Atwood Oceanics Announces Second Quarter Earnings

News provided by

Atwood Oceanics, Inc.

May 01, 2012, 04:56 ET

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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