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Tidewater Reports First Quarter Results For Fiscal 2013

Tidewater Inc. (NYSE:TDW) announced today first quarter net earnings for the period ended June 30, 2012, of $32.9 million, or $0.65 per share, on revenues of $294.4 million. For the same quarter last year, net earnings were $24.6 million, or $0.48 per share, on revenues of $254.6 million. The immediately preceding quarter ended March 31, 2012, had net earnings of $33.6 million, or $0.66 per common share, on revenues of $289.4 million.

As previously announced, Tidewater will hold a conference call to discuss June quarterly earnings on Wednesday, August 8, 2012, 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 August 8, 2012, and will continue until 11:59 p.m. Central time on August 10, 2012. To hear the replay, call 1-855-859-2056 or (1-404-537-3406 if calling from outside the U.S.). The conference call ID number is 11903641.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, ( www.tdw.com). The online replay will be available until September 8, 2012. Upon completion of the conference call, the company will also file a Form 8-K with the SEC, which will include a transcript of the conference call.

Tidewater is the leading provider of larger Offshore Vessel (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)

 
Three Months Ended
June 30,
    2012   2011
Revenues:
Vessel revenues $ 290,094 253,315
Other operating revenues     4,354     1,292  
      294,448     254,607  
Costs and expenses:
Vessel operating costs 165,828 152,302
Costs of other operating revenues 3,523 1,231
Depreciation and amortization 35,784 33,749
General and administrative 40,664 37,581
Gain on asset dispositions, net     (838 )   (1,717 )
      244,961     223,146  
Operating income 49,487 31,461
Other income (expenses):
Foreign exchange (loss) gain (1,751 ) 814
Equity in net earnings of unconsolidated companies 2,363 2,489
Interest income and other, net 719 1,190
Interest and other debt costs     (7,587 )   (4,061 )
      (6,256 )   432  
Earnings before income taxes 43,231 31,893
Income taxes     10,375     7,335  
Net earnings   $ 32,856     24,558  
 
Basic earnings per common share   $ 0.65     0.48  
 
Diluted earnings per common share   $ 0.65     0.48  
 
Weighted average common shares outstanding 50,193,065 51,278,261
Dilutive effect of stock options and restricted stock     174,686     315,527  
Adjusted weighted average common shares     50,367,751     51,593,788  
 
Cash dividends declared per common share   $ 0.25     0.25  
   

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands, except share and par value data)

         
June 30, March 31,
ASSETS   2012   2012
Current assets:
Cash and cash equivalents $ 240,574 320,710
Trade and other receivables, net 322,978 309,468
Marine operating supplies 55,812 53,850
Other current assets     20,199     10,072  
Total current assets     639,563     694,100  
Investments in, at equity, and advances to unconsolidated companies 47,691 46,077
Properties and equipment:
Vessels and related equipment 3,984,630 3,952,468
Other properties and equipment     93,612     93,107  
4,078,242 4,045,575
Less accumulated depreciation and amortization     1,139,506     1,139,810  
Net properties and equipment     2,938,736     2,905,765  
Goodwill 297,822 297,822
Other assets     118,452     117,854  
Total assets   $ 4,042,264     4,061,618  
 
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:
Current maturities on long-term debt 60,000 ---
Accounts payable 92,675 74,115
Accrued expenses 139,634 134,953
Accrued property and liability losses 3,526 3,636
Other current liabilities     25,321     26,225  
Total current liabilities     321,156     238,929  
Long-term debt 890,000 950,000
Deferred income taxes 214,586 214,627
Accrued property and liability losses 3,166 3,150
Other liabilities and deferred credits 127,279 128,555
 
Commitments and Contingencies
 
Stockholders’ equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,820,140 shares at June 30, 2012 and 51,250,995 shares at March 31, 2012

4,982 5,125
Additional paid-in capital 107,754 102,726
Retained earnings 2,393,179 2,437,836
Accumulated other comprehensive loss     (19,838 )   (19,330 )
Total stockholders’ equity     2,486,077     2,526,357  
Total liabilities and stockholders' equity   $ 4,042,264     4,061,618  
   

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Unaudited)(In thousands)

 
Three Months Ended
June 30,
    2012   2011
Net earnings $ 32,856 24,558
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities (624 ) (21 )
Amortization of loss on derivative contract     116     116  
Total comprehensive income   $ 32,348     24,653  
   

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands)

 
Three Months Ended
June 30,
    2012   2011
Operating activities:
Net earnings $ 32,856 24,558

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization 35,784 33,749
Provision (benefit) for deferred income taxes (2,654 ) (7,908 )
Gain on asset dispositions, net (838 ) (1,717 )
Equity in earnings of unconsolidated companies, less dividends (1,614 ) (1,739 )
Compensation expense - stock-based 4,359 2,905
Excess tax benefit on stock options exercised (49 ) (17 )
Changes in assets and liabilities, net:
Trade and other receivables (9,698 ) (21,190 )
Marine operating supplies (1,962 ) (4,433 )
Other current assets (10,127 ) (8,120 )
Accounts payable 18,267 2,708
Accrued expenses 2,636 (292 )
Accrued property and liability losses (110 ) 63
Other current liabilities 219 5,575
Other liabilities and deferred credits 1,165 1,620
Other, net     846     756  
Net cash provided by operating activities     69,080     26,518  
Cash flows from investing activities:
Proceeds from sales of assets 5,856 6,328
Additions to properties and equipment (77,432 ) (69,652 )
Other     (860 )   349  
Net cash used in investing activities     (72,436 )   (62,975 )
Cash flows from financing activities:
Debt issuance costs --- (6 )
Proceeds from exercise of stock options 765 88
Cash dividends (12,566 ) (12,939 )
Excess tax benefit on stock options exercised 49 17
Stock repurchases     (65,028 )   ---  
Net cash used in financing activities     (76,780 )   (12,840 )
Net change in cash and cash equivalents (80,136 ) (49,297 )
Cash and cash equivalents at beginning of period     320,710     245,720  
Cash and cash equivalents at end of period   $ 240,574     196,423  
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 2,696 12,223
Income taxes $ 12,646 12,011
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment   $ 7,331     ---  
                   

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 --- --- 32,856 (508 ) 32,348
Stock option activity 3 1,354 --- --- 1,357
Cash dividends declared --- --- (12,625 ) --- (12,625 )
Retirement of common stock (140 ) --- (64,888 ) --- (65,028 )
Amortization of restricted stock units --- 1,829 --- --- 1,829
Amortization/cancellation of restricted stock       (6 )     1,845     ---       ---       1,839  

Balance at June 30, 2012

    $ 4,982       107,754     2,393,179       (19,838 )     2,486,077  
 
 

Balance at March 31, 2011

$ 5,188 90,204 2,436,736 (18,184 ) 2,513,944
Total comprehensive income --- --- 24,558 95 24,653
Stock option activity --- 1,134 --- --- 1,134
Cash dividends declared --- --- (12,969 ) --- (12,969 )
Amortization/cancellation of restricted stock       ---       1,381     ---       ---       1,381  

Balance at June 30, 2011

    $ 5,188       92,719     2,448,325       (18,089 )     2,528,143  

The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters ended June 30, 2012 and 2011 and for the quarter ended March 31, 2012 were as follows:

                    Quarter

Quarter Ended

Ended

June 30,

March 31,
(In thousands)     2012     %     2011     %     2012     %
Vessel revenues:    
Americas $ 77,650 27 % 80,677 32 % 79,219 27 %
Asia/Pacific 51,742 18 % 35,499 14 % 48,207 17 %
Middle East/North Africa 32,450 11 % 26,057 10 % 30,783 11 %
Sub-Saharan Africa/Europe       128,252     44 %     111,082     44 %     130,046     45 %
      $ 290,094     100 %     253,315     100 %     288,255     100 %
Vessel operating costs:
Crew costs $ 87,304 30 % 81,124 32 % 87,286 33 %
Repair and maintenance 27,224 9 % 22,060 9 % 27,368 9 %
Insurance and loss reserves 5,351 2 % 5,297 2 % 2,910 1 %
Fuel, lube and supplies 17,743 6 % 16,367 6 % 22,017 8 %
Vessel operating leases 4,492 2 % 4,492 2 % 4,492 2 %
Other       23,714     8 %     22,962     9 %     24,634     9 %
Total vessel operating costs       165,828     57 %     152,302     60 %     168,707     59 %
Vessel operating margin (A)     $ 124,266     43 %     101,013     40 %     119,548     42 %

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters ended June 30, 2012 and 2011 and March 31, 2012:

     

Quarter

Quarter Ended Ended
June 30, March 31,
(In thousands)   2012     2011   2012
Vessel operating margin $ 124,266 101,013 119,548
Other marine revenues 4,354 1,292 1,140
Costs of other operating revenues (3,523 ) (1,231 ) (1,915 )
Depreciation and amortization (35,784 ) (33,749 ) (35,585 )
General and administrative (40,664 ) (37,581 ) (40,791 )
Gain on asset dispositions, net     838     1,717     3,986  
Operating income   $ 49,487     31,461     46,383  
 

The company’s vessel operating profit and other components of earnings before income taxes and its related percentage of total revenue for the quarters ended June 30, 2012 and 2011 and March 31, 2012 were as follows:

                    Quarter
Quarter Ended Ended
June 30, March 31,
(In thousands)     2012     %     2011     %     2012     %
Vessel operating profit:    
Americas $ 10,192 3 % 11,854 5 % 16,157 6 %
Asia/Pacific 14,908 5 % 5,270 2 % 9,002 3 %
Middle East/North Africa 6,282 2 % 28

<1

%

1,411

<1

%

Sub-Saharan Africa/Europe       27,096       9 %     22,224       9 %     27,869       10 %
58,478 20 % 39,376 15 % 54,439 19 %
Corporate expenses (10,467 ) (4 %) (9,521 ) (4 %) (10,525 ) (4 %)
Gain on asset dispositions, net 838

<1

%

1,717 1 % 3,986 1 %
Other operating income (expenses)       638      

<1

%

    (111 )    

(<1

%)

    (1,517 )     (1 %)
Operating income     $ 49,487       17 %     31,461       12 %     46,383       16 %
Foreign exchange (loss) gain (1,751 ) (1 %) 814

<1

%

2,574 1 %
Equity in net earnings of unconsolidated companies 2,363 1 % 2,489 1 % 3,614 1 %
Interest income and other, net 719

<1

%

1,190

<1

%

1,137

<1

%

Interest and other debt costs       (7,587 )     (3 %)     (4,061 )     (2 %)     (7,454 )     (3 %)
Earnings before income taxes     $ 43,231       15 %     31,893       13 %     46,254       16 %
 

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters ended June 30, 2012 and 2011 and March 31, 2012 were as follows:

      Quarter
Quarter Ended Ended
June 30, March 31,
    2012   2011   2012

REVENUE BY VESSEL CLASS (in thousands):

Americas fleet:

Deepwater vessels $ 36,280 36,405 35,045
Towing-supply/supply 34,352 35,686 35,596
Other 7,018 8,586 8,578
Total $ 77,650 80,677 79,219

Asia/Pacific fleet:

Deepwater vessels $ 25,337 15,929 26,857
Towing-supply/supply 25,500 18,444 20,197
Other 905 1,126 1,153
Total $ 51,742 35,499 48,207

Middle East/North Africa fleet:

Deepwater vessels $ 11,284 10,751 11,331
Towing-supply/supply 20,000 13,474 18,034
Other 1,166 1,832 1,418
Total $ 32,450 26,057 30,783

Sub-Saharan Africa/Europe fleet:

Deepwater vessels $ 62,615 38,506 64,392
Towing-supply/supply 49,012 52,626 48,162
Other 16,625 19,950 17,492
Total $ 128,252 111,082 130,046

Worldwide fleet:

Deepwater vessels $ 135,516 101,591 137,625
Towing-supply/supply 128,864 120,230 121,989
Other 25,714 31,494 28,641
Total   $ 290,094     253,315   288,255

UTILIZATION:

Americas fleet:

Deepwater vessels 73.7 % 70.8 75.9
Towing-supply/supply 53.4 43.3 53.1
Other 80.5 70.5 69.4
Total 63.3 % 54.3 61.4

Asia/Pacific fleet:

Deepwater vessels 92.6 % 71.1 95.3
Towing-supply/supply 54.9 42.5 43.1
Other 58.7 100.0 100.0
Total 62.5 % 51.1 55.9

Middle East/North Africa fleet:

Deepwater vessels 93.6 % 76.3 100.0
Towing-supply/supply 77.2 57.6 73.3
Other 42.2 63.2 50.0
Total 75.0 % 61.6 74.4

Sub-Saharan Africa/Europe fleet:

Deepwater vessels 84.1 % 81.6 84.0
Towing-supply/supply 60.3 56.8 55.0
Other 76.6 84.1 75.5
Total 71.3 % 70.1 68.4

Worldwide fleet:

Deepwater vessels 83.1 % 75.7 84.9
Towing-supply/supply 60.0 50.3 55.0
Other 74.2 79.3 72.6
Total     68.4 %   61.5   65.4
           
Quarter
Quarter Ended Ended
June 30, March 31,
      2012     2011     2012

AVERAGE VESSEL DAY RATES:

Americas fleet:

Deepwater vessels $ 25,829 26,360 25,911
Towing-supply/supply 14,135 14,031 13,704
Other 5,987 6,044 6,791
Total $ 15,508 15,094 15,197

Asia/Pacific fleet:

Deepwater vessels $ 32,225 21,436 30,982
Towing-supply/supply 14,229 12,519 13,751
Other 9,945 6,189 6,335
Total $ 19,384 14,801 19,148

Middle East/North Africa fleet:

Deepwater vessels $ 18,920 18,147 17,788
Towing-supply/supply 9,812 7,738 8,992
Other 5,056 5,302 5,194
Total $ 11,325 9,726 10,558

Sub-Saharan Africa/Europe fleet:

Deepwater vessels $ 22,643 20,399 23,254
Towing-supply/supply 13,572 13,228 13,894
Other 4,884 5,008 4,993
Total $ 13,113 11,278 13,353

Worldwide fleet:

Deepwater vessels $ 24,406 22,065 24,465
Towing-supply/supply 13,054 12,349 12,790
Other 5,250 5,310 5,485
Total     $ 14,275     12,496     14,140

The utilization, average day rates and the 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 quarters ended June 30, 2012 and 2011 and March 31, 2012 were as follows:

          Quarter
Quarter Ended Ended
June 30, March 31,
    2012     2011     2012

UTILIZATION:

Americas fleet:

New vessels 85.3 % 86.8 87.3
Traditional vessels 41.8 35.1 41.3
Total 63.3 % 54.3 61.4

Asia/Pacific fleet:

New vessels 93.6 % 80.8 81.0
Traditional vessels --- 16.8 10.4
Total 62.5 % 51.1 55.9

Middle East/North Africa fleet:

New vessels 89.5 % 69.1 83.9
Traditional vessels 46.0 54.3 55.9
Total 75.0 % 61.6 74.4

Sub-Saharan Africa/Europe fleet:

New vessels 83.7 % 88.0 82.2
Traditional vessels 31.6 33.8 32.1
Total 71.3 % 70.1 68.4

Worldwide fleet:

New vessels 86.2 % 84.4 83.2
Traditional vessels 33.0 34.8 35.7
Total   68.4 %     61.5     65.4
           
Quarter
Quarter Ended Ended
June 30, March 31,
      2012     2011     2012

AVERAGE VESSEL DAY RATES:

Americas fleet:

New vessels $ 19,119 18,849 19,096
Traditional vessels 8,318 9,587 8,851
Total $ 15,508 15,094 15,197

Asia/Pacific fleet:

New vessels $ 19,384 16,716 20,247
Traditional vessels --- 4,232 3,642
Total $ 19,384 14,801 19,148

Middle East/North Africa fleet:

New vessels $ 12,388 12,496 11,657
Traditional vessels 7,186 6,259 7,377
Total $ 11,325 9,726 10,558

Sub-Saharan Africa/Europe fleet:

New vessels $ 13,680 11,907 14,098
Traditional vessels 8,331 7,970 8,353
Total $ 13,113 11,278 13,353

Worldwide fleet:

New vessels $ 15,466 14,091 15,658
Traditional vessels 8,121 7,987 8,226
Total     $ 14,275     12,496     14,140

AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):

Americas fleet:

New vessels 43 39 41
Traditional vessels 21 28 24
Total 64 67 65

Asia/Pacific fleet:

New vessels 31 28 32
Traditional vessels 1 4 1
Total 32 32 33

Middle East/North Africa fleet:

New vessels 27 24 27
Traditional vessels 8 16 9
Total 35 40 36

Sub-Saharan Africa/Europe fleet:

New vessels 115 103 113
Traditional vessels 15 24 18
Total 130 127 131

Worldwide fleet:

New vessels 216 194 213
Traditional vessels 45 72 52
Total       261     266     265
 

The company’s average number of vessels by class and geographic distribution for the quarters ended June 30, 2012 and 2011 and for the quarter ended March 31, 2012 were as follows:

          Quarter
Quarter Ended Ended
June 30, March 31,
    2012     2011     2012

Americas fleet:

Deepwater vessels 21 21 20
Towing-supply/supply 50 65 53
Other   16     22     20
Total 87 108 93
Less stacked vessels   23     41     28
Active vessels   64     67     65

Asia/Pacific fleet:

Deepwater vessels 9 11 10
Towing-supply/supply 36 39 37
Other   2     2     2
Total 47 52 49
Less stacked vessels   15     20     16
Active vessels   32     32     33

Middle East/North Africa fleet:

Deepwater vessels 7 9 7
Towing-supply/supply 29 33 30
Other   6     6     6
Total 42 48 43
Less stacked vessels   7     8     7
Active vessels   35     40     36

Sub-Saharan Africa/Europe fleet:

Deepwater vessels 36 26 36
Towing-supply/supply 66 77 69
Other   49     51     52
Total 151 154 157
Less stacked vessels   21     27     26
Active vessels   130     127     131
 

ACTIVE OWNED OR CHARTERED VESSELS

261

266

265

Stacked vessels (B)   66     96     77
 

TOTAL OWNED OR CHARTERED VESSELS (B)

327

362

342

Vessels withdrawn from service 2 4 2
Joint-venture and other   10     10     10
Total   339     376     354

Note (B): The company had 66, 98 and 67 actual stacked vessels at June 30, 2012 and 2011 and at March 31, 2012, respectively. These vessels were considered to be in service and were included in the calculation of the company’s utilization statistics.

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