INVESTMENT IN JOINT VENTURES

12 Months Ended

Dec. 31, 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 decisions related to the ordinary course of business. Operating results from January 1, 2010 through April 30, 2010 and for the year ended December 31, 2009 includes our proportionate share of income from these unconsolidated joint ventures.  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 period from January 1, 2010 through April 30, 2010 and the year ended December 31, 2009 are as follows:

	2010 (a)		2009
Net sales	$	2,575	$	6,517
Gross profit	$	656	$	1,813
Operating income	$	302	$	900
Net income attributable to DMC	$	468	$	404
Equity in earnings of joint ventures	$	255	$	221

(a)  Represents operating results through April 30, 2010