HOUSTON, Feb. 1, 2012 /PRNewswire/ -- ATWOOD OCEANICS,
INC., (NYSE: ATW), announced today that the Company earned net
income of $65,468,000 or $1.00 per diluted share, on revenues of
$184,672,000 for the quarter ended
December 31, 2011 compared to net
income of $72,927,000 or $1.12 per diluted share on revenues of
$177,558,000 for the quarter ended
September 30, 2011 and compared to
net income of $52,850,000 or
$0.81 per diluted share, on revenues
of $146,286,000 for the quarter ended
December 31, 2010.
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FOR THE
THREE MONTHS ENDED
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December
31,
2011
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September
30,
2011
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December
31,
2010
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Revenues
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$ 184,672,000
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$ 177,558,000
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$ 146,286,000
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Income before Income
Taxes
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77,931,000
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83,918,000
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63,240,000
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Provision for Income
Taxes
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(12,463,000)
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(10,991,000)
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(10,390,000)
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Net Income
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$
65,468,000
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$
72,927,000
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$
52,850,000
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Earnings per Common Share
-
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Basic
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1.01
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1.13
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0.82
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Diluted
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1.00
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1.12
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0.81
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Weighted Average Shares
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Outstanding -
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Basic
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65,024,000
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64,754,000
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64,528,000
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Diluted
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65,541,000
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65,403,000
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65,184,000
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ATWOOD
OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In
thousands, except per share amounts)
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THREE MONTHS
ENDED
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DECEMBER
31,
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2011
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2010
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REVENUES:
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Contract drilling
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$184,672
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$146,286
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COSTS AND
EXPENSES:
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Contract drilling
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78,344
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58,344
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Depreciation
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15,363
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8,803
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General and
administrative
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14,094
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15,664
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Other, net
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-
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(61)
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107,801
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82,750
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OPERATING INCOME
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76,871
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63,536
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OTHER INCOME
(EXPENSE)
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Interest expense, net of
capitalized interest
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(603)
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(678)
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Interest income
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86
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382
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Other
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1,577
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-
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1,060
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(296)
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INCOME BEFORE INCOME
TAXES
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77,931
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63,240
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PROVISION FOR INCOME
TAXES
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12,463
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10,390
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NET INCOME
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$
65,468
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$
52,850
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EARNINGS PER COMMON
SHARE:
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Basic
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1.01
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0.82
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Diluted
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1.00
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0.81
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AVERAGE COMMON SHARES
OUTSTANDING:
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Basic
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65,024
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64,528
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Diluted
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65,541
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65,184
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ATWOOD
OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF
REVENUES AND DRILLING COSTS
(Unaudited)
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FOR THE
THREE MONTHS ENDED
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DECEMBER 31,
2011
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CONTRACT
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DRILLING
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REVENUES
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COSTS
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(In
Millions)
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Atwood Hunter
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$
44.8
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$
12.2
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Atwood Osprey
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40.9
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15.9
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Atwood Eagle
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35.5
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18.2
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Atwood Falcon
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30.3
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8.3
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Atwood Aurora
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12.7
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8.8
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Atwood Beacon
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11.5
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7.4
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Vicksburg
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9.0
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5.3
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Other
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-
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2.2
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$
184.7
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$
78.3
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ATWOOD
OCEANICS, INC. AND SUBSIDIARIES
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UNAUDITED
CONDENSED CONSOLIDATED SELECTED BALANCE SHEET DATA
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(In
thousands)
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DECEMBER
31,
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SEPTEMBER
30,
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2011
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2011
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CASH AND CASH
EQUIVALENTS
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$
89,923
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$
295,002
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NET PROPERTY AND
EQUIPMENT
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$
2,046,214
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$
1,887,321
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LONG-TERM DEBT
|
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$
520,000
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$
520,000
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SHAREHOLDERS' EQUITY
|
|
$
1,719,916
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$
1,652,787
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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.