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
TheStreet Open House

GulfMark Offshore Announces Fourth Quarter And Full Year 2012 Operating Results

"During 2012 we took significant steps to upgrade the competitiveness of our global operations. In the U.S. Gulf of Mexico we upgraded the fleet, through the reallocation of capital, from smaller vessels into larger higher margin vessels. In the North Sea, we took a similar step with the divestiture of an older non-core vessel and the purchase of a vessel that complements our strong franchise position there. We relocated two vessels from Brazil to Southeast Asia, where we believe we will see significant improvements in profitability. In Southeast Asia, we also initiated a restructuring in the third quarter to better position ourselves to take advantage of what we see as an improving market. Also, on top of all of this, we have an 11 vessel new-build program that begins to deliver cutting edge vessels into these markets in the second quarter of 2013.

"We continue to focus on the strength of our fleet and investing in the fleet for the future. In addition to these operational improvements, in December we began to take advantage of the low price for our stock through the implementation of a stock repurchase program, and simultaneously we made the decision to begin to return a portion of the annual cash flows to stockholders with the initiation of a $1.00 per share annual dividend, and a subsequent $0.25 per share quarterly dividend. We believe that the operational improvements discussed above, in combination with the initiation of the dividend and the stock repurchase program, will create meaningful value for our stockholders over the next several years."

Consolidated Fourth Quarter Results

Consolidated revenue for the fourth quarter of 2012 was $95.0 million, a decrease of 7%, or $6.8 million, from the third quarter. Consolidated operating income was down $15.8 million as a result of a combination of lower quarterly revenue, coupled with approximately $3.0 million of higher direct operating expenses during the quarter, no gains on asset sales, (which amounted to $3.9 million in the third quarter), an impairment charge of $0.3 million, and an increase in bad debt expense of $2.3 million.

2 of 5

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.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • 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