Tidewater Reports Third Quarter Results For Fiscal 2013

Tidewater Reports Third Quarter Results For Fiscal 2013

NEW ORLEANS--(BUSINESS WIRE)-- Tidewater Inc. (NYS: TDW) announced today third quarter earnings for the period ended December 31, 2012, of $29.9 million, or $0.61 per share, on revenues of $309.5 million. For the same quarter last year, net earnings of $34.1 million was reported, or $0.67 per share, on revenues of $272.1 million. The immediately preceding quarter ended September 30, 2012, had net earnings of $41.4 million, or $0.83 per share, on revenues of $311.9 million, which included approximately $7.4 million of vessel revenue associated with retroactive rate increases agreed to during the September 2012 quarter, but related to the period from January 1, 2012 through June 30, 2012.

Included in the current fiscal quarter's general and administrative expenses is a $5.2 million settlement loss charge ($3.4 million after tax, or $0.07 per share) related to the lump sum supplemental executive retirement plan distribution made in the December 2012 quarter to the Company's former President and Chief Executive Officer who retired earlier in the year. The settlement loss is the result of the recognition of heretofore unrecognized actuarial losses that were being amortized over time to pension expense. As a result of the December 2012 lump sum distribution, a portion of the previously unrecognized actuarial losses was required to be recognized in earnings in the current quarter in accordance with ASC 715. Included in the prior fiscal year third quarter's net earnings is an $8.4 million, or $0.16 per share, reversal of income tax liabilities originally established for uncertain tax positions as a result of the expiration of various statutes of limitations.


As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings and also their near-term outlook with respect to the Company's future financial and operational performance on Friday, February 1, 2013, 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 February 1, 2013, and will continue until 11:59 p.m. Central time on February 3, 2013. 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 86377851.

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 March 1, 2013.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involve numerous risks and uncertainties that may cause the Company's actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Risk Factors" section of Tidewater's recent Forms 10-Q and 10-K.

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 Nine Months Ended
December 31,December 31,
  2012 2011 2012 2011
Revenues:  
Vessel revenues$305,043270,486904,959772,213
Other marine revenues  4,423  1,625  10,873  5,399 
   309,466  272,111  915,832  777,612 
Costs and expenses:
Vessel operating costs180,895155,838523,778469,430
Costs of other marine revenues4,1761,9389,2845,200
Depreciation and amortization37,18135,215109,012102,771
Goodwill impairment---------30,932
General and administrative46,33940,425128,870115,779
Gain on asset dispositions, net  (99) (2,496) (2,770) (13,671)
   268,492  230,920  

768,174

  

710,441

 
Operating income40,97441,191147,65867,171
Other income (expenses):
Foreign exchange gain (loss)52(1,738)(1,170)735
Equity in net earnings of unconsolidated companies2,6393,4828,3599,427
Interest income and other, net9363472,7832,303
Interest and other debt costs  (7,183) (6,027) (21,918) (14,854)
   (3,556) 

(3,936

)

 

(11,946

)

 

(2,389

)

Earnings before income taxes37,41837,255

135,712

64,782

Income tax expense  7,471  

3,168

  

31,553

  

11,013

 
Net earnings $29,947  34,087  104,159  53,769 
 
Basic earnings per common share $0.61  0.67  2.10  1.05 
 
Diluted earnings per common share $0.61  0.67  2.09  1.04 
 
Weighted average common shares outstanding49,162,54751,036,42049,585,93051,203,598
Dilutive effect of stock options and restricted stock  221,738  206,329  220,669  267,661 
Adjusted weighted average common shares  49,384,285  51,242,749  49,806,599  51,471,259 
 
Cash dividends declared per common share $0.25  0.25  0.75  0.75 
 
 
 
 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)
(In thousands, except share and par value data)
 December 31, March 31,
ASSETS 2012 2012
Current assets:
Cash and cash equivalents$54,187320,710
Trade and other receivables, net361,989309,468
Marine operating supplies61,25153,850
Other current assets  12,557  10,072 
Total current assets  489,984  694,100 
Investments in, at equity, and advances to unconsolidated companies55,36446,077
Properties and equipment:
Vessels and related equipment4,151,4913,952,468
Other properties and equipment  86,420  93,107 
4,237,9114,045,575
Less accumulated depreciation and amortization  1,139,259  1,139,810 
Net properties and equipment  3,098,652  2,905,765 
Goodwill297,822297,822
Other assets  113,842  117,854 
Total assets $4,055,664  4,061,618 
 
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:
Accounts payable81,98174,115
Accrued expenses147,498134,953
Accrued property and liability losses3,3563,636
Other current liabilities  31,089  26,225 
Total current liabilities  263,924  238,929 
Long-term debt930,000950,000
Deferred income taxes211,440214,627
Accrued property and liability losses3,4223,150
Other liabilities and deferred credits120,567128,555
 

Commitments and Contingencies

 
Stockholders' equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,397,616 shares at December 31, 2012 and 51,250,995 shares at March 31, 2012

4,9395,125
Additional paid-in capital117,981102,726
Retained earnings2,419,5742,437,836
Accumulated other comprehensive loss  (16,183) (19,330)
Total stockholders' equity  2,526,311  2,526,357 
Total liabilities and stockholders' equity $4,055,664  4,061,618 
 
 
 
 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)
(In thousands, except share and per share data)
 Quarter Ended Nine Months Ended
December 31,December 31,
  2012 2011 2012 2011
Net earnings$29,947 34,087104,159 53,769
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities(353)70(558)(931)
Amortization of loss on derivative contract117119350349

Change in supplemental executive retirement plan pension liability

  3,355  --- 3,355  --- 
Total comprehensive income $33,066  34,273 107,306  53,187 
 
 
 
 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
(In thousands)
 Nine Months Ended
December 31,
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