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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Atwood Oceanics, Inc. (delisted) | NYSE:ATW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.32 | 0 | 01:00:00 |
FOR IMMEDIATE RELEASE - EARNINGS
HOUSTON, November 9, 2015 -- Atwood Oceanics, Inc. (NYSE: ATW) ("Company"), announced today that it had earned net income of $150.7 million or $2.32 per diluted share, on revenues of $363.2 million for the quarter ended September 30, 2015 compared to net income of $113.0 million or $1.73 per diluted share on revenues of $330.6 million for the quarter ended June 30, 2015 and compared to net income of $112.2 million or $1.72 per diluted share, on revenues of $323.4 million for the quarter ended September 30, 2014.
For the twelve months ended September 30, 2015, the Company earned net income of $432.6 million or $6.65 per diluted share, on revenues of $1.40 billion compared to net income of $340.8 million or $5.24 per diluted share, on revenues of $1.17 billion for the twelve months ended September 30, 2014. During the twelve months ended September 30, 2015, the Company recorded a non-cash impairment charge of approximately $60.8 million ($56.1 million, net of tax, or $0.86 per diluted share) related to the Atwood Hunter. In addition, the Company recorded a loss of approximately $5.5 million ($5.5 million, net of tax, or $0.08 per diluted share) for the sale of the Atwood Hunter and a loss of approximately $8.0 million ($7.1 million, net of tax, or $0.11 per diluted share) for the sale of the Atwood Southern Cross.
For the Three Months Ended | |||||||||||
(Unaudited) | |||||||||||
(In thousands, except per share amounts) | September 30, 2015 | June 30, 2015 | September 30, 2014 | ||||||||
Revenues | $ | 363,176 | $ | 330,562 | $ | 323,373 | |||||
Income before Income Taxes | $ | 166,115 | $ | 122,539 | $ | 126,385 | |||||
Provision for Income Taxes | (15,421 | ) | (9,547 | ) | (14,185 | ) | |||||
Net Income | $ | 150,694 | $ | 112,992 | $ | 112,200 | |||||
Earnings per Common Share - | |||||||||||
Basic | $ | 2.33 | $ | 1.75 | $ | 1.74 | |||||
Diluted | $ | 2.32 | $ | 1.73 | $ | 1.72 |
For the Twelve Months Ended | |||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | September 30, 2015 | September 30, 2014 | |||||
Revenues | $ | 1,395,851 | $ | 1,173,953 | |||
Income before Income Taxes | $ | 478,970 | $ | 397,293 | |||
Provision for Income Taxes | (46,397 | ) | (56,471 | ) | |||
Net Income | $ | 432,573 | $ | 340,822 | |||
Earnings per Common Share - | |||||||
Basic | $ | 6.70 | $ | 5.31 | |||
Diluted | $ | 6.65 | $ | 5.24 |
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||
(In thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||
REVENUES: | |||||||||||||||
Contract drilling | $ | 349,139 | $ | 304,853 | $ | 1,342,052 | $ | 1,103,397 | |||||||
Revenues related to reimbursable expenses | 14,037 | 18,520 | 53,799 | 70,556 | |||||||||||
Total revenues | 363,176 | 323,373 | 1,395,851 | 1,173,953 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Contract drilling | 118,574 | 117,413 | 520,421 | 506,128 | |||||||||||
Reimbursable expenses | 9,110 | 15,130 | 38,744 | 56,225 | |||||||||||
Depreciation | 42,310 | 39,982 | 171,947 | 147,358 | |||||||||||
General and administrative | 14,610 | 13,773 | 57,229 | 61,461 | |||||||||||
Asset impairment | - | - | 60,777 | - | |||||||||||
(Gain) loss on sale of assets | (59 | ) | (67 | ) | 15,303 | (34,139 | ) | ||||||||
Other, net | - | (49 | ) | - | (1,864 | ) | |||||||||
184,545 | 186,182 | 864,421 | 735,169 | ||||||||||||
OPERATING INCOME | $ | 178,631 | $ | 137,191 | $ | 531,430 | $ | 438,784 | |||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Interest expense, net of capitalized interest | (12,523 | ) | (10,871 | ) | (52,551 | ) | (41,803 | ) | |||||||
Interest income | 7 | 65 | 91 | 312 | |||||||||||
(12,516 | ) | (10,806 | ) | (52,460 | ) | (41,491 | ) | ||||||||
INCOME BEFORE INCOME TAXES | 166,115 | 126,385 | 478,970 | 397,293 | |||||||||||
PROVISION FOR INCOME TAXES | 15,421 | 14,185 | 46,397 | 56,471 | |||||||||||
NET INCOME | $ | 150,694 | $ | 112,200 | $ | 432,573 | $ | 340,822 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||
Basic | $ | 2.33 | $ | 1.74 | $ | 6.70 | $ | 5.31 | |||||||
Diluted | $ | 2.32 | $ | 1.72 | $ | 6.65 | $ | 5.24 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
Basic | 64,654 | 64,352 | 64,581 | 64,240 | |||||||||||
Diluted | 64,932 | 65,229 | 65,030 | 65,074 |
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED ANALYSIS OF REVENUES AND DRILLING COSTS
REVENUES | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
(In millions) | September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | ||||||||||||||
Ultra-Deepwater | $ | 197 | $ | 174 | $ | 137 | $ | 721 | $ | 462 | |||||||||
Deepwater | 79 | 77 | 92 | 336 | 333 | ||||||||||||||
Jackups | 73 | 67 | 76 | 285 | 308 | ||||||||||||||
Reimbursable | 14 | 13 | 18 | 54 | 71 | ||||||||||||||
$ | 363 | $ | 331 | $ | 323 | $ | 1,396 | $ | 1,174 |
DRILLING COSTS | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
(In millions) | September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | ||||||||||||||
Ultra-Deepwater | $ | 58 | $ | 75 | $ | 42 | $ | 264 | $ | 167 | |||||||||
Deepwater | 25 | 29 | 43 | 127 | 201 | ||||||||||||||
Jackups | 35 | 29 | 30 | 126 | 132 | ||||||||||||||
Reimbursable | 9 | 9 | 15 | 39 | 56 | ||||||||||||||
Other | - | 1 | 3 | 3 | 6 | ||||||||||||||
$ | 127 | $ | 143 | $ | 133 | $ | 559 | $ | 562 |
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value) | September 30, 2015 | September 30, 2014 | |||||
(Unaudited) | |||||||
ASSETS | |||||||
Cash | $ | 113,983 | $ | 80,080 | |||
Accounts receivable | 311,514 | 242,684 | |||||
Income tax receivable | 8,705 | 6,260 | |||||
Inventories of materials and supplies | 137,998 | 132,368 | |||||
Prepaid expenses, deferred costs and other current assets | 35,475 | 36,415 | |||||
Total current assets | 607,675 | 497,807 | |||||
Property and equipment, net | 4,172,132 | 3,967,028 | |||||
Other receivables | 11,831 | 11,831 | |||||
Deferred income taxes | 150 | 589 | |||||
Deferred costs and other assets | 17,223 | 29,973 | |||||
Total assets | $ | 4,809,011 | $ | 4,507,228 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Accounts payable | $ | 70,161 | $ | 94,315 | |||
Accrued liabilities | 23,572 | 19,158 | |||||
Dividends payable | 16,164 | 16,090 | |||||
Short-term debt | - | 11,885 | |||||
Interest payable | 7,704 | 8,099 | |||||
Income tax payable | 13,906 | 14,234 | |||||
Deferred credits and other liabilities | 3,941 | 3,596 | |||||
Total current liabilities | 135,448 | 167,377 | |||||
Long-term debt | 1,685,946 | 1,742,122 | |||||
Deferred income taxes | 1,658 | 783 | |||||
Deferred credits | 800 | 4,100 | |||||
Other | 37,989 | 37,322 | |||||
Total long-term liabilities | 1,726,393 | 1,784,327 | |||||
Commitments and contingencies | |||||||
Preferred stock | - | - | |||||
Common stock | 64,654 | 64,362 | |||||
Paid-in capital | 213,096 | 201,464 | |||||
Retained earnings | 2,670,148 | 2,286,137 | |||||
Accumulated other comprehensive income | (728 | ) | 3,561 | ||||
Total shareholders' equity | 2,947,170 | 2,555,524 | |||||
Total liabilities and shareholders' equity | $ | 4,809,011 | $ | 4,507,228 |
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months Ended September 30, | |||||||
(In thousands) | 2015 | 2014 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 432,573 | $ | 340,822 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 171,947 | 147,358 | |||||
Amortization | 6,299 | 8,634 | |||||
Provision for doubtful accounts and inventory obsolescence | 4,286 | 2,826 | |||||
Deferred income tax benefit | (2,747 | ) | (1,270 | ) | |||
Share-based compensation expense | 12,828 | 14,691 | |||||
Asset impairment | 60,777 | - | |||||
(Gain) loss on sale of assets | 15,303 | (34,139 | ) | ||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (72,575 | ) | (43,965 | ) | |||
Income tax receivable | (2,445 | ) | (1,588 | ) | |||
Inventories of materials and supplies | (19,068 | ) | (17,220 | ) | |||
Prepaid expenses, deferred costs and other current assets | (3,655 | ) | 15,463 | ||||
Deferred costs and other assets | 5,917 | (11,682 | ) | ||||
Accounts payable | (11,967 | ) | 1,932 | ||||
Accrued liabilities | 1,637 | 1,647 | |||||
Income tax payable | (328 | ) | (2,320 | ) | |||
Deferred credits and other liabilities | 5,505 | 21,431 | |||||
Net cash provided by operating activities | 604,287 | 442,620 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (448,019 | ) | (975,731 | ) | |||
Net proceeds from sale of assets | (4,402 | ) | 61,516 | ||||
Net cash used in investing activities | (452,421 | ) | (914,215 | ) | |||
Cash flows from financing activities: | |||||||
Borrowings from credit facilities | 225,000 | 700,000 | |||||
Repayments on credit facilities | (280,000 | ) | (220,000 | ) | |||
Repayments on short-term debt, net | (11,885 | ) | (13,979 | ) | |||
Dividends paid | (48,562 | ) | - | ||||
Proceeds from exercise of stock options | 1,064 | 3,688 | |||||
Debt issuance costs paid | (3,580 | ) | (6,804 | ) | |||
Net cash (used) provided by financing activities | (117,963 | ) | 462,905 | ||||
Net increase (decrease) in cash and cash equivalents | 33,903 | (8,690 | ) | ||||
Cash and cash equivalents, at beginning of period | 80,080 | 88,770 | |||||
Cash and cash equivalents, at end of period | $ | 113,983 | $ | 80,080 |
Atwood Oceanics, Inc. is a leading offshore drilling company engaged in the drilling and completion of exploration and development wells for the global oil and gas industry. The Company currently owns 11 mobile offshore drilling units and is constructing two ultra-deepwater drillships. 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."
As part of our ongoing commitment to our shareholders, Atwood Oceanics uses a variety of Social Networks sites to disseminate company information. For a full list of the official Social Media pages for Atwood Oceanics, please visit the Social Media Disclaimer page of our IR site at: http://ir.atwd.com/GenPage.aspx?IID=4010374&GKP=210376.
Conference Call
The Company has scheduled a conference call and webcast related to its fourth quarter 2015 results on Tuesday, November 10, 2015, at 9:00 a.m. CDT. Interested parties are invited to listen to the call by dialing 1-800-862-9098, or internationally 1-785-424-1051, Conference ID#: ATWOOD/Password 46118. Interested parties may also listen over the Internet through a link posted in the Investor Relations section of the Company's Web site at http://services.choruscall.com/links/atw151110
A replay of the conference call will be available on the Company's Web site following the end of the live call.
Contact: Mark W. Smith
Senior Vice President & CFO
(281) 749-7840
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