Annual report pursuant to Section 13 and 15(d)

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements

v2.4.0.6
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements
12 Months Ended
Dec. 31, 2012
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements

Note 16 — Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements

Set forth on the following pages are the consolidating condensed financial statements of Parker Drilling. The Company’s 9.125% Notes are guaranteed by substantially all of the restricted subsidiaries of Parker Drilling. There are currently no restrictions on the ability of the restricted subsidiaries to transfer funds to Parker Drilling in the form of cash dividends, loans or advances. Parker Drilling is a holding company with no operations, other than through its subsidiaries. Separate financial statements for each guarantor company are not provided as the company complies with the exception to Rule 3-10(a)(1) of Regulation S-X, set forth in sub-paragraph (f) of such rule. All guarantor subsidiaries are owned 100 percent by the parent company, all guarantees are full and unconditional and all guarantees are joint and several.

We are providing consolidating condensed financial information of the parent, Parker Drilling, the guarantor subsidiaries, and the non-guarantor subsidiaries as of December 31, 2012 and December 31, 2011 and for the years ended December 31, 2012, 2011, and 2010. The consolidating condensed financial statements present investments in both consolidated and unconsolidated subsidiaries using the equity method of accounting.

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

   $      $ 393,959      $ 385,279      $ (101,256   $ 677,982   

Operating expenses

            185,328        329,992        (101,256     414,064   

Depreciation and amortization

            65,354        47,663               113,017   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating gross margin

            143,277        7,624               150,901   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

General and administration expense (1)

     (182     (45,433     (437            (46,052

Gain on disposition of assets, net

            775        1,199               1,974   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating income (loss)

     (182     98,619        8,386               106,823   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other income and (expense):

          

Interest expense

     (37,326     (151     (8,739     12,674        (33,542

Changes in fair value of derivative positions

     55                             55   

Interest income

     9,863        5,073        41,999        (56,782     153   

Loss on extinguishment of debt

     (2,130                          (2,130

Other

            (370     (12            (382

Equity in net earnings of subsidiaries

     43,884                      (43,884       
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expense)

     14,346        4,552        33,248        (87,992     (35,846
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (benefit) 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

   $      $ 376,229      $ 426,491      $ (116,074   $ 686,646   

Operating expenses

            175,465        358,753        (116,074     418,144   

Depreciation and amortization

            62,744        49,392               112,136   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating gross margin

            138,020        18,346               156,366   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

General and administration expense (1)

     (218     (30,859     (237            (31,314

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     (61,483     19,062               (42,639
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other income and (expense):

          

Interest expense

     (26,654     (17,889     (8,865     30,814        (22,594

Changes in fair value of derivative positions

     (110                          (110

Interest income

     18,131        750        12,189        (30,814     256   

Other

            (345     20               (325

Equity in net earnings of subsidiaries

     (23,484                   23,484          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income and (expense)

     (32,117     (17,484     3,344        23,484        (22,773
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (benefit) 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.

PARKER DRILLING COMPANY AND SUBSIDIARIES

CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS

(Dollars in Thousands)

(Unaudited)

 

     Twelve months ended December 31, 2010  
     Parent     Guarantor     Non-Guarantor     Eliminations     Consolidated  

Total revenues

   $      $ 366,947      $ 401,617      $ (109,089   $ 659,475   

Operating expenses

            237,584        342,783        (109,089     471,278   

Depreciation and amortization

            63,402        51,628               115,030   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating gross margin

            65,961        7,206               73,167   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

General and administration expense (1)

     (225     (30,193     (310            (30,728

Provision for reduction in carrying value of certain assets

            (1,952                   (1,952

Gain on disposition of assets, net

            2,067        2,553               4,620   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating income (loss)

     (225     35,883        9,449               45,107   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other income and (expense):

          

Interest expense

     (30,771     (35,640     (16,185     55,791        (26,805

Interest income

     42,000        757        23,291        (65,791     257   

Loss on extinguishment of debt

     (7,209                          (7,209

Other

            88        67               155   

Equity in net earnings of subsidiaries

     (22,962                   22,962          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income and (expense)

     (18,942     (34,795     7,173        12,962        (33,602
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (benefit) before income taxes

     (19,167     1,088        16,622        12,962        11,505   

Income tax expense (benefit):

          

Current

     139        (189     27,571               27,521   

Deferred

     (4,845     2,323        1,214               (1,308
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total income tax expense (benefit)

     (4,706     2,134        28,785               26,213   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     (14,461     (1,046     (12,163     12,962        (14,708
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Net (loss) attributable to noncontrolling interest

                   (247            (247
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to controlling interest

   $ (14,461   $ (1,046   $ (11,916   $ 12,962      $ (14,461
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) General and administration expenses for field operations are included in operating expenses.

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

     289,957        98,747        292,644        (512,786     168,562   

Rig materials and supplies

            2,834        26,026               28,860   

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   

Assets held for sale

                   11,550               11,550   

Other current assets

            8,675        4,146               12,821   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

     378,457        97,758        389,605        (512,786     353,034   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Property, plant and equipment, net

     60        548,794        237,304               786,158   

Investment in subsidiaries and intercompany advances

     780,878        (233,388     1,467,429        (2,014,919       

Other noncurrent assets

     43,569        59,541        13,431               116,541   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 1,202,964      $ 472,705      $ 2,107,769      $ (2,527,705   $ 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        93,243        205,864        (227,200     137,746   

Accrued income taxes

            612        3,508               4,120   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     75,839        93,855        209,372        (227,200     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        216,320        (322,560       

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     (458,991     187,526        271,465        (74,631
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total controlling interest stockholders’ equity

     591,404        292,170        1,685,775        (1,977,945     591,404   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noncontrolling interest

                   (771            (771
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equity

     591,404        292,170        1,685,004        (1,977,945     590,633   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 1,202,964      $ 472,705      $ 2,107,769      $ (2,527,705   $ 1,255,733   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

PARKER DRILLING COMPANY AND SUBSIDIARIES

CONSOLIDATING CONDENSED BALANCE SHEET

(Dollars in Thousands)

(Unaudited)

 

     December 31, 2011  
     Parent     Guarantor     Non-Guarantor     Eliminations     Consolidated  
ASSETS     

Current assets:

          

Cash and cash equivalents

   $ 55,670      $ 4,212      $ 37,987      $      $ 97,869   

Accounts and notes receivable, net

     289,512        94,748        285,326        (485,663     183,923   

Rig materials and supplies

            762        29,185               29,947   

Deferred costs

                   3,249               3,249   

Deferred income taxes

            5,311        853        486        6,650   

Other tax assets

     47,834        (25,218     2,742               25,358   

Assets held for sale

                   5,315               5,315   

Other current assets

     788        6,381        8,133               15,302   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

     393,804        86,196        372,790        (485,177     367,613   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Property, plant and equipment, net

     79        474,942        244,787        1        719,809   

Investment in subsidiaries and intercompany advances

     720,214        (212,883     1,347,719        (1,855,050       

Other noncurrent assets

     44,962        66,660        16,839        363        128,824   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 1,159,059      $ 414,915      $ 1,982,135      $ (2,339,863   $ 1,216,246   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY     

Current liabilities:

          

Current portion of long-term debt

   $ 145,723      $      $      $      $ 145,723   

Accounts payable and accrued liabilities

     60,120        94,056        181,010        (199,936     135,250   

Accrued income taxes

     (205     921        4,121               4,837   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     205,638        94,977        185,131        (199,936     285,810   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Long-term debt

     337,000                             337,000   

Other long-term liabilities

     8,081        9,474        15,897               33,452   

Long-term deferred tax liability

     1,151        25,232        (11,296     847        15,934   

Intercompany payables

     62,583        43,657        111,619        (217,859       

Contingencies

                                   

Stockholders’ equity:

          

Common stock

     19,508        18,049        43,003        (61,052     19,508   

Capital in excess of par value

     637,042        733,120        1,444,091        (2,177,211     637,042   

Retained earnings (accumulated deficit)

     (111,944     (509,594     194,246        315,348        (111,944
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total controlling interest stockholders’ equity

     544,606        241,575        1,681,340        (1,922,915     544,606   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noncontrolling interest

                   (556            (556
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equity

     544,606        241,575        1,680,784        (1,922,915     544,050   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 1,159,059      $ 414,915      $ 1,982,135      $ (2,339,863   $ 1,216,246   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   

Proceeds from insurance settlements

                                   

Intercompany dividend payment

     (8,387     (4,357     (31,364     44,108          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash (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

Proceeds from stock options exercised

                                   

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 liabilities

     (10,454     (53,404     41,091               (22,767
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   

Proceeds from draw on revolver credit facility

                                   

Paydown on senior notes

                                   

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.

PARKER DRILLING COMPANY AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

(Unaudited)

 

     Year Ended December 31, 2010  
     Parent     Guarantor     Non-Guarantor     Eliminations     Consolidated  

Cash flows from operating activities:

          

Net income (loss)

   $ (14,461   $ (1,046   $ (12,163   $ 12,962      $ (14,708

Adjustments to reconcile net income (loss)to net cash provided by operating activities:

          

Depreciation and amortization

            63,402        51,628               115,030   

Loss on extinguishment of debt

     7,209                             7,209   

Gain on disposition of assets

            (2,067     (2,553            (4,620

Deferred income tax expense

     (4,845     2,323        1,214               (1,308

Provision for reduction in carrying value of certain assets

            1,952                      1,952   

Expenses not requiring cash

     14,829                             14,829   

Equity in net earnings of subsidiaries

     22,962                      (22,962       

Change in accounts receivable

     16,178        (14,763     19,337               20,752   

Change in other assets

     (2,505     (13,454     15,365               (594

Change in liabilities

     (144     7,793        (22,641            (14,992
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     39,223        44,140        50,187        (10,000     123,550   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

          

Capital expenditures

            (169,784     (49,400            (219,184

Proceeds from the sale of assets

            4,646        1,829               6,475   

Intercompany dividend payment

                   (10,000     10,000          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) investing activities

            (165,138     (57,571     10,000        (212,709
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

          

Proceeds from debt issuance

     300,000                             300,000   

Proceeds from draw on revolver credit facility

     25,000                             25,000   

Paydown on senior notes

     (225,000                          (225,000

Paydown on term note

     (12,000                          (12,000

Paydown on revolver credit facility

     (42,000                          (42,000

Payment of debt issuance costs

     (7,976                          (7,976

Payment of debt extinguishment costs

     (7,466                          (7,466

Proceeds from stock options exercised

     26                             26   

Excess tax benefit from stock-based compensation

     1,203                             1,203   

Intercompany advances, net

     (115,364     121,547        (6,183              
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (83,577     121,547        (6,183            31,787   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change in cash and cash equivalents

     (44,354     549        (13,567            (57,372

Cash and cash equivalents at beginning of year

     58,189        1,768        48,846               108,803   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of year

   $ 13,835      $ 2,317      $ 35,279      $      $ 51,431   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

See accompanying notes to unaudited consolidated condensed financial statements.