HOUSTON, Aug. 2 /PRNewswire-FirstCall/ -- Cal Dive International,
Inc. (NASDAQ:CDIS) reported second quarter net income of $26.0
million, or $0.65 per diluted share. Included in the earnings was a
pre-tax $0.8 million charge for an impairment relating to the sale
of one of the Company's Marine Contracting vessels in July. Also
included in the earnings was a pre-tax $2.8 million impairment
charge for the write-off of the remaining basis in an oil and gas
property that ceased production in the second quarter. Earnings
before these charges was $0.71 per share. Summary of Results (in
thousands, except per share amounts and percentages) Second Quarter
First Quarter Six Months 2005 2004 2005 2005 2004 Revenues $166,531
$127,701 $159,575 $326,106 $248,416 Gross Profit 52,419 41,415
51,873 104,292 73,157 32% 32% 33% 32% 29% Net Income 26,027 18,208
25,411 51,437 31,854 16% 14% 16% 16% 13% Diluted Earnings Per Share
0.65 0.47 0.64 1.28 0.83 Owen Kratz, Chairman and Chief Executive
Officer of Cal Dive, stated, "It is very satisfying and encouraging
to report such strong financial results in a quarter which saw the
regulatory drydockings of the Q4000, Seawell and three other
vessels. This maintenance activity is now largely behind us for the
year and we have good backlogs for most of our fleet in steadily
improving market conditions. "We also completed a significant
mature production property transaction during the quarter that
should help us meet our production target range for the year.
"Following our better than budgeted start to 2005, we now expect
earnings for the year to be in the increased range of $2.80 - $3.20
/ share." Financial Highlights * Revenues: The $38.8 million
increase in year-over-year second quarter revenues was driven
primarily by significant improvements in Marine Contracting
revenues due to improved market conditions, particularly in both
deepwater and shelf subsea construction. * Margins: 32% (34% before
impairment charges) matched the margin of the year-ago quarter as a
significant improvement in subsea construction margins (improved
market conditions) more than offset the decline in well operations
margins (both vessels in regulatory drydock in 2Q 2005). Oil &
gas production margins were down slightly due to the aforementioned
impairment charge. * SG&A: $12.9 million increased slightly
($200,000) from the same period a year ago. This level of SG&A
was 8% of second quarter revenues, compared to 10% a year ago. *
Equity in Earnings: $2.7 million reflects our share of Deepwater
Gateway, L.L.C.'s earnings for the quarter. This reflects a 57%
increase from the first quarter due primarily to the early
retirement of debt in the first quarter which resulted in a
$600,000 charge, net to Cal Dive for the write-off of deferred
financing costs in the first quarter and no interest expense
beginning in the second quarter. * Balance Sheet: During the second
quarter, the Company acquired for $196 million ($163 million cash),
a package of mature oil and gas producing properties from Murphy
Exploration. Total debt as of June 30, 2005 was $443 million. This
represents 43% debt to book capitalization and with $279 million of
EBITDA for the twelve months ended June 30, 2005, this represents
1.6 times trailing twelve month EBITDA. In addition, the Company
had $200 million of unrestricted cash as of June 30, 2005. Subject
to regulatory approval, these funds will be utilized for the
previously announced acquisitions of certain assets of Stolt
Offshore and Torch Offshore. 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 Daylight Time on Wednesday, August
3, 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 Six Months Ended (000's omitted, except per
share June 30, June 30, data) 2005 2004 2005 2004 (unaudited) Net
Revenues $166,531 $127,701 $326,106 $248,416 Cost of Sales 114,112
86,286 221,814 175,259 Gross Profit 52,419 41,415 104,292 73,157
Gain on Sale of Assets, net --- --- 925 --- Selling and
Administrative 12,858 12,663 25,696 23,821 Income from Operations
39,561 28,752 79,521 49,336 Equity in Earnings of Production
Facilities Investments 2,708 1,310 4,437 1,310 Interest Expense,
net & Other 913 1,242 2,102 2,796 Income Before Income Taxes
41,356 28,820 81,856 47,850 Income Tax Provision 14,779 10,228
29,319 15,248 Net Income 26,577 18,592 52,537 32,602 Preferred
Stock Dividends and Accretion 550 384 1,100 748 Net Income
Applicable to Common Shareholders $26,027 $18,208 $51,437 $31,854
Other Financial Data: Income from Operations $39,561 $28,752
$79,521 $49,336 Equity in Earnings of Production Facilities
Investments 2,708 1,310 4,437 1,310 Share of Production Facilities
Investments: Depreciation 997 981 2,007 981 Interest Expense, net
--- 633 1,419 1,267 Depreciation and Amortization: Marine
Contracting 10,510 8,913 19,604 17,813 Oil and Gas Production
18,737 17,268 36,365 34,768 EBITDA (A) $72,513 $57,857 $143,353
$105,475 Weighted Avg. Shares Outstanding: Basic 38,722 38,180
38,647 38,063 Diluted 40,981 39,452 40,925 39,357 Earnings Per
Share: Basic $0.67 $0.48 $1.33 $0.84 Diluted $0.65 $0.47 $1.28
$0.83 (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 Production
Facilities 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) June 30, 2005
Dec. 31, 2004 (unaudited) Current Assets: Cash and equivalents
$199,689 $91,142 Accounts receivable 124,885 114,709 Other current
assets 40,776 48,110 Total Current Assets 365,350 253,961 Net
Property & Equipment: Marine Contracting 408,030 411,596 Oil
and Gas Production 374,470 172,821 Equity Investments in Production
Facilities 153,779 67,192 Goodwill 82,811 84,193 Other assets, net
74,146 48,995 Total Assets $1,458,586 $1,038,758 LIABILITIES &
SHAREHOLDERS' EQUITY June 30, 2005 Dec. 31, 2004 (unaudited)
Current Liabilities: Accounts payable $60,050 $56,047 Accrued
liabilities 89,694 75,502 Current mat of L-T debt (B) 7,332 9,613
Total Current Liabilities 157,076 141,162 Long-term debt (B)
435,252 138,947 Deferred income taxes 151,441 133,777
Decommissioning liabilities 117,089 79,490 Other long term
liabilities 9,757 5,090 Convertible preferred stock (B) 55,000
55,000 Shareholders' equity (B) 532,971 485,292 Total Liabilities
& Equity $1,458,586 $1,038,758 (B) Debt to book capitalization
- 43%. Calculated as total debt ($442,584) divided by sum of total
debt, convertible preferred stock and shareholders' equity
($1,030,555). 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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