Tidewater Reports Fourth Quarter Results and Year End Earnings For Fiscal 2013

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Tidewater Reports Fourth Quarter Results and Year End Earnings For Fiscal 2013

NEW ORLEANS--(BUSINESS WIRE)-- Tidewater Inc. (NYS: TDW) announced today fourth quarter net earnings for the period ended March 31, 2013, of $46.6 million, or $0.95 per common share, on revenues of $328.3 million. For fiscal year ended March 31, 2013, net earnings were $150.8 million, or $3.03 per common share, on revenues of $1,244.2 million. For fiscal year ended March 31, 2012, net earnings were $87.4 million, or $1.70 per common share, on revenues of $1,067.0 million.

As previously announced, Tidewater will hold a conference call to discuss March quarterly earnings and annual earnings on Tuesday, May 21, 2013, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 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 May 21, 2013, and will continue until 11:59 p.m. Central time on May 23, 2013. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 34792519.


A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until June 8, 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.

CONSOLIDATED STATEMENTS OF EARNINGS

 (In thousands, except share and per share data)
Quarter EndedYear Ended
 March 31,  March 31, 
     2013  2012    2013  2012 
Revenues:
Vessel revenues$325,039288,2551,229,9981,060,468
 Other operating revenues    3,294   1,140     14,167   6,539  
      328,333   289,395     1,244,165   1,067,007  
 
Costs and expenses:
Vessel operating costs185,640168,707709,418638,137
Costs of other operating revenues2,9321,91512,2167,115
Depreciation and amortization38,28735,585147,299138,356
Goodwill impairment---------30,932
General and administrative46,73940,791175,609156,570
 Gain on asset dispositions, net    (3,839)  (3,986)    (6,609)  (17,657) 
      269,759   243,012     1,037,933   953,453  
Operating income58,57446,383206,232113,554
Other income (expenses):
Foreign exchange gain4,1812,5743,0113,309
Equity in net earnings of unconsolidated companies3,8303,61412,18913,041
Interest income and other, net6931,1373,4763,440
 Interest and other debt costs    (7,827)  (7,454)    (29,745)  (22,308) 
      877   (129)    (11,069)  (2,518) 
Earnings before income taxes59,45146,254195,163111,036
 Income tax expense    12,860   12,612     44,413   23,625  
 Net earnings   $46,591   33,642     150,750   87,411  
 
 Basic earnings per common share   $.95   .66     

3.04

   

1.71

  
 
 Diluted earnings per common share   $.95   .66     

3.03

   

1.70

  
 
Weighted average common shares outstanding49,103,24050,723,34049,550,39151,165,460
Diluted effect of stock options and restricted stock108,053253,447183,649264,107
 Adjusted weighted average common shares    49,211,293   50,976,787     49,734,040   51,429,567  
 
 Cash dividends declared per common share   $.25   .25     1.00   1.00  
 
      

TIDEWATER INC.

 

CONSOLIDATED BALANCE SHEETS

March 31, 2013 and 2012
(In thousands, except share and par value data)
 ASSETS   2013  2012 
Current assets:
Cash and cash equivalents$40,569320,710

Trade and other receivables, less allowance for doubtful accounts of $46,332 in 2013 and $49,921 in 2012

393,438309,468
Marine operating supplies62,34853,850
 Other current assets    11,735   10,072  
 Total current assets    508,090   694,100  
Investments in, at equity, and advances to unconsolidated companies46,04746,077
Properties and equipment:
Vessels and related equipment4,250,1693,952,468
 Other properties and equipment    83,779   93,107  
4,333,9484,045,575
 Less accumulated depreciation and amortization    1,144,129   1,139,810  
 Net properties and equipment    3,189,819   2,905,765  
Goodwill297,822297,822
 Other assets    126,277   117,854  
 Total assets   $4,168,055   4,061,618  
 
 

LIABILITIES AND STOCKHOLDERS' EQUITY

        
Current liabilities:
Accounts payable63,60274,115
Accrued expenses159,086134,953
Accrued property and liability losses4,1333,636
 Other current liabilities    39,808   26,225  
 Total current liabilities    266,629   238,929  
Long-term debt1,000,000950,000
Deferred income taxes189,763214,627
Accrued property and liability losses10,8333,150
Other liabilities and deferred credits139,074128,555
 
Commitments and Contingencies
 
Stockholders' equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,486,146 shares at March 31, 2013 and 51,250,995 shares at March 31, 2012

4,9495,125
Additional paid-in capital119,975102,726
Retained earnings2,453,9732,437,836
 Accumulated other comprehensive loss    (17,141)  (19,330) 
 Total stockholders' equity    2,561,756   2,526,357  
 

Total liabilities and stockholders' equity

   $4,168,055   4,061,618  
 
            

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 (In thousands)
Quarter EndedYear Ended
 March 31,  March 31, 
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