Tidewater Reports Second Quarter Results For Fiscal 2007.NEW ORLEANS -- 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 second quarter net earnings for the period ended September 30, 2006, of $104.2 million, or $1.86 per common share, on revenues of $274.0 million. For the same quarter last year, net earnings were $82.2 million, or $1.42 per common share, on revenues of $204.4 million. The immediately preceding quarter ended June 30, 2006, had net earnings of $71.4 million, or $1.23 per common share, on revenues of $269.8 million. Included in the current quarter's net earnings is a gain of $28.2 million ($17.2 million after tax, or $0.31 per common share) related to the August 2006 sale of 11 of the company's offshore tug vessels to Crosby Marine Transportation, LLC for a total cash price of $34.8 million. Included in net earnings for the quarter ended September 30, 2005 is a gain of $65.9 million ($42.8 million after tax, or $0.74 per common share) from the sale of six of the company's KMAR KMAR Koninklijke Marechaussee (Royal Military Police) KMAR Kwajalein Modernization and Remoting - Initiative 404 class of Anchor Handling Towing Supply vessel 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 purchase price of $188.0 million. As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Wednesday, October 25, 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 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" call just prior to the scheduled start. A replay of the conference call will be available beginning at 11:00 a.m. CDST on October 26, 2006, and will continue until 11:59 p.m. CDST on October 27, 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 7509771. 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 25, 2006. Tidewater Inc. owns over 490 vessels, the world's largest fleet of vessels serving the global offshore energy industry. Note: all per-share amounts are stated on a diluted basis. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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