This Day On The Street
Continue to site
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

GulfMark Offshore Announces Fourth Quarter And Full Year 2012 Operating Results

Drydock expense in the fourth quarter was $9.9 million and full-year drydock expense was $33.3 million, consistent with the latest guidance.

General and administrative expense was $16.1 million for the fourth quarter, approximately $4.1 million over the anticipated 2012 quarterly run rate of $12 million. The increase was driven largely by two factors: the write-off of $2.3 million in receivables in the U.K., related mainly to a customer that suddenly filed for bankruptcy, and $1.5 million of additional severance and other costs associated with the management restructuring in Southeast Asia.

Results of Operations for the Year

Consolidated revenue for the year ended December 31, 2012 was $389.2 million, an increase of $7.3 million, or 2%, from the prior year. Consolidated operating income for the year was $51.0 million, a decrease of $27.5 million, or 35%, from the prior year. Earnings per diluted share for the year was $0.73.

Liquidity and Capital Commitments

Cash flow from operations totaled $37.6 million in the fourth quarter of 2012. Cash on hand at December 31, 2012 was $185.2 million, and as of that date there were no amounts drawn on the Company's $150.0 million revolving credit facility. Total debt at December 31, 2012 was $501.0 million, and debt, net of cash on hand, was $315.8 million.

Capital expenditures during the fourth quarter totaled $81.5 million, which included $50.5 million of progress payments on the construction of new vessels and the purchase of a PSV in the North Sea for $28.6 million.

As of December 31, 2012, the Company had approximately $276 million of unfunded capital commitments related to the construction of 11 vessels. Anticipated progress payments over the next three calendar years are as follows: $228 million in 2013; $38 million in 2014; and $10 million in 2015. The Company expects to fund the construction contract commitments from cash on hand and cash generated by operations through 2014.

4 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs