Atwood Oceanics Announces Second Quarter Earnings

HOUSTON, May 1, 2012 /PRNewswire/ -- Atwood Oceanics, Inc., announced today that the Company earned net income of $59.5 million or $0.90 per diluted share, on revenues of $171.6 million for the quarter ended March 31, 2012 compared to net income of $65.5 million or $1.00 per diluted share on revenues of $184.7 million for the quarter ended December 31, 2011 and compared to net income of $70.6 million or $1.08 per diluted share, on revenues of $159.1 million for the quarter ended March 31, 2011.  For the six months ended March 31, 2012, the Company earned net income of $124.9 million or $1.90 per diluted share, on revenues of $356.3 million compared to net income of $123.5 million or $1.89 per diluted share, on revenues of $305.4 million for the six months ended March 31, 2011.






FOR THE THREE MONTHS ENDED 


(In thousands)








March 31, 2012


December 31, 2011


March 31, 2011







Revenues

$  171,621


$        184,672


$  159,085

Income before Income Taxes

63,492


77,931


90,485

Provision for Income Taxes

(4,026)


(12,463)


(19,874)

Net Income

$    59,466


$          65,468


$    70,611







Earnings per Common Share -





      Basic

0.91

1.01

1.09

      Diluted

0.90

1.00


1.08






Weighted Average Shares  





   Outstanding -




      Basic

65,276

65,024


64,720

      Diluted

65,781

65,541


65,409














FOR THE SIX MONTHS ENDED JUNE 30,




(In thousands)










March 31, 2012


March 31, 2011









Revenues

$  356,293


$        305,371



Income before Income Taxes

141,423


153,726



Provision for Income Taxes

(16,489)


(30,264)



Net Income 

$  124,934


$        123,462









Earnings per Common Share -






      Basic

1.92


1.91



      Diluted

1.90


1.89









Weighted Average Shares  






   Outstanding -






      Basic

65,150


64,624



      Diluted

65,660


65,297





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,


2012


2011


2012


2011









REVENUES:








Contract drilling

$171,621


$159,085


$356,293


$305,371









COSTS AND EXPENSES:








Contract drilling

79,342


50,402


157,686


108,746

Depreciation

15,406


8,794


30,769


17,596

General and administrative

11,552


9,074


25,646


24,738

Other, net

863


(16)


863


(77)


107,163


68,254


214,964


151,003

OPERATING INCOME

64,458


90,831


141,329


154,368








OTHER INCOME (EXPENSE)








Interest expense, net of capitalized interest

(1,080)


(459)


(1,683)


(1,137)

Interesr Income

114


113


200


495

Other

-


-


1,577


-


(966)


(346)


94


(642)

INCOME  BEFORE INCOME TAXES

63,492


90,485


141,423


153,726

PROVISION FOR INCOME TAXES

4,026


19,874


16,489


30,264

NET INCOME 

$  59,466


$  70,611


$124,934


$123,462









EARNINGS PER COMMON SHARE:








              Basic

0.91


1.09


1.92


1.91

              Diluted

0.90


1.08


1.90


1.89

AVERAGE COMMON SHARES OUTSTANDING:








            Basic

65,276


64,720


65,150


64,624

            Diluted

65,781


65,409


65,660


65,297



ATWOOD OCEANICS, INC. AND SUBSIDIARIES

ANALYSIS OF REVENUES AND DRILLING COSTS

(Unaudited)






FOR THE THREE MONTHS ENDED



MARCH 31, 2012










CONTRACT





DRILLING



REVENUES


COSTS



(In Millions)






Atwood Hunter


$          50.6


$            13.6

Atwood Osprey


38.5


16.3

Atwood Eagle


35.1


14.6

Atwood Falcon


14.1


12.2

Atwood Aurora


13.0


8.4

Atwood Beacon


11.5


8.5

Vicksburg


8.8


5.1

Other


-


0.6



$         171.6


$            79.3













FOR THE SIX MONTHS ENDED



MARCH 31, 2012










CONTRACT





DRILLING



REVENUES


COSTS



(In Millions)






Atwood Hunter


$          95.3


$            25.9

Atwood Osprey


79.4


32.2

Atwood Eagle


70.6


32.8

Atwood Falcon


44.4


20.4

Atwood Aurora


25.7


17.2

Atwood Beacon


23.0


15.9

Vicksburg


17.9


10.4

Other


-


2.9



$         356.3


$          157.7



ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED SELECTED BALANCE SHEET DATA

(In thousands)






MARCH 31,


SEPTEMBER 30,


2012


2011





CASH AND CASH EQUIVALENTS

$    131,627


$             295,002





NET PROPERTY AND EQUIPMENT

$ 2,187,471


$          1,887,321





LONG-TERM DEBT

$    600,000


$             520,000





SHAREHOLDERS' EQUITY

$ 1,785,334


$          1,652,787

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 jackups for deliveries in 2012, 2013 and 2014.   The company was founded in 1968 and is headquartered in Houston, Texas.  Atwood Oceanics, Inc. ordinary shares are traded on the New York Stock Exchange under the symbol "ATW".

SOURCE Atwood Oceanics, Inc.



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http://www.atwd.com

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