July 29, 2004
Tidewater reports profitable quarter
Tidewater Inc. (NYSE:TDW) yesterday reported first quarter net earnings for the period ended June 30, 2004, of $12.9 million, or $.23 per share, on revenues of $158.1 million. For the same quarter last year, net earnings were $18 million, or $.32 per share, on revenues of $164.8 million. The immediately preceding quarter ended March 31, 2004, experienced a net loss of $7 million, or $.12 per share, on revenues of $154.2 million and included a non-cash impairment charge of $26.5 million ($17.2 million after tax, or $.30 per share) relating to 83 older Gulf of Mexico supply vessels.
While domestic operations were not profitable, international revenue went up 5 percent to $121.5 million in the quarter, said CFO Keith Lousteau, and Chairman, president and CEO Dean Taylor characterized international results as "very solid."
Taylor said international activity had started to pick up in April and May, with June continuing to show "slow but steady" increases in utilization."
Utilization of the 300 vessels in Tidewater's international fleet rose to 70 percent in the quarter, compared with 65 percent in the prior period. But, said Lousteau, some of the increase resulted from discontinued use of the 83 older boats on which Tidewater recorded a $17.2 million charge in the last quarter.
With U.S Gulf rig counts remaining low, Tidewater is shifting eight of its newer boats from the Gulf to Southeast Asia and West Africa.