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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tesco Corp. (MM) | NASDAQ:TESO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.70 | 3.75 | 3.80 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Alberta
|
76-0419312
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
11330 Clay Road
Suite 350
Houston, Texas
|
77041
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large Accelerated Filer
o
|
Accelerated Filer
x
|
Non-Accelerated Filer
o
|
Smaller Reporting Company
¨
|
|
|
|
|
|
Page
|
PART I—FINANCIAL INFORMATION
|
||
|
|
|
Item 1.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
PART II—OTHER INFORMATION
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 6.
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Assets
|
(unaudited)
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
97,469
|
|
|
$
|
51,507
|
|
Accounts receivable trade, net of allowance for doubtful accounts of $9,023 and $8,894 as of June 30, 2016 and December 31, 2015, respectively
|
39,282
|
|
|
64,270
|
|
||
Inventories, net
|
88,721
|
|
|
95,459
|
|
||
Income taxes recoverable
|
6,068
|
|
|
7,656
|
|
||
Prepaid and other current assets
|
13,341
|
|
|
17,594
|
|
||
Total current assets
|
244,881
|
|
|
236,486
|
|
||
Property, plant and equipment, net
|
129,899
|
|
|
177,716
|
|
||
Deferred income taxes
|
186
|
|
|
598
|
|
||
Intangible and other assets, net
|
4,829
|
|
|
6,894
|
|
||
Total assets
|
$
|
379,795
|
|
|
$
|
421,694
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
||
Accounts payable
|
10,617
|
|
|
14,332
|
|
||
Deferred revenue
|
3,202
|
|
|
4,382
|
|
||
Warranty reserves
|
465
|
|
|
893
|
|
||
Income taxes payable
|
760
|
|
|
1,430
|
|
||
Accrued payroll and benefits
|
6,287
|
|
|
12,448
|
|
||
Accrued taxes other than income taxes
|
4,214
|
|
|
4,173
|
|
||
Other current liabilities
|
3,212
|
|
|
5,255
|
|
||
Total current liabilities
|
28,757
|
|
|
42,913
|
|
||
Other liabilities
|
2,140
|
|
|
2,239
|
|
||
Deferred income taxes
|
902
|
|
|
1,588
|
|
||
Total liabilities
|
31,799
|
|
|
46,740
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Shareholders’ equity
|
|
|
|
|
|
||
Common shares; no par value; unlimited shares authorized; 46,273 and 39,218 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively
|
261,135
|
|
|
212,383
|
|
||
Retained earnings
|
51,360
|
|
|
127,070
|
|
||
Accumulated other comprehensive income
|
35,501
|
|
|
35,501
|
|
||
Total shareholders’ equity
|
347,996
|
|
|
374,954
|
|
||
Total liabilities and shareholders’ equity
|
$
|
379,795
|
|
|
$
|
421,694
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
15,339
|
|
|
$
|
23,698
|
|
|
$
|
25,444
|
|
|
$
|
53,625
|
|
Services
|
18,247
|
|
|
50,753
|
|
|
43,595
|
|
|
112,496
|
|
||||
|
33,586
|
|
|
74,451
|
|
|
69,039
|
|
|
166,121
|
|
||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Cost of sales and services
|
|
|
|
|
|
|
|
||||||||
Products
|
16,202
|
|
|
24,702
|
|
|
30,103
|
|
|
51,289
|
|
||||
Services
|
27,462
|
|
|
52,039
|
|
|
60,420
|
|
|
108,747
|
|
||||
|
43,664
|
|
|
76,741
|
|
|
90,523
|
|
|
160,036
|
|
||||
Selling, general and administrative
|
7,702
|
|
|
9,369
|
|
|
13,966
|
|
|
20,532
|
|
||||
Long-lived asset impairments
|
—
|
|
|
—
|
|
|
35,514
|
|
|
—
|
|
||||
Research and engineering
|
1,437
|
|
|
2,059
|
|
|
3,010
|
|
|
4,909
|
|
||||
Total operating expenses
|
52,803
|
|
|
88,169
|
|
|
143,013
|
|
|
185,477
|
|
||||
Operating loss
|
(19,217
|
)
|
|
(13,718
|
)
|
|
(73,974
|
)
|
|
(19,356
|
)
|
||||
Other expense (income)
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
191
|
|
|
354
|
|
|
654
|
|
|
572
|
|
||||
Interest income
|
(347
|
)
|
|
(12
|
)
|
|
(429
|
)
|
|
(40
|
)
|
||||
Foreign exchange loss
|
17
|
|
|
1,399
|
|
|
1,185
|
|
|
4,555
|
|
||||
Other expense (income)
|
17
|
|
|
(141
|
)
|
|
27
|
|
|
(347
|
)
|
||||
Total other expense (income)
|
(122
|
)
|
|
1,600
|
|
|
1,437
|
|
|
4,740
|
|
||||
Loss before income taxes
|
(19,095
|
)
|
|
(15,318
|
)
|
|
(75,411
|
)
|
|
(24,096
|
)
|
||||
Income tax provision (benefit)
|
(224
|
)
|
|
12,172
|
|
|
299
|
|
|
11,646
|
|
||||
Net loss
|
$
|
(18,871
|
)
|
|
$
|
(27,490
|
)
|
|
$
|
(75,710
|
)
|
|
$
|
(35,742
|
)
|
Loss per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.47
|
)
|
|
$
|
(0.71
|
)
|
|
$
|
(1.90
|
)
|
|
$
|
(0.92
|
)
|
Diluted
|
$
|
(0.47
|
)
|
|
$
|
(0.71
|
)
|
|
$
|
(1.90
|
)
|
|
$
|
(0.92
|
)
|
Dividends declared per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
—
|
|
|
$
|
0.05
|
|
|
$
|
—
|
|
|
$
|
0.10
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
40,426
|
|
|
38,981
|
|
|
39,844
|
|
|
38,969
|
|
||||
Diluted
|
40,426
|
|
|
38,981
|
|
|
39,844
|
|
|
38,969
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Operating Activities
|
|
|
|
||||
Net loss
|
$
|
(75,710
|
)
|
|
$
|
(35,742
|
)
|
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
15,174
|
|
|
19,732
|
|
||
Stock compensation expense
|
2,076
|
|
|
2,142
|
|
||
Bad debt expense
|
566
|
|
|
139
|
|
||
Deferred income taxes
|
(273
|
)
|
|
7,088
|
|
||
Amortization of financial items
|
284
|
|
|
152
|
|
||
Gain (loss) on sale of operating assets
|
(414
|
)
|
|
(689
|
)
|
||
Long-lived asset impairments
|
35,514
|
|
|
—
|
|
||
Changes in the fair value of contingent earn-out obligations
|
(74
|
)
|
|
(364
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable trade, net
|
24,647
|
|
|
40,829
|
|
||
Inventories, net
|
6,738
|
|
|
(3,293
|
)
|
||
Prepaid and other current assets
|
4,255
|
|
|
2,942
|
|
||
Accounts payable and accrued liabilities
|
(14,753
|
)
|
|
(26,507
|
)
|
||
Income taxes recoverable
|
885
|
|
|
(7,761
|
)
|
||
Other noncurrent assets and liabilities, net
|
(197
|
)
|
|
3,017
|
|
||
Net cash provided by (used in) operating activities
|
(1,282
|
)
|
|
1,685
|
|
||
Investing Activities
|
|
|
|
||||
Additions to property, plant and equipment
|
(1,977
|
)
|
|
(10,213
|
)
|
||
Proceeds on sale of operating assets
|
2,546
|
|
|
687
|
|
||
Other, net
|
(1
|
)
|
|
1,860
|
|
||
Net cash provided by (used in) investing activities
|
568
|
|
|
(7,666
|
)
|
||
Financing Activities
|
|
|
|
||||
Repayments of debt
|
—
|
|
|
(25
|
)
|
||
Proceeds from exercise of stock options
|
—
|
|
|
111
|
|
||
Dividend distribution
|
—
|
|
|
(3,898
|
)
|
||
Proceeds from stock issuance
|
47,040
|
|
|
—
|
|
||
Stock issuance costs
|
(364
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
46,676
|
|
|
(3,812
|
)
|
||
Change in cash and cash equivalents
|
45,962
|
|
|
(9,793
|
)
|
||
Cash and cash equivalents, beginning of period
|
51,507
|
|
|
72,466
|
|
||
Cash and cash equivalents, end of period
|
$
|
97,469
|
|
|
$
|
62,673
|
|
Supplemental cash flow information
|
|
|
|
||||
Cash payments for interest
|
$
|
225
|
|
|
$
|
280
|
|
Cash payments for income taxes, net of refunds
|
862
|
|
|
12,791
|
|
||
Property, plant and equipment accrued in accounts payable
|
1,339
|
|
|
2,628
|
|
|
Common stock shares
|
|
Common shares
|
|
Retained earnings
|
|
Accumulated other comprehensive income
|
|
Total
|
|||||||||
For the six months ended June 30, 2016 |
|
|
|
|
|
|
|
|
|
|||||||||
Balances at January 1, 2016
|
39,218
|
|
|
$
|
212,383
|
|
|
$
|
127,070
|
|
|
$
|
35,501
|
|
|
$
|
374,954
|
|
Net loss
|
—
|
|
|
—
|
|
|
(75,710
|
)
|
|
—
|
|
|
(75,710
|
)
|
||||
Stock issuance, net of issue costs
|
7,000
|
|
|
46,676
|
|
|
—
|
|
|
—
|
|
|
46,676
|
|
||||
Stock compensation related activity
|
55
|
|
|
2,076
|
|
|
—
|
|
|
—
|
|
|
2,076
|
|
||||
Balances at June 30, 2016
|
46,273
|
|
|
$
|
261,135
|
|
|
$
|
51,360
|
|
|
$
|
35,501
|
|
|
$
|
347,996
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
For the six months ended June 30, 2015 |
|
|
|
|
|
|
|
|
|
|||||||||
Balances at January 1, 2015
|
38,949
|
|
|
$
|
208,999
|
|
|
$
|
268,627
|
|
|
$
|
35,501
|
|
|
$
|
513,127
|
|
Net loss
|
—
|
|
|
—
|
|
|
(35,742
|
)
|
|
—
|
|
|
(35,742
|
)
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
(3,897
|
)
|
|
—
|
|
|
(3,897
|
)
|
||||
Stock compensation related activity
|
56
|
|
|
1,959
|
|
|
—
|
|
|
—
|
|
|
1,959
|
|
||||
Balances at June 30, 2015
|
39,005
|
|
|
$
|
210,958
|
|
|
$
|
228,988
|
|
|
$
|
35,501
|
|
|
$
|
475,447
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Raw materials
|
$
|
50,453
|
|
|
$
|
53,595
|
|
Work in progress
|
2,290
|
|
|
1,944
|
|
||
Finished goods
|
35,978
|
|
|
39,920
|
|
||
|
$
|
88,721
|
|
|
$
|
95,459
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Prepaid taxes other than income taxes
|
$
|
2,698
|
|
|
$
|
4,048
|
|
Deposits
|
3,285
|
|
|
4,295
|
|
||
Prepaid insurance
|
611
|
|
|
1,144
|
|
||
Other prepaid expenses
|
3,882
|
|
|
3,220
|
|
||
Restricted cash
|
997
|
|
|
996
|
|
||
Deferred job costs
|
755
|
|
|
1,786
|
|
||
Non-trade receivables
|
1,113
|
|
|
2,105
|
|
||
|
$
|
13,341
|
|
|
$
|
17,594
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Land, buildings and leaseholds
|
$
|
25,450
|
|
|
$
|
27,890
|
|
Drilling equipment
|
268,464
|
|
|
362,556
|
|
||
Manufacturing equipment
|
13,061
|
|
|
16,303
|
|
||
Office equipment and other
|
30,490
|
|
|
33,056
|
|
||
Capital work in progress
|
1,880
|
|
|
575
|
|
||
|
339,345
|
|
|
440,380
|
|
||
Less: Accumulated depreciation
|
(209,446
|
)
|
|
(262,664
|
)
|
||
|
$
|
129,899
|
|
|
$
|
177,716
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of sales and services
|
$
|
7,027
|
|
|
$
|
9,102
|
|
|
$
|
14,693
|
|
|
$
|
18,620
|
|
Selling, general and administrative expense
|
188
|
|
|
531
|
|
|
481
|
|
|
1,112
|
|
||||
|
$
|
7,215
|
|
|
$
|
9,633
|
|
|
$
|
15,174
|
|
|
$
|
19,732
|
|
Property, plant and equipment
|
|
||
Land, building and leaseholds
|
$
|
903
|
|
Drilling equipment
|
31,682
|
|
|
Manufacturing equipment
|
1,497
|
|
|
Office equipment and other
|
510
|
|
|
|
$
|
34,592
|
|
Intangible assets
|
|
||
Customer relationships
|
$
|
184
|
|
Product designs
|
617
|
|
|
Other
|
120
|
|
|
|
$
|
921
|
|
|
June 30, 2016
|
||
Balance as of January 1, 2016
|
$
|
893
|
|
Provisions
|
521
|
|
|
Expirations
|
(373
|
)
|
|
Claims
|
(576
|
)
|
|
Balance as of June 30, 2016
|
$
|
465
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Basic weighted average number of shares outstanding
|
40,426
|
|
|
38,981
|
|
|
39,844
|
|
|
38,969
|
|
Dilutive effect of stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Diluted weighted average number of shares outstanding
|
40,426
|
|
|
38,981
|
|
|
39,844
|
|
|
38,969
|
|
Anti-dilutive options excluded from calculation due to exercise prices
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Current tax provision
|
$
|
49
|
|
|
$
|
1,888
|
|
|
$
|
572
|
|
|
$
|
4,558
|
|
Deferred tax provision (benefit)
|
(273
|
)
|
|
10,284
|
|
|
(273
|
)
|
|
7,088
|
|
||||
Income tax provision (benefit)
|
$
|
(224
|
)
|
|
$
|
12,172
|
|
|
$
|
299
|
|
|
$
|
11,646
|
|
|
Three Months Ended June 30, 2016
|
||||||||||||||||||
|
Products
|
|
Tubular
Services
|
|
Research &
Engineering
|
|
Corporate &
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
20,591
|
|
|
$
|
12,995
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33,586
|
|
Depreciation and amortization
|
1,115
|
|
|
5,497
|
|
|
—
|
|
|
603
|
|
|
7,215
|
|
|||||
Operating loss
|
(2,656
|
)
|
|
(9,331
|
)
|
|
(1,437
|
)
|
|
(5,793
|
)
|
|
(19,217
|
)
|
|||||
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
(122
|
)
|
|||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(19,095
|
)
|
|
Three Months Ended June 30, 2015
|
||||||||||||||||||
|
Products
|
|
Tubular
Services
|
|
Research &
Engineering
|
|
Corporate &
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
41,430
|
|
|
$
|
33,021
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
74,451
|
|
Depreciation and amortization
|
2,155
|
|
|
6,389
|
|
|
3
|
|
|
1,086
|
|
|
9,633
|
|
|||||
Operating loss
|
(2,816
|
)
|
|
(2,810
|
)
|
|
(2,059
|
)
|
|
(6,033
|
)
|
|
(13,718
|
)
|
|||||
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
1,600
|
|
|||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(15,318
|
)
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||
|
Products
|
|
Tubular
Services
|
|
Research &
Engineering
|
|
Corporate &
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
37,165
|
|
|
$
|
31,874
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
69,039
|
|
Depreciation and amortization
|
2,467
|
|
|
11,320
|
|
|
2
|
|
|
1,385
|
|
|
15,174
|
|
|||||
Operating loss
|
(41,893
|
)
|
|
(15,348
|
)
|
|
(3,010
|
)
|
|
(13,723
|
)
|
|
(73,974
|
)
|
|||||
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
1,437
|
|
|||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(75,411
|
)
|
|
Six Months Ended June 30, 2015
|
||||||||||||||||||
|
Products
|
|
Tubular
Services
|
|
Research &
Engineering
|
|
Corporate &
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
91,351
|
|
|
$
|
74,770
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
166,121
|
|
Depreciation and amortization
|
4,708
|
|
|
12,801
|
|
|
6
|
|
|
2,217
|
|
|
19,732
|
|
|||||
Operating income (loss)
|
1,737
|
|
|
(792
|
)
|
|
(4,910
|
)
|
|
(15,391
|
)
|
|
(19,356
|
)
|
|||||
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
4,740
|
|
|||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(24,096
|
)
|
|
Three Months Ended June 30, 2016
|
|
Six Months Ended June 30, 2016
|
|
|
||||||||||||
|
Severance
|
|
Facility Closures
|
|
Severance
|
|
Facility Closures
|
|
Income Statement Classification
|
||||||||
Products
|
$
|
741
|
|
|
$
|
25
|
|
|
$
|
1,412
|
|
|
$
|
25
|
|
|
Cost of sales and services - Products
|
Tubular Services
|
738
|
|
|
106
|
|
|
1,522
|
|
|
722
|
|
|
Cost of sales and services - Services
|
||||
Corporate & Other
|
90
|
|
|
6
|
|
|
90
|
|
|
131
|
|
|
Selling, general and administrative
|
||||
|
$
|
1,569
|
|
|
$
|
137
|
|
|
$
|
3,024
|
|
|
$
|
878
|
|
|
|
|
Three Months Ended June 30, 2015
|
|
Six Months Ended June 30, 2015
|
|
|
||||||||||||
|
Severance
|
|
Facility Closures
|
|
Severance
|
|
Facility Closures
|
|
Income Statement Classification
|
||||||||
Products
|
$
|
1,818
|
|
|
$
|
—
|
|
|
$
|
3,227
|
|
|
$
|
—
|
|
|
Cost of sales and services - Products
|
Tubular Services
|
1,074
|
|
|
—
|
|
|
1,972
|
|
|
—
|
|
|
Cost of sales and services - Services
|
||||
Corporate & Other
|
90
|
|
|
—
|
|
|
372
|
|
|
—
|
|
|
Selling, general and administrative
|
||||
|
$
|
2,982
|
|
|
$
|
—
|
|
|
$
|
5,571
|
|
|
$
|
—
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
United States
|
$
|
10,652
|
|
|
$
|
18,836
|
|
|
$
|
24,934
|
|
|
$
|
45,069
|
|
Europe, Africa and Middle East
|
10,319
|
|
|
14,588
|
|
|
16,372
|
|
|
28,103
|
|
||||
Asia Pacific
|
2,975
|
|
|
8,661
|
|
|
5,957
|
|
|
20,562
|
|
||||
Russia
|
3,448
|
|
|
3,104
|
|
|
7,626
|
|
|
7,434
|
|
||||
Latin America
|
4,739
|
|
|
24,164
|
|
|
11,615
|
|
|
49,620
|
|
||||
Canada
|
1,453
|
|
|
5,098
|
|
|
2,535
|
|
|
15,333
|
|
||||
|
$
|
33,586
|
|
|
$
|
74,451
|
|
|
$
|
69,039
|
|
|
$
|
166,121
|
|
|
June 30, 2016
|
||||||||||||||
|
Products
|
|
Tubular Services
|
|
Overhead, Corporate & Other
|
|
Total
|
||||||||
United States
|
$
|
10,982
|
|
|
$
|
27,548
|
|
|
$
|
9,532
|
|
|
$
|
48,062
|
|
Europe, Africa and Middle East
|
5,561
|
|
|
13,062
|
|
|
2,327
|
|
|
20,950
|
|
||||
Asia Pacific
|
3,517
|
|
|
11,506
|
|
|
568
|
|
|
15,591
|
|
||||
Russia
|
11,352
|
|
|
840
|
|
|
7
|
|
|
12,199
|
|
||||
Latin America
|
20,037
|
|
|
5,566
|
|
|
795
|
|
|
26,398
|
|
||||
Canada
|
360
|
|
|
1,335
|
|
|
5,004
|
|
|
6,699
|
|
||||
|
$
|
51,809
|
|
|
$
|
59,857
|
|
|
$
|
18,233
|
|
|
$
|
129,899
|
|
|
December 31, 2015
|
||||||||||||||
|
Products
|
|
Tubular Services
|
|
Overhead, Corporate & Other
|
|
Total
|
||||||||
United States
|
$
|
19,198
|
|
|
$
|
32,479
|
|
|
$
|
10,434
|
|
|
$
|
62,111
|
|
Europe, Africa and Middle East
|
8,645
|
|
|
16,262
|
|
|
2,841
|
|
|
27,748
|
|
||||
Asia Pacific
|
6,368
|
|
|
14,444
|
|
|
863
|
|
|
21,675
|
|
||||
Russia
|
15,975
|
|
|
280
|
|
|
8
|
|
|
16,263
|
|
||||
Latin America
|
30,265
|
|
|
9,388
|
|
|
988
|
|
|
40,641
|
|
||||
Canada
|
1,498
|
|
|
2,341
|
|
|
5,439
|
|
|
9,278
|
|
||||
|
$
|
81,949
|
|
|
$
|
75,194
|
|
|
$
|
20,573
|
|
|
$
|
177,716
|
|
|
Three Months Average Rig Count
(1)
|
|
Six Months Average Rig Count
(1)
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
United States
|
421
|
|
|
909
|
|
|
488
|
|
|
1,145
|
|
Canada
|
49
|
|
|
100
|
|
|
106
|
|
|
204
|
|
Latin America (includes Mexico)
|
190
|
|
|
322
|
|
|
211
|
|
|
337
|
|
Middle East (excludes Iran, Iraq, Syria and Sudan)
|
388
|
|
|
403
|
|
|
395
|
|
|
408
|
|
Asia Pacific (excludes China onshore)
|
184
|
|
|
220
|
|
|
185
|
|
|
228
|
|
Europe (excludes Russia)
|
92
|
|
|
116
|
|
|
98
|
|
|
124
|
|
Africa
|
89
|
|
|
108
|
|
|
90
|
|
|
119
|
|
Total
|
1,413
|
|
|
2,178
|
|
|
1,573
|
|
|
2,565
|
|
(1)
|
Source: Baker Hughes Incorporated worldwide rig count. The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside North America (U.S. and Canada). To be counted as active, a rig must be on location and be drilling or 'turning to the right'. A rig is considered active from the moment the well is "spudded" until it reaches target depth. Rigs that are in transit from one location to another, rigging up or being used in non-drilling activities such as workovers, completions or production testing, are not counted as active.
|
(2)
|
Source: U.S. Energy Information Administration
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Segment revenue
|
|
|
|
|
|
|
|
||||||||
Products revenue
|
|
|
|
|
|
|
|
||||||||
Sales
|
$
|
8,381
|
|
|
$
|
13,742
|
|
|
$
|
12,583
|
|
|
$
|
31,513
|
|
Rental services
|
5,887
|
|
|
17,733
|
|
|
12,459
|
|
|
37,743
|
|
||||
After-Market sales and services
|
6,323
|
|
|
9,955
|
|
|
12,123
|
|
|
22,095
|
|
||||
|
20,591
|
|
|
41,430
|
|
|
37,165
|
|
|
91,351
|
|
||||
Tubular Services revenue
|
|
|
|
|
|
|
|
||||||||
Land
|
$
|
7,778
|
|
|
$
|
23,471
|
|
|
$
|
18,571
|
|
|
$
|
54,096
|
|
Offshore
|
4,364
|
|
|
8,716
|
|
|
11,785
|
|
|
18,566
|
|
||||
CDS, Parts & Accessories
|
853
|
|
|
834
|
|
|
1,518
|
|
|
2,108
|
|
||||
|
12,995
|
|
|
33,021
|
|
|
31,874
|
|
|
74,770
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
33,586
|
|
|
$
|
74,451
|
|
|
$
|
69,039
|
|
|
$
|
166,121
|
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income (loss)
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
(2,656
|
)
|
|
$
|
(2,816
|
)
|
|
$
|
(41,893
|
)
|
|
$
|
1,737
|
|
Tubular Services
|
(9,331
|
)
|
|
(2,810
|
)
|
|
(15,348
|
)
|
|
(792
|
)
|
||||
Research and Engineering
|
(1,437
|
)
|
|
(2,059
|
)
|
|
(3,010
|
)
|
|
(4,910
|
)
|
||||
Corporate and Other
|
(5,793
|
)
|
|
(6,033
|
)
|
|
(13,723
|
)
|
|
(15,391
|
)
|
||||
Operating loss
|
$
|
(19,217
|
)
|
|
$
|
(13,718
|
)
|
|
$
|
(73,974
|
)
|
|
$
|
(19,356
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Interest expense
|
$
|
191
|
|
|
$
|
354
|
|
|
$
|
654
|
|
|
$
|
572
|
|
Interest income
|
(347
|
)
|
|
(12
|
)
|
|
(429
|
)
|
|
(40
|
)
|
||||
Foreign exchange loss
|
17
|
|
|
1,399
|
|
|
1,185
|
|
|
4,555
|
|
||||
Other expense (income)
|
17
|
|
|
(141
|
)
|
|
27
|
|
|
(347
|
)
|
||||
Loss before income taxes
|
(19,095
|
)
|
|
(15,318
|
)
|
|
(75,411
|
)
|
|
(24,096
|
)
|
||||
Income tax provision (benefit)
|
(224
|
)
|
|
12,172
|
|
|
299
|
|
|
11,646
|
|
||||
Net loss
|
$
|
(18,871
|
)
|
|
$
|
(27,490
|
)
|
|
$
|
(75,710
|
)
|
|
$
|
(35,742
|
)
|
|
|
TESCO CORPORATION
|
|
|
|
|
By:
|
/s/ FERNANDO R. ASSING
|
|
|
Fernando R. Assing,
President and Chief Executive Officer
(Principal Executive Officer)
|
Date:
|
August 9, 2016
|
|
|
|
|
|
|
|
|
By:
|
/s/ CHRISTOPHER L. BOONE
|
|
|
Christopher L. Boone,
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
Date:
|
August 9, 2016
|
|
|
|
|
|
|
TESCO CORPORATION
|
|
|
|
|
By:
|
/s/ THOMAS B SLOAN JR.
|
|
|
Thomas B Sloan Jr.,
Vice President and Corporate Controller
(Principal Accounting Officer)
|
Date:
|
August 9, 2016
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
3.1*
|
|
Restated Articles of Amalgamation of Tesco Corporation, dated May 29, 2007 (incorporated by reference to Exhibit 3.1 to Tesco Corporation’s Current Report on Form 8-K filed with the SEC on June 1, 2007)
|
|
|
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3.2*
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Amended and Restated By-laws of Tesco Corporation (incorporated by reference to Exhibit 3.1 to Tesco Corporation’s Current Report on Form 8-K dated March 5, 2014 filed with the SEC on March 11, 2014)
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4.1
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Form of Common Share Certificate for Tesco Corporation
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31.1
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Rule 13a-14(a)/15d-14(a) Certification, executed by Fernando R. Assing, President and Chief Executive Officer of Tesco Corporation
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31.2
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Rule 13a-14(a)/15d-14(a) Certification, executed by Christopher L. Boone, Senior Vice President and Chief Financial Officer of Tesco Corporation
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32
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Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by Fernando R. Assing, President and Chief Executive Officer of Tesco Corporation and Christopher L. Boone, Senior Vice President and Chief Financial Officer of Tesco Corporation
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase
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101.LAB
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XBRL Taxonomy Extension Label Linkbase
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase
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*
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Incorporated by reference
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1 Year Tesco Corp. (MM) Chart |
1 Month Tesco Corp. (MM) Chart |
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