INVESTMENT IN AMAK (Tables)

9 Months Ended

Sep. 30, 2016

Summarized Results of Operation and Financial Position for AMAK

The summarized results of operation and financial position for AMAK are as follows:

Results of Operations

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(Thousands of Dollars)
Sales	$	318		$	19,874		$	9,921		$	38,458
Gross profit (loss)		(4,747	)		(2,711	)		(7,556	)		35
General, administrative and other expenses		2,796			4,067			6,986			9,605
Loss from operations	$	(7,543	)	$	(6,778	)	$	(14,542	)	$	(9,570	)
Gain on settlement with former operator		14			-			25,434			-
Net income (loss)	$	(7,529	)	$	(6,778	)	$	10,892		$	(9,570	)

Equity in Income or Loss of AMAK Reflected on Consolidated Statements of Operation

Therefore, net income (loss) before depreciation and amortization was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
	(Thousands of Dollars)
Net income (loss) before depreciation and amortization	$	(4,341	)	$	(2,543	)	$	19,498	$	5,680

Financial Position

	September 30,		December 31,
	2016		2015
	(Thousands of Dollars)
Current assets	$	35,153	$	26,078
Noncurrent assets		260,142		259,527
Total assets	$	295,295	$	285,605

Current liabilities	$	2,883	$	22,740
Long term liabilities		87,994		89,364
Shareholders' equity		204,418		173,501
	$	295,295	$	285,605

The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three and nine months ended September 30, 2016, and 2015, is comprised of the following:

	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016		2015
	(Thousands of Dollars)
Company’s share of income (loss) reported by AMAK	$	(2,426	)	$	(2,391	)	$	4,068	$	(3,375	)
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK		337			337			1,011		1,011
Equity in earnings (loss) of AMAK	$	(2,089	)	$	(2,054	)	$	5,079	$	(2,364	)