Atwood Oceanics Announcing Earnings for First Quarter Fiscal Year 2011
February 02 2011 - 5:32PM
PR Newswire (US)
HOUSTON, Feb. 2, 2011 /PRNewswire/ --Atwood Oceanics,
Inc. (NYSE: ATW), a Houston-based international drilling
contractor, announced today that the Company earned net income of
$52,850,000 or $0.81 per diluted share, on revenues of
$146,286,000 for the quarter ended
December 31, 2010 compared to net
income of $66,984,000 or $1.03 per diluted share, on revenues of
$164,243,000 for the quarter ended
December 31, 2009.
|
FOR THE
THREE MONTHS ENDED DECEMBER 31,
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
Revenues
|
$146,286,000
|
|
$164,243,000
|
|
Income before Income
Taxes
|
63,240,000
|
|
81,255,000
|
|
Provision for Income
Taxes
|
(10,390,000)
|
|
(14,271,000)
|
|
Net Income
|
$
52,850,000
|
|
$
66,984,000
|
|
|
|
|
|
|
Earnings per Common Share
-
|
|
|
|
|
Basic
|
0.82
|
|
1.04
|
|
Diluted
|
0.81
|
|
1.03
|
|
|
|
|
|
|
Weighted Average Shares
|
|
|
|
|
Outstanding -
|
|
|
|
|
Basic
|
64,528,000
|
|
64,303,000
|
|
Diluted
|
65,184,000
|
|
65,023,000
|
|
|
|
|
|
EXHIBIT
99.2
ATWOOD
OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In
thousands, except per share amounts)
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
DECEMBER
31,
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
Contract drilling
|
$146,286
|
|
$164,243
|
|
|
|
|
|
|
COSTS AND
EXPENSES:
|
|
|
|
|
Contract drilling
|
58,344
|
|
61,042
|
|
Depreciation
|
8,803
|
|
9,713
|
|
General and
administrative
|
15,664
|
|
11,623
|
|
Other, net
|
(61)
|
|
(87)
|
|
|
82,750
|
|
82,291
|
|
OPERATING INCOME
|
63,536
|
|
81,952
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
Interest expense, net of
capitalized interest
|
(678)
|
|
(733)
|
|
Interest income
|
382
|
|
36
|
|
|
(296)
|
|
(697)
|
|
INCOME BEFORE INCOME
TAXES
|
63,240
|
|
81,255
|
|
PROVISION FOR INCOME
TAXES
|
10,390
|
|
14,271
|
|
NET INCOME
|
$
52,850
|
|
$
66,984
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
Basic
|
0.82
|
|
1.04
|
|
Diluted
|
0.81
|
|
1.03
|
|
AVERAGE COMMON SHARES
OUTSTANDING:
|
|
|
|
|
Basic
|
64,528
|
|
64,303
|
|
Diluted
|
65,184
|
|
65,023
|
|
|
|
|
|
EXHIBIT
99.3
ATWOOD
OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF
REVENUES AND DRILLING COSTS
(Unaudited)
|
|
|
|
|
|
|
|
FOR THE
THREE MONTHS ENDED
|
|
|
|
DECEMBER 31,
2010
|
|
|
|
|
|
|
|
|
|
|
|
CONTRACT
|
|
|
|
|
|
DRILLING
|
|
|
|
REVENUES
|
|
COSTS
|
|
|
|
(In
Millions)
|
|
|
|
|
|
|
|
Atwood Hunter
|
|
$
49.8
|
|
$
10.2
|
|
Atwood Falcon
|
|
40.0
|
|
7.7
|
|
Atwood Eagle
|
|
26.9
|
|
17.0
|
|
Atwood Aurora
|
|
10.8
|
|
5.3
|
|
Atwood Beacon
|
|
10.7
|
|
8.9
|
|
Vicksburg
|
|
8.1
|
|
4.1
|
|
Seahawk
|
|
-
|
|
1.6
|
|
Richmond
|
|
-
|
|
1.0
|
|
Atwood Southern
Cross
|
|
-
|
|
1.4
|
|
Other
|
|
-
|
|
1.1
|
|
|
|
$
146.3
|
|
$
58.3
|
|
|
|
|
|
|
EXHIBIT
99.4
|
|
|
|
|
|
|
|
|
|
ATWOOD
OCEANICS, INC. AND SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DECEMBER
31,
|
|
SEPTEMBER
30,
|
|
|
|
|
|
2010
|
|
2010
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
200,209
|
|
$
180,523
|
|
Accounts
receivable
|
|
|
99,409
|
|
96,463
|
|
Income tax
receivable
|
|
|
7,266
|
|
16,052
|
|
Inventories of
materials and supplies
|
50,950
|
|
52,749
|
|
Deferred tax
assets
|
|
|
-
|
|
-
|
|
Prepaid expenses
and deferred costs
|
12,191
|
|
14,207
|
|
Total
Current Assets
|
|
|
370,025
|
|
359,994
|
|
|
|
|
|
|
|
|
|
NET PROPERTY AND
EQUIPMENT
|
|
1,478,905
|
|
1,343,961
|
|
|
|
|
|
|
|
|
|
LONG TERM ASSETS:
|
|
|
|
|
|
|
Other
receivables
|
|
|
15,799
|
|
15,799
|
|
Deferred costs and
other assets
|
|
6,675
|
|
4,686
|
|
|
|
|
|
22,474
|
|
20,485
|
|
|
|
|
|
$
1,871,404
|
|
$
1,724,440
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
32,660
|
|
$
37,192
|
|
Accrued
liabilities
|
|
|
30,470
|
|
25,368
|
|
Income tax
payable
|
|
|
28,501
|
|
26,367
|
|
Deferred
credits
|
|
|
24,970
|
|
4,533
|
|
Total
Current Liabilities
|
|
116,601
|
|
93,460
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT
|
|
|
300,000
|
|
230,000
|
|
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES:
|
|
|
|
|
|
Deferred income
taxes
|
|
10,639
|
|
10,845
|
|
Deferred
credits
|
|
|
658
|
|
2,919
|
|
Other
|
|
|
|
17,367
|
|
17,082
|
|
|
|
|
|
28,664
|
|
30,846
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Preferred stock, no
par value;
|
|
|
|
|
|
1,000 shares authorized, none outstanding
|
-
|
|
-
|
|
Common stock, $1
par value, 90,000 shares
|
|
|
|
|
authorized with 64,631 and 64,443 issued
|
|
|
|
|
and outstanding at December 31, 2010
|
|
|
|
|
and September 30, 2010, respectively
|
64,631
|
|
64,443
|
|
Paid-in
capital
|
|
|
136,062
|
|
133,095
|
|
Retained
earnings
|
|
|
1,225,446
|
|
1,172,596
|
|
Total
Shareholders' Equity
|
|
1,426,139
|
|
1,370,134
|
|
|
|
|
|
$
1,871,404
|
|
$
1,724,440
|
|
|
|
|
|
|
|
|
SOURCE Atwood Oceanics, Inc.
Copyright 2011 PR Newswire
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