Tidewater Reports First Quarter Results For Fiscal 2014

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Tidewater Reports First Quarter Results For Fiscal 2014

NEW ORLEANS--(BUSINESS WIRE)-- Tidewater Inc. (NYS: TDW) announced today first quarter net earnings for the period ended June 30, 2013, of $30.1 million, or $0.61 per common share, on revenues of $334.1 million. For the same quarter last year, net earnings were $32.9 million, or $0.65 per common share, on revenues of $294.4 million. The immediately preceding quarter ended March 31, 2013, had net earnings of $46.6 million, or $0.95 per common share, on revenues of $328.3 million.

Net earnings for the June 30, 2013 quarter reflect $4.6 million ($3.3 million after tax, or $0.07 per common share) in non-recurring costs, including $3.7 million ($2.4 million after tax, or $0.05 per common share) of transaction fees associated with the June 2013 acquisition of Troms Offshore Supply AS and a $0.9 million ($0.9 million after tax, or $0.02 per common share) charge related to the settlement of the previously disclosed assessment by the Customs Department of Equatorial Guinea, both of which are included in general and administrative expenses.


Financial results of Troms Offshore Supply AS are included in the current quarter from June 4, 2013, the date of the acquisition, through June 30, 2013.

As previously announced, Tidewater will hold a conference call to discuss June quarterly earnings on Tuesday, August 6, 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 August 6, 2013, and will continue until 11:59 p.m. Central time on August 8, 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 35319935.

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 September 6, 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)
Three Months Ended
June 30,
   2013  2012
Revenues:
Vessel revenues$331,630290,094
Other operating revenues   2,455   4,354 
    334,085   294,448 
Costs and expenses:
Vessel operating costs196,161161,336

Costs of other operating revenues

2,0203,523
Vessel operating leases4,0314,492
Depreciation and amortization40,10835,784
General and administrative50,48040,664
Gain on asset dispositions, net   (2,140)  (838)
    290,660   244,961 
Operating income43,42549,487
Other income (expenses):
Foreign exchange loss(89)(1,751)
Equity in net earnings of unconsolidated companies4,4202,363
Interest income and other, net740719
Interest and other debt costs   (8,913)  (7,587)
    (3,842)  (6,256)
Earnings before income taxes39,58343,231
Income taxes   9,500   10,375 
Net earnings  $30,083   32,856 
 
Basic earnings per common share  $0.61   0.65 
 
Diluted earnings per common share  $0.61   0.65 
 
Weighted average common shares outstanding49,226,91150,193,065
Dilutive effect of stock options and restricted stock   331,090   174,686 
Adjusted weighted average common shares   49,558,001   50,367,751 
 
Cash dividends declared per common share  $0.25   0.25 
    

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)
(In thousands, except share and par value data)      
June 30,March 31,
ASSETS  2013  2013
Current assets:
Cash and cash equivalents$64,81340,569
Trade and other receivables, net467,777393,438
Marine operating supplies62,00762,348
Other current assets   24,576   11,735 
Total current assets   619,173   508,090 
Investments in, at equity, and advances to unconsolidated companies49,44546,047
Properties and equipment:
Vessels and related equipment4,589,7774,250,169
Other properties and equipment   66,747   83,779 
4,656,5244,333,948
Less accumulated depreciation and amortization   1,114,256   1,144,129 
Net properties and equipment   3,542,268   3,189,819 
Goodwill341,448297,822
Other assets   144,708   126,277 
Total assets  $4,697,042   4,168,055 
 
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:
Accounts payable75,97663,602
Accrued expenses170,784159,086
Accrued property and liability losses4,3284,133
Other current liabilities   40,218   39,808 
Total current liabilities   291,306   266,629 
Long-term debt1,475,0621,000,000
Deferred income taxes189,266189,763
Accrued property and liability losses11,88610,833
Other liabilities and deferred credits144,055139,074
 
Commitments and Contingencies
 
Stockholders' equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,507,077 shares at June 30, 2013 and 49,485,832 shares at March 31, 2013

4,9514,949
Additional paid-in capital125,872119,975
Retained earnings2,471,5572,453,973
Accumulated other comprehensive loss   (16,913)  (17,141)
Total stockholders' equity   2,585,467   2,561,756 
Total liabilities and stockholders' equity  $4,697,042   4,168,055 
    

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)
(In thousands)      
Three Months Ended
June 30,
   2013  2012
Net earnings$30,08332,856
Other comprehensive income/(loss):

Unrealized gains/(losses) on available-for-sale securities net of tax of $60 and $(336)

111(624)

Amortization of loss on derivative contract net of tax of $63 and $63

   117  116 
Total comprehensive income  $30,311  32,348 
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TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
(In thousands)      
Three Months Ended
June 30,
   2013  2012
Operating activities:
Net earnings$30,08332,856

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

Depreciation and amortization40,10835,784
Provision (benefit) for deferred income taxes(12,151)(2,654)
Gain on asset dispositions, net(2,140)(838)
Equity in earnings of unconsolidated companies, less dividends(3,398)(1,614)
Compensation expense - stock-based5,7114,359
Excess tax benefit on stock options exercised(12)(49)
Changes in assets and liabilities, net:
Trade and other receivables(62,616)(9,698)
Marine operating supplies1,100(1,962)
Other current assets(11,589)(10,127)
Accounts payable1,99718,267
Accrued expenses11,1152,636
Accrued property and liability losses158(110)
Other current liabilities944219
Other liabilities and deferred credits8761,165
Other, net   3,409   846 
Net cash provided by operating activities   3,595