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Share Name | Share Symbol | Market | Type |
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Cal Dive International Inc (CE) | USOTC:CDVIQ | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Cal Dive International, Inc. (NYSE: DVR) generated a loss for the fourth quarter 2013 of $0.5 million, or $0.01 per diluted share, including a $0.6 million after-tax non-cash fixed asset impairment charge. This compares to a loss in the prior year fourth quarter of $19.1 million, or $0.21 per diluted share, including a $4.0 million after-tax non-cash charge related to the marked-to-market adjustment of the derivative liability for the Company’s convertible debt and a $4.1 million after-tax non-cash fixed asset impairment charge. For the fourth quarter 2013, the Company reported revenues of $159.8 million and EBITDA of $17.1 million compared to revenues of $146.4 million and EBITDA of $13.5 million for the fourth quarter 2012. The increase in EBITDA is primarily due to increased Mexico activity partially offset by no activity in West Africa due to the redeployment of the DSV Texas to Mexico and lower utilization domestically due to harsher winter weather conditions compared to fourth quarter 2012.
The Company reported a full year 2013 loss of $36.6 million, or $0.39 per diluted share, compared to a full year 2012 loss of $65.0 million, or $0.70 per diluted share. Included in these losses are non-cash after-tax impairment charges of $13.7 million during 2013 and $19.7 million during 2012. The Company reported full year 2013 EBITDA of $34.2 million compared to $23.3 million for full year 2012.
Commenting on the results, Cal Dive’s Chairman, President and Chief Executive Officer, Quinn Hébert, stated, “As expected the fourth quarter was our best quarter of the year due to the ramp up in offshore work in Mexico. This increase was partially offset by harsh winter weather conditions throughout the Gulf of Mexico and lower domestic activity in part due to the re-positioning of certain assets to Mexico.
“In Mexico, we operated six assets for the Pemex projects during the fourth quarter and have completed approximately 60% of our awarded $290 million in Pemex contracts as of the end of 2013. Currently, we are operating five assets in the region as we completed the pipelay portion of three of the larger projects in January. One of the projects, our fourth award in August 2013 for $40 million, has been delayed by Pemex until the summer of 2014 due to the platform not being ready. The impact of this is expected to be a shift of revenue and profit from the fourth quarter 2013 and first quarter 2014 to the third quarter of 2014. We expect bidding activity for Pemex work to continue to be strong in the coming months.”
Mr. Hébert continued, “Looking forward, we expect improved financial performance over the next two quarters compared to the first half last year primarily driven by the activity related to our Pemex contracts as we had little activity in Mexico during this time last year. We will continue to focus on international growth as we continue to bid on more projects in Mexico in 2014.”
Financial Highlights
Conference Call Information
Further details will be provided during Cal Dive’s conference call, scheduled for 8:00 a.m. Central Time tomorrow, March 5, 2014. The teleconference dial-in numbers are: (866) 953-6856 (domestic), (617) 399-3480 (international), passcode 64247475. Investors will be able to obtain the slide presentation and listen to the live conference call broadcast from the Investor Relations page at www.caldive.com.
A replay of the call will also be available from the Investor Relations-Audio Archives page. A telephonic replay of the conference call will be available beginning approximately three hours after the completion of the conference call and will remain available for one week. To access the replay, call (888) 286-8010 (domestic) or (617) 801-6888 (international), passcode 30717140.
About Cal Dive International, Inc.
Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East, and Europe, with a diversified fleet of surface and saturation dive support vessels and construction barges.
Cautionary Statement
This press release may include “forward-looking” statements that are generally identifiable through the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project” and similar expressions and include any statements that are made regarding earnings expectations. The forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update or revise such statements to reflect new information or events as they occur. These statements are based on a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performance and that actual future results may differ materially due to a variety of factors, including intense competition and pricing pressure in the Company’s industry, the risks of cost overruns on fixed price contracts, the uncertainties inherent in competitive bidding for work, the operational risks inherent in the Company’s business, risks associated with the Company’s increasing presence internationally, and other risks detailed in the Company’s most recently filed Annual Report on Form 10-K.
CAL DIVE INTERNATIONAL, INC. and SUBSIDIARIESCondensed Consolidated Statements of Operations(in thousands, except per share amounts)Three Months Ended
December 31,
Twelve Months Ended
December 31,
2013 2012 2013 2012 (unaudited) (unaudited) Revenues $ 159,807 $ 146,396 $ 516,958 $ 464,847 Cost of sales 149,310 136,318 504,902 467,135 Gross profit (loss) 10,497 10,078 12,056 (2,288 ) General and administrative expenses 10,927 13,026 44,778 52,934 Asset impairment 844 6,224 21,010 28,756 (Gain) on sale of assets, net (336 ) (18 ) (3,773 ) (3,363 ) Operating loss (938 ) (9,154 ) (49,959 ) (80,615 ) Interest expense, net 6,336 4,643 21,275 14,786Interest expense - adjustment to conversion feature of convertible debt
- 6,218 (6,362 ) (2,139 ) Other (income) expense, net (1,822 ) 285 (1,030 ) (178 ) Loss before income taxes (5,452 ) (20,300 ) (63,842 ) (93,084 ) Income tax benefit (4,916 ) (834 ) (26,250 ) (24,739 ) Net loss (536 ) (19,466 ) (37,592 ) (68,345 ) Loss attributable to noncontrolling interest (20 ) (374 ) (958 ) (3,316 ) Loss attributable to Cal Dive $ (516 ) $ (19,092 ) $ (36,634 ) $ (65,029 ) Loss per share attributable to Cal Dive: Basic and diluted $ (0.01 ) $ (0.21 ) $ (0.39 ) $ (0.70 ) Weighted average shares outstanding: Basic and diluted 93,981 92,757 93,827 92,751 Other financial data: Depreciation and amortization $ 14,258 $ 15,037 $ 55,779 $ 61,581 Non-cash stock compensation expense 1,046 1,277 5,357 7,762 EBITDA 17,05213,533 34,175 23,267 CAL DIVE INTERNATIONAL, INC. and SUBSIDIARIESCondensed Consolidated Balance Sheets(in thousands) December 31, December 31, 2013 2012 ASSETS (unaudited) Current assets: Cash $ 12,190 $ 8,343 Accounts receivable, net 180,530 135,205 Other current assets 37,323 36,361 Total current assets 230,043 179,909 Net property and equipment 388,580 423,536 Other assets, net 32,059 27,228 Total assets $ 650,682 $ 630,673 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 114,663 $ 73,480 Other current liabilities 33,342 37,995 Current maturities of long-term debt 13,989 4,219 Total current liabilities 161,994 115,694 Long-term debt 179,464 133,116
Derivative liability for conversion feature of convertible debt
- 22,456 Other long-term liabilities 67,207 91,132 Total liabilities 408,665 362,398 Total equity 242,017 268,275 Total liabilities and equity $ 650,682 $ 630,673 Reconciliation of Non-GAAP Financial MeasuresFor the Periods Ended December 31, 2013 and 2012(in thousands)In addition to net income, one primary measure that the Company uses to evaluate financial performance is earnings before net interest expense, taxes, depreciation and amortization, or EBITDA. The Company includes other non-cash items and adjustments in its definition of EBITDA outlined below. The Company uses EBITDA to measure operational strengths and the performance of its business and not to measure liquidity. EBITDA does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues, and should be considered in addition to, and not as a substitute for, net income and other measures of financial performance reported in accordance with GAAP. Furthermore, EBITDA presentations may vary among companies; thus, the Company's EBITDA may not be comparable to similarly titled measures of other companies.
The Company believes EBITDA is useful as a measurement tool because it helps investors evaluate and compare operating performance from period to period by removing the impact of capital structure (primarily interest charges from outstanding debt) and asset base (primarily depreciation and amortization of vessels) from operating results. The Company's management uses EBITDA in communications with lenders, rating agencies and others, concerning financial performance.
Three Months Ended Twelve Months Ended December 31, December 31, 2013 2012 2013 2012 EBITDA (unaudited) $ 17,052 $ 13,533 $ 34,175 $ 23,267 Less: Depreciation & amortization 14,258 15,037 55,779 61,581 Less: Income tax benefit (4,916 ) (834 ) (26,250 ) (24,739 ) Less: Net interest expense 6,336 4,643 21,275 14,786 Less: Interest expense - conversion feature adjustment - 6,218 (6,362 ) (2,139 ) Less: Non-cash stock compensation expense 1,046 1,277 5,357 7,762 Less: Severance charges - 60 - 2,289 Less: Non-cash impairment charges 844 6,224 21,010 28,756 Loss attributable to Cal Dive $ (516 ) $ (19,092 ) $ (36,634 ) $ (65,029 ) As of 12/31/13 Total Debt (1) $ 212,208 Less: Cash (12,190 ) Net Debt $ 200,018(1) Total debt consists of outstanding balances on a revolver, secured term loan, unsecured term loan and the principal amount of convertible debt.
Cal Dive International, Inc.Brent Smith, (713) 361-2634Executive Vice President, Chief Financial Officer and Treasurer
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