HOUSTON, Nov. 5, 2019 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) today announced results for the third quarter ended September 30, 2019, which included a net income of $4.0 million, or diluted earnings of $0.27 per share, on revenues of $160.1 million. Third quarter Adjusted EBITDA was $36.6 million (1).
Gary Rich, the Company's President and CEO, said, "Despite the challenging industry environment, we achieved strong third quarter results and took additional steps toward strengthening our balance sheet by paying down $35 million of debt, which will provide significant interest savings going forward, while maintaining ample liquidity as our cash balance is over $100 million at the end of the quarter.
"Our U.S. rental tools segment results decreased as expected during the period, due to declining U.S. land activity, but was partially offset by improved deepwater performance.
"Strategically, our Company's international presence bodes well for the burgeoning up-cycle, both in our drilling and rental tools businesses. Through nine months, our year over year International and Alaska Drilling and International Rental Tools segment revenues have increased 38.6 percent and 17.0 percent, respectively, and we continue to see high levels of tendering activity and new project awards."
Mr. Rich added, "We are very pleased to have received several significant contract awards since the end of the second quarter - all aligned with our focus on capital efficiency. Among these awards are two long-term projects allowing idle drilling rigs to return to service, one new O&M project, and a number of meaningful contract extensions."
Third Quarter Review
Parker Drilling's revenues for the 2019 third quarter, compared with the 2019 second quarter, increased 2.6 percent to $160.1 million from $156.0 million. Operating gross margin, excluding depreciation and amortization expense (the "gross margin") decreased 1.8 percent to $42.6 million from $43.4 million and gross margin as a percentage of revenues was 26.6 percent, compared with 27.8 percent for the 2019 second quarter.
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 decreased 2.4 percent to $73.3 million from $75.1 million for the second quarter. Gross margin decreased 9.9 percent to $27.6 million from $30.6 million, and gross margin as a percentage of revenues was 37.6 percent compared with 40.8 percent for the prior period.
U.S. Rental Tools
U.S. rental tools segment revenues decreased 7.0 percent to $49.3 million in the 2019 third quarter from $52.9 million for the 2019 second quarter. Gross margin decreased 14.2 percent to $23.7 million in the third quarter, compared with gross margin of $27.7 million in the 2019 second quarter. Revenues and gross margin decreased in the third quarter primarily as a result of lower customer activity in U.S. land and shelf rentals.
International Rental Tools
International rental tools segment revenues increased 8.6 percent to $24.1 million in the 2019 third quarter from $22.2 million for the 2019 second quarter. Gross margin increased 30.5 percent to $3.8 million in the third quarter, compared with gross margin of $2.9 million in the 2019 second quarter. Improvement in revenues and gross margin resulted from the recognition of project awards in well intervention and increases in surface and tubular activity.
(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, third quarter revenues increased 7.2 percent to $86.8 million from $80.9 million for the second quarter. Gross margin increased 17.6 percent to $15.0 million from $12.8 million, and gross margin as a percentage of revenues was 17.3 percent compared with 15.8 percent for the prior period.
U.S. (Lower 48) Drilling
U.S. (lower 48) drilling segment revenues increased 16.1 percent to $14.5 million in the 2019 third quarter from $12.5 million for the 2019 second quarter. Gross margin increased 54.1 percent to $3.9 million in the third quarter, compared with gross margin of $2.6 million in the 2019 second quarter. Third quarter revenues and gross margin were primarily driven by increased utilization of our inland barge rig fleet and favorable O&M activity.
International & Alaska Drilling
International & Alaska drilling segment revenues increased 5.6 percent to $72.3 million in the 2019 third quarter from $68.5 million for the 2019 second quarter. Gross margin increased 8.5 percent to $11.1 million in the third quarter, compared with gross margin of $10.2 million in the 2019 second quarter. Revenues and gross margin were primarily driven by activity increases in Mexico as well as O&M operations in Sakhalin Island, Russia and offset by lower utilization in the Kurdistan Region of Iraq.
Consolidated
General and administrative expense was $6.0 million for the 2019 third quarter. Total liquidity at the end of the quarter, was $125.8 million, consisting of $101.1 million in cash and cash equivalents and $24.7 million available under the Company's credit facility.
Capital expenditures in the third quarter were $21.7 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 Wednesday, November 6, 2019, 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, 2019 at (+1) (201) 612-7415, conference ID 13695493#.
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 news release, 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 news release, 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 September 30, 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
|
| 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
| 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
| 297,213
|
|
|
| 534,371
|
|
Intangible assets, net
| 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
| $
| —
|
|
|
| $
| 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
| 177,032
|
|
|
| —
|
|
Other long-term liabilities
| 15,328
|
|
|
| 11,544
|
|
Long-term deferred tax liability
| 6,491
|
|
|
| 510
|
|
Commitments and contingencies
|
|
|
|
|
Total liabilities not subject to compromise
| 312,841
|
|
|
| 100,502
|
|
Liabilities subject to compromise
| —
|
|
|
| 600,996
|
|
Total liabilities
| 312,841
|
|
|
| 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
| 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
|
|
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
June 30,
|
|
| Three Months Ended
September 30,
|
| 2019
|
| 2019
|
|
| 2018
|
Revenues
| $
| 160,083
|
|
| $
| 156,031
|
|
|
| $
| 123,395
|
|
Expenses:
|
|
|
|
|
|
|
Operating expenses
| 117,486
|
|
| 112,649
|
|
|
| 93,943
|
|
Depreciation and amortization
| 20,329
|
|
| 20,391
|
|
|
| 27,520
|
|
| 137,815
|
|
| 133,040
|
|
|
| 121,463
|
|
Total operating gross margin
| 22,268
|
|
| 22,991
|
|
|
| 1,932
|
|
General and administrative expense
| (5,983)
|
|
| (5,610)
|
|
|
| (14,495)
|
|
Loss on impairment
| —
|
|
| —
|
|
|
| (43,990)
|
|
Gain (loss) on disposition of assets, net
| (92)
|
|
| (53)
|
|
|
| 9
|
|
Reorganization items
| (211)
|
|
| (962)
|
|
|
| —
|
|
Total operating income (loss)
| 15,982
|
|
| 16,366
|
|
|
| (56,544)
|
|
Other income (expense):
|
|
|
|
|
|
|
Interest expense
| (7,118)
|
|
| (7,663)
|
|
|
| (11,350)
|
|
Interest income
| 362
|
|
| 374
|
|
|
| 23
|
|
Other
| (258)
|
|
| (644)
|
|
|
| (709)
|
|
Total other income (expense)
| (7,014)
|
|
| (7,933)
|
|
|
| (12,036)
|
|
Income (loss) before income taxes
| 8,968
|
|
| 8,433
|
|
|
| (68,580)
|
|
Income tax expense
| 4,979
|
|
| 3,792
|
|
|
| 2,371
|
|
Net income (loss)
| 3,989
|
|
| 4,641
|
|
|
| (70,951)
|
|
Less: Predecessor preferred stock dividend
| —
|
|
| —
|
|
|
| 906
|
|
Net income (loss) available to common stockholders
| $
| 3,989
|
|
| $
| 4,641
|
|
|
| $
| (71,857)
|
|
Basic earnings (loss) per common share:
| $
| 0.27
|
|
| $
| 0.31
|
|
|
| $
| (7.70)
|
|
Diluted earnings (loss) per common share:
| $
| 0.27
|
|
| $
| 0.31
|
|
|
| $
| (7.70)
|
|
Number of common shares used in computing earnings per share:
|
|
|
|
|
|
|
Basic
| 15,044,739
|
|
| 15,044,739
|
|
|
| 9,334,390
|
|
Diluted
| 15,044,739
|
|
| 15,044,739
|
|
|
| 9,334,390
|
|
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
|
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
|
SELECTED FINANCIAL DATA
|
(Dollars in Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
| Successor
|
|
| Predecessor
|
|
|
| Three Months Ended
September 30,
|
| Three Months Ended
June 30,
|
|
| Three Months Ended
September 30,
|
|
|
| 2019
|
| 2019
|
|
| 2018
|
Revenues:
|
|
|
|
|
|
|
|
U.S. rental tools
|
| $
| 49,256
|
|
| $
| 52,936
|
|
|
| $
| 50,944
|
|
International rental tools
|
| 24,067
|
|
| 22,155
|
|
|
| 20,151
|
|
Total rental tools services
|
| 73,323
|
|
| 75,091
|
|
|
| 71,095
|
|
U.S. (lower 48) drilling
|
| 14,487
|
|
| 12,479
|
|
|
| 4,530
|
|
International and Alaska drilling
|
| 72,273
|
|
| 68,461
|
|
|
| 47,770
|
|
Total drilling services
|
| 86,760
|
|
| 80,940
|
|
|
| 52,300
|
|
Total revenues
|
| 160,083
|
|
| 156,031
|
|
|
| 123,395
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
U.S. rental tools
|
| 25,513
|
|
| 25,267
|
|
|
| 21,949
|
|
International rental tools
|
| 20,243
|
|
| 19,224
|
|
|
| 18,773
|
|
Total rental tools services
|
| 45,756
|
|
| 44,491
|
|
|
| 40,722
|
|
U.S. (lower 48) drilling
|
| 10,549
|
|
| 9,923
|
|
|
| 5,701
|
|
International and Alaska drilling
|
| 61,181
|
|
| 58,235
|
|
|
| 47,520
|
|
Total drilling services
|
| 71,730
|
|
| 68,158
|
|
|
| 53,221
|
|
Total operating expenses
|
| 117,486
|
|
| 112,649
|
|
|
| 93,943
|
|
|
|
|
|
|
|
|
|
Operating gross margin, excluding depreciation and amortization:
|
|
|
|
|
|
U.S. rental tools
|
| 23,743
|
|
| 27,669
|
|
|
| 28,995
|
|
International rental tools
|
| 3,824
|
|
| 2,931
|
|
|
| 1,378
|
|
Total rental tools services
|
| 27,567
|
|
| 30,600
|
|
|
| 30,373
|
|
U.S. (lower 48) drilling
|
| 3,938
|
|
| 2,556
|
|
|
| (1,171)
|
|
International and Alaska drilling
|
| 11,092
|
|
| 10,226
|
|
|
| 250
|
|
Total drilling services
|
| 15,030
|
|
| 12,782
|
|
|
| (921)
|
|
Total operating gross margin, excluding depreciation and amortization
|
| 42,597
|
|
| 43,382
|
|
|
| 29,452
|
|
Depreciation and amortization
|
| (20,329)
|
|
| (20,391)
|
|
|
| (27,520)
|
|
Total operating gross margin
|
| $
| 22,268
|
|
| $
| 22,991
|
|
|
| $
| 1,932
|
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
|
ADJUSTED EBITDA
|
(Dollars in Thousands)
|
(Unaudited)
|
|
|
|
|
| Successor
|
|
| Predecessor
|
|
| Three Months Ended
|
|
| Three Months Ended
|
|
| September 30,
2019
|
| June 30,
2019
|
|
| March 31,
2019
|
| December 31,
2018
|
| September 30,
2018
|
Net income (loss) available to common stockholders
|
| $
| 3,989
|
|
| $
| 4,641
|
|
|
| $
| (90,248)
|
|
| $
| (43,073)
|
|
| $
| (71,857)
|
|
Interest expense
|
| 7,118
|
|
| 7,663
|
|
|
| 274
|
|
| 8,778
|
|
| 11,350
|
|
Income tax expense
|
| 4,979
|
|
| 3,792
|
|
|
| 656
|
|
| 2,235
|
|
| 2,371
|
|
Depreciation and amortization
|
| 20,329
|
|
| 20,391
|
|
|
| 25,102
|
|
| 24,340
|
|
| 27,520
|
|
Predecessor preferred stock dividend
|
| —
|
|
| —
|
|
|
| —
|
|
| —
|
|
| 906
|
|
EBITDA
|
| 36,415
|
|
| 36,487
|
|
|
| (64,216)
|
|
| (7,720)
|
|
| (29,710)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Loss on impairment
|
| —
|
|
| —
|
|
|
| —
|
|
| 6,708
|
|
| 43,990
|
|
(Gain) loss on disposition of assets, net
|
| 92
|
|
| 53
|
|
|
| (384)
|
|
| 1,598
|
|
| (9)
|
|
Pre-petition restructuring charges (1)
|
| —
|
|
| —
|
|
|
| —
|
|
| 11,411
|
|
| 7,724
|
|
Reorganization items
|
| 211
|
|
| 962
|
|
|
| 92,977
|
|
| 9,789
|
|
| —
|
|
Interest income
|
| (362)
|
|
| (374)
|
|
|
| (8)
|
|
| (15)
|
|
| (23)
|
|
Other
|
| 258
|
|
| 644
|
|
|
| 10
|
|
| 414
|
|
| 709
|
|
Adjusted EBITDA (1) (2)
|
| $
| 36,614
|
|
| $
| 37,772
|
|
|
| $
| 28,379
|
|
| $
| 22,185
|
|
| $
| 22,681
|
|
|
(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
September 30,
|
| Three Months Ended
June 30,
|
|
| Three Months Ended
September 30,
|
|
| 2019
|
| 2019
|
|
| 2018
|
Net income (loss) available to common stockholders
| $
| 3,989
|
|
| $
| 4,641
|
|
|
| $
| (71,857)
|
|
Diluted earnings (loss) per common share
| $
| 0.27
|
|
| $
| 0.31
|
|
|
| $
| (7.70)
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Loss on impairment
| $
| —
|
|
| $
| —
|
|
|
| $
| 43,990
|
|
Net adjustments
| —
|
|
| —
|
|
|
| 43,990
|
|
|
|
|
|
|
|
|
|
Adjusted net income (loss) available to common stockholders (1)
| $
| 3,989
|
|
| $
| 4,641
|
|
|
| $
| (27,867)
|
|
Adjusted diluted earnings (loss) per common share (1)
| $
| 0.27
|
|
| $
| 0.31
|
|
|
| $
| (2.99)
|
|
|
|
(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-third-quarter-results-300952251.html
SOURCE Parker Drilling Company