HOUSTON, Nov. 5, 2018 /PRNewswire/ -- Parker Drilling
Company (NYSE: PKD) today announced results for the third quarter
ended September 30, 2018, which included a net loss of
$71.9 million, or a $7.70 loss per common share on revenues of
$123.4 million. Included in the
reported net loss is an impairment loss of $44.0 million. Excluding the impairment loss, the
adjusted net loss was $2.99 per
common share.
Third quarter Adjusted EBITDA was $15.0
million.
Gary Rich, the Company's
Chairman, President and CEO, said, "We continue to see early signs
of recovery in several end markets, with our U.S. and International
Rental Tools Services segments performing very well again in the
third quarter. While the current industry environment for our
Drilling Services business remains challenging, we are cautiously
optimistic that the growing number of tendering opportunities will
translate into increased utilization in select markets where we
operate. With that said, we do not anticipate a meaningful recovery
in our barge markets; therefore, we felt it was appropriate to
assess the carrying value of these particular assets and record an
impairment loss for the quarter."
Mr. Rich added, "We continue to be judicious with respect to
capital spending, and we are giving priority to those opportunities
with high return on capital and quick cash payback. Our Rental
Tools Services business remains the top focus for our incremental
growth capex due to its growing customer demand and ability to meet
our capital return requirements. As we have mentioned before, we
are proactively working with outside advisers to evaluate multiple
options to address our capital structure in light of upcoming debt
maturities, and today we disclosed certain material non-public
information related to this evaluation. Our third quarter G&A
expense was materially higher because of the professional fees we
incurred as a result of this effort."
Third Quarter Review
Parker Drilling's revenues for
the 2018 third quarter, compared with the 2018 second quarter,
increased 4.0 percent to $123.4
million from $118.6 million.
Operating gross margin excluding depreciation and amortization
expense (gross margin) increased 9.2 percent to $29.5 million from $27.0
million and gross margin as a percentage of revenues was
23.9 percent, compared with 22.7 percent for the 2018 second
quarter.
Drilling Services
For the Company's Drilling Services business, which is comprised
of the U.S. (Lower 48) Drilling and International & Alaska
Drilling segments, third quarter revenues decreased 7.6 percent to
$52.3 million from $56.6 million for the 2018 second quarter. Gross
margin decreased 125.4 percent to a $0.9
million loss from $3.6 million
gain, and gross margin as a percentage of revenues was negative 1.8
percent, compared with positive 6.4 percent for the prior period.
Contracted backlog was approximately $238.9
million at the end of the third quarter, compared with
$215.5 million at the end of the
second quarter.
U.S. (Lower 48)
Drilling
U.S. (Lower 48) Drilling segment
revenues increased 38.0 percent to $4.5
million from $3.3 million for
the 2018 second quarter. Gross margin improved 16.5 percent to a
$1.2 million loss, compared with a
loss of $1.4 million in the second
quarter. Revenues and gross margin benefited from a favorable mix
in barge drilling activity and the recent award of an O&M
contract offshore California.
International & Alaska
Drilling
International & Alaska
Drilling segment revenues decreased 10.4 percent to $47.8 million from $53.3
million for the 2018 second quarter. Gross margin decreased
95.0 percent to $0.3 million,
compared with $5.0 million in the
second quarter. The decreases in revenues and gross margin
were primarily due to one of our rigs in Alaska transitioning to a minimal standby rate
after completing its work in early July. However, improvement in
our Sakhalin Island, Russia and
offshore Canada operations helped
to mitigate the gross margin compression.
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, third quarter revenues increased 14.6 percent to
$71.1 million from $62.0 million for the second quarter. Gross
margin increased 30.1 percent to $30.4
million from $23.3 million,
and gross margin as a percentage of revenues was 42.7 percent
compared with 37.6 percent for the prior period.
U.S. Rental Tools
U.S. Rental Tools segment revenues
increased 21.1 percent to $50.9
million from $42.1 million for
the 2018 second quarter. Gross margin increased 27.4 percent to
$29.0 million compared with gross
margin of $22.8 million in the second
quarter. The increase in revenues resulted primarily from strong
activity and volume in U.S. land markets. Gross margin increased as
a result of incremental revenues, combined with lower incremental
operating costs.
International Rental
Tools
International Rental Tools segment
revenues increased 1.1 percent to $20.2
million from $19.9 million for
the 2018 second quarter. Gross margin increased 133.2 percent to
$1.4 million compared with gross
margin of $0.6 million in the second
quarter. Revenue and gross margin improvements resulted largely
from the continued demand for our tubular running services.
Consolidated
General and Administrative expenses were $14.5 million for the 2018 third quarter, up from
$8.3 million for the 2018 second
quarter. The increase was largely due to professional fees. Total
liquidity at the end of the quarter was $140.3 million, consisting of $81.7 million in cash and cash equivalents and
$58.6 million available under our
revolving credit facility.
Capital expenditures in the third quarter were $19.5 million. Year to date through
September 30, 2018, capital expenditures were $52.0 million.
Form 8-K Filing
In addition, Parker Drilling
today is filing on Form 8-K
with the U.S. Securities and Exchange Commission certain materials
that it previously shared with one of its largest equity holders.
These materials were provided by the Company under a time-limited
non-disclosure agreement with this investor in order to facilitate
proactive discussions regarding the Company's capital structure.
The Company continues to actively engage in discussions with other
stakeholders regarding its capital structure, well ahead of future
debt maturities, and has ample liquidity to continue serving
customers without interruption while it continues to evaluate
opportunities to best position the business for the long term and
across industry cycles.
Conference Call
Parker Drilling has scheduled a
conference call for 10:00 a.m. Central
Time (11:00 a.m. Eastern Time)
on Tuesday, November 6, 2018, to review third quarter results.
The call will be available by telephone by dialing (+1) (412)
902-0003 and asking for the Parker Drilling Third 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 November 13,
2018 at (+1) (201) 612-7415, conference ID 13684492#.
Cautionary Statement
This press release contains certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934. All
statements in this press release other than statements of
historical facts addressing activities, events or developments the
Company expects, projects, believes, or anticipates will or may
occur in the future are forward-looking statements. These
statements include, but are not limited to, statements about our
evaluation of options to enhance our capital structure in light of
upcoming debt maturities, anticipated future financial or
operational results; the outlook for rental tools utilization and
rig utilization and dayrates; the results of past capital
expenditures; scheduled start-ups of rigs; general industry
conditions such as the demand for drilling and the factors
affecting demand; competitive advantages such as technological
innovation; future operating results of the Company's rigs, rental
tools operations and projects under management; future capital
expenditures; expansion and growth opportunities; acquisitions or
joint ventures; asset purchases and sales; successful negotiation
and execution of contracts; scheduled delivery of drilling rigs or
rental equipment for operation; the Company's financial position;
changes in utilization or market share; outcomes of legal
proceedings; compliance with credit facility and indenture
covenants; and similar matters. These statements are based on
certain assumptions made by the Company based on management's
experience and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. Although the Company believes its expectations stated
in this press release are based on reasonable assumptions, such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
that could cause actual results to differ materially from those
implied or expressed by the forward-looking statements. These
include risks relating to changes in worldwide economic and
business conditions, fluctuations in oil and natural gas prices,
compliance with existing laws and changes in laws or government
regulations, the failure to realize the benefits of, and other
risks relating to, acquisitions, the risk of cost overruns, our
ability to refinance our debt and other important factors, many of
which could adversely affect market conditions, demand for our
services, and costs, and all or any one of which could cause actual
results to differ materially from those projected. For more
information, see "Risk Factors" in the Company's Annual Report
filed on Form 10-K with the Securities and Exchange Commission and
other public filings and press releases. Each forward-looking
statement speaks only as of the date of this press release and the
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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 in the inland waters of
the U.S. Gulf of Mexico utilizing
Parker Drilling's barge rig fleet
and in select U.S. and international markets and harsh-environment
regions utilizing Company-owned and customer-owned equipment. 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)
|
|
September 30,
2018
|
|
December 31,
2017
|
|
(Unaudited)
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
81,728
|
|
|
$
|
141,549
|
|
Accounts and notes
receivable, net of allowance for bad debts
|
137,901
|
|
|
122,511
|
|
Rig materials and
supplies
|
34,498
|
|
|
31,415
|
|
Other current
assets
|
27,673
|
|
|
22,361
|
|
Total current
assets
|
281,800
|
|
|
317,836
|
|
Property, plant and
equipment, net of accumulated depreciation
|
550,469
|
|
|
625,771
|
|
Goodwill
|
6,708
|
|
|
6,708
|
|
Intangible assets,
net
|
5,398
|
|
|
7,128
|
|
Deferred income
taxes
|
1,811
|
|
|
1,284
|
|
Other noncurrent
assets
|
22,995
|
|
|
31,552
|
|
Total
assets
|
$
|
869,181
|
|
|
$
|
990,279
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
103,241
|
|
|
$
|
99,246
|
|
Accrued income
taxes
|
4,212
|
|
|
4,430
|
|
Total current
liabilities
|
107,453
|
|
|
103,676
|
|
Long-term debt, net
of unamortized debt issuance costs
|
579,289
|
|
|
577,971
|
|
Other long-term
liabilities
|
12,208
|
|
|
12,433
|
|
Long-term deferred
tax liability
|
60
|
|
|
78
|
|
Total stockholders'
equity
|
170,171
|
|
|
296,121
|
|
Total liabilities and
stockholders' equity
|
$
|
869,181
|
|
|
$
|
990,279
|
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
Three
Months
|
|
Three Months Ended
September 30,
|
|
Ended June
30,
|
|
2018
|
|
2017
|
|
2018
|
Revenues
|
$
|
123,395
|
|
|
$
|
118,308
|
|
|
$
|
118,603
|
|
Expenses:
|
|
|
|
|
|
Operating
expenses
|
93,943
|
|
|
88,120
|
|
|
91,634
|
|
Depreciation and
amortization
|
27,520
|
|
|
30,067
|
|
|
27,136
|
|
|
121,463
|
|
|
118,187
|
|
|
118,770
|
|
Total operating gross
margin (loss)
|
1,932
|
|
|
121
|
|
|
(167)
|
|
General and
administrative expense
|
(14,495)
|
|
|
(7,033)
|
|
|
(8,288)
|
|
Loss on
impairment
|
(43,990)
|
|
|
—
|
|
|
—
|
|
Gain (loss) on
disposition of assets, net
|
9
|
|
|
97
|
|
|
(478)
|
|
Total operating
income (loss)
|
(56,544)
|
|
|
(6,815)
|
|
|
(8,933)
|
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(11,350)
|
|
|
(11,067)
|
|
|
(11,197)
|
|
Interest
income
|
23
|
|
|
128
|
|
|
30
|
|
Other
|
(709)
|
|
|
(638)
|
|
|
(1,191)
|
|
Total other income
(expense)
|
(12,036)
|
|
|
(11,577)
|
|
|
(12,358)
|
|
Income (loss) before
income taxes
|
(68,580)
|
|
|
(18,392)
|
|
|
(21,291)
|
|
Income tax expense
(benefit)
|
2,371
|
|
|
1,919
|
|
|
1,586
|
|
Net income
(loss)
|
(70,951)
|
|
|
(20,311)
|
|
|
(22,877)
|
|
Less: Convertible
preferred stock dividend
|
906
|
|
|
906
|
|
|
907
|
|
Net income (loss)
available to common stockholders
|
$
|
(71,857)
|
|
|
$
|
(21,217)
|
|
|
$
|
(23,784)
|
|
Basic earnings (loss)
per common share: (1)
|
$
|
(7.70)
|
|
|
$
|
(2.30)
|
|
|
$
|
(2.56)
|
|
Diluted earnings
(loss) per common share: (1)
|
$
|
(7.70)
|
|
|
$
|
(2.30)
|
|
|
$
|
(2.56)
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
|
|
Basic
(1)
|
9,334,390
|
|
|
9,220,001
|
|
|
9,292,224
|
|
Diluted
(1)
|
9,334,390
|
|
|
9,220,001
|
|
|
9,292,224
|
|
|
|
(1)
|
The Company's
1-for-15 reverse stock split was effective when markets opened on
July 27, 2018. All share and per share data have been retroactively
restated for all periods presented.
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2018
|
|
2017
|
Revenues
|
$
|
351,673
|
|
|
$
|
326,186
|
|
Expenses:
|
|
|
|
Operating
expenses
|
277,111
|
|
|
263,575
|
|
Depreciation and
amortization
|
83,205
|
|
|
93,251
|
|
|
360,316
|
|
|
356,826
|
|
Total operating gross
margin (loss)
|
(8,643)
|
|
|
(30,640)
|
|
General and
administrative expense
|
(28,984)
|
|
|
(20,576)
|
|
Loss on
impairment
|
(43,990)
|
|
|
—
|
|
Gain (loss) on
disposition of assets, net
|
(126)
|
|
|
(368)
|
|
Total operating
income (loss)
|
(81,743)
|
|
|
(51,584)
|
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(33,787)
|
|
|
(33,032)
|
|
Interest
income
|
76
|
|
|
160
|
|
Other
|
(1,609)
|
|
|
452
|
|
Total other income
(expense)
|
(35,320)
|
|
|
(32,420)
|
|
Income (loss) before
income taxes
|
(117,063)
|
|
|
(84,004)
|
|
Income tax expense
(benefit)
|
5,561
|
|
|
6,004
|
|
Net income
(loss)
|
(122,624)
|
|
|
(90,008)
|
|
Less: Convertible
preferred stock dividend
|
2,719
|
|
|
2,145
|
|
Net income (loss)
available to common stockholders
|
$
|
(125,343)
|
|
|
$
|
(92,153)
|
|
Basic earnings (loss)
per common share: (1)
|
$
|
(13.49)
|
|
|
$
|
(10.20)
|
|
Diluted earnings
(loss) per common share: (1)
|
$
|
(13.49)
|
|
|
$
|
(10.20)
|
|
Number of common
shares used in computing earnings per share:
|
|
|
|
Basic
(1)
|
9,292,858
|
|
|
9,030,345
|
|
Diluted
(1)
|
9,292,858
|
|
|
9,030,345
|
|
|
|
(1)
|
The Company's
1-for-15 reverse stock split was effective when markets opened on
July 27, 2018. All share and per share data have been retroactively
restated for all periods presented.
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
SELECTED FINANCIAL
DATA
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
Three Months
Ended
|
|
September
30,
|
|
June
30,
|
|
2018
|
|
2017
|
|
2018
|
Revenues:
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
$
|
4,530
|
|
|
$
|
4,585
|
|
|
$
|
3,283
|
|
International and
Alaska Drilling
|
47,770
|
|
|
62,726
|
|
|
53,302
|
|
Total Drilling
Services
|
52,300
|
|
|
67,311
|
|
|
56,585
|
|
Rental Tools
Services:
|
|
|
|
|
|
U.S. Rental
Tools
|
50,944
|
|
|
35,677
|
|
|
42,083
|
|
International Rental
Tools
|
20,151
|
|
|
15,320
|
|
|
19,935
|
|
Total Rental Tools
Services
|
71,095
|
|
|
50,997
|
|
|
62,018
|
|
Total
revenues
|
123,395
|
|
|
118,308
|
|
|
118,603
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
5,701
|
|
|
5,052
|
|
|
4,686
|
|
International and
Alaska Drilling
|
47,520
|
|
|
50,345
|
|
|
48,278
|
|
Total Drilling
Services
|
53,221
|
|
|
55,397
|
|
|
52,964
|
|
Rental Tools
Services:
|
|
|
|
|
|
U.S. Rental
Tools
|
21,949
|
|
|
16,086
|
|
|
19,326
|
|
International Rental
Tools
|
18,773
|
|
|
16,637
|
|
|
19,344
|
|
Total Rental Tools
Services
|
40,722
|
|
|
32,723
|
|
|
38,670
|
|
Total operating
expenses
|
93,943
|
|
|
88,120
|
|
|
91,634
|
|
|
|
|
|
|
|
Operating gross
margin (loss), excluding depreciation and amortization:
|
|
|
|
|
|
|
|
Drilling
Services:
|
|
|
|
|
|
U.S. (Lower 48)
Drilling
|
(1,171)
|
|
|
(467)
|
|
|
(1,403)
|
|
International and
Alaska Drilling
|
250
|
|
|
12,381
|
|
|
5,024
|
|
Total Drilling
Services
|
(921)
|
|
|
11,914
|
|
|
3,621
|
|
Rental Tools
Services:
|
|
|
|
|
|
U.S. Rental
Tools
|
28,995
|
|
|
19,591
|
|
|
22,757
|
|
International Rental
Tools
|
1,378
|
|
|
(1,317)
|
|
|
591
|
|
Total Rental Tools
Services
|
30,373
|
|
|
18,274
|
|
|
23,348
|
|
Total Operating gross
margin (loss), excluding depreciation and amortization
|
29,452
|
|
|
30,188
|
|
|
26,969
|
|
Depreciation and
amortization
|
(27,520)
|
|
|
(30,067)
|
|
|
(27,136)
|
|
Total operating gross
margin (loss)
|
$
|
1,932
|
|
|
$
|
121
|
|
|
$
|
(167)
|
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
ADJUSTED
EBITDA
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
|
September 30,
2017
|
Net income (loss)
available to common stockholders
|
$
|
(71,857)
|
|
|
$
|
(23,784)
|
|
|
$
|
(29,702)
|
|
|
$
|
(29,599)
|
|
|
$
|
(21,217)
|
|
Interest
expense
|
11,350
|
|
|
11,197
|
|
|
11,240
|
|
|
11,194
|
|
|
11,067
|
|
Income tax expense
(benefit)
|
2,371
|
|
|
1,586
|
|
|
1,604
|
|
|
3,036
|
|
|
1,919
|
|
Depreciation and
amortization
|
27,520
|
|
|
27,136
|
|
|
28,549
|
|
|
29,122
|
|
|
30,067
|
|
Convertible preferred
stock dividend
|
906
|
|
|
907
|
|
|
906
|
|
|
906
|
|
|
906
|
|
EBITDA
|
(29,710)
|
|
|
17,042
|
|
|
12,597
|
|
|
14,659
|
|
|
22,742
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Loss on
impairment
|
43,990
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest income and
other
|
686
|
|
|
1,161
|
|
|
(314)
|
|
|
242
|
|
|
510
|
|
(Gain) loss on
disposition of assets, net
|
(9)
|
|
|
478
|
|
|
(343)
|
|
|
2,483
|
|
|
(97)
|
|
Provision for
reduction in carrying value of certain assets
|
—
|
|
|
—
|
|
|
—
|
|
|
1,938
|
|
|
—
|
|
Special items
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
3,033
|
|
|
—
|
|
Adjusted EBITDA
(1)
|
$
|
14,957
|
|
|
$
|
18,681
|
|
|
$
|
11,940
|
|
|
$
|
22,355
|
|
|
$
|
23,155
|
|
|
|
(1)
|
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.
|
|
|
(2)
|
For the three months
ended December 31, 2017, special items include a $3.0 million
write-off of inventory associated with select international
drilling assets. This item is recorded in operating expenses in the
Consolidated Statement Of Operations.
|
PARKER DRILLING
COMPANY AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EARNINGS PER SHARE
|
(Dollars in
Thousands, except Per Share)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
|
2018
|
|
2017
|
|
2018
|
Net income (loss)
available to common stockholders
|
$
|
(71,857)
|
|
|
$
|
(21,217)
|
|
|
$
|
(23,784)
|
|
Diluted earnings
(loss) per common share (2)
|
$
|
(7.70)
|
|
|
$
|
(2.30)
|
|
|
$
|
(2.56)
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Loss on
impairment
|
$
|
43,990
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net
adjustments
|
43,990
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
Adjusted net income
(loss) available to common stockholders(1)
|
$
|
(27,867)
|
|
|
$
|
(21,217)
|
|
|
$
|
(23,784)
|
|
Adjusted diluted
earnings (loss) per common share (1)
|
$
|
(2.99)
|
|
|
$
|
(2.30)
|
|
|
$
|
(2.56)
|
|
|
|
(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.
|
|
|
(2)
|
The Company's
1-for-15 reverse stock split was effective when markets opened on
July 27, 2018. All share and per share data have been retroactively
restated for all periods presented.
|
View original
content:http://www.prnewswire.com/news-releases/parker-drilling-reports-2018-third-quarter-results-300744203.html
SOURCE Parker Drilling Company