HOUSTON, Nov. 15, 2012 /PRNewswire/ -- ATWOOD OCEANICS,
INC., announced today that the Company earned net income of
$95.5 million or $1.45 per diluted share, on revenues of
$252.5 million for the quarter ended
September 30, 2012 compared to net income of $51.7 million or $0.79 per diluted share on revenues of
$178.6 million for the quarter ended
June 30, 2012 and compared to net income of $72.9 million or $1.12 per diluted share, on revenues of
$177.6 million for the quarter ended
September 30, 2011. For the twelve months ended
September 30, 2012, the Company earned net income of
$272.2 million or $4.14 per diluted share, on revenues of
$787.4 million compared to net income
of $271.7 million or $4.15 per diluted share, on revenues of
$645.1 million for the twelve months
ended September 30, 2011.
Rob Saltiel, President & CEO,
commented, "We had an outstanding fourth quarter and full fiscal
year, achieving record revenues and net income for our company in
both time periods. For the quarter, our rig teams achieved
excellent operational and safety performance that yielded strong
revenue recognition, while our fleet transformation progressed with
the successful delivery and start-up of the Atwood Mako and
the successful delivery and mobilization of the Atwood
Condor to the Gulf of Mexico. We also secured our first
drilling services agreement for the Atwood Advantage, and we
committed to build a third ultra-deepwater drillship to join our
growing high-specification rig fleet."
|
FOR THE
THREE MONTHS ENDED
|
|
|
|
(In
thousands)
|
|
|
|
September 30,
2012
|
|
June 30,
2012
|
|
September 30,
2011
|
|
|
|
|
|
|
|
Revenues
|
$
|
252,525
|
|
$
|
178,603
|
|
$
|
177,558
|
|
Income
before Income Taxes
|
109,891
|
|
61,990
|
|
83,918
|
|
Provision
for Income Taxes
|
(14,365
|
|
(10,279
|
|
(10,991
|
|
Net
Income
|
$
|
95,526
|
|
$
|
51,711
|
|
$
|
72,927
|
|
|
|
|
|
|
|
Earnings
per Common Share -
|
|
|
|
|
|
|
Basic
|
1.46
|
|
0.79
|
|
1.13
|
|
Diluted
|
1.45
|
|
0.79
|
|
1.12
|
|
|
|
|
|
|
|
Weighted
Average Shares
|
|
|
|
|
|
|
Outstanding -
|
|
|
|
|
|
|
Basic
|
65,407
|
|
65,362
|
|
64,754
|
|
Diluted
|
65,982
|
|
65,823
|
|
65,403
|
|
ATWOOD
OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Three
months ended September 30,
|
|
Twelve
months ended September 30,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
Contract
drilling
|
$
|
252,525
|
|
$
|
177,558
|
|
$
|
787,421
|
|
$
|
645,076
|
|
|
|
|
|
|
|
|
|
COSTS
AND EXPENSES:
|
|
|
|
|
|
|
|
|
Contract
drilling
|
102,119
|
|
61,815
|
|
347,179
|
|
223,565
|
|
Depreciation
|
24,180
|
|
15,606
|
|
70,599
|
|
43,597
|
|
General
and administrative
|
12,275
|
|
9,927
|
|
49,776
|
|
44,407
|
|
Other,
net
|
(680)
|
|
4,924
|
|
457
|
|
4,847
|
|
137,894
|
|
92,272
|
|
468,011
|
|
316,416
|
|
OPERATING INCOME
|
114,631
|
|
85,286
|
|
319,410
|
|
328,660
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
Interest
expense, net of capitalized interest
|
(4,837)
|
|
(1,493)
|
|
(6,460)
|
|
(4,530)
|
|
Interest
Income
|
97
|
|
125
|
|
354
|
|
717
|
|
(4,740)
|
|
(1,368)
|
|
(6,106)
|
|
(3,813)
|
|
INCOME BEFORE INCOME TAXES
|
109,891
|
|
83,918
|
|
313,304
|
|
324,847
|
|
PROVISION FOR INCOME TAXES
|
14,365
|
|
10,991
|
|
41,133
|
|
53,173
|
|
NET
INCOME
|
$
|
95,526
|
|
$
|
72,927
|
|
$
|
272,171
|
|
$
|
271,674
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
Basic
|
1.46
|
|
1.13
|
|
4.17
|
|
4.20
|
|
Diluted
|
1.45
|
|
1.12
|
|
4.14
|
|
4.15
|
|
AVERAGE
COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
Basic
|
65,407
|
|
64,754
|
|
65,267
|
|
64,754
|
|
Diluted
|
65,982
|
|
65,403
|
|
65,781
|
|
65,403
|
|
ATWOOD
OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING
COSTS
(Unaudited)
|
|
|
|
|
REVENUES
(In
millions)
|
|
Three Months Ended
|
|
Twelve
Months Ended
|
|
September 30,
2012
|
|
June
30,
2012
|
|
September 30,
2011
|
|
September 30,
2012
|
|
September 30,
2011
|
|
Atwood
Condor
|
$
|
36.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36.1
|
|
|
$
|
—
|
|
|
Atwood
Osprey
|
$
|
47.9
|
|
|
$
|
45.0
|
|
|
$
|
43.5
|
|
|
$
|
172.2
|
|
|
$
|
59.9
|
|
|
Atwood
Eagle
|
33.4
|
|
|
31.6
|
|
|
35.4
|
|
|
135.6
|
|
|
139.8
|
|
|
Atwood
Falcon
|
37.2
|
|
|
18.3
|
|
|
35.0
|
|
|
99.8
|
|
|
153.4
|
|
|
Atwood
Hunter
|
51.5
|
|
|
48.2
|
|
|
43.3
|
|
|
195.0
|
|
|
183.4
|
|
|
Atwood
Aurora
|
14.9
|
|
|
14.9
|
|
|
0.6
|
|
|
55.5
|
|
|
29.2
|
|
|
Atwood
Beacon
|
17.6
|
|
|
10.8
|
|
|
11.1
|
|
|
51.5
|
|
|
45.1
|
|
|
Atwood
Mako
|
4.2
|
|
|
—
|
|
|
—
|
|
|
4.3
|
|
|
—
|
|
|
Vicksburg
|
9.2
|
|
|
8.3
|
|
|
8.7
|
|
|
35.4
|
|
|
34.3
|
|
|
Other
|
0.5
|
|
|
1.5
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
$
|
252.5
|
|
|
$
|
178.6
|
|
|
$
|
177.6
|
|
|
$
|
787.4
|
|
|
$
|
645.1
|
|
|
|
|
|
|
CONTRACT DRILLING COSTS
(In
millions)
|
|
Three Months Ended
|
|
Twelve
Months Ended
|
|
September 30,
2012
|
|
June
30,
2012
|
|
September 30,
2011
|
|
September 30,
2012
|
|
September 30,
2011
|
|
Atwood
Condor
|
$
|
15.2
|
|
|
$
|
2.7
|
|
|
$
|
—
|
|
|
$
|
18.9
|
|
|
$
|
—
|
|
|
Atwood
Osprey
|
$
|
17.8
|
|
|
$
|
16.1
|
|
|
$
|
14.6
|
|
|
$
|
66.0
|
|
|
$
|
22.9
|
|
|
Atwood
Eagle
|
14.0
|
|
|
14.9
|
|
|
13.1
|
|
|
61.7
|
|
|
62.5
|
|
|
Atwood
Falcon
|
15.2
|
|
|
21.0
|
|
|
6.5
|
|
|
56.6
|
|
|
29.4
|
|
|
Atwood
Hunter
|
12.8
|
|
|
11.7
|
|
|
13.0
|
|
|
50.4
|
|
|
39.0
|
|
|
Atwood
Aurora
|
6.4
|
|
|
7.4
|
|
|
3.9
|
|
|
31.0
|
|
|
18.5
|
|
|
Atwood
Beacon
|
11.1
|
|
|
7.6
|
|
|
5.1
|
|
|
34.6
|
|
|
28.7
|
|
|
Atwood
Mako
|
3.0
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
|
—
|
|
|
Vicksburg
|
5.6
|
|
|
4.8
|
|
|
4.5
|
|
|
20.8
|
|
|
16.4
|
|
|
Other
|
1.0
|
|
|
1.2
|
|
|
1.1
|
|
|
4.2
|
|
|
6.2
|
|
|
$
|
102.1
|
|
|
$
|
87.4
|
|
|
$
|
61.8
|
|
|
$
|
347.2
|
|
|
$
|
223.6
|
|
|
ATWOOD
OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
(In
thousands)
|
|
|
|
|
|
|
September 30,
2012
|
|
September 30,
2011
|
|
ASSETS
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
$
|
77,871
|
|
$
|
295,002
|
|
Accounts receivable
|
167,186
|
|
87,173
|
|
Income tax receivable
|
5,750
|
|
5,631
|
|
Inventories of materials and supplies
|
80,290
|
|
58,263
|
|
Prepaid expenses and deferred costs
|
39,437
|
|
14,862
|
|
Total current assets
|
370,534
|
|
460,931
|
|
PROPERTY AND EQUIPMENT, net
|
2,537,340
|
|
1,887,321
|
|
LONG
TERM ASSETS:
|
|
|
|
|
Other receivables
|
11,875
|
|
11,875
|
|
Deferred costs and other assets
|
24,013
|
|
15,264
|
|
Total long-term assets
|
35,888
|
|
27,139
|
|
Total assets
|
$
|
2,943,762
|
|
$
|
2,375,391
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Accounts payable
|
$
|
83,592
|
|
$
|
113,021
|
|
Accrued liabilities
|
24,478
|
|
30,680
|
|
Notes payable
|
5,148
|
|
5,461
|
|
Income tax payable
|
9,711
|
|
8,461
|
|
Deferred credits
|
13,738
|
|
1,700
|
|
Total current liabilities
|
136,667
|
|
159,323
|
|
LONG
TERM LIABILITIES:
|
|
|
|
|
Long-term debt
|
830,000
|
|
520,000
|
|
Deferred income taxes
|
8,791
|
|
9,780
|
|
Deferred credits
|
8,928
|
|
7,910
|
|
Other
|
19,954
|
|
25,591
|
|
Total long-term liabilities
|
867,673
|
|
563,281
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
Preferred stock, no par value;
|
|
|
|
|
1,000 shares authorized, none outstanding
|
—
|
|
—
|
|
Common
Stock, $1.00 par value;
|
|
|
|
|
90,000 shares authorized with 65,452 and 64,960
issued and outstanding at September 30, 2012 and 2011,
respectively
|
65,452
|
|
64,960
|
|
Paid-in capital
|
160,540
|
|
145,084
|
|
Retained earnings
|
1,716,441
|
|
1,444,270
|
|
Accumulated other comprehensive loss
|
(3,011)
|
|
(1,527)
|
|
Total shareholders' equity
|
1,939,422
|
|
1,652,787
|
|
Total liabilities and shareholders' equity
|
$
|
2,943,762
|
|
$
|
2,375,391
|
|
Atwood
Oceanics, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
Years
Ended September 30,
|
|
(In
thousands)
|
2012
|
|
2011
|
|
2010
|
|
Cash
flows from operating activities:
|
|
|
|
|
|
|
Net income
|
$
|
272,171
|
|
$
|
271,674
|
|
$
|
256,996
|
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
|
Depreciation
|
70,599
|
|
43,597
|
|
37,030
|
|
Amortization of debt issuance costs
|
3,625
|
|
2,363
|
|
803
|
|
Amortization of deferred items
|
(4,337)
|
|
3,333
|
|
13,755
|
|
Provision for doubtful accounts
|
—
|
|
—
|
|
(65)
|
|
Provision for inventory obsolescence
|
765
|
|
735
|
|
1,123
|
|
Deferred income tax (benefit) expense
|
(989)
|
|
(1,065)
|
|
4,798
|
|
Share-based compensation expense
|
10,402
|
|
6,314
|
|
9,998
|
|
Other, net
|
457
|
|
4,847
|
|
(1,855)
|
|
Change in assets and liabilities:
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable
|
(80,013)
|
|
13,214
|
|
26,187
|
|
Decrease in insurance receivable
|
—
|
|
—
|
|
281
|
|
(Increase) decrease in income tax
receivable
|
(119)
|
|
10,421
|
|
(7,746)
|
|
Increase in inventory
|
(23,395)
|
|
(6,249)
|
|
(3,736)
|
|
(Increase) decrease in prepaid expenses
|
(6,386)
|
|
845
|
|
(179)
|
|
Increase in deferred costs and other
assets
|
(32,597)
|
|
(10,379)
|
|
(10,321)
|
|
Increase (decrease) in accounts payable
|
27,536
|
|
(1,173)
|
|
4,735
|
|
Increase (decrease) in accrued liabilities
|
(7,096)
|
|
4,440
|
|
(854)
|
|
Increase (decrease) in income tax payable
|
1,250
|
|
(17,906)
|
|
(2,700)
|
|
Increase (decrease) in deferred credits and other
liabilities
|
23,730
|
|
14,777
|
|
(21,850
|
|
(16,568)
|
|
68,114
|
|
49,404
|
|
Net Cash Provided by Operating Activities
|
255,603
|
|
339,788
|
|
306,400
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
Capital expenditures
|
(785,083)
|
|
(514,858)
|
|
(187,094)
|
|
Collection of insurance receivable
|
—
|
|
—
|
|
3,607
|
|
Proceeds from sale of assets
|
7,646
|
|
218
|
|
1,504
|
|
Net Cash Used by Investing Activities
|
(777,437)
|
|
(514,640)
|
|
(181,983)
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
|
Proceeds from issuance of bonds
|
450,000
|
|
—
|
|
—
|
|
Principal payments on bank credit
facilities
|
(450,000)
|
|
(55,000)
|
|
(45,000)
|
|
Proceeds from bank credit facilities
|
310,000
|
|
345,000
|
|
—
|
|
Principal payments on notes payable
|
(5,461)
|
|
(3,631)
|
|
—
|
|
Proceeds from notes payable
|
5,148
|
|
9,092
|
|
—
|
|
Debt issuance costs paid
|
(10,530)
|
|
(12,322)
|
|
—
|
|
Proceeds from exercise of stock options
|
5,546
|
|
6,192
|
|
847
|
|
Net Cash Provided (Used) by Financing
Activities
|
304,703
|
|
289,331
|
|
(44,153)
|
|
Net
increase (decrease) in cash and cash equivalents
|
$
|
(217,131)
|
|
$
|
114,479
|
|
$
|
80,264
|
|
Cash and
cash equivalents, at beginning of period
|
$
|
295,002
|
|
$
|
180,523
|
|
$
|
100,259
|
|
Cash and
cash equivalents, at end of period
|
$
|
77,871
|
|
$
|
295,002
|
|
$
|
180,523
|
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 12
mobile offshore drilling units and is constructing three
ultra-deepwater drillships and one high-specification jackups. 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."
SOURCE Atwood Oceanics, Inc.