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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 September 30, 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
incorporation or organization)
  
(I.R.S. Employer
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
 
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  ¨
 
56,506,795 shares of Tidewater Inc. common stock $.10 par value per share were outstanding on October 11, 2002. Excluded from the calculation of shares outstanding at October 11, 2002 are 4,073,566 shares held by the Registrant’s Grantor Stock Ownership Trust. Registrant has no other class of common stock outstanding.
 

 
PART I.    FINANCIAL INFORMATION
 
ITEM 1.    FINANCIAL STATEMENTS
 
TIDEWATER INC.
 
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
 
    
September 30,
2002
   
March 31,
2002
    
(In thousands)
ASSETS
            
Current assets:
            
Cash and cash equivalents
   
$
10,845
   
11,882
Trade and other receivables
   
 
152,581
   
182,592
Marine operating supplies
   
 
29,766
   
28,071
Other current assets
   
 
3,351
   
4,036
    
  
Total current assets
   
 
196,543
   
226,581
    
  
Investments in, at equity, and advances to unconsolidated companies
   
 
28,931
   
13,722
Properties and equipment:
            
Vessels and related equipment
   
 
1,987,726
   
1,855,182
Other properties and equipment
   
 
42,293
   
41,860
    
  
    
 
2,030,019
   
1,897,042
Less accumulated depreciation
   
 
923,813
   
898,631
    
  
Net properties and equipment
   
 
1,106,206
   
998,411
    
  
Goodwill
   
 
328,754
   
328,754
Other assets
   
 
120,738
   
101,902
    
  
Total assets
   
$
1,781,172
   
1,669,370
    
  
LIABILITIES AND STOCKHOLDERS’ EQUITY
            
Current liabilities:
            
Accounts payable and accrued expenses
   
 
54,576
   
61,809
Accrued property and liability losses
   
 
10,749
   
9,737
Income taxes
   
 
3,506
   
2,144
    
  
Total current liabilities
   
 
68,831
   
73,690
    
  
Long-term debt
   
 
109,000
   
54,000
Deferred income taxes
   
 
187,638
   
173,422
Accrued property and liability losses
   
 
43,373
   
34,025
Other liabilities and deferred credits
   
 
49,650
   
48,415
Stockholders’ equity:
            
Common stock of $.10 par value, 125,000,000 shares authorized, issued 60,580,361 shares at September and 60,580,671 shares at March
   
 
6,058
   
6,058
Other stockholders’ equity
   
 
1,316,622
   
1,279,760
    
  
Total stockholders’ equity
   
 
1,322,680
   
1,285,818
    
  
Total liabilities and stockholders’ equity
   
$
1,781,172
   
1,669,370
    
  
 
See Notes to Unaudited Condensed Consolidated Financial Statements.

2

 
TIDEWATER INC.
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
 
    
Quarter Ended
September 30,
     
Six Months Ended
September 30,
  
    
2002
     
2001
     
2002
     
2001
  
    
(In thousands, except share and per share data)
  
Revenues:
                              
Vessel revenues
   
$
155,952
 
   
184,096
 
   
312,716
 
   
371,910
 
Other marine revenues
   
 
2,601
 
   
3,167
 
   
6,147
 
   
5,916
 
    
  
  
  
    
 
158,553
 
   
187,263
 
   
318,863
 
   
377,826
 
    
  
  
  
Costs and expenses:
                              
Vessel operating costs
   
 
90,279
 
   
96,878
 
   
181,209
 
   
193,704
 
Costs of other marine revenues
   
 
1,541
 
   
2,041
 
   
3,546
 
   
3,573
 
Depreciation and amortization
   
 
20,297
 
   
19,412
 
   
40,217
 
   
38,593
 
General and administrative
   
 
16,168
 
   
16,997
 
   
31,777
 
   
32,749
 
    
  
  
  
    
 
128,285
 
   
135,328
 
   
256,749
 
   
268,619
 
    
  
  
  
    
 
30,268
 
   
51,935
 
   
62,114
 
   
109,207
 
Other income (expenses):
                              
Foreign exchange loss
   
 
(1,016
)
   
(473
)
   
(1,868
)
   
(1,125
)
Gain on sales of assets
   
 
3,330
 
   
187
 
   
4,887
 
   
241
 
Equity in net earnings of unconsolidated companies
   
 
1,723
 
   
1,443
 
   
2,950
 
   
2,942
 
Minority interests
   
 
(14
)
   
(269
)
   
(47
)
   
(93
)
Interest and miscellaneous income
   
 
413
 
   
866
 
   
931
 
   
1,855
 
Interest and other debt costs
   
 
(95
)
   
(160
)
   
(220
)
   
(360
)
    
  
  
  
    
 
4,341
 
   
1,594
 
   
6,633
 
   
3,460
 
    
  
  
  
Earnings before income taxes
   
 
34,609
 
   
53,529
 
   
68,747
 
   
112,667
 
Income taxes
   
 
11,248
 
   
18,200
 
   
22,343
 
   
38,307
 
    
  
  
  
Net earnings
   
$
23,361
 
   
35,329
 
   
46,404
 
   
74,360
 
    
  
  
  
Earnings per common share
   
$
.41
 
   
.63
 
   
.82
 
   
1.33
 
    
  
  
  
Diluted earnings per common share
   
$
.41
 
   
.63
 
   
.82
 
   
1.32
 
    
  
  
  
Weighted average common shares outstanding
   
 
56,396,271
 
   
56,022,155
 
   
56,327,624
 
   
56,010,341
 
Incremental common shares from stock options
   
 
101,259
 
   
252,822
 
   
251,870
 
   
391,666
 
    
  
  
  
Adjusted weighted average common shares
   
 
56,497,530
 
   
56,274,977
 
   
56,579,494
 
   
56,402,007
 
    
  
  
  
Cash dividends declared per common share
   
$
.15
 
   
.15
 
   
.30
 
   
.30
 
    
  
  
  
 
See Notes to Unaudited Condensed Consolidated Financial Statements.

3

 
TIDEWATER INC.
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
    
Quarter Ended
September 30,
     
Six Months Ended
September 30,
  
    
2002
     
2001
     
2002
     
2001
  
    
(In thousands)
  
Net cash provided by operating activities
   
$
49,016
 
   
72,380
 
   
112,496
 
   
107,075
 
    
  
  
  
Cash flows from investing activities:
                              
Proceeds from sales of assets
   
 
4,201
 
   
5,215
 
   
5,342
 
   
6,452
 
Additions to properties and equipment
   
 
(65,016
)
   
(107,191
)
   
(164,039
)
   
(216,816
)
Other
   
 
—  
 
   
—  
 
   
—  
 
   
195
 
    
  
  
  
Net cash used in investing activities
   
 
(60,815
)
   
(101,976
)
   
(158,697
)
   
(210,169
)
    
  
  
  
Cash flows from financing activities:
                              
Credit facility borrowings
   
 
15,000
 
   
60,000
 
   
70,000
 
   
60,000
 
Principal payments on debt
   
 
(5,000
)
   
—  
 
   
(15,000
)
   
—  
 
Proceeds from issuance of common stock
   
 
3,808
 
   
223
 
   
7,087
 
   
1,038
 
Cash dividends
   
 
(8,473
)
   
(8,411
)
   
(16,923
)
   
(16,821
)
Other   
   
 
—  
 
   
—  
 
   
—  
 
   
(1
)
    
  
  
  
Net cash provided by financing activities
   
 
5,335
 
   
51,812
 
   
45,164
 
   
44,216
 
    
  
  
  
Net change in cash and cash equivalents
   
 
(6,464
)
   
22,216
 
   
(1,037
)