Tidewater reports stronger fourth quarter, year-end results.NEW ORLEANS--(BUSINESS WIRE)--April 29, 1996--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 ) today reported fiscal 1996 earnings before unusual items of $86.0 million, a 52 percent increase over the prior year. Unusual items in fiscal 1996 were one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. after tax charges of $7.8 million, or $.12 per share, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc costs associated with the merger with Hornbeck Offshore Services Hornbeck Offshore Services NYSE: HOS is a publicly traded corporation headquartered in Covington, Louisiana providing offshore drilling and support services in the Gulf of Mexico and other areas. , Inc. and $2.0 million, or $.03 per share, relating to a curtailment Curtailment The act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. of Tidewater's pension plan. Fiscal net 1995 earnings include after tax charges of $3.7 million, or $.06 per share, for costs associated with a corporate restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). program, and $1.6 million, or $.02 per share, for reserves to cover possible insurance losses. Net earnings for fiscal 1996 were $76.2 million, or $1.23 per share, as compared with fiscal 1995 net earnings of $51.2 million, or $0.83 per share. Fiscal 1996 fourth quarter earnings before unusual items were $21.9 million, or $.35 per share, versus $12.0 million, or $.19 per share, for the fourth quarter of fiscal 1995. Results for all periods include the March 1996 Hornbeck merger, which was accounted for as a pooling-of-interests. 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. revenues for the year ended March 31, 1996, rose to $643.4 million, up from $584.6 million in fiscal 1995. Both divisions of the company -- Tidewater Marine and Tidewater Compression -- contributed to the revenue growth. Marine revenue, driven by stronger vessel utilization and rising daily charter rates, climbed to $532.2 million, versus $501.1 million a year ago. Compression revenues increased 33 percent over fiscal 1995, to $111.2 million, due primarily to a full year of revenue contribution from a larger gas compressor <includeonly></includeonly>A gas compressor is a mechanical device that increases the pressure of a gas by reducing its volume. Compression of a gas naturally increases its temperature. rental fleet. "Fiscal 1996 was a prosperous year for Tidewater. Our merger with Hornbeck already is showing positive benefits as a result of the strong activity in the U.S. 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 . Utilization of our vessels in the Gulf has remained extremely high following the merger, and day rates recently have shown excellent improvement. Performance of the compression division was respectable, despite a natural gas market that was weak for much of the year. With much improved pricing for natural gas in recent months, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the prospects for our compression business," said William C. O'Malley, Tidewater chairman, president and chief executive officer. He concluded, "I am pleased that initiatives we have taken during the past two years to consolidate our industry and control costs contributed to the significant increase in earnings." Tidewater owns and operates 650 vessels, the world's largest fleet serving the international offshore energy industry and owns and operates one of the largest rental fleet of natural gas compressors in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0-
TIDEWATER INC.
CONSOLIDATED RESULTS
(MILLIONS OF DOLLARS, EXCEPT PER SHARE AMOUNTS)
Quarter Ended Year Ended
March 31 March 31
1996 1995 1996 1995
Revenues $ 161.2 $ 152.4 $ 643.4 $ 584.6
Earnings before unusual items $ 21.9 $ 12.0 $ 86.0 $ 56.5
Merger costs $ (7.8) $ -- $ (7.8) $ --
Pension charge $ (2.0) $ -- $ (2.0) $ --
Restructuring charge $ -- $ (3.7) $ -- $ (3.7)
Insurance reserve charge $ -- $ -- $ -- $ (1.6)
Net earnings $ 12.1 $ 8.3 $ 76.2 $ 51.2
Primary and fully diluted
earnings per common share
before unusual items $ .35 $ .19 $ 1.38 $ .91
Merger costs $ (.12) $ -- $ (.12) $ --
Pension charge $ (.03) $ -- $ (.03) $ --
Restructuring charge $ -- $ (.06) $ -- $ (.06)
Insurance reserve charge $ -- $ -- $ -- $ (.02)
Net earnings per common share $ .20 $ .13 $ 1.23 $ .83
Cash flows from operating
activities $ 39.3 $ 36.0 $ 174.2 $ 155.5
RESULTS BY SEGMENT
(MILLIONS OF DOLLARS)
Quarter Ended Year Ended
March 31 March 31
1996 1995 1996 1995
MARINE
Revenues $ 135.5 $ 120.9 $ 532.2 $ 501.1
Operating profit $ 28.1 $ 15.9 $ 118.9 $ 80.7
COMPRESSION
Revenues $ 25.7 $ 31.5 $ 111.2 $ 83.5
Operating profit $ 2.1 $ 5.8 $ 14.6 $ 14.4
Weighted average number
of common shares and
equivalents 62,442,544 61,817,331 62,160,978 61,858,894
CONTACT: Tidewater Inc., 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 Ken C. Tamblyn, 504/568-1010 |
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