Tidewater Reports Second Quarter Results For Fiscal 2013

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Tidewater Reports Second Quarter Results For Fiscal 2013

NEW ORLEANS--(BUSINESS WIRE)-- Tidewater Inc. (NYS: TDW) announced today second quarter earnings for the period ended September 30, 2012, of $41.4 million, or $0.83 per share, on revenues of $311.9 million, which includes approximately $7.4 million of vessel revenue associated with retroactive rate increases agreed to during the current quarter, but related to the period from January 1, 2012 through June 30, 2012. For the same quarter last year, a net loss of $4.9 million was reported, or $0.10 per share, on revenues of $250.9 million. The immediately preceding quarter ended June 30, 2012, had net earnings of $32.9 million, or $0.65 per common share, on revenues of $294.4 million.

Included in the prior fiscal year second quarter's net loss is a non-cash goodwill impairment charge of $30.9 million ($22.1 million after tax, or $0.43 per share), resulting from the Company's decision to change its reportable segments during the September 2011 quarter. Following the change in reportable segments from International and United States to Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe, the Company performed an interim goodwill impairment assessment which resulted in the non-cash goodwill impairment charge in the September 2011 quarter.


As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Tuesday, November 6, 2012, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 if calling from outside the U.S.) and ask for the "Tidewater" call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central time on November 6, 2012, and will continue until 11:59 p.m. Central time on November 8, 2012. To hear the replay, call 1-855-859-2056 (1-404-537-3406 if calling from outside the U.S.). The conference call ID number is 46741266.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until December 6, 2012.

Tidewater is the leading provider of larger Offshore Service Vessels (OSVs) to the global energy industry.

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

    

(In thousands, except share and per share data)

Quarter Ended

Six Months Ended

September 30,

September 30,
  2012 2011 2012 2011
Revenues:
Vessel revenues$309,822248,412599,916501,727
Other marine revenues  2,096  2,482  6,450  3,774 
   311,918  250,894  606,366  505,501 
Costs and expenses:
Vessel operating costs177,055161,290342,883313,592
Costs of other marine revenues1,5852,0315,1083,262
Depreciation and amortization36,04733,80771,83167,556
Goodwill impairment---30,932---30,932
General and administrative41,86737,77382,53175,354
Gain on asset dispositions, net  (1,833) (9,458) (2,671) (11,175)
   254,721  256,375  499,682  479,521 
Operating income (loss)57,197(5,481)106,68425,980
Other income (expenses):
Foreign exchange gain (loss)5291,659(1,222)2,473
Equity in net earnings of unconsolidated companies3,3573,4565,7205,945
Interest income and other, net1,1287661,8471,956
Interest and other debt costs  (7,148) (4,766) (14,735) (8,827)
   (2,134) 1,115  (8,390) 1,547 
Earnings (loss) before income taxes55,063(4,366)98,29427,527
Income tax expense  13,707  510  24,082  7,845 
Net earnings (loss) $41,356  (4,876) 74,212  19,682 
 
Basic earnings (loss) per common share $0.84  (0.10) 1.49  0.38 
 
Diluted earnings (loss) per common share $0.83  (0.10) 1.48  0.38 
 
Weighted average common shares outstanding49,392,97351,296,92449,792,21251,287,644
Dilutive effect of stock options and restricted stock  232,097  ---  214,291  --- 
Adjusted weighted average common shares  49,625,070  51,296,924  50,006,503  51,287,644 
 
Cash dividends declared per common share $0.25  0.25  0.50  0.50 
 

TIDEWATER INC.

  

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)
(In thousands, except share and par value data)     
September 30,March 31,
ASSETS 2012 2012
Current assets:
Cash and cash equivalents$136,729320,710
Trade and other receivables, net333,284309,468
Marine operating supplies56,13153,850
Other current assets  15,637  10,072 
Total current assets  541,781  694,100 
Investments in, at equity, and advances to unconsolidated companies50,10846,077
Properties and equipment:
Vessels and related equipment4,063,0673,952,468
Other properties and equipment  93,893  93,107 
4,156,9604,045,575
Less accumulated depreciation and amortization  1,144,937  1,139,810 
Net properties and equipment  3,012,023  2,905,765 
Goodwill297,822297,822
Other assets  120,354  117,854 
Total assets $4,022,088  4,061,618 
 
LIABILITIES AND STOCKHOLDERS' EQUITY     
Current liabilities:
Accounts payable89,56074,115
Accrued expenses144,446134,953
Accrued property and liability losses3,3953,636
Other current liabilities  26,040  26,225 
Total current liabilities  263,441  238,929 
Long-term debt890,000950,000
Deferred income taxes214,515214,627
Accrued property and liability losses3,4363,150
Other liabilities and deferred credits130,419128,555
 
Commitments and Contingencies
 
Stockholders' equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,823,682 shares at September 30, 2012 and 51,250,995 shares at March 31, 2012

4,9825,125
Additional paid-in capital112,606102,726
Retained earnings2,421,9912,437,836
Accumulated other comprehensive loss  (19,302) (19,330)
Total stockholders' equity  2,520,277  2,526,357 
Total liabilities and stockholders' equity $4,022,088  4,061,618 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)     
(In thousands)         
Quarter EndedSix Months Ended
September 30,September 30,
  2012 2011  2012 2012
Net earnings$41,356(4,876)74,21219,682
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities419(980)(205)(1,001)
Amortization of loss on derivative contract  117 117   233  233 
Total comprehensive income $41,892 (5,739)  74,240  18,914 
 

TIDEWATER INC.

   

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
(In thousands)      
Six Months Ended
September 30,
  2012  2011
 
Operating activities:
Net earnings$74,21219,682

Adjustments to reconcile net earnings to net cash provided by operating activities:

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