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ATWOOD OCEANICS INC
Symbol U : ATW
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Atwood Oceanics Announces First Quarter Earnings

2013-01-30 16:35 ET - News Release

HOUSTON, Jan. 30, 2013 /PRNewswire/ -- ATWOOD OCEANICS, INC. announced today that the Company earned net income of $72.8 million or $1.10 per diluted share, on revenues of $245.1 million for the quarter ended December 31, 2012 compared to net income of $95.5 million or $1.45 per diluted share on revenues of $252.5 million for the quarter ended September 30, 2012 and compared to net income of $65.5 million or $1.00 per diluted share, on revenues of $184.7 million for the quarter ended December 31, 2011.

 


FOR THE THREE MONTHS ENDED




(In thousands)




December 31,
2012


September 30,
2012


December 31,
2011







Revenues

$

245,093



$

252,525



$

184,672


Income before Income Taxes

84,087



109,891



77,931


Provision for Income Taxes

(11,256)



(14,365)



(12,463)


Net Income

$

72,831



$

95,526



$

65,468








Earnings per Common Share -






Basic

1.11



1.46



1.01


Diluted

1.10



1.45



1.00








Weighted Average Shares






Outstanding -






Basic

65,528



65,407



65,024


Diluted

66,092



65,982



65,541


 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)






Three Months Ended December 31,


2012


2011





REVENUES:




Contract drilling

$

245,093



$

184,672






COSTS AND EXPENSES:




Contract drilling

111,916



78,344


Depreciation

27,578



15,363


General and administrative

17,221



14,094


Other, net

7





156,722



107,801


OPERATING INCOME

88,371



76,871






OTHER INCOME (EXPENSE)




Interest expense, net of capitalized interest

(4,408)



(603)


Interest Income

124



86


Other



1,577



(4,284)



1,060


INCOME  BEFORE INCOME TAXES

84,087



77,931


PROVISION FOR INCOME TAXES

11,256



12,463


NET INCOME

$

72,831



$

65,468






EARNINGS PER COMMON SHARE:




Basic

1.11



1.01


Diluted

1.10



1.00


AVERAGE COMMON SHARES OUTSTANDING:




Basic

65,528



65,024


Diluted

66,092



65,541


 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

ANALYSIS OF REVENUES AND DRILLING COSTS

(Unaudited)




REVENUES

(In millions)


Three Months Ended


December 31,
2012


September 30,
2012


December 31,
2011

Atwood Condor

$

40.4



$

32.8



$


Atwood Osprey

$

42.4



$

46.0



$

39.8


Atwood Eagle

27.5



32.7



34.7


Atwood Falcon

35.4



35.2



28.6


Atwood Hunter

37.1



50.1



43.4


Atwood Aurora

12.3



14.6



12.5


Atwood Beacon

14.0



17.1



10.4


Atwood Mako

13.3



4.1




Atwood Manta

3.2






Vicksburg

9.2



8.9



8.7


Reimbursable/Other

10.3



11.0



6.6



$

245.1



$

252.5



$

184.7


 


CONTRACT DRILLING COSTS

(In millions)


Three Months Ended


December 31,
2012


September 30,
2012


December 31,
2011

Atwood Condor

$

14.3



$

12.7



$


Atwood Osprey

$

15.3



$

16.8



$

15.5


Atwood Eagle

19.9



13.6



17.8


Atwood Falcon

14.2



13.7



6.9


Atwood Hunter

11.6



12.1



11.0


Atwood Aurora

6.4



6.3



8.6


Atwood Beacon

10.2



11.0



6.7


Atwood Mako

5.1



2.9




Atwood Manta

2.1






Vicksburg

4.7



5.5



5.2


Reimbursable/Other

8.1



7.5



6.6



$

111.9



$

102.1



$

78.3


 

 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)






December 31,
2012


September 30,
2012

ASSETS




CURRENT ASSETS:




Cash and cash equivalents

$

108,341



$

77,871


Accounts receivable, net of allowance for doubtful accounts of $1,871 and $0 at December 31, 2012 and September 30, 2012, respectively

142,934



167,186


Income tax receivable

5,609



5,750


Inventories of materials and supplies

80,367



80,290


Prepaid expenses and deferred costs

31,117



39,437


Total current assets

368,368



370,534


PROPERTY AND EQUIPMENT, net

2,854,515



2,537,340


LONG TERM ASSETS:




Other receivables

11,868



11,875


Deferred costs and other assets

24,195



24,013


Total long-term assets

36,063



35,888


Total assets

$

3,258,946



$

2,943,762


LIABILITIES AND SHAREHOLDERS' EQUITY




CURRENT LIABILITIES:




Accounts payable

$

78,420



$

83,592


Accrued liabilities

29,261



24,478


Notes payable



5,148


Income tax payable

13,314



9,711


Deferred credits

15,095



13,738


Total current liabilities

136,090



136,667


LONG TERM LIABILITIES:




Long-term debt

1,070,000



830,000


Deferred income taxes

8,571



8,791


Deferred credits

7,659



8,928


Other

20,300



19,954


Total long-term liabilities

1,106,530



867,673


COMMITMENTS AND CONTINGENCIES




SHAREHOLDERS' EQUITY:




Preferred stock, no par value;




1,000 shares authorized, none outstanding




Common Stock, $1.00 par value;




Common stock, $1.00 par value, 90,000 shares authorized with 65,632 and 65,452 issued and outstanding at December 31, 2012 and September 30, 2012, respectively

65,632



65,452


Paid-in capital

164,061



160,540


Retained earnings

1,789,272



1,716,441


Accumulated other comprehensive loss

(2,639)



(3,011)


Total shareholders' equity

2,016,326



1,939,422


Total liabilities and shareholders' equity

$

3,258,946



$

2,943,762


 

 

Atwood Oceanics, Inc. and Subsidiaries

UNAUDITED CONDENSED CONSOLIDATED

STATEMENTS OF CASH FLOWS




Three Months Ended December 31,

(In thousands)

2012


2011

Cash flows from operating activities:




Net income

$

72,831



$

65,468


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation

27,578



15,363


Amortization of debt issuance costs

1,036



681


Amortization of deferred items

(127)



393


Provision for doubtful accounts

1,871




Provision for inventory obsolescence

181



255


Deferred income tax benefit

(220)



(186)


Share-based compensation expense

3,048



1,790


Other, net

7




Change in assets and liabilities:




(Increase) decrease in accounts receivable

22,388



(32,511)


Decrease in income tax receivable

141



1,640


(Increase) decrease in inventory

(257)



6,106


Decrease in prepaid expenses

5,470



1,378


Increase in deferred costs and other assets

(3,767)



(1,040)


Increase (decrease) in accounts payable

(27,978)



3,463


Increase (decrease) in accrued liabilities

4,937



(9,143)


Increase in income tax payable

3,603



3,249


Increase in deferred credits and other liabilities

6,177



843



44,088



(7,719)


Net Cash Provided by Operating Activities

116,919



57,749


Cash flows from investing activities:




Capital expenditures

(321,995)



(257,446)


Proceeds from sale of assets

41




Net Cash Used by Investing Activities

(321,954)



(257,446)


Cash flows from financing activities:




Proceeds from bank credit facilities

240,000




Principal payments on notes payable

(5,148)



(5,461)


Proceeds from exercise of stock options

653



79


Net Cash Provided (Used) by Financing Activities

235,505



(5,382)


Net increase (decrease) in cash and cash equivalents

$

30,470



$

(205,079)


Cash and cash equivalents, at beginning of period

$

77,871



$

295,002


Cash and cash equivalents, at end of period

$

108,341



$

89,923


Non-cash activities




Increase (decrease) in accounts payable and accrued liabilities related to capital expenditures

$

22,806



$

(83,190)


Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 12 mobile offshore drilling units and is constructing three ultra-deepwater drillships and one high-specification jackup. The company was founded in 1968 and is headquartered in Houston, Texas.  Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."

 

SOURCE Atwood Oceanics, Inc.

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