ATWOOD OCEANICS ANNOUNCES FISCAL 2016 FIRST QUARTER EARNINGS
05 Mai 2016 - 10:26PM
FOR IMMEDIATE RELEASE -
EARNINGS
HOUSTON, May 5,
2016 -- Atwood Oceanics, Inc. (NYSE: ATW) ("Company"),
announced today that it had earned net income of $122.4 million or
$1.89 per diluted share, on revenues of $296.4 million for the
quarter ended March 31, 2016 compared to net income of $39.1
million or $0.60 per diluted share on revenues of $307.8 million
for the quarter ended December 31, 2015 and compared to net income
of $122.7 million or $1.89 per diluted share, on revenues of $350.4
million for the quarter ended March 31, 2015. For the six months
ended March 31, 2016, the Company earned net income of $161.5
million or $2.49 per diluted share, on revenues of $604.2 million
compared to net income of $168.9 million or $2.60 per diluted
share, on revenues of $702.1 million for the six months ended March
31, 2015.
During the three months ended
March 31, 2016, we repurchased, through open market transactions,
$13.5 million aggregate principal of our Senior Notes at an
aggregate cost of $5.1 million, including a minimal amount of
accrued interest, representing an average discount of
62.2%. As a result of the repurchases, we recognized a gain on
debt retirement, net of the related debt issuance costs, of $8.4
million (or $0.13 per diluted share) in Gains on extinguishment of
debt on the Condensed Consolidated Statement of Operations for the
three and six months ended March 31, 2016. In April 2016, we
completed additional repurchases of $140.7 million aggregate
principal amount of our Senior Notes for $94.0 million, including
$2.3 million of accrued interest, representing an average discount
of 34.8%.
These repurchases, both in the
period ended March 31, 2016 and in April 2016, allowed us to reduce
our outstanding indebtedness and related interest expense at a
significant discount to the face value of our Senior Notes. The
gain associated with the repurchases is subject to tax and will
increase our effective tax rate. However, due to the availability
of operating loss carry-forwards the actual cash tax impact will be
minimal. The repurchases were made using available cash balances.
Following these repurchases, the Company has $495.8 million Senior
Notes outstanding.
On April 13, 2016, the Atwood Falcon sale and recycling transaction closed and
title of the vessel and associated equipment and machinery
transferred to the buyer. The estimated loss on sale of the
Atwood Falcon of $0.7 million is recognized in
the three and six months ended March 31, 2016.
|
For the Three
Months Ended |
|
(Unaudited) |
(In
thousands, except per share amounts) |
March 31,
2016 |
|
December 31,
2015 |
|
March 31,
2015 |
Revenues |
$ |
296,351 |
|
|
$ |
307,819 |
|
|
$ |
350,387 |
|
Income
before Income Taxes |
136,426 |
|
|
50,295 |
|
|
134,976 |
|
Provision for Income Taxes |
(13,989 |
) |
|
(11,214 |
) |
|
(12,307 |
) |
Net
Income |
$ |
122,437 |
|
|
$ |
39,081 |
|
|
$ |
122,669 |
|
|
|
|
|
|
|
Earnings per Common Share - |
|
|
|
|
|
Basic |
$ |
1.89 |
|
|
$ |
0.60 |
|
|
$ |
1.90 |
|
Diluted |
$ |
1.89 |
|
|
$ |
0.60 |
|
|
$ |
1.89 |
|
|
|
|
For the Six
Months Ended |
|
|
|
(Unaudited) |
(In
thousands, except per share amounts) |
|
|
March 31,
2016 |
|
March 31,
2015 |
Revenues |
|
|
$ |
604,170 |
|
|
$ |
702,113 |
|
Income
before Income Taxes |
|
|
186,721 |
|
|
190,316 |
|
Provision for Income Taxes |
|
|
(25,203 |
) |
|
(21,429 |
) |
Net
Income |
|
|
$ |
161,518 |
|
|
$ |
168,887 |
|
|
|
|
|
|
|
Earnings per Common Share - |
|
|
|
|
|
Basic |
|
|
$ |
2.49 |
|
|
$ |
2.62 |
|
Diluted |
|
|
$ |
2.49 |
|
|
$ |
2.60 |
|
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) |
2016 |
|
2015 |
|
2016 |
|
2015 |
REVENUES: |
|
|
|
|
|
|
|
Contract drilling |
$ |
282,546 |
|
|
$ |
338,621 |
|
|
$ |
577,161 |
|
|
$ |
675,382 |
|
Revenues related to reimbursable expenses |
13,805 |
|
|
11,766 |
|
|
27,009 |
|
|
26,731 |
|
Total
revenues |
296,351 |
|
|
350,387 |
|
|
604,170 |
|
|
702,113 |
|
|
|
|
|
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
Contract drilling |
89,918 |
|
|
131,124 |
|
|
220,570 |
|
|
267,589 |
|
Reimbursable expenses |
9,123 |
|
|
8,661 |
|
|
17,409 |
|
|
20,568 |
|
Depreciation |
41,053 |
|
|
42,528 |
|
|
83,880 |
|
|
87,103 |
|
General and administrative |
11,488 |
|
|
14,737 |
|
|
26,665 |
|
|
32,146 |
|
Asset impairment |
708 |
|
|
- |
|
|
65,432 |
|
|
60,777 |
|
Loss
on sale of assets |
77 |
|
|
5,529 |
|
|
77 |
|
|
15,335 |
|
Other, net |
(1,137 |
) |
|
- |
|
|
(1,060 |
) |
|
- |
|
|
151,230 |
|
|
202,579 |
|
|
412,973 |
|
|
483,518 |
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
145,121 |
|
|
147,808 |
|
|
191,197 |
|
|
218,595 |
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
Interest expense, net of capitalized interest |
(17,098 |
) |
|
(12,847 |
) |
|
(30,859 |
) |
|
(28,351 |
) |
Interest income |
6 |
|
|
15 |
|
|
10 |
|
|
72 |
|
Gains on extinguishment of debt
|
8,397 |
|
|
- |
|
|
8,397 |
|
|
- |
|
Other
income |
- |
|
|
- |
|
|
17,976 |
|
|
- |
|
|
(8,695 |
) |
|
(12,832 |
) |
|
(4,476 |
) |
|
(28,279 |
) |
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES |
136,426 |
|
|
134,976 |
|
|
186,721 |
|
|
190,316 |
|
PROVISION FOR INCOME TAXES |
13,989 |
|
|
12,307 |
|
|
25,203 |
|
|
21,429 |
|
NET INCOME |
$ |
122,437 |
|
|
$ |
122,669 |
|
|
$ |
161,518 |
|
|
$ |
168,887 |
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE (NOTE
2): |
|
|
|
|
|
|
|
Basic |
$ |
1.89 |
|
|
$ |
1.90 |
|
|
$ |
2.49 |
|
|
$ |
2.62 |
|
Diluted |
$ |
1.89 |
|
|
$ |
1.89 |
|
|
$ |
2.49 |
|
|
$ |
2.60 |
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (NOTE
2): |
|
|
|
|
|
|
|
Basic |
64,781 |
|
|
64,620 |
|
|
64,739 |
|
|
64,513 |
|
Diluted |
64,825 |
|
|
65,048 |
|
|
64,870 |
|
|
65,031 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED ANALYSIS OF REVENUES AND DRILLING
COSTS
|
REVENUES |
|
Three Months Ended |
|
Six Months Ended |
(In
millions) |
March 31,
2016 |
|
December 31,
2015 |
|
March 31,
2015 |
|
March 31,
2016 |
|
March 31,
2015 |
Ultra-Deepwater |
$ |
189 |
|
|
$ |
182 |
|
|
$ |
183 |
|
|
$ |
371 |
|
|
$ |
350 |
|
Deepwater |
59 |
|
|
72 |
|
|
82 |
|
|
131 |
|
|
181 |
|
Jackups |
34 |
|
|
41 |
|
|
73 |
|
|
75 |
|
|
145 |
|
Reimbursable |
14 |
|
|
13 |
|
|
12 |
|
|
27 |
|
|
26 |
|
|
$ |
296 |
|
|
$ |
308 |
|
|
$ |
350 |
|
|
$ |
604 |
|
|
$ |
702 |
|
|
DRILLING COSTS |
|
Three Months Ended |
|
Six Months Ended |
(In
millions) |
March 31,
2016 |
|
December 31,
2015 |
|
March 31,
2015 |
|
March 31,
2016 |
|
March 31,
2015 |
Ultra-Deepwater |
$ |
54 |
|
|
$ |
61 |
|
|
$ |
68 |
|
|
$ |
115 |
|
|
$ |
131 |
|
Deepwater |
19 |
|
|
43 |
|
|
32 |
|
|
62 |
|
|
73 |
|
Jackups |
19 |
|
|
26 |
|
|
30 |
|
|
45 |
|
|
61 |
|
Reimbursable |
9 |
|
|
8 |
|
|
9 |
|
|
17 |
|
|
21 |
|
Other |
(2 |
) |
|
1 |
|
|
1 |
|
|
(1 |
) |
|
2 |
|
|
$ |
99 |
|
|
$ |
139 |
|
|
$ |
140 |
|
|
$ |
238 |
|
|
$ |
288 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In
thousands, except par value) |
March 31,
2016 |
|
September 30,
2015 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Cash |
$ |
226,812 |
|
|
$ |
113,983 |
|
Accounts receivable, net |
240,740 |
|
|
311,514 |
|
Income
tax receivable |
8,198 |
|
|
8,705 |
|
Inventories of materials and supplies, net |
110,029 |
|
|
137,998 |
|
Prepaid expenses, deferred costs and other current assets |
18,790 |
|
|
33,735 |
|
Total current assets |
604,569 |
|
|
605,935 |
|
|
|
|
|
Property and equipment, net |
4,209,558 |
|
|
4,172,132 |
|
|
|
|
|
Other receivables |
11,831 |
|
|
11,831 |
|
Deferred income taxes |
150 |
|
|
150 |
|
Deferred costs and other assets |
8,884 |
|
|
11,285 |
|
Total assets |
$ |
4,834,992 |
|
|
$ |
4,801,333 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Accounts payable |
$ |
43,878 |
|
|
$ |
70,161 |
|
Accrued liabilities |
19,294 |
|
|
23,572 |
|
Dividends payable |
- |
|
|
16,164 |
|
Interest payable |
8,222 |
|
|
7,704 |
|
Income tax payable |
20,440 |
|
|
13,906 |
|
Deferred credits and other liabilities |
3,834 |
|
|
3,941 |
|
Total current liabilities |
95,668 |
|
|
135,448 |
|
|
|
|
|
Long-term debt |
1,595,018 |
|
|
1,678,268 |
|
Deferred income taxes |
1,096 |
|
|
1,658 |
|
Deferred credits |
71 |
|
|
800 |
|
Other |
38,032 |
|
|
37,989 |
|
Total long-term liabilities |
1,634,217 |
|
|
1,718,715 |
|
|
|
|
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
|
|
Preferred stock, no par value, 1,000 shares
authorized, none outstanding |
- |
|
|
- |
|
Common
stock, $1.00 par value, 180,000 shares authorized with 64,794
issued and outstanding as of March 31, 2016 and 180,000 shares
authorized and 64,654 shares issued and outstanding as of September
30, 2015 |
64,794 |
|
|
64,654 |
|
Paid-in capital |
217,037 |
|
|
213,096 |
|
Retained earnings |
2,826,084 |
|
|
2,670,148 |
|
Accumulated other comprehensive income |
(2,808 |
) |
|
(728 |
) |
Total
shareholders' equity |
3,105,107 |
|
|
2,947,170 |
|
Total liabilities and
shareholders' equity |
$ |
4,834,992 |
|
|
$ |
4,801,333 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
|
Six Months Ended March 31, |
(In
thousands) |
2016 |
|
2015 |
Cash flows from operating
activities: |
|
|
|
Net
income |
$ |
161,518 |
|
|
$ |
168,887 |
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
Depreciation |
83,880 |
|
|
87,103 |
|
Amortization |
1,596 |
|
|
3,761 |
|
Provision for doubtful accounts |
1,141 |
|
|
160 |
|
Deferred income tax benefit |
(650 |
) |
|
(3,512 |
) |
Share-based compensation expense |
5,009 |
|
|
8,119 |
|
Asset impairment |
65,432 |
|
|
60,777 |
|
Loss
on sale of assets |
77 |
|
|
15,335 |
|
(Gain) on extinguishment of debt |
(8,386 |
) |
|
- |
|
Other,
net |
(1,137 |
) |
|
- |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
62,963 |
|
|
15,829 |
|
Income tax receivable |
507 |
|
|
(3,604 |
) |
Inventories of materials and supplies |
16,187 |
|
|
(17,110 |
) |
Prepaid expenses, deferred costs and other current
assets |
14,709 |
|
|
9,789 |
|
Deferred costs and other assets |
(1,381 |
) |
|
(357 |
) |
Accounts payable |
(25,306 |
) |
|
2,825 |
|
Accrued liabilities |
(3,760 |
) |
|
(3,691 |
) |
Income tax payable |
6,534 |
|
|
(310 |
) |
Deferred credits and other liabilities |
1,220 |
|
|
5,747 |
|
Net cash provided by operating activities |
380,153 |
|
|
349,748 |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Capital expenditures |
(176,175 |
) |
|
(177,130 |
) |
Proceeds from sale of assets |
6,681 |
|
|
2,524 |
|
Net
cash used in investing activities |
(169,494 |
) |
|
(174,606 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Proceeds from borrowing of long-term debt |
45,000 |
|
|
- |
|
Principal repayments on long-term debt |
(120,156 |
) |
|
(135,000 |
) |
Repayments on short-term debt, net |
- |
|
|
(11,885 |
) |
Dividends paid |
(21,746 |
) |
|
(16,163 |
) |
Proceeds (payments) related to exercise of stock
options |
(928 |
) |
|
1,186 |
|
Debt
issuance costs paid |
- |
|
|
(3,126 |
) |
Net cash used by financing activities |
(97,830 |
) |
|
(164,988 |
) |
Net
increase in cash and cash equivalents |
112,829 |
|
|
10,154 |
|
Cash and cash equivalents, at beginning of
period |
113,983 |
|
|
80,080 |
|
Cash and cash equivalents, at end of
period |
$ |
226,812 |
|
|
$ |
90,234 |
|
|
|
|
|
Non-cash activities: |
|
|
|
Increase (decrease) in accounts payable and accrued
liabilities related to capital expenditures |
$ |
950 |
|
|
$ |
3,020 |
|
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 10 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." For more information about the
Company, please visit www.atwd.com.
Conference
Call
The Company has scheduled a
conference call and webcast related to its second quarter 2016
results on Friday, May 6, 2016, at 8:00 A.M. CDT (9:00 A.M.
EDT). 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 34972. 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 W. Smith
Senior Vice President and Chief Financial Officer
(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#2010252
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