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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Cal Dive's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Our actual future results may differ materially due to a variety of factors. For information concerning factors that could cause our actual results to differ, we refer to you to the Risk Factors described in our Form 10-K on file with the Securities and Exchange Commission.

This call also includes certain non-GAAP financial measures. For a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures, we refer you to our earnings press release and a presentation slides for this call.

Quinn Hébert

Okay. On slide three is our agenda for this morning. I’ll say some remarks and then Brent will review our financials in detail and then we’ll open up the phone lines to Q&A.

Turning to slide four, we experienced higher utilization during the second quarter 2012, compared to the same period of 2011 as demand for our service in the Gulf of Mexico continues to slowly recover.

Unfortunately, we had a tropical storm interruption, our second quarter operating results were negatively impacted by Tropical Storm Debby that moved to the Gulf during the latter half of June and order most of our equipment offshore during that timeframe.

Although, our utilization strengthened, we’re still operating in a pretty competitive market as dayrates for our vessels remained under pressure. For the projects we did perform however, we did have a safe and solid project execution.

On the balance sheet front, we paid down $18.2 million of our term loan in the second quarter. Additionally, we issued $86.3 million inconvertible debt in July. We used the net proceeds from this transaction to repay a portion of the term loan, with the remaining term loan balance outstanding at $49 million.

We viewed this transaction -- this convertible debt transaction swapping secured debt with covenants with unsecured debt with no financial covenants at roughly the same coupon rate. This transaction provides us with long-term financial flexibility and improved liquidity which is important to us.

Stock quotes in this article: DVR 

Select the service that is right for you!

COMPARE ALL SERVICES
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.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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