Company Quick10K Filing
Quick10K
Parker Drilling
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$16.78 15 $252
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-09-20 Regulation FD, Exhibits
8-K 2019-09-10 Other Events, Exhibits
8-K 2019-08-05 Earnings, Exhibits
8-K 2019-07-15 Officers, Regulation FD, Exhibits
8-K 2019-06-13 Enter Agreement, Officers, Exhibits
8-K 2019-05-23 Regulation FD, Exhibits
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-04-22 Regulation FD, Exhibits
8-K 2019-03-29 Regulation FD, Exhibits
8-K 2019-03-26 Enter Agreement, Leave Agreement, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Control, Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2019-03-21 Regulation FD, Exhibits
8-K 2019-03-07 Regulation FD, Exhibits
8-K 2019-03-07 Bankruptcy, Exhibits
8-K 2019-02-20 Regulation FD, Exhibits
8-K 2019-01-28 Enter Agreement, Exhibits
8-K 2019-01-23 Regulation FD
8-K 2019-01-23 Regulation FD
8-K 2018-12-13 Shareholder Rights, Other Events, Exhibits
8-K 2018-12-12 Bankruptcy, Enter Agreement, Off-BS Arrangement, Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2018-12-12 Regulation FD, Exhibits
8-K 2018-11-05 Regulation FD, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-08-23 Enter Agreement, Shareholder Rights, Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-07-12 Enter Agreement, Shareholder Rights, Amend Bylaw, Regulation FD, Exhibits
8-K 2018-06-21 Officers, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-04-02 Officers, Exhibits
8-K 2018-03-15 Regulation FD, Exhibits
8-K 2018-02-15 Enter Agreement
8-K 2018-01-05 Regulation FD, Exhibits
SEP Spectra Energy Partners 17,364
XOXO XO Group 906
FRHC Freedom Holding 718
LXRP Lexaria Bioscience 54
ALPE Alpha-En 34
FSSN Fision 21
GHSI Guardion Health Sciences 6
AIKO Alternative Investment 2
INTV Intervoice 0
GRAS Greenfield Farms Food 0
PKD 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Chapter 11 Emergence
Note 3 - Fresh Start Accounting
Note 4 - Intangible Assets
Note 5 - Operating Leases
Note 6 - Debt
Note 7 - Fair Value of Measurements
Note 8 - Income Taxes
Note 9 - Commitments and Contingencies
Note 10 - Earnings (Loss) per Common Share ("Eps")
Note 11 - Revenue
Note 12 - Reportable Segments
Note 13 - Recent Accounting Pronouncements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 q3-9302019xexx311.htm
EX-31.2 q3-9302019xexx312.htm
EX-32.1 q3-9302019xexx321.htm
EX-32.2 q3-9302019xexx322.htm

Parker Drilling Earnings 2019-09-30

PKD 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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2019-07-01 2019-09-30 0000076321 country:RU 2018-07-01 2018-09-30 0000076321 srt:MaximumMember pkd:U.S.Lower48DrillingMember 2019-01-01 2019-09-30 0000076321 pkd:U.S.Lower48DrillingMember 2019-01-01 2019-09-30 0000076321 srt:MinimumMember pkd:U.S.Lower48DrillingMember 2019-01-01 2019-09-30 0000076321 pkd:InternationalAlaskaDrillingMember 2019-01-01 2019-09-30 xbrli:pure pkd:country iso4217:USD xbrli:shares iso4217:USD xbrli:shares utreg:ft pkd:business_line pkd:segment
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended September 30, 2019
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                         
Commission File Number 1-7573
PARKER DRILLING COMPANY
(Exact name of registrant as specified in its charter)
Delaware
 
73-0618660
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
5 Greenway Plaza, Suite 100, Houston, Texas 77046
(Address of principal executive offices) (Zip Code)

(281406-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
PKD
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes      No  
As of November 1, 2019 there were 15,044,739 common shares outstanding.    



Table of Contents


TABLE OF CONTENTS
 
 
Page
 
 
 
 


2


Table of Contents


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands, Except Per Share Data) 
 
Successor
 
 
Predecessor
 
September 30,
2019
 
 
December 31,
2018
 
(Unaudited)
 
 
 
ASSETS
 
Current assets:
 
 
 
 
Cash and cash equivalents
$
101,106

 
 
$
48,602

Restricted cash

 
 
10,389

Accounts and notes receivable, net of allowance for bad debts of $80 at September 30, 2019 and $7,767 at December 31, 2018
167,236

 
 
136,437

Rig materials and supplies
22,367

 
 
36,245

Other current assets
28,380

 
 
35,231

Total current assets
319,089

 
 
266,904

Property, plant and equipment, net of accumulated depreciation of $37,341 at September 30, 2019 and $951,798 at December 31, 2018
297,213

 
 
534,371

Intangible assets, net (Note 4)
15,117

 
 
4,821

Deferred income taxes
4,608

 
 
2,143

Other non-current assets
31,630

 
 
20,175

Total assets
$
667,657

 
 
$
828,414

LIABILITIES AND STOCKHOLDERS EQUITY
 
Current liabilities:


 
 


Debtor in possession financing (Note 2)
$

 
 
$
10,000

Accounts payable and accrued liabilities
107,638

 
 
75,063

Accrued income taxes
6,352

 
 
3,385

Total current liabilities
113,990

 
 
88,448

Long-term debt (Note 6)
177,032

 
 

Other long-term liabilities
15,328

 
 
11,544

Long-term deferred tax liability
6,491

 
 
510

Commitments and contingencies (Note 9)


 
 


Total liabilities not subject to compromise
312,841

 
 
100,502

Liabilities subject to compromise (Note 2)

 
 
600,996

Total liabilities
312,841

 
 
701,498





3


Table of Contents


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands, Except Per Share Data) 
 
Successor
 
 
Predecessor
 
September 30,
2019
 
 
December 31,
2018
 
(Unaudited)
 
 
 
Stockholders' equity:
 
 
 
 
Predecessor preferred stock, $1.00 par value, 1,942,000 shares authorized, 500,000 shares issued and outstanding

 
 
500

Predecessor common stock, $0.16 2/3 par value, 18,666,667 shares authorized, 9,385,060 shares issued and outstanding (9,384,669 shares issued and outstanding in 2018)

 
 
1,398

Predecessor capital in excess of par value

 
 
766,347

Predecessor accumulated other comprehensive income (loss)

 
 
(6,879
)
Successor common stock, $0.01 par value, 500,000,000 shares authorized, 15,044,739 shares issued and outstanding
150

 
 

Successor capital in excess of par value
345,831

 
 

Successor accumulated other comprehensive income (loss)
205

 
 

Retained earnings (accumulated deficit)
8,630

 
 
(634,450
)
Total stockholders’ equity
354,816

 
 
126,916

Total liabilities and stockholders’ equity
$
667,657

 
 
$
828,414


See accompanying notes to the unaudited consolidated condensed financial statements.

4


Table of Contents


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Data)
(Unaudited)

 
Successor
 
 
Predecessor
 
Three Months Ended September 30,
 
 
Three Months Ended September 30,
 
2019
 
 
2018
Revenues
$
160,083

 
 
$
123,395

Expenses:
 
 
 
 
Operating expenses
117,486

 
 
93,943

Depreciation and amortization
20,329

 
 
27,520


137,815

 
 
121,463

Total operating gross margin
22,268

 
 
1,932

General and administrative expense
(5,983
)
 
 
(14,495
)
Loss on impairment

 
 
(43,990
)
Gain (loss) on disposition of assets, net
(92
)
 
 
9

Reorganization items
(211
)
 
 

Total operating income (loss)
15,982

 
 
(56,544
)
Other income (expense):
 
 
 

Interest expense
(7,118
)
 
 
(11,350
)
Interest income
362

 
 
23

Other
(258
)
 
 
(709
)
Total other income (expense)
(7,014
)
 
 
(12,036
)
Income (loss) before income taxes
8,968

 
 
(68,580
)
Income tax expense
4,979

 
 
2,371

Net income (loss)
3,989

 
 
(70,951
)
Less: Predecessor preferred stock dividend

 
 
906

Net income (loss) available to common stockholders
$
3,989

 
 
$
(71,857
)
Basic earnings (loss) per common share:
$
0.27

 
 
$
(7.70
)
Diluted earnings (loss) per common share:
$
0.27

 
 
$
(7.70
)
Number of common shares used in computing earnings per share:
 
 
 
 
Basic
15,044,739

 
 
9,334,390

Diluted
15,044,739

 
 
9,334,390


See accompanying notes to the unaudited consolidated condensed financial statements.

5


Table of Contents


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Data)
(Unaudited)

 
Successor
 
 
Predecessor
 
Six Months Ended September 30,
 
 
Three Months Ended March 31,
 
Nine Months Ended September 30,
 
2019
 
 
2019
 
2018
Revenues
$
316,114

 
 
$
157,397

 
$
351,673

Expenses:
 
 
 
 
 
 
Operating expenses
230,135

 
 
120,871

 
277,111

Depreciation and amortization
40,720

 
 
25,102

 
83,205

 
270,855

 
 
145,973

 
360,316

Total operating gross margin
45,259

 
 
11,424

 
(8,643
)
General and administrative expense
(11,593
)
 
 
(8,147
)
 
(28,984
)
Loss on impairment

 
 

 
(43,990
)
Gain (loss) on disposition of assets, net
(145
)
 
 
384

 
(126
)
Reorganization items
(1,173
)
 
 
(92,977
)
 

Total operating income (loss)
32,348

 
 
(89,316
)
 
(81,743
)
Other income (expense):
 
 
 
 
 
 
Interest expense
(14,781
)
 
 
(274
)
 
(33,787
)
Interest income
736

 
 
8

 
76

Other
(902
)
 
 
(10
)
 
(1,609
)
Total other income (expense)
(14,947
)
 
 
(276
)
 
(35,320
)
Income (loss) before income taxes
17,401

 
 
(89,592
)
 
(117,063
)
Income tax expense
8,771

 
 
656

 
5,561

Net income (loss)
8,630

 
 
(90,248
)
 
(122,624
)
Less: Predecessor preferred stock dividend

 
 

 
2,719

Net income (loss) available to common stockholders
$
8,630

 
 
$
(90,248
)
 
$
(125,343
)
Basic earnings (loss) per common share:
$
0.57

 
 
$
(9.63
)
 
$
(13.49
)
Diluted earnings (loss) per common share:
$
0.57

 
 
$
(9.63
)
 
$
(13.49
)
Number of common shares used in computing earnings per share:
 
 
 
 
 
 
Basic
15,044,739

 
 
9,368,322

 
9,292,858

Diluted
15,044,739

 
 
9,368,322

 
9,292,858


See accompanying notes to the unaudited consolidated condensed financial statements.


6


Table of Contents


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)

 
Successor
 
 
Predecessor
 
Three Months Ended September 30,
 
 
Three Months Ended September 30,
 
2019
 
 
2018
Net income (loss)
$
3,989

 
 
$
(70,951
)
Other comprehensive income (loss), net of tax:
 
 
 
 
Currency translation difference on related borrowings
(145
)
 
 
(315
)
Currency translation difference on foreign currency net investments
502

 
 
162

Total other comprehensive income (loss), net of tax:
357

 
 
(153
)
Comprehensive income (loss)
$
4,346

 
 
$
(71,104
)

See accompanying notes to the unaudited consolidated condensed financial statements.


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)

 
Successor
 
 
Predecessor
 
Six Months Ended September 30,
 
 
Three Months Ended March 31,
 
Nine Months Ended September 30,
 
2019
 
 
2019
 
2018
Net income (loss)
$
8,630

 
 
$
(90,248
)
 
$
(122,624
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
Currency translation difference on related borrowings
(225
)
 
 
141

 
(484
)
Currency translation difference on foreign currency net investments
430

 
 
(518
)
 
(2,216
)
Total other comprehensive income (loss), net of tax:
205

 
 
(377
)
 
(2,700
)
Comprehensive income (loss)
$
8,835

 
 
$
(90,625
)
 
$
(125,324
)

See accompanying notes to the unaudited consolidated condensed financial statements.


7


Table of Contents


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Successor
 
 
Predecessor
 
Six Months Ended September 30,
 
 
Three Months Ended March 31,
 
Nine Months Ended September 30,
 
2019
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
 
 
Net income (loss)
$
8,630

 
 
$
(90,248
)
 
$
(122,624
)
Adjustments to reconcile net income (loss):

 
 
 
 

Depreciation and amortization
40,720

 
 
25,102

 
83,205

(Gain) loss on disposition of assets, net
145

 
 
(384
)
 
126

Reorganization items

 
 
62,470

 

Deferred tax expense (benefit)
5,202

 
 
(1,685
)
 
(546
)
Loss on impairment

 
 
 
 
43,990

Expenses not requiring cash
6,186

 
 
2,575

 
4,491

Change in assets and liabilities:

 
 
 
 

Accounts and notes receivable
939

 
 
(32,842
)
 
(15,646
)
Other assets
(7,482
)
 
 
(6,542
)
 
7,678

Accounts payable and accrued liabilities
(19,393
)
 
 
55,780

 
(3,866
)
Accrued income taxes
(1,329
)
 
 
688

 
(324
)
Net cash provided by (used in) operating activities
33,618

 
 
14,914

 
(3,516
)
Cash flows from investing activities:
 
 
 
 
 
 
Capital expenditures
(46,738
)
 
 
(9,231
)
 
(52,020
)
Proceeds from the sale of assets
374

 
 
101

 
1,031

Net cash provided by (used in) investing activities
(46,364
)
 
 
(9,130
)
 
(50,989
)
Cash flows from financing activities:
 
 
 
 
 
 
Payment of term loan
(35,158
)
 
 

 

Payments of debt issuance costs
(275
)
 
 
(490
)
 
(1,443
)
Proceeds from rights offering

 
 
95,000

 

Payment of amounts borrowed under debtor in possession financing

 
 
(10,000
)
 

Predecessor preferred stock dividend

 
 

 
(3,625
)
Shares surrendered in lieu of tax

 
 

 
(248
)
Net cash provided by (used in) financing activities
(35,433
)
 
 
84,510

 
(5,316
)
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents and restricted cash
(48,179
)
 
 
90,294

 
(59,821
)
Cash and cash equivalents and restricted cash at beginning of period
149,285

 
 
58,991

 
141,549

Cash and cash equivalents and restricted cash at end of period
$
101,106

 
 
$
149,285

 
$
81,728

See accompanying notes to the unaudited consolidated condensed financial statements.

8


Table of Contents



PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Dollars and Shares in Thousands)
(Unaudited)
 
Shares
 
Preferred Stock
 
Common Stock 
 
Treasury Stock
 
Capital in
Excess of
Par Value
 
Retained Earnings (Accumulated Deficit)
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Stockholders’
Equity
Balances, December 31, 2017 (Predecessor)
9,762

 
$
500

 
$
1,548

 
$
(170
)
 
$
766,508

 
$
(468,753
)
 
$
(3,512
)
 
$
296,121

Activity in employees’ stock plans
21

 

 
3

 

 
(126
)
 

 

 
(123
)
Amortization of stock-based awards

 

 

 

 
979

 

 

 
979

Predecessor preferred stock dividend

 

 

 

 
(906
)
 

 

 
(906
)
Comprehensive Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net income (loss)

 

 

 

 

 
(28,796
)
 

 
(28,796
)
Other comprehensive income (loss)

 

 

 

 

 

 
(300
)
 
(300
)
Balances, March 31, 2018 (Predecessor)
9,783

 
$
500

 
$
1,551

 
$
(170
)
 
$
766,455

 
$
(497,549
)
 
$
(3,812
)
 
$
266,975

Activity in employees’ stock plans
37

 

 
6

 

 
(53
)
 

 

 
(47
)
Amortization of stock-based awards

 

 

 

 
833

 

 

 
833

Predecessor preferred stock dividend

 

 

 

 
(907
)
 

 

 
(907
)
Comprehensive Income:


 


 


 


 


 


 


 


Net income (loss)

 

 

 

 

 
(22,877
)
 

 
(22,877
)
Other comprehensive income (loss)

 

 

 

 

 

 
(2,247
)
 
(2,247
)
Balances, June 30, 2018 (Predecessor)
9,820

 
$
500


$
1,557


$
(170
)

$
766,328


$
(520,426
)

$
(6,059
)
 
$
241,730

Activity in employees’ stock plans
61

 

 
10

 

 
(91
)
 

 

 
(81
)
Amortization of stock-based awards

 

 

 

 
532

 

 

 
532

Predecessor preferred stock dividend

 

 

 

 
(906
)
 

 

 
(906
)
Comprehensive Income:


 


 


 


 


 


 


 


Net income (loss)

 

 

 

 

 
(70,951
)
 

 
(70,951
)
Other comprehensive income (loss)

 

 

 

 

 

 
(153
)
 
(153
)
Balances, September 30, 2018 (Predecessor)
9,881

 
$
500

 
$
1,567

 
$
(170
)
 
$
765,863

 
$
(591,377
)
 
$
(6,212
)
 
$
170,171


See accompanying notes to the unaudited consolidated condensed financial statements.


9


Table of Contents



PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Dollars and Shares in Thousands)
(Unaudited)
 
Shares 
 
Preferred Stock
 
Common Stock
 
Treasury Stock
 
Capital in
Excess of
Par Value
 
Retained Earnings (Accumulated Deficit)
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Stockholders’
Equity
Balances, December 31, 2018 (Predecessor)
9,885

 
$
500

 
$
1,568

 
$
(170
)
 
$
766,347

 
$
(634,450
)
 
$
(6,879
)
 
$
126,916

Activity in employees’ stock plans

 

 

 

 

 

 

 

Amortization of stock-based awards

 

 

 

 
1,446

 

 

 
1,446

Predecessor preferred stock dividend

 

 

 

 

 

 

 

Comprehensive Income:


 


 


 


 


 


 


 


Net income (loss)

 

 

 

 

 
(90,248
)
 

 
(90,248
)
Other comprehensive income (loss)

 

 

 

 

 

 
(377
)
 
(377
)
Balances, March 31, 2019 (Predecessor)
9,885

 
500

 
1,568

 
(170
)
 
767,793

 
(724,698
)
 
(7,256
)
 
37,737

Cancellation of predecessor equity
(9,885
)
 
(500
)
 
(1,568
)
 
170

 
(767,793
)
 
724,698

 
7,256

 
(37,737
)
Balances, March 31, 2019 (Predecessor)

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Issuances of successor common stock
15,044

 

 
150

 

 
328,800

 

 

 
328,950

Issuances of successor warrants

 

 

 

 
14,687

 

 

 
14,687

Equity issuance costs

 

 

 

 
(837
)
 

 

 
(837
)
Balances, March 31, 2019 (Successor)
15,044

 
$

 
$
150

 
$

 
$
342,650

 
$

 
$

 
$
342,800

Amortization of stock-based awards

 

 

 

 
1,869

 

 

 
1,869

Comprehensive Income:


 


 


 


 


 


 


 


Net income (loss)

 

 

 

 

 
4,641

 

 
4,641

Other comprehensive income (loss)

 

 

 

 

 

 
(152
)
 
(152
)
Balances, June 30, 2019 (Successor)
15,044

 
$

 
$
150

 
$

 
$
344,519

 
$
4,641

 
$
(152
)
 
$
349,158

Amortization of stock-based awards

 

 

 

 
1,312

 

 

 
1,312

Comprehensive Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net income (loss)

 

 

 

 

 
3,989

 

 
3,989

Other comprehensive income (loss)

 

 

 

 

 

 
357

 
357

Balances, September 30, 2019 (Successor)
15,044

 
$

 
$
150

 
$

 
$
345,831

 
$
8,630

 
$
205

 
$
354,816


See accompanying notes to the unaudited consolidated condensed financial statements.

10


Table of Contents


PARKER DRILLING COMPANY AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
Note 1 - Summary of Significant Accounting Policies
Organization and Nature of Operations
Unless otherwise indicated, the terms “Company,” “Parker,” “we,” “us” and “our” refer to Parker Drilling Company, incorporated in Delaware, together with its wholly-owned subsidiaries, and “Parker Drilling” refers solely to the parent, Parker Drilling Company. Parker is an international provider of contract drilling and drilling-related services, as well as, rental tools and services. We have operated in over 60 countries since beginning operations in 1934, making us among the most geographically experienced drilling contractors and rental tools providers in the world.
Basis of Presentation
The consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are unaudited. In the opinion of the Company, these consolidated condensed financial statements include all adjustments which, unless otherwise disclosed, are of a normal recurring nature, necessary for their fair presentation for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The consolidated condensed financial statements presented herein should be read in connection with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018.
Consolidation
The consolidated condensed financial statements include the accounts of the Company and subsidiaries in which we exercise control or have a controlling financial interest, including entities, if any, in which the Company is allocated a majority of the entity’s losses or returns, regardless of ownership percentage. If a subsidiary of Parker Drilling has a 50.0 percent or greater interest in an entity but Parker Drilling’s interest in the subsidiary or the entity does not meet the consolidation criteria described above, then that interest is accounted for under the equity method.
Reclassifications
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not materially affect our consolidated financial results.
Use of Estimates
The preparation of our consolidated condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements, and our revenues and expenses during the periods reported. Estimates are typically used when accounting for certain significant items such as legal or contractual liability accruals, self-insured medical/dental plans, impairment, income taxes and valuation allowance, operating lease right-of-use assets, operating lease liabilities and other items requiring the use of estimates. Estimates are based on a number of variables, which may include third party valuations, historical experience, where applicable, and assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ from management estimates.
Cash, Cash equivalents and Restricted Cash
For purposes of the consolidated condensed balance sheets and the consolidated condensed statements of cash flows, the Company considers cash equivalents to be highly liquid debt instruments that have a remaining maturity of three months or less at the date of purchase.
 
Successor
 
 
Predecessor
Dollars in thousands
September 30,
2019
 
 
December 31,
2018