This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs