Atwood Oceanics Announces 2015 Fourth Quarter and Fiscal Year End Earnings
09 Novembre 2015 - 10:55PM
FOR IMMEDIATE RELEASE -
EARNINGS
HOUSTON, November
9, 2015 -- Atwood Oceanics, Inc. (NYSE: ATW) ("Company"),
announced today that it had earned net income of $150.7 million or
$2.32 per diluted share, on revenues of $363.2 million for the
quarter ended September 30, 2015 compared to net income of
$113.0 million or $1.73 per diluted share on revenues of $330.6
million for the quarter ended June 30, 2015 and 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.
For the twelve months
ended September 30, 2015, the Company earned net income
of $432.6 million or $6.65 per diluted share,
on revenues of $1.40 billion compared to net income
of $340.8 million or $5.24 per diluted share,
on revenues of $1.17 billion for the twelve months
ended September 30, 2014. During the twelve months ended
September 30, 2015, 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, the Company recorded a loss of
approximately $5.5 million ($5.5 million, net of tax, or $0.08 per
diluted share) for the sale of the Atwood
Hunter and 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.
|
For the Three Months Ended |
|
(Unaudited) |
(In thousands, except per share
amounts) |
September 30,
2015 |
|
June 30,
2015 |
|
September 30,
2014 |
Revenues |
$ |
363,176 |
|
|
$ |
330,562 |
|
|
$ |
323,373 |
|
|
|
|
|
|
|
Income before
Income Taxes |
$ |
166,115 |
|
|
$ |
122,539 |
|
|
$ |
126,385 |
|
Provision for Income Taxes |
(15,421 |
) |
|
(9,547 |
) |
|
(14,185 |
) |
Net Income |
$ |
150,694 |
|
|
$ |
112,992 |
|
|
$ |
112,200 |
|
|
|
|
|
|
|
Earnings per
Common Share - |
|
|
|
|
|
Basic |
$ |
2.33 |
|
|
$ |
1.75 |
|
|
$ |
1.74 |
|
Diluted |
$ |
2.32 |
|
|
$ |
1.73 |
|
|
$ |
1.72 |
|
|
For the Twelve Months Ended |
|
(Unaudited) |
(In thousands, except per share
amounts) |
September 30,
2015 |
|
September 30,
2014 |
Revenues |
$ |
1,395,851 |
|
|
$ |
1,173,953 |
|
|
|
|
|
Income before
Income Taxes |
$ |
478,970 |
|
|
$ |
397,293 |
|
Provision for Income Taxes |
(46,397 |
) |
|
(56,471 |
) |
Net Income |
$ |
432,573 |
|
|
$ |
340,822 |
|
|
|
|
|
Earnings per
Common Share - |
|
|
|
Basic |
$ |
6.70 |
|
|
$ |
5.31 |
|
Diluted |
$ |
6.65 |
|
|
$ |
5.24 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
Three Months Ended September 30, |
|
Twelve Months Ended September
30, |
(In thousands, except per share
amounts) |
2015 |
|
2014 |
|
2015 |
|
2014 |
REVENUES: |
|
|
|
|
|
|
|
Contract drilling |
$ |
349,139 |
|
|
$ |
304,853 |
|
|
$ |
1,342,052 |
|
|
$ |
1,103,397 |
|
Revenues
related to reimbursable expenses |
14,037 |
|
|
18,520 |
|
|
53,799 |
|
|
70,556 |
|
Total revenues |
363,176 |
|
|
323,373 |
|
|
1,395,851 |
|
|
1,173,953 |
|
|
|
|
|
|
|
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
Contract
drilling |
118,574 |
|
|
117,413 |
|
|
520,421 |
|
|
506,128 |
|
Reimbursable expenses |
9,110 |
|
|
15,130 |
|
|
38,744 |
|
|
56,225 |
|
Depreciation |
42,310 |
|
|
39,982 |
|
|
171,947 |
|
|
147,358 |
|
General and administrative |
14,610 |
|
|
13,773 |
|
|
57,229 |
|
|
61,461 |
|
Asset
impairment |
- |
|
|
- |
|
|
60,777 |
|
|
- |
|
(Gain) loss on sale of
assets |
(59 |
) |
|
(67 |
) |
|
15,303 |
|
|
(34,139 |
) |
Other, net |
- |
|
|
(49 |
) |
|
- |
|
|
(1,864 |
) |
|
184,545 |
|
|
186,182 |
|
|
864,421 |
|
|
735,169 |
|
|
|
|
|
|
|
|
|
OPERATING
INCOME |
$ |
178,631 |
|
|
$ |
137,191 |
|
|
$ |
531,430 |
|
|
$ |
438,784 |
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
Interest
expense, net of capitalized interest |
(12,523 |
) |
|
(10,871 |
) |
|
(52,551 |
) |
|
(41,803 |
) |
Interest income |
7 |
|
|
65 |
|
|
91 |
|
|
312 |
|
|
(12,516 |
) |
|
(10,806 |
) |
|
(52,460 |
) |
|
(41,491 |
) |
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
166,115 |
|
|
126,385 |
|
|
478,970 |
|
|
397,293 |
|
PROVISION FOR
INCOME TAXES |
15,421 |
|
|
14,185 |
|
|
46,397 |
|
|
56,471 |
|
NET INCOME |
$ |
150,694 |
|
|
$ |
112,200 |
|
|
$ |
432,573 |
|
|
$ |
340,822 |
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE: |
|
|
|
|
|
|
|
Basic |
$ |
2.33 |
|
|
$ |
1.74 |
|
|
$ |
6.70 |
|
|
$ |
5.31 |
|
Diluted |
$ |
2.32 |
|
|
$ |
1.72 |
|
|
$ |
6.65 |
|
|
$ |
5.24 |
|
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
Basic |
64,654 |
|
|
64,352 |
|
|
64,581 |
|
|
64,240 |
|
Diluted |
64,932 |
|
|
65,229 |
|
|
65,030 |
|
|
65,074 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED ANALYSIS OF REVENUES AND DRILLING
COSTS
|
REVENUES |
|
Three Months Ended |
|
Twelve Months Ended |
(In millions) |
September 30,
2015 |
|
June 30,
2015 |
|
September 30,
2014 |
|
September 30,
2015 |
|
September 30,
2014 |
Ultra-Deepwater |
$ |
197 |
|
|
$ |
174 |
|
|
$ |
137 |
|
|
$ |
721 |
|
|
$ |
462 |
|
Deepwater |
79 |
|
|
77 |
|
|
92 |
|
|
336 |
|
|
333 |
|
Jackups |
73 |
|
|
67 |
|
|
76 |
|
|
285 |
|
|
308 |
|
Reimbursable |
14 |
|
|
13 |
|
|
18 |
|
|
54 |
|
|
71 |
|
|
$ |
363 |
|
|
$ |
331 |
|
|
$ |
323 |
|
|
$ |
1,396 |
|
|
$ |
1,174 |
|
|
DRILLING COSTS |
|
Three Months Ended |
|
Twelve Months Ended |
(In millions) |
September 30,
2015 |
|
June 30,
2015 |
|
September 30,
2014 |
|
September 30,
2015 |
|
September 30,
2014 |
Ultra-Deepwater |
$ |
58 |
|
|
$ |
75 |
|
|
$ |
42 |
|
|
$ |
264 |
|
|
$ |
167 |
|
Deepwater |
25 |
|
|
29 |
|
|
43 |
|
|
127 |
|
|
201 |
|
Jackups |
35 |
|
|
29 |
|
|
30 |
|
|
126 |
|
|
132 |
|
Reimbursable |
9 |
|
|
9 |
|
|
15 |
|
|
39 |
|
|
56 |
|
Other |
- |
|
|
1 |
|
|
3 |
|
|
3 |
|
|
6 |
|
|
$ |
127 |
|
|
$ |
143 |
|
|
$ |
133 |
|
|
$ |
559 |
|
|
$ |
562 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par
value) |
September 30,
2015 |
|
September 30,
2014 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Cash |
$ |
113,983 |
|
|
$ |
80,080 |
|
Accounts
receivable |
311,514 |
|
|
242,684 |
|
Income tax receivable |
8,705 |
|
|
6,260 |
|
Inventories of
materials and supplies |
137,998 |
|
|
132,368 |
|
Prepaid expenses, deferred costs
and other current assets |
35,475 |
|
|
36,415 |
|
Total current
assets |
607,675 |
|
|
497,807 |
|
|
|
|
|
Property and
equipment, net |
4,172,132 |
|
|
3,967,028 |
|
|
|
|
|
Other
receivables |
11,831 |
|
|
11,831 |
|
Deferred income taxes |
150 |
|
|
589 |
|
Deferred costs
and other assets |
17,223 |
|
|
29,973 |
|
Total
assets |
$ |
4,809,011 |
|
|
$ |
4,507,228 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
Accounts
payable |
$ |
70,161 |
|
|
$ |
94,315 |
|
Accrued liabilities |
23,572 |
|
|
19,158 |
|
Dividends
payable |
16,164 |
|
|
16,090 |
|
Short-term debt |
- |
|
|
11,885 |
|
Interest
payable |
7,704 |
|
|
8,099 |
|
Income tax payable |
13,906 |
|
|
14,234 |
|
Deferred
credits and other liabilities |
3,941 |
|
|
3,596 |
|
Total current liabilities |
135,448 |
|
|
167,377 |
|
|
|
|
|
Long-term debt |
1,685,946 |
|
|
1,742,122 |
|
Deferred income
taxes |
1,658 |
|
|
783 |
|
Deferred credits |
800 |
|
|
4,100 |
|
Other |
37,989 |
|
|
37,322 |
|
Total long-term liabilities |
1,726,393 |
|
|
1,784,327 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Preferred stock |
- |
|
|
- |
|
Common
stock |
64,654 |
|
|
64,362 |
|
Paid-in capital |
213,096 |
|
|
201,464 |
|
Retained
earnings |
2,670,148 |
|
|
2,286,137 |
|
Accumulated other comprehensive
income |
(728 |
) |
|
3,561 |
|
Total
shareholders' equity |
2,947,170 |
|
|
2,555,524 |
|
Total
liabilities and shareholders' equity |
$ |
4,809,011 |
|
|
$ |
4,507,228 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
|
Twelve Months Ended September
30, |
(In thousands) |
2015 |
|
2014 |
Cash flows from operating activities: |
|
|
|
Net income |
$ |
432,573 |
|
|
$ |
340,822 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
Depreciation |
171,947 |
|
|
147,358 |
|
Amortization |
6,299 |
|
|
8,634 |
|
Provision for doubtful accounts
and inventory obsolescence |
4,286 |
|
|
2,826 |
|
Deferred income
tax benefit |
(2,747 |
) |
|
(1,270 |
) |
Share-based compensation
expense |
12,828 |
|
|
14,691 |
|
Asset
impairment |
60,777 |
|
|
- |
|
(Gain) loss on sale of
assets |
15,303 |
|
|
(34,139 |
) |
Changes in
assets and liabilities: |
|
|
|
Accounts receivable |
(72,575 |
) |
|
(43,965 |
) |
Income tax
receivable |
(2,445 |
) |
|
(1,588 |
) |
Inventories of materials and
supplies |
(19,068 |
) |
|
(17,220 |
) |
Prepaid
expenses, deferred costs and other current assets |
(3,655 |
) |
|
15,463 |
|
Deferred costs and other
assets |
5,917 |
|
|
(11,682 |
) |
Accounts
payable |
(11,967 |
) |
|
1,932 |
|
Accrued liabilities |
1,637 |
|
|
1,647 |
|
Income tax
payable |
(328 |
) |
|
(2,320 |
) |
Deferred credits and other
liabilities |
5,505 |
|
|
21,431 |
|
Net cash
provided by operating activities |
604,287 |
|
|
442,620 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
(448,019 |
) |
|
(975,731 |
) |
Net proceeds
from sale of assets |
(4,402 |
) |
|
61,516 |
|
Net cash used in investing
activities |
(452,421 |
) |
|
(914,215 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Borrowings from
credit facilities |
225,000 |
|
|
700,000 |
|
Repayments on credit
facilities |
(280,000 |
) |
|
(220,000 |
) |
Repayments on
short-term debt, net |
(11,885 |
) |
|
(13,979 |
) |
Dividends paid |
(48,562 |
) |
|
- |
|
Proceeds from
exercise of stock options |
1,064 |
|
|
3,688 |
|
Debt issuance costs paid |
(3,580 |
) |
|
(6,804 |
) |
Net cash (used)
provided by financing activities |
(117,963 |
) |
|
462,905 |
|
Net increase (decrease) in cash
and cash equivalents |
33,903 |
|
|
(8,690 |
) |
Cash and cash
equivalents, at beginning of period |
80,080 |
|
|
88,770 |
|
Cash and cash equivalents, at end
of period |
$ |
113,983 |
|
|
$ |
80,080 |
|
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 11 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 fourth quarter 2015
results on Tuesday, November 10, 2015, at 9:00
a.m. CDT. Interested parties are invited to listen to
the call by dialing 1-800-862-9098, or internationally
1-785-424-1051, Conference ID#: ATWOOD/Password 46118. Interested
parties may also listen over the Internet through a link posted in
the Investor Relations section of the Company's Web site at
http://services.choruscall.com/links/atw151110
A replay of the conference call
will be available on the Company's Web site following the end
of the live call.
Contact: Mark W. Smith
Senior Vice President & CFO
(281) 749-7840
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#1965669
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