HOUSTON, May 3, 2011 /PRNewswire/ -- ATWOOD OCEANICS, INC. (NYSE: ATW), a Houston-based international drilling contractor, announced today that the Company earned net income of $70,611,000 or $1.08 per diluted share, on revenues of $159,085,000 for the quarter ended March 31, 2011 compared to net income of $66,755,000 or $1.03 per diluted share, on revenues of $159,069,000 for the quarter ended March 31, 2010. For the six months ended March 31, 2011, the Company earned net income of $123,462,000 or $1.89 per diluted share, on revenues of $305,371,000 compared to net income of $133,739,000 or $2.06 per diluted share, on revenues of $323,312,000 for the six months ended March 31, 2010.
For the Three Months Ended March 31, | ||||
2011 | 2010 | |||
Revenues | $159,085,000 | $159,069,000 | ||
Income before Income Taxes | 90,485,000 | 77,018,000 | ||
Provision for Income Taxes | (19,874,000) | (10,263,000) | ||
Net Income | 70,611,000 | 66,755,000 | ||
Earnings per Common Share - | ||||
Basic | 1.09 | 1.04 | ||
Diluted | 1.08 | 1.03 | ||
Weighted Average Shares | ||||
Outstanding - | ||||
Basic | 64,720,000 | 64,396,000 | ||
Diluted | 65,409,000 | 65,103,000 | ||
For the Six Months Ended March 31, | ||||
2011 | 2010 | |||
Revenues | $305,371,000 | $323,312,000 | ||
Income before Income Taxes | 153,726,000 | 158,273,000 | ||
Provision for Income Taxes | (30,264,000) | (24,534,000) | ||
Net Income | 123,462,000 | 133,739,000 | ||
Earnings per Common Share - | ||||
Basic | 1.91 | 2.08 | ||
Diluted | 1.89 | 2.06 | ||
Weighted Average Shares | ||||
Outstanding - | ||||
Basic | 64,624,000 | 64,349,000 | ||
Diluted | 65,297,000 | 65,063,000 | ||
ATWOOD OCEANICS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||
2011 | 2010 | 2011 | 2010 | |||||
REVENUES: | ||||||||
Contract drilling | $159,085 | $159,069 | $305,371 | $323,312 | ||||
COSTS AND EXPENSES: | ||||||||
Contract drilling | 50,402 | 62,769 | 108,746 | 123,811 | ||||
Depreciation | 8,794 | 9,643 | 17,596 | 19,356 | ||||
General and administrative | 9,074 | 9,721 | 24,738 | 21,344 | ||||
Other, net | (16) | (612) | (77) | (699) | ||||
68,254 | 81,521 | 151,003 | 163,812 | |||||
OPERATING INCOME | 90,831 | 77,548 | 154,368 | 159,500 | ||||
OTHER INCOME (EXPENSE) | ||||||||
Interest expense, net of capitalized interest | (459) | (579) | (1,137) | (1,312) | ||||
Interest income | 113 | 49 | 495 | 85 | ||||
(346) | (530) | (642) | (1,227) | |||||
INCOME BEFORE INCOME TAXES | 90,485 | 77,018 | 153,726 | 158,273 | ||||
PROVISION FOR INCOME TAXES | 19,874 | 10,263 | 30,264 | 24,534 | ||||
NET INCOME | $ 70,611 | $ 66,755 | $123,462 | $133,739 | ||||
EARNINGS PER COMMON SHARE: | ||||||||
Basic | 1.09 | 1.04 | 1.91 | 2.08 | ||||
Diluted | 1.08 | 1.03 | 1.89 | 2.06 | ||||
AVERAGE COMMON SHARES OUTSTANDING: | ||||||||
Basic | 64,720 | 64,396 | 64,624 | 64,349 | ||||
Diluted | 65,409 | 65,103 | 65,297 | 65,063 | ||||
ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF REVENUES AND DRILLING COSTS (Unaudited) | |||||
FOR THE THREE MONTHS ENDED | |||||
MARCH 31, 2011 | |||||
CONTRACT | |||||
DRILLING | |||||
REVENUES | COSTS | ||||
(In Millions) | |||||
Atwood Hunter | $ 50.0 | $ 8.6 | |||
Atwood Falcon | 39.5 | 7.4 | |||
Atwood Eagle | 38.0 | 15.7 | |||
Atwood Aurora | 11.7 | 5.5 | |||
Atwood Beacon | 11.2 | 7.5 | |||
Vicksburg | 8.7 | 4.2 | |||
Richmond | - | 0.4 | |||
Seahawk | - | 0.3 | |||
Atwood Southern Cross | - | 0.7 | |||
Other | - | 0.1 | |||
$ 159.1 | $ 50.4 | ||||
FOR THE SIX MONTHS ENDED | |||||
MARCH 31, 2011 | |||||
CONTRACT | |||||
DRILLING | |||||
REVENUES | COSTS | ||||
(In Millions) | |||||
Atwood Hunter | $ 99.8 | $ 18.8 | |||
Atwood Falcon | 79.6 | 15.1 | |||
Atwood Eagle | 64.9 | 32.7 | |||
Atwood Aurora | 22.4 | 10.9 | |||
Atwood Beacon | 21.9 | 16.4 | |||
Vicksburg | 16.8 | 8.3 | |||
Richmond | - | 1.3 | |||
Seahawk | - | 1.8 | |||
Atwood Southern Cross | - | 2.1 | |||
Other | - | 1.3 | |||
$ 305.4 | $ 108.7 | ||||
ATWOOD OCEANICS, INC. AND SUBSIDIARIES | ||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(In thousands) | ||||
MARCH 31, | SEPTEMBER 30, | |||
2011 | 2010 | |||
ASSETS | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 162,001 | $ 180,523 | ||
Accounts receivable | 102,077 | 96,463 | ||
Income tax receivable | 7,092 | 16,052 | ||
Inventories of materials and supplies | 55,813 | 52,749 | ||
Prepaid expenses and deferred costs | 9,740 | 14,207 | ||
Total Current Assets | 336,723 | 359,994 | ||
NET PROPERTY AND EQUIPMENT | 1,753,832 | 1,343,961 | ||
LONG TERM ASSETS: | ||||
Other receivables | 15,799 | 15,799 | ||
Deferred costs and other assets | 5,087 | 4,686 | ||
20,886 | 20,485 | |||
$ 2,111,441 | $ 1,724,440 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
CURRENT LIABILITIES: | ||||
Accounts payable | $ 44,137 | $ 37,192 | ||
Accrued liabilities | 26,817 | 25,368 | ||
Income tax payable | 14,205 | 26,367 | ||
Deferred credits | 34,573 | 4,533 | ||
Total Current Liabilities | 119,732 | 93,460 | ||
LONG-TERM DEBT | 455,000 | 230,000 | ||
LONG TERM LIABILITIES: | ||||
Deferred income taxes | 10,402 | 10,845 | ||
Deferred credits | 2,266 | 2,919 | ||
Other | 23,570 | 17,082 | ||
36,238 | 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 64,781 and 64,443 issued | ||||
and outstanding at March 31, 2011 | ||||
and September 30, 2010, respectively | 64,781 | 64,443 | ||
Paid-in capital | 139,632 | 133,095 | ||
Retained earnings | 1,296,058 | 1,172,596 | ||
Total Shareholders' Equity | 1,500,471 | 1,370,134 | ||
$ 2,111,441 | $ 1,724,440 | |||
SOURCE ATWOOD OCEANICS, INC.
