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Atwood Oceanics Announces Fourth Quarter Earnings

HOUSTON, Nov. 15, 2012 /PRNewswire/ -- ATWOOD OCEANICS, INC., announced today that the Company earned net income of $95.5 million or $1.45 per diluted share, on revenues of $252.5 million for the quarter ended September 30, 2012 compared to net income of $51.7 million or $0.79 per diluted share on revenues of $178.6 million for the quarter ended June 30, 2012 and compared to net income of $72.9 million or $1.12 per diluted share, on revenues of $177.6 million for the quarter ended September 30, 2011.  For the twelve months ended September 30, 2012, the Company earned net income of $272.2 million or $4.14 per diluted share, on revenues of $787.4 million compared to net income of $271.7 million or $4.15 per diluted share, on revenues of $645.1 million for the twelve months ended September 30, 2011.

Rob Saltiel, President & CEO, commented, "We had an outstanding fourth quarter and full fiscal year, achieving record revenues and net income for our company in both time periods.  For the quarter, our rig teams achieved excellent operational and safety performance that yielded strong revenue recognition, while our fleet transformation progressed with the successful delivery and start-up of the Atwood Mako and the successful delivery and mobilization of the Atwood Condor to the Gulf of Mexico.  We also secured our first drilling services agreement for the Atwood Advantage, and we committed to build a third ultra-deepwater drillship to join our growing high-specification rig fleet."

 


FOR THE THREE MONTHS ENDED




(In thousands)




September 30,

2012


June 30,

2012


September 30,

2011







Revenues

$

252,525


$

178,603


$

177,558

Income before Income Taxes

109,891


61,990


83,918

Provision for Income Taxes

(14,365


(10,279


(10,991

Net Income

$

95,526


$

51,711


$

72,927







Earnings per Common Share -






Basic

1.46


0.79


1.13

Diluted

1.45


0.79


1.12







Weighted Average Shares






Outstanding -






Basic

65,407


65,362


64,754

Diluted

65,982


65,823


65,403

 

 

 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)











Three months ended September 30,


Twelve months ended September 30,


2012


2011


2012


2011









REVENUES:








Contract drilling

$

252,525


$

177,558


$

787,421


$

645,076









COSTS AND EXPENSES:








Contract drilling

102,119


61,815


347,179


223,565

Depreciation

24,180


15,606


70,599


43,597

General and administrative

12,275


9,927


49,776


44,407

Other, net

(680)


4,924


457


4,847


137,894


92,272


468,011


316,416

OPERATING INCOME

114,631


85,286


319,410


328,660









OTHER INCOME (EXPENSE)








Interest expense, net of capitalized interest

(4,837)


(1,493)


(6,460)


(4,530)

Interest Income

97


125


354


717


(4,740)


(1,368)


(6,106)


(3,813)

INCOME  BEFORE INCOME TAXES

109,891


83,918


313,304


324,847

PROVISION FOR INCOME TAXES

14,365


10,991


41,133


53,173

NET INCOME

$

95,526


$

72,927


$

272,171


$

271,674









EARNINGS PER COMMON SHARE:








Basic

1.46


1.13


4.17


4.20

Diluted

1.45


1.12


4.14


4.15

AVERAGE COMMON SHARES OUTSTANDING:








Basic

65,407


64,754


65,267


64,754

Diluted

65,982


65,403


65,781


65,403

 

 

 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

ANALYSIS OF REVENUES AND DRILLING COSTS

(Unaudited)





REVENUES

(In millions)


Three Months Ended


Twelve Months Ended


September 30,

2012


June 30,

2012


September 30,

2011


September 30,

2012


September 30,

2011

Atwood Condor

$

36.1



$



$



$

36.1



$


Atwood Osprey

$

47.9



$

45.0



$

43.5



$

172.2



$

59.9


Atwood Eagle

33.4



31.6



35.4



135.6



139.8


Atwood Falcon

37.2



18.3



35.0



99.8



153.4


Atwood Hunter

51.5



48.2



43.3



195.0



183.4


Atwood Aurora

14.9



14.9



0.6



55.5



29.2


Atwood Beacon

17.6



10.8



11.1



51.5



45.1


Atwood Mako

4.2







4.3




Vicksburg

9.2



8.3



8.7



35.4



34.3


Other

0.5



1.5





2.0





$

252.5



$

178.6



$

177.6



$

787.4



$

645.1







CONTRACT DRILLING COSTS

(In millions)


Three Months Ended


Twelve Months Ended


September 30,

2012


June 30,

2012


September 30,

2011


September 30,

2012


September 30,

2011

Atwood Condor

$

15.2



$

2.7



$



$

18.9



$


Atwood Osprey

$

17.8



$

16.1



$

14.6



$

66.0



$

22.9


Atwood Eagle

14.0



14.9



13.1



61.7



62.5


Atwood Falcon

15.2



21.0



6.5



56.6



29.4


Atwood Hunter

12.8



11.7



13.0



50.4



39.0


Atwood Aurora

6.4



7.4



3.9



31.0



18.5


Atwood Beacon

11.1



7.6



5.1



34.6



28.7


Atwood Mako

3.0







3.0




Vicksburg

5.6



4.8



4.5



20.8



16.4


Other

1.0



1.2



1.1



4.2



6.2



$

102.1



$

87.4



$

61.8



$

347.2



$

223.6


 

 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)







September 30,

2012


September 30,

2011

ASSETS




CURRENT ASSETS:




Cash and cash equivalents

$

77,871


$

295,002

Accounts receivable

167,186


87,173

Income tax receivable

5,750


5,631

Inventories of materials and supplies

80,290


58,263

Prepaid expenses and deferred costs

39,437


14,862

Total current assets

370,534


460,931

PROPERTY AND EQUIPMENT, net

2,537,340


1,887,321

LONG TERM ASSETS:




Other receivables

11,875


11,875

Deferred costs and other assets

24,013


15,264

Total long-term assets

35,888


27,139

Total assets

$

2,943,762


$

2,375,391

LIABILITIES AND SHAREHOLDERS' EQUITY




CURRENT LIABILITIES:




Accounts payable

$

83,592


$

113,021

Accrued liabilities

24,478


30,680

Notes payable

5,148


5,461

Income tax payable

9,711


8,461

Deferred credits

13,738


1,700

Total current liabilities

136,667


159,323

LONG TERM LIABILITIES:




Long-term debt

830,000


520,000

Deferred income taxes

8,791


9,780

Deferred credits

8,928


7,910

Other

19,954


25,591

Total long-term liabilities

867,673


563,281

COMMITMENTS AND CONTINGENCIES




SHAREHOLDERS' EQUITY:




Preferred stock, no par value;




1,000 shares authorized, none outstanding


Common Stock, $1.00 par value;




90,000 shares authorized with 65,452 and 64,960 issued and outstanding at September 30, 2012 and 2011, respectively

65,452


64,960

Paid-in capital

160,540


145,084

Retained earnings

1,716,441


1,444,270

Accumulated other comprehensive loss

(3,011)


(1,527)

Total shareholders' equity

1,939,422


1,652,787

Total liabilities and shareholders' equity

$

2,943,762


$

2,375,391

 

 

 

Atwood Oceanics, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS




Years Ended September 30,

(In thousands)

2012


2011


2010

Cash flows from operating activities:






Net income

$

272,171


$

271,674


$

256,996

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation

70,599


43,597


37,030

Amortization of debt issuance costs

3,625


2,363


803

Amortization of deferred items

(4,337)


3,333


13,755

Provision for doubtful accounts



(65)

Provision for inventory obsolescence

765


735


1,123

Deferred income tax (benefit) expense

(989)


(1,065)


4,798

Share-based compensation expense

10,402


6,314


9,998

Other, net

457


4,847


(1,855)

Change in assets and liabilities:






(Increase) decrease in accounts receivable

(80,013)


13,214


26,187

Decrease in insurance receivable



281

(Increase) decrease in income tax receivable

(119)


10,421


(7,746)

Increase in inventory

(23,395)


(6,249)


(3,736)

(Increase) decrease in prepaid expenses

(6,386)


845


(179)

Increase in deferred costs and other assets

(32,597)


(10,379)


(10,321)

Increase (decrease) in accounts payable

27,536


(1,173)


4,735

Increase (decrease) in accrued liabilities

(7,096)


4,440


(854)

Increase (decrease) in income tax payable

1,250


(17,906)


(2,700)

Increase (decrease) in deferred credits and other liabilities

23,730


14,777


(21,850


(16,568)


68,114


49,404

Net Cash Provided by Operating Activities

255,603


339,788


306,400

Cash flows from investing activities:






Capital expenditures

(785,083)


(514,858)


(187,094)

Collection of insurance receivable



3,607

Proceeds from sale of assets

7,646


218


1,504

Net Cash Used by Investing Activities

(777,437)


(514,640)


(181,983)

Cash flows from financing activities:






Proceeds from issuance of bonds

450,000



Principal payments on bank credit facilities

(450,000)


(55,000)


(45,000)

Proceeds from bank credit facilities

310,000


345,000


Principal payments on notes payable

(5,461)


(3,631)


Proceeds from notes payable

5,148


9,092


Debt issuance costs paid

(10,530)


(12,322)


Proceeds from exercise of stock options

5,546


6,192


847

Net Cash Provided (Used) by Financing Activities

304,703


289,331


(44,153)

Net increase (decrease) in cash and cash equivalents

$

(217,131)


$

114,479


$

80,264

Cash and cash equivalents, at beginning of period

$

295,002


$

180,523


$

100,259

Cash and cash equivalents, at end of period

$

77,871


$

295,002


$

180,523

 

Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 12 mobile offshore drilling units and is constructing three ultra-deepwater drillships and one high-specification jackups. The company was founded in 1968 and is headquartered in Houston, Texas.  Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."

SOURCE Atwood Oceanics, Inc.

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