|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Consolidating Condensed Statement of Operations |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2013 | | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated | Total revenues | $ | — |
| | $ | 468,073 |
| | $ | 549,295 |
| | $ | (143,196 | ) | | $ | 874,172 |
| Operating expenses | — |
| | 252,211 |
| | 462,657 |
| | (143,196 | ) | | 571,672 |
| Depreciation and amortization | — |
| | 77,416 |
| | 56,637 |
| | — |
| | 134,053 |
| Total operating gross margin | — |
| | 138,446 |
| | 30,001 |
| | — |
| | 168,447 |
| General and administration expense (1) | (202 | ) | | (67,083 | ) | | (740 | ) | | — |
| | (68,025 | ) | Provision for reduction in carrying value of certain assets | — |
| | — |
| | (2,544 | ) | | — |
| | (2,544 | ) | Gain on disposition of assets, net | — |
| | 1,759 |
| | 2,235 |
| | — |
| | 3,994 |
| Total operating income (loss) | (202 | ) | | 73,122 |
| | 28,952 |
| | — |
| | 101,872 |
| Other income and (expense): | | | | | | | | | | Interest expense | (51,439 | ) | | (335 | ) | | (9,930 | ) | | 13,884 |
| | (47,820 | ) | Changes in fair value of derivative positions | 53 |
| | — |
| | — |
| | — |
| | 53 |
| Interest income | 3,824 |
| | 1,761 |
| | 10,749 |
| | (13,884 | ) | | 2,450 |
| Loss on extinguishment of debt | (5,218 | ) | | — |
| | — |
| | — |
| | (5,218 | ) | Other | (1 | ) | | (143 | ) | | 1,594 |
| | — |
| | 1,450 |
| Equity in net earnings of subsidiaries | 55,430 |
| | — |
| | — |
| | (55,430 | ) | | — |
| Total other income (expense) | 2,649 |
| | 1,283 |
| | 2,413 |
| | (55,430 | ) | | (49,085 | ) | Income (loss) before income taxes | 2,447 |
| | 74,405 |
| | 31,365 |
| | (55,430 | ) | | 52,787 |
| Income tax expense (benefit): | | | | | | | | | | Current | (21,431 | ) | | 18,737 |
| | 15,603 |
| | — |
| | 12,909 |
| Deferred | (3,137 | ) | | 19,454 |
| | (3,618 | ) | | — |
| | 12,699 |
| Income tax expense (benefit) | (24,568 | ) | | 38,191 |
| | 11,985 |
| | — |
| | 25,608 |
| Net income (loss) | 27,015 |
| | 36,214 |
| | 19,380 |
| | (55,430 | ) | | 27,179 |
| Less: Net (loss) attributable to noncontrolling interest | — |
| | — |
| | 164 |
| | — |
| | 164 |
| Net income (loss) attributable to controlling interest | $ | 27,015 |
| | $ | 36,214 |
| | $ | 19,216 |
| | $ | (55,430 | ) | | $ | 27,015 |
|
| | (1) | General and administration expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2012 | | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated | Total revenues | $ | — |
| | $ | 393,738 |
| | $ | 385,279 |
| | $ | (101,256 | ) | | $ | 677,761 |
| Operating expenses | — |
| | 184,946 |
| | 329,498 |
| | (101,256 | ) | | 413,188 |
| Depreciation and amortization | — |
| | 65,354 |
| | 47,663 |
| | — |
| | 113,017 |
| Total operating gross margin | — |
| | 143,438 |
| | 8,118 |
| | — |
| | 151,556 |
| General and administration expense (1) | (182 | ) | | (45,758 | ) | | (317 | ) | | — |
| | (46,257 | ) | Gain on disposition of assets, net | — |
| | 775 |
| | 1,199 |
| | — |
| | 1,974 |
| Total operating income (loss) | (182 | ) | | 98,455 |
| | 9,000 |
| | — |
| | 107,273 |
| Other income and (expense): | | | | | | | | | | Interest expense | (37,326 | ) | | (151 | ) | | (8,739 | ) | | 12,674 |
| | (33,542 | ) | Interest income | 9,863 |
| | 5,073 |
| | 41,999 |
| | (56,782 | ) | | 153 |
| Loss on extinguishment of debt | (2,130 | ) | | — |
| | — |
| | — |
| | (2,130 | ) | Changes in fair value of derivative positions | 55 |
| | — |
| | — |
| | — |
| | 55 |
| Other | — |
| | (206 | ) | | (626 | ) | | — |
| | (832 | ) | Equity in net earnings of subsidiaries | 43,884 |
| | — |
| | — |
| | (43,884 | ) | | — |
| Total other income (expense) | 14,346 |
| | 4,716 |
| | 32,634 |
| | (87,992 | ) | | (36,296 | ) | Income (loss) before income taxes | 14,164 |
| | 103,171 |
| | 41,634 |
| | (87,992 | ) | | 70,977 |
| Income tax expense (benefit): | | | | | | | | | | Current | (25,406 | ) | | 32,781 |
| | 10,667 |
| | — |
| | 18,042 |
| Deferred | 2,257 |
| | 15,429 |
| | (1,849 | ) | | — |
| | 15,837 |
| Income tax expense (benefit) | (23,149 | ) | | 48,210 |
| | 8,818 |
| | — |
| | 33,879 |
| Net income (loss) | 37,313 |
| | 54,961 |
| | 32,816 |
| | (87,992 | ) | | 37,098 |
| Less: Net (loss) attributable to noncontrolling interest | — |
| | — |
| | (215 | ) | | — |
| | (215 | ) | Net income (loss) attributable to controlling interest | 37,313 |
| | 54,961 |
| | 33,031 |
| | (87,992 | ) | | 37,313 |
|
______________________ | | (1) | General and administration expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2011 | | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated | Total revenues | $ | — |
| | $ | 375,798 |
| | $ | 426,491 |
| | $ | (116,055 | ) | | $ | 686,234 |
| Operating expenses | — |
| | 174,955 |
| | 357,777 |
| | (116,055 | ) | | 416,677 |
| Depreciation and amortization | — |
| | 62,744 |
| | 49,392 |
| | — |
| | 112,136 |
| Total operating gross margin | — |
| | 138,099 |
| | 19,322 |
| | — |
| | 157,421 |
| General and administration expense (1) | (218 | ) | | (30,968 | ) | | (381 | ) | | — |
| | (31,567 | ) | Impairment and other charges | — |
| | (170,000 | ) | | — |
| | — |
| | (170,000 | ) | Provision for reduction in carrying value of certain assets | — |
| | (1,350 | ) | | — |
| | — |
| | (1,350 | ) | Gain on disposition of assets, net | — |
| | 2,706 |
| | 953 |
| | — |
| | 3,659 |
| Total operating income (loss) | (218 | ) | | (61,513 | ) | | 19,894 |
| | — |
| | (41,837 | ) | Other income and (expense): | | | | | | | | | | Interest expense | (26,654 | ) | | (17,889 | ) | | (8,865 | ) | | 30,814 |
| | (22,594 | ) | Interest income | 18,131 |
| | 750 |
| | 12,189 |
| | (30,814 | ) | | 256 |
| Loss on extinguishment of debt | — |
| | — |
| | — |
| | — |
| | — |
| Changes in fair value of derivative positions | (110 | ) | | — |
| | — |
| | — |
| | (110 | ) | Other | — |
| | (315 | ) | | (812 | ) | | — |
| | (1,127 | ) | Equity in net earnings of subsidiaries | (23,484 | ) | | — |
| | — |
| | 23,484 |
| | — |
| Total other income and (expense) | (32,117 | ) | | (17,454 | ) | | 2,512 |
| | 23,484 |
| | (23,575 | ) | Income (loss) before income taxes | (32,335 | ) | | (78,967 | ) | | 22,406 |
| | 23,484 |
| | (65,412 | ) | Income tax expense (benefit): | | | | | | | | | | Current | (13,402 | ) | | 27,169 |
| | 19,841 |
| | — |
| | 33,608 |
| Deferred | 31,518 |
| | (57,030 | ) | | (22,863 | ) | | — |
| | (48,375 | ) | Total income tax expense (benefit) | 18,116 |
| | (29,861 | ) | | (3,022 | ) | | — |
| | (14,767 | ) | Net income (loss) | (50,451 | ) | | (49,106 | ) | | 25,428 |
| | 23,484 |
| | (50,645 | ) | Less: Net (loss) attributable to noncontrolling interest | $ | — |
| | $ | — |
| | $ | (194 | ) | | $ | — |
| | $ | (194 | ) | Net income (loss) attributable to controlling interest | (50,451 | ) | | (49,106 | ) | | 25,622 |
| | 23,484 |
| | (50,451 | ) |
_______________________ | | (1) | General and administration expenses for field operations are included in operating expenses. |
|
| Consolidating Condensed Balance Sheet |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated | ASSETS | Current assets: | | | | | | | | | | Cash and cash equivalents | $ | 88,697 |
| | $ | 8,310 |
| | $ | 51,682 |
| | $ | — |
| | $ | 148,689 |
| Accounts and notes receivable, net | — |
| | 101,299 |
| | 156,590 |
| | — |
| | 257,889 |
| Rig materials and supplies | — |
| | 3,002 |
| | 38,779 |
| | — |
| | 41,781 |
| Deferred costs | — |
| | — |
| | 13,682 |
| | — |
| | 13,682 |
| Deferred income taxes | (57 | ) | | 8,435 |
| | 1,562 |
| | — |
| | 9,940 |
| Other tax assets | 54,524 |
| | (46,770 | ) | | 16,325 |
| | — |
| | 24,079 |
| Other current assets | — |
| | 9,089 |
| | 14,134 |
| | — |
| | 23,223 |
| Total current assets | 143,164 |
| | 83,365 |
| | 292,754 |
| | — |
| | 519,283 |
| Property, plant and equipment, net | 60 |
| | 562,148 |
| | 309,148 |
| | — |
| | 871,356 |
| Investment in subsidiaries and intercompany advances | 1,906,128 |
| | (336,570 | ) | | 1,667,937 |
| | (3,237,495 | ) | | — |
| Other noncurrent assets | (457,954 | ) | | 468,864 |
| | 250,983 |
| | (117,776 | ) | | 144,117 |
| Total assets | $ | 1,591,398 |
| | $ | 777,807 |
| | $ | 2,520,822 |
| | $ | (3,355,271 | ) | | $ | 1,534,756 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | Current liabilities: | | | | | | | | | | Current portion of long-term debt | $ | 25,000 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 25,000 |
| Accounts payable and accrued liabilities | 75,268 |
| | 92,546 |
| | 261,436 |
| | (254,364 | ) | | 174,886 |
| Accrued income taxes | — |
| | 725 |
| | 6,541 |
| | — |
| | 7,266 |
| Total current liabilities | 100,268 |
| | 93,271 |
| | 267,977 |
| | (254,364 | ) | | 207,152 |
| Long-term debt | 628,781 |
| | — |
| | — |
| | — |
| | 628,781 |
| Other long-term liabilities | 5,037 |
| | 6,743 |
| | 15,134 |
| | — |
| | 26,914 |
| Long-term deferred tax liability | — |
| | 51,747 |
| | (12,980 | ) | | — |
| | 38,767 |
| Intercompany payables | 227,504 |
| | 291,783 |
| | 422,645 |
| | (941,932 | ) | | — |
| Contingencies | — |
| | — |
| | — |
| | — |
| | — |
| Stockholders’ equity: | | | | | | | | | | Common stock | 20,075 |
| | 18,049 |
| | 43,003 |
| | (61,052 | ) | | 20,075 |
| Capital in excess of par value | 657,349 |
| | 740,438 |
| | 1,572,919 |
| | (2,313,357 | ) | | 657,349 |
| Accumulated other comprehensive income | — |
| | — |
| | 1,888 |
| | — |
| | 1,888 |
| Retained earnings (accumulated deficit) | (47,616 | ) | | (424,224 | ) | | 208,790 |
| | 215,434 |
| | (47,616 | ) | Total controlling interest stockholders’ equity | 629,808 |
| | 334,263 |
| | 1,826,600 |
| | (2,158,975 | ) | | 631,696 |
| Noncontrolling interest | — |
| | — |
| | 1,446 |
| | — |
| | 1,446 |
| Total Equity | 629,808 |
| | 334,263 |
| | 1,828,046 |
| | (2,158,975 | ) | | 633,142 |
| Total liabilities and stockholders’ equity | $ | 1,591,398 |
| | $ | 777,807 |
| | $ | 2,520,822 |
| | $ | (3,355,271 | ) | | $ | 1,534,756 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated | ASSETS | | | Current assets: | | | | | | | | | | Cash and cash equivalents | $ | 42,251 |
| | $ | 11,023 |
| | $ | 34,612 |
| | $ | — |
| | $ | 87,886 |
| Accounts and notes receivable, net | (7 | ) | | 77,927 |
| | 90,695 |
| | — |
| | 168,615 |
| Rig materials and supplies | — |
| | 2,835 |
| | 26,587 |
| | — |
| | 29,422 |
| Deferred costs | — |
| | — |
| | 1,089 |
| | — |
| | 1,089 |
| Deferred income taxes | — |
| | 7,615 |
| | 1,127 |
| | — |
| | 8,742 |
| Other tax assets | 46,249 |
| | (31,136 | ) | | 18,411 |
| | — |
| | 33,524 |
| Other current assets | — |
| | 8,708 |
| | 4,145 |
| | — |
| | 12,853 |
| Total current assets | 88,493 |
| | 76,972 |
| | 176,666 |
| | — |
| | 342,131 |
| Property, plant and equipment, net | 60 |
| | 548,794 |
| | 244,343 |
| | — |
| | 793,197 |
| Investment in subsidiaries and intercompany advances | 1,492,708 |
| | (523,143 | ) | | 1,467,617 |
| | (2,437,182 | ) | | — |
| Other noncurrent assets | (378,297 | ) | | 370,877 |
| | 219,196 |
| | (91,371 | ) | | 120,405 |
| Total assets | $ | 1,202,964 |
| | $ | 473,500 |
| | $ | 2,107,822 |
| | $ | (2,528,553 | ) | | $ | 1,255,733 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | Current liabilities: | | | | | | | | | | Current portion of long-term debt | $ | 10,000 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 10,000 |
| Accounts payable and accrued liabilities | 65,839 |
| | 94,037 |
| | 205,864 |
| | (227,994 | ) | | 137,746 |
| Accrued income taxes | — |
| | 612 |
| | 3,508 |
| | — |
| | 4,120 |
| Total current liabilities | 75,839 |
| | 94,649 |
| | 209,372 |
| | (227,994 | ) | | 151,866 |
| Long-term debt | 469,205 |
| | — |
| | — |
| | — |
| | 469,205 |
| Other long-term liabilities | 3,933 |
| | 6,129 |
| | 13,120 |
| | — |
| | 23,182 |
| Long-term deferred tax liability | — |
| | 36,894 |
| | (16,047 | ) | | — |
| | 20,847 |
| Intercompany payables | 62,583 |
| | 43,657 |
| | 216,369 |
| | (322,609 | ) | | — |
| Contingencies | — |
| | — |
| | — |
| | — |
| | — |
| Stockholders’ equity: | | | | | | | | | | Common stock | 19,818 |
| | 18,049 |
| | 43,003 |
| | (61,052 | ) | | 19,818 |
| Capital in excess of par value | 646,217 |
| | 733,112 |
| | 1,455,246 |
| | (2,188,358 | ) | | 646,217 |
| Retained earnings (accumulated deficit) | (74,631 | ) | | (458,990 | ) | | 187,530 |
| | 271,460 |
| | (74,631 | ) | Total controlling interest stockholders’ equity | 591,404 |
| | 292,171 |
| | 1,685,779 |
| | (1,977,950 | ) | | 591,404 |
| Noncontrolling interest | — |
| | — |
| | (771 | ) | | — |
| | (771 | ) | Total Equity | 591,404 |
| | 292,171 |
| | 1,685,008 |
| | (1,977,950 | ) | | 590,633 |
| Total liabilities and stockholders’ equity | $ | 1,202,964 |
| | $ | 473,500 |
| | $ | 2,107,822 |
| | $ | (2,528,553 | ) | | $ | 1,255,733 |
|
|
| Consolidated Condensed Statements of Cash Flows |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated | Cash flows from operating activities: | | | | | | | | | | Net income (loss) | $ | 27,015 |
| | $ | 36,214 |
| | $ | 19,380 |
| | $ | (55,430 | ) | | $ | 27,179 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | Depreciation and amortization | — |
| | 77,416 |
| | 56,637 |
| | — |
| | 134,053 |
| Loss on extinguishment of debt | 5,218 |
| | — |
| | — |
| | — |
| | 5,218 |
| Gain on disposition of assets | — |
| | (1,759 | ) | | (2,235 | ) | | — |
| | (3,994 | ) | Deferred income tax expense | (3,137 | ) | | 19,454 |
| | (3,618 | ) | | — |
| | 12,699 |
| Provision for reduction in carrying value of certain assets | — |
| | — |
| | 2,544 |
| | — |
| | 2,544 |
| Expenses not requiring cash | 13,173 |
| | 12 |
| | 4,579 |
| | — |
| | 17,764 |
| Equity in net earnings of subsidiaries | (55,430 | ) | | — |
| | — |
| | 55,430 |
| | — |
| Change in accounts receivable | (7 | ) | | (12,888 | ) | | (20,617 | ) | | — |
| | (33,512 | ) | Change in other assets | 74,411 |
| | (85,520 | ) | | 487 |
| | — |
| | (10,622 | ) | Change in accrued income taxes | 6,617 |
| | (1,052 | ) | | 4,889 |
| | — |
| | 10,454 |
| Change in liabilities | 6,934 |
| | (877 | ) | | (6,343 | ) | | — |
| | (286 | ) | Net cash provided by (used in) operating activities | 74,794 |
| | 31,000 |
| | 55,703 |
| | — |
| | 161,497 |
| Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (94,269 | ) | | (61,376 | ) | | — |
| | (155,645 | ) | Proceeds from the sale of assets | — |
| | 3,725 |
| | 4,493 |
| | — |
| | 8,218 |
| Acquisition of ITS, net of cash acquired | — |
| | (6,903 | ) | | (111,088 | ) | | — |
| | (117,991 | ) | Intercompany dividend payment | — |
| | — |
| | — |
| | — |
| | — |
| Net cash (used in) investing activities | — |
| | (97,447 | ) | | (167,971 | ) | | — |
| | (265,418 | ) | Cash flows from financing activities: | | | | | | | | | | Proceeds from debt issuance | 350,000 |
| | — |
| | — |
| | — |
| | 350,000 |
| Proceeds from draw on revolver credit facility | — |
| | — |
| | — |
| | — |
| | — |
| Repayment of long term debt | (125,000 | ) | | — |
| | — |
| | — |
| | (125,000 | ) | Repayment of term loan | (50,000 | ) | | — |
| | — |
| | — |
| | (50,000 | ) | Paydown on revolver credit facility | — |
| | — |
| | — |
| | — |
| | — |
| Payment of debt issuance costs | (11,172 | ) | | — |
| | — |
| | — |
| | (11,172 | ) | Payment of debt extinguishment costs | — |
| | — |
| | — |
| | — |
| | — |
| Excess tax benefit from stock-based compensation | 896 |
| | — |
| | — |
| | — |
| | 896 |
| Intercompany advances, net | (193,072 | ) | | 63,734 |
| | 129,338 |
| | — |
| | — |
| Net cash provided by (used in) financing activities | (28,348 | ) | | 63,734 |
| | 129,338 |
| | — |
| | 164,724 |
| Net change in cash and cash equivalents | 46,446 |
| | (2,713 | ) | | 17,070 |
| | — |
| | 60,803 |
| Cash and cash equivalents at beginning of year | 42,251 |
| | 11,023 |
| | 34,612 |
| | — |
| | 87,886 |
| Cash and cash equivalents at end of year | $ | 88,697 |
| | $ | 8,310 |
| | $ | 51,682 |
| | $ | — |
| | $ | 148,689 |
|
See accompanying notes to unaudited consolidated condensed financial statements. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated | Cash flows from operating activities: | | | | | | | | | | Net income (loss) | $ | 37,313 |
| | $ | 54,961 |
| | $ | 32,816 |
| | $ | (87,992 | ) | | $ | 37,098 |
| Adjustments to reconcile net income (loss)to net cash provided by operating activities: | | | | | | | | | | Depreciation and amortization | — |
| | 65,354 |
| | 47,663 |
| | — |
| | 113,017 |
| Loss on extinguishment of debt | 2,130 |
| | — |
| | — |
| | — |
| | 2,130 |
| Gain on disposition of assets | — |
| | (775 | ) | | (1,199 | ) | | — |
| | (1,974 | ) | Deferred income tax expense | 2,257 |
| | 15,429 |
| | (1,849 | ) | | — |
| | 15,837 |
| Expenses not requiring cash | 16,558 |
| | 33,644 |
| | (27,602 | ) | | — |
| | 22,600 |
| Equity in net earnings of subsidiaries | (43,884 | ) | | — |
| | — |
| | 43,884 |
| | — |
| Change in accounts receivable | (445 | ) | | (1,788 | ) | | 17,474 |
| | — |
| | 15,241 |
| Change in other assets | 1,649 |
| | 2,060 |
| | (9,200 | ) | | — |
| | (5,491 | ) | Change in accrued income taxes | (4,055 | ) | | 220 |
| | (2,267 | ) | | — |
| | (6,102 | ) | Change in liabilities | 3,914 |
| | (4,158 | ) | | (2,413 | ) | | — |
| | (2,657 | ) | Net cash provided by (used in) operating activities | 15,437 |
| | 164,947 |
| | 53,423 |
| | (44,108 | ) | | 189,699 |
| Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (176,333 | ) | | (15,210 | ) | | — |
| | (191,543 | ) | Proceeds from the sale of assets | — |
| | 2,062 |
| | 1,875 |
| | — |
| | 3,937 |
| Intercompany dividend payment | (8,387 | ) | | (4,357 | ) | | (31,364 | ) | | 44,108 |
| | — |
| Net cash provided by (used in) investing activities | (8,387 | ) | | (178,628 | ) | | (44,699 | ) | | 44,108 |
| | (187,606 | ) | Cash flows from financing activities: | | | | | | | | | | Proceeds from debt issuance | 130,000 |
| | — |
| | — |
| | — |
| | 130,000 |
| Proceeds from draw on revolver credit facility | 7,000 |
| | — |
| | — |
| | — |
| | 7,000 |
| Paydown on senior notes | (125,000 | ) | | — |
| | — |
| | — |
| | (125,000 | ) | Paydown on term note | (18,000 | ) | | — |
| | — |
| | — |
| | (18,000 | ) | Paydown on revolver credit facility | — |
| | — |
| | — |
| | — |
| | — |
| Payment of debt issuance costs | (4,859 | ) | | — |
| | — |
| | — |
| | (4,859 | ) | Payment of debt extinguishment costs | (555 | ) | | — |
| | — |
| | — |
| | (555 | ) | Excess tax benefit from stock-based compensation | (662 | ) | | — |
| | — |
| | — |
| | (662 | ) | Intercompany advances, net | (8,393 | ) | | 20,492 |
| | (12,099 | ) | | — |
| | — |
| Net cash provided by (used in) financing activities | (20,469 | ) | | 20,492 |
| | (12,099 | ) | | — |
| | (12,076 | ) | Net change in cash and cash equivalents | (13,419 | ) | | 6,811 |
| | (3,375 | ) | | — |
| | (9,983 | ) | Cash and cash equivalents at beginning of year | 55,670 |
| | 4,212 |
| | 37,987 |
| | — |
| | 97,869 |
| Cash and cash equivalents at end of year | $ | 42,251 |
| | $ | 11,023 |
| | $ | 34,612 |
| | $ | — |
| | $ | 87,886 |
|
See accompanying notes to unaudited consolidated condensed financial statements. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2011 | | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated | Cash flows from operating activities: | | | | | | | | | | Net income (loss) | $ | (50,451 | ) | | $ | (49,106 | ) | | $ | 25,428 |
| | $ | 23,484 |
| | $ | (50,645 | ) | Adjustments to reconcile net income (loss)to net cash provided by operating activities: | | | | | | | | | | Depreciation and amortization | — |
| | 62,744 |
| | 49,392 |
| | — |
| | 112,136 |
| Loss on extinguishment of debt | — |
| | — |
| | — |
| | — |
| | — |
| Gain on disposition of assets | — |
| | (2,706 | ) | | (953 | ) | | — |
| | (3,659 | ) | Deferred income tax expense | 31,518 |
| | (57,030 | ) | | (22,863 | ) | | — |
| | (48,375 | ) | Impairment and other charges | — |
| | 170,000 |
| | — |
| | — |
| | 170,000 |
| Provision for reduction in carrying value of certain assets | — |
| | 1,350 |
| | — |
| | — |
| | 1,350 |
| Expenses not requiring cash | 16,411 |
| | 376 |
| | (3,954 | ) | | — |
| | 12,833 |
| Equity in net earnings of subsidiaries | 23,484 |
| | — |
| | — |
| | (23,484 | ) | | — |
| Change in accounts receivable | (288,333 | ) | | 347,344 |
| | (65,852 | ) | | — |
| | (6,841 | ) | Change in other assets | 62,173 |
| | (16,724 | ) | | 16,404 |
| | — |
| | 61,853 |
| Change in accrued income taxes | (12,852 | ) | | (2,053 | ) | | 17,046 |
| | — |
| | 2,141 |
| Change in liabilities | 2,398 |
| | (51,351 | ) | | 24,045 |
| | — |
| | (24,908 | ) | Net cash provided by (used in) operating activities | (215,652 | ) | | 402,844 |
| | 38,693 |
| | — |
| | 225,885 |
| Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (174,999 | ) | | (15,400 | ) | | — |
| | (190,399 | ) | Proceeds from the sale of assets | — |
| | 4,335 |
| | 1,200 |
| | — |
| | 5,535 |
| Proceeds from insurance settlements | — |
| | 250 |
| | — |
| | — |
| | 250 |
| Intercompany dividend payment | — |
| | — |
| | — |
| | — |
| | — |
| Net cash provided by (used in) investing activities | — |
| | (170,414 | ) | | (14,200 | ) | | — |
| | (184,614 | ) | Cash flows from financing activities: | | | | | | | | | | Proceeds from debt issuance | 50,000 |
| | — |
| | — |
| | — |
| | 50,000 |
| Paydown on term note | (21,000 | ) | | — |
| | — |
| | — |
| | (21,000 | ) | Paydown on revolver credit facility | (25,000 | ) | | — |
| | — |
| | — |
| | (25,000 | ) | Payment of debt issuance costs | (504 | ) | | — |
| | — |
| | — |
| | (504 | ) | Payment of debt extinguishment costs | — |
| | — |
| | — |
| | — |
| | — |
| Proceeds from stock options exercised | 183 |
| | — |
| | — |
| | — |
| | 183 |
| Excess tax benefit from stock-based compensation | 1,488 |
| | — |
| | — |
| | — |
| | 1,488 |
| Intercompany advances, net | 252,320 |
| | (230,535 | ) | | (21,785 | ) | | — |
| | — |
| Net cash provided by (used in) financing activities | 257,487 |
| | (230,535 | ) | | (21,785 | ) | | — |
| | 5,167 |
| Net change in cash and cash equivalents | 41,835 |
| | 1,895 |
| | 2,708 |
| | — |
| | 46,438 |
| Cash and cash equivalents at beginning of year | 13,835 |
| | 2,317 |
| | 35,279 |
| | — |
| | 51,431 |
| Cash and cash equivalents at end of year | $ | 55,670 |
| | $ | 4,212 |
| | $ | 37,987 |
| | $ | — |
| | $ | 97,869 |
|
See accompanying notes to unaudited consolidated condensed financial statements. |