ATWOOD OCEANICS ANNOUNCES FISCAL 2015 SECOND QUARTER EARNINGS
April 29 2015 - 4:06PM
FOR IMMEDIATE RELEASE -
EARNINGS
HOUSTON, April
29, 2015 -- Atwood Oceanics, Inc. (NYSE: ATW) ("Company"),
announced today that it had earned 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 compared to 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 and compared to net income
of $73.3 million or $1.13 per diluted share, on revenues of $273.1
million for the quarter ended March 31, 2014. For the six months
ended March 31, 2015, the Company earned net income of $168.9
million or $2.60 per diluted share, on revenues of $702.1 million
compared to net income of $156.7 million or $2.41 per diluted
share, on revenues of $557.8 million for the six
months ended March 31, 2014.
During the quarter ended March 31,
2015, the Company recorded a loss of approximately $5.5 million
($5.5 million, net of tax, or $0.08 per diluted share) for the
pending sale of the Atwood Hunter for
recycling. During the quarter ended December 31, 2014, 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 the quarter ended December 31, 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) |
March 31,
2015 |
|
December 31,
2014 |
|
March 31,
2014 |
Revenues |
$ |
350,387 |
|
|
$ |
351,726 |
|
|
$ |
273,097 |
|
|
|
|
|
|
|
Income
before Income Taxes |
$ |
134,976 |
|
|
$ |
55,340 |
|
|
$ |
97,283 |
|
Provision for Income Taxes |
(12,307 |
) |
|
(9,122 |
) |
|
(23,983 |
) |
Net
Income |
$ |
122,669 |
|
|
$ |
46,218 |
|
|
$ |
73,300 |
|
|
|
|
|
|
|
Earnings per Common Share - |
|
|
|
|
|
Basic |
$ |
1.90 |
|
|
$ |
0.72 |
|
|
$ |
1.14 |
|
Diluted |
$ |
1.89 |
|
|
$ |
0.71 |
|
|
$ |
1.13 |
|
|
For the Six
Months Ended |
|
(Unaudited) |
(In
thousands, except per share amounts) |
March 31,
2015 |
|
March 31,
2014 |
Revenues |
$ |
702,113 |
|
|
$ |
557,803 |
|
|
|
|
|
Income
before Income Taxes |
$ |
190,316 |
|
|
$ |
191,543 |
|
Provision for Income Taxes |
(21,429 |
) |
|
(34,846 |
) |
Net
Income |
$ |
168,887 |
|
|
$ |
156,697 |
|
|
|
|
|
Earnings per Common Share - |
|
|
|
Basic |
$ |
2.62 |
|
|
$ |
2.44 |
|
Diluted |
$ |
2.60 |
|
|
$ |
2.41 |
|
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) |
2015 |
|
2014 |
|
2015 |
|
2014 |
REVENUES: |
|
|
|
|
|
|
|
Contract drilling |
$ |
338,621 |
|
|
$ |
260,062 |
|
|
$ |
675,382 |
|
|
$ |
533,619 |
|
Revenues related to reimbursable expenses |
11,766 |
|
|
13,035 |
|
|
26,731 |
|
|
24,184 |
|
Total
revenues |
350,387 |
|
|
273,097 |
|
|
702,113 |
|
|
557,803 |
|
|
|
|
|
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
Contract drilling |
131,124 |
|
|
136,966 |
|
|
267,589 |
|
|
260,128 |
|
Reimbursable expenses |
8,661 |
|
|
9,188 |
|
|
20,568 |
|
|
17,602 |
|
Depreciation |
42,528 |
|
|
37,231 |
|
|
87,103 |
|
|
69,775 |
|
General and administrative |
14,737 |
|
|
15,022 |
|
|
32,146 |
|
|
34,844 |
|
Asset
impairment |
- |
|
|
- |
|
|
60,777 |
|
|
- |
|
(Gain)
loss on sale of assets |
5,529 |
|
|
(32,442 |
) |
|
15,335 |
|
|
(34,079 |
) |
Other,
net |
- |
|
|
(1,602 |
) |
|
- |
|
|
(1,602 |
) |
|
202,579 |
|
|
164,363 |
|
|
483,518 |
|
|
346,668 |
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
$ |
147,808 |
|
|
$ |
108,734 |
|
|
$ |
218,595 |
|
|
$ |
211,135 |
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
Interest expense, net of capitalized interest |
(12,847 |
) |
|
(11,502 |
) |
|
(28,351 |
) |
|
(19,713 |
) |
Interest income |
15 |
|
|
51 |
|
|
72 |
|
|
121 |
|
|
(12,832 |
) |
|
(11,451 |
) |
|
(28,279 |
) |
|
(19,592 |
) |
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
134,976 |
|
|
97,283 |
|
|
190,316 |
|
|
191,543 |
|
PROVISION FOR INCOME TAXES |
12,307 |
|
|
23,983 |
|
|
21,429 |
|
|
34,846 |
|
NET INCOME |
$ |
122,669 |
|
|
$ |
73,300 |
|
|
$ |
168,887 |
|
|
$ |
156,697 |
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE: |
|
|
|
|
|
|
|
Basic |
$ |
1.90 |
|
|
$ |
1.14 |
|
|
$ |
2.62 |
|
|
$ |
2.44 |
|
Diluted |
$ |
1.89 |
|
|
$ |
1.13 |
|
|
$ |
2.60 |
|
|
$ |
2.41 |
|
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
|
|
|
|
Basic |
64,620 |
|
|
64,238 |
|
|
64,513 |
|
|
64,175 |
|
Diluted |
65,048 |
|
|
65,031 |
|
|
65,031 |
|
|
65,028 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED ANALYSIS OF REVENUES AND DRILLING
COSTS
|
REVENUES |
|
Three Months Ended |
|
Six Months Ended |
(In
millions) |
March 31,
2015 |
|
December 31,
2014 |
|
March 31,
2014 |
|
March 31,
2015 |
|
March 31,
2014 |
Ultra-Deepwater |
$ |
183 |
|
|
$ |
167 |
|
|
$ |
120 |
|
|
$ |
350 |
|
|
$ |
207 |
|
Deepwater |
82 |
|
|
98 |
|
|
64 |
|
|
181 |
|
|
172 |
|
Jackups |
73 |
|
|
72 |
|
|
76 |
|
|
145 |
|
|
155 |
|
Reimbursable |
12 |
|
|
15 |
|
|
13 |
|
|
26 |
|
|
24 |
|
|
$ |
350 |
|
|
$ |
352 |
|
|
$ |
273 |
|
|
$ |
702 |
|
|
$ |
558 |
|
|
CONTRACT
DRILLING COSTS |
|
Three Months
Ended |
|
Six Months
Ended |
(In
millions) |
March
31,
2015 |
|
December
31,
2014 |
|
March
31,
2014 |
|
March
31,
2015 |
|
March
31,
2014 |
Ultra-Deepwater |
$ |
68 |
|
|
$ |
63 |
|
|
$ |
46 |
|
|
$ |
131 |
|
|
$ |
81 |
|
Deepwater |
32 |
|
|
41 |
|
|
57 |
|
|
73 |
|
|
105 |
|
Jackups |
30 |
|
|
31 |
|
|
33 |
|
|
61 |
|
|
70 |
|
Reimbursable |
9 |
|
|
12 |
|
|
9 |
|
|
21 |
|
|
18 |
|
Other |
1 |
|
|
1 |
|
|
1 |
|
|
2 |
|
|
4 |
|
|
$ |
140 |
|
|
$ |
148 |
|
|
$ |
146 |
|
|
$ |
288 |
|
|
$ |
278 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In
thousands, except par value) |
March
31,
2015 |
|
September
30,
2014 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Cash |
$ |
90,234 |
|
|
$ |
80,080 |
|
Accounts receivable |
226,695 |
|
|
242,684 |
|
Income
tax receivable |
9,864 |
|
|
6,260 |
|
Inventories of materials and supplies |
134,415 |
|
|
132,368 |
|
Prepaid expenses, deferred costs and other current assets |
28,069 |
|
|
36,415 |
|
Total
current assets |
489,277 |
|
|
497,807 |
|
|
|
|
|
Property and equipment, net |
4,010,691 |
|
|
3,967,028 |
|
|
|
|
|
Other
receivables |
11,831 |
|
|
11,831 |
|
Deferred income taxes |
166 |
|
|
589 |
|
Deferred costs and other assets |
24,317 |
|
|
29,973 |
|
Total assets |
$ |
4,536,282 |
|
|
$ |
4,507,228 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Accounts payable |
$ |
106,150 |
|
|
$ |
94,315 |
|
Accrued liabilities |
20,194 |
|
|
19,158 |
|
Dividends payable |
16,161 |
|
|
16,090 |
|
Short-term debt |
- |
|
|
11,885 |
|
Interest payable |
8,424 |
|
|
8,099 |
|
Income tax payable |
13,924 |
|
|
14,234 |
|
Deferred credits and other liabilities |
4,145 |
|
|
3,596 |
|
Total current liabilities |
168,998 |
|
|
167,377 |
|
|
|
|
|
Long-term debt |
1,606,542 |
|
|
1,742,122 |
|
Deferred income taxes |
822 |
|
|
783 |
|
Deferred credits |
4,532 |
|
|
4,100 |
|
Other |
37,439 |
|
|
37,322 |
|
Total long-term liabilities |
1,649,335 |
|
|
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 64,644 issued and outstanding at March 31, 2015 and 180,000
shares authorized and 64,362 shares issued and outstanding at
September 30, 2014 |
64,644 |
|
|
64,362 |
|
Paid-in capital |
208,264 |
|
|
201,464 |
|
Retained earnings |
2,438,790 |
|
|
2,286,137 |
|
Accumulated other comprehensive income |
6,251 |
|
|
3,561 |
|
Total shareholders' equity |
2,717,949 |
|
|
2,555,524 |
|
Total liabilities and shareholders'
equity |
$ |
4,536,282 |
|
|
$ |
4,507,228 |
|
ATWOOD OCEANICS,
INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH
|
Six Months
Ended March 31, |
(In
thousands) |
2015 |
|
2014 |
Cash flows from operating activities: |
|
|
|
Net
income |
$ |
168,887 |
|
|
$ |
156,697 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation |
87,103 |
|
|
69,775 |
|
Amortization |
3,761 |
|
|
4,513 |
|
Provision for doubtful accounts and inventory obsolescence |
160 |
|
|
1,539 |
|
Deferred income tax benefit |
(3,512 |
) |
|
(649 |
) |
Share-based compensation expense |
8,119 |
|
|
7,725 |
|
Asset
impairment |
60,777 |
|
|
- |
|
(Gain)
loss on sale of assets |
15,335 |
|
|
(34,079 |
) |
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
15,829 |
|
|
(39,559 |
) |
Income
tax receivable |
(3,604 |
) |
|
(1,543 |
) |
Inventories of materials and supplies |
(17,110 |
) |
|
(8,097 |
) |
Prepaid expenses, deferred costs and other current assets |
9,789 |
|
|
9,524 |
|
Deferred costs and other assets |
(357 |
) |
|
(26,568 |
) |
Accounts payable |
2,825 |
|
|
(8,617 |
) |
Accrued liabilities |
(3,691 |
) |
|
(1,158 |
) |
Income
tax payable |
(310 |
) |
|
3,091 |
|
Deferred credits and other liabilities |
5,747 |
|
|
34,910 |
|
Net
cash provided by operating activities |
349,748 |
|
|
167,504 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
(177,130 |
) |
|
(497,634 |
) |
Proceeds from sale of assets |
2,524 |
|
|
57,517 |
|
Net
cash used in investing activities |
(174,606 |
) |
|
(440,117 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Proceeds from issuance of long-term debt |
- |
|
|
340,000 |
|
Principal payments on long-term debt |
(135,000 |
) |
|
(90,000 |
) |
Repayments on short-term debt, net |
(11,885 |
) |
|
(8,071 |
) |
Dividends paid |
(16,163 |
) |
|
- |
|
Proceeds from exercise of stock options |
1,186 |
|
|
1,651 |
|
Debt
issuance costs paid |
(3,126 |
) |
|
(102 |
) |
Net
cash (used) provided by financing activities |
(164,988 |
) |
|
243,478 |
|
Net
increase (decrease) in cash and cash equivalents |
10,154 |
|
|
(29,135 |
) |
Cash
and cash equivalents, at beginning of period |
80,080 |
|
|
88,770 |
|
Cash
and cash equivalents, at end of period |
$ |
90,234 |
|
|
$ |
59,635 |
|
|
|
|
|
Non-cash activities: |
|
|
|
Increase in accounts payable and accrued liabilities related to
capital expenditures |
$ |
3,020 |
|
|
$ |
1,375 |
|
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 second quarter 2015
results on Thursday, April 30, 2015, at 9:00 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#1917026
Atwood Oceanics (NYSE:ATW)
Historical Stock Chart
From Aug 2024 to Sep 2024
Atwood Oceanics (NYSE:ATW)
Historical Stock Chart
From Sep 2023 to Sep 2024