Diamond Offshore Drilling, Inc. Announces Second Quarter 2000 Earnings and Declares Cash Dividend.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--July 14, 2000 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 for the second quarter of 2000 of $3.6 million, or $0.03 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, compared to net income for the prior year quarter of $53.2 million, or $0.37 per share on a diluted basis. Revenues for the second quarter of 2000 were $143.3 million compared to revenues of $215.3 million for the second quarter of 1999. For the six months ended June June: see month. 30, 2000, the Company reported net income of $33.1 million, or $0.24 per share on a diluted basis compared to net income of $105.0 million, or $0.74 per share for the same period in 1999. Revenues for the six months ended June 30, 2000 were $311.1 million compared to revenues of $443.4 million for the first six months of 1999. Net income for the six months ended June 30, 2000 included an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain of $9.0 million, or $0.06 per share, related to the sale of a stacked Stacked is an American television sitcom that premiered on Fox on April 13, 2005. On May 18, 2006, Stacked was cancelled, leaving five episodes unaired in the United States. The last episode aired on January 11, 2006. jack-up drilling rig during the first quarter of 2000. Basic earnings per share for the second quarter of 2000 were $0.03, compared to $0.39 for the second quarter of 1999. Basic earnings per share for the six months ended June 30, 2000 were $0.24, compared to $0.77 for the same period in 1999. The Board of Directors 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 September September: see month. 4, 2000 to stockholders of record on August 1, 2000. As of June 30, 2000, there were 135.5 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 45 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, 14 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. Diamond Offshore will provide an online, real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. and rebroadcast of its 2000 second quarter earnings release conference call. The live broadcast will be available online at www.diamondoffshore.com on July July: see month. 14, 2000, beginning at 10:30 a.m. Central Time. The online replay will follow immediately and continue for 30 days after the original call. Please go to the Web site at least 15 minutes before the broadcast to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. Statements in this press release that contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 include, but are not limited to, discussions regarding the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of the Company's common stock in the open market. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. A discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ---------------------
2000 1999 2000 1999
--------- --------- --------- --------
Revenues $143,317 $215,337 $311,145 $443,374
Operating expenses:
Contract drilling 102,883 98,801 203,706 209,519
Depreciation and
amortization 36,617 35,706 73,492 71,363
General and
administrative 5,915 5,921 11,935 11,922
--------- --------- --------- --------
Total operating
expenses 145,415 140,428 289,133 292,804
--------- --------- --------- --------
Operating
income (loss) (2,098) 74,909 22,012 150,570
Other income (expense):
Gain on sale
of assets 65 19 14,082 144
Interest income 9,912 8,598 18,534 16,949
Interest expense (1,607) (1,990) (2,841) (5,322)
Other, net (597) 327 (686) (766)
--------- --------- --------- --------
Income before income
tax expense 5,675 81,863 51,101 161,575
Income tax expense (2,038) (28,636) (17,976) (56,530)
--------- --------- --------- --------
Net income $3,637 $53,227 $33,125 $105,045
========= ========= ========= ========
Earnings per share:
Basic $0.03 $0.39 $0.24 $0.77
========= ========= ========= ========
Diluted $0.03 $0.37 $0.24 $0.74
========= ========= ========= ========
Weighted average
shares outstanding
Common shares 135,532 135,824 135,610 135,820
Dilutive potential
common shares -- 9,876 10,828 9,876
--------- --------- --------- --------
Total weighted
average shares
outstanding 135,532 145,700 146,438 145,696
========= ========= ========= ========
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
(in thousands)
Three Months Ended
June 30,
----------------------------
2000 1999
------------- --------------
REVENUES
High Specification Floaters $48,004 $72,909
Other Semisubmersibles 67,835 120,390
Jack-ups 27,033 19,978
Integrated Services 1,350 3,942
Other (628) --
Eliminations (277) (1,882)
--------- ---------
Total Revenues $143,317 $215,337
========= =========
CONTRACT DRILLING EXPENSE
High Specification Floaters $24,844 $21,383
Other Semisubmersibles 51,594 54,738
Jack-ups 24,627 19,987
Integrated Services 881 3,513
Other 1,214 1,062
Eliminations (277) (1,882)
--------- ---------
Total Contract Drilling Expense $102,883 $98,801
========= =========
OPERATING INCOME
High Specification Floaters $23,160 $51,526
Other Semisubmersibles 16,241 65,652
Jack-ups 2,406 (9)
Integrated Services 469 429
Other (1,842) (1,062)
Depreciation and Amortization Expense (36,617) (35,706)
General and Administrative Expense (5,915) (5,921)
--------- ---------
Total Operating Income $(2,098) $74,909
========= =========
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
---------------------------------
2000 1999
---------------- ---------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $340,255 $112,316
Marketable securities 606,435 529,042
Accounts receivable 119,434 143,569
Rig inventory and supplies 39,993 38,760
Prepaid expenses and other 40,102 36,605
---------- ----------
Total current assets 1,146,219 860,292
Drilling and other property
and equipment, net of
accumulated depreciation 1,824,758 1,737,905
Goodwill, net of accumulated
amortization 70,935 73,174
Other assets 21,040 9,658
---------- ----------
Total assets $3,062,952 $2,681,029
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $103,623 $135,401
Long-term debt 803,156 400,000
Deferred tax liability 308,624 291,213
Other liabilities 11,687 12,193
Stockholders' equity 1,835,862 1,842,222
---------- ----------
Total liabilities
and stockholders' equity $3,062,952 $2,681,029
========== ==========
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