,248)
|
|
|
(51,673)
|
|
|
Less: Predecessor
preferred stock dividend
|
—
|
|
|
|
—
|
|
|
1,813
|
|
|
Net income (loss)
available to common stockholders
|
$
|
4,641
|
|
|
|
$
|
(90,248)
|
|
|
$
|
(53,486)
|
|
|
Basic earnings (loss)
per common share:
|
$
|
0.31
|
|
|
|
$
|
(9.63)
|
|
|
$
|
(5.77)
|
|
|
Diluted earnings
(loss) per common share:
|
$
|
0.31
|
|
|
|
$
|
(9.63)
|
|
|
$
|
(5.77)
|
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
|
|
|
|
Basic
|
15,044,739
|
|
|
|
9,368,322
|
|
|
9,271,759
|
|
|
Diluted
|
15,044,739
|
|
|
|
9,368,322
|
|
|
9,271,759
|
|
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
|
SELECTED FINANCIAL
DATA
|
|
(Dollars in
Thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
Three Months
Ended June 30,
|
|
|
Three Months
Ended June 30,
|
|
Three Months
Ended March 31,
|
|
|
|
2019
|
|
|
2018
|
|
2019
|
|
Revenues:
|
|
|
|
|
|
|
|
|
U.S. rental
tools
|
|
$
|
52,936
|
|
|
|
$
|
42,083
|
|
|
$
|
52,595
|
|
|
International rental
tools
|
|
22,155
|
|
|
|
19,935
|
|
|
21,109
|
|
|
Total rental tools
services
|
|
75,091
|
|
|
|
62,018
|
|
|
73,704
|
|
|
U.S. (lower 48)
drilling
|
|
12,479
|
|
|
|
3,283
|
|
|
6,627
|
|
|
International and
Alaska drilling
|
|
68,461
|
|
|
|
53,302
|
|
|
77,066
|
|
|
Total drilling
services
|
|
80,940
|
|
|
|
56,585
|
|
|
83,693
|
|
|
Total
revenues
|
|
156,031
|
|
|
|
118,603
|
|
|
157,397
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
U.S. rental
tools
|
|
25,267
|
|
|
|
19,326
|
|
|
23,591
|
|
|
International rental
tools
|
|
19,224
|
|
|
|
19,344
|
|
|
20,575
|
|
|
Total rental tools
services
|
|
44,491
|
|
|
|
38,670
|
|
|
44,166
|
|
|
U.S. (lower 48)
drilling
|
|
9,923
|
|
|
|
4,686
|
|
|
7,327
|
|
|
International and
Alaska drilling
|
|
58,235
|
|
|
|
48,278
|
|
|
69,378
|
|
|
Total drilling
services
|
|
68,158
|
|
|
|
52,964
|
|
|
76,705
|
|
|
Total operating
expenses
|
|
112,649
|
|
|
|
91,634
|
|
|
120,871
|
|
|
|
|
|
|
|
|
|
|
Operating gross
margin (loss), excluding depreciation and amortization:
|
|
|
|
|
|
|
U.S. rental
tools
|
|
27,669
|
|
|
|
22,757
|
|
|
29,004
|
|
|
International rental
tools
|
|
2,931
|
|
|
|
591
|
|
|
534
|
|
|
Total rental tools
services
|
|
30,600
|
|
|
|
23,348
|
|
|
29,538
|
|
|
U.S. (lower 48)
drilling
|
|
2,556
|
|
|
|
(1,403)
|
|
|
(700)
|
|
|
International and
Alaska drilling
|
|
10,226
|
|
|
|
5,024
|
|
|
7,688
|
|
|
Total drilling
services
|
|
12,782
|
|
|
|
3,621
|
|
|
6,988
|
|
|
Total operating gross
margin (loss), excluding depreciation and amortization
|
|
43,382
|
|
|
|
26,969
|
|
|
36,526
|
|
|
Depreciation and
amortization
|
|
(20,391)
|
|
|
|
(27,136)
|
|
|
(25,102)
|
|
|
Total operating gross
margin (loss)
|
|
$
|
22,991
|
|
|
|
$
|
(167)
|
|
|
$
|
11,424
|
|
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
|
ADJUSTED
EBITDA
|
|
(Dollars in
Thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
June 30,
2019
|
|
|
March 31,
2019
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
Net income (loss)
available to common stockholders
|
|
$
|
4,641
|
|
|
|
$
|
(90,248)
|
|
|
$
|
(43,073)
|
|
|
$
|
(71,857)
|
|
|
$
|
(23,784)
|
|
|
Interest
expense
|
|
7,663
|
|
|
|
274
|
|
|
8,778
|
|
|
11,350
|
|
|
11,197
|
|
|
Income tax
expense
|
|
3,792
|
|
|
|
656
|
|
|
2,235
|
|
|
2,371
|
|
|
1,586
|
|
|
Depreciation and
amortization
|
|
20,391
|
|
|
|
25,102
|
|
|
24,340
|
|
|
27,520
|
|
|
27,136
|
|
|
Predecessor preferred
stock dividend
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
906
|
|
|
907
|
|
|
EBITDA
|
|
36,487
|
|
|
|
(64,216)
|
|
|
(7,720)
|
|
|
(29,710)
|
|
|
17,042
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
impairment
|
|
—
|
|
|
|
—
|
|
|
6,708
|
|
|
43,990
|
|
|
—
|
|
|
(Gain) loss on
disposition of assets, net
|
|
53
|
|
|
|
(384)
|
|
|
1,598
|
|
|
(9)
|
|
|
478
|
|
|
Pre-petition
restructuring charges (1)
|
|
—
|
|
|
|
—
|
|
|
11,411
|
|
|
7,724
|
|
|
2,685
|
|
|
Reorganization
items
|
|
962
|
|
|
|
92,977
|
|
|
9,789
|
|
|
—
|
|
|
—
|
|
|
Interest
income
|
|
(374)
|
|
|
|
(8)
|
|
|
(15)
|
|
|
(23)
|
|
|
(30)
|
|
|
Other
|
|
644
|
|
|
|
10
|
|
|
414
|
|
|
709
|
|
|
1,191
|
|
|
Adjusted EBITDA
(1) (2)
|
|
$
|
37,772
|
|
|
|
$
|
28,379
|
|
|
$
|
22,185
|
|
|
$
|
22,681
|
|
|
$
|
21,366
|
|
|
|
|
(1)
|
Pre-petition
restructuring charges have been allocated to the respective period
in which the expense was incurred. Accordingly adjusted EBITDA will
differ from what was reported previously.
|
|
|
|
(2)
|
We believe Adjusted
EBITDA is an important measure of operating performance because it
allows management, investors, and others to evaluate and compare
our core operating results from period to period by removing the
impact of our capital structure (interest expense from our
outstanding debt), asset base (depreciation and amortization),
remeasurement of foreign currency transactions, tax consequences,
impairment and other special items. Special items include items
impacting operating expenses that management believes detract from
an understanding of normal operating performance. Management uses
Adjusted EBITDA as a supplemental measure to review current period
operating performance and period to period comparisons. Our
Adjusted EBITDA may not be comparable to a similarly titled measure
of another company because other entities may not calculate EBITDA
in the same manner. EBITDA and Adjusted EBITDA are not measures of
financial performance under U.S. Generally Accepted Accounting
Principles (GAAP), and should not be considered in isolation or as
an alternative to operating income or loss, net income or loss,
cash flows provided by or used in operating, investing, and
financing activities, or other income or cash flow statement data
prepared in accordance with GAAP.
|
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
|
RECONCILIATION OF
ADJUSTED EARNINGS PER SHARE
|
|
(Dollars in
Thousands, except Per Share)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
Three Months
Ended June 30,
|
|
|
Three Months
Ended June 30,
|
|
Three Months
Ended March 31,
|
|
|
|
2019
|
|
|
2018
|
|
2019
|
|
Net income (loss)
available to common stockholders
|
|
$
|
4,641
|
|
|
|
$
|
(23,784)
|
|
|
$
|
(90,248)
|
|
|
Diluted earnings
(loss) per common share
|
|
$
|
0.31
|
|
|
|
$
|
(2.56)
|
|
|
$
|
(9.63)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
Net
adjustments
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
(loss) available to common stockholders (1)
|
|
$
|
4,641
|
|
|
|
$
|
(23,784)
|
|
|
$
|
(90,248)
|
|
|
Adjusted diluted
earnings (loss) per common share (1)
|
|
$
|
0.31
|
|
|
|
$
|
(2.56)
|
|
|
$
|
(9.63)
|
|
|
|
|
(1)
|
We believe Adjusted
net income (loss) available to common stockholders and Adjusted
diluted earnings (loss) per common share are useful financial
measures for investors to assess and understand operating
performance for period to period comparisons. Management views the
adjustments to Net income (loss) available to common stockholders
and Diluted earnings (loss) per common share to be items outside of
the Company's normal operating results. Adjusted net income (loss)
available to common stockholders and Adjusted diluted earnings
(loss) per common share are not measures of financial performance
under GAAP, and should not be considered in isolation or as an
alternative to Net income (loss) available to common stockholders
or Diluted earnings (loss) per common share.
|
View original
content:http://www.prnewswire.com/news-releases/parker-drilling-reports-2019-second-quarter-results-300896533.html
SOURCE Parker Drilling Company