Tidewater Issues Earnings Guidance For Quarter Ended September 30, 2003.Business Editors NEW ORLEANS--(BUSINESS WIRE)--Oct. 9, 2003 Tidewater Inc. (NYSE NYSE See: New York Stock Exchange : TDW TDW Total Diamond Weight TDW Telecommunications Data Warehouse TDW Tower Display Workstation (FAA) TDW Tonnage Dead Weight TDW Training Development Workload TDW Time/Data Word TDW Turbo Debugger for Windows ) announced today that it expects fiscal second quarter financial results to be below current analysts' earnings expectations. For the three months ended September 30, 2003, the Company is currently estimating diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.20-$0.23. The Thomson First Call consensus earnings estimate is currently $0.31 per share. Lower utilization for the Company's supply and towing supply vessels in certain international markets, particularly in Nigeria, Venezuela, and Brazil, negatively impacted international vessel revenues and profitability. Additionally, continued weakness in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east drilling market will result in an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from domestic operations in the second fiscal quarter, despite significant cost cutting efforts that took place during the quarter. The full financial impact of these cost cutting measures is expected to be realized beginning in the fiscal third quarter. In line with prior guidance, worldwide vessel operating costs operating costs npl → gastos mpl operacionales were higher than the June 30, 2003 quarter as a result of higher drydocking costs and incremental costs related to new vessels delivered at the end of the June 2003 quarter and during the September 2003 quarter. All of these factors are estimated to lead to a decline of $0.09-$0.12 earnings per share in the quarter ended September 30, compared to the $0.32 earnings per share reported for the immediately preceding quarter ended June 30, 2003. As previously announced, Tidewater will hold a conference call to discuss September quarter earnings on Thursday, October 23, at 10:00 a.m. CDST CDST Central Daylight Savings Time CDST Chassis Dynamometer Smoke Test (diesel emissions test) CDST Clinical Decision Support Tool CDST Cassini Deep Space Transponder CDST Certified Desktop Support Technician promptly following the Company's release of quarterly earnings. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 if calling from outside the U.S.) and ask for the "Tidewater Inc." call just prior to the scheduled start. A replay of the conference call will be available beginning at 1:00 p.m. CDST on October 23, 2003, and will continue until 11:59 p.m. CDST on October 24, 2003. To hear the replay, call 1-800-642-1687 (1-706-645-9291 if calling from outside the U.S.). The conference call ID number is 3122162. A simultaneous Webcast of the conference call will be accessible online at the Tidewater Inc. Website, www.tdw.com, and at the CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network Website, www.streetevents.com. The online replay will be available until November 23, 2003. Tidewater Inc. owns and operates nearly 570 vessels, the world's largest fleet of vessels serving the global offshore energy industry. |
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