Tidewater reports first quarter earnings

Tidewater enablerAUGUST 6, 2013 — New Orleans headquartered offshore services giant Tidewater Inc. (NYSE:TDW) today reported first quarter net earnings for the period ended June 30, 2013, of $30.1 million, or $0.61 per common share, on revenues of $334.1 million. For the same quarter last year, net earnings were $32.9 million, or $0.65 per common share, on revenues of $294.4 million. The immediately preceding quarter ended March 31, 2013, had net earnings of $46.6 million, or $0.95 per common share, on revenues of $328.3 million.

Net earnings for the June 30, 2013 quarter reflect $4.6 million ($3.3 million after tax, or $0.07 per common share) in non-recurring costs, including $3.7 million ($2.4 million after tax, or $0.05 per common share) of transaction fees associated with the June 2013 acquisition of Troms Offshore Supply AS and a $0.9 million ($0.9 million after tax, or $0.02 per common share) charge related to the settlement of the previously disclosed assessment by the Customs Department of Equatorial Guinea, both of which are included in general and administrative expenses.

Financial results of Troms Offshore Supply AS are included in the current quarter from June 4, 2013, the date of the acquisition, through June 30, 2013.

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