ATWOOD OCEANICS ANNOUNCES THIRD QUARTER EARNINGS
(Thomson Reuters ONE) -
Houston, Texas
July 31, 2013
FOR IMMEDIATE RELEASE - EARNINGS
ATWOOD OCEANICS, INC., announced today that the Company earned net income of
$90.0 million or $1.37 per diluted share, on revenues of $272.7 million for the
quarter ended June 30, 2013 compared to net income of $85.5 million or $1.28 per
diluted share on revenues of $253.2 million for the quarter ended March 31,
2013 and compared to net income of $51.7 million or $0.79 per diluted share, on
revenues of $178.6 million for the quarter ended June 30, 2012. For the nine
months ended June 30, 2013, the Company earned net income of $248.3 million or
$3.75 per diluted share, on revenues of $770.9 million compared to net income of
$176.6 million or $2.69 per diluted share, on revenues of $534.9 million for the
nine months ended June 30, 2012.
For the Three Months Ended
----------------------------------------
(In thousands, except per share June 30, March 31, June 30,
amounts) 2013 2013 2012
------------- ------------- ------------
Revenues $ 272,688 $ 253,161 $ 178,603
Income before Income Taxes 105,130 97,432 61,990
Provision for Income Taxes (15,149 ) (11,913 ) (10,279 )
-------------------------------------------------------------------------------
Net Income $ 89,981 $ 85,519 $ 51,711
-------------------------------------------------------------------------------
Earnings per Common Share -
Basic $ 1.38 $ 1.30 $ 0.79
Diluted $ 1.37 $ 1.28 $ 0.79
Weighted Average Shares
Outstanding -
Basic 65,062 65,733 65,362
Diluted 65,858 66,589 65,823
For the Nine Months Ended
------------------------------
June 30, June 30,
(In thousands, except per share amounts) 2013 2012
------------- ------------
Revenues $ 770,942 $ 534,896
Income before Income Taxes 286,649 203,413
Provision for Income Taxes (38,318 ) (26,768 )
-----------------------------------------------------------------------
Net Income $ 248,331 $ 176,645
-----------------------------------------------------------------------
Earnings per Common Share -
Basic $ 3.79 $ 2.71
Diluted $ 3.75 $ 2.69
Weighted Average Shares
Outstanding -
Basic 65,441 65,221
Diluted 66,180 65,715
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June Nine Months Ended June
30, 30,
--------------------------- --------------------------
(In thousands, except
per share amounts) 2013 2012 2013 2012
------------- ------------- ------------- ------------
REVENUES:
Contract drilling $ 272,688 $ 178,603 $ 770,942 $ 534,896
COSTS AND EXPENSES:
Contract drilling 117,963 87,374 337,352 245,060
Depreciation 30,352 15,650 86,412 46,419
General and
administrative 13,663 11,856 44,152 37,502
Other, net (55 ) 274 (68 ) 1,137
------------- ------------- ------------- ------------
161,923 115,154 467,848 330,118
-------------------------------------------------------------------------------
OPERATING INCOME $ 110,765 $ 63,449 $ 303,094 $ 204,778
-------------------------------------------------------------------------------
OTHER INCOME (EXPENSE)
Interest expense, net of
capitalized interest (5,692 ) (1,517 ) (16,647 ) (1,623 )
Interest Income 57 58 202 258
------------- ------------- ------------- ------------
(5,635 ) (1,459 ) (16,445 ) (1,365 )
------------- ------------- ------------- ------------
INCOME BEFORE INCOME
TAXES 105,130 61,990 286,649 203,413
PROVISION FOR INCOME
TAXES 15,149 10,279 38,318 26,768
-------------------------------------------------------------------------------
NET INCOME $ 89,981 $ 51,711 $ 248,331 $ 176,645
-------------------------------------------------------------------------------
EARNINGS PER COMMON
SHARE:
Basic $ 1.38 $ 0.79 $ 3.79 $ 2.71
Diluted $ 1.37 $ 0.79 $ 3.75 $ 2.69
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING:
Basic 65,062 65,362 65,441 65,221
Diluted 65,858 65,823 66,180 65,715
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
REVENUES
----------------------------------------------------------
Three Months Ended Nine Months Ended
----------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
(In millions) 2013 2013 2012 2013 2012
----------------------------------- ----------------------
Atwood Condor $ 42.5 $ 39.3 $ - $ 122.3 $ -
Atwood Osprey 44.5 36.9 43.5 123.8 120.5
Atwood Eagle 31.5 35.0 31.1 93.9 100.2
Atwood Falcon 32.1 34.0 17.6 101.5 58.1
Atwood Hunter 38.7 35.0 47.4 110.8 140.1
Atwood Aurora 12.2 11.8 14.2 36.4 39.3
Atwood Beacon 14.0 14.8 10.3 42.8 31.0
Atwood Mako 13.2 13.1 - 39.5 -
Atwood Manta 13.0 12.5 - 28.8 -
Atwood Orca 9.9 - - 9.9 -
Vicksburg 9.9 9.9 8.1 29.0 25.4
Reimbursable 11.2 10.9 6.4 32.3 20.3
----------- ----------- ----------- ----------- ----------
$ 272.7 $ 253.2 $ 178.6 $ 771.0 $ 534.9
----------- ----------- ----------- ----------- ----------
CONTRACT DRILLING COSTS
---------------------------------------------------------
Three Months Ended Nine Months Ended
---------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
(In millions) 2013 2013 2012 2013 2012
---------------------------------- ----------------------
Atwood Condor $ 16.4 $ 14.6 $ - $ 45.3 $ -
Atwood Osprey 16.8 15.4 15.3 47.5 46.6
Atwood Eagle 15.5 15.2 14.5 50.5 46.3
Atwood Falcon 16.3 13.4 20.5 44.0 38.3
Atwood Hunter 11.0 10.1 11.5 32.6 35.0
Atwood Aurora 6.1 6.2 7.1 18.7 23.8
Atwood Beacon 7.0 8.4 7.4 25.6 21.4
Atwood Mako 4.8 5.4 - 15.4 -
Atwood Manta 4.8 5.1 - 12.0 -
Atwood Orca 3.7 - - 4.0 -
Vicksburg 4.9 4.6 4.7 14.2 14.8
Reimbursable 8.5 8.9 2.5 23.4 11.9
Other 2.2 0.2 3.9 4.2 6.9
----------- ----------- ---------- ----------- ----------
$ 118.0 $ 107.5 $ 87.4 $ 337.4 $ 245.0
----------- ----------- ---------- ----------- ----------
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, September 30,
(In thousands) 2013 2012
--------------- --------------
ASSETS
Cash and cash equivalents $ 221,877 $ 77,871
Accounts receivable, net of allowance for
doubtful accounts of $4,000 and $0 at June
30, 2013 and September 30, 2012, respectively 179,980 167,186
Income tax receivable 7,141 5,750
Inventories of materials and supplies 100,825 80,290
Prepaid expenses and deferred costs 23,226 39,437
-------------------------------------------------------------------------------
Total current assets 533,049 370,534
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Property and equipment, net 3,035,572 2,537,340
-------------------------------------------------------------------------------
Other receivables 11,869 11,875
Deferred costs and other assets 22,823 24,013
-------------------------------------------------------------------------------
Total assets $ 3,603,313 $ 2,943,762
-------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $ 72,622 $ 83,592
Accrued liabilities 32,340 24,478
Notes payable - 5,148
Income tax payable 16,022 9,711
Deferred credits 13,773 13,738
-------------------------------------------------------------------------------
Total current liabilities 134,757 136,667
-------------------------------------------------------------------------------
Long-term debt 1,338,500 830,000
Deferred income taxes 8,186 8,791
Deferred credits 1,322 8,928
Other 21,867 19,954
-------------------------------------------------------------------------------
Total long-term liabilities 1,369,875 867,673
-------------------------------------------------------------------------------
Commitments and contingencies
Preferred stock, no par value, 1,000 shares
authorized, none outstanding - -
Common stock, $1.00 par value, 90,000 shares
authorized with 63,952 and 65,452 issued and
outstanding at June 30, 2013 and September
30, 2012, respectively 63,952 65,452
Paid-in capital 176,909 160,540
Retained earnings 1,859,512 1,716,441
Accumulated other comprehensive loss (1,692 ) (3,011 )
-------------------------------------------------------------------------------
Total shareholders' equity 2,098,681 1,939,422
-------------------------------------------------------------------------------
Total liabilities and shareholders' equity $ 3,603,313 $ 2,943,762
-------------------------------------------------------------------------------
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Nine Months Ended June 30,
---------------------------
(In thousands) 2013 2012
------------- -------------
Cash flows from operating activities:
Net income $ 248,331 $ 176,645
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 86,412 46,419
Amortization of debt issuance costs and bond
premium 3,083 2,590
Amortization of deferred items 1,227 3,736
Provision for doubtful accounts 3,510 540
Provision for inventory obsolescence 1,530 615
Deferred income tax benefit (605 ) (513 )
Share-based compensation expense 10,418 7,709
Other, net (67 ) 1,137
Change in assets and liabilities:
Accounts receivable (18,297 ) 2,253
Income tax receivable (1,391 ) 890
Inventory (22,065 ) (15,200 )
Prepaid expenses 12,788 6,186
Deferred costs and other assets (9,519 ) (22,343 )
Accounts payable (10,970 ) 20,467
Accrued liabilities (6,745 ) 2,356
Bond premium 8,500 -
Income tax payable 6,311 (4,859 )
Deferred credits and other liabilities 9,989 10,006
-------------------------------------------------------------------------------
Net cash provided by operating activities 322,440 238,634
-------------------------------------------------------------------------------
Cash flows from investing activities:
Capital expenditures (569,696 ) (594,789 )
Proceeds from sale of assets 129 7,513
-------------------------------------------------------------------------------
Net cash used in investing activities (569,567 ) (587,276 )
-------------------------------------------------------------------------------
Cash flows from financing activities:
Proceeds from issuance of bonds 200,000 450,000
Proceeds from bank credit facilities 400,000 135,000
Principal payments on bank credit facilities (100,000 ) (450,000 )
Principal payments on notes payable (5,148 ) (5,461 )
Repurchase and retirement of common shares (107,260 ) -
Proceeds from exercise of stock options 6,451 3,262
Debt issuance costs paid (2,910 ) (181 )
-------------------------------------------------------------------------------
Net cash provided by financing activities 391,133 132,620
-------------------------------------------------------------------------------
Net increase (decrease) in cash and cash
equivalents $ 144,006 $ (216,022 )
Cash and cash equivalents, at beginning of period $ 77,871 $ 295,002
-------------------------------------------------------------------------------
Cash and cash equivalents, at end of period $ 221,877 $ 78,980
-------------------------------------------------------------------------------
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the
drilling and completion of exploratory and developmental oil and gas wells. The
company currently owns 13 mobile offshore drilling units and is constructing
four ultra-deepwater drillships. The company was founded in 1968 and is
headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded
on the New York Stock Exchange under the symbol "ATW."
Contact: Mark L. Mey
(281) 749-7902
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Atwood Oceanics, Inc. via Thomson Reuters ONE
[HUG#1720335]
Unternehmensinformation / Kurzprofil:
Datum: 31.07.2013 - 22:11 Uhr
Sprache: Deutsch
News-ID 283710
Anzahl Zeichen: 21057
contact information:
Town:
Houston
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 225 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ATWOOD OCEANICS ANNOUNCES THIRD QUARTER EARNINGS"
steht unter der journalistisch-redaktionellen Verantwortung von
Atwood Oceanics, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
