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Global Industries, Ltd. Announces Results for the First Quarter of 2009
Commenting on the first quarter results, Chairman and Chief Executive Officer
During the first quarter of 2009, our Company booked
Revenue for the first quarter of 2009 included major project pipeline repair and replacement work in
Selling, general and administrative expenses of
A conference call will be held at
All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by Global and cannot be recorded or rebroadcast without Global's express written consent.
Global Industries, Ltd. is a leading solutions provider of offshore construction, engineering, project management, and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide. Our Company's shares are traded on The NASDAQ Global Select Market under the symbol "GLBL."
This press release may contain forward-looking statements within the meaning of the federal securities laws. These statements are based on current information and expectations of Global that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially are: Global's level of capital expenditures, worldwide economic conditions, various risks related to international operations, the ability retain skilled workers, general industry conditions, prices of crude oil and natural gas, our ability to obtain and the timing of new projects and changes in competitive factors. Although we believe that in making such statements our expectations are based on reasonable assumptions, should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual outcomes could vary materially from those indicated.
FSP APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)" became effective for our Company beginning
Set forth are our Company's results of operations for the periods indicated.
RESULTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
------------------------------
2009 2008
-------- --------
Revenues $269,465 $301,465
Cost of operations 224,098 247,135
-------- --------
Gross profit 45,367 54,330
Gain on asset disposal and
impairments (4,808) (2,163)
Selling, general and
administrative expenses 19,871 23,039
-------- --------
Operating income 30,304 33,454
-------- --------
Interest income 574 6,764
Interest expense (3,493) (5,226)
Other income (expense), net 2,078 856
-------- --------
Income before taxes 29,463 35,848
Income taxes 10,432 9,738
-------- --------
Net income $ 19,031 $ 26,110
======== ========
Earnings Per Common Share
Basic $ 0.17 $ 0.23
Diluted 0.17 0.22
Weighted Average Common
Shares Outstanding
Basic 113,671 115,267
Diluted 114,062 116,742
Other Data
Depreciation and Amortization $ 17,603 $ 15,180
Backlog at end of period 394,033 536,606
During the first quarter of 2009, we discontinued allocation of corporate
stewardship costs to our reportable segments. This change has been
reflected as a retrospective change to the financial information for the
three months ended March 31, 2008 presented below. This change did not
affect our consolidated results of operations or tax reporting.
Set forth are our Company's results of operations by reportable segment
for the periods indicated.
RESULTS OF OPERATIONS BY REPORTABLE SEGMENT
(In thousands)
(Unaudited)
Three Months Ended
March 31,
--------------------
2009 2008
--------- --------
Total segment revenues
North America OCD $ 5,319 $ 6,940
North America Subsea 31,552 24,019
Latin America 76,316 70,172
West Africa 65,132 40,617
Middle East 24,509 85,509
Asia Pacific/India 69,813 82,008
--------- --------
Subtotal 272,641 309,265
--------- --------
Intersegment eliminations
North America Subsea (1,012) (6,038)
Middle East (2,164) (1,762)
--------- --------
Subtotal (3,176) (7,800)
--------- --------
Consolidated revenues $ 269,465 $301,465
========= ========
Income (loss) before taxes
North America OCD $ (12,238) $ (7,272)
North America Subsea 11,988 (654)
Latin America 6,022 19,883
West Africa 17,778 (4,178)
Middle East 6,322 19,488
Asia Pacific/India 7,379 13,896
Corporate (7,788) (5,315)
--------- --------
Consolidated income before taxes $ 29,463 $ 35,848
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, December 31,
2009 2008
----------- ------------
ASSETS
Current Assets
Cash and cash equivalents $268,024 $287,669
Restricted cash 83,078 94,516
Accounts receivable - net of
allowance of $12,112 for 2009
and $12,070 for 2008 193,002 180,018
Unbilled work on uncompleted
contracts 116,263 86,011
Contract costs incurred not yet
recognized 10,138 11,982
Deferred income taxes 9,153 7,223
Assets held for sale 16,417 2,181
Prepaid expenses and other 44,010 44,585
----------- ------------
Total current assets 740,085 714,185
----------- ------------
Property and Equipment, net 608,256 599,078
----------- ------------
Other Assets
Marketable securities -
long-term 41,384 42,375
Accounts receivable - long-term 22,246 22,246
Deferred charges, net 66,473 70,573
Goodwill 37,388 37,388
Other 3,500 3,508
----------- ------------
Total other assets 170,991 176,090
----------- ------------
Total $1,519,332 $1,489,353
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Current maturities of long term
debt $3,960 $3,960
Accounts payable 213,017 207,239
Employee-related liabilities 28,577 26,113
Income taxes payable 49,628 38,649
Accrued interest payable 2,100 5,613
Advance billings on uncompleted
contracts 16,599 4,609
Accrued anticipated contract
losses 17,900 35,055
Other accrued liabilities 10,690 12,053
----------- ------------
Total current liabilities 342,471 333,291
----------- ------------
Long-Term Debt 290,025 289,966
Deferred Income Taxes 64,206 64,020
Other Liabilities 12,971 13,266
Commitments and Contingencies -- --
Shareholders' Equity
Common stock, $0.01 par value,
150,000 shares authorized, and
120,017 and 119,650 shares
issued at March 31, 2009 and
December 31, 2008, respectively
1,200 1,197
Additional paid-in capital 510,820 509,345
Retained earnings 413,731 394,699
Treasury stock at cost, 6,130
shares in 2009 and 6,130 shares
in 2008 (105,038) (105,038)
Accumulated other comprehensive
loss (11,054) (11,393)
----------- ------------
Total shareholders' equity 809,659 788,810
----------- ------------
Total $1,519,332 $1,489,353
=========== ============
SOURCE Global Industries, Ltd.