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PR Newswire
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Atwood Oceanics Announces Earnings for Fourth Quarter Fiscal Year 2011

HOUSTON, Nov. 17, 2011 /PRNewswire/ -- ATWOOD OCEANICS, INC. (NYSE: ATW), announced today that the Company earned net income of $72,927,000 or $1.12 per diluted share, on revenues of $177,558,000 for the quarter ended September 30, 2011 compared to net income of $75,285,000 or $1.15 per diluted share on revenues of $162,147,000 for the quarter ended June 30, 2011 and compared to net income of $64,229,000 or $0.99 per diluted share, on revenues of $160,613,000 for the quarter ended September 30, 2010. For the twelve months ended September 30, 2011, the Company earned net income of $271,674,000 or $4.15 per diluted share, on revenues of $645,076,000 compared to net income of $256,996,000 or $3.95 per diluted share, on revenues of $650,562,000 for the twelve months ended September 30, 2010.

Rob Saltiel, Atwood President and CEO, commented, "Atwood's 2011 fiscal year witnessed the delivery and start-up of our first ultra-deepwater rig, expansion of our high-specification rig construction program, completion of our new credit facility and significant growth in our contract revenue backlog. We also achieved our sixth consecutive year of record earnings, made possible by the strong performance of our offshore rig teams and our onshore support organization, making this one of our most successful years in Atwood's history."


For the three months ended


September 30, 2011


June 30, 2011


September 30, 2010







Revenues

$ 177,558,000


$ 162,147,000


$ 160,613,000

Income before Income Taxes

83,918,000


87,203,000


76,859,000

Provision for Income Taxes

(10,991,000)


(11,918,000)


(12,630,000)

Net Income

72,927,000


75,285,000


64,229,000

Earnings per Common Share -






Basic

1.13

1.16

1.00

Diluted

1.12

1.15

0.99

Weighted Average Shares






Outstanding -




Basic

64,754,000

64,820,000

64,439,000

Diluted

65,403,000

65,470,000

64,951,000














For the twelve months ended September 30,




2011


2010









Revenues

$ 645,076,000


$ 650,562,000



Income before Income Taxes

324,847,000


319,979,000



Provision for Income Taxes

(53,173,000)


(62,983,000)



Net Income

271,674,000


256,996,000



Earnings per Common Share -






Basic

4.20


3.99



Diluted

4.15


3.95



Weighted Average Shares






Outstanding -






Basic

64,754,000


64,391,000



Diluted

65,403,000


65,028,000





ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)








Three Months Ended


Twelve Months Ended



September 30,


September 30,



2011


2010


2011


2010










Operating revenues









Contract drilling

$177,558


$160,613


$645,076


$650,562










Operating costs and expenses









Contract drilling

61,815


65,477


223,565


252,427


Depreciation

15,606


8,063


43,597


37,030


General and administrative

9,927


9,937


44,407


40,620


Other, net

4,924


(334)


4,847


(1,855)



92,272


83,143


316,416


328,222

Operating income

85,286


77,470


328,660


322,340

Other income (expense):









Interest expense, net of capitalized interest

(1,493)


(715)


(4,530)


(2,725)


Interest income

125


104


717


364



(1,368)


(611)


(3,813)


(2,361)

Income before income taxes

83,918


76,859


324,847


319,979

Provision for income taxes

10,991


12,630


53,173


62,983

Net income

$ 72,927


$ 64,229


$271,674


$256,996

Earnings per common share:









Basic

1.13


1.00


4.20


3.99


Diluted

1.12


0.99


4.15


3.95

Average common shares outstanding:









Basic

64,754


64,439


64,754


64,391


Diluted

65,403


64,951


65,403


65,028



ATWOOD OCEANICS, INC. AND SUBSIDIARIES

ANALYSIS OF REVENUES AND DRILLING COSTS

(Unaudited)




Three Months Ended


September 30, 2011






Operating


Contract


Revenues


Drilling Costs


(In Millions)





Atwood Osprey

$ 43.5


$ 14.6

Atwood Hunter

43.3


13.0

Atwood Eagle

35.4


13.1

Atwood Falcon

35.0


6.5

Atwood Beacon

11.1


5.1

Vicksburg

8.7


4.5

Atwood Aurora

0.6


3.9

Seahawk

-


0.1

Richmond

-


0.2

Atwood Southern Cross

-


0.2

Other

-


0.6


$ 177.6


$ 61.8






Twelve Months Ended


September 30, 2011






Operating


Contract


Revenues


Drilling Costs


(In Millions)





Atwood Hunter

$ 183.4


$ 38.7

Atwood Falcon

153.4


29.2

Atwood Eagle

139.8


62.2

Atwood Osprey

59.9


22.9

Atwood Beacon

45.1


28.6

Vicksburg

34.3


16.4

Atwood Aurora

29.2


18.4

Seahawk

-


2.4

Richmond

-


1.7

Atwood Southern Cross

-


2.7

Other

-


0.4


$ 645.1


$ 223.6



ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)






September 30,


September 30,


2011


2010

ASSETS




Current assets:




Cash and cash equivalents

$ 295,002


$ 180,523

Accounts receivable

87,173


96,463

Income tax receivable

5,631


16,052

Inventories of materials and supplies

58,263


52,749

Prepaid expenses and deferred costs

14,862


14,207

Total current assets

460,931


359,994





Property and equipment, net

1,887,321


1,343,961





Other receivables

11,875


15,799

Deferred costs and other assets

15,264


4,686

Total assets

$ 2,375,391


$ 1,724,440





LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$ 113,021


$ 37,192

Accrued liabilities

30,680


25,368

Notes payable

5,461


-

Income tax payable

8,461


26,367

Deferred credits

1,700


4,533

Total Current Liabilities

159,323


93,460





Long-term debt

520,000


230,000

Deferred income taxes

9,780


10,845

Deferred credits

7,910


2,919

Other long-term liabilities

25,591


17,082

Total long-term liabilities

563,281


260,846





Shareholders' equity:




Preferred stock, no par value;




1,000 shares authorized, none outstanding

-


-

Common stock, $1 par value, 90,000 shares




authorized with 64,960 and 64,443 issued




and outstanding at September 30, 2011




and 2010, respectively

64,960


64,443

Paid-in capital

145,084


133,095

Retained earnings

1,444,270


1,172,596

Accumulated other comprehensive loss

(1,527)


-

Total shareholders' equity

1,652,787


1,370,134

Total liabilities and shareholders' equity

$ 2,375,391


$ 1,724,440



Atwood Oceanics, Inc. is an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns ten mobile offshore drilling units located in the United States Gulf of Mexico, South America, the Mediterranean Sea, West Africa, Southeast Asia and Australia, and is constructing an ultra-deepwater semisubmersible, two ultra-deepwater drillships and three high-specification jack-ups for deliveries in 2012, 2013 and 2014. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc.'s common stock is traded on the New York Stock Exchange under the symbol "ATW".

SOURCE Atwood Oceanics, Inc.

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