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 $ 305,043 270,486 904,959 772,213
Other marine revenues     4,423     1,625     10,873     5,399  
      309,466     272,111     915,832     777,612  
Costs and expenses:
Vessel operating costs 180,895 155,838 523,778 469,430
Costs of other marine revenues 4,176 1,938 9,284 5,200
Depreciation and amortization 37,181 35,215 109,012 102,771
Goodwill impairment --- --- --- 30,932
General and administrative 46,339 40,425 128,870 115,779
Gain on asset dispositions, net     (99 )   (2,496 )   (2,770 )   (13,671 )
      268,492     230,920    

768,174

   

710,441

 
Operating income 40,974 41,191 147,658 67,171
Other income (expenses):
Foreign exchange gain (loss) 52 (1,738 ) (1,170 ) 735
Equity in net earnings of unconsolidated companies 2,639 3,482 8,359 9,427
Interest income and other, net 936 347 2,783 2,303
Interest and other debt costs     (7,183 )   (6,027 )   (21,918 )   (14,854 )
      (3,556 )  

(3,936

)

 

(11,946

)

 

(2,389

)

Earnings before income taxes 37,418 37,255

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 outstanding 49,162,547 51,036,420 49,585,930 51,203,598
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 $ 54,187 320,710
Trade and other receivables, net 361,989 309,468
Marine operating supplies 61,251 53,850
Other current assets     12,557     10,072  
Total current assets     489,984     694,100  
Investments in, at equity, and advances to unconsolidated companies 55,364 46,077
Properties and equipment:
Vessels and related equipment 4,151,491 3,952,468
Other properties and equipment     86,420     93,107  
4,237,911 4,045,575
Less accumulated depreciation and amortization     1,139,259     1,139,810  
Net properties and equipment     3,098,652     2,905,765  
Goodwill 297,822 297,822
Other assets     113,842     117,854  
Total assets   $ 4,055,664     4,061,618  
 
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:
Accounts payable 81,981 74,115
Accrued expenses 147,498 134,953
Accrued property and liability losses 3,356 3,636
Other current liabilities     31,089     26,225  
Total current liabilities     263,924     238,929  
Long-term debt 930,000 950,000
Deferred income taxes 211,440 214,627
Accrued property and liability losses 3,422 3,150
Other liabilities and deferred credits 120,567 128,555
 

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

4,939 5,125
Additional paid-in capital 117,981 102,726
Retained earnings 2,419,574 2,437,836
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   34,087 104,159   53,769
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities (353 ) 70 (558 ) (931 )
Amortization of loss on derivative contract 117 119 350 349

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,
   

Increase your money and finance knowledge from home

Introduction to Value Investing

Are you the next Warren Buffett?

View Course »

Portfolio Basics

What are stocks? Learn how to start investing.

View Course »

Add a Comment

*0 / 3000 Character Maximum