Attached files
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| 8-K - FORM 8-K 3Q11 EARNINGS RELEASE - Cal Dive International, Inc. | form8k3q11earn.htm |
| EX-99.1 - CAL DIVE 3Q11 EARNINGS PRESS RELEASE - Cal Dive International, Inc. | exhibit99_1.htm |
Exhibit 99.2
Cal Dive International
3rd Quarter 2011 Earnings Conference Call
Forward-Looking Statements
This presentation may include “forward-looking” statements that are generally identifiable through our
use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project” and similar
expressions and include any statements that we make regarding our earnings expectations. The forward-
looking statements speak only as of the date of this presentation, and we undertake no obligation to
update or revise such statements to reflect new information or events as they occur. Our actual future
results may differ materially due to a variety of factors, including current economic and financial market
conditions, changes in commodity prices for natural gas and oil and in the level of offshore exploration,
development and production activity in the oil and natural gas industry, the impact on the market and
regulatory environment in the U.S. Gulf of Mexico resulting from the Macondo well blowout, our inability
to obtain contracts with favorable pricing terms if there is a downturn on our business cycle, intense
competition in our industry, the operational risks inherent in our business, and other risks detailed in our
Form 10-K on file with the Securities and Exchange Commission.
use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project” and similar
expressions and include any statements that we make regarding our earnings expectations. The forward-
looking statements speak only as of the date of this presentation, and we undertake no obligation to
update or revise such statements to reflect new information or events as they occur. Our actual future
results may differ materially due to a variety of factors, including current economic and financial market
conditions, changes in commodity prices for natural gas and oil and in the level of offshore exploration,
development and production activity in the oil and natural gas industry, the impact on the market and
regulatory environment in the U.S. Gulf of Mexico resulting from the Macondo well blowout, our inability
to obtain contracts with favorable pricing terms if there is a downturn on our business cycle, intense
competition in our industry, the operational risks inherent in our business, and other risks detailed in our
Form 10-K on file with the Securities and Exchange Commission.
2
3
Presentation Outline
Summary of 3Q 2011 Results
Backlog
Discussion of Financial Results
Non-GAAP Reconciliations
Questions & Answers
4
Summary of 3Q Results
Increased utilization from 2Q 11 due to
seasonality in GoM.
Lower activity levels compared to 3Q 10 due
to lack of cleanup work in GoM relating to
Macondo incident.
Strong profitability in Australia for diving
related work on Gorgon project.
Asset impairment charges.
Amendment to Credit Facility.
5
Backlog
($ millions)
Financial Results
6
(1) See reconciliation on Non-GAAP financial measures at the end of the presentation.
(2) Tax effected.
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(all amounts in thousands, except per share amounts and
percentages) |
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Three Months
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Nine Months
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Ended September 30,
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Ended September 30,
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2011
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2010
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2011
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2010
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Revenues
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$132,906
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$193,793
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$352,377
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$375,428
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Gross Profit
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12,050
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46,721
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6,478
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38,769
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Margins
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9%
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24%
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2%
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10%
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Net Loss
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($34,367)
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($283,372)
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($58,126)
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($313,467)
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Margins
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(26%)
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(146%)
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(16%)
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(83%)
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Diluted Loss Per Share
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(0.37)
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(3.11)
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(0.63)
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(3.44)
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Net Loss
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($34,367)
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($283,372)
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($58,126)
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($313,467)
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Non-cash fixed asset impairments (2)
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28,795
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15,048
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28,795
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15,048
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Non-cash goodwill impairments (2)
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-
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287,463
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-
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287,463
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Net Income (Loss) excluding impairments
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($5,572)
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$19,139
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($29,331)
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($10,956)
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Margins
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(4%)
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10%
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(8%)
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(3%)
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Diluted Earnings (Loss) Per Share
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($0.06)
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$0.21
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($0.32)
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($0.12)
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EBITDA (1)
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$18,363
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$50,330
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$24,303
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$52,184
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Margins
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14%
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26%
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7%
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14%
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Utilization
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(1) Effective vessel utilization is calculated by dividing the total number of days the vessels generated revenues by the total number of days the vessels were
available for operation in each period excluding days in which the vessels were in drydock or taken out of service for upgrades.
available for operation in each period excluding days in which the vessels were in drydock or taken out of service for upgrades.
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(The following statistics are for owned
and operated vessels only) |
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Three Months
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Nine Months
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Ended September 30,
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Ended September 30,
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2011
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2010
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2011
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2010
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Effective Utilization(1) -
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Saturation Diving Vessels
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67%
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88%
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59%
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64%
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Surface Diving Vessels
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55%
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75%
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46%
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52%
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Construction Barges
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28%
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46%
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23%
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27%
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Total Fleet
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49%
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69%
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41%
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47%
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Calendar Day Utilization -
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Saturation Diving Vessels
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67%
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88%
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54%
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60%
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Surface Diving Vessels
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54%
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75%
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43%
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50%
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Construction Barges
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28%
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46%
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22%
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24%
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Total Fleet
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49%
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69%
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39%
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44%
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International Revenue
8
($ millions)
9
Credit Facility Amendment
Amendment provides enhanced financial flexibility and available
liquidity.
Revolver size reduced to $150 million, $75 million for 1Q 12.
Max permitted leverage ratio increased as follows:
4Q 11 - 5.00x
1Q 12 - Either 5.0x OR minimum TTM EBITDA of $25.2 million
2Q 12-5.75x
3Q 12-4.25x
4Q 12- 4.00x
Thereafter 3.75x
Minimum Fixed Charge Coverage Ratio of 1.25x effective 2Q 12 and thereafter.
Pricing grid margin increases 100bps.
Debt Levels
10
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Net Debt Levels (1)
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Horizon Acquisition
($ millions)
(1) Calculated as Total Debt less Cash and Cash Equivalents.
(2) Calculated as Net Debt divided by Stockholders’ Equity plus Net Debt.
Liquidity
11
Non-GAAP Reconciliations
12
EBITDA Reconciliations
13
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(all amounts in thousands)
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Three Months
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Nine Months
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Ended September 30,
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Ended September 30,
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2011
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2010
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2011
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2010
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EBITDA (unaudited)
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$18,363
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$50,330
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$24,303
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$52,184
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Less: Depreciation & Amortization
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16,816
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17,128
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51,168
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51,953
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Less: Non-Cash Stock Comp. Expense
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2,564
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1,788
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7,163
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5,366
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Less: Interest Expense, net
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2,071
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2,544
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6,412
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6,835
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Less: Income Tax Benefit
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(5,359)
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(3,378)
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(18,952)
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(14,123)
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Less: Non-Cash Goodwill Impairment Charge
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-
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292,469
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-
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292,469
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Less: Non-Cash Fixed Asset Impairment Charge
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36,638
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23,151
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36,638
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23,151
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Net Loss
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($34,367)
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($283,372)
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($58,126)
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($313,467)
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