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| Tidewater Reports Fourth Quarter Results and Year End Earnings for Fiscal 2008 |
| NEW ORLEANS, May 05, 2008 (BUSINESS WIRE) -- Tidewater Inc. (NYSE:TDW) announced today fourth quarter net
earnings for the period ended March 31, 2008, of $85.4 million, or
$1.63 per share, on revenues of $331.4 million. For the same quarter
last year, net earnings were $87.6 million, or $1.56 per share, on
revenues of $293.5 million. For fiscal year ended March 31, 2008, net
earnings were $348.8 million, or $6.39 per share, on revenues of
$1,270.2 million. For the fiscal year ended March 31, 2007, net
earnings were $356.6 million, or $6.31 per share, on revenues of
$1,125.3 million.
Included in the prior fiscal year ended March 31, 2007, results is an after-tax gain of $20.8 million, or $.37 per common share, (recorded in the second and third fiscal quarters), related to the sale of 14 of its offshore tugs for a total cash price of $43.7 million. Also included in the prior fiscal year 2007 results (recorded in the fourth fiscal quarter), is a $3.5 million pre-tax charge to vessel operating costs for the company's share of a deficit in an industry-wide multi-employer retirement fund in the United Kingdom, the Merchants Navy Officers Pension Fund (MNOPF). This charge, which relates primarily to the employment of certain U.K. employees in prior years, was the result of information presented in the fund's valuation reports issued during fiscal year 2007. As previously announced, Tidewater will hold a conference call to discuss March quarterly and annual earnings on Monday, May 5, 2008, at 10:00 a.m. CDT promptly following the company's release of quarterly and annual earnings. 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 Inc." call just prior to the scheduled start. A replay of the conference call will be available beginning at 1:00 p.m. CDT on May 5, 2008, and will continue until 11:59 p.m. CDT on May 6, 2008. To hear the replay, call 1-800-642-1687 or (1-706-645-9291 if calling from outside the U.S.). The conference call ID number is 43720642. A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, www.tdw.com, and at the CCBN website, www.streetevents.com. The online replay will be available until June 5, 2008. 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 460 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.
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
----------------------------------------------------------------------
Quarter Ended Year Ended
March 31, March 31,
------------------------- ------------------------
2008 2007 2008 2007
----------------- ------------ ----------- ----------- -----------
Revenues:
Vessel revenues $ 314,205 287,092 1,215,134 1,097,582
Other marine
revenues 17,223 6,456 55,037 27,678
----------------- ------------ ----------- ----------- -----------
331,428 293,548 1,270,171 1,125,260
----------------- ------------ ----------- ----------- -----------
Costs and
expenses:
Vessel
operating
costs 155,168 131,484 584,746 497,811
Costs of other
marine
revenues 14,444 5,713 47,423 24,119
Depreciation
and
amortization 31,681 29,912 120,837 116,184
General and
administrative 33,285 26,137 126,589 98,728
Gain on sales
of assets (1,757) (2,832) (11,449) (42,787)
----------------- ------------ ----------- ----------- -----------
232,821 190,414 868,146 694,055
----------------- ------------ ----------- ----------- -----------
98,607 103,134 402,025 431,205
Other income
(expenses):
Foreign
exchange gain
(loss) (348) (341) (891) (1,543)
Equity in net
earnings of
unconsolidated
companies 4,218 3,229 14,470 10,933
Interest income
and other, net 3,178 6,512 16,957 19,897
Interest and
other debt
costs (1,279) (2,268) (6,992) (9,657)
----------------- ------------ ----------- ----------- -----------
5,769 7,132 23,544 19,630
----------------- ------------ ----------- ----------- -----------
Earnings before
income taxes 104,376 110,266 425,569 450,835
Income tax
expense 18,991 22,669 76,806 94,189
----------------- ------------ ----------- ----------- -----------
Net earnings $ 85,385 87,597 348,763 356,646
================= ============ =========== =========== ===========
Basic earnings
per common share $ 1.64 1.58 6.43 6.38
================= ============ =========== =========== ===========
Diluted earnings
per common share $ 1.63 1.56 6.39 6.31
================= ============ =========== =========== ===========
Weighted average
common shares
outstanding 52,153,170 55,469,170 54,259,495 55,914,998
Incremental
common shares
from stock
options 179,773 531,239 347,311 593,274
----------------- ------------ ----------- ----------- -----------
Adjusted weighted
average common
shares 52,332,943 56,000,409 54,606,806 56,508,272
================= ============ =========== =========== ===========
Cash dividends
declared per
common share $ .15 .15 .60 .60
================= ============ =========== =========== ===========
TIDEWATER INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)
----------------------------------------------------------------------
March 31, March 31,
ASSETS 2008 2007
----------------------------------------------- ---------- ---------
Current assets:
Cash and cash equivalents $ 270,205 393,806
Trade and other receivables less allowance
for doubtful accounts of $5,319 in 2008 and
$5,890 in 2007 308,813 286,808
Marine operating supplies 46,369 44,902
Other current assets 5,208 6,033
----------------------------------------------- ---------- ---------
Total current assets 630,595 731,549
----------------------------------------------- ---------- ---------
Investments in, at equity, and advances to
unconsolidated companies 27,433 24,423
Properties and equipment:
Vessels and related equipment 2,867,391 2,609,324
Other properties and equipment 82,357 51,955
----------------------------------------------- ---------- ---------
2,949,748 2,661,279
Less accumulated depreciation and
amortization 1,270,710 1,179,182
----------------------------------------------- ---------- ---------
Net properties and equipment 1,679,038 1,482,097
----------------------------------------------- ---------- ---------
Goodwill 328,754 328,754
Other assets 85,960 82,475
----------------------------------------------- ---------- ---------
Total assets $2,751,780 2,649,298
=============================================== ========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------- ---------- ---------
Current liabilities:
Current maturities on capitalized lease
obligations 10,059 2,194
Accounts payable 93,147 75,217
Accrued expenses 54,497 45,880
Accrued property and liability losses 6,271 6,130
Other current liabilities 34,930 17,259
----------------------------------------------- ---------- ---------
Total current liabilities 198,904 146,680
----------------------------------------------- ---------- ---------
Long-term debt 300,000 300,000
Capitalized lease obligations --- 19,712
Deferred income taxes 189,605 179,687
Accrued property and liability losses 12,530 15,510
Other liabilities and deferred credits 120,657 101,699
Stockholders' equity:
Common stock of $.10 par value, 125,000,000
shares authorized, issued 52,318,806 shares
at March 31, 2008 and 57,476,898 at March
31, 2007 5,232 5,748
Other stockholders' equity 1,924,852 1,880,262
----------------------------------------------- ---------- ---------
Total stockholders' equity 1,930,084 1,886,010
----------------------------------------------- ---------- ---------
Total liabilities and stockholders'
equity $2,751,780 2,649,298
=============================================== ========== =========
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
----------------------------------------------------------------------
Year Ended
March 31,
---------------------
2008 2007
----------------------------------------------- ---------- ---------
Operating activities:
Net earnings $ 348,763 356,646
Adjustments to reconcile net earnings to net
cash
Provided by operating activities:
Depreciation and amortization 120,837 116,184
Provision for deferred income taxes 9,339 7,030
Gain on sales of assets (11,449) (42,787)
Equity in earnings of unconsolidated
companies, less dividends (9,788) (374)
Compensation expense - stock based 11,473 8,115
Excess tax benefit on stock options
exercised (3,721) (7,135)
Changes in assets and liabilities, net:
Trade and other receivables (22,012) (38,335)
Marine operating supplies (1,467) (3,721)
Other current assets 825 (1,714)
Accounts payable 17,330 13,653
Accrued expenses 8,617 8,599
Accrued property and liability losses 149 (1,066)
Other current liabilities 17,824 8,196
Other, net 2,771 11,804
----------------------------------------------- ---------- ---------
Net cash provided by operating activities 489,491 435,095
----------------------------------------------- ---------- ---------
Investing activities:
Proceeds from sales of assets 82,021 74,422
Additions to properties and equipment (354,022) (235,182)
Repayments of advances to unconsolidated
companies --- 9,496
Other --- 108
----------------------------------------------- ---------- ---------
Net cash used in investing activities (272,001) (151,156)
----------------------------------------------- ---------- ---------
Financing activities:
Principal payments on debt --- (5,000)
Principal payments on capitalized lease
obligations (45,723) (909)
Debt borrowings --- 5,000
Proceeds from issuance of common stock 43,645 23,156
Cash dividends (32,687) (33,889)
Excess tax benefits on stock options
exercised 3,721 7,135
Stock repurchases (310,047) (131,735)
----------------------------------------------- ---------- ---------
Net cash used in financing activities (341,091) (136,242)
----------------------------------------------- ---------- ---------
Net change in cash and cash equivalents (123,601) 147,697
Cash and cash equivalents at beginning of year 393,806 246,109
----------------------------------------------- ---------- ---------
Cash and cash equivalents at end of year $ 270,205 393,806
=============================================== ========== =========
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest $ 17,025 14,030
Income taxes $ 56,084 78,144
Non-cash financing activities:
Capital leases $ 33,876 22,815
=============================================== ========== =========
Further details of the company's vessel revenues and vessel operating
costs for the quarters and years ended March 31, 2008 and 2007 are as
follows:
(In thousands)
----------------------------------------------------------------------
Quarter Ended Year Ended
March 31, March 31,
------------------ --------------------
2008 2007 2008 2007
---------------------------- --------- ------- --------- ---------
Vessel revenues:
United States $ 36,838 48,615 159,795 229,247
International 277,367 238,477 1,055,339 868,335
---------------------------- --------- ------- --------- ---------
Total vessel revenues 314,205 287,092 1,215,134 1,097,582
---------------------------- --------- ------- --------- ---------
Vessel operating costs:
Crew costs 82,642 74,744 314,330 273,996
Repair and maintenance 28,125 25,126 106,357 98,212
Insurance and loss
reserves 5,542 375 23,667 12,377
Fuel, lube and supplies 14,735 11,174 50,933 44,600
Vessel operating leases 1,660 346 4,699 1,486
Other 22,464 19,719 84,760 67,140
---------------------------- --------- ------- --------- ---------
Total vessel operating
cost 155,168 131,484 584,746 497,811
---------------------------- --------- ------- --------- ---------
Vessel operating margin $159,037 155,608 630,388 599,771
============================ ========= ======= ========= =========
Vessel operating margin as a
% of revenue 50.6% 54.2 51.9 54.6
============================ ========= ======= ========= =========
Further details of the company's vessel operating profit for the
quarters and years ended March 31, 2008 and 2007 are as follows:
(In thousands)
----------------------------------------------------------------------
Quarter Ended Year Ended
March 31, March 31,
------------------ --------------------
2008 2007 2008 2007
---------------------------- --------- ------- --------- ---------
Vessel operating profit -
United States $ 8,357 16,392 31,034 91,465
============================ ========= ======= ========= =========
Vessel operating profit -
International $ 97,037 90,109 394,855 320,971
============================ ========= ======= ========= =========
The company's actual vessel count by vessel class at March 31, 2008,
and vessel utilization percentages and average dayrates by vessel
class for the quarter and year ended March 31, 2008, were as follows:
UTILIZATION Actual
-------------------
Vessel Count Quarter Ended Year Ended
Fiscal Year 2008 at March 31, 2008 March 31, 2008 March 31, 2008
------------------- ----------------- -------------- --------------
United States-based
fleet:
-------------------
Deepwater vessels 8 97.5% 93.7%
Towing-
supply/supply 33 46.2% 52.7%
Crew/utility 13 73.0% 82.4%
Total 54 60.1% 65.1%
=================
International-based
fleet:
-------------------
Deepwater vessels 31 83.5% 90.7%
Towing-
supply/supply 229 76.7% 77.6%
Crew/utility 71 85.1% 86.3%
Offshore tugs 36 56.7% 58.7%
Other 5 58.7% 54.1%
-----------------
Total 372 76.7% 78.1%
=================
Worldwide fleet:
-------------------
Deepwater vessels 39 86.4% 91.3%
Towing-
supply/supply 262 72.7% 74.2%
Crew/utility 84 83.1% 85.7%
Offshore tugs 36 56.7% 58.7%
Other 5 58.7% 54.1%
-----------------
Total 426 (1) 74.5% 76.4%
=================
AVERAGE DAYRATES
-------------------
United States-based
fleet:
-------------------
Deepwater vessels $23,904 $23,502
Towing-
supply/supply $ 9,863 $11,154
Crew/utility $ 6,201 $ 6,141
Total $12,027 $12,016
International-based
fleet:
-------------------
Deepwater vessels $25,474 $23,973
Towing-
supply/supply $11,117 $10,291
Crew/utility $ 4,819 $ 4,681
Offshore tugs $ 7,413 $ 7,001
Other $ 5,140 $ 5,241
Total $10,766 $10,114
Worldwide fleet:
-------------------
Deepwater vessels $25,110 $23,878
Towing-
supply/supply $11,013 $10,375
Crew/utility $ 5,018 $ 4,901
Offshore tugs $ 7,413 $ 7,001
Other $ 5,140 $ 5,241
Total $10,900 $10,329
(1) Included in total owned or chartered vessels at March 31, 2008,
are 53 vessels that were stacked by the company. These vessels are
considered to be in service and are included in the calculation of
the company's vessel utilization statistics. In addition to the 426
total owned or chartered vessels, the company had 20 vessels
withdrawn from service and 14 joint venture and other vessels at
March 31, 2008.
Tidewater's vessel commitments by vessel class and type as of March
31, 2008, were as follows:
U.S. Built International Built
--------------------------- -----------------------------
Number Total Expended Number Total Expended
Vessel Class of Cost Through of Cost Through
and Type Vessels Commitment 3/31/08 Vessels Commitment 3/31/08
------------ ------- ---------- -------- ------- ---------- ----------
(in thousands) (in thousands)
Deepwater
vessels:
Anchor
handling
towing
supply --- --- --- 6 $172,470 $ 78,459
Platform
supply
vessels 2 $65,019 $6,646 16 $395,835 $ 32,263
Replacement
fleet:
Anchor
handling
towing
supply --- --- --- 12 $188,464 $ 72,283
Platform
supply
vessels --- --- --- 6 $ 74,420 $ 20,295
Crewboats
and
offshore
tugs:
Crewboats
- 175
foot --- --- --- 2 $ 17,693 $ 5,398
Crewboats
- water
jet --- --- --- 2 $ 3,408 $ 848
Offshore
tugs --- --- --- 3 $ 41,969 $ 11,984
------------ ------- ---------- -------- ------- ---------- ----------
Totals 2 $65,019 $6,646 47 $894,259 $221,530
============ ======= ========== ======== ======= ========== ==========
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:
Quarter Period Ended
---------------------------------------------------------
Vessel class
and type 6/08 9/08 12/08 03/09 6/09 Thereafter
------------ ------- ---------- -------- ------- ---------- ----------
Deepwater
vessels:
Anchor
handling
towing
supply --- --- --- --- 1 5
Platform
supply
vessels --- --- --- 3 2 13
Replacement
Fleet:
Anchor
handling
towing
supply 3 6 1 1 1 ---
Platform
supply
vessels --- --- 1 1 1 3
Crewboats
and
offshore
tugs:
Crewboats
- 175-
foot --- --- --- --- 1 1
Crewboats
- water
jet --- --- --- 2 --- ---
Offshore
tugs 1 --- --- --- --- 2
------------ ------- ---------- -------- ------- ---------- ----------
Totals 4 6 2 7 6 24
============ ======= ========== ======== ======= ========== ==========
SOURCE: Tidewater Inc. Tidewater Inc., New Orleans |
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