EXHIBIT NO. | DESCRIPTION |
99.1 | Press Release dated July 31, 2013 |
For the Three Months Ended | |||||||||||
(In thousands, except per share amounts) | June 30, 2013 | March 31, 2013 | June 30, 2012 | ||||||||
Revenues | $ | 272,688 | $ | 253,161 | $ | 178,603 | |||||
Income before Income Taxes | 105,130 | 97,432 | 61,990 | ||||||||
Provision for Income Taxes | (15,149 | ) | (11,913 | ) | (10,279 | ) | |||||
Net Income | $ | 89,981 | $ | 85,519 | $ | 51,711 | |||||
Earnings per Common Share - | |||||||||||
Basic | $ | 1.38 | $ | 1.30 | $ | 0.79 | |||||
Diluted | $ | 1.37 | $ | 1.28 | $ | 0.79 | |||||
Weighted Average Shares | |||||||||||
Outstanding - | |||||||||||
Basic | 65,062 | 65,733 | 65,362 | ||||||||
Diluted | 65,858 | 66,589 | 65,823 |
For the Nine Months Ended | |||||||||
(In thousands, except per share amounts) | June 30, 2013 | June 30, 2012 | |||||||
Revenues | $ | 770,942 | $ | 534,896 | |||||
Income before Income Taxes | 286,649 | 203,413 | |||||||
Provision for Income Taxes | (38,318 | ) | (26,768 | ) | |||||
Net Income | $ | 248,331 | $ | 176,645 | |||||
Earnings per Common Share - | |||||||||
Basic | $ | 3.79 | $ | 2.71 | |||||
Diluted | $ | 3.75 | $ | 2.69 | |||||
Weighted Average Shares | |||||||||
Outstanding - | |||||||||
Basic | 65,441 | 65,221 | |||||||
Diluted | 66,180 | 65,715 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||
REVENUES: | |||||||||||||||
Contract drilling | $ | 272,688 | $ | 178,603 | $ | 770,942 | $ | 534,896 | |||||||
COSTS AND EXPENSES: | |||||||||||||||
Contract drilling | 117,963 | 87,374 | 337,352 | 245,060 | |||||||||||
Depreciation | 30,352 | 15,650 | 86,412 | 46,419 | |||||||||||
General and administrative | 13,663 | 11,856 | 44,152 | 37,502 | |||||||||||
Other, net | (55 | ) | 274 | (68 | ) | 1,137 | |||||||||
161,923 | 115,154 | 467,848 | 330,118 | ||||||||||||
OPERATING INCOME | $ | 110,765 | $ | 63,449 | $ | 303,094 | $ | 204,778 | |||||||
OTHER INCOME (EXPENSE) | |||||||||||||||
Interest expense, net of capitalized interest | (5,692 | ) | (1,517 | ) | (16,647 | ) | (1,623 | ) | |||||||
Interest Income | 57 | 58 | 202 | 258 | |||||||||||
(5,635 | ) | (1,459 | ) | (16,445 | ) | (1,365 | ) | ||||||||
INCOME BEFORE INCOME TAXES | 105,130 | 61,990 | 286,649 | 203,413 | |||||||||||
PROVISION FOR INCOME TAXES | 15,149 | 10,279 | 38,318 | 26,768 | |||||||||||
NET INCOME | $ | 89,981 | $ | 51,711 | $ | 248,331 | $ | 176,645 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||
Basic | $ | 1.38 | $ | 0.79 | $ | 3.79 | $ | 2.71 | |||||||
Diluted | $ | 1.37 | $ | 0.79 | $ | 3.75 | $ | 2.69 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
Basic | 65,062 | 65,362 | 65,441 | 65,221 | |||||||||||
Diluted | 65,858 | 65,823 | 66,180 | 65,715 |
REVENUES | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
(In millions) | June 30, 2013 | March 31, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||||
Atwood Condor | $ | 42.5 | $ | 39.3 | $ | — | $ | 122.3 | $ | — | |||||||||
Atwood Osprey | 44.5 | 36.9 | 43.5 | 123.8 | 120.5 | ||||||||||||||
Atwood Eagle | 31.5 | 35.0 | 31.1 | 93.9 | 100.2 | ||||||||||||||
Atwood Falcon | 32.1 | 34.0 | 17.6 | 101.5 | 58.1 | ||||||||||||||
Atwood Hunter | 38.7 | 35.0 | 47.4 | 110.8 | 140.1 | ||||||||||||||
Atwood Aurora | 12.2 | 11.8 | 14.2 | 36.4 | 39.3 | ||||||||||||||
Atwood Beacon | 14.0 | 14.8 | 10.3 | 42.8 | 31.0 | ||||||||||||||
Atwood Mako | 13.2 | 13.1 | — | 39.5 | — | ||||||||||||||
Atwood Manta | 13.0 | 12.5 | — | 28.8 | — | ||||||||||||||
Atwood Orca | 9.9 | — | — | 9.9 | — | ||||||||||||||
Vicksburg | 9.9 | 9.9 | 8.1 | 29.0 | 25.4 | ||||||||||||||
Reimbursable | 11.2 | 10.9 | 6.4 | 32.3 | 20.3 | ||||||||||||||
$ | 272.7 | $ | 253.2 | $ | 178.6 | $ | 771.0 | $ | 534.9 |
CONTRACT DRILLING COSTS | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
(In millions) | June 30, 2013 | March 31, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||||
Atwood Condor | $ | 16.4 | $ | 14.6 | $ | — | $ | 45.3 | $ | — | |||||||||
Atwood Osprey | 16.8 | 15.4 | 15.3 | 47.5 | 46.6 | ||||||||||||||
Atwood Eagle | 15.5 | 15.2 | 14.5 | 50.5 | 46.3 | ||||||||||||||
Atwood Falcon | 16.3 | 13.4 | 20.5 | 44.0 | 38.3 | ||||||||||||||
Atwood Hunter | 11.0 | 10.1 | 11.5 | 32.6 | 35.0 | ||||||||||||||
Atwood Aurora | 6.1 | 6.2 | 7.1 | 18.7 | 23.8 | ||||||||||||||
Atwood Beacon | 7.0 | 8.4 | 7.4 | 25.6 | 21.4 | ||||||||||||||
Atwood Mako | 4.8 | 5.4 | — | 15.4 | — | ||||||||||||||
Atwood Manta | 4.8 | 5.1 | — | 12.0 | — | ||||||||||||||
Atwood Orca | 3.7 | — | — | 4.0 | — | ||||||||||||||
Vicksburg | 4.9 | 4.6 | 4.7 | 14.2 | 14.8 | ||||||||||||||
Reimbursable | 8.5 | 8.9 | 2.5 | 23.4 | 11.9 | ||||||||||||||
Other | 2.2 | 0.2 | 3.9 | 4.2 | 6.9 | ||||||||||||||
$ | 118.0 | $ | 107.5 | $ | 87.4 | $ | 337.4 | $ | 245.0 |
(In thousands) | June 30, 2013 | September 30, 2012 | |||||
ASSETS | |||||||
Cash and cash equivalents | $ | 221,877 | $ | 77,871 | |||
Accounts receivable, net of allowance for doubtful accounts of $4,000 and $0 at June 30, 2013 and September 30, 2012, respectively | 179,980 | 167,186 | |||||
Income tax receivable | 7,141 | 5,750 | |||||
Inventories of materials and supplies | 100,825 | 80,290 | |||||
Prepaid expenses and deferred costs | 23,226 | 39,437 | |||||
Total current assets | 533,049 | 370,534 | |||||
Property and equipment, net | 3,035,572 | 2,537,340 | |||||
Other receivables | 11,869 | 11,875 | |||||
Deferred costs and other assets | 22,823 | 24,013 | |||||
Total assets | $ | 3,603,313 | $ | 2,943,762 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Accounts payable | $ | 72,622 | $ | 83,592 | |||
Accrued liabilities | 32,340 | 24,478 | |||||
Notes payable | — | 5,148 | |||||
Income tax payable | 16,022 | 9,711 | |||||
Deferred credits | 13,773 | 13,738 | |||||
Total current liabilities | 134,757 | 136,667 | |||||
Long-term debt | 1,338,500 | 830,000 | |||||
Deferred income taxes | 8,186 | 8,791 | |||||
Deferred credits | 1,322 | 8,928 | |||||
Other | 21,867 | 19,954 | |||||
Total long-term liabilities | 1,369,875 | 867,673 | |||||
Commitments and contingencies | |||||||
Preferred stock, no par value, 1,000 shares authorized, none outstanding | — | — | |||||
Common stock, $1.00 par value, 90,000 shares authorized with 63,952 and 65,452 issued and outstanding at June 30, 2013 and September 30, 2012, respectively | 63,952 | 65,452 | |||||
Paid-in capital | 176,909 | 160,540 | |||||
Retained earnings | 1,859,512 | 1,716,441 | |||||
Accumulated other comprehensive loss | (1,692 | ) | (3,011 | ) | |||
Total shareholders' equity | 2,098,681 | 1,939,422 | |||||
Total liabilities and shareholders' equity | $ | 3,603,313 | $ | 2,943,762 |
Nine Months Ended June 30, | |||||||
(In thousands) | 2013 | 2012 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 248,331 | $ | 176,645 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 86,412 | 46,419 | |||||
Amortization of debt issuance costs and bond premium | 3,083 | 2,590 | |||||
Amortization of deferred items | 1,227 | 3,736 | |||||
Provision for doubtful accounts | 3,510 | 540 | |||||
Provision for inventory obsolescence | 1,530 | 615 | |||||
Deferred income tax benefit | (605 | ) | (513 | ) | |||
Share-based compensation expense | 10,418 | 7,709 | |||||
Other, net | (67 | ) | 1,137 | ||||
Change in assets and liabilities: | |||||||
Accounts receivable | (18,297 | ) | 2,253 | ||||
Income tax receivable | (1,391 | ) | 890 | ||||
Inventory | (22,065 | ) | (15,200 | ) | |||
Prepaid expenses | 12,788 | 6,186 | |||||
Deferred costs and other assets | (9,519 | ) | (22,343 | ) | |||
Accounts payable | (10,970 | ) | 20,467 | ||||
Accrued liabilities | (6,745 | ) | 2,356 | ||||
Bond premium | 8,500 | — | |||||
Income tax payable | 6,311 | (4,859 | ) | ||||
Deferred credits and other liabilities | 9,989 | 10,006 | |||||
Net cash provided by operating activities | 322,440 | 238,634 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (569,696 | ) | (594,789 | ) | |||
Proceeds from sale of assets | 129 | 7,513 | |||||
Net cash used in investing activities | (569,567 | ) | (587,276 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of bonds | 200,000 | 450,000 | |||||
Proceeds from bank credit facilities | 400,000 | 135,000 | |||||
Principal payments on bank credit facilities | (100,000 | ) | (450,000 | ) | |||
Principal payments on notes payable | (5,148 | ) | (5,461 | ) | |||
Repurchase and retirement of common shares | (107,260 | ) | — | ||||
Proceeds from exercise of stock options | 6,451 | 3,262 | |||||
Debt issuance costs paid | (2,910 | ) | (181 | ) | |||
Net cash provided by financing activities | 391,133 | 132,620 | |||||
Net increase (decrease) in cash and cash equivalents | $ | 144,006 | $ | (216,022 | ) | ||
Cash and cash equivalents, at beginning of period | $ | 77,871 | $ | 295,002 | |||
Cash and cash equivalents, at end of period | $ | 221,877 | $ | 78,980 |