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

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 Ended Year Ended
  March 31,     March 31,  
          2013     2012         2013     2012  
Revenues:
Vessel revenues $ 325,039 288,255 1,229,998 1,060,468
  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 costs 185,640 168,707 709,418 638,137
Costs of other operating revenues 2,932 1,915 12,216 7,115
Depreciation and amortization 38,287 35,585 147,299 138,356
Goodwill impairment --- --- --- 30,932
General and administrative 46,739 40,791 175,609 156,570
  Gain on asset dispositions, net         (3,839 )     (3,986 )         (6,609 )     (17,657 )  
            269,759       243,012           1,037,933       953,453    
Operating income 58,574 46,383 206,232 113,554
Other income (expenses):
Foreign exchange gain 4,181 2,574 3,011 3,309
Equity in net earnings of unconsolidated companies 3,830 3,614 12,189 13,041
Interest income and other, net 693 1,137 3,476 3,440
  Interest and other debt costs         (7,827 )     (7,454 )         (29,745 )     (22,308 )  
            877       (129 )         (11,069 )     (2,518 )  
Earnings before income taxes 59,451 46,254 195,163 111,036
  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 outstanding 49,103,240 50,723,340 49,550,391 51,165,460
Diluted effect of stock options and restricted stock 108,053 253,447 183,649 264,107
  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 $ 40,569 320,710

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

393,438 309,468
Marine operating supplies 62,348 53,850
  Other current assets         11,735       10,072    
  Total current assets         508,090       694,100    
Investments in, at equity, and advances to unconsolidated companies 46,047 46,077
Properties and equipment:
Vessels and related equipment 4,250,169 3,952,468
  Other properties and equipment         83,779       93,107    
4,333,948 4,045,575
  Less accumulated depreciation and amortization         1,144,129       1,139,810    
  Net properties and equipment         3,189,819       2,905,765    
Goodwill 297,822 297,822
  Other assets         126,277       117,854    
  Total assets       $ 4,168,055       4,061,618    
 
 

LIABILITIES AND STOCKHOLDERS' EQUITY

               
Current liabilities:
Accounts payable 63,602 74,115
Accrued expenses 159,086 134,953
Accrued property and liability losses 4,133 3,636
  Other current liabilities         39,808       26,225    
  Total current liabilities         266,629       238,929    
Long-term debt 1,000,000 950,000
Deferred income taxes 189,763 214,627
Accrued property and liability losses 10,833 3,150
Other liabilities and deferred credits 139,074 128,555
 
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

4,949 5,125
Additional paid-in capital 119,975 102,726
Retained earnings 2,453,973 2,437,836
  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 Ended Year Ended
  March 31,     March 31,  
       

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