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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
 
FORM 10-Q
 
x
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934—For the Quarterly Period Ended December 31, 2002
 
¨
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934—For the Transition Period From
 
                                 to                                 
 
Commission file number 1-6311
 
TIDEWATER INC.
(Exact name of registrant as specified in its charter)
 
DELAWARE
  
72-0487776
(State or other jurisdiction of
  
(I.R.S. Employer
incorporation or organization)
  
Identification Number)
601 Poydras Street, Suite 1900, New Orleans, Louisiana
  
70130
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: (504) 568-1010
 
NOT APPLICABLE
Former name, former address and former fiscal year, if changed since last report.
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or of such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
YES x        NO ¨
 
56,525,974 shares of Tidewater Inc. common stock $.10 par value per share were outstanding on January 10, 2003. Excluded from the calculation of shares outstanding at January 10, 2003 are 4,054,387 shares held by the Registrant’s Grantor Stock Ownership Trust. Registrant has no other class of common stock outstanding.
 

1

PART I. FINANCIAL INFORMATION
 
Item 1. FINANCIAL STATEMENTS
 
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
    
December 31, 2002
   
March 31, 2002
ASSETS
            
Current assets:
            
Cash and cash equivalents
   
$
7,923
   
11,882
Trade and other receivables
   
 
154,718
   
182,592
Marine operating supplies
   
 
32,145
   
28,071
Other current assets
   
 
2,255
   
4,036
    
  
Total current assets
   
 
197,041
   
226,581
    
  
Investments in, at equity, and advances to unconsolidated companies
   
 
27,991
   
13,722
Properties and equipment:
            
Vessels and related equipment
   
 
2,036,714
   
1,855,182
Other properties and equipment
   
 
41,590
   
41,860
    
  
    
 
2,078,304
   
1,897,042
Less accumulated depreciation
   
 
940,220
   
898,631
    
  
Net properties and equipment
   
 
1,138,084
   
998,411
    
  
Goodwill
   
 
328,754
   
328,754
Other assets
   
 
117,710
   
101,092
    
  
Total assets
   
$
1,809,580
   
1,669,370
    
  
LIABILITIES AND STOCKHOLDERS’ EQUITY
            
Current liabilities:
            
Accounts payable and accrued expenses
   
 
53,203
   
61,809
Accrued property and liability losses
   
 
10,210
   
9,737
Income taxes
   
 
4,227
   
2,144
    
  
Total current liabilities
   
 
67,640
   
73,690
    
  
Long-term debt
   
 
119,000
   
54,000
Deferred income taxes
   
 
194,712
   
173,422
Accrued property and liability losses
   
 
38,941
   
34,025
Other liabilities and deferred credits
   
 
50,457
   
48,415
Stockholders’ equity:
            
Common stock of $.10 par value, 125,000,000 shares authorized, issued 60,580,361 shares at December and 60,580,671 shares at March
   
 
6,058
   
6,058
Other stockholders’ equity
   
 
1,332,772
   
1,279,760
    
  
Total stockholders’ equity
   
 
1,338,830
   
1,285,818
    
  
Total liabilities and stockholders’ equity
   
$
1,809,580
   
1,669,370
    
  
 
See Notes to Unaudited Condensed Consolidated Financial Statements.

2

TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
 
    
Quarter Ended
December 31,
     
Nine Months Ended
December 31,
  
    
2002
     
2001
     
2002
     
2001
  
Revenues:
                              
Vessel revenues
   
$
160,716
 
   
178,616
 
   
473,432
 
   
550,526
 
Other marine revenues
   
 
2,371
 
   
3,212
 
   
8,518
 
   
9,128
 
    
  
  
  
    
 
163,087
 
   
181,828
 
   
481,950
 
   
559,654
 
    
  
  
  
Costs and expenses:
                              
Vessel operating costs
   
 
90,013
 
   
96,565
 
   
271,222
 
   
290,269
 
Costs of other marine revenues
   
 
1,294
 
   
2,012
 
   
4,840
 
   
5,585
 
Depreciation and amortization
   
 
21,020
 
   
19,771
 
   
61,237
 
   
58,364
 
General and administrative
   
 
16,790
 
   
16,600
 
   
48,567
 
   
49,349
 
    
  
  
  
    
 
129,117
 
   
134,948
 
   
385,866
 
   
403,567
 
    
  
  
  
    
 
33,970
 
   
46,880
 
   
96,084
 
   
156,087
 
Other income (expenses):
                              
Foreign exchange loss
   
 
(637
)
   
(53
)
   
(2,505
)
   
(1,178
)
Gain on sales of assets
   
 
(12
)
   
780
 
   
4,875
 
   
1,021
 
Equity in net earnings of unconsolidated companies
   
 
1,396
 
   
1,585
 
   
4,346
 
   
4,527
 
Minority interests
   
 
(20
)
   
(49
)
   
(67
)
   
(142
)
Interest and miscellaneous income
   
 
430
 
   
685
 
   
1,361
 
   
2,540
 
Interest and other debt costs
   
 
(109
)
   
(237
)
   
(329
)
   
(597
)
    
  
  
  
    
 
1,048
 
   
2,711
 
   
7,681
 
   
6,171
 
    
  
  
  
Earnings before income taxes
   
 
35,018
 
   
49,591
 
   
103,765
 
   
162,258
 
Income taxes
   
 
11,381
 
   
16,049
 
   
33,724
 
   
54,356
 
    
  
  
  
Net earnings
   
$
23,637
 
   
33,542
 
   
70,041
 
   
107,902
 
    
  
  
  
Earnings per common share
   
$
.42
 
   
.60
 
   
1.24
 
   
1.93
 
    
  
  
  
Diluted earnings per common share
   
$
.42
 
   
.60
 
   
1.24
 
   
1.92
 
    
  
  
  
Weighted average common shares outstanding
   
 
56,476,727
 
   
56,043,842
 
   
56,378,563
 
   
56,021,765
 
Incremental common shares from stock options
   
 
120,739
 
   
182,053
 
   
208,159
 
   
321,795
 
    
  
  
  
Adjusted weighted average common shares
   
 
56,597,466
 
   
56,225,895
 
   
56,586,722
 
   
56,343,560
 
    
  
  
  
Cash dividends declared per common share
   
$
.15
 
   
.15
 
   
.45
 
   
.45
 
    
  
  
  
 
See Notes to Unaudited Condensed Consolidated Financial Statements.
 

3

TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
    
Quarter Ended
December 31,
     
Nine Months Ended
December 31,
  
    
2002
     
2001
     
2002
     
2001
  
Net cash provided by operating activities
   
$
47,712
 
   
46,654
 
   
160,208
 
   
153,729
 
    
  
  
  
Cash flows from investing activities:
                              
Proceeds from sales of assets
   
 
2,662
 
   
3,549
 
   
8,004
 
   
10,001
 
Additions to properties and equipment
   
 
(54,995
)
   
(46,101
)
   
(219,034
)
   
(262,917
)
Other
   
 
—  
 
   
—  
 
   
—  
 
   
195
 
    
  
  
  
Net cash used in investing activities
   
 
(52,333
)
   
(42,552
)
   
(211,030
)
   
(252,721
)
    
  
  
  
Cash flows from financing activities:
                              
Credit facility borrowings
   
$
15,000
 
   
—  
 
   
85,000
 
   
60,000
 
Principal payments on debt
   
 
(5,000
)
   
(20,000
)
   
(20,000
)
   
(20,000
)
Proceeds from issuance of common stock
   
 
176
 
   
82
 
   
7,263
 
   
1,120
 
Cash dividends
   
 
(8,477
)
   
(8,417
)
   
(25,400
)
   
(25,238
)
Other
   
$
—  
 
   
—  
 
   
—  
 
   
(1
)
    
  
  
  
Net cash provided by (used in) financing activities
   
 
1,699
 
   
(28,335
)
   
46,863
 
   
15,881
 
    
  
  
  
Net change in cash and cash equivalents
   
 
(2,922
)
   
(24,233
)
   
(3,959
)
   
(83,111
)
Cash and cash equivalents at beginning of period
   
 
10,845
 
   
36,275
 
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