Todco (NYSE:THE)
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HOUSTON, Aug. 3 /PRNewswire-FirstCall/ -- TODCO (NYSE:THE) (the "Company") today reported net income for the three months ended June 30, 2006, of $34.7 million, or $0.56 per diluted share, on revenues of $226.1 million compared to $11.0 million, or $0.18 per share, on revenues of $130.5 million for the same quarter of 2005. The second quarter of 2006 included $32.8 million (or $0.33 per diluted share, after tax) of rig reactivation expense versus only $2.8 (or $0.03 per diluted share, after tax) million of rig reactivation expenses during the second quarter of 2005. For the three months ended June 30, 2006, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $75.5 million compared to $40.7 million for the same quarter of 2005.
The improvement in second quarter 2006 results over the same quarter last year was principally caused by improved utilizations and dayrates which will be discussed during TODCO's publicly accessible second quarter conference call. The conference call will be at 9:00 a.m. (CDT), Thursday, August 3, 2006. The conference call can be heard live on the Company's web site at http://www.theoffshoredrillingcompany.com/ or by dialing (800) 374-0113 or (706) 634-5608. A replay of the conference call will be available for approximately 30 days after the call on the Company's web site or by dialing (800) 642-1687 or (706) 645-9291, reference code 2347624#.
TODCO is a leading provider of contract oil and gas drilling services with the largest rig fleet in the shallow water of the U.S. Gulf of Mexico and along the U.S. Gulf Coast. TODCO's common stock is traded on the New York Stock Exchange under the symbol "THE". For more information about TODCO, please go to the Company's web site at http://www.theoffshoredrillingcompany.com/ .
TODCO AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
June 30, December 31,
2006 2005
(Unaudited)
ASSETS
Cash and cash equivalents $216.8 $163.0
Accounts receivable
Trade 156.6 107.4
Related party 9.9 9.9
Other 25.0 9.8
Supplies 4.6 4.9
Deferred income taxes 8.4 8.4
Other current assets 4.1 4.3
Total current assets 425.4 307.7
Property and equipment 943.4 919.7
Less accumulated depreciation 478.2 436.7
Property and equipment, net 465.2 483.0
Other assets 31.0 34.3
Total assets $921.6 $825.0
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade accounts payable $70.1 $42.4
Accrued income taxes 12.3 10.9
Accrued income taxes - related party 69.7 44.9
Debt due within one year 2.3 0.4
Debt due within one year - related party --- 2.9
Interest payable - related party --- 0.1
Other current liabilities 49.7 63.0
Total current liabilities 204.1 164.6
Long-term debt 16.5 16.6
Deferred income taxes 129.7 144.8
Other long-term liabilities 2.0 3.5
Total long-term liabilities 148.2 164.9
Commitments and contingencies
Preferred Stock, $0.01 par value,
50,000,000 shares authorized and no shares
issued and outstanding --- ---
Common stock, $0.01 par value, 500,000,000 shares
authorized, 61,940,522, shares and 61,521,990 shares
issued and outstanding at June 30, 2006 and
December 31, 2005, respectively 0.6 0.6
Common stock, Class B, $0.01 par value, no shares
authorized at June 30, 2006, and 260,000,000 shares
authorized and no shares issued and outstanding at
December 31, 2005 --- ---
Additional paid-in capital 6,534.0 6,527.2
Retained deficit (5,965.3) (6,029.3)
Unearned compensation --- (3.0)
Total stockholders' equity 569.3 495.5
Total liabilities and stockholders' equity $921.6 $825.0
TODCO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
Operating revenues $226.1 $130.5 $409.7 $242.4
Costs and expenses
Operating and maintenance 140.6 86.5 247.9 155.4
Depreciation 21.9 23.9 44.2 47.9
General and administrative 10.7 9.9 20.4 18.3
Impairment loss on long-lived assets 0.4 --- 0.4 ---
Gain on disposal of assets, net (1.4) (5.6) (2.3) (6.7)
172.2 114.7 310.6 214.9
Operating income (loss) 53.9 15.8 99.1 27.5
Other income (expense), net
Interest income 2.7 0.8 4.8 1.3
Interest expense (0.7) (0.9) (1.4) (1.9)
Interest expense - related party --- --- --- (0.1)
Other, net (0.3) 1.0 (0.1) 1.5
1.7 0.9 3.3 0.8
Income before income taxes and
cumulative effect of change in
accounting principle 55.6 16.7 102.4 28.3
Income tax expense 20.9 5.7 38.5 9.2
Income before cumulative effect
of change in accounting principle 34.7 11.0 63.9 19.1
Cumulative effect of change in
accounting principle, net of tax --- --- 0.1 ---
Net income $34.7 $11.0 $64.0 $19.1
Net income per common share
Basic:
Income before cumulative effect
of change in accounting principle $0.56 $0.18 $1.04 $0.32
Cumulative effect of change
in accounting principle --- --- --- ---
Net income per common share $0.56 $0.18 $1.04 $0.32
Diluted:
Income before cumulative effect
of change in accounting principle $0.56 $0.18 $1.03 $0.31
Cumulative effect of change
in accounting principle --- --- --- ---
Net income per common share $0.56 $0.18 $1.03 $0.31
Weighted average common
shares outstanding:
Basic 61.6 60.3 61.5 60.2
Diluted 62.1 61.2 62.0 61.0
TODCO AND SUBSIDIARIES
SELECTED SEGMENT AND OPERATING DATA
(In millions, except daily amounts)
(Unaudited)
Three Months Ended
June 30, March 31, June 30,
2006 2006 2005
U.S. Gulf of Mexico Segment
Operating days 1,013 944 1,146
Available days 1,911 1,890 2,063
Utilization 53% 50% 56%
Average rig revenue per day $104,100 $78,700 $51,000
Operating revenues $105.5 $74.3 $58.5
Operating and maintenance expenses 65.4 44.0 32.1
Depreciation 10.5 10.7 12.5
Gain on disposal of assets, net --- --- (3.7)
Operating income $29.6 $19.6 $17.6
U.S. Inland Barge Segment
Operating days 1,509 1,454 1,256
Available days 2,457 2,430 2,457
Utilization 61% 60% 51%
Average rig revenue per day $37,200 $33,700 $27,800
Operating revenues $56.2 $49.0 $34.9
Operating and maintenance expenses 33.4 25.2 24.7
Depreciation 5.2 5.5 5.9
Gain on disposal of assets, net (1.2) (0.8) (1.8)
Operating income $18.8 $19.1 $6.1
International and Other Segment
Operating days 1,030 970 719
Available days 1,547 1,440 1,304
Utilization 67% 67% 55%
Average rig revenue per day $43,200 $45,700 $33,900
Operating revenues $44.5 $44.3 $24.4
Operating and maintenance expenses 33.4 31.7 22.9
Depreciation 5.2 5.1 4.3
Impairment loss on long-level assets 0.4 --- ---
Loss on disposal of assets, net --- --- 0.2
Operating income (loss) $5.5 $7.5 $(3.0)
Delta Towing
Operating revenues $19.9 $16.0 $12.7
Operating and maintenance expenses 8.4 6.4 6.8
Depreciation 1.0 1.0 1.2
General and administrative expenses 1.1 1.3 1.0
Gain on disposal of assets, net (0.2) (0.1) (0.3)
Operating income $9.6 $7.4 $4.0
Total Company
Rig operating days 3,552 3,368 3,121
Rig available days 5,915 5,760 5,824
Rig utilization 60% 58% 54%
Operating revenues $226.1 $183.6 $130.5
Operating and maintenance expenses 140.6 107.3 86.5
Depreciation 21.9 22.3 23.9
General and administrative expenses 10.7 9.7 9.9
Impairment loss on long-level assets 0.4 --- ---
Gain on disposal of assets, net (1.4) (0.9) (5.6)
Operating income $53.9 $45.2 $15.8
TODCO and Subsidiaries
Non-GAAP Financial Measures and Reconciliations
(In millions)
(Unaudited)
For the Three Months Ended
June 30, March 31, June 30,
2006 2006 2005
Net income to EBITDA
Net income $34.7 $29.3 $11.0
Adjustments:
Depreciation 21.9 22.3 23.9
Income tax expense 20.9 17.6 5.7
Interest income (2.7) (2.1) (0.8)
Interest expense 0.7 0.7 0.9
EBITDA $75.5 $67.8 $40.7
DATASOURCE: TODCO
CONTACT: Dale Wilhelm, Vice President & CFO of TODCO, +1-713-278-6014
Web site: http://www.theoffshoredrillingcompany.com/