Todco (NYSE:THE)
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HOUSTON, Nov. 2 /PRNewswire-FirstCall/ -- TODCO (the "Company") (NYSE:THE) today reported net income for the three months ended September 30, 2006, of $55.5 million, or $0.92 per diluted share, on revenues of $242.3 million compared to net income of $19.1 million, or $0.31 per share, on revenues of $141.4 million for the same quarter of 2005. The third quarter of 2006 included $13.0 million (or $0.13 per diluted share, after tax) of rig reactivation expense versus only $6.9 million (or $0.07 per diluted share, after tax) of rig reactivation expenses during the third quarter of 2005. For the three months ended September 30, 2006, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $109.7 million compared to $55.5 million for the same quarter of 2005.
The improvement in third 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 third quarter conference call. The conference call will be at 8:00 a.m. (CST), Thursday, November 2, 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) 758-9607. A replay of the call will be available for approximately 30 days on the Company's web site or by dialing (800) 642-1687 or (706) 645-9291, reference code 7223910#.
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)
September 30, December 31,
2006 2005
(Unaudited)
ASSETS
Cash and cash equivalents $ 137.9 $163.0
Accounts receivable
Trade 187.8 107.4
Related party 9.8 9.9
Other 28.0 9.8
Supplies 5.0 4.9
Deferred income taxes 8.9 8.4
Other current assets 3.5 4.3
Total current assets 380.9 307.7
Property and equipment 952.6 919.7
Less accumulated depreciation 497.9 436.7
Property and equipment, net 454.7 483.0
Other assets 24.9 34.3
Total assets $860.5 $825.0
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade accounts payable $69.4 $42.4
Accrued income taxes 20.2 10.9
Accrued income taxes - related party 88.9 44.9
Debt due within one year 2.2 0.4
Debt due within one year - related party --- 2.9
Interest payable - related party --- 0.1
Other current liabilities 64.0 63.0
Total current liabilities 244.7 164.6
Long-term debt 16.5 16.6
Deferred income taxes 121.7 144.8
Other long-term liabilities 1.4 3.5
Total long-term liabilities 139.6 164.9
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,
57,711,477 shares and 61,521,990
shares issued and outstanding at
September 30, 2006
and December 31, 2005, respectively 0.6 0.6
Common stock, Class B, $0.01 par value,
no shares authorized at September
30, 2006, and 260,000,000 shares
authorized and no shares issued and
outstanding at December 31, 2005 --- ---
Additional paid-in capital 6,385.4 6,527.2
Retained deficit (5,909.8) (6,029.3)
Unearned compensation --- (3.0)
Total stockholders' equity 476.2 495.5
Total liabilities and stockholders' equity $860.5 $825.0
Total shares, issued and outstanding 57,711,477 61,521,990
TODCO AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
(In millions, except per share amounts)
Operating revenues $242.3 $141.4 $652.0 $383.8
Costs and expenses
Operating and
maintenance 129.2 77.8 377.1 233.2
Depreciation 20.9 24.1 65.1 72.0
General and
administrative
10.8 9.9 31.2 28.2
Impairment loss
on long-lived assets --- --- 0.4 ---
Gain on disposal of
assets, net (6.7) (1.6) (9.0) (8.3)
154.2 110.2 464.8 325.1
Operating income 88.1 31.2 187.2 58.7
Other income (expense), net
Interest income 2.6 0.9 7.4 2.2
Interest expense (0.8) (0.8) (2.2) (2.7)
Interest expense-
related party --- (0.1) --- (0.2)
Other, net 0.7 0.2 0.6 1.7
2.5 0.2 5.8 1.0
Income before income
taxes and cumulative
effect of change
in accounting
principle 90.6 31.4 193.0 59.7
Income tax expense 35.1 12.3 73.6 21.5
Income before cumulative
effect of change in
accounting principle 55.5 19.1 119.4 38.2
Cumulative effect of
change in accounting
principle, net of tax --- --- 0.1 ---
Net income $55.5 $19.1 $119.5 $38.2
Net income per common share:
Basic:
Income before
cumulative effect of
change in accounting
principle $0.93 $0.31 $1.96 $0.63
Cumulative effect of
change in accounting
principle --- --- --- ---
Net income per
common share $0.93 $0.31 $1.96 $0.63
Diluted:
Income before cumulative
effect of change in
accounting principle $0.92 $0.31 $1.95 $0.63
Cumulative effect of
change in accounting
principle --- --- --- ---
Net income per common
share $0.92 $0.31 $1.95 $0.63
Weighted average common
shares outstanding:
Basic 59.8 60.9 60.9 60.4
Diluted 60.2 61.6 61.4 61.2
Cash dividend per common
share: $--- $1.00 $--- $1.00
TODCO AND SUBSIDIARIES
SELECTED SEGMENT AND OPERATING DATA
(In millions, except daily amounts)
(Unaudited)
Three Months Ended
September 30, June 30, September 30,
2006 2006 2005
U.S. Gulf of Mexico Segment
Operating days 1,083 1,013 1,177
Available days 1,932 1,911 2,086
Utilization 56% 53% 56%
Average rig revenue per day $104,100 $104,100 $56,700
Operating revenues $112.7 $105.5 $66.7
Operating and maintenance
expenses 62.5 65.4 25.2
Depreciation 8.4 10.5 12.6
Operating income $41.8 $29.6 $28.9
U.S. Inland Barge Segment
Operating days 1,543 1,509 1,316
Available days 2,484 2,457 2,484
Utilization 62% 61% 53%
Average rig revenue per day $42,900 $37,200 $29,600
Operating revenues $66.2 $56.2 $38.9
Operating and maintenance
expenses 30.1 33.4 21.3
Depreciation 6.1 5.2 6.0
Gain on disposal of assets, net (2.5) (1.2) (1.3)
Operating income $32.5 $18.8 $12.9
International and Other Segment
Operating days 1,033 1,030 738
Available days 1,472 1,456 1,318
Utilization 70% 71% 56%
Average rig revenue per day $42,100 $43,200 $31,300
Operating revenues $43.5 $44.5 $23.1
Operating and maintenance
expenses 28.6 33.4 24.0
Depreciation 5.4 5.2 4.4
Impairment loss on long-level
assets --- 0.4 ---
Gain on disposal of assets, net (0.3) --- ---
Operating income (loss) $9.8 $5.5 $(5.3)
Delta Towing Segment
Operating revenues $19.9 $19.9 $12.7
Operating and maintenance
expenses 8.0 8.4 7.3
Depreciation 1.0 1.0 1.1
General and administrative
expenses 1.3 1.1 1.1
Gain on disposal of assets, net (3.9) (0.2) (0.3)
Operating income $13.5 $9.6 $3.5
Total Company
Rig operating days 3,659 3,552 3,231
Rig available days 5,888 5,824 5,888
Rig utilization 62% 61% 55%
Operating revenues $242.3 $226.1 $141.4
Operating and maintenance
expenses 129.2 140.6 77.8
Depreciation 20.9 21.9 24.1
General and administrative
expenses 10.8 10.7 9.9
Impairment loss on long-level
assets --- 0.4 ---
Gain on disposal of assets, net (6.7) (1.4) (1.6)
Operating income $88.1 $53.9 $31.2
TODCO AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(In millions)
(Unaudited)
For the Three Months Ended
September 30, June 30, September 30,
2006 2006 2005
Net income to EBITDA
Net income $55.5 $34.7 $19.1
Adjustments:
Depreciation 20.9 21.9 24.1
Income tax expense 35.1 20.9 12.3
Interest income (2.6) (2.7) (0.9)
Interest expense 0.8 0.7 0.9
EBITDA $109.7 $75.5 $55.5
DATASOURCE: TODCO
CONTACT: Dale Wilhelm, Vice President & CFO of TODCO, +1-713-278-6014
Web site: http://www.theoffshoredrillingcompany.com/