HOUSTON, Nov. 1 /PRNewswire-FirstCall/ -- Cal Dive International,
Inc. (NASDAQ:CDIS) reported third quarter net income of $42.7
million, or $1.05 per diluted share. This represents a 78%
improvement over last year's third quarter results. The Company
sustained damage to certain of its oil and gas production
facilities in Hurricanes Katrina and Rita. The Company estimates
total repair and inspection costs resulting from the hurricanes
will range from $5 million to $8 million, net of insurance
reimbursement. These costs, and any related insurance
reimbursements, will be recorded as incurred over the next year.
Summary of Results (in thousands, except per share amounts and
percentages) Third Qtr Second Qtr Nine Months 2005 2004 2005 2005
2004 Revenues $209,338 $131,987 $166,531 $535,444 $380,403 Gross
Profit 82,928 45,726 52,419 187,220 118,883 40% 35% 32% 35% 31% Net
Income 42,671 22,794 26,027 94,108 54,647 20% 17% 16% 18% 14%
Diluted Earnings Per Share 1.05 0.59 0.65 2.34 1.41 Owen Kratz,
Chairman and Chief Executive Officer of Cal Dive, stated, "The two
hurricanes that occurred during the quarter severely tested the
resilience of our people and I am very pleased to report that they
passed with flying colors. "Due to the strength of our business
model, we produced another record quarter for both earnings and
cash flow despite deferring around 12 cents per share of income
related to delayed production revenues. It was particularly
satisfying to see the Marine Contracting division have such a
strong quarter even though the incremental benefit from hurricane
related work did not start until late in the period. "The outlook
for Q4 is for the Marine Contracting division to perform well
again, especially with the introduction of several of the recently
acquired assets, offsetting income deferrals resulting from
hurricane related shut-ins for both the Oil and Gas division and
the Production Facilities division. Based on this outlook we expect
2005 earnings to fall in the range of $3.15 - $3.35 per share."
Financial Highlights * Revenues: The $77.4 million increase in
year-over-year third quarter revenues was driven primarily by
significant improvements in Marine Contracting revenues due to much
better market conditions, particularly in both deepwater and shelf
subsea construction. * Margins: 40% was five points better than the
year-ago quarter due to a significant increase in Marine
Contracting margins driven by improved market conditions. *
SG&A: $15.9 million increased $5.0 million from the same period
a year ago due primarily to additional incentive compensation
accruals as a result of improved profitability. This level of
SG&A was 8% of third quarter revenues, consistent with the year
ago level. * Equity in Earnings: $3.7 million reflects primarily
our share of Deepwater Gateway, L.L.C.'s earnings for the quarter.
This reflects only a $600,000 increase from the second quarter as
the anticipated ramp up with K2 coming online at the Marco Polo
facility was offset by downtime caused by the hurricanes. * Balance
Sheet: During the third quarter, the Company acquired seven vessels
from Torch Offshore, including the Midnight Express for $85.4
million. Total debt as of September 30, 2005 was $443 million. This
represents 42% debt to book capitalization and with $316 million of
EBITDA for the twelve months ended September 30, 2005, this
represents 1.4 times trailing twelve month EBITDA. In addition, the
Company had $150 million of unrestricted cash as of September 30,
2005. Most of these funds will be utilized for the previously
announced acquisition of certain assets of Stolt Offshore, which
the DOJ cleared last month. Further details are provided in the
presentation for Cal Dive's quarterly conference call (see the
Investor Relations page of http://www.caldive.com/ ). The call,
scheduled for 9:00 a.m. Central Standard Time on Wednesday,
November 2, 2005, will be webcast live. A replay will be available
from the Audio Archives page. Cal Dive International, Inc.,
headquartered in Houston, Texas, is an energy service company which
provides alternate solutions to the oil and gas industry worldwide
for marginal field development, alternative development plans,
field life extension and abandonment, with service lines including
marine diving services, robotics, well operations, facilities
ownership and oil and gas production. This press release and
attached presentation contain forward-looking statements that
involve risks, uncertainties and assumptions that could cause our
results to differ materially from those expressed or implied by
such forward-looking statements. All statements, other than
statements of historical fact, are statements that could be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, any projections of revenue, gross margin, expenses,
earnings or losses from operations, or other financial items; any
statements of the plans, strategies and objectives of management
for future operations; any statement concerning developments,
performance or industry rankings relating to services; any
statements regarding future economic conditions or performance; any
statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. The risks,
uncertainties and assumptions referred to above include the
performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and
economic developments, and other risks described from time to time
in our reports filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ending December 31, 2004. We assume no obligation and do not intend
to update these forward-looking statements. CAL DIVE INTERNATIONAL,
INC. Comparative Condensed Consolidated Statements of Operations
Three Months Ended Nine Months Ended Sept. 30, Sept. 30, (000's
omitted, except per share data) 2005 2004 2005 2004 (unaudited) Net
Revenues $209,338 $131,987 $535,444 $380,403 Cost of Sales 126,410
86,261 348,224 261,520 Gross Profit 82,928 45,726 187,220 118,883
Gain on Sale of Assets, net 329 --- 1,254 --- Selling and
Administrative 15,892 10,926 41,588 34,746 Income from Operations
67,365 34,800 146,886 84,137 Equity in Earnings of Investments
3,721 3,062 8,158 4,372 Interest Expense, net & Other 2,766 838
4,868 3,635 Income Before Income Taxes 68,320 37,024 150,176 84,874
Income Tax Provision 25,099 13,237 54,418 28,486 Net Income 43,221
23,787 95,758 56,388 Preferred Stock Dividends and Accretion 550
993 1,650 1,741 Net Income Applicable to Common Shareholders
$42,671 $22,794 $94,108 $54,647 Other Financial Data: Income from
Operations $67,365 $34,800 $146,886 $84,137 Equity in Earnings of
Investments 3,721 3,062 8,158 4,372 Share of Equity Investments:
Depreciation 1,200 1,004 3,207 1,985 Interest Expense, net 143 707
1,562 1,974 Depreciation and Amortization: Marine Contracting
10,033 9,049 29,637 26,862 Oil and Gas Production 18,713 17,316
55,078 52,083 EBITDA (A) $101,175 $65,938 $244,528 $171,413
Weighted Avg. Shares Outstanding: Basic 38,763 38,294 38,686 38,141
Diluted 41,080 39,418 40,981 39,413 Earnings Per Share: Basic $1.10
$0.60 $2.43 $1.43 Diluted $1.05 $0.59 $2.34 $1.41 (A) The Company
calculates EBITDA as earnings before net interest expense, taxes,
depreciation and amortization (which includes non-cash asset
impairments) and the Company's share of depreciation and net
interest expense from its Equity Investments. EBITDA and EBITDA
margin (defined as EBITDA divided by net revenue) are supplemental
non-GAAP financial measurements used by CDI and investors in the
marine construction industry in the evaluation of its business due
to the measurements being similar to income from operations.
Comparative Condensed Consolidated Balance Sheets ASSETS (000's
omitted) Sept. 30, 2005 Dec. 31, 2004 (unaudited) Current Assets:
Cash and equivalents $150,497 $91,142 Accounts receivable 148,961
114,709 Other current assets 69,232 48,110 Total Current Assets
368,690 253,961 Net Property & Equipment: Marine Contracting
490,082 411,596 Oil and Gas Production 378,124 172,821 Equity
Investments 168,198 67,192 Goodwill 82,476 84,193 Other assets, net
72,329 48,995 Total Assets $1,559,899 $1,038,758 LIABILITIES &
SHAREHOLDERS' EQUITY Sept. 30, 2005 Dec. 31, 2004 (unaudited)
Current Liabilities: Accounts payable $81,612 $56,047 Accrued
liabilities 109,818 75,502 Current mat of L-T debt (B) 6,566 9,613
Total Current Liabilities 197,996 141,162 Long-term debt (B)
435,949 138,947 Deferred income taxes 177,453 133,777
Decommissioning liabilities 118,344 79,490 Other long term
liabilities 11,623 5,090 Convertible preferred stock (B) 55,000
55,000 Shareholders' equity (B) 563,534 485,292 Total Liabilities
& Equity $1,559,899 $1,038,758 (B) Debt to book capitalization
- 42%. Calculated as total debt ($442,515) divided by sum of total
debt, convertible preferred stock and shareholders' equity
($1,061,049). DATASOURCE: Cal Dive International, Inc. CONTACT:
Wade Pursell, Chief Financial Officer of Cal Dive International,
Inc., +1-281-618-0400, or fax, +1-281-618-0505 Web site:
http://www.caldive.com/
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