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For the same quarter last year, net earnings were $84.8 million, or $1.64 per share, on revenues of $340.0 million. The immediately preceding quarter ended March 31, 2009, had net earnings of $109.7 million, or $2.13 per common share, on revenues of $341.6 million.
As previously announced, Tidewater will hold a conference call to discuss June quarterly earnings on Wednesday, July 29, 2009, at 10:00 a.m. CDT. 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. CDT on July 29, 2009, and will continue until 11:59 p.m. CDT on July 31, 2009. To hear the replay, call 1-800-642-1687 or Canada (1-706-645-9291 if calling from outside the U.S.). The conference call ID number is 18964052.
A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, (www.tdw.com). The online replay will be available until August 29, 2009. Upon completion of the conference call, the company will also file a Form 8-K with the SEC, which will include a transcript of the conference call.
Tidewater Inc. owns 403 vessels, the world's largest fleet of vessels serving the global offshore energy industry.
Note: all per-share amounts are stated on a diluted basis.
Financial information is displayed on the next page.
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
Three Months Ended
June 30,
2009 2008
Revenues:
Vessel revenues $ 310,436 328,371
Other marine revenues 16,173 11,683
326,609 340,054
Costs and expenses:
Vessel operating costs 153,651 176,728
Costs of other marine revenues 14,700 10,429
Depreciation and amortization 31,649 30,621
General and administrative 34,388 35,108
Provision for Venezuelan operations 48,553 ---
Gain on asset dispositions, net (12,538 ) (10,387 )
270,403 242,499
Operating income 56,206 97,555
Other income (expenses):
Foreign exchange loss (2,586 ) (1,190 )
Equity in net earnings of unconsolidated companies 5,415 4,196
Interest income and other, net 3,168 1,899
Interest and other debt costs (77 ) (320 )
5,920 4,585
Earnings before income taxes 62,126 102,140
Income taxes 17,644 17,364
Net earnings $ 44,482 84,776
Basic earnings per common share $ 0.87 1.65
Diluted earnings per common share $ 0.86 1.64
Weighted average common shares outstanding 51,362,308 51,519,584
Dilutive effect of stock options and restricted stock 199,264 295,455
Adjusted weighted average common shares 51,561,572 51,815,039
Cash dividends declared per common share $ 0.25 0.25
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)
June 30, March 31,
ASSETS 2009 2009
Current assets:
Cash and cash equivalents $ 314,906 250,793
Trade and other receivables, net 334,309 328,566
Marine operating supplies 47,627 48,727
Other current assets 16,999 6,365
Total current assets 713,841 634,451
Investments in, at equity, and advances to unconsolidated companies 41,649 37,221
Properties and equipment:
Vessels and related equipment 3,186,468 3,238,674
Other properties and equipment 81,919 81,689
3,268,387 3,320,363
Less accumulated depreciation and amortization 1,253,558 1,307,038
Net properties and equipment 2,014,829 2,013,325
Goodwill 328,754 328,754
Other assets 81,521 60,053
Total assets $ 3,180,594 3,073,804
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 52,800 51,530
Accrued expenses 129,331 111,153
Accrued property and liability losses 5,988 5,521
Other current liabilities 43,202 35,146
Total current liabilities 231,321 203,350
Long-term debt 300,000 300,000
Deferred income taxes 205,473 201,200
Accrued property and liability losses 12,550 8,035
Other liabilities and deferred credits 151,186 116,541
Commitment and contingencies
Stockholders' equity:
Common stock of $.10 par value, 125,000,000 shares authorized, 5,170 5,169
issued 51,702,721 shares at June and 51,696,245 shares at March
Other stockholders' equity 2,274,894 2,239,509
Total stockholders' equity 2,280,064 2,244,678
Total liabilities and stockholders' equity $ 3,180,594 3,073,804
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended
June 30,
2009 2008
Operating activities:
Net earnings $ 44,482 84,776
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization 31,649 30,621
Provision for deferred income taxes (7,934 ) (9,874 )
Gain on asset dispositions, net (12,538 ) (10,387 )
Provision for Venezuelan operations 48,553 ---
Equity in earnings of unconsolidated companies, net of dividends (4,428 ) 1,462
Compensation expense - stock-based 2,468 2,945
Excess tax benefit on stock options exercised (162 ) (1,408 )
Changes in assets and liabilities, net:
Trade and other receivables (51,471 ) (20,373 )
Marine operating supplies 1,100 (1,385 )
Other current assets (10,634 ) (7,875 )
Accounts payable 1,270 (1,918 )
Accrued expenses 17,827 1,751
Accrued property and liability losses 467 (105 )
Other current liabilities 7,930 20,043
Other, net 1,771 2,724
Net cash provided by operating activities 70,350 90,997
Cash flows from investing activities:
Proceeds from sales of assets 14,615 12,093
Proceeds from sales/leaseback of assets 83,275 ---
Additions to properties and equipment (92,172 ) (129,657 )
Other --- 312
Net cash provided by (used in) investing activities 5,718 (117,252 )
Cash flows from financing activities:
Principal payments on capitalized lease obligations --- (283 )
Proceeds from issuance of common stock 815 6,096
Cash dividends (12,932 ) (12,867 )
Stock repurchases --- (53,634 )
Excess tax benefits on stock options exercised 162 1,408
Net cash used in financing activities (11,955 ) (59,280 )
Net change in cash and cash equivalents 64,113 (85,535 )
Cash and cash equivalents at beginning of period 250,793 270,205
Cash and cash equivalents at end of period $ 314,906 184,670
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 131 238
Income taxes $ 15,087 13,706
The company's revenues and operating expenses and its related
percentage of vessel revenues for the quarters ended June 30, 2009
and 2008 and for the quarter ended March 31, 2009, were as follows:
Quarter
Quarter Ended Ended
June 30, March 31,
(In thousands) 2009 % 2008 % 2009 %
Vessel revenues:
International $ 285,988 92 % 288,269 88 % 304,453 91 %
United States 24,448 8 % 40,102 12 % 29,680 9 %
Vessel revenues 310,436 100 % 328,371 100 % 334,133 100 %
Vessel operating costs:
Crew costs $ 82,752 27 % 93,152 28 % 82,785 25 %
Repair and maintenance 25,634 8 % 35,848 11 % 22,134 7 %
Insurance and loss reserves 4,676 2 % 5,473 2 % 847 0 %
Fuel, lube and supplies 12,842 4 % 15,166 5 % 15,133 5 %
Vessel operating leases 1,749 1 % 1,749 1 % 1,749 1 %
Other 25,998 8 % 25,340 8 % 24,809 7 %
Vessel operating costs 153,651 49 % 176,728 54 % 147,457 44 %
Vessel operating margin (A) $ 156,785 51 % 151,643 46 % 186,676 56 %
Note (A): The following table reconciles vessel operating margin
as presented above to operating income for the quarters ended June
30, 2009 and 2008 and for the quarter ended March 31, 2009:
(In thousands)
Quarter
Quarter Ended Ended
June 30, March 31,
2009 2008 2009
Vessel operating margin $ 156,785 151,643 186,676
Other marine services revenues 16,173 11,683 7,484
Costs of other marine revenues (14,700 ) (10,429 ) (6,191 )
Depreciation and amortization (31,649 ) (30,621 ) (32,780 )
General and administrative (34,388 ) (35,108 ) (34,136 )
Provision for Venezuelan operations (48,553 ) --- ---
Gain on asset dispositions, net 12,538 10,387 6,253
Operating Income $ 56,206 97,555 127,306
The company's operating income and other components of earnings
before income taxes and its related percentage of total revenues
for the quarters ended June 30, 2009 and 2008 and March 31, 2009,
were as follows:
Quarter
Quarter Ended Ended
June 30, March 31,
(In thousands) 2009 % 2008 % 2009 %
Vessel operating profit:
International $ 49,892 15 % 88,181 26 % 123,558 36 %
United States 2,629 1 % 8,534 3 % 5,803 2 %
52,521 16 % 96,715 28 % 129,361 38 %
Corporate expenses (9,901 ) (3 %) (10,572 ) (3 %) (9,395 ) (3 %)
Gain on asset dispositions, net 12,538 4 % 10,387 3 % 6,253 2 %
Other marine services 1,048 % 1,025 % 1,087 %
Operating income $ 56,206 17 % 97,555 29 % 127,306 37 %
Foreign exchange loss (2,586 ) (1 %) (1,190 ) ( %) (1,998 ) (1 %)
Equity in net earnings of unconsolidated companies 5,415 2 % 4,196 1 % 4,905 1 %
Interest income and other, net 3,168 1 % 1,899 1 % 2,370 1 %
Interest and other debt costs (77 ) ( %) (320 ) ( %) (188 ) ( %)
Earnings before income taxes $ 62,126 19 % 102,140 30 % 132,395 39 %
The company's revenues, vessel utilization percentages and average
day rates by vessel class for the quarters ended June 30, 2009 and
2008 and March 31, 2009, were as follows:
Quarter
Quarter Ended Ended
June 30, March 31,
2009 2008 2009
REVENUE BY VESSEL CLASS (In
thousands):
International-based fleet:
Deepwater vessels $ 66,398 58,284 68,821
Towing-supply/supply 182,896 184,959 194,074
Crew/utility 25,570 27,369 24,145
Offshore tugs 10,557 15,826 15,688
Other 567 1,831 1,725
Total $ 285,988 288,269 304,453
United States-based fleet:
Deepwater vessels $ 13,297 16,932 12,818
Towing-supply/supply 9,515 17,675 13,742
Crew/utility 1,636 5,495 3,120
Total $ 24,448 40,102 29,680
Worldwide fleet:
Deepwater vessels $ 79,695 75,216 81,639
Towing-supply/supply 192,411 202,634 207,816
Crew/utility 27,206 32,864 27,265
Offshore tugs 10,557 15,826 15,688
Other 567 1,831 1,725
Total $ 310,436 328,371 334,133
UTILIZATION:
International-based fleet:
Deepwater vessels 77.6 % 83.6 81.5
Towing-supply/supply 74.1 77.2 74.6
Crew/utility 75.7 86.1 71.0
Offshore tugs 54.2 53.4 66.8
Other 79.2 41.8 97.8
Total 73.2 % 76.6 74.0
United States-based fleet:
Deepwater vessels 92.4 % 94.9 98.5
Towing-supply/supply 39.4 49.8 42.3
Crew/utility 45.4 77.3 74.0
Total 49.0 % 63.0 56.3
Worldwide fleet:
Deepwater vessels 79.9 % 85.9 84.1
Towing-supply/supply 70.3 73.6 70.9
Crew/utility 72.6 84.7 71.4
Offshore tugs 54.2 53.4 66.8
Other 79.2 41.8 97.8
Total 70.7 % 74.8 72.1
AVERAGE VESSEL DAY RATES:
International-based fleet:
Deepwater vessels $ 26,287 24,728 27,628
Towing-supply/supply 12,518 11,660 12,787
Crew/utility 5,224 4,965 5,316
Offshore tugs 7,744 8,931 8,457
Other 9,679 9,893 9,802
Total $ 12,194 11,221 12,559
United States-based fleet:
Deepwater vessels $ 24,178 24,514 24,095
Towing-supply/supply 10,071 11,633 12,402
Crew/utility 4,997 6,010 5,352
Total $ 13,418 12,835 13,351
Worldwide fleet:
Deepwater vessels $ 25,910 24,679 27,006
Towing-supply/supply 12,396 11,658 12,760
Crew/utility 5,210 5,114 5,321
Offshore tugs 7,744 8,931 8,457
Other 9,679 9,893 9,802
Total $ 12,282 11,396 12,626
The average day rates and utilization percentages for the
company's new vessels (defined as vessels acquired or constructed
since calendar year 2000 as part of its new build and acquisition
program) and its older, more traditional vessels for the quarters
ended June 30, 2009 and 2008 and March 31, 2009, were as follows:
Quarter
Quarter Ended Ended
June 30, March 31,
2009 2008 2009
AVERAGE VESSEL DAY RATES:
International-based fleet:
New vessels $ 16,452 16,242 17,343
Traditional vessels 8,819 8,608 9,361
Total International-based fleet $ 12,194 11,221 12,559
United States-based fleet:
New vessels $ 17,896 14,647 15,074
Traditional vessels 10,055 11,017 11,863
Total U.S.-based fleet $ 13,418 12,835 13,351
Total Worldwide Fleet $ 12,282 11,396 12,626
UTILIZATION:
International-based fleet:
New vessels 86.5 % 91.1 87.6
Traditional vessels 65.3 70.7 67.0
Total International-based fleet 73.2 % 76.6 74.0
United States-based fleet:
New vessels 66.5 % 83.9 83.2
Traditional vessels 41.0 50.4 44.0
Total U.S.-based fleet 49.0 % 63.0 56.3
Total Worldwide Fleet 70.7 % 74.8 72.1
The company's average number of vessels by class and geographic
distribution for the quarters ended June 30, 2009 and 2008 and for
the quarter ended March 31, 2009, were as follows:
Quarter
Quarter Ended Ended
June 30, March 31,
2009 2008 2009
International-based fleet:
Deepwater vessels 35 31 34
Towing-supply/supply 217 226 226
Crew/utility 71 70 71
Offshore tugs 28 36 31
Other 1 5 2
Total 352 368 364
United States-based fleet:
Deepwater vessels 7 8 6
Towing-supply/supply 26 34 29
Crew/utility 8 13 9
Total 41 55 44
Owned or chartered vessels included in marine revenues (B) 393 423 408
Vessels withdrawn from service 9 19 11
Joint-venture and other 10 14 10
Total 412 456 429
Note (B): Included in total owned or chartered vessels for the
quarters ended June 30, 2009 and 2008 and the quarter ended March
31, 2009, were 66, 51 and 61 vessels, respectively, that were
stacked by the company. These vessels were considered to be in
service and were included in the calculation of the company's
utilization statistics.
The table below summarizes the various vessel commitments by
vessel class and type as of June 30, 2009:
International Built U. S. Built
Number Expended Number Expended
of Total Through of Total Through
Vessel class and type Vessels Cost 6/30/09 Vessels Cost 6/30/09
(In thousands) (In thousands)
Deepwater vessels:
Anchor handling towing supply 4 $ 117,944 $ 73,222 --- --- ---
Platform supply vessels 17 $ 460,143 $ 147,596 2 $ 64,179 $ 41,477
Replacement Fleet:
Anchor handling towing supply 14 $ 226,033 $ 70,322 --- --- ---
Platform supply vessels 4 $ 49,835 $ 25,591 --- --- ---
Crewboats and offshore tugs:
Crewboats 2 $ 18,385 $ 12,259 --- --- ---
Offshore tugs 2 $ 27,991 $ 22,171 --- --- ---
Totals 43 $ 900,331 $ 351,161 2 $ 64,179 $ 41,477
The table below summarizes by vessel class and vessel type the
number of vessels expected to be delivered by quarter of the
various vessel commitments as discussed above along with the
expected quarterly cash outlay:
Quarter Period Ended
Vessel class and type 09/09 12/09 03/10 06/10 09/10 Thereafter
Deepwater vessels:
Anchor handling towing supply 2 --- --- 2 --- ---
Platform supply vessels 2 4 1 --- --- 12
Replacement Fleet:
Anchor handling towing supply 3 1 1 1 --- 8
Platform supply vessels 1 2 1 --- --- ---
Crewboats and offshore tugs:
Crewboats --- 1 1 --- --- ---
Offshore tugs 2 --- --- --- --- ---
Totals 10 8 4 3 0 20
(In thousands)
Expected quarterly cash outlay $ 121,052 105,794 45,132 48,157 27,282 224,455 (C)
Note (C): The $224,455 of 'Thereafter' vessel construction
obligations is expected to be paid out as follows: $77,339 in the
remaining quarters of fiscal 2011, $135,394 during fiscal 2012,
and $11,722 during fiscal 2013.
SOURCE: Tidewater Inc.
Tidewater Inc., New Orleans Joe Bennett, 504-566-4506 Executive Vice President and Chief Investor Relations Officer
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