Tidewater Reports Second Quarter Results 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; -- 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. ," the line "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: for September September: see month. 30, 2005 300,000 and for March 31, 2005 380,000. 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 SECOND QUARTER RESULTS FOR FISCAL 2006 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, 2005, of $82.2 million, or $1.42 per share, on revenues of $204.4 million. For the same quarter last year, net earnings were $16.3 million, or $.29 per share, on revenues of $166.8 million. Net earnings in the immediately preceding quarter ended June June: see month. 30, 2005, were $28.9 million, or $.50 per share, on revenues of $192.2 million. As previously reported, included in the current quarter's net earnings 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 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. The Company used a portion of the proceeds of the sale to repay $95 million of outstanding borrowings under the Company's revolving credit agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. . As previously announced, Tidewater will hold a conference call to discuss September 2005 quarter ended earnings on Thursday Thursday: see week. , October October: see month. 27, 2005, 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 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 1:00 p.m. CDST on October 27, 2005, and will continue until 11:59 p.m. CDST on October 28, 2005. 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 1186115. 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 November: see month. 27, 2005. Tidewater Inc. owns and operates over 550 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.
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)
----------------------------------------------------------------------
September 30, March 31,
ASSETS 2005 2005
----------------------------------------------------------------------
Current assets:
Cash and cash equivalents $ 125,713 15,376
Trade and other receivables, net 213,082 169,784
Marine operating supplies 36,459 38,959
Other current assets 6,467 3,837
----------------------------------------------------------------------
Total current assets 381,721 227,956
----------------------------------------------------------------------
Investments in, at equity, and advances to
unconsolidated companies 34,155 32,074
Properties and equipment:
Vessels and related equipment 2,412,698 2,483,970
Other properties and equipment 49,449 48,512
----------------------------------------------------------------------
2,462,147 2,532,482
Less accumulated depreciation and
amortization 1,103,620 1,080,296
----------------------------------------------------------------------
Net properties and equipment 1,358,527 1,452,186
----------------------------------------------------------------------
Goodwill 328,754 328,754
Other assets 132,141 172,203
----------------------------------------------------------------------
Total assets $ 2,235,298 2,213,173
======================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses 83,047 82,261
Accrued property and liability losses 9,119 9,286
Income taxes payable 2,090 695
----------------------------------------------------------------------
Total current liabilities 94,256 92,242
----------------------------------------------------------------------
Long-term debt 300,000 380,000
Deferred income taxes 181,634 184,410
Accrued property and liability losses 34,117 34,778
Other liabilities and deferred credits 89,596 79,041
Stockholders' equity:
Common stock of $.10 par value,
125,000,000 shares authorized, issued
60,489,194 shares at September
and 60,718,231 shares at March 6,049 6,072
Other stockholders' equity 1,529,646 1,436,630
----------------------------------------------------------------------
Total stockholders' equity 1,535,695 1,442,702
----------------------------------------------------------------------
Total liabilities and
stockholders' equity $ 2,235,298 2,213,173
======================================================================
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
----------------------------------------------------------------------
Quarter Ended Six Months Ended
September 30, September 30,
---------------- -----------------
2005 2004 2005 2004
----------------------------------------------------------------------
Revenues:
Vessel revenues $ 198,230 161,206 383,622 311,000
Other marine
revenues 6,121 5,621 12,896 13,944
----------------------------------------------------------------------
204,351 166,827 396,518 324,944
----------------------------------------------------------------------
Costs and expenses:
Vessel operating
costs 106,005 98,261 212,215 196,825
Costs of other
marine revenues 4,934 4,093 9,524 10,907
Depreciation and
amortization 26,614 24,713 52,951 48,638
General and
administrative 19,433 17,702 38,692 35,304
Gain on sales of
assets (68,553) (1,247) (70,187) (7,680)
----------------------------------------------------------------------
88,433 143,522 243,195 283,994
----------------------------------------------------------------------
115,918 23,305 153,323 40,950
Other income
(expenses):
Foreign exchange
gain 411 13 1,019 450
Equity in net
earnings of
unconsolidated
companies 2,715 1,639 4,882 3,332
Minority interests 28 53 5 13
Interest and
miscellaneous
income 1,612 611 2,817 1,192
Interest and other
debt costs (1,911) (1,636) (4,273) (3,010)
----------------------------------------------------------------------
2,855 680 4,450 1,977
----------------------------------------------------------------------
Earnings before income
taxes 118,773 23,985 157,773 42,927
Income taxes 36,581 7,676 46,721 13,737
----------------------------------------------------------------------
Net earnings $ 82,192 16,309 111,052 29,190
----------------------------------------------------------------------
Earnings per common
share $ 1.44 .29 1.94 .51
----------------------------------------------------------------------
Diluted earnings per
common share $ 1.42 .29 1.93 .51
----------------------------------------------------------------------
Weighted average
common shares
outstanding 57,189,133 56,937,688 57,209,995 56,919,397
Incremental common
shares from stock
options 545,266 142,302 448,182 114,583
----------------------------------------------------------------------
Adjusted weighted
average common shares 57,734,399 57,079,990 57,658,177 57,033,980
----------------------------------------------------------------------
Cash dividends
declared per common
share $ .15 .15 .30 .30
======================================================================
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
----------------------------------------------------------------------
Quarter Ended Six Months Ended
September 30, September 30,
----------------- -----------------
2005 2004 2005 2004
----------------------------------------------------------------------
Net cash provided by
operating activities $ 65,797 32,644 100,105 59,644
----------------------------------------------------------------------
Cash flows from investing
activities:
Proceeds from sales of
assets 188,275 1,216 191,485 9,762
Additions to properties
and equipment (35,931) (44,160) (79,805) (114,449)
----------------------------------------------------------------------
Net cash provided by
(used in) investing
activities 152,344 (42,944) 111,680 (104,687)
----------------------------------------------------------------------
Cash flows from financing
activities:
Borrowings --- 30,000 30,000 85,000
Principal payments on debt (95,000) (15,000) (110,000) (30,000)
Proceeds from issuance of
common stock 4,762 1,994 4,878 2,026
Common stock repurchases (8,691) --- (8,691) ---
Cash dividends (8,648) (8,559) (17,277) (17,115)
Other 6 (349) (358) (685)
----------------------------------------------------------------------
Net cash (used in)
provided by financing
activities (107,571) 8,086 (101,448) 39,226
----------------------------------------------------------------------
Net change in cash and cash
equivalents 110,570 (2,214) 110,337 (5,817)
Cash and cash equivalents at
beginning of period 15,143 14,033 15,376 17,636
----------------------------------------------------------------------
Cash and cash equivalents at
end of period $ 125,713 11,819 125,713 11,819
----------------------------------------------------------------------
Supplemental disclosure of
cash flow information:
Cash paid during the
period for:
Interest $ 7,162 7,254 8,051 7,867
Income taxes $ 6,279 6,704 11,941 13,277
======================================================================
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