Diamond Offshore Drilling, Inc. Announces First Quarter 1999 Earnings and Declares Cash Dividend.HOUSTON--(BUSINESS WIRE)--April 16, 1999-- Diamond Offshore Drilling Diamond Offshore Drilling, Inc. is a deepwater drilling contractor which provides drilling services to the energy industry. The company's headquarters are located in Houston, Texas, but they have offices in Louisiana, Africa, Australia, Brazil, Indonesia, Scotland, Singapore, and , Inc. (NYSE NYSE See: New York Stock Exchange :DO) today reported net income of $51.8 million, or $0.37 per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, on revenues of $228.0 million for the first quarter of 1999. This compares to net income of $80.7 million, or $0.56 per share on a diluted basis, on revenues of $286.1 million for the first quarter of 1998. Basic earnings per share for the first quarter of 1999 were $0.38, compared to $0.58 for the first quarter of 1998. The Board has declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a cash dividend of $0.125 per common share payable June June: see month. 1, 1999 to stockholders of record on May 3, 1999. As of March 31, 1999, there were 135.8 million common shares outstanding. Depending on market conditions, the Company from time to time purchases shares of its outstanding common stock in the open market. Diamond Offshore is a leader in deep water drilling. The Company's fleet of 46 offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. rigs consists of 30 semisubmersibles, 15 jack-ups and one drillship
A drillship is a maritime vessel that has been fitted with drilling apparatus. It is most often used for exploratory drilling of new oil or gas wells in deep water but can also be used for scientific drilling. . The fleet operates in the waters of six of the world's seven continents. -0-
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended
March 31,
----------------------------
1999 1998
------------- -------------
Revenues $ 228,037 286,069
$
Operating expenses:
Contract drilling 110,718 125,333
Depreciation and amortization 35,657 31,999
General and administrative 6,001 6,772
Gain on sale of assets (125) (78)
------------- -------------
Total operating expenses 152,251 164,026
------------- -------------
Operating income 75,786 122,043
Other income (expense):
Interest income 8,351 6,585
Interest expense (3,332) (3,843)
Other, net (1,093) (137)
------------- -------------
Income before income tax expense 79,712 124,648
Income tax expense (27,894) (43,926)
------------- -------------
Net income $ 51,818 80,722
$
============= =============
Earnings per share:
Basic $ 0.38 0.58
$
============= =============
Diluted $ 0.37 0.56
$
============= =============
Weighted average shares outstanding:
Common shares 135,816 139,325
Dilutive potential common shares 9,876 9,876
------------- -------------
Total weighted average shares
outstanding 145,692 149,201
============= =============
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
(In thousands)
Three Months Ended
March 31,
---------------------------
1999 1998
------------- -------------
REVENUES
Fourth-Generation Semisubmersibles $ 63,960 $ 70,945
Other Semisubmersibles 139,453 153,274
Jack-ups 24,069 60,086
Integrated Services 3,469 15,711
Eliminations (2,914) (13,947)
============= ==============
Total Revenues $ 228,037 $286,069
============= ==============
CONTRACT DRILLING EXPENSE
Fourth-Generation Semisubmersibles $ 24,390 $ 20,615
Other Semisubmersibles 62,251 79,276
Jack-ups 22,708 21,160
Integrated Services 3,438 15,505
Other 845 2,724
Eliminations (2,914) (13,947)
------------- --------------
Total Contract Drilling Expense $ 110,718 $ 125,333
============= ==============
OPERATING INCOME
Fourth-Generation Semisubmersibles $ 39,570 $ 50,330
Other Semisubmersibles 77,202 73,998
Jack-ups 1,361 38,926
Integrated Services 31 206
Other (845) (2,724)
Eliminations -- --
Depreciation and Amortization Expense (35,657) (31,999)
General and Administrative Expense (6,001) (6,772)
Gain on Sale of Assets 125 78
============= ==============
Total Operating Income $ 75,786 $ 122,043
============= ==============
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
---------------------------------
1999 1998
--------------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $ 69,946 $ 101,198
Marketable securities 589,068 535,774
Accounts receivable 200,153 233,719
Rig inventory and supplies 36,093 35,794
Prepaid expenses and other 36,014 31,939
---------------- ----------------
Total current assets 931,274 938,424
Drilling and other property and
equipment, less
Accumulated depreciation 1,612,762 1,551,820
Goodwill, net of amortization 108,241 109,825
Other assets 9,351 9,647
================ ================
Total assets $ 2,661,628 $ 2,609,716
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 175,072 $ 160,401
Long-term debt 400,000 400,000
Deferred tax liability 270,472 263,797
Other liabilities 27,453 30,260
Stockholders' equity 1,788,631 1,755,258
---------------- ----------------
Total liabilities and
stockholders' equity $ 2,661,628 $ 2,609,716
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