Attached files
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| 8-K - 1ST QTR EARNINGS - ATWOOD OCEANICS INC | f8kfeb12012earnings.htm |
EXHIBIT 99.1
Houston, Texas
February 1, 2012
FOR IMMEDIATE RELEASE - EARNINGS
ATWOOD OCEANICS, INC., (NYSE: ATW), announced today that the Company earned net income of $65,468,000 or $1.00 per diluted share, on revenues of $184,672,000 for the quarter ended December 31, 2011 compared to net income of $72,927,000 or $1.12 per diluted share on revenues of $177,558,000 for the quarter ended September 30, 2011 and compared to net income of $52,850,000 or $0.81 per diluted share, on revenues of $146,286,000 for the quarter ended December 31, 2010.
FOR THE THREE MONTHS ENDED
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December 31, 2011
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September 30, 2011
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December 31, 2010
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Revenues
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$ | 184,672,000 | $ | 177,558,000 | $ | 146,286,000 | ||||||
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Income before Income Taxes
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77,931,000 | 83,918,000 | 63,240,000 | |||||||||
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Provision for Income Taxes
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(12,463,000 | ) | (10,991,000 | ) | (10,390,000 | ) | ||||||
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Net Income
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$ | 65,468,000 | $ | 72,927,000 | $ | 52,850,000 | ||||||
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Earnings per Common Share -
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Basic
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1.01 | 1.13 | 0.82 | |||||||||
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Diluted
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1.00 | 1.12 | 0.81 | |||||||||
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Weighted Average Shares
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Outstanding -
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Basic
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65,024,000 | 64,754,000 | 64,528,000 | |||||||||
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Diluted
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65,541,000 | 65,403,000 | 65,184,000 | |||||||||
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
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THREE MONTHS ENDED
DECEMBER 31,
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2011
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2010
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REVENUES:
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Contract drilling
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$ | 184,672 | $ | 146,286 | ||||
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COSTS AND EXPENSES:
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Contract drilling
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78,344 | 58,344 | ||||||
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Depreciation
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15,363 | 8,803 | ||||||
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General and administrative
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14,094 | 15,664 | ||||||
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Other, net
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- | (61 | ) | |||||
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107,801 | 82,750 | ||||||
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OPERATING INCOME
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76,871 | 63,536 | ||||||
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OTHER INCOME (EXPENSE)
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Interest expense, net of capitalized interest
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(603 | ) | (678 | ) | ||||
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Interest income
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86 | 382 | ||||||
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Other
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1,577 | - | ||||||
| 1,060 | (296 | ) | ||||||
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INCOME BEFORE INCOME TAXES
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77,931 | 63,240 | ||||||
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PROVISION FOR INCOME TAXES
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12,463 | 10,390 | ||||||
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NET INCOME
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$ | 65,468 | $ | 52,850 | ||||
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EARNINGS PER COMMON SHARE:
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Basic
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1.01 | 0.82 | ||||||
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Diluted
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1.00 | 0.81 | ||||||
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AVERAGE COMMON SHARES OUTSTANDING:
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Basic
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65,024 | 64,528 | ||||||
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Diluted
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65,541 | 65,184 | ||||||
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
FOR THE THREE MONTHS ENDED
DECEMBER 31, 2011
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CONTRACT
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DRILLING
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REVENUES
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COSTS
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(In Millions)
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Atwood Hunter
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$ | 44.8 | $ | 12.2 | ||||
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Atwood Osprey
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40.9 | 15.9 | ||||||
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Atwood Eagle
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35.5 | 18.2 | ||||||
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Atwood Falcon
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30.3 | 8.3 | ||||||
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Atwood Aurora
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12.7 | 8.8 | ||||||
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Atwood Beacon
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11.5 | 7.4 | ||||||
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Vicksburg
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9.0 | 5.3 | ||||||
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Other
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- | 2.2 | ||||||
| $ | 184.7 | $ | 78.3 | |||||
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED SELECTED BALANCE SHEET DATA
(In thousands)
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DECEMBER 31,
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SEPTEMBER 30,
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2011
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2011
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CASH AND CASH EQUIVALENTS
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$ | 89,923 | $ | 295,002 | ||||
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NET PROPERTY AND EQUIPMENT
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$ | 2,046,214 | $ | 1,887,321 | ||||
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LONG-TERM DEBT
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$ | 520,000 | $ | 520,000 | ||||
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SHAREHOLDERS' EQUITY
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$ | 1,719,916 | $ | 1,652,787 | ||||
Atwood Oceanics, Inc. is an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns ten mobile offshore drilling units located in the United States Gulf of Mexico, South America, the Mediterranean Sea, West Africa, southeast Asia and Australia, and is constructing an ultra-deepwater semisubmersible, two ultra-deepwater drillships and three high-specification jackups for deliveries in 2012, 2013 and 2014. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. ordinary shares are traded on the New York Stock Exchange under the symbol “ATW”.
Contact: Mark L. Mey
(281) 749-7902