Tidewater reports 2Q FY2013 results

tidewater vesselNOVEMBER 6, 2012 — Offshore services giant Tidewater Inc. (TDW) reports second quarter earnings for the period ended September 30, 2012, of $41.4 million, or $0.83 per share, on revenues of $311.9 million. For the same quarter last year, a net loss of $4.9 million was reported, or $0.10 per share, on revenues of $250.9 million. The immediately preceding quarter ended June 30, 2012, had net earnings of $32.9 million, or $0.65 per common share, on revenues of $294.4 million.

The just-reported quarter's earnings includes approximately $7.4 million of vessel revenue from retroactive rate increases agreed to in the current quarter, but related to the period from January 1, 2012 through June 30, 2012. The prior fiscal year second quarter net loss included a non-cash goodwill impairment charge of $30.9 million.

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