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Tidewater Reports First Quarter Results For Fiscal 2014

In the table with the lead in sentence: "The company’s operating income and other components of earnings before income taxes, and its related percentage of total revenues for the quarters ended June 30, 2013 and 2012 and for the quarter ended March 31, 2013, were as follows:" the "Interest and other debt costs" for Quarter Ended June 30, 2013 should be ($8,913) instead of ($9,551).

The corrected release reads:


Tidewater Inc. (NYSE:TDW) announced today first quarter net earnings for the period ended June 30, 2013, of $30.1 million, or $0.61 per common share, on revenues of $334.1 million. For the same quarter last year, net earnings were $32.9 million, or $0.65 per common share, on revenues of $294.4 million. The immediately preceding quarter ended March 31, 2013, had net earnings of $46.6 million, or $0.95 per common share, on revenues of $328.3 million.

Net earnings for the June 30, 2013 quarter reflect $4.6 million ($3.3 million after tax, or $0.07 per common share) in non-recurring costs, including $3.7 million ($2.4 million after tax, or $0.05 per common share) of transaction fees associated with the June 2013 acquisition of Troms Offshore Supply AS and a $0.9 million ($0.9 million after tax, or $0.02 per common share) charge related to the settlement of the previously disclosed assessment by the Customs Department of Equatorial Guinea, both of which are included in general and administrative expenses.

Financial results of Troms Offshore Supply AS are included in the current quarter from June 4, 2013, the date of the acquisition, through June 30, 2013.

As previously announced, Tidewater will hold a conference call to discuss June quarterly earnings on Tuesday, August 6, 2013, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 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 6, 2013, and will continue until 11:59 p.m. Central time on August 8, 2013. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 35319935.

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