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: | ||||||||
