Cal Dive International, Inc. (NYSE: DVR) generated a fourth quarter 2012 loss of $4.4 million, or $0.05 per diluted share, excluding a $4.0 million after-tax non-cash charge related to the marked-to-market adjustment of the derivative liability for the Company’s convertible debt, a $4.1 million after-tax non-cash fixed asset impairment charge, as well as two non-cash income tax adjustments totaling $6.6 million. For the fourth quarter 2012, the Company reported EBITDA of $13.5 million compared to $12.8 million for the fourth quarter 2011. Including the charges above, the Company reported a fourth quarter 2012 loss of $19.1 million, or $0.21 per diluted share, compared to a loss of $8.8 million, or $0.10 per diluted share, for the fourth quarter 2011.
Excluding the charges discussed above, the improvement in results is primarily attributable to the Company’s West Africa operations and higher activity in Mexico. Additionally, higher activity for the Company’s multi-service vessel, Uncle John, which worked the entire fourth quarter 2012, benefited the quarterly results. The Uncle John was in drydock for two months during the fourth quarter 2011. These improvements were offset by lower activity and margins in Australia during the fourth quarter 2012 compared to 2011 as the prior year included diving activity from the highly profitable Gorgon project which has been completed.
The Company reported a full year 2012 loss of $65.0 million, or $0.70 per diluted share compared to a full year 2011 loss of $66.9 million, or $0.73 per diluted share. Included in these losses are non-cash after-tax impairment charges of $19.7 million during 2012 and $30.4 million during 2011. Excluding these non-cash impairment charges, a full year 2012 after-tax non-cash gain of $1.4 million related to the marked-to-market adjustment of the Company’s convertible debt and the tax related adjustments discussed above, the Company generated a loss of $40.2 million, or $0.43 per diluted share, for 2012 compared to a loss of $36.5 million, or $0.40 per diluted share, in 2011. Neither of the tax adjustments recorded during the fourth quarter of 2012 will impact cash taxes for 2013. The Company reported full year 2012 EBITDA of $23.3 million compared to $40.6 million for full year 2011.