ATWOOD OCEANICS ANNOUNCES FISCAL 2015 FIRST QUARTER EARNINGS
03 Février 2015 - 11:41PM
Houston, Texas
February 3, 2015
FOR IMMEDIATE RELEASE -
EARNINGS
HOUSTON, February
3, 2015 -- Atwood Oceanics, Inc. (NYSE: ATW) ("Company"),
announced today that it had earned net income of $46.2 million or
$0.71 per diluted share, on revenues of $351.7 million for the
quarter ended December 31, 2014 compared to net income of
$112.2 million or $1.72 per diluted share on revenues of $323.4
million for the quarter ended September 30, 2014 and compared
to net income of $83.4 million or $1.28 per diluted share, on
revenues of $284.7 million for the quarter ended December 31,
2013.
The Company recorded a non-cash
impairment charge of approximately $60.8 million ($56.1 million,
net of tax, or $0.86 per diluted share) related to the Atwood Hunter. In addition, during December 2014, the
Company recorded a loss of approximately $8.0 million ($7.1
million, net of tax, or $0.11 per diluted share) for the sale of
the Atwood Southern Cross and a loss of $1.8
million on the sale of other equipment.
|
For the Three
Months Ended |
|
(Unaudited) |
(In
thousands, except per share amounts) |
December 31,
2014 |
|
September 30,
2014 |
|
December 31,
2013 |
Revenues |
$ |
351,726 |
|
|
$ |
323,373 |
|
|
$ |
284,706 |
|
Income
before Income Taxes |
55,340 |
|
|
126,385 |
|
|
94,260 |
|
Provision for Income Taxes |
(9,122 |
) |
|
(14,185 |
) |
|
(10,863 |
) |
Net
Income |
$ |
46,218 |
|
|
$ |
112,200 |
|
|
$ |
83,397 |
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share - |
|
|
|
|
|
|
|
|
Basic |
$ |
0.72 |
|
|
$ |
1.74 |
|
|
$ |
1.30 |
|
Diluted |
$ |
0.71 |
|
|
$ |
1.72 |
|
|
$ |
1.28 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
Three Months Ended December 31, |
(In
thousands, except per share amounts) |
2014 |
|
|
2013 |
|
REVENUES: |
|
|
|
|
|
Contract drilling |
$ |
336,761 |
|
|
$ |
273,557 |
|
Revenues related to reimbursable expenses |
14,965 |
|
|
11,149 |
|
Total
revenues |
351,726 |
|
|
284,706 |
|
|
|
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
Contract drilling |
136,465 |
|
|
123,162 |
|
Reimbursable expenses |
11,907 |
|
|
8,414 |
|
Depreciation |
44,575 |
|
|
32,544 |
|
General and administrative |
17,409 |
|
|
19,822 |
|
Asset
impairment |
60,777 |
|
|
- |
|
(Gain)
loss on sale of equipment |
9,806 |
|
|
(1,637 |
) |
|
280,939 |
|
|
182,305 |
|
|
|
|
|
|
|
OPERATING INCOME |
$ |
70,787 |
|
|
$ |
102,401 |
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
Interest expense, net of capitalized interest |
(15,504 |
) |
|
(8,211 |
) |
Interest income |
57 |
|
|
70 |
|
|
(15,447 |
) |
|
(8,141 |
) |
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
55,340 |
|
|
94,260 |
|
PROVISION FOR INCOME TAXES |
9,122 |
|
|
10,863 |
|
NET INCOME |
$ |
46,218 |
|
|
$ |
83,397 |
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE: |
|
|
|
|
|
Basic |
$ |
0.72 |
|
|
$ |
1.30 |
|
Diluted |
$ |
0.71 |
|
|
$ |
1.28 |
|
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
|
|
Basic |
64,405 |
|
|
64,112 |
|
Diluted |
65,015 |
|
|
65,026 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED ANALYSIS OF REVENUES AND DRILLING
COSTS
|
REVENUES |
|
Three Months Ended |
(In
millions) |
December 31,
2014 |
|
September 30,
2014 |
|
December 31,
2013 |
Ultra-Deepwater |
$ |
167 |
|
|
$ |
137 |
|
|
$ |
87 |
|
Deepwater |
98 |
|
|
92 |
|
|
108 |
|
Jackups |
72 |
|
|
76 |
|
|
79 |
|
Reimbursable |
15 |
|
|
18 |
|
|
11 |
|
|
$ |
352 |
|
|
$ |
323 |
|
|
$ |
285 |
|
|
DRILLING COSTS |
|
Three Months Ended |
(In
millions) |
December 31,
2014 |
|
September 30,
2014 |
|
December 31,
2013 |
Ultra-Deepwater |
$ |
63 |
|
|
$ |
42 |
|
|
$ |
35 |
|
Deepwater |
41 |
|
|
43 |
|
|
49 |
|
Jackups |
31 |
|
|
30 |
|
|
37 |
|
Reimbursable |
12 |
|
|
15 |
|
|
8 |
|
Other |
1 |
|
|
3 |
|
|
3 |
|
|
$ |
148 |
|
|
$ |
133 |
|
|
$ |
132 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In
thousands, except par value) |
December 31,
2014 |
|
September 30,
2014 |
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
Cash |
$ |
121,803 |
|
|
$ |
80,080 |
|
Accounts receivable |
214,719 |
|
|
242,684 |
|
Income
tax receivable |
6,977 |
|
|
6,260 |
|
Inventories of materials and supplies |
126,242 |
|
|
132,368 |
|
Prepaid expenses, deferred costs and other current assets |
31,103 |
|
|
36,415 |
|
Total
current assets |
500,844 |
|
|
497,807 |
|
|
|
|
|
|
|
Property and equipment, net |
4,013,173 |
|
|
3,967,028 |
|
|
|
|
|
|
|
Other
receivables |
11,831 |
|
|
11,831 |
|
Deferred income taxes |
278 |
|
|
589 |
|
Deferred costs and other assets |
23,905 |
|
|
29,973 |
|
Total assets |
$ |
4,550,031 |
|
|
$ |
4,507,228 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
Accounts payable |
$ |
81,887 |
|
|
$ |
94,315 |
|
Accrued liabilities |
18,012 |
|
|
19,158 |
|
Dividends payable |
16,090 |
|
|
16,090 |
|
Short-term debt |
5,954 |
|
|
11,885 |
|
Interest payable |
19,426 |
|
|
8,099 |
|
Income
tax payable |
12,901 |
|
|
14,234 |
|
Deferred credits and other liabilities |
4,763 |
|
|
3,596 |
|
Total
current liabilities |
159,033 |
|
|
167,377 |
|
|
|
|
|
|
|
Long-term debt |
1,741,834 |
|
|
1,742,122 |
|
Deferred income taxes |
1,022 |
|
|
783 |
|
Deferred credits |
4,036 |
|
|
4,100 |
|
Other |
36,531 |
|
|
37,322 |
|
Total
long-term liabilities |
1,783,423 |
|
|
1,784,327 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value, 1,000 shares authorized, none
outstanding |
- |
|
|
- |
|
Common
stock, $1.00 par value, 180,000 shares authorized with 64,551
issued and outstanding at December 31, 2014 and 180,000 shares
authorized and 64,362 shares issued and outstanding at September
30, 2014 |
64,551 |
|
|
64,362 |
|
Paid-in capital |
206,083 |
|
|
201,464 |
|
Retained earnings |
2,332,355 |
|
|
2,286,137 |
|
Accumulated other comprehensive income (loss) |
4,586 |
|
|
3,561 |
|
Total
shareholders' equity |
2,607,575 |
|
|
2,555,524 |
|
Total liabilities and shareholders'
equity |
$ |
4,550,031 |
|
|
$ |
4,507,228 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH
|
Three Months Ended December 31, |
(In
thousands) |
2014 |
|
|
2013 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net
income |
$ |
46,218 |
|
|
$ |
83,397 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
Depreciation |
44,575 |
|
|
32,544 |
|
Amortization |
2,504 |
|
|
1,172 |
|
Provision for doubtful accounts and inventory obsolescence |
- |
|
|
430 |
|
Deferred income tax provision (benefit) |
(3,380 |
) |
|
196 |
|
Share-based compensation expense |
4,024 |
|
|
3,354 |
|
Asset
impairment |
60,777 |
|
|
- |
|
(Gain)
loss on sale of assets |
9,806 |
|
|
(1,637 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable |
27,965 |
|
|
26,868 |
|
Income
tax receivable |
(717 |
) |
|
(859 |
) |
Inventories of materials and supplies |
(6,771 |
) |
|
10,842 |
|
Prepaid expenses, deferred costs and other current assets |
5,095 |
|
|
6,458 |
|
Deferred costs and other assets |
62 |
|
|
(8,165 |
) |
Accounts payable |
(14,248 |
) |
|
(13,556 |
) |
Accrued liabilities |
14,866 |
|
|
11,223 |
|
Income
tax payable |
(1,333 |
) |
|
(3,767 |
) |
Deferred credits and other liabilities |
5,263 |
|
|
9,695 |
|
Net
cash provided by operating activities |
194,706 |
|
|
158,195 |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Capital expenditures |
(149,042 |
) |
|
(462,620 |
) |
Proceeds from sale of assets |
1,348 |
|
|
13,277 |
|
Net
cash used in investing activities |
(147,694 |
) |
|
(449,343 |
) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from issuance of long-term debt |
- |
|
|
340,000 |
|
Repayments on short-term debt, net |
(5,931 |
) |
|
(6,046 |
) |
Proceeds from exercise of stock options |
784 |
|
|
823 |
|
Debt
issuance costs paid |
(142 |
) |
|
(72 |
) |
Net
cash (used) provided by financing activities |
(5,289 |
) |
|
334,705 |
|
Net
increase in cash and cash equivalents |
41,723 |
|
|
43,557 |
|
Cash
and cash equivalents, at beginning of period |
80,080 |
|
|
88,770 |
|
Cash
and cash equivalents, at end of period |
$ |
121,803 |
|
|
$ |
132,327 |
|
|
|
|
|
|
|
Non-cash activities: |
|
|
|
|
|
Decrease in accrued liabilities relate to capital expenditures |
$ |
(4,525 |
) |
|
$ |
(11,092 |
) |
Atwood Oceanics, Inc. is a leading
offshore drilling company engaged in the drilling and completion of
exploration and development wells for the global oil and gas
industry. The Company currently owns 12 mobile offshore drilling
units and is constructing two 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."
As part of our ongoing commitment
to our shareholders, Atwood Oceanics uses a variety of Social
Networks sites to disseminate company information. For a full list
of the official Social Media pages for Atwood Oceanics, please
visit the Social Media Disclaimer page of our IR site at:
http://ir.atwd.com/GenPage.aspx?IID=4010374&GKP=210376.
Conference
Call
The Company has scheduled a
conference call and webcast related to its first quarter 2015
results on Wednesday, February 4, 2015, at 10:00 a.m. U.S.
Central Standard Time. Interested parties are invited to listen to
the call by dialing 1-877-876-9177, or internationally
1-785-484-1666, Conference ID - Atwood. Interested parties may also
listen over the Internet through a link posted in the Investor
Relations section of the Company's Web site.
A replay of the conference call
will be available on the Company's Web site following the end of
the live call.
Contact: Mark L. Mey
(281) 749-7902
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Atwood Oceanics, Inc. via Globenewswire
HUG#1891565
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