HOUSTON, Feb. 15, 2017 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) today announced results for the fourth quarter ended December 31, 2016, including a reported net loss of $48.9 million, or a $0.39 loss per share, on revenues of $94.0 million.

The net loss includes a pre-tax $0.9 million expense related to executive departures and a $6.8 million non-cash valuation allowance taken primarily against UK deferred tax assets largely relating to fixed assets. The valuation allowance accounted for $0.05 of the reported loss per share. While the deferred tax assets have been reserved on the Company's financial statements, they have not expired and remain available to offset future cash taxes. Excluding these items, the adjusted net loss was $41.3 million, or a $0.33 loss per share.

Fourth quarter Adjusted EBITDA was $5.2 million.

"Our fourth quarter results were in line with our expectations in the face of ongoing market challenges. We continue our efforts to maximize results and aggressively pursue opportunities across all of our business lines," said Gary Rich, the Company's Chairman, President and CEO.

"U.S. land activity drove improvements in our U.S. Rental Tools Tubular Goods Utilization Index. We also saw continued multi-well rig inquiries in the U.S. barge business. We executed a contract for an 11 well, or approximately six month, project for 1 barge rig that has mobilized to its first well location and have prospects for 2 to 3 additional contracts with anticipated start-ups late in the first quarter. Internationally, current activity levels remain low; however, we see increased rig tendering in many of our markets for work anticipated to begin in late 2017 or early 2018.

"Throughout 2016, we remained focused on disciplined cost control and cash management while maintaining the strength of our business lines in order to benefit from improving conditions. We ended the quarter with $210 million in liquidity, up from $194 million at the end of the third quarter, including $120 million in cash and $90 million available on our undrawn revolver.

"For 2017, we have identified a number of growth opportunities and estimate total capital expenditures of $40 to $50 million, with expenditures weighted toward the first half of 2017. While we are increasing investments in our growth, we will continue to carefully manage our liquidity and costs so we can respond to changing market conditions and opportunities that develop," concluded Rich.

Fourth Quarter Review

Parker Drilling's revenues for the 2016 fourth quarter, compared with the 2016 third quarter, decreased 3.3 percent to $94.0 million from $97.2 million. Operating gross margin, excluding depreciation and amortization expense (gross margin) increased 8.0 percent to $13.5 million from $12.5 million and gross margin as a percentage of revenues was 14.4 percent, compared with 12.9 percent for the prior period.

Drilling Services

For the Company's Drilling Services business, which is comprised of the U.S. (Lower 48) Drilling and the International & Alaska Drilling segments, revenues declined 6.6 percent to $62.3 million from $66.7 million. Gross margin increased 9.1 percent to $10.8 million from $9.9 million, and gross margin as a percentage of revenues was 17.3 percent, compared with 14.8 percent for the prior period. Contracted backlog was $379 million at the end of the fourth quarter compared with $421 million as of September 30, 2016.

U.S. (Lower 48) Drilling

U.S. (Lower 48) Drilling segment revenues were $0.8 million, a 42.9 percent decrease from 2016 third quarter revenues of $1.4 million. Gross margin was a $3.4 million loss as compared with a 2016 third quarter loss of $3.7 million. The decline in revenues was primarily the result of fewer revenue days, and the improvement in gross margin was due to lower costs.

International & Alaska Drilling

International & Alaska Drilling segment revenues were $61.5 million, a 5.8 percent decrease from 2016 third quarter revenues of $65.3 million. Gross margin was $14.2 million, a 4.4 percent increase from 2016 third quarter gross margin of $13.6 million. Gross margin as a percentage of revenues was 23.1 percent as compared with 20.8 percent for the 2016 third quarter. The decrease in revenues was primarily attributable to lower reimbursable activity partially offset by an increase in activity associated with our Atlantic Canada O&M project. The increase in gross margin was primarily the result of lower operating expenses in addition to a benefit associated with the release of a legacy contract related accrual.

Rental Tools Services

Rental Tools Services revenues were $31.7 million, a 3.9 percent increase from 2016 third quarter revenues of $30.5 million. Gross margin was $2.7 million, a 3.8 percent increase from $2.6 million for the 2016 third quarter. Gross margin as a percentage of revenues was 8.5 percent as compared with 8.5 percent in the 2016 third quarter.

U.S. Rental Tools

U.S. Rental tools segment revenues were $16.1 million, compared with $15.0 million for the 2016 third quarter. Gross margin was $4.0 million compared with $4.2 million for the 2016 third quarter. Revenues were up as land based activity outpaced declines in offshore activity. Gross margin declined as a result of bad debt expense.

International Rental Tools

International Rental Tools segment revenues were $15.6 million, compared with $15.5 million for the 2016 third quarter and gross margin was a loss of $1.3 million compared with a loss of $1.7 million for the 2016 third quarter. The improvement in gross margin was due to lower operating expenses.

Consolidated

General and Administrative expense increased to $9.1 million for the 2016 fourth quarter, from $7.4 million for the 2016 third quarter, predominately due to incentive plan adjustments and a $0.9 million charge related to executive departures recorded in the fourth quarter of 2016.

Capital expenditures in the fourth quarter were $8.0 million, and were $29.0 million for the year.

Conference Call

Parker Drilling has scheduled a conference call for 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Thursday, February 16, 2017, to review reported results. You may access the call by telephone at (412) 902-0003 and asking for the 2016 Fourth Quarter Conference Call. The call may 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 February 23, 2017, at (201) 612-7415, access code 13653021#.

Cautionary Statement

This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements in this press release other than statements of historical facts addressing activities, events or developments the Company expects, projects, believes, or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to, statements about anticipated future financial or operational results; the outlook for rental tools utilization and rig utilization and dayrates; the results of past capital expenditures; scheduled start-ups of rigs; general industry conditions such as the demand for drilling and the factors affecting demand; competitive advantages such as technological innovation; future operating results of the Company's rigs, rental tools operations and projects under management; future capital expenditures; expansion and growth opportunities; acquisitions or joint ventures; asset purchases and sales; successful negotiation and execution of contracts; scheduled delivery of drilling rigs or rental equipment for operation; the Company's financial position; changes in utilization or market share; outcomes of legal proceedings; compliance with credit facility and indenture covenants; and similar matters. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Although the Company believes its expectations stated in this press release are based on reasonable assumptions, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, that could cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to changes in worldwide economic and business conditions, fluctuations in oil and natural gas prices, compliance with existing laws and changes in laws or government regulations, the failure to realize the benefits of, and other risks relating to, acquisitions, the risk of cost overruns, our ability to refinance our debt and other important factors, many of which could adversely affect market conditions, demand for our services, and costs, and all or any one of which could cause actual results to differ materially from those projected. For more information, see "Risk Factors" in the Company's Annual Report filed on Form 10-K with the Securities and Exchange Commission and other public filings and press releases. Each forward-looking statement speaks only as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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 in the inland waters of the U.S. Gulf of Mexico utilizing Parker Drilling's barge rig fleet and in select U.S. and international markets and harsh-environment regions utilizing Parker-owned and customer-owned equipment. 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: Jason Geach, Vice President, Investor Relations & Corporate Development (+1) (281) 406-2310, jason.geach@parkerdrilling.com.




                                               PARKER DRILLING COMPANY

                                        Consolidated Condensed Balance Sheets

                                               (Dollars in Thousands)


                                                  December 31, 2016              December 31, 2015
                                                  -----------------              -----------------

                                                     (Unaudited)

    ASSETS:

    Current Assets

    Cash and Cash Equivalents                                           $119,691                      $134,294

    Accounts and Notes
     Receivable, Net                                        113,231                         175,105

    Rig Materials and Supplies                               32,354                          34,937

    Deferred Costs                                            1,436                           1,367

    Other Current Assets                                     19,606                          21,038

    Total Current Assets                                    286,318                         366,741
                                                            -------                         -------


    Property, Plant and
     Equipment, net                                         693,439                         805,841


    Other Assets

    Deferred Income Taxes                                    70,309                         139,282

    Other Assets                                             53,485                          54,838

    Total Other Assets                                      123,794                         194,120
                                                            -------                         -------


    Total Assets                                                      $1,103,551                    $1,366,702
                                                                      ==========                    ==========


    LIABILITIES AND STOCKHOLDERS' EQUITY:

    Current Liabilities

    Accounts Payable and
     Accrued Liabilities                                                $102,921                      $136,121

    Total Current Liabilities                               102,921                         136,121
                                                            -------                         -------


    Long-Term Debt, net of
     debt issuance costs                                    576,326                         574,798


    Deferred Tax Liability                                   69,333                          68,654


    Other Long-Term Liabilities                              15,836                          18,617


    Total Stockholders' Equity                              339,135                         568,512
                                                            -------                         -------


    Total Liabilities and
     Stockholders' Equity                                             $1,103,551                    $1,366,702
                                                                      ==========                    ==========



                                                                    PARKER DRILLING COMPANY

                                                              Consolidated Statement Of Operations

                                                         (Dollars in Thousands, Except Per Share Data)

                                                                          (Unaudited)

                                                                                                  Three Months
                                                                                                       Ended
                                                                                                September 30,
                                                                                                -------------

                                                    Three Months Ended December 31,

                                                     2016                     2015                           2016
                                                     ----                     ----                           ----


    Revenues                                                  $94,025                                               $148,748                 $97,189


    Expenses:

    Operating Expenses                             80,529                                114,488                                  84,680

    Depreciation and
     Amortization                                  33,190                                 37,720                                  34,474

                                                  113,719                                152,208                                 119,154
                                                  -------                                -------                                 -------

    Total Operating Gross
     Margin                                      (19,694)                               (3,460)                               (21,965)
                                                  -------                                 ------                                 -------


    General and
     Administrative Expense                       (9,132)                               (6,947)                                (7,424)

    Provision for Reduction
     in Carrying Value of
     Certain Assets                                     -                               (9,268)                                      -

    Gain (Loss) on
     Disposition of Assets,
     net                                          (1,364)                               (1,043)                                  (187)
                                                   ------                                 ------                                    ----

    Total Operating Income
     (Loss)                                      (30,190)                              (20,718)                               (29,576)
                                                  -------                                -------                                 -------


    Other Income (Expense)

    Interest Expense                             (11,048)                              (11,388)                               (11,015)

    Interest Income                                    10                                     60                                       9

    Other                                         (1,409)                               (6,119)                                  (351)

    Total Other Income
     (Expense)                                   (12,447)                              (17,447)                               (11,357)
                                                  -------                                -------                                 -------


    Income (Loss) before
     Income Taxes                                (42,637)                              (38,165)                               (40,933)


    Income Tax Expense
     (Benefit)                                      6,292                                (2,519)                                  5,295
                                                    -----                                 ------                                   -----


    Net Income (Loss)                            (48,929)                              (35,646)                               (46,228)
                                                  -------                                -------                                 -------

    Less: Net Income (Loss)
     Attributable to
     Noncontrolling Interest                            -                                     -                                      -
                                                      ---                                   ---                                    ---

    Net Income (Loss)
     Attributable to
     Controlling Interest                                   $(48,929)                                             $(35,646)              $(46,228)
                                                             ========                                               ========                ========


    Income (Loss) per Share - Basic

    Net Income (Loss)                                         $(0.39)                                               $(0.29)                $(0.37)


    Income (Loss) per Share - Diluted

    Net Income (Loss)                                         $(0.39)                                               $(0.29)                $(0.37)


    Number of common shares used in computing
     earnings per share:

    Basic                                     124,830,473                            122,951,598                             124,486,848

    Diluted                                   124,830,473                            122,951,598                             124,486,848



                                                                  PARKER DRILLING COMPANY

                                                            Consolidated Statement Of Operations

                                                       (Dollars in Thousands, Except Per Share Data)

                                                                        (Unaudited)


                                                                     Year Ended December 31,

                                                     2016                      2015                  2014
                                                     ----                      ----                  ----


    Revenues                                                  $427,004                                      $712,183              $968,684


    Expenses:

    Operating Expenses                            362,521                                 526,290                        669,381

    Depreciation and Amortization                 139,795                                 156,194                        145,121

                                                  502,316                                 682,484                        814,502
                                                  -------                                 -------                        -------

    Total Operating Gross Margin                 (75,312)                                 29,699                        154,182
                                                  -------                                  ------                        -------


    General and Administrative
     Expense                                     (34,332)                               (36,190)                      (35,016)

    Provision for Reduction in
     Carrying Value of Certain
     Assets                                             -                               (12,490)                             -

    Gain (Loss) on Disposition of
     Assets, Net                                  (1,613)                                  1,643                          1,054

    Total Operating Income (Loss)               (111,257)                               (17,338)                       120,220
                                                 --------                                 -------                        -------


    Other Income (Expense)

    Interest Expense                             (45,812)                               (45,155)                      (44,265)

    Interest Income                                    58                                     269                            195

    Loss on extinguishment of debt                      -                                      -                      (30,152)

    Other                                             367                                 (9,747)                         2,539

    Total Other Income (Expense)                 (45,387)                               (54,633)                      (71,683)


    Income (Loss) before Income
     Taxes                                      (156,644)                               (71,971)                        48,537


    Income Tax Expense (Benefit)                   74,170                                  22,313                         24,076
                                                   ------                                  ------                         ------


    Net Income (Loss)                           (230,814)                               (94,284)                        24,461

    Less: Net Income (Loss)
     Attributable to
     Noncontrolling Interest                            -                                    789                          1,010
                                                      ---                                    ---                          -----

    Net Income (Loss) Attributable
     to Controlling Interest                                $(230,814)                                    $(95,073)              $23,451
                                                             =========                                      ========               =======


    Income (Loss) per Share - Basic

    Net Income (Loss)                                          $(1.86)                                      $(0.78)                $0.19


    Income (Loss) per Share - Diluted

    Net Income (Loss)                                          $(1.86)                                      $(0.78)                $0.19


    Number of common shares used in computing
     earnings per share:

    Basic                                     124,130,004                             122,562,187                    121,186,464

    Diluted                                   124,130,004                             122,562,187                    123,076,648



                                                                                                            PARKER DRILLING COMPANY

                                                                                                            Selected Financial Data

                                                                                                            (Dollars in Thousands)

                                                                                                                  (Unaudited)



                                                                                  Three Months Ended                                                Year Ended December 31,

                                                                         December 31,                         September 30,                    2016                2015           2014
                                                                                                                                               ----                ----           ----

                                                                2016                     2015                  2016
                                                                ----                     ----                  ----


    Revenues:

    Drilling Services:
    ------------------

    U.S. (Lower 48) Drilling                                               $848                                            $3,451                                      $1,431                           $5,429                          $30,358        $158,405

    International & Alaska Drilling                          61,478                               95,546                                65,307                         287,332              435,096                     462,513
                                                             ------                               ------                                ------                         -------              -------                     -------

                 Total Drilling Services:                       62,326                               98,997                                66,738                         292,761              465,454                     620,918

    Rental Tools Services:
    ----------------------

    U.S. Rental Tools                                        16,130                               28,734                                14,967                          71,613              141,889                     223,545

    International Rental Tools                               15,569                               21,017                                15,484                          62,630              104,840                     124,221
                                                             ------                               ------                                ------                          ------              -------                     -------

                 Total Rental Tools Services                    31,699                               49,751                                30,451                         134,243              246,729                     347,766

                   Total Revenues                                          $94,025                                          $148,748                                     $97,189                         $427,004                         $712,183        $968,684



    Operating Expenses:

    Drilling Services:
    ------------------

    U.S. (Lower 48) Drilling                                             $4,232                                            $5,616                                      $5,112                          $19,733                          $36,247         $90,314

    International & Alaska Drilling                          47,307                               72,902                                51,682                         222,824              325,346                     368,424
                                                             ------                               ------                                ------                         -------              -------                     -------

                 Total Drilling Services:                       51,539                               78,518                                56,794                         242,557              361,593                     458,738

    Rental Tools Services:
    ----------------------

    U.S. Rental Tools                                        12,102                               15,593                                10,746                          50,216               77,056                     105,353

    International Rental Tools                               16,888                               20,377                                17,140                          69,748               87,641                     105,290
                                                             ------                               ------                                ------                          ------               ------                     -------

                 Total Rental Tools Services                    28,990                               35,970                                27,886                         119,964              164,697                     210,643


                   Total Operating Expenses                                $80,529                                          $114,488                                     $84,680                         $362,521                         $526,290        $669,381



    Operating Gross Margin:

    Drilling Services:
    ------------------

    U.S. (Lower 48) Drilling                                           $(3,384)                                         $(2,165)                                   $(3,681)                       $(14,304)                        $(5,889)        $68,091

    International & Alaska Drilling                          14,171                               22,644                                13,625                          64,508              109,750                      94,089

                 Total Drilling Services                        10,787                               20,479                                 9,944                          50,204              103,861                     162,180

    Rental Tools Services:
    ----------------------

    U.S. Rental Tools                                         4,028                               13,141                                 4,221                          21,397               64,833                     118,192

    International Rental Tools                              (1,319)                                 640                               (1,656)                        (7,118)              17,199                      18,931
                                                             ------                                  ---                                ------                          ------               ------                      ------

                 Total Rental Tools Services                     2,709                               13,781                                 2,565                          14,279               82,032                     137,123


                    Total Operating Gross Margin Excluding      13,496                               34,260                                12,509                          64,483              185,893                     299,303
                    Depreciation and Amortization


    Depreciation and Amortization                          (33,190)                            (37,720)                             (34,474)                      (139,795)            (156,194)                  (145,121)
                                                            -------                              -------                               -------                        --------             --------                    --------

                   Total Operating Gross Margin                          $(19,694)                                         $(3,460)                                  $(21,965)                       $(75,312)                         $29,699        $154,182





                                                                                        PARKER DRILLING COMPANY

                                                                                          Adjusted EBITDA (1)

                                                                                        (Dollars in Thousands)

                                                                                              (Unaudited)


                                                                      Three Months Ended

                                 December            September          June 30,                March 31,       December
                                  31, 2016            30, 2016               2016                     2016         31, 2015
                                  --------            --------               ----                     ----         --------


    Net Income (Loss)
     Attributable to Controlling
     Interest                              $(48,929)                                $(46,228)                               $(39,822)            $(95,835)    $(35,646)

    Interest Expense                11,048                     11,015                                12,187                       11,562    11,388

    Income Tax Expense (Benefit)     6,292                      5,295                                 (913)                      63,496   (2,519)

    Depreciation and
     Amortization                   33,190                     34,474                                36,317                       35,814    37,720
                                    ------                     ------                                ------                       ------    ------


    EBITDA                           1,601                      4,556                                 7,769                       15,037    10,943
                                     =====                      =====                                 =====                       ======    ======


    Adjustments:

    Other (Income) Expense           1,399                        342                                   326                      (2,492)    6,059

    (Gain) Loss on Disposition
     of Assets, net                  1,364                        187                                     2                           60     1,043

    Provision for Reduction in
     Carrying Value of Certain
     Assets                              -                         -                                    -                           -    9,268

    Special items (2)                  876                          -                                    -                           -    1,265
                                       ---                        ---                                  ---                         ---    -----


    Adjusted EBITDA                           $5,240                                    $5,085                                   $8,097               $12,605       $28,578
                                              ======                                    ======                                   ======               =======       =======


    (1)              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.


    (2)              Special items
                     include:

                     For the three
                      months ended
                      December 31,
                      2015, special
                      items include
                      a $1.3 million
                      write-off of
                      inventory
                      associated
                      with our
                      decision to no
                      longer provide
                      drilling
                      services in
                      Colombia.
               -


               -     For the three
                     months ended
                     December 31,
                     2016, special
                     items include
                     $0.9 million
                     of net
                     severance
                     associated
                     with the
                     departure of
                     three
                     executives.




                                                               PARKER DRILLING COMPANY

                                                    Reconciliation of Adjusted Earnings Per Share

                                                    (Dollars in Thousands, Except Per Share Data)

                                                                     (Unaudited)

                                                                                                Three Months Ended

                                                                                      December 31,                       September 30,

                                                                            2016                     2015                 2016
                                                                            ----                     ----                 ----


    Net Income (Loss) Attributable to
     Controlling Interest                                              $(48,929)                                   $(35,646)                     $(46,228)

    Income (Loss) per Diluted Share                                      $(0.39)                                     $(0.29)                       $(0.37)


     Adjustments:

                                         Sale of investment in joint
                                         venture                                           $           -                               4,799              -

                                         Provision for reduction in
                                         carrying value of certain
                                         assets                                            -                           9,268                  -

                                        Write-off inventory                                -                           1,265                  -

                                        Valuation allowance                            6,772                                -                 -

                                        Special Items                                    876                                -                 -


                                                   Total adjustments                   7,648                           15,332                  -

                                         Tax effect of adjustments                         -                         (3,010)                 -


                                                   Net adjustments                     7,648                           12,322                  -



     Adjusted net income (loss)
      attributable to controlling
      interest(1)                                                      $(41,281)                                   $(23,324)                     $(46,228)
                                                                        ========                                     ========                       ========

     Adjusted income (loss) per diluted
      share(1)                                                           $(0.33)                                     $(0.19)                       $(0.37)
                                                                          ======                                       ======                         ======


    (1)              We believe
                     Adjusted Net
                     Income
                     (Loss)
                     Attributable
                     to
                     Controlling
                     Interest and
                     Adjusted
                     Income
                     (Loss) per
                     Diluted
                     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)
                     Attributable
                     to
                     Controlling
                     Interest and
                     Income
                     (Loss) per
                     Diluted
                     Share to be
                     items
                     outside of
                     the
                     Company's
                     normal
                     operating
                     results.
                     Adjusted Net
                     Income
                     (Loss)
                     Attributable
                     to
                     Controlling
                     Interest and
                     Adjusted
                     Income
                     (Loss) per
                     Diluted
                     Share are
                     not measures
                     of financial
                     performance
                     under GAAP,
                     and should
                     not be
                     considered
                     in isolation
                     or as an
                     alternative
                     to Net
                     Income
                     (Loss) or
                     Income
                     (Loss) per
                     Diluted
                     Share.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/parker-drilling-reports-2016-fourth-quarter-results-300408352.html

SOURCE Parker Drilling Company