INVESTMENT IN JOINT VENTURES

9 Months Ended

Sep. 30, 2011

INVESTMENT IN JOINT VENTURES

INVESTMENT IN JOINT VENTURES

4.      INVESTMENT IN JOINT VENTURES

As discussed in Note 3, on April 30, 2010 we acquired the remaining non-controlling interests in two joint ventures that were previously majority-owned by our Oilfield Products business segment.  Prior to the April 30, 2010 step acquisition, these investments, which include DYNAenergetics RUS and Perfoline, were accounted for under the equity method due to certain non-controlling interest veto rights that allowed the non-controlling interest shareholders to participate in the ordinary course of business decisions. Operating results from January 1, 2010 through April 30, 2010 include our proportionate share of income from these unconsolidated joint ventures and for the nine months ended September 30, 2010 our results include equity in earnings of joint ventures of $255.  As a result of the step acquisition, we now consolidate the financial statements of these entities.

Summarized unaudited financial information for the joint ventures accounted for under the equity method for the nine months ended September 30, 2010 is as follows:

	Nine Months Ended
	September 30, 2010 (a)
Net sales	$	2,575
Gross Profit	$	656
Operating income	$	302
Net income	$	468

(a)  Represents operating results through April 30, 2010