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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Oceaneering International Inc | NYSE:OII | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.6205 | 2.71% | 23.5105 | 23.53 | 23.20 | 23.20 | 13,611 | 14:50:05 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended September 30, 2016
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from to
|
Delaware
|
95-2628227
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
11911 FM 529
Houston, Texas
|
77041
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Large accelerated filer
|
þ
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
¨
|
Part I
|
|
||
|
|
|
|
Item 1.
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 2.
|
|
||
Item 3.
|
|
||
Item 4.
|
|
||
|
|
|
|
Part II
|
|
||
|
|
|
|
Item 1.
|
|
||
Item 6.
|
|
||
|
|
||
|
|
||
Item 1.
|
Financial Statements.
|
|
|
Sep 30, 2016
|
|
Dec 31, 2015
|
||||
(in thousands, except share data)
|
|
|
||||||
|
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
441,625
|
|
|
$
|
385,235
|
|
Accounts receivable, net of allowances for doubtful accounts of $7,982 and $5,893
|
|
510,424
|
|
|
612,785
|
|
||
Inventory, net
|
|
297,195
|
|
|
328,453
|
|
||
Other current assets
|
|
110,024
|
|
|
191,020
|
|
||
Total Current Assets
|
|
1,359,268
|
|
|
1,517,493
|
|
||
Property and Equipment, at cost
|
|
2,770,569
|
|
|
2,772,580
|
|
||
Less accumulated depreciation
|
|
1,603,598
|
|
|
1,505,849
|
|
||
Net Property and Equipment
|
|
1,166,971
|
|
|
1,266,731
|
|
||
Other Assets:
|
|
|
|
|
||||
Goodwill
|
|
448,289
|
|
|
426,872
|
|
||
Other non-current assets
|
|
263,042
|
|
|
218,440
|
|
||
Total Other Assets
|
|
711,331
|
|
|
645,312
|
|
||
Total Assets
|
|
$
|
3,237,570
|
|
|
$
|
3,429,536
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
95,303
|
|
|
$
|
118,277
|
|
Accrued liabilities
|
|
382,289
|
|
|
477,284
|
|
||
Income taxes payable
|
|
23,481
|
|
|
20,395
|
|
||
Total Current Liabilities
|
|
501,073
|
|
|
615,956
|
|
||
Long-term Debt
|
|
802,256
|
|
|
795,836
|
|
||
Other Long-term Liabilities
|
|
362,461
|
|
|
439,010
|
|
||
Commitments and Contingencies
|
|
|
|
|
|
|
||
Shareholders’ Equity:
|
|
|
|
|
||||
Common Stock, par value $0.25 per share; 360,000,000 shares authorized; 110,834,088 shares issued
|
|
27,709
|
|
|
27,709
|
|
||
Additional paid-in capital
|
|
223,665
|
|
|
230,179
|
|
||
Treasury stock; 12,773,015 and 12,984,829 shares, at cost
|
|
(731,448
|
)
|
|
(743,577
|
)
|
||
Retained earnings
|
|
2,320,971
|
|
|
2,364,786
|
|
||
Accumulated other comprehensive loss
|
|
(269,117
|
)
|
|
(300,363
|
)
|
||
Total Shareholders' Equity
|
|
1,571,780
|
|
|
1,578,734
|
|
||
Total Liabilities and Shareholders' Equity
|
|
$
|
3,237,570
|
|
|
$
|
3,429,536
|
|
|
|
|
Three Months Ended Sep 30,
|
|
Nine Months Ended Sep 30,
|
||||||||||||
(in thousands, except per share data)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
Revenue
|
|
$
|
549,275
|
|
|
$
|
743,613
|
|
|
$
|
1,783,158
|
|
|
$
|
2,340,688
|
|
|
Cost of services and products
|
|
513,832
|
|
|
575,300
|
|
|
1,555,002
|
|
|
1,841,381
|
|
|||||
|
Gross Margin
|
|
35,443
|
|
|
168,313
|
|
|
228,156
|
|
|
499,307
|
|
||||
Selling, general and administrative expense
|
|
47,299
|
|
|
54,849
|
|
|
153,533
|
|
|
171,253
|
|
|||||
|
Income (Loss) from Operations
|
|
(11,856
|
)
|
|
113,464
|
|
|
74,623
|
|
|
328,054
|
|
||||
Interest income
|
|
684
|
|
|
229
|
|
|
2,421
|
|
|
436
|
|
|||||
Interest expense, net of amounts capitalized
|
|
(6,325
|
)
|
|
(6,396
|
)
|
|
(18,924
|
)
|
|
(18,696
|
)
|
|||||
Equity in income (losses) of unconsolidated affiliates
|
|
(246
|
)
|
|
1,567
|
|
|
543
|
|
|
1,313
|
|
|||||
Other income (expense), net
|
|
570
|
|
|
(9,099
|
)
|
|
(6,823
|
)
|
|
(14,883
|
)
|
|||||
|
Income (Loss) before Income Taxes
|
|
(17,173
|
)
|
|
99,765
|
|
|
51,840
|
|
|
296,224
|
|
||||
Provision for income taxes (benefit)
|
|
(5,375
|
)
|
|
31,226
|
|
|
16,226
|
|
|
92,718
|
|
|||||
|
Net Income (Loss)
|
|
$
|
(11,798
|
)
|
|
$
|
68,539
|
|
|
$
|
35,614
|
|
|
$
|
203,506
|
|
Cash Dividends declared per Share
|
|
$
|
0.27
|
|
|
$
|
0.27
|
|
|
$
|
0.81
|
|
|
$
|
0.81
|
|
|
Basic Earnings (Loss) per Share
|
|
$
|
(0.12
|
)
|
|
$
|
0.70
|
|
|
$
|
0.36
|
|
|
$
|
2.06
|
|
|
Diluted Earnings (Loss) per Share
|
|
$
|
(0.12
|
)
|
|
$
|
0.70
|
|
|
$
|
0.36
|
|
|
$
|
2.06
|
|
OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES
|
|||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||||||||||||
(unaudited)
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended Sep 30,
|
|
Nine Months Ended Sep 30,
|
||||||||||||
(in thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
Net Income (Loss)
|
|
$
|
(11,798
|
)
|
|
$
|
68,539
|
|
|
$
|
35,614
|
|
|
$
|
203,506
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Foreign currency translation adjustments
|
|
16,411
|
|
|
(55,453
|
)
|
|
31,246
|
|
|
(100,100
|
)
|
||||
|
|
|
|
|
|
|
|
|
|||||||||
Total other comprehensive income (loss)
|
|
16,411
|
|
|
(55,453
|
)
|
|
31,246
|
|
|
(100,100
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Total Comprehensive Income
|
|
$
|
4,613
|
|
|
$
|
13,086
|
|
|
$
|
66,860
|
|
|
$
|
103,406
|
|
|
|
Nine Months Ended Sep 30,
|
||||||
(in thousands)
|
|
2016
|
|
2015
|
||||
Cash Flows from Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
35,614
|
|
|
$
|
203,506
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
193,960
|
|
|
183,508
|
|
||
Deferred income tax provision (benefit)
|
|
(6,704
|
)
|
|
15,780
|
|
||
Inventory write-downs
|
|
30,490
|
|
|
9,025
|
|
||
Net gain on sales of property and equipment
|
|
516
|
|
|
111
|
|
||
Noncash compensation
|
|
10,546
|
|
|
12,688
|
|
||
Excluding the effects of acquisitions, increase (decrease) in cash from:
|
|
|
|
|
||||
Accounts receivable
|
|
102,361
|
|
|
98,357
|
|
||
Inventory
|
|
768
|
|
|
5,135
|
|
||
Other operating assets
|
|
57,879
|
|
|
(49,140
|
)
|
||
Currency translation effect on working capital, excluding cash
|
|
15,592
|
|
|
(19,366
|
)
|
||
Current liabilities
|
|
(163,415
|
)
|
|
(80,086
|
)
|
||
Other operating liabilities
|
|
(14,857
|
)
|
|
(6,458
|
)
|
||
Total adjustments to net income
|
|
227,136
|
|
|
169,554
|
|
||
Net Cash Provided by Operating Activities
|
|
262,750
|
|
|
373,060
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
|
||||
Purchases of property and equipment
|
|
(83,389
|
)
|
|
(139,208
|
)
|
||
Business acquisitions, net of cash acquired
|
|
(2,500
|
)
|
|
(229,979
|
)
|
||
Other investments
|
|
(39,818
|
)
|
|
(19,531
|
)
|
||
Distributions of capital from unconsolidated affiliates
|
|
5,108
|
|
|
3,265
|
|
||
Dispositions of property and equipment
|
|
3,217
|
|
|
376
|
|
||
Net Cash Used in Investing Activities
|
|
(117,382
|
)
|
|
(385,077
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
|
||||
Proceeds of term loan
|
|
—
|
|
|
50,000
|
|
||
Net tax deficiency from employee benefit plans
|
|
(3,004
|
)
|
|
(781
|
)
|
||
Cash dividends
|
|
(79,429
|
)
|
|
(80,036
|
)
|
||
Purchases of treasury stock
|
|
—
|
|
|
(100,459
|
)
|
||
Net Cash Used in Financing Activities
|
|
(82,433
|
)
|
|
(131,276
|
)
|
||
Effect of exchange rates on cash
|
|
(6,545
|
)
|
|
(16,266
|
)
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
56,390
|
|
|
(159,559
|
)
|
||
Cash and Cash Equivalents—Beginning of Period
|
|
385,235
|
|
|
430,714
|
|
||
Cash and Cash Equivalents—End of Period
|
|
$
|
441,625
|
|
|
$
|
271,155
|
|
(in thousands)
|
|
Sep 30, 2016
|
|
Dec 31, 2015
|
|||||
Inventory, net:
|
|
|
|
|
|||||
|
Remotely operated vehicle parts and components
|
|
$
|
118,337
|
|
|
$
|
163,539
|
|
|
Other inventory, primarily raw materials
|
|
178,858
|
|
|
164,914
|
|
||
|
Total
|
|
$
|
297,195
|
|
|
$
|
328,453
|
|
|
|
|
|
||||||
|
(in thousands)
|
|
Sep 30, 2016
|
|
Dec 31, 2015
|
||||
4.650% Senior Notes due 2024:
|
|
|
|
|
|||||
|
Principal of the Notes
|
|
$
|
500,000
|
|
|
$
|
500,000
|
|
|
Issuance costs, net of amortization
|
|
(5,558
|
)
|
|
(6,073
|
)
|
||
|
Fair value of interest rate swap on $100 million of principal
|
|
7,814
|
|
|
1,909
|
|
||
Term Loan Facility
|
|
300,000
|
|
|
300,000
|
|
|||
Revolving Credit Facility
|
|
—
|
|
|
—
|
|
|||
Long-term Debt
|
|
$
|
802,256
|
|
|
$
|
795,836
|
|
5.
|
EARNINGS PER SHARE, SHARE-BASED COMPENSATION AND SHARE REPURCHASE PLAN
|
|
|
Three Months Ended Sep 30,
|
|
Nine Months Ended Sep 30,
|
||||||||
(in thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Basic shares outstanding
|
|
98,061
|
|
|
97,845
|
|
|
98,025
|
|
|
98,609
|
|
Effect of restricted stock units
|
|
—
|
|
|
340
|
|
|
359
|
|
|
382
|
|
Diluted shares outstanding
|
|
98,061
|
|
|
98,185
|
|
|
98,384
|
|
|
98,991
|
|
|
|
|
Jurisdiction
|
|
Periods
|
United States
|
|
2013
|
United Kingdom
|
|
2012
|
Norway
|
|
2006
|
Angola
|
|
2013
|
Brazil
|
|
2010
|
Australia
|
|
2012
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
(in thousands)
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|
Jun 30, 2016
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Oilfield
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Remotely Operated Vehicles
|
|
$
|
126,507
|
|
|
$
|
198,426
|
|
|
$
|
139,641
|
|
|
$
|
413,769
|
|
|
$
|
634,299
|
|
Subsea Products
|
|
157,269
|
|
|
220,039
|
|
|
190,897
|
|
|
542,978
|
|
|
700,825
|
|
|||||
Subsea Projects
|
|
110,799
|
|
|
147,191
|
|
|
138,662
|
|
|
378,883
|
|
|
473,087
|
|
|||||
Asset Integrity
|
|
71,995
|
|
|
95,609
|
|
|
73,864
|
|
|
215,459
|
|
|
289,611
|
|
|||||
Total Oilfield
|
|
466,570
|
|
|
661,265
|
|
|
543,064
|
|
|
1,551,089
|
|
|
2,097,822
|
|
|||||
Advanced Technologies
|
|
82,705
|
|
|
82,348
|
|
|
82,475
|
|
|
232,069
|
|
|
242,866
|
|
|||||
Total
|
|
$
|
549,275
|
|
|
$
|
743,613
|
|
|
$
|
625,539
|
|
|
$
|
1,783,158
|
|
|
$
|
2,340,688
|
|
Income (Loss) from Operations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Oilfield
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Remotely Operated Vehicles
|
|
$
|
(23,845
|
)
|
|
$
|
52,417
|
|
|
$
|
18,020
|
|
|
$
|
21,162
|
|
|
$
|
175,893
|
|
Subsea Products
|
|
6,109
|
|
|
46,079
|
|
|
25,121
|
|
|
71,870
|
|
|
138,379
|
|
|||||
Subsea Projects
|
|
15,029
|
|
|
28,841
|
|
|
10,237
|
|
|
32,055
|
|
|
81,724
|
|
|||||
Asset Integrity
|
|
4,725
|
|
|
8,549
|
|
|
(805
|
)
|
|
4,354
|
|
|
18,150
|
|
|||||
Total Oilfield
|
|
2,018
|
|
|
135,886
|
|
|
52,573
|
|
|
129,441
|
|
|
414,146
|
|
|||||
Advanced Technologies
|
|
4,357
|
|
|
1,635
|
|
|
5,528
|
|
|
10,478
|
|
|
12,922
|
|
|||||
Unallocated Expenses
|
|
(18,231
|
)
|
|
(24,057
|
)
|
|
(19,721
|
)
|
|
(65,296
|
)
|
|
(99,014
|
)
|
|||||
Total
|
|
$
|
(11,856
|
)
|
|
$
|
113,464
|
|
|
$
|
38,380
|
|
|
$
|
74,623
|
|
|
$
|
328,054
|
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Oilfield
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Remotely Operated Vehicles
|
|
$
|
43,705
|
|
|
$
|
35,094
|
|
|
$
|
34,026
|
|
|
$
|
111,415
|
|
|
$
|
107,236
|
|
Subsea Products
|
|
14,205
|
|
|
12,681
|
|
|
12,952
|
|
|
39,964
|
|
|
38,247
|
|
|||||
Subsea Projects
|
|
8,575
|
|
|
9,782
|
|
|
8,353
|
|
|
25,447
|
|
|
24,140
|
|
|||||
Asset Integrity
|
|
5,980
|
|
|
2,663
|
|
|
2,843
|
|
|
11,736
|
|
|
8,222
|
|
|||||
Total Oilfield
|
|
72,465
|
|
|
60,220
|
|
|
58,174
|
|
|
188,562
|
|
|
177,845
|
|
|||||
Advanced Technologies
|
|
789
|
|
|
618
|
|
|
806
|
|
|
2,329
|
|
|
1,879
|
|
|||||
Unallocated Expenses
|
|
946
|
|
|
1,184
|
|
|
999
|
|
|
3,069
|
|
|
3,784
|
|
|||||
Total
|
|
$
|
74,200
|
|
|
$
|
62,022
|
|
|
$
|
59,979
|
|
|
$
|
193,960
|
|
|
$
|
183,508
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
fourth
quarter and the full years of
2016
and 2017 operating results and earnings per share, and the contributions from our segments to those results (including anticipated revenue, operating income and utilization information);
|
•
|
demand and business activity levels;
|
•
|
our plans for future operations (including planned additions to and retirements from our remotely operated vehicle ("ROV") fleet, our intent regarding the new
multiservice subsea support
vessel scheduled for delivery
late in the second quarter of 2017
, and other capital expenditures);
|
•
|
our future cash flows;
|
•
|
the adequacy of our liquidity and capital resources;
|
•
|
our expectations regarding shares to be repurchased under our share repurchase plan;
|
•
|
our expectations regarding future dividends and their sustainability;
|
•
|
our anticipated tax rates and underlying assumptions;
|
•
|
seasonality; and
|
•
|
industry conditions.
|
•
|
ROVs, on lower days on hire and reduced revenue per day;
|
•
|
Subsea Products, on lower pricing and demand to support field development projects; and
|
•
|
Subsea Projects, on lower pricing and demand, for both deepwater vessels and diving.
|
•
|
$102 million
and
$98 million
, respectively, from changes in accounts receivable;
|
•
|
$58 million
and
$(49) million
, respectively, from changes in other operating assets; and
|
•
|
$(163) million
and
$(80) million
, respectively, from changes in current liabilities.
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
(dollars in thousands)
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|
Jun 30, 2016
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|||||||||||
Remotely Operated Vehicles
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
$
|
126,507
|
|
|
$
|
198,426
|
|
|
$
|
139,641
|
|
|
$
|
413,769
|
|
|
$
|
634,299
|
|
|
Gross Margin
|
|
(16,288
|
)
|
|
60,681
|
|
|
26,925
|
|
|
45,959
|
|
|
202,124
|
|
|||||
|
Operating Income (Loss)
|
|
(23,845
|
)
|
|
52,417
|
|
|
18,020
|
|
|
21,162
|
|
|
175,893
|
|
|||||
|
Operating Income (Loss) %
|
(19
|
)%
|
|
26
|
%
|
|
13
|
%
|
|
5
|
%
|
|
28
|
%
|
||||||
|
Days available
|
|
29,126
|
|
|
31,025
|
|
|
28,959
|
|
|
86,904
|
|
|
91,621
|
|
|||||
|
Days utilized
|
|
15,156
|
|
|
21,229
|
|
|
16,057
|
|
|
47,218
|
|
|
65,078
|
|
|||||
|
Utilization
|
|
52
|
%
|
|
68
|
%
|
|
55
|
%
|
|
54
|
%
|
|
71
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Subsea Products
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
157,269
|
|
|
220,039
|
|
|
190,897
|
|
|
542,978
|
|
|
700,825
|
|
|||||
|
Gross Margin
|
|
20,423
|
|
|
64,078
|
|
|
42,728
|
|
|
119,287
|
|
|
196,310
|
|
|||||
|
Operating Income (Loss)
|
|
6,109
|
|
|
46,079
|
|
|
25,121
|
|
|
71,870
|
|
|
138,379
|
|
|||||
|
Operating Income (Loss) %
|
4
|
%
|
|
21
|
%
|
|
13
|
%
|
|
13
|
%
|
|
20
|
%
|
||||||
|
Backlog at end of period
|
|
457,000
|
|
|
736,000
|
|
|
503,000
|
|
|
457,000
|
|
|
736,000
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Subsea Projects
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
110,799
|
|
|
147,191
|
|
|
138,662
|
|
|
378,883
|
|
|
473,087
|
|
|||||
|
Gross Margin
|
|
19,321
|
|
|
34,830
|
|
|
14,317
|
|
|
45,147
|
|
|
98,719
|
|
|||||
|
Operating Income (Loss)
|
|
15,029
|
|
|
28,841
|
|
|
10,237
|
|
|
32,055
|
|
|
81,724
|
|
|||||
|
Operating Income (Loss) %
|
14
|
%
|
|
20
|
%
|
|
7
|
%
|
|
8
|
%
|
|
17
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Integrity
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
71,995
|
|
|
95,609
|
|
|
73,864
|
|
|
215,459
|
|
|
289,611
|
|
|||||
|
Gross Margin
|
|
11,591
|
|
|
15,009
|
|
|
10,096
|
|
|
29,030
|
|
|
39,558
|
|
|||||
|
Operating Income (Loss)
|
|
4,725
|
|
|
8,549
|
|
|
(805
|
)
|
|
4,354
|
|
|
18,150
|
|
|||||
|
Operating Income (Loss) %
|
7
|
%
|
|
9
|
%
|
|
(1
|
)%
|
|
2
|
%
|
|
6
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Oilfield
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
$
|
466,570
|
|
|
$
|
661,265
|
|
|
$
|
543,064
|
|
|
$
|
1,551,089
|
|
|
$
|
2,097,822
|
|
|
Gross Margin
|
|
35,047
|
|
|
174,598
|
|
|
94,066
|
|
|
239,423
|
|
|
536,711
|
|
|||||
|
Operating Income (Loss)
|
|
2,018
|
|
|
135,886
|
|
|
52,573
|
|
|
129,441
|
|
|
414,146
|
|
|||||
|
Operating Income (Loss) %
|
—
|
%
|
|
21
|
%
|
|
10
|
%
|
|
8
|
%
|
|
20
|
%
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||
|
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|
Jun 30, 2016
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|||||
Manufactured products
|
|
64
|
%
|
|
59
|
%
|
|
68
|
%
|
|
66
|
%
|
|
59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Service and rental
|
|
36
|
%
|
|
41
|
%
|
|
32
|
%
|
|
34
|
%
|
|
41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
(dollars in thousands)
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|
Jun 30, 2016
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|||||||||||
Revenue
|
|
$
|
82,705
|
|
|
$
|
82,348
|
|
|
$
|
82,475
|
|
|
$
|
232,069
|
|
|
$
|
242,866
|
|
|
Gross Margin
|
|
9,665
|
|
|
6,974
|
|
|
10,600
|
|
|
26,092
|
|
|
27,319
|
|
||||||
Operating Income (Loss)
|
|
4,357
|
|
|
1,635
|
|
|
5,528
|
|
|
10,478
|
|
|
12,922
|
|
||||||
Operating Income (Loss) %
|
|
5
|
%
|
|
2
|
%
|
|
7
|
%
|
|
5
|
%
|
|
5
|
%
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
(dollars in thousands)
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|
Jun 30, 2016
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|||||||||||
Gross margin expenses
|
|
$
|
9,269
|
|
|
$
|
13,259
|
|
|
$
|
9,433
|
|
|
$
|
37,359
|
|
|
$
|
64,723
|
|
|
Operating income expenses
|
|
18,231
|
|
|
24,057
|
|
|
19,721
|
|
|
65,296
|
|
|
99,014
|
|
||||||
% of revenue
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
4
|
%
|
|
4
|
%
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
(in thousands)
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|
Jun 30, 2016
|
|
Sep 30, 2016
|
|
Sep 30, 2015
|
|||||||||||
Interest income
|
|
$
|
684
|
|
|
$
|
229
|
|
|
$
|
1,442
|
|
|
$
|
2,421
|
|
|
$
|
436
|
|
|
Interest expense, net of amounts capitalized
|
|
(6,325
|
)
|
|
(6,396
|
)
|
|
(6,207
|
)
|
|
(18,924
|
)
|
|
(18,696
|
)
|
||||||
Equity in income (losses) of unconsolidated affiliates
|
|
(246
|
)
|
|
1,567
|
|
|
263
|
|
|
543
|
|
|
1,313
|
|
||||||
Other income (expense), net
|
|
570
|
|
|
(9,099
|
)
|
|
(1,405
|
)
|
|
(6,823
|
)
|
|
(14,883
|
)
|
||||||
Provision for income taxes (benefit)
|
|
(5,375
|
)
|
|
31,226
|
|
|
10,164
|
|
|
16,226
|
|
|
92,718
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 1.
|
Legal Proceedings.
|
|
|
|
November 7, 2016
|
|
/
S
/ M. K
EVIN
M
C
E
VOY
|
Date
|
|
M. Kevin McEvoy
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
November 7, 2016
|
|
/
S
/ A
LAN
R. C
URTIS
|
Date
|
|
Alan R. Curtis
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
November 7, 2016
|
|
/
S
/ W. C
ARDON
G
ERNER
|
Date
|
|
W. Cardon Gerner
|
|
|
Senior Vice President and Chief Accounting Officer
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
1 Year Oceaneering Chart |
1 Month Oceaneering Chart |
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