Tidewater Reports First Quarter Results For Fiscal 2007.NEW ORLEANS New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded -- This corrects the number alignment Alignment is the adjustment of an object in relation with other objects, or a static orientation of some object or set of objects in relation to others.
v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. CONSOLIDATED BALANCE SHEETS consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , line item "Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. ." The line Long-term debt should read: 300,000 under June June: see month. 30, 2006 and 300,000 under March 31, 2006. The corrected release reads: TIDEWATER tidewater, in U.S. history, that part of the Atlantic coastal plain between the shoreline and the farthest upstream points in rivers reached by oceanic tides. In many cases the fall line is given as the western boundary. REPORTS FIRST QUARTER RESULTS FOR FISCAL 2007 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 first quarter net earnings for the period ended June 30, 2006, of $71.4 million, or $1.23 per common share, on revenues of $269.8 million. For the same quarter last year, net earnings were $28.9 million, or $.50 per common share, on revenues of $192.2 million. The immediately preceding quarter ended March 31, 2006, had net earnings of $64.7 million, or $1.11 per common share, on revenues of $246.5 million. As previously announced, Tidewater will hold a conference call to discuss June quarterly earnings on Thursday Thursday: see week. , July July: see month. 27, 2006 at 9:00 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 prompt adj. prompt·er, prompt·est 1. Being on time; punctual. 2. Carried out or performed without delay: a prompt reply. tr.v. 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 Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of (1-706-679-8348 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 11:00 a.m. CDST on July 28, 2006, and will continue until 11:59 p.m. CDST on July 29, 2006. 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 2221089. 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 August 27, 2006. Tidewater Inc. owns over 515 vessels Vessels are a post-rock band from Leeds, UK. Vessels were born from the ashes of A Day Left in September 2005. In 2006 they self-released a 5 track eponymous ep, and played many gigs including the unsigned stage at Leeds Festival. , the world's largest fleet of vessels serving the global offshore energy industry. Note: all per-share amounts are stated 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.
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)
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June 30, March 31,
ASSETS 2006 2006
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Current assets:
Cash and cash equivalents $ 224,298 246,109
Trade and other receivables, net 258,654 237,428
Marine operating supplies 42,295 41,181
Other current assets 9,959 4,325
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Total current assets 535,206 529,043
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Investments in, at equity, and advances to
unconsolidated companies 24,025 34,308
Properties and equipment:
Vessels and related equipment 2,480,799 2,457,947
Other properties and equipment 50,177 50,205
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2,530,976 2,508,152
Less accumulated depreciation and
amortization 1,149,400 1,134,425
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Net properties and equipment 1,381,576 1,373,727
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Goodwill 328,754 328,754
Other assets 79,668 98,708
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Total assets $2,349,229 2,364,540
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
Accounts payable and accrued expenses 94,470 97,265
Accrued property and liability losses 7,111 7,223
Other current liabilities 18,214 11,266
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Total current liabilities 119,795 115,754
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Long-term debt 300,000 300,000
Deferred income taxes 177,177 175,267
Accrued property and liability losses 20,376 21,732
Other liabilities and deferred credits 94,083 92,666
Stockholders' equity:
Common stock of $.10 par value, 125,000,000
shares authorized, issued 58,348,424 shares
at June and 60,310,164 shares at March 5,835 6,031
Other stockholders' equity 1,631,963 1,653,090
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Total stockholders' equity 1,637,798 1,659,121
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Total liabilities and
stockholders' equity $2,349,229 2,364,540
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TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
----------------------------------------------------------------------
Three Months Ended
June 30,
------------------------
2006 2005
------------------------
Revenues:
Vessel revenues $ 258,685 185,392
Other marine revenues 11,135 6,775
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269,820 192,167
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Costs and expenses:
Vessel operating costs 119,762 106,210
Costs of other marine revenues 9,914 4,590
Depreciation and amortization 27,797 26,337
General and administrative 23,692 19,259
Gain on sales of assets (2,713) (1,634)
----------------------------------------------------------------------
178,452 154,762
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91,368 37,405
Other income (expenses):
Foreign exchange gain (loss) (769) 608
Equity in net earnings of unconsolidated
companies 2,449 2,167
Minority interests 20 (23)
Interest and miscellaneous income 4,777 1,205
Interest and other debt costs (2,580) (2,362)
----------------------------------------------------------------------
3,897 1,595
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Earnings before income taxes 95,265 39,000
Income taxes 23,816 10,140
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Net earnings $ 71,449 28,860
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Basic earnings per common share $ 1.25 .50
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Diluted earnings per common share $ 1.23 .50
======================================================================
Weighted average common shares outstanding 57,296,433 57,230,937
Incremental common shares from stock options 711,830 351,098
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Adjusted weighted average common shares 58,008,263 57,582,035
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Cash dividends declared per common share $ .15 .15
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TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
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Three Months Ended
June 30,
------------------
2006 2005
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Net cash provided by operating activities $ 98,337 34,308
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Cash flows from investing activities:
Proceeds from sales of assets 7,021 3,210
Additions to properties and equipment (40,108) (43,874)
Repayments of advances to unconsolidated
companies 9,496 ---
Other 259 ---
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Net cash (used in) investing activities (23,332) (40,664)
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Cash flows from financing activities:
Debt borrowings 5,000 30,000
Principal payments on debt (5,000) (15,000)
Proceeds from issuance of stock options 3,263 116
Cash dividends (8,728) (8,629)
Stock repurchases (91,351) ---
Other --- (364)
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Net cash (used in) provided by financing
activities (96,816) 6,123
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Net change in cash and cash equivalents (21,811) (233)
Cash and cash equivalents at beginning of period 246,109 15,376
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Cash and cash equivalents at end of period $224,298 15,143
======================================================================
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 125 889
Income taxes $ 7,404 5,662
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