This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cal Dive International CEO Discusses Q3 2010 Results – Earnings Call Transcript

Sequentially though, our third quarter 2010 was much better than the second quarter of 2010 as the expected seasonality led to much better financial results for the third quarter, and this happens typically year in and year out.

Overall, from an operational point of view, in the third quarter this year, our women and men executed our projects very safely and very well offshore, and we’re pleased with these results in what’s a tough operating environment.

With the drilling moratorium in place for the entire quarter, which negatively impacted deep water and shallow water permits across the board, we did have less new construction activity in the Gulf of Mexico as you would expect, and this is reflected in our lower construction barge utilization rates across the board, but, we did have strong levels of RM work and salvage work.

Internationally, we faced different headwinds with increased competition and clients insisting on tougher terms and conditions which negatively impacted activity levels. Two DSC’s that are overseas did work during the quarter in China, the Black Sea in Oman, but we did not win a project for the Sea Horizon, which is our large combination direct lay barge.

The revenue split for the third quarter between international and the U.S. business was 84% in the U.S. and 16% overseas revenues.

Turning to slide five, we’ll talk a little bit about our backlog. We have a $233 million backlog at the end of the third quarter which we feel is a healthy number, given that we burned off some of the second quarter backlog in the third quarter 2010.

If you compare the third quarter backlog to 2009, with this year’s third quarter backlog, the 2010 backlog amounted to about 10% ahead of the 2009 number at the same time last year. In our present backlog, about 43% of the backlog involves U.S. based projects and about 57% are overseas projects.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs