Tidewater books hit from Venezuela grab

Tidewater Inc. (NYSE:TDW) announced today first quarter net earnings for the period ended June 30, 2009, of $44.5 million, or $0.86 per share, on revenues of $326.6 million. Included in net earnings for the June 2009 quarter is a non-cash charge totaling $48.6 million ($47.7 million after-tax, or $0.93 per common share) related to the company's Venezuelan operations. As a result of the seizure of 11 vessels and certain other assets during the June quarter in Venezuela pursuant to a May 2009 Venezuelan law and the continued nonpayment of outstanding receivables from Petroleos de Venezuela, S.A. (PDVSA) and an affiliate of PDVSA, the company recorded a $3.8 million charge equal to the net book value of the assets seized and a $44.8 million provision to fully reserve accounts receivable due from PDVSA-related entities.

For the same quarter last year, net earnings were $84.8 million, or $1.64 per share, on revenues of $340.0 million. The immediately preceding quarter ended March 31, 2009, had net earnings of $109.7 million, or $2.13 per common share, on revenues of $341.6 million