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Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
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þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Delaware
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61-1500501
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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2500 CityWest Boulevard, Suite 2200
Houston, Texas
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77042
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
o
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Accelerated filer
þ
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Non-accelerated filer
o
(Do not
check if a smaller reporting company)
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Smaller reporting company
o
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Page
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1
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Item 1
.
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Financial Statements
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1
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Item 2
.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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16
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Item 3
.
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Quantitative and Qualitative Disclosures About Market Risk
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27
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Item 4
.
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Controls and Procedures
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27
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27
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|||
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Item 1A
.
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Risk Factors
|
28
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Item 2
.
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Unregistered Sales of Equity Securities and Use of Proceeds
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28
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Item 6
.
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Exhibits
|
28
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29
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|||
30
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ASSETS
|
June 30,
2014
|
December 31,
2013
|
||||||
|
(unaudited)
|
|
||||||
Current assets:
|
|
|
||||||
Cash and cash equivalents
|
$
|
2,583
|
$
|
12,190
|
||||
Accounts receivable:
|
||||||||
Trade, net of allowance for doubtful accounts of $9,508 and $0, respectively
|
60,633
|
55,409
|
||||||
Contracts in progress
|
138,621
|
125,121
|
||||||
Income tax receivable
|
59
|
-
|
||||||
Deferred income taxes
|
-
|
52
|
||||||
Other current assets
|
23,949
|
37,271
|
||||||
Total current assets
|
225,845
|
230,043
|
||||||
|
||||||||
Property and equipment
|
654,920
|
690,749
|
||||||
Less - Accumulated depreciation
|
(302,192
|
)
|
(302,169
|
)
|
||||
Net property and equipment
|
352,728
|
388,580
|
||||||
|
||||||||
Deferred drydock costs, net
|
17,634
|
23,497
|
||||||
Other assets, net
|
14,895
|
8,562
|
||||||
Total assets
|
$
|
611,102
|
$
|
650,682
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
93,081
|
$
|
114,663
|
||||
Advanced billings on contracts
|
1,358
|
172
|
||||||
Accrued liabilities
|
20,480
|
29,284
|
||||||
Income tax payable
|
8,387
|
3,886
|
||||||
Current maturities of long-term debt
|
247,298
|
13,989
|
||||||
Deferred income taxes
|
1,715
|
-
|
||||||
Total current liabilities
|
372,319
|
161,994
|
||||||
|
||||||||
Long-term debt
|
-
|
179,464
|
||||||
Deferred income taxes
|
29,311
|
58,784
|
||||||
Other long-term liabilities
|
7,519
|
8,423
|
||||||
Total liabilities
|
409,149
|
408,665
|
||||||
|
||||||||
Equity:
|
||||||||
Common stock, $0.01 par value, 240,000 shares authorized, 98,492 and 97,436 shares issued and outstanding, respectively
|
985
|
975
|
||||||
Capital in excess of par
|
439,830
|
437,455
|
||||||
Accumulated other comprehensive loss
|
(764
|
)
|
(666
|
)
|
||||
Retained deficit
|
(232,802
|
)
|
(190,677
|
)
|
||||
Equity attributable to Cal Dive
|
207,249
|
247,087
|
||||||
Noncontrolling interest
|
(5,296
|
)
|
(5,070
|
)
|
||||
Total equity
|
201,953
|
242,017
|
||||||
Total liabilities and equity
|
$
|
611,102
|
$
|
650,682
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Revenues
|
$
|
121,689
|
$
|
120,986
|
$
|
240,793
|
$
|
201,905
|
||||||||
Cost of sales
|
139,120
|
118,356
|
264,443
|
210,792
|
||||||||||||
Gross profit (loss)
|
(17,431
|
)
|
2,630
|
(23,650
|
)
|
(8,887
|
)
|
|||||||||
General and administrative expenses
|
11,581
|
10,802
|
21,608
|
22,711
|
||||||||||||
Provision for doubtful accounts
|
9,508
|
-
|
9,508
|
-
|
||||||||||||
Asset impairment
|
1,947
|
-
|
1,947
|
125
|
||||||||||||
(Gain) on sale of assets, net
|
(7,305
|
)
|
(3,143
|
)
|
(8,917
|
)
|
(3,123
|
)
|
||||||||
Operating loss
|
(33,162
|
)
|
(5,029
|
)
|
(47,796
|
)
|
(28,600
|
)
|
||||||||
Interest expense, net
|
7,977
|
4,630
|
13,585
|
9,262
|
||||||||||||
Interest expense – adjustment to conversion feature of convertible debt
|
-
|
(6,425
|
)
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-
|
(6,362
|
)
|
||||||||||
Loss on early extinguishment of debt
|
4,652
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-
|
4,652
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-
|
||||||||||||
Other expense, net
|
414
|
376
|
220
|
455
|
||||||||||||
Loss before income taxes
|
(46,205
|
)
|
(3,610
|
)
|
(66,253
|
)
|
(31,955
|
)
|
||||||||
Income tax benefit
|
(17,004
|
)
|
(1,372
|
)
|
(23,901
|
)
|
(10,691
|
)
|
||||||||
Net loss
|
$
|
(29,201
|
)
|
$
|
(2,238
|
)
|
$
|
(42,352
|
)
|
$
|
(21,264
|
)
|
||||
Loss attributable to noncontrolling interest
|
(126
|
)
|
(570
|
)
|
(226
|
)
|
(1,946
|
)
|
||||||||
Loss attributable to Cal Dive
|
$
|
(29,075
|
)
|
$
|
(1,668
|
)
|
$
|
(42,126
|
)
|
$
|
(19,318
|
)
|
||||
|
||||||||||||||||
Loss per share attributable to Cal Dive:
|
||||||||||||||||
Basic and diluted
|
$
|
(0.31
|
)
|
$
|
(0.02
|
)
|
$
|
(0.44
|
)
|
$
|
(0.21
|
)
|
||||
|
||||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic and diluted
|
95,242
|
93,748
|
95,108
|
93,808
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Net loss
|
$
|
(29,201
|
)
|
$
|
(2,238
|
)
|
$
|
(42,352
|
)
|
$
|
(21,264
|
)
|
||||
Other comprehensive income (loss):
|
||||||||||||||||
Foreign currency translation adjustment
|
69
|
(1,747
|
)
|
(106
|
)
|
(2,021
|
)
|
|||||||||
Unrealized gain from cash flow hedge, (net of tax of $0, $14, $7 and $20, respectively)
|
-
|
25
|
8
|
38
|
||||||||||||
Total other comprehensive income (loss)
|
69
|
(1,722
|
)
|
(98
|
)
|
(1,983
|
)
|
|||||||||
Comprehensive loss
|
(29,132
|
)
|
(3,960
|
)
|
(42,450
|
)
|
(23,247
|
)
|
||||||||
Comprehensive loss attributable to noncontrolling interest
|
(126
|
)
|
(570
|
)
|
(226
|
)
|
(1,946
|
)
|
||||||||
Comprehensive loss attributable to Cal Dive
|
$
|
(29,006
|
)
|
$
|
(3,390
|
)
|
$
|
(42,224
|
)
|
$
|
(21,301
|
)
|
|
Six Months Ended June 30,
|
|||||||
|
2014
|
2013
|
||||||
Cash Flows From Operating Activities:
|
|
|
||||||
Net loss
|
$
|
(42,352
|
)
|
$
|
(21,264
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
28,257
|
27,811
|
||||||
Stock compensation expense
|
2,427
|
2,854
|
||||||
Deferred income tax benefit
|
(29,473
|
)
|
(18,585
|
)
|
||||
(Gain) on sale of assets, net
|
(8,917
|
)
|
(3,123
|
)
|
||||
Provision for doubtful accounts
|
9,508
|
-
|
||||||
Amortization of debt discount and deferred financing costs
|
3,519
|
3,781
|
||||||
Loss on early extinguishment of debt
|
4,652
|
-
|
||||||
Asset impairment
|
1,947
|
125
|
||||||
Mark-to-market adjustment of debt conversion feature
|
-
|
(6,362
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable, net
|
(27,711
|
)
|
(847
|
)
|
||||
Income tax receivable and payable, net
|
4,443
|
13,063
|
||||||
Other current assets
|
10,487
|
(6,737
|
)
|
|||||
Deferred drydock costs
|
(5,312
|
)
|
(5,558
|
)
|
||||
Accounts payable and accrued liabilities
|
(27,314
|
)
|
(30,475
|
)
|
||||
Other noncurrent assets and liabilities, net
|
(634
|
)
|
(575
|
)
|
||||
Net cash used in operating activities
|
(76,473
|
)
|
(45,892
|
)
|
||||
|
||||||||
Cash Flows From Investing Activities:
|
||||||||
Additions to property and equipment
|
(6,376
|
)
|
(1,463
|
)
|
||||
Proceeds from sales of property and equipment
|
26,863
|
7,832
|
||||||
Net cash provided by investing activities
|
20,487
|
6,369
|
||||||
|
||||||||
Cash Flows From Financing Activities:
|
||||||||
Repayments on secured term loan
|
(30,659
|
)
|
(9,400
|
)
|
||||
Borrowings under unsecured term loan
|
-
|
20,000
|
||||||
Borrowings under second lien secured term loan
|
80,000
|
-
|
||||||
Draws on revolving credit facility
|
116,639
|
160,800
|
||||||
Repayments on revolving credit facility
|
(114,339
|
)
|
(130,700
|
)
|
||||
Payment of deferred financing costs
|
(5,272
|
)
|
(737
|
)
|
||||
Net cash provided by financing activities
|
46,369
|
39,963
|
||||||
|
||||||||
Effect of exchange rate changes on cash and cash equivalents
|
10
|
(315
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(9,607
|
)
|
125
|
|||||
Cash and cash equivalents, beginning of period
|
12,190
|
8,343
|
||||||
Cash and cash equivalents, end of period
|
$
|
2,583
|
$
|
8,468
|
|
June 30,
|
December 31,
|
||||||
|
2014
|
2013
|
||||||
Insurance claims to be reimbursed
|
$
|
-
|
$
|
22
|
||||
Prepaid job costs
(1)
|
4,992
|
9,368
|
||||||
Prepaid insurance
|
12
|
3,166
|
||||||
Prepaid other
|
3,227
|
1,286
|
||||||
VAT receivable
|
2,624
|
7,578
|
||||||
Other receivables
(2)
|
4,818
|
3,633
|
||||||
Assets held for sale
(3)
|
7,782
|
11,068
|
||||||
Supplies and spare parts inventory
|
485
|
1,148
|
||||||
Other
|
9
|
2
|
||||||
|
$
|
23,949
|
$
|
37,271
|
(1) | Prepaid job costs primarily relate to our projects in Mexico. |
(2) | Includes the current portion of a note receivable related to the sale of a portable saturation diving system during the first quarter 2014 to a customer in China. We monitor the credit worthiness of the buyer and have remedies under the note receivable, including lien rights. |
(3) | The amount recorded in assets held for sale at June 30, 2014 includes three portable saturation diving systems, one facility located in Louisiana and other miscellaneous equipment no longer used in our operations. The amount recorded in assets held for sale at December 31, 2013 includes three dive support vessels, one construction barge, three portable saturation diving systems and one facility located in Louisiana. During the first quarter 2014, we completed the sale of one of the dive support vessels and the construction barge, and during the second quarter 2014 we completed the sale of the other two dive support vessels. We expect to sell the remaining assets over the next 12 months and have engaged brokers to assist in facilitating these divestitures. |
|
|
|
|
|
|
|
June 30,
|
December 31,
|
||||||
|
2014
|
2013
|
||||||
Intangible assets with finite lives, net
|
$
|
31
|
$
|
66
|
||||
Deferred financing costs, net
|
6,969
|
7,664
|
||||||
Non-current notes receivables
|
2,683
|
-
|
||||||
Equity investments
(1)
|
2,430
|
67
|
||||||
Long-term tax receivable
|
1,688
|
-
|
||||||
Equipment deposits and other
|
1,094
|
765
|
||||||
|
$
|
14,895
|
$
|
8,562
|
(1) | Primarily represents the value of our 19.9% equity interest in the entity that bought our U.S. Gulf of Mexico shallow water surface diving fleet during the second quarter 2014. See note 5. |
|
|
|
|
|
|
|
June 30,
|
December 31,
|
||||||
|
2014
|
2013
|
||||||
Accrued payroll and related benefits
|
$
|
4,502
|
$
|
6,181
|
||||
Unearned revenue
|
-
|
60
|
||||||
Insurance claims to be reimbursed
|
-
|
22
|
||||||
Self-insurance reserves
|
6,582
|
5,807
|
||||||
Accrued taxes other than income
|
4,983
|
10,164
|
||||||
Accrued interest
|
2,950
|
3,342
|
||||||
Financed insurance premium
|
8
|
2,379
|
||||||
Other
|
1,455
|
1,329
|
||||||
|
$
|
20,480
|
$
|
29,284
|
|
|
|
|
|
|
|
June 30,
|
December 31,
|
||||||
|
2014
|
2013
|
||||||
Uncertain tax position liabilities
|
$
|
6,102
|
$
|
6,329
|
||||
Other
|
1,417
|
2,094
|
||||||
|
$
|
7,519
|
$
|
8,423
|
|
|
|
3. | Indebtedness |
|
June 30,
|
December 31,
|
||||||
|
2014
|
2013
|
||||||
Revolving credit loans due 2016
|
$
|
77,600
|
$
|
75,300
|
||||
Secured term loan
|
-
|
30,658
|
||||||
Unsecured term loan
|
-
|
20,000
|
||||||
Second lien secured term loans due 2019
|
100,000
|
-
|
||||||
Convertible notes due 2017, net of unamortized discount of $
16,552
and $
18,755
, respectively
|
69,698
|
67,495
|
||||||
Total debt
|
247,298
|
193,453
|
||||||
Less current portion
|
(247,298
|
)
|
(13,989
|
)
|
||||
Long-term debt
(1)
|
$
|
-
|
$
|
179,464
|
(1) | Under the terms of certain waivers of our non-compliance as of June 30, 2014 of financial covenants under our loan facilities, we are required to refinance the revolving credit loans due 2016 by September 30, 2014. Because of this requirement and certain cross default provisions contained in our loan facilities, all of our indebtedness has been reflected as current on our balance sheet. We have received financing proposals in the form of preliminary commitment letters from four lenders providing for the refinancing, which we expect to close during the third quarter 2014. Upon completion of the refinancing and related amendments to our financial covenants, we expect that our indebtedness will be reclassified to long-term debt on our balance sheet. See below and note 12. |
|
|
|
|
|
|
4. | Derivative Instruments and Fair Value Measurements |
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Numerator:
|
|
|
|
|
||||||||||||
Loss attributable to Cal Dive
|
$
|
(29,075
|
)
|
$
|
(1,668
|
)
|
$
|
(42,126
|
)
|
$
|
(19,318
|
)
|
||||
|
||||||||||||||||
Denominator:
|
||||||||||||||||
Basic weighted average shares outstanding
|
95,242
|
93,748
|
95,108
|
93,808
|
||||||||||||
Dilutive outstanding securities
(1)
|
-
|
-
|
-
|
-
|
||||||||||||
Diluted weighted average shares outstanding
|
95,242
|
93,748
|
95,108
|
93,808
|
||||||||||||
|
||||||||||||||||
Loss per share attributable to Cal Dive:
|
||||||||||||||||
Basic and diluted
|
$
|
(0.31
|
)
|
$
|
(0.02
|
)
|
$
|
(0.44
|
)
|
$
|
(0.21
|
)
|
(1) | Approximately 3.3 million shares of unvested restricted stock have been excluded from the computation of basic and diluted earnings per share as the effect would be anti-dilutive. Additionally, the Convertible Notes are only dilutive to the extent we generate net income. |
|
|
|
|
|
|
10. | Variable Interest Entities |
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
International revenue
|
75
|
%
|
65
|
%
|
82
|
%
|
68
|
%
|
||||||||
Domestic revenue
|
25
|
%
|
35
|
%
|
18
|
%
|
32
|
%
|
||||||||
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
Utilization(1)
|
Utilization(1)
|
Utilization(1)
|
Utilization(1)
|
||||||||||||
Saturation Diving
|
51%
|
|
65%
|
|
53%
|
|
57%
|
|
||||||||
Surface and Mixed Gas Diving
(2)
|
29%
|
|
48%
|
|
27%
|
|
35%
|
|
||||||||
Construction Barges
|
36%
|
|
18%
|
|
34%
|
|
12%
|
|
||||||||
Entire Fleet
|
38%
|
|
43%
|
|
36%
|
|
33%
|
|
|
|
|
(1)
|
Effective vessel utilization is calculated by dividing the total number of days the vessels generated revenues by the total number of days the vessels were available for operation in each period, including those temporarily removed from service, but excluding vessels permanently removed from service or while in drydock.
|
|
(2)
|
We sold eight domestic surface dive support vessels effective May 31, 2014; accordingly utilization for the 2014 periods is calculated only through that date for those vessels. We continue to operate three surface dive support vessels in Australia.
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
Increase/(Decrease)
|
Six Months Ended
June 30, |
Increase/(Decrease)
|
||||||||||||||||||||||||||||
|
2014
|
2013
|
2014 to 2013
|
2014
|
2013
|
2014 to 2013
|
||||||||||||||||||||||||||
|
(in thousands)
|
(in thousands, except %)
|
(in thousands)
|
(in thousands, except %)
|
||||||||||||||||||||||||||||
Revenues
|
$
|
121,689
|
$
|
120,986
|
$
|
703
|
0.6%
|
|
$
|
240,793
|
$
|
201,905
|
$
|
38,888
|
19.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
Increase/(Decrease)
|
Six Months Ended
June 30, |
Increase/(Decrease)
|
||||||||||||||||||||||||||||
|
2014
|
2013
|
2014 to 2013
|
2014
|
2013
|
2014 to 2013
|
||||||||||||||||||||||||||
|
(in thousands, except %)
|
(in thousands, except %)
|
(in thousands, except %)
|
(in thousands, except %)
|
||||||||||||||||||||||||||||
General and administrative expenses
|
$
|
11,581
|
$
|
10,802
|
$
|
779
|
7.2%
|
|
$
|
21,608
|
$
|
22,711
|
$
|
(1,103)
|
(4.9)%
|
|
||||||||||||||||
General and administrative expenses as a percentage of revenues
|
9%
|
|
9%
|
|
0%
|
|
0%
|
|
9%
|
|
11%
|
|
(2)%
|
|
(18)%
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
Increase/(Decrease)
|
Six Months Ended
June 30, |
Increase/(Decrease)
|
||||||||||||||||||||||
|
2014
|
2013
|
2014 to 2013
|
2014
|
2013
|
2014 to 2013
|
||||||||||||||||||||
|
(in thousands)
|
(in thousands, except %)
|
(in thousands)
|
(in thousands, except %)
|
||||||||||||||||||||||
Provision for doubtful accounts
|
$
|
9,508
|
$
|
—
|
$
|
9,508
|
NA
|
$
|
9,508
|
$
|
—
|
$
|
9,508
|
NA
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
Increase/(Decrease)
|
Six Months Ended
June 30, |
Increase/(Decrease)
|
|||||||||||||||||||||||||
|
2014
|
2013
|
2014 to 2013
|
2014
|
2013
|
2014 to 2013
|
|||||||||||||||||||||||
|
(in thousands)
|
(in thousands, except %)
|
(in thousands)
|
(in thousands, except %)
|
|||||||||||||||||||||||||
Asset impairment
|
$
|
1,947
|
$
|
—
|
$
|
1,947
|
NA
|
$
|
1,947
|
$
|
125
|
$
|
1,822
|
1,458%
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
Increase/(Decrease)
|
Six Months Ended
June 30, |
Increase/(Decrease)
|
||||||||||||||||||||||||||||
|
2014
|
2013
|
2014 to 2013
|
2014
|
2013
|
2014 to 2013
|
||||||||||||||||||||||||||
|
(in thousands)
|
(in thousands, except %)
|
(in thousands)
|
(in thousands, except %)
|
||||||||||||||||||||||||||||
(Gain) loss on sale of assets
|
$
|
(7,305
|
)
|
$
|
(3,143
|
)
|
$
|
4,162
|
132%
|
|
$
|
(8,917
|
)
|
$
|
(3,123
|
)
|
$
|
5,794
|
185%
|
|||||||||||||
Other (income) expense, net
|
415
|
376
|
39
|
10%
|
|
220
|
455
|
(235
|
)
|
(52)%
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
Increase/(Decrease)
|
Six Months Ended
June 30, |
Increase/(Decrease)
|
||||||||||||||||||||||||||||
|
2014
|
2013
|
2014 to 2013
|
2014
|
2013
|
2014 to 2013
|
||||||||||||||||||||||||||
|
(in thousands)
|
(in thousands, except %)
|
(in thousands)
|
(in thousands, except %)
|
||||||||||||||||||||||||||||
Interest expense, net
|
$
|
7,977
|
$
|
4,630
|
$
|
3,347
|
72%
|
|
$
|
13,585
|
$
|
9,262
|
$
|
4,323
|
47%
|
|
||||||||||||||||
Interest expense, adjustment to conversion feature of convertible debt
|
-
|
$
|
(6,425
|
)
|
(6,425
|
)
|
NA
|
-
|
(6,362
|
)
|
(6,362
|
)
|
NA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
Increase/(Decrease) |
Six Months Ended
June 30, |
Increase/(Decrease) |
||||||||||||||||||||||||||||
|
2014
|
2013
|
2014 to 2013
|
2014
|
2013
|
2014 to 2013
|
||||||||||||||||||||||||||
|
(in thousands)
|
(in thousands, except %)
|
(in thousands)
|
(in thousands, except %)
|
||||||||||||||||||||||||||||
Loss attributable to Cal Dive
|
$
|
(29,075
|
)
|
$
|
(1,668
|
)
|
$
|
27,407
|
1,643%
|
|
$
|
(42,126
|
)
|
$
|
(19,318
|
)
|
$
|
22,808
|
118%
|
|
||||||||||||
Weighted average diluted shares outstanding
|
95,242
|
93,748
|
1,494
|
2%
|
|
95,108
|
93,808
|
1,300
|
1%
|
|
||||||||||||||||||||||
Diluted loss per share
|
$
|
(0.31
|
)
|
$
|
(0.02
|
)
|
$
|
0.29
|
1,450%
|
|
$
|
(0.44
|
)
|
$
|
(0.21
|
)
|
$
|
0.23
|
110%
|
|
|
|
|
|
|
|
●
|
reduce the availability of our cash flow or limit our ability to obtain additional financing on satisfactory terms to effectively fund our working capital requirements, capital expenditures, acquisitions, investments, and other general corporate requirements;
|
|
●
|
increase our vulnerability to downturns in the general economy or industry;
|
|
●
|
put us at a competitive disadvantage compared to those of our competitors who are not as leveraged;
|
|
●
|
increase our exposure to rising interest rates because a material portion of our borrowings bear adjustable interest rates; and
|
|
●
|
limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate.
|
|
Six Months Ended
June 30, |
|||||||
|
2014
|
2013
|
||||||
Net cash provided by (used in):
|
|
|
||||||
Operating activities
|
$
|
(76,473
|
)
|
$
|
(45,892
|
)
|
||
Investing activities
|
20,487
|
6,369
|
||||||
Financing activities
|
46,369
|
39,963
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
10
|
(315
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
$
|
(9,607
|
)
|
$
|
125
|
|
|
|
|
|
|
Period
|
Total Number of Shares Purchased(1)
|
Average Price Paid Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number
(or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs |
||||||||||||
|
|
|
|
(in thousands)
|
||||||||||||
April 1 to April 30, 2014
|
7,075
|
$
|
1.62
|
—
|
N/
|
A
|
||||||||||
May 1 to May 31, 2014
|
17,809
|
1.53
|
—
|
N/
|
A
|
|||||||||||
June 1 to June 30, 2014
|
29,760
|
1.47
|
—
|
N/
|
A
|
|||||||||||
|
54,644
|
$
|
1.54
|
—
|
N/
|
A
|
|
|
|
|
|
|
|
CAL DIVE INTERNATIONAL, INC.
|
|
|
|
|
|
|
|
Date: August 11, 2014
|
By:
|
/s/ Quinn J. Hébert
|
|
|
Quinn J. Hébert
Chairman, President and Chief Executive Officer
and interim Chief Financial Officer
|
|
|
|
Exhibit
Number |
|
Filed
with this Form 10-Q |
Incorporated by Reference
|
||
Exhibit Title
|
Form
|
File No.
|
Date Filed
|
||
3.1
|
Composite Certificate of Incorporation of Cal Dive International, Inc.
|
|
10-Q
|
001-33206
|
8/8/13
|
3.2
|
Composite Bylaws of Cal Dive International, Inc.
|
X
|
|
|
|
4.1
|
Specimen Common Stock certificate of Cal Dive International, Inc.
|
|
S-1
|
333-134609
|
5/31/06
|
4.2
|
Indenture, dated as of July 18, 2012, by and among Cal Dive International, Inc., the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee
|
|
8-K
|
001-33206
|
7/18/12
|
4.3
|
First Supplemental Indenture dated as of April 26, 2013, by and among Cal Dive International, Inc., the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee
|
|
10-Q
|
001-33206
|
8/8/13
|
10.1
|
Amendment No. 8 to Credit Agreement dated as of May 9, 2014, among Cal Dive International, Inc., the lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer
|
X
|
|
|
|
10.2
|
Amendment No. 2 to Credit Agreement dated as of April 30, 2014, among Cal Dive International, Inc., certain of its subsidiaries and ABC Funding, LLC, as Administrative Agent, together with the other lenders parties thereto
|
X
|
|
|
|
10.3
|
Amendment and Restatement to Credit Agreement dated as of May 9, 2014, among Cal Dive International, Inc., certain of its subsidiaries and ABC Funding, LLC, as Administrative Agent, together with the other lenders parties thereto
|
X
|
|
|
|
31.1
|
Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 by Chief Executive Officer
|
X
|
|
|
|
31.2
|
Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 by Chief Financial Officer
|
X
|
|
|
|
32.1
|
Section 1350 Certification by Chief Executive Officer and Chief Financial Officer
|
X
|
|
|
|
101.INS
·
|
XBRL Instance Document
|
|
|
|
|
101.SCH
·
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
101.CAL
·
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
101.DEF
·
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
101.LAB
·
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
|
|
101.PRE
·
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
__________________
|
|||||
·
Furnished herewith.
|
1 Year Cal Dive (CE) Chart |
1 Month Cal Dive (CE) Chart |
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