July 21, 2005
Tidewater announces increased earnings
Tidewater Inc. (NYSE:TDW) today announced first quarter net earnings for the period ended June 30, 2005, of $28.9 million, or $.50 per common share, on revenues of $192.2 million. For the same quarter last year, net earnings were $12.9 million, or $.23 per common share, on revenues of $158.1 million. For the immediately preceding quarter ended March 31, 2005, net earnings were $52.4 million, or $.91 per common share, on revenues of $179.6 million.
Included in the March 31, 2005 quarterly results was a non-cash tax benefit of $31.8 million, or $.55 per common share, resulting from the positive tax impact from the American Jobs Creation Act of 2004. Effective March 31, 2005, the company reversed all previously recorded deferred tax assets and liabilities related to timing differences, foreign tax credits or prior undistributed earnings of company entities whose future and prior earnings are now anticipated to be indefinitely reinvested abroad.