Tidewater Reports Third Quarter Results For Fiscal 2013
NEW ORLEANS--(BUSINESS WIRE)--
Tidewater Inc. (NYSE: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,
2012
2011
Operating activities:
Net earnings
$
104,159
53,769
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization
109,012
102,771
Provision (benefit) for deferred income taxes
(8,682
)
(24,035
)
Gain on asset dispositions, net
(2,770
)
(13,671
)
Goodwill impairment
---
30,932
Equity in earnings of unconsolidated companies, net of dividends
(9,287
)
(4,304
)
Compensation expense - stock-based
15,061
9,179
Excess tax benefits on stock options exercised
(74
)
119
Changes in assets and liabilities, net:
Trade and other receivables
(49,412
)
(14,614
)
Marine operating supplies
(7,401
)
(1,740
)
Other current assets
(2,485
)
(243
)
Accounts payable
12,943
4,266
Accrued expenses
9,535
5,735
Accrued property and liability losses
(280
)
(59
)
Other current liabilities
3,896
8,980
Other liabilities and deferred credits
(2,084
)
(1,969
)
Other, net
10,580
2,584
Net cash provided by operating activities
182,711
157,700
Cash flows from investing activities:
Proceeds from sales of assets
18,620
30,006
Additions to properties and equipment
(326,648
)
(297,009
)
Other
(788
)
162
Net cash used in investing activities
(318,816
)
(266,841
)
Cash flows from financing activities:
Principal payments on debt
(60,000
)
(40,000
)
Debt borrowings
40,000
165,000
Debt issuance costs
---
(245
)
Proceeds from exercise of stock options
1,968
839
Cash dividends
(37,426
)
(38,692
)
Excess tax benefits on stock options exercised
74
(119
)
Stock repurchases
(85,034
)
(35,015
)
Net cash (used in) provided by financing activities
(140,418
)
51,768
Net change in cash and cash equivalents
(266,523
)
(57,373
)
Cash and cash equivalents at beginning of period
320,710
245,720
Cash and cash equivalents at end of period
$
54,187
188,347
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest
$
33,135
30,858
Income taxes
$
41,578
37,307
Non-cash investing activities:
Additions to properties and equipment
$
2,372
1,269
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands)
Accumulated
Additional
other
Common
paid-in
Retained
comprehensive
stock
capital
earnings
loss
Total
Balance at March 31, 2012
$
5,125
102,726
2,437,836
(19,330
)
2,526,357
Total comprehensive income
---
---
104,159
3,147
107,306
Stock option activity
8
3,696
---
---
3,704
Cash dividends declared
---
---
(37,574
)
---
(37,574
)
Retirement of common stock
(187
)
---
(84,847
)
---
(85,034
)
Amortization/cancellation of restricted stock units
---
5,766
---
---
5,766
Amortization/cancellation of restricted stock
(7
)
5,793
---
---
5,786
Balance at December 31, 2012
$
4,939
117,981
2,419,574
(16,183
)
2,526,311
Balance at March 31, 2011
$
5,188
90,204
2,436,736
(18,184
)
2,513,944
Total comprehensive income
---
---
53,769
(582
)
53,187
Stock option activity
2
3,749
---
---
3,751
Cash dividends declared
---
(38,787
)
---
(38,787
)
Retirement of common stock
(74
)
---
(34,941
)
---
(35,015
)
Amortization/cancellation of restricted stock
---
4,144
---
---
4,144
Balance at December 31, 2011
$
5,116
98,097
2,416,777
18,766
2,501,224
The company’s vessel revenues and vessel operating expenses and the
related percentage of total vessel revenues for the quarters and the
nine-month periods ended December 31, 2012 and 2011 and for the quarter
ended September 31, 2012, were as follows:
Quarter Ended
Nine Months Ended
Quarter Ended
December 31,
December 31,
September 30,
(In thousands)
2012
%
2011
%
2012
%
2011
%
2012
%
Vessel revenues:
Americas
$
84,532
28
%
82,741
30
%
244,498
27
%
245,310
32
%
82,316
27
%
Asia/Pacific
42,057
14
%
40,919
15
%
139,537
15
%
105,545
14
%
45,738
15
%
Middle East/N. Africa
42,027
14
%
27,839
10
%
106,528
12
%
78,706
10
%
32,051
10
%
Sub-Saharan Africa/Europe
136,427
45
%
118,987
44
%
414,396
46
%
342,652
44
%
149,717
48
%
$
305,043
100
%
270,486
100
%
904,959
100
%
772,213
100
%
309,822
100
%
Vessel operating costs:
Crew costs
$
87,469
29
%
80,988
30
%
265,584
29
%
240,476
31
%
90,811
29
%
Repair and maintenance
36,143
12
%
26,680
10
%
96,121
11
%
75,889
10
%
32,754
11
%
Insurance and loss reserves
7,381
2
%
3,926
1
%
16,542
2
%
14,597
2
%
3,810
1
%
Fuel, lube and supplies
19,553
6
%
17,126
6
%
56,565
6
%
54,887
7
%
19,269
6
%
Vessel operating leases
3,971
1
%
4,492
2
%
12,866
1
%
13,475
2
%
4,403
1
%
Other
26,378
9
%
22,626
8
%
76,100
8
%
70,106
9
%
26,008
8
%
$
180,895
59
%
155,838
58
%
523,778
58
%
469,430
61
%
177,055
57
%
Vessel operating margin (A)
$
124,148
41
%
114,648
42
%
381,181
42
%
302,783
40
%
132,767
43
%
Note (A): The following table reconciles vessel operating margin as
presented above to operating income (loss) for the quarters and the
nine-month periods ended December 31, 2012 and 2011 and for the quarter
ended September 30, 2012:
Quarter Ended
Nine Months Ended
Quarter Ended
December 31,
December 31,
September 30,
(In thousands)
2012
2011
2012
2011
2012
Vessel operating margin
$
124,148
114,648
381,181
302,783
132,767
Other marine revenues
4,423
1,625
10,873
5,399
2,096
Costs of other marine revenues
(4,176
)
(1,938
)
(9,284
)
(5,200
)
(1,585
)
Depreciation and amortization
(37,181
)
(35,215
)
(109,012
)
(102,771
)
(36,047
)
Goodwill impairment
---
---
---
(30,932
)
---
General and administrative
(46,339
)
(40,425
)
(128,870
)
(115,779
)
(41,867
)
Gain on asset dispositions, net
99
2,496
2,770
13,671
1,833
Operating income (loss)
$
40,974
41,191
147,658
67,171
57,197
The company’s vessel operating profit and other components of earnings
(loss) before income taxes and its related percentage of total revenue
for the quarters and the nine-month periods ended December 31, 2012 and
2011 and for the quarter ended September 30, 2012, were as follows:
Quarter Ended
Nine Months Ended
Quarter Ended
December 31,
December 31,
September 30,
(In thousands)
2012
%
2011
%
2012
%
2011
%
2012
%
Vessel operating profit:
Americas
$
14,442
5
%
18,462
7
%
34,140
4
%
39,846
5
%
9,506
3
%
Asia/Pacific
8,695
3
%
6,629
2
%
31,429
3
%
7,123
1
%
7,826
3
%
Middle East/N. Africa
13,720
4
%
362
<1
%
26,282
3
%
(606
)
(<1
%)
6,280
2
%
Sub-Saharan Africa/Europe
21,171
7
%
25,418
9
%
92,597
10
%
69,273
9
%
44,330
14
%
58,028
19
%
50,871
19
%
184,448
20
%
115,636
15
%
67,942
22
%
Corporate expenses
(16,712
)
(5
%)
(10,972
)
(4
%)
(39,663
)
(4
%)
(29,854
)
(4
%)
(12,484
)
(4
%)
Goodwill impairment
---
---
---
---
---
---
(30,932
)
(4
%)
---
---
Gain on asset dispositions, net
99
<1
%
2,496
1
%
2,770
<1
%
13,671
2
%
1,833
1
%
Other operating expenses
(441
)
(<1
%)
(1,204
)
(<1
%)
103
<1
%
(1,350
)
(<1
%)
(94
)
(<1
%)
Operating income (loss)
40,974
14
%
41,191
15
%
147,658
16
%
67,171
9
%
57,197
18
%
Foreign exchange gain (loss)
52
<1
%
(1,738
)
(1
%)
(1,170
)
(<1
%)
735
<1
%
529
<1
%
Equity in net earnings of unconsolidated companies
2,639
1
%
3,482
1
%
8,359
1
%
9,427
1
%
3,357
1
%
Interest income and other, net
936
<1
%
347
<1
%
2,783
<1
%
2,303
<1
%
1,128
<1
%
Interest and other debt costs
(7,183
)
(2
%)
(6,027
)
(2
%)
(21,918
)
(2
%)
(14,854
)
(2
%)
(7,148
)
(2
%)
Earnings (loss) before income taxes
$
37,418
12
%
37,255
14
%
135,712
15
%
64,782
8
%
55,063
18
%
The company’s revenues, vessel utilization percentages and average day
rates by vessel class and in total for the quarters and the nine-month
periods ended December 31, 2012 and 2011 and the quarter ended
September 30, 2012, were as follows:
Quarter Ended
Nine Months Ended
Quarter Ended
December 31,
December 31,
September 30,
2012
2011
2012
2011
2012
REVENUES BY VESSEL CLASS (In
thousands):
Americas fleet:
Deepwater vessels
$
48,089
38,861
129,116
111,905
44,747
Towing-supply/supply
29,418
35,866
94,879
108,200
31,109
Other
7,025
8,014
20,503
25,205
6,460
Total
$
84,532
82,741
244,498
245,310
82,316
Asia/Pacific fleet:
Deepwater vessels
$
21,862
20,445
71,791
48,638
24,592
Towing-supply/supply
19,277
19,334
65,006
53,648
20,229
Other
918
1,140
2,740
3,259
917
Total
$
42,057
40,919
139,537
105,545
45,738
Middle East/N. Africa fleet:
Deepwater vessels
$
15,407
12,647
38,966
35,180
12,275
Towing-supply/supply
25,870
13,778
64,729
38,868
18,859
Other
750
1,414
2,833
4,658
917
Total
$
42,027
27,839
106,528
78,706
32,051
Sub-Saharan Africa/Europe fleet:
Deepwater vessels
$
64,509
51,194
194,820
135,305
67,696
Towing-supply/supply
54,816
49,519
167,376
150,843
63,548
Other
17,102
18,274
52,200
56,504
18,473
Total
$
136,427
118,987
414,396
342,652
149,717
Worldwide fleet:
Deepwater vessels
$
149,867
123,147
434,693
331,028
149,310
Towing-supply/supply
129,381
118,497
391,990
351,559
133,745
Other
25,795
28,842
78,276
87,626
26,767
Total
$
305,043
270,486
904,959
772,213
309,822
UTILIZATION:
Americas fleet:
Deepwater vessels
73.1
%
79.7
72.4
74.6
70.7
Towing-supply/supply
48.0
54.2
49.9
47.8
48.2
Other
82.4
59.6
78.4
65.4
72.5
Total
60.9
%
61.0
60.9
57.3
58.6
Asia/Pacific fleet:
Deepwater vessels
89.2
%
83.5
88.0
71.3
81.2
Towing-supply/supply
52.4
43.8
53.2
40.8
52.2
Other
100.0
100.0
81.1
93.1
100.0
Total
60.5
%
54.4
60.6
49.3
58.7
Middle East/N. Africa fleet:
Deepwater vessels
89.8
%
98.8
91.6
88.7
91.8
Towing-supply/supply
80.1
59.2
76.2
55.5
71.2
Other
28.6
50.0
35.1
54.4
34.5
Total
75.1
%
65.2
73.3
61.4
69.9
Sub-Saharan Africa/Europe fleet:
Deepwater vessels
70.3
%
83.8
78.9
84.5
83.0
Towing-supply/supply
66.9
56.9
65.0
56.1
67.8
Other
77.2
79.7
77.9
82.1
79.9
Total
71.1
%
70.0
72.6
69.8
75.4
Worldwide fleet:
Deepwater vessels
75.2
%
84.2
79.2
79.8
79.8
Towing-supply/supply
61.1
53.9
60.4
50.7
59.9
Other
74.5
72.4
74.4
75.3
74.7
Total
67.5
%
64.6
67.9
62.1
67.8
Quarter Ended
Nine Months Ended
Quarter Ended
December 31,
December 31,
September 30,
2012
2011
2012
2011
2012
AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels
$
28,721
25,247
27,756
25,486
28,450
Towing-supply/supply
13,721
13,812
13,994
14,202
14,103
Other
6,181
6,431
6,086
6,286
6,094
Total
$
17,060
15,373
16,519
15,311
17,012
Asia/Pacific fleet:
Deepwater vessels
$
35,453
25,357
36,114
22,684
42,037
Towing-supply/supply
12,592
12,836
13,211
12,462
12,663
Other
9,972
6,189
9,963
6,366
9,972
Total
$
18,779
16,389
19,425
15,162
20,109
Middle East/N. Africa fleet:
Deepwater vessels
$
20,710
17,484
19,396
17,675
18,359
Towing-supply/supply
12,020
8,604
10,605
8,257
9,857
Other
4,750
5,127
4,892
5,191
4,812
Total
$
13,761
10,705
12,256
10,363
11,561
Sub-Saharan Africa/Europe fleet:
Deepwater vessels
$
25,853
21,719
24,527
20,871
25,235
Towing-supply/supply
14,318
13,482
14,577
13,275
15,721
Other
5,054
4,889
5,060
4,894
5,236
Total
$
14,053
12,181
13,934
11,658
14,602
Worldwide fleet:
Deepwater vessels
$
27,100
22,696
26,199
22,052
27,102
Towing-supply/supply
13,399
12,636
13,385
12,558
13,705
Other
5,407
5,298
5,384
5,283
5,496
Total
$
15,286
13,359
14,979
12,877
15,384
The utilization, average day rates, and number of active vessels
(excludes stacked vessels) 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 and the nine-month periods ended December 31,
2012 and 2011 and for the quarter ended September 30, 2012, were as
follows:
Quarter Ended
Nine Months Ended
Quarter Ended
December 31,
December 31,
September 30,
2012
2011
2012
2011
2012
UTILIZATION:
Americas fleet:
New vessels
82.8
%
90.1
82.5
87.5
79.8
Traditional vessels
37.9
37.7
38.6
36.2
36.1
Total
60.9
%
61.0
60.9
57.3
58.6
Asia/Pacific fleet:
New vessels
85.7
%
83.1
88.0
77.9
84.2
Traditional vessels
0
10.2
0
11.9
0
Total
60.5
%
54.4
60.6
49.3
58.7
Middle East/North Africa fleet:
New vessels
89.4
%
68.2
87.9
65.3
84.4
Traditional vessels
34.4
59.6
39.6
56.2
37.5
Total
75.1
%
65.2
73.3
61.4
69.9
Sub-Saharan Africa/Europe fleet:
New vessels
79.0
%
84.8
83.1
86.5
86.8
Traditional vessels
39.7
36.1
35.8
34.5
36.7
Total
71.1
%
70.0
72.6
69.8
75.4
Worldwide fleet:
New vessels
82.1
%
83.4
84.3
82.8
84.7
Traditional vessels
33.4
35.5
32.8
34.6
32.0
Total
67.5
%
64.6
67.9
62.1
67.8
Quarter Ended
Nine Months Ended
Quarter Ended
December 31,
December 31,
September 30,
2012
2011
2012
2011
2012
AVERAGE VESSEL DAY RATES:
Americas fleet:
New vessels
$
21,022
18,863
20,316
19,060
20,771
Traditional vessels
7,913
8,655
8,151
8,992
8,203
Total
$
17,060
15,373
16,519
15,311
17,012
Asia/Pacific fleet:
New vessels
$
18,779
17,395
19,425
16,456
20,109
Traditional vessels
---
3,749
---
4,043
---
Total
$
18,779
16,389
19,425
15,162
20,109
Middle East/North Africa fleet:
New vessels
$
14,310
12,337
13,119
12,746
12,453
Traditional vessels
9,707
7,174
7,831
6,674
7,179
Total
$
13,761
10,705
12,256
10,363
11,561
Sub-Saharan Africa/Europe fleet:
New vessels
$
14,783
12,921
14,608
12,320
15,332
Traditional vessels
8,313
8,226
8,479
8,169
8,773
Total
$
14,053
12,181
13,934
11,658
14,602
Worldwide fleet:
New vessels
$
16,503
14,835
16,210
14,414
16,660
Traditional vessels
8,282
8,021
8,217
7,992
8,258
Total
$
15,286
13,359
14,979
12,877
15,384
AVERAGE VESSEL COUNT (EXCLUDING STACKED
VESSELS):
Americas fleet:
New vessels
45
42
45
40
46
Traditional vessels
19
24
20
26
19
Total
64
66
65
66
65
Asia/Pacific fleet:
New vessels
28
30
30
29
29
Traditional vessels
---
2
---
3
---
Total
28
32
30
32
29
Middle East/North Africa fleet:
New vessels
32
27
29
26
28
Traditional vessels
6
9
7
12
8
Total
38
36
36
38
36
Sub-Saharan Africa/Europe fleet:
New vessels
119
106
116
104
114
Traditional vessels
14
20
14
22
14
Total
133
126
130
126
128
Worldwide fleet:
New vessels
224
205
220
199
217
Traditional vessels
39
55
41
63
41
Total
263
260
261
262
258
The company’s average number of vessels by class and geographic
distribution for the quarters and the nine-month periods ended December
31, 2012 and 2011 and for the quarter ended September 30, 2012, were as
follows:
Quarter Ended
Nine Months Ended
Quarter Ended
December 31,
December 31,
September 30,
2012
2011
2012
2011
2012
Americas fleet:
Deepwater vessels
25
21
23
21
24
Towing-supply/supply
48
52
50
58
50
Other
15
23
16
22
16
Total
88
96
89
101
90
Less stacked vessels
24
30
24
35
25
Active vessels
64
66
65
66
65
Asia/Pacific fleet:
Deepwater vessels
7
11
8
11
8
Towing-supply/supply
32
37
34
38
33
Other
1
2
1
2
1
Total
40
50
43
51
42
Less stacked vessels
12
18
13
19
13
Active vessels
28
32
30
32
29
Middle East/N. Africa fleet:
Deepwater vessels
9
8
8
8
8
Towing-supply/supply
30
29
29
31
29
Other
6
6
6
6
6
Total
45
43
43
45
43
Less stacked vessels
7
7
7
7
7
Active vessels
38
36
36
38
36
Sub-Saharan Africa/Europe fleet:
Deepwater vessels
39
31
37
28
35
Towing-supply/supply
62
70
64
74
65
Other
48
51
48
52
48
Total
149
152
149
154
148
Less stacked vessel
16
26
19
28
20
Active vessels
133
126
130
126
128
Active owned or chartered vessels
263
260
261
262
258
Stacked vessels
59
81
63
89
65
Total owned or chartered vessels
322
341
324
351
323
Vessels withdrawn from service
2
2
2
3
2
Joint-venture and other
10
10
10
10
10
Total
334
353
336
364
335
Note (B): The company had 53, 79 and 61 actual stacked vessels at
December 31, 2012 and 2011 and at September 30, 2012, respectively.
These vessels were considered to be in service and were included in the
calculation of the company’s utilization statistics.
The company’s vessel commitments by vessel class and type at December
31, 2012, were as follows:
Non-U.S. Built
U.S. Built
Number
Invested
Remaining
Number
Invested
Remaining
of
Total
Through
Balance
of
Total
Through
Balance
Vessel class and type
Vessels
Cost
12/31/12
12/31/12
Vessels
Cost
12/31/12
12/31/12
In thousands, except number of vessels:
Deepwater platform supply vessels
15
$
466,221
70,283
395,938
3
152,342
96,459
55,883
Towing-supply/supply vessels
4
74,892
13,971
60,921
---
---
---
---
Crewboats and other
7
73,017
50,037
22,980
---
---
---
---
Totals
26
$
614,130
134,291
479,839
3
152,342
96,459
55,883
The table below summarizes by vessel class and vessel type the number of
vessels expected to be delivered by quarter along with the expected
quarterly cash outlay (in thousands) of the various vessel commitments
as discussed above:
Quarter Period Ended
Vessel class and type
03/13
06/13
09/13
12/13
03/14
Thereafter
Deepwater platform supply vessels
3
1
2
1
3
8
Towing-supply/supply vessels
---
---
---
---
---
4
Crewboats and other
3
1
1
2
---
---
Totals
6
2
3
3
3
12
(In thousands)
Expected quarterly cash outlay
$
110,394
74,429
87,089
37,207
59,166
167,437
(A)
(A) The $167,437 of ‘Thereafter’ vessel construction obligations
is expected to be paid out during fiscal 2015.
Tidewater Inc., New Orleans Joe Bennett, 504-566-4506 Executive
Vice President and Chief Investor Relations Officer SOURCE:
Tidewater Inc.
Press Release $TDW Tidewater Inc.
NEW ORLEANS--(BUSINESS WIRE)-- Tidewater Inc. (NYSE: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
768,174
710,441
(3,936
)
(11,946
)
(2,389
)
135,712
64,782
3,168
31,553
11,013
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Commitments and Contingencies
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
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Change in supplemental executive retirement plan pension liability
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Balance at March 31, 2012
Balance at December 31, 2012
Balance at March 31, 2011
Balance at December 31, 2011
The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 31, 2012, were as follows:
Insurance and loss reserves
Note (A): The following table reconciles vessel operating margin as presented above to operating income (loss) for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012:
The company’s vessel operating profit and other components of earnings (loss) before income taxes and its related percentage of total revenue for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:
December 31,
December 31,
September 30,
<1
(<1
<1
<1
(<1
(<1
<1
(<1
(<1
<1
(<1
<1
<1
Equity in net earnings of unconsolidated companies
<1
<1
<1
<1
<1
Earnings (loss) before income taxes
18
%
The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the nine-month periods ended December 31, 2012 and 2011 and the quarter ended September 30, 2012, were as follows:
REVENUES BY VESSEL CLASS (In thousands):
Americas fleet:
Asia/Pacific fleet:
Middle East/N. Africa fleet:
Sub-Saharan Africa/Europe fleet:
Worldwide fleet:
UTILIZATION:
Americas fleet:
Asia/Pacific fleet:
Middle East/N. Africa fleet:
Sub-Saharan Africa/Europe fleet:
Worldwide fleet:
AVERAGE VESSEL DAY RATES:
Americas fleet:
Total
Asia/Pacific fleet:
Middle East/N. Africa fleet:
Sub-Saharan Africa/Europe fleet:
Worldwide fleet:
The utilization, average day rates, and number of active vessels (excludes stacked vessels) 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 and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:
UTILIZATION:
Americas fleet:
Asia/Pacific fleet:
Middle East/North Africa fleet:
Sub-Saharan Africa/Europe fleet:
Worldwide fleet:
AVERAGE VESSEL DAY RATES:
Americas fleet:
Asia/Pacific fleet:
Middle East/North Africa fleet:
Sub-Saharan Africa/Europe fleet:
Worldwide fleet:
AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):
Americas fleet:
Asia/Pacific fleet:
Middle East/North Africa fleet:
Sub-Saharan Africa/Europe fleet:
Worldwide fleet:
The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:
Americas fleet:
Asia/Pacific fleet:
Middle East/N. Africa fleet:
Sub-Saharan Africa/Europe fleet:
Note (B): The company had 53, 79 and 61 actual stacked vessels at December 31, 2012 and 2011 and at September 30, 2012, respectively. These vessels were considered to be in service and were included in the calculation of the company’s utilization statistics.
The company’s vessel commitments by vessel class and type at December 31, 2012, were as follows:
In thousands, except number of vessels:
The table below summarizes by vessel class and vessel type the number of vessels expected to be delivered by quarter along with the expected quarterly cash outlay (in thousands) of the various vessel commitments as discussed above:
167,437
(A)
(A) The $167,437 of ‘Thereafter’ vessel construction obligations is expected to be paid out during fiscal 2015.
Tidewater Inc., New Orleans
Joe Bennett, 504-566-4506
Executive Vice President and Chief Investor Relations Officer
SOURCE: Tidewater Inc.
Source: Tidewater Inc.