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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) reported a second quarter 2013 loss of $1.7 million, or $0.02 per diluted share, on revenues of $121.0 million. Included in the loss is a $4.0 million after-tax gain related to the final marked-to-market adjustment of the derivative liability on the Company’s convertible debt. This compares to a loss of $5.7 million, or $0.06 per diluted share, on revenues of $120.3 million for the second quarter 2012. For the second quarter 2013, the Company reported EBITDA of $10.2 million compared to $10.7 million for the second quarter 2012.
Cal Dive also announced today that it was awarded a contract on August 6, 2013, from Pemex Exploración y Producción that is expected to generate revenue of approximately $40 million. This award is in addition to the three Pemex awards already announced in 2013 for approximately $250 million. This most recent award brings the total expected revenue from contracts awarded by Pemex to Cal Dive this year to approximately $290 million. This latest contract is for the procurement, installation and commissioning of 3.5 kilometers of 20 inch subsea pipeline and associated tie-ins to an existing platform. The offshore construction is expected to commence toward the end of the fourth quarter 2013 with the remainder of the work expected to be performed during the first quarter 2014.
Commenting on the results and the contract award, Cal Dive’s Chairman, President and Chief Executive Officer, Quinn Hébert, stated, “The second quarter saw increased revenue and profitability from all of our international regions. For the quarter our international revenues increased by over 60% when compared to the second quarter 2012 and accounted for 65% of our total consolidated revenues. We continue to focus on our strategy of expanding our international operations, and expect that approximately 70% of our total 2013 annual consolidated revenues will come from international locations, led by work in Mexico.
“The U.S. Gulf of Mexico shallow water market overall continued to be sluggish during the second quarter and the work season had a late start due to weather during April and into May. Furthermore, we experienced a decline in the profitability of our two derrick barges year-over-year. The Pacific was in drydock much of the quarter but was fully utilized during second quarter last year on a large decommissioning project, and the Atlantic had low utilization in the quarter due to permitting delays for salvage and decommissioning projects and inclement weather at the very end of June. However, the outlook for the salvage and decommissioning market remains steady and these two assets are expected to have good utilization during the third quarter.”
Mr. Hébert continued, “We are very pleased to have just been awarded our fourth contract from Pemex this year. Looking ahead to the second half of the year, we will commence offshore operations in Mexico later in the third quarter. Our offshore schedule is always subject to change, but currently we expect to complete more work in Mexico during the fourth quarter than the third quarter. Therefore we expect the fourth quarter financial results to be comparable with the third quarter as the Mexico activity will offset the start of the typical winter season in the Gulf of Mexico. The remainder of the Mexico work will be completed during the first half of 2014 giving us better than usual utilization during the typically slow winter season. We will continue to actively bid more projects in Mexico over the remainder of 2013 for work in 2014.”
Financial Highlights
Conference Call Information
Further details will be provided during Cal Dive’s conference call, scheduled for 9:00 a.m. Central Time tomorrow, August 8, 2013. The teleconference dial-in numbers are: (866) 510-0707 (domestic), (617) 597-5376 (international), passcode 89623658. 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 two 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 11320974.
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 SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 (unaudited) (unaudited) Revenues $ 120,986 $ 120,321 $ 201,905 $ 180,338 Cost of sales 118,356 120,168 210,792 196,605 Gross profit (loss) 2,630 153 (8,887 ) (16,267 ) General and administrative expenses 10,802 12,846 22,711 26,338 Asset impairment - - 125 1,351 (Gain) on sale of assets, net (3,143 ) (3,522 ) (3,123 ) (3,333 ) Operating loss (5,029 ) (9,171 ) (28,600 ) (40,623 ) Interest expense, net 4,630 3,308 9,262 5,608 Interest expense - adjustment to conversion feature of convertible debt (6,425 ) - (6,362 ) - Other (income) expense, net 376 144 455 (197 ) Loss before income taxes (3,610 ) (12,623 ) (31,955 ) (46,034 ) Income tax benefit (1,372 ) (4,851 ) (10,691 ) (13,240 ) Net loss (2,238 ) (7,772 ) (21,264 ) (32,794 ) Loss attributable to noncontrolling interest (570 ) (2,073 ) (1,946 ) (2,790 ) Loss attributable to Cal Dive $ (1,668 ) $ (5,699 ) $ (19,318 ) $ (30,004 ) Loss per share attributable to Cal Dive: Basic and diluted $ (0.02 ) $ (0.06 ) $ (0.21 ) $ (0.32 ) Weighted average shares outstanding: Basic and diluted 93,748 92,678 93,808 92,699 Other financial data: Depreciation and amortization $ 13,631 $ 15,914 $ 27,811 $ 30,550 Non-cash stock compensation expense 1,406 2,000 2,854 4,378 EBITDA 10,20210,672 3,681 (1,282 ) CAL DIVE INTERNATIONAL, INC. and SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) June 30, December 31, 2013 2012 ASSETS (unaudited) Current assets: Cash $ 8,468 $ 8,343 Accounts receivable, net 127,177 135,205 Other current assets 35,449 36,361 Total current assets 171,094 179,909 Net property and equipment 413,534 423,536 Other assets, net 30,547 27,228 Total assets $ 615,175 $ 630,673 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 67,383 $ 73,480 Other current liabilities 31,649 37,995 Current maturities of long-term debt 13,989 4,219 Total current liabilities 113,021 115,694 Long-term debt 165,989 133,116 Derivative liability for conversion feature of convertible debt - 22,456 Other long-term liabilities 77,880 91,132 Total liabilities 356,890 362,398 Total equity 258,285 268,275 Total liabilities and equity $ 615,175 $ 630,673 Reconciliation of Non-GAAP Financial Measures For the Periods Ended June 30, 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.
The following table presents a reconciliation of EBITDA to income (loss) attributable to Cal Dive, which is the most directly comparable GAAP financial measure of the Company's operating results:
Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 EBITDA (unaudited) $ 10,202 $ 10,672 $ 3,681 $ (1,282 ) Less: Depreciation & amortization 13,631 15,914 27,811 30,550 Less: Income tax benefit (1,372 ) (4,851 ) (10,691 ) (13,240 ) Less: Net interest expense 4,630 3,308 9,262 5,608 Less: Interest expense - conversion feature adjustment (6,425 ) - (6,362 ) - Less: Non-cash stock compensation expense 1,406 2,000 2,854 4,378 Less: Severance charges - - - 75 Less: Non-cash impairment charges - - 125 1,351 Loss attributable to Cal Dive $ (1,668 ) $ (5,699 ) $ (19,318 ) $ (30,004 ) As of 6/30/13 Total Debt (1) $ 200,803 Less: Cash (8,468 ) Net Debt $ 192,335(1) Total debt consists of outstanding balances on a revolver, secured term loan, unsecured term loan and the principal amount of convertible debt.
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