Atwood Oceanics Announces Fourth Quarter Earnings
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, June 30, September 30,
2012 2012 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 Twelve months ended September
30, 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, June 30, September 30, September 30, September 30,
2012 2012 2011 2012 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, June 30, September 30, September 30, September 30,
2012 2012 2011 2012 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, September 30,
2012 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.
