Atwood Oceanics Announces Third Quarter Earnings

HOUSTON, Aug. 1, 2012 /PRNewswire/ -- ATWOOD OCEANICS, INC. announced today that the Company earned net income of $51.7 million or $0.79 per diluted share, on revenues of $178.6 million for the quarter ended June 30, 2012 compared to 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 and compared to net income of $75.3 million or $1.15 per diluted share, on revenues of $162.1 million for the quarter ended June 30, 2011.  For the nine months ended June 30, 2012, the Company earned net income of $176.6 million or $2.69 per diluted share, on revenues of $534.9 million compared to net income of $198.7 million or $3.04 per diluted share, on revenues of $467.5 million for the nine months ended June 30, 2011.


FOR THE THREE MONTHS ENDED




(In thousands)

 




June 30,

2012


March 31,

2012


June 30,

2011







Revenues

$

178,603



$

171,621



$

162,147


Income before Income Taxes

61,990



63,492



87,203


Provision for Income Taxes

(10,279)



(4,026)



(11,918)


Net Income

$

51,711



$

59,466



$

75,285








Earnings per Common Share -






Basic

0.79



0.91



1.16


Diluted

0.79



0.90



1.15








Weighted Average Shares






Outstanding -






Basic

65,362



65,276



64,820


Diluted

65,823



65,781



65,470







FOR THE NINE MONTHS ENDED


(In thousands)

 


June 30,

2012



June 30,

2011






Revenues

$

534,896




$

467,518


Income before Income Taxes

203,413




240,929


Provision for Income Taxes

(26,768)




(42,182)


Net Income

$

176,645




$

198,747







Earnings per Common Share -





Basic

2.71




3.07


Diluted

2.69




3.04







Weighted Average Shares





Outstanding -





Basic

65,221




64,689


Diluted

65,715




65,355


 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)


















Three Months Ended June 30,


Nine Months Ended June 30,


2012


2011


2012


2011









REVENUES:








Contract drilling

$

178,603



$

162,147



$

534,896



$

467,518










COSTS AND EXPENSES:








Contract drilling

87,374



53,004



245,060



161,750


Depreciation

15,650



10,395



46,419



27,991


General and administrative

11,856



9,742



37,502



34,480


Other, net

274





1,137



(77)



115,154



73,141



330,118



224,144


OPERATING INCOME

63,449



89,006



204,778



243,374










OTHER INCOME (EXPENSE)








Interest expense, net of capitalized interest

(1,517)



(1,900)



(1,623)



(3,037)


Interest Income

58



97



258



592



(1,459)



(1,803)



(1,365)



(2,445)


INCOME  BEFORE INCOME TAXES

61,990



87,203



203,413



240,929


PROVISION FOR INCOME TAXES

10,279



11,918



26,768



42,182


NET INCOME

$

51,711



$

75,285



$

176,645



$

198,747










EARNINGS PER COMMON SHARE:








Basic

0.79



1.16



2.71



3.07


Diluted

0.79



1.15



2.69



3.04


AVERAGE COMMON SHARES OUTSTANDING:








Basic

65,362



64,820



65,221



64,689


Diluted

65,823



65,470



65,715



65,355


 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

ANALYSIS OF REVENUES AND DRILLING COSTS

(Unaudited)

 


REVENUES

(In millions)


Three Months Ended


Nine Months Ended


June 30,

2012


March 31,

2012


June 30,

2011


June 30,

2012


June 30,

2011

Atwood Osprey

$

45.0



$

38.5



$

16.2



$

124.3



$

16.2


Atwood Eagle

31.6



35.1



39.6



102.2



104.6


Atwood Falcon

18.3



14.1



39.0



62.8



118.5


Atwood Hunter

48.2



50.6



40.4



143.5



140.2


Atwood Beacon

10.8



11.5



12.2



33.8



34.1


Atwood Aurora

14.9



13.0



6.1



40.6



28.5


Vicksburg

8.3



8.8



8.8



26.2



25.6


Other

1.5





(0.2)



1.5



(0.2)



$

178.6



$

171.6



$

162.1



$

534.9



$

467.5







CONTRACT DRILLING COSTS

(In millions)


Three Months Ended


Nine Months Ended


June 30,

2012


March 31,

2012


June 30,

2011


June 30,

2012


June 30,

2011

Atwood Osprey

$

16.1



$

16.3



$

6.5



$

48.2



$

8.4


Atwood Eagle

14.9



14.6



16.7



47.7



49.4


Atwood Falcon

21.0



12.2



7.9



41.4



23.0


Atwood Hunter

11.7



13.6



7.1



37.6



26.0


Atwood Beacon

7.6



8.5



7.2



23.5



23.6


Atwood Aurora

7.4



8.4



3.7



24.6



14.6


Vicksburg

4.8



5.1



3.7



15.2



11.9


Other

3.9



0.6



0.2



6.9



4.9



$

87.4



$

79.3



$

53.0



$

245.1



$

161.8


 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)


June 30,

2012


September 30,

2011

ASSETS




CURRENT ASSETS:




Cash and cash equivalents

$

78,980



$

295,002


Accounts receivable, net of allowance for doubtful accounts

84,380



87,173


Income tax receivable

4,741



5,631


Inventories of materials and supplies

72,848



58,263


Prepaid expenses and deferred costs

9,608



14,862


Total current assets

250,557



460,931


PROPERTY AND EQUIPMENT, net

2,372,446



1,887,321


LONG TERM ASSETS:




Other receivables

11,875



11,875


Deferred costs and other assets

29,367



15,264


Total long-term assets

41,242



27,139


Total assets

$

2,664,245



$

2,375,391


LIABILITIES AND SHAREHOLDERS' EQUITY




CURRENT LIABILITIES:




Accounts payable

$

72,094



$

113,021


Accrued liabilities

33,549



30,680


Notes payable



5,461


Income tax payable

3,602



8,461


Deferred credits

26,473



1,700


Total current liabilities

135,718



159,323


LONG TERM LIABILITIES:




Long-term debt

655,000



520,000


Deferred income taxes

9,267



9,780


Deferred credits

6,686



7,910


Other

18,287



25,591


Total long-term liabilities

689,240



563,281


COMMITMENTS AND CONTINGENCIES (SEE NOTE 10)




SHAREHOLDERS' EQUITY:




Preferred stock, no par value;




1,000 shares authorized, none outstanding




Common Stock, $1 par value;




90,000 shares authorized with 65,363 and 64,960 issued and outstanding at June 30, 2012 and September 30, 2011, respectively

65,363



64,960


Paid-in capital

155,652



145,084


Retained earnings

1,620,915



1,444,270


Accumulated other comprehensive loss

(2,643)



(1,527)


Total shareholders' equity

1,839,287



1,652,787


Total liabilities and shareholders' equity

$

2,664,245



$

2,375,391


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 10 mobile offshore drilling units and is constructing 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. common stock is traded on the New York Stock Exchange under the symbol "ATW."

SOURCE Atwood Oceanics, Inc.



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