Houston, Texas
May 1, 2013

FOR IMMEDIATE RELEASE - EARNINGS

ATWOOD OCEANICS, INC., announced today that the Company earned 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 compared to net income of $72.8 million or $1.10 per diluted share on revenues of $245.1 million for the quarter ended December 31, 2012 and compared to net income of $59.5 million or $0.90 per diluted share, on revenues of $171.6 million for the quarter ended March 31, 2012.  For the six months ended March 31, 2013, the Company earned net income of $158.4 million or $2.39 per diluted share, on revenues of $498.3 million compared to net income of $124.9 million or $1.90 per diluted share, on revenues of $356.3 million for the six months ended March 31, 2012.

For the Three Months Ended
(In thousands, except per share amounts) March 31,
2013		 December 31,
2012		 March 31,
2012
Revenues $ 253,161 $ 245,093 $ 171,621
Income before Income Taxes 97,432 84,087 63,492
Provision for Income Taxes (11,913 ) (11,256 ) (4,026 )
Net Income $ 85,519 $ 72,831 $ 59,466
Earnings per Common Share -
Basic 1.30 1.11 0.91
Diluted 1.28 1.10 0.90
Weighted Average Shares
Outstanding -
Basic 65,733 65,528 65,276
Diluted 66,589 66,092 65,781

For the Six Month Ended
(In thousands, except per share amounts) March 31,
2013		 March 31,
2012
Revenues $ 498,254 $ 356,293
Income before Income Taxes 181,519 141,423
Provision for Income Taxes (23,169 ) (16,489 )
Net Income $ 158,350 $ 124,934
Earnings per Common Share -
Basic 2.41 1.92
Diluted 2.39 1.90
Weighted Average Shares
Outstanding -
Basic 65,631 65,150
Diluted 66,341 65,660

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31, Six Months Ended March 31,
(In thousands, except per share amounts) 2013 2012 2013 2012
REVENUES:
Contract drilling $ 253,161 $ 171,621 $ 498,254 $ 356,293
COSTS AND EXPENSES:
Contract drilling 107,473 79,342 219,389 157,686
Depreciation 28,482 15,406 56,060 30,769
General and administrative 13,268 11,552 30,489 25,646
Other, net (20 ) 863 (13 ) 863
149,203 107,163 305,925 214,964
OPERATING INCOME 103,958 64,458 192,329 141,329
OTHER INCOME (EXPENSE)
Interest expense, net of capitalized interest (6,547 ) (1,080 ) (10,955 ) (1,683 )
Interest Income 21 114 145 200
Other - - - 1,577
(6,526 ) (966 ) (10,810 ) 94
INCOME  BEFORE INCOME TAXES 97,432 63,492 181,519 141,423
PROVISION FOR INCOME TAXES 11,913 4,026 23,169 16,489
NET INCOME $ 85,519 $ 59,466 $ 158,350 $ 124,934
EARNINGS PER COMMON SHARE:
Basic 1.30 0.91 2.41 1.92
Diluted 1.28 0.90 2.39 1.90
AVERAGE COMMON SHARES OUTSTANDING:
Basic 65,733 65,276 65,631 65,150
Diluted 66,589 65,781 66,341 65,660

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
 (Unaudited)

REVENUES
Three Months Ended Six Months Ended
(In millions) March 31,
2013		 December 31,
2012		 March 31,
2012		 March 31,
2013		 March 31,
2012
Atwood Condor $ 39.3 $ 40.4 $ - $ 79.7 $ -
Atwood Osprey $ 36.9 $ 42.4 $ 37.2 $ 79.3 $ 77.0
Atwood Eagle 35.0 27.5 34.4 62.5 69.1
Atwood Falcon 34.0 35.4 11.9 69.4 40.6
Atwood Hunter 35.0 37.1 49.3 72.1 92.7
Atwood Aurora 11.8 12.3 12.5 24.1 25.2
Atwood Beacon 14.8 14.0 10.2 28.8 20.6
Atwood Mako 13.1 13.3 - 26.3 -
Atwood Manta 12.5 3.2 - 15.8 -
Vicksburg 9.9 9.2 8.6 19.1 17.2
Reimbursable/Other 10.9 10.3 7.5 21.2 13.9
$ 253.2 $ 245.1 $ 171.6 $ 498.3 $ 356.3

CONTRACT DRILLING COSTS
Three Months Ended Six Months Ended
(In millions) March 31,
2013		 December 31,
2012		 March 31,
2012		 March 31,
2013		 March 31,
2012
Atwood Condor $ 14.6 $ 14.3 $ - $ 28.9 $ -
Atwood Osprey $ 15.4 $ 15.3 $ 15.7 $ 30.8 $ 31.3
Atwood Eagle 15.2 19.9 13.9 35.0 31.7
Atwood Falcon 13.4 14.2 11.0 27.7 17.9
Atwood Hunter 10.1 11.6 12.5 21.7 23.5
Atwood Aurora 6.2 6.4 8.1 12.6 16.7
Atwood Beacon 8.4 10.2 7.3 18.6 14.0
Atwood Mako 5.4 5.1 - 10.5 -
Atwood Manta 5.1 2.1 - 7.2 -
Vicksburg 4.6 4.7 4.9 9.2 10.1
Reimbursable/Other 9.1 8.1 5.9 17.2 12.5
$ 107.5 $ 111.9 $ 79.3 $ 219.4 $ 157.7

ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands) March 31,
2013		 September 30,
2012
ASSETS
Cash and cash equivalents $ 117,707 $ 77,871
Accounts receivable, net of allowance for doubtful accounts of $1,545 and $0 at March 31, 2013 and September 30, 2012, respectively 140,759 167,186
Income tax receivable 5,949 5,750
Inventories of materials and supplies 94,036 80,290
Prepaid expenses and deferred costs 24,686 39,437
Total current assets 383,137 370,534
Property and equipment, net 2,888,235 2,537,340
Other receivables 11,868 11,875
Deferred costs and other assets 22,506 24,013
Total assets $ 3,305,746 $ 2,943,762
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $ 73,774 $ 83,592
Accrued liabilities 18,955 24,478
Notes payable - 5,148
Income tax payable 16,293 9,711
Deferred credits 14,274 13,738
Total current liabilities 123,296 136,667
Long-term debt 1,040,000 830,000
Deferred income taxes 8,325 8,791
Deferred credits 3,741 8,928
Other 21,555 19,954
Total long-term liabilities 1,073,621 867,673
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 65,779 and 65,452 issued and outstanding at March 31, 2013 and September 30, 2012, respectively 65,779 65,452
Paid-in capital 170,444 160,540
Retained earnings 1,874,791 1,716,441
Accumulated other comprehensive loss (2,185 ) (3,011 )
Total shareholders' equity 2,108,829 1,939,422
Total liabilities and shareholders' equity $ 3,305,746 $ 2,943,762

Atwood Oceanics, Inc. and Subsidiaries
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS

Six Months Ended March 31,
(In thousands) 2013 2012
Cash flows from operating activities:
Net income $ 158,350 $ 124,934
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 56,060 30,769
Amortization of debt issuance costs 2,073 1,562
Amortization of deferred items 1,448 791
Provision for doubtful accounts 1,871 -
Provision for inventory obsolescence 360 435
Deferred income tax benefit (466 ) (425 )
Share-based compensation expense 6,813 4,931
Other, net (13 ) 863
Change in assets and liabilities:
Accounts receivable 24,563 (765 )
Income tax receivable (199 ) 1,764
Inventory (14,106 ) (3,003 )
Prepaid expenses 10,109 6,285
Deferred costs and other assets (8,084 ) (14,220 )
Accounts payable (43,864 ) 10,465
Accrued liabilities (5,282 ) (7,337 )
Income tax payable 6,582 4,680
Deferred credits and other liabilities 8,247 (5,441 )
Net cash provided by operating activities 204,462 156,288
Cash flows from investing activities:
Capital expenditures (372,957 ) (397,444 )
Proceeds from sale of assets 61 -
Net cash used in investing activities (372,896 ) (397,444 )
Cash flows from financing activities:
Proceeds from issuance of bonds - 450,000
Proceeds from bank credit facilities 310,000 80,000
Principal payments on bank credit facilities (100,000 ) (450,000 )
Principal payments on notes payable (5,148 ) (5,461 )
Proceeds from exercise of stock options 3,418 3,242
Net cash provided by financing activities 208,270 77,781
Net increase (decrease) in cash and cash equivalents $ 39,836 $ (163,375 )
Cash and cash equivalents, at beginning of period $ 77,871 $ 295,002
Cash and cash equivalents, at end of period $ 117,707 $ 131,627
Non-cash activities
Changes in accounts payable and accrued liabilities related to capital expenditures $ 34,046 $ (65,662 )

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 three 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#1698208
Atwood Oceanics (NYSE:ATW)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024 Plus de graphiques de la Bourse Atwood Oceanics
Atwood Oceanics (NYSE:ATW)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024 Plus de graphiques de la Bourse Atwood Oceanics