Atwood Oceanics Announces Fourth Quarter Earnings
November 18 2003 - 3:16PM
PR Newswire (US)
Atwood Oceanics Announces Fourth Quarter Earnings HOUSTON, Nov. 18
/PRNewswire-FirstCall/ -- ATWOOD OCEANICS, INC. , Houston-based
International Drilling Contractor, announced today that the Company
and its subsidiaries reported net loss of USD (12,802,000), or USD
(.92) per diluted share, on contract revenues of USD 144,766,000,
for the fiscal year ended September 30, 2003, compared to net
income of USD 28,285,000, or USD 2.02 per diluted share, on
contract revenues of USD 149,157,000, for the fiscal year ended
September 30, 2002. For the fourth quarter ended September 30,
2003, the Company recorded a net loss of USD (14,257,000) or USD
(1.03) per diluted share, on contract revenues of USD 38,005,000
compared to a net income of USD 7,165,000 or USD .51 per diluted
share, on contract revenues of USD 30,781,000 for the fourth
quarter of fiscal 2002. The Company's current tax provision for the
quarter and year ended September 30, 2003 virtually all relates to
taxes in foreign jurisdictions, with the Company not incurring
taxable income in the United States necessary to utilize foreign
tax credits. Due to the low level of earnings in the US, in
addition to losses in certain nontaxable jurisdictions the
Company's effective tax for fiscal year 2003 significantly exceeds
the US statutory rate. Further, the Company has recently determined
that after reassessing certain tax planning strategies in
conjunction with the Company's major reorganization of its foreign
subsidiaries and the assets of those subsidiaries undertaken in
fiscal year 2003, the Company should book deferred foreign tax
liabilities relating to Australian and Malaysian taxes of $5.9
million. This deferred tax expense has no cash effect on the
Company; however, the loss for the quarter and for fiscal year 2003
increased by approximately $.40 per share. Compared figures are as
follows: FOR THE YEAR ENDED SEPTEMBER 30: 2003 2002 CONTRACT
REVENUES USD 144,766,000 USD 149,157,000 INCOME BEFORE INCOME TAXES
1,636,000 38,777,000 NET INCOME (LOSS) (12,802,000) 28,285,000
EARNINGS (LOSS) PER COMMON SHARE - BASIC (.92) 2.04 DILUTED (.92)
2.02 AVERAGE COMMON SHARES OUTSTANDING - BASIC 13,846,000
13,839,000 DILUTED 13,846,000 13,994,000 FOR THE QUARTER ENDED
SEPTEMBER 30: 2003 2002 CONTRACT REVENUES USD 38,005,000 USD
30,781,000 INCOME (LOSS) BEFORE INCOME TAXES (4,373,000) 6,501,000
NET INCOME (LOSS) (14,257,000) 7,165,000 EARNINGS (LOSS) PER COMMON
SHARE - BASIC (1.03) .52 DILUTED (1.03) .51 WEIGHTED COMMON SHARES
OUTSTANDING - BASIC 13,848,000 13,845,000 DILUTED 13,848,000
13,928,000 DATASOURCE: Atwood Oceanics, Inc. CONTACT: Jim Holland
of Atwood Oceanics, Inc., +1-281-749-7804 Web site:
http://www.atwd.com/
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