Tidewater Reports Fourth Quarter Results and Year End Earnings For Fiscal 2006.HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- 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. 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 fourth quarter net earnings for the period ended March 31, 2006, of $64.7 million, or $1.11 per share, on revenues of $246.5 million. For the same quarter last year, net earnings were $52.4 million, or $.91 per share, on revenues of $179.6 million. For fiscal year ended March 31, 2006, net earnings were $235.8 million, or $4.07 per share, on revenues of $877.6 million. For the fiscal year ended March 31, 2005, net earnings were $101.3 million, or $1.78 per share, on revenues of $692.2 million. Included in the year ended March 31, 2006, results is 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 $42.8 million, or $.74 per common share, related to the July July: see month. 2005, sale of six of its KMAR KMAR Koninklijke Marechaussee (Royal Military Police) KMAR Kwajalein Modernization and Remoting - Initiative 404 class of Anchor anchor, device cast overboard to secure a ship, boat, or other floating object by means of weight, friction, or hooks called flukes. In ancient times an anchor was often merely a large stone, a bag or basket of stones, a bag of sand, or, as with the Egyptians, a Handling Towing Supply 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. to Deep Sea Supply Deep Sea Supply (OSE: DESSC) is an international operator of offshore supply vessels. It operates nine anchor handling tug supply vessels (AHTS) and two platform supply vessels (PSV). 17 ships are under construction. ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and for a total cash price of $188 million. Included in both the fourth quarter and year ended March 31, 2005 results is a non-cash tax benefit of $31.8 million ($.55 per share) resulting from the positive tax impact from the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Jobs Creation Act of 2004. Effective March 31, 2005, the Company reversed all previously recorded deferred tax assets and liabilities related to timing differences, foreign tax credits or prior undistributed Adj. 1. undistributed - (of investments) not distributed among a variety of securities undiversified - not diversified earnings of company entities whose future and prior earnings are now anticipated to be indefinitely in·def·i·nite adj. Not definite, especially: a. Unclear; vague. b. Lacking precise limits: an indefinite leave of absence. c. reinvested abroad. As previously announced, Tidewater will hold a conference call to discuss March quarterly and annual earnings on Wednesday Wednesday: see week. , May 3, 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 and annual 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 Inc." call just prior to the scheduled start. A replay of the conference call will be available beginning at 11:00 a.m. CDST on May 4, 2006, and will continue until 11:59 p.m. CDST on May 4, 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 8050361. 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 June June: see month. 4, 2006. Tidewater Inc. owns over 520 vessels, 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.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
----------------------------------------------------------------------
Quarter Ended Year Ended
March 31, March 31,
------------------- --------------------
2006 2005 2006 2005
----------------------------------------------------------------------
Revenues:
Vessel revenues $ 235,274 174,450 846,982 655,526
Other marine revenues 11,266 5,163 30,635 36,624
----------------------------------------------------------------------
246,540 179,613 877,617 692,150
----------------------------------------------------------------------
Costs and expenses:
Vessel operating costs 115,852 103,221 431,481 401,871
Costs of other marine
revenues 9,086 3,539 23,836 29,453
Depreciation and
amortization 27,683 25,677 107,526 99,613
General and
administrative 24,943 19,379 86,490 73,424
Impairment of
long-lived assets -- 1,733 3,050 1,733
Gains on asset sales (10,875) (1,462) (86,337) (11,979)
----------------------------------------------------------------------
Total operating
expense 166,689 152,087 566,046 594,115
----------------------------------------------------------------------
79,851 27,526 311,571 98,035
Other income (expenses):
Foreign exchange gain
(loss) (120) (132) 1,035 (327)
Equity in net earnings
of unconsolidated
companies 2,925 1,798 10,035 6,299
Minority interests (43) (36) (16) (59)
Interest and
miscellaneous income 4,715 847 9,961 2,734
Interest and other
debt costs (2,444) (2,183) (9,074) (6,887)
----------------------------------------------------------------------
5,033 294 11,941 1,760
----------------------------------------------------------------------
Earnings before income
taxes 84,884 27,820 323,512 99,795
Income tax expense
(benefit) 20,202 (24,576) 87,756 (1,544)
----------------------------------------------------------------------
Net earnings $ 64,682 52,396 235,756 101,339
======================================================================
======================================================================
Earnings per common
share $ 1.12 0.92 4.11 1.78
Diluted earnings per
common share $ 1.11 0.91 4.07 1.78
======================================================================
Weighted average common
shares outstanding 57,636,164 57,002,733 57,372,815 56,854,282
Incremental common
shares from stock
options 782,901 418,592 593,856 213,992
----------------------------------------------------------------------
Adjusted weighted
average common shares 58,419,065 57,421,325 57,966,671 57,068,274
======================================================================
Cash dividends declared
per common share $ .15 .15 .60 .60
======================================================================
TIDEWATER INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
----------------------------------------------------------------------
March 31, March 31,
ASSETS 2006 2005
----------------------------------------------------------------------
Current assets:
Cash and cash equivalents $ 246,109 15,376
Trade and other receivables less allowance
for doubtful accounts of $6,265 in 2006
and $7,138 in 2005 237,428 169,784
Marine operating supplies 41,181 38,959
Other current assets 4,325 3,837
----------------------------------------------------------------------
Total current assets 529,043 227,956
----------------------------------------------------------------------
Investments in, at equity, and advances to
unconsolidated companies 34,308 32,074
Properties and equipment:
Vessels and related equipment 2,457,947 2,483,970
Other properties and equipment 50,205 48,512
----------------------------------------------------------------------
2,508,152 2,532,482
Less accumulated depreciation
and amortization 1,134,425 1,080,296
----------------------------------------------------------------------
Net properties and equipment 1,373,727 1,452,186
----------------------------------------------------------------------
Goodwill 328,754 328,754
Other assets 98,708 172,203
----------------------------------------------------------------------
Total assets $2,364,540 2,213,173
======================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------------------------------
Current liabilities:
Accounts payable and accrued expenses 97,265 82,261
Accrued property and liability losses 7,223 9,286
Other current liabilities 11,266 2,766
----------------------------------------------------------------------
Total current liabilities 115,754 94,313
----------------------------------------------------------------------
Long-term debt 300,000 380,000
Deferred income taxes 175,267 184,410
Accrued property and liability losses 21,732 34,778
Other liabilities and deferred credits 92,666 76,970
Stockholders' equity:
Common stock of $.10 par value, 125,000,000
shares authorized, issued 60,310,164 shares
at March 2006 and 60,718,231 at March 2005 6,031 6,072
Other stockholders' equity 1,653,090 1,436,630
----------------------------------------------------------------------
Total stockholders' equity 1,659,121 1,442,702
----------------------------------------------------------------------
Total liabilities and
stockholders' equity $2,364,540 2,213,173
======================================================================
Further details of the Company's vessel revenues and vessel operating
costs for the quarters and years ended March 31, 2006 and 2005 are as
follows:
(In thousands)
----------------------------------------------------------------------
Quarter Ended Year Ended
March 31, March 31,
------------------ -----------------
2006 2005 2006 2005
----------------------------------------------------------------------
Vessel revenues:
Domestic $ 53,664 30,947 180,374 118,288
International 181,610 143,503 666,608 537,238
----------------------------------------------------------------------
Total vessel revenues 235,274 174,450 846,982 655,526
----------------------------------------------------------------------
Vessel operating costs:
Crew costs 62,252 58,104 243,584 226,653
Repair and maintenance 22,659 15,553 76,058 70,519
Insurance and loss reserves 4,624 5,302 15,820 18,568
Fuel, lube and supplies 10,770 11,076 39,617 40,329
Other 15,547 13,186 56,402 45,802
----------------------------------------------------------------------
Total vessel operating cost 115,852 103,221 431,481 401,871
----------------------------------------------------------------------
Vessel operating margin $119,422 71,229 415,501 253,655
======================================================================
Vessel operating margin as a
% of revenue % 50.8 40.8 49.1 38.7
======================================================================
Further details of the Company's vessel operating profit for the
quarters and years ended March 31, 2006 and 2005 are as follows:
(In thousands)
----------------------------------------------------------------------
Quarter Ended Year Ended
March 31, March 31,
----------------- -----------------
2006 2005 2006 2005
----------------------------------------------------------------------
======================================================================
Vessel operating profit
- United States $ 21,253 2,594 61,227 2,022
Vessel operating profit
- International $ 53,209 28,282 186,044 95,383
======================================================================
The Company's actual vessel count by vessel class at March 31, 2006
and vessel utilization percentages and average dayrates by vessel
class for the quarter and year ended March 31, 2006 were as follows:
UTILIZATION Actual
Vessel Count Quarter Ended Year Ended
Fiscal Year 2006 at March 31, 2006 March 31, 2006 March 31, 2006
----------------------------------------------------------------------
Domestic-based fleet:
---------------------
Deepwater vessels 7 99.7% 99.2%
Towing-supply/supply 50 62.0% 61.8%
Crew/utility 14 86.6% 85.5%
Offshore tugs 13 30.8% 28.9%
----
Total 84 64.5% 63.2%
====
International-based fleet:
--------------------------
Deepwater vessels 28 89.9% 86.8%
Towing-supply/supply 207 76.8% 74.1%
Crew/utility 69 76.2% 76.4%
Offshore tugs 39 63.3% 57.5%
Other 8 28.8% 35.9%
----
Total 351 75.2% 72.8%
====
Worldwide fleet:
----------------
Deepwater vessels 35 91.7% 88.8%
Towing-supply/supply 257 74.0% 71.7%
Crew/utility 83 78.5% 78.5%
Offshore tugs 52 53.7% 49.0%
Other 8 28.8% 35.9%
----
Total 435(1) 72.9% 70.8%
====
AVERAGE DAYRATES
Domestic-based fleet:
---------------------
Deepwater vessels $ 20,006 $ 18,401
Towing-supply/supply $ 10,545 $ 8,706
Crew/utility $ 5,455 $ 4,673
Offshore tugs $ 9,707 $ 10,060
Total $ 10,049 $ 8,606
International-based fleet:
--------------------------
Deepwater vessels $ 17,823 $ 16,012
Towing-supply/supply $ 7,682 $ 7,224
Crew/utility $ 3,541 $ 3,399
Offshore tugs $ 5,735 $ 5,669
Other $ 4,597 $ 3,442
Total $ 7,635 $ 7,162
Worldwide fleet:
----------------
Deepwater vessels $ 18,272 $ 16,448
Towing-supply/supply $ 8,140 $ 7,467
Crew/utility $ 4,018 $ 3,716
Offshore tugs $ 6,407 $ 6,440
Other $ 4,597 $ 3,442
Total $ 8,078 $ 7,428
(1) In addition to the 435 total owned or chartered vessels, the
Company had 66 vessels withdrawn from active service and 22 joint
venture and other vessels at March 31, 2006.
Tidewater's vessel commitments by vessel class and type as of March
31, 2006 were as follows:
U.S. Built International Built
----------------------------------------------------------------------
Number Total Expended Number Total Expended
Vessel Class of Cost Through of Cost Through
and Type Vessels Commitment 3/31/06 Vessels Commitment 3/31/06
----------------------------------------------------------------------
(in thousands) (in thousands)
Deepwater
vessels:
Platform supply
vessels 3 $51,923 $15,094 -- -- --
Replacement
fleet:
Anchor handling
towing supply -- -- -- 5 $80,841 $32,900
Platform supply
vessels 2 $26,832 $ 8,421 -- -- --
Crewboats and
offshore tugs:
Crewboats
- 175 foot 1 $ 7,229 $ 474 -- -- --
Crewboats
- Water jets -- -- -- 1 $ 1,086 $ 895
Offshore tugs -- -- -- 1 $ 7,401 $ 3,187
----------------------------------------------------------------------
Totals 6 $85,984 $23,989 7 $89,328 $36,982
======================================================================
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