Tidewater Reports Second Quarter Results For Fiscal 2013

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

$

309,822

248,412

599,916

501,727

Other marine revenues

2,096

2,482

6,450

3,774

311,918

250,894

606,366

505,501

Costs and expenses:

Vessel operating costs

177,055

161,290

342,883

313,592

Costs of other marine revenues

1,585

2,031

5,108

3,262

Depreciation and amortization

36,047

33,807

71,831

67,556

Goodwill impairment

---

30,932

---

30,932

General and administrative

41,867

37,773

82,531

75,354

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

)

106,684

25,980

Other income (expenses):

Foreign exchange gain (loss)

529

1,659

(1,222

)

2,473

Equity in net earnings of unconsolidated companies

3,357

3,456

5,720

5,945

Interest income and other, net

1,128

766

1,847

1,956

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 taxes

55,063

(4,366

)

98,294

27,527

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 outstanding

49,392,973

51,296,924

49,792,212

51,287,644

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

$

136,729

320,710

Trade and other receivables, net

333,284

309,468

Marine operating supplies

56,131

53,850

Other current assets

15,637

10,072

Total current assets

541,781

694,100

Investments in, at equity, and advances to unconsolidated companies

50,108

46,077

Properties and equipment:

Vessels and related equipment

4,063,067

3,952,468

Other properties and equipment

93,893

93,107

4,156,960

4,045,575

Less accumulated depreciation and amortization

1,144,937

1,139,810

Net properties and equipment

3,012,023

2,905,765

Goodwill

297,822

297,822

Other assets

120,354

117,854

Total assets

$

4,022,088

4,061,618

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

89,560

74,115

Accrued expenses

144,446

134,953

Accrued property and liability losses

3,395

3,636

Other current liabilities

26,040

26,225

Total current liabilities

263,441

238,929

Long-term debt

890,000

950,000

Deferred income taxes

214,515

214,627

Accrued property and liability losses

3,436

3,150

Other liabilities and deferred credits

130,419

128,555

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

4,982

5,125

Additional paid-in capital

112,606

102,726

Retained earnings

2,421,991

2,437,836

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 Ended

Six Months Ended

September 30,

September 30,

2012

2011

2012

2012

Net earnings

$

41,356

(4,876

)

74,212

19,682

Other comprehensive income/(loss):

Unrealized gains/(losses) on available-for-sale securities

419

(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

$

74,212

19,682

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