HOUSTON, Feb. 2, 2011 /PRNewswire/ -- Atwood Oceanics, Inc. , a Houston-based international drilling contractor, announced today that the Company earned net income of $52,850,000 or $0.81 per diluted share, on revenues of $146,286,000 for the quarter ended December 31, 2010 compared to net income of $66,984,000 or $1.03 per diluted share, on revenues of $164,243,000 for the quarter ended December 31, 2009.
FOR THE THREE MONTHS ENDED DECEMBER 31, 2010 2009 ---- ---- Revenues $146,286,000 $164,243,000 Income before Income Taxes 63,240,000 81,255,000 Provision for Income Taxes (10,390,000) (14,271,000) ----------- ----------- Net Income $52,850,000 $66,984,000 =========== =========== Earnings per Common Share - Basic 0.82 1.04 Diluted 0.81 1.03 Weighted Average Shares Outstanding - Basic 64,528,000 64,303,000 Diluted 65,184,000 65,023,000 EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) THREE MONTHS ENDED DECEMBER 31, ------------ 2010 2009 ---- ---- REVENUES: Contract drilling $146,286 $164,243 COSTS AND EXPENSES: Contract drilling 58,344 61,042 Depreciation 8,803 9,713 General and administrative 15,664 11,623 Other, net (61) (87) --- --- 82,750 82,291 ------ ------ OPERATING INCOME 63,536 81,952 ------ ------ OTHER INCOME (EXPENSE) Interest expense, net of capitalized interest (678) (733) Interest income 382 36 --- --- (296) (697) ---- ---- INCOME BEFORE INCOME TAXES 63,240 81,255 PROVISION FOR INCOME TAXES 10,390 14,271 ------ ------ NET INCOME $52,850 $66,984 ======= ======= EARNINGS PER COMMON SHARE: Basic 0.82 1.04 Diluted 0.81 1.03 AVERAGE COMMON SHARES OUTSTANDING: Basic 64,528 64,303 Diluted 65,184 65,023 EXHIBIT 99.3 ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF REVENUES AND DRILLING COSTS (Unaudited) FOR THE THREE MONTHS ENDED DECEMBER 31, 2010 CONTRACT DRILLING REVENUES COSTS -------- ----- (In Millions) Atwood Hunter $49.8 $10.2 Atwood Falcon 40.0 7.7 Atwood Eagle 26.9 17.0 Atwood Aurora 10.8 5.3 Atwood Beacon 10.7 8.9 Vicksburg 8.1 4.1 Seahawk - 1.6 Richmond - 1.0 Atwood Southern Cross - 1.4 Other - 1.1 --- --- $146.3 $58.3 ====== ===== EXHIBIT 99.4 ATWOOD OCEANICS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) DECEMBER 31, SEPTEMBER 30, 2010 2010 ---- ---- ASSETS CURRENT ASSETS: Cash and cash equivalents $200,209 $180,523 Accounts receivable 99,409 96,463 Income tax receivable 7,266 16,052 Inventories of materials and supplies 50,950 52,749 Deferred tax assets - - Prepaid expenses and deferred costs 12,191 14,207 ------ ------ Total Current Assets 370,025 359,994 ------- ------- NET PROPERTY AND EQUIPMENT 1,478,905 1,343,961 LONG TERM ASSETS: Other receivables 15,799 15,799 Deferred costs and other assets 6,675 4,686 ----- ----- 22,474 20,485 ------ ------ $1,871,404 $1,724,440 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $32,660 $37,192 Accrued liabilities 30,470 25,368 Income tax payable 28,501 26,367 Deferred credits 24,970 4,533 ------ ----- Total Current Liabilities 116,601 93,460 ------- ------ LONG-TERM DEBT 300,000 230,000 LONG TERM LIABILITIES: Deferred income taxes 10,639 10,845 Deferred credits 658 2,919 Other 17,367 17,082 ------ ------ 28,664 30,846 ------ ------ COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred stock, no par value; 1,000 shares authorized, none outstanding - - Common stock, $1 par value, 90,000 shares authorized with 64,631 and 64,443 issued and outstanding at December 31, 2010 and September 30, 2010, respectively 64,631 64,443 Paid-in capital 136,062 133,095 Retained earnings 1,225,446 1,172,596 --------- --------- Total Shareholders' Equity 1,426,139 1,370,134 --------- --------- $1,871,404 $1,724,440 ========== ==========
Atwood Oceanics, Inc.
CONTACT: Mark L. Mey of Atwood Oceanics, Inc., +1-281-749-7902
Web Site: http://www.atwd.com/
