99.1 | Press Release dated November 15, 2012 |
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 |
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 |
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 |
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 |
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 |