99.1
|
Press Release dated November 17, 2011
|
For the three months ended | |||||
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
|||
Revenues
|
$ 177,558,000
|
$ 162,147,000
|
$ 160,613,000
|
||
Income before Income Taxes
|
83,918,000
|
87,203,000
|
76,859,000
|
||
Provision for Income Taxes
|
(10,991,000)
|
(11,918,000)
|
(12,630,000)
|
||
Net Income
|
72,927,000
|
75,285,000
|
64,229,000
|
||
Earnings per Common Share -
|
|||||
Basic
|
1.13
|
1.16
|
1.00
|
||
Diluted
|
1.12
|
1.15
|
0.99
|
||
Weighted Average Shares
|
|||||
Outstanding -
|
|||||
Basic
|
64,754,000
|
64,820,000
|
64,439,000
|
||
Diluted
|
65,403,000
|
65,470,000
|
64,951,000
|
||
For the twelve months ended September 30,
|
|||||
2011
|
2010
|
||||
Revenues
|
$ 645,076,000
|
$ 650,562,000
|
|||
Income before Income Taxes
|
324,847,000
|
319,979,000
|
|||
Provision for Income Taxes
|
(53,173,000)
|
(62,983,000)
|
|||
Net Income
|
271,674,000
|
256,996,000
|
|||
Earnings per Common Share -
|
|||||
Basic
|
4.20
|
3.99
|
|||
Diluted
|
4.15
|
3.95
|
|||
Weighted Average Shares
|
|||||
Outstanding -
|
|||||
Basic
|
64,754,000
|
64,391,000
|
|||
Diluted
|
65,403,000
|
65,028,000
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||
|
|
|||||||
2011
|
2010
|
2011
|
2010
|
|||||
Operating revenues
|
||||||||
Contract drilling
|
$ 177,558
|
$ 160,613
|
$ 645,076
|
$ 650,562
|
||||
Operating costs and expenses
|
||||||||
Contract drilling
|
61,815
|
65,477
|
223,565
|
252,427
|
||||
Depreciation
|
15,606
|
8,063
|
43,597
|
37,030
|
||||
General and administrative
|
9,927
|
9,937
|
44,407
|
40,620
|
||||
Other, net
|
4,924
|
(334)
|
4,847
|
(1,855)
|
||||
92,272
|
83,143
|
316,416
|
328,222
|
|||||
Operating income
|
85,286
|
77,470
|
328,660
|
322,340
|
||||
Other income (expense):
|
||||||||
Interest expense, net of capitalized interest
|
(1,493)
|
(715)
|
(4,530)
|
(2,725)
|
||||
Interest income
|
125
|
104
|
717
|
364
|
||||
(1,368)
|
(611)
|
(3,813)
|
(2,361)
|
|||||
Income before income taxes
|
83,918
|
76,859
|
324,847
|
319,979
|
||||
Provision for income taxes
|
10,991
|
12,630
|
53,173
|
62,983
|
||||
Net income
|
$ 72,927
|
$ 64,229
|
$ 271,674
|
$ 256,996
|
||||
Earnings per common share:
|
||||||||
Basic
|
1.13
|
1.00
|
4.20
|
3.99
|
||||
Diluted
|
1.12
|
0.99
|
4.15
|
3.95
|
||||
Average common shares outstanding:
|
||||||||
Basic
|
64,754
|
64,439
|
64,754
|
64,391
|
||||
Diluted
|
65,403
|
64,951
|
65,403
|
65,028
|
Three Months Ended
|
||||||||
September 30, 2011
|
||||||||
Operating
|
Contract
|
|||||||
Revenues
|
Drilling Costs
|
|||||||
(In Millions)
|
||||||||
Atwood Osprey
|
$ | 43.5 | $ | 14.6 | ||||
Atwood Hunter
|
43.3 | 13.0 | ||||||
Atwood Eagle
|
35.4 | 13.1 | ||||||
Atwood Falcon
|
35.0 | 6.5 | ||||||
Atwood Beacon
|
11.1 | 5.1 | ||||||
Vicksburg
|
8.7 | 4.5 | ||||||
Atwood Aurora
|
0.6 | 3.9 | ||||||
Seahawk
|
- | 0.1 | ||||||
Richmond
|
- | 0.2 | ||||||
Atwood Southern Cross
|
- | 0.2 | ||||||
Other
|
- | 0.6 | ||||||
$ | 177.6 | $ | 61.8 | |||||
Twelve Months Ended
|
||||||||
September 30, 2011
|
||||||||
Operating
|
Contract
|
|||||||
Revenues
|
Drilling Costs
|
|||||||
(In Millions)
|
||||||||
Atwood Hunter
|
$ | 183.4 | $ | 38.7 | ||||
Atwood Falcon
|
153.4 | 29.2 | ||||||
Atwood Eagle
|
139.8 | 62.2 | ||||||
Atwood Osprey
|
59.9 | 22.9 | ||||||
Atwood Beacon
|
45.1 | 28.6 | ||||||
Vicksburg
|
34.3 | 16.4 | ||||||
Atwood Aurora
|
29.2 | 18.4 | ||||||
Seahawk
|
- | 2.4 | ||||||
Richmond
|
- | 1.7 | ||||||
Atwood Southern Cross
|
- | 2.7 | ||||||
Other
|
- | 0.4 | ||||||
$ | 645.1 | $ | 223.6 |
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||
(In thousands)
|
September 30,
|
September 30,
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 295,002 | $ | 180,523 | ||||
Accounts receivable
|
87,173 | 96,463 | ||||||
Income tax receivable
|
5,631 | 16,052 | ||||||
Inventories of materials and supplies
|
58,263 | 52,749 | ||||||
Prepaid expenses and deferred costs
|
14,862 | 14,207 | ||||||
Total current assets
|
460,931 | 359,994 | ||||||
Property and equipment, net
|
1,887,321 | 1,343,961 | ||||||
Other receivables
|
11,875 | 15,799 | ||||||
Deferred costs and other assets
|
15,264 | 4,686 | ||||||
Total assets
|
$ | 2,375,391 | $ | 1,724,440 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 113,021 | $ | 37,192 | ||||
Accrued liabilities
|
30,680 | 25,368 | ||||||
Notes payable
|
5,461 | - | ||||||
Income tax payable
|
8,461 | 26,367 | ||||||
Deferred credits
|
1,700 | 4,533 | ||||||
Total Current Liabilities
|
159,323 | 93,460 | ||||||
Long-term debt
|
520,000 | 230,000 | ||||||
Deferred income taxes
|
9,780 | 10,845 | ||||||
Deferred credits
|
7,910 | 2,919 | ||||||
Other long-term liabilities
|
25,591 | 17,082 | ||||||
Total long-term liabilities
|
563,281 | 260,846 | ||||||
Shareholders' equity:
|
||||||||
Preferred stock, no par value;
|
||||||||
1,000 shares authorized, none outstanding
|
- | - | ||||||
Common stock, $1 par value, 90,000 shares
|
||||||||
authorized with 64,960 and 64,443 issued
|
||||||||
and outstanding at September 30, 2011
|
||||||||
and 2010, respectively
|
64,960 | 64,443 | ||||||
Paid-in capital
|
145,084 | 133,095 | ||||||
Retained earnings
|
1,444,270 | 1,172,596 | ||||||
Accumulated other comprehensive loss
|
(1,527 | ) | - | |||||
Total shareholders' equity
|
1,652,787 | 1,370,134 | ||||||
Total liabilities and shareholders' equity
|
$ | 2,375,391 | $ | 1,724,440 |