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Cal Dive Reports Fourth Quarter And Year End 2011 Results

CAUTIONARY STATEMENT

This press release may include “forward-looking” statements that are generally identifiable through our use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project” and similar expressions and include any statements that we make regarding our earnings expectations. The forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise such statements to reflect new information or events as they occur. Our actual future results may differ materially due to a variety of factors, including current economic and financial market conditions, changes in commodity prices for natural gas and oil and in the level of offshore exploration, development and production activity in the oil and natural gas industry, the impact on the market and regulatory environment in the U.S. Gulf of Mexico resulting from the Macondo well blowout, our inability to obtain contracts with favorable pricing terms if there is a downturn in our business cycle, intense competition in our industry, the operational risks inherent in our business, and other risks detailed in our Annual Report on Form 10-K.
         
CAL DIVE INTERNATIONAL, INC. and SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
 
Three Months Ended Year Ended

December 31,

December 31,
2011 2010 2011 2010
(unaudited) (unaudited)
 
Revenues $ 127,434 $ 161,040 $ 479,811 $ 536,468
Cost of sales   119,646     137,367     465,545     474,026  
Gross profit 7,788 23,673 14,266 62,442
Goodwill impairment - - - 292,469
Fixed asset impairment 1,561 91 38,199 23,242
Selling and administrative expenses 12,907 14,878 59,181 60,138
Gain (loss) on sale of assets (68 ) 12 3,670 1,325
Provision for (recovery of) doubtful accounts   -       -     (2,240 )     (167 )
Income (loss) from operations (6,748 ) 8,716 (77,204 ) (311,915 )
Interest expense, net 2,815 2,225 9,227 9,060
Other expense, net   127     193     337     317  
Income (loss) before income taxes (9,690 ) 6,298 (86,768 ) (321,292 )
Income tax expense (benefit)   (919 )   8,680     (19,871 )   (5,443 )
Net loss $ (8,771 ) $ (2,382 ) $ (66,897 ) $ (315,849 )
 
Earnings (loss) per common share:
Basic earnings (loss) per share $ (0.10 ) $ (0.03 ) $ (0.73 ) $ (3.47 )
Diluted earnings (loss) per share $ (0.10 ) $ (0.03 ) $ (0.73 ) $ (3.47 )
 
Weighted average shares outstanding:
Basic   91,785     91,130     91,742     91,067  
Diluted   91,785     91,130     91,742     91,067  
 
Other financial data:
Depreciation and amortization 15,524 17,008 66,692 68,961
Non-cash stock compensation expense 2,400 2,061 9,563 7,427
EBITDA 12,610

 
27,683 36,913 79,867
     
CAL DIVE INTERNATIONAL, INC. and SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
 
December 31, December 31,
ASSETS 2011 2010
(unaudited)
Current assets:
Cash and cash equivalents $ 15,598 $ 24,576
Accounts receivable -
Trade, net of allowance for uncollectable accounts 67,000 86,239
Contracts in progress 41,420 26,829
Income tax receivable 24,432 2,182
Deferred income taxes - 3,425
Other current assets   32,482     17,439  
Total current assets   180,932     160,690  
 
Property and equipment 752,994 799,757
Less - Accumulated depreciation   (256,223 )   (231,966 )
Net property and equipment   496,771     567,791  
 
Other assets:
Deferred drydock costs 15,770 14,602
Other assets, net   11,467     9,218  
Total assets $ 704,940   $ 752,301  
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Accounts payable $ 78,277 $ 58,685
Advanced billings on contracts 10,683 5
Current maturities of long-term debt 6,000 59,328
Income tax payable 2,955 4,462
Deferred income taxes 3,269 -
Accrued liabilities   19,868     23,276  
Total current liabilities 121,052 145,756
 
Long-term debt 144,000 106,008
Deferred income taxes 104,667 109,434
Other long term liabilities   5,580     3,392  
Total liabilities   375,299     364,590  
 
Stockholders' equity   329,641     387,711  
Total liabilities and stockholders' equity $ 704,940   $ 752,301  
       
Calculation of Earnings (Loss) Per Share
(in thousands, except per share amounts)
 

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) attributable to common shares by the weighted-average shares of outstanding common stock.  The calculation of diluted EPS is similar to basic EPS, except the denominator includes dilutive common stock equivalents. The components of basic and diluted EPS for common shares for quarters and years ended December 31, 2011 and 2010 were as follows:
 
 
Three Months Ended Year Ended
December 31, December 31,
2011 2010 2011 2010
(unaudited) (unaudited)
Numerator:
Net loss $ (8,771 ) $ (2,382 ) $ (66,897 ) $ (315,849 )
Less: Net loss allocated to unvested restricted stock (1)   -     -     -     -  
Net loss attributable to common shares $ (8,771 ) $ (2,382 ) $ (66,897 ) $ (315,849 )
 
Denominator:
Basic weighted average shares outstanding 91,785 91,130 91,742 91,067
Dilutive share-based employee compensation plan (1)   -     -     -     -  
Diluted weighted average shares outstanding   91,785     91,130     91,742     91,067  
 
Earnings (loss) per share:
Total basic $ (0.10 ) $ (0.03 ) $ (0.73 ) $ (3.47 )
Total diluted $ (0.10 ) $ (0.03 ) $ (0.73 ) $ (3.47 )
 

(1) No losses were allocated to unvested restricted shares outstanding in the computation of diluted earnings per share, because to do so would be anti-dilutive.
 
Reconciliation of Non-GAAP Financial Measures
For the Periods Ended December 31, 2011 and 2010
(in thousands)
       

In addition to net income, one primary measure that we use to evaluate our financial performance is earnings before net interest expense, taxes, depreciation and amortization, or EBITDA. We use EBITDA to measure our operational strengths and the performance of our business and not to measure our liquidity.  EBITDA does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues, and should be considered in addition to, and not as a substitute for, net income and other measures of financial performance we report in accordance with GAAP. Furthermore, EBITDA presentations may vary among companies; thus, our EBITDA may not be comparable to similarly titled measures of other companies.

 

We believe EBITDA is useful as a measurement tool because it helps investors evaluate and compare our operating performance from period to period by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation and amortization of our vessels) from our operating results. Our management uses EBITDA in communications with lenders, rating agencies and others, concerning our financial performance.

 

The following table presents a reconciliation of EBITDA to net income, which is the most directly comparable GAAP financial measure of our operating results:
 
Three Months Ended Year Ended
December 31, December 31,
2011 2010 2011 2010
(unaudited) (unaudited)
EBITDA $ 12,610 $ 27,683 $ 36,913 $ 79,867
Less: Depreciation & Amortization 15,524 17,008 66,692 68,961
Less: Non-Cash Stock Compensation Expense 2,400 2,061 9,563 7,427
Less: Net Interest Expense 2,815 2,225 9,227 9,060
Less: Income Tax Expense (Benefit) (919 ) 8,680 (19,871 ) (5,443 )
Less: Non-Cash Goodwill Impairment Charge - - - 292,469
Less: Non-Cash Impairment Charge   1,561     91     38,199     23,242  
Net Loss $ (8,771 ) $ (2,382 ) $ (66,897 ) $ (315,849 )
 
 
December 31,
2011
Total Debt $ 150,000
Less: Cash   (15,598 )
Net Debt $ 134,402  

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