Tidewater Reports 4Q Results

Wednesday, April 27, 2005
Tidewater Inc. announced fourth quarter net earnings for the period ended March 31, 2005, of $52.4 million, or $.91 per share, on revenues of $179.6 million. For the same quarter last year, there was a net loss of $7.0 million, or $.12 per share, on revenues of $154.2 million. For fiscal year ended March 31, 2005, net earnings were $101.3 million, or $1.78 per share, on revenues of $692.2 million. For the fiscal year ended March 31, 2004, net earnings were $41.7 million, or $.73 per share, on revenues of $652.6 million. Included in both the fourth quarter and year ended March 31, 2005 results is a non-cash tax benefit of $31.8 million ($.55 per share) resulting from the positive tax impact from the American Jobs Creation Act of 2004. Effective March 31, 2005, the Company has reversed all previously recorded deferred tax assets and liabilities related to timing differences, foreign tax credits or prior undistributed earnings of company entities whose future and prior earnings are now anticipated to be indefinitely reinvested abroad. Included in both the fourth quarter and year ended March 31, 2004 results is a non-cash impairment charge of $26.5 million ($17.2 million after tax, or $.30 per share). The impairment charge results from the Company's late March 2004 review of the Gulf of Mexico market for its vessels, and its conclusion that given the expectation at the time of continuing low levels of drilling and exploration activity in the Gulf of Mexico for the foreseeable future, it was unlikely that 83 of its older, lower horsepower, lower cargo capacity supply vessels that were currently cold-stacked at the time would return to active service.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Asia-Europe Container Freight Rates Fell 6.5 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 6.5 percent to $938 per 20-foot container (TEU) in the week ended Friday,

Brent up to $61, First Monthly Gain Since July

Brent premium over U.S. crude widens to $12; China's implied oil demand set to grow 3 percent this year. Crude oil futures rebounded on Friday and Brent headed

ST Engineering Y-O-Y Profits Slip

Singapore Technologies Engineering LtdĀ  reported today its full year financial results ended 31 December 2014 (FY2014) with a Group revenue of $6.54b compared to $6.

Education/Training

USCG Foundation Announces Scholarships

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of Coast Guard members and their families, announced today that

Offshore Safety Training from Seagull

Saegull Maritime has announced the launch of two new computer-based training (CBT) modules, focusing on deck safety for specific types of offshore vessels that

NATO Maritime Commander Visits IMO Antipiracy Training

NATO Maritime Commander Vice Admiral Peter Hudson, CBE Royal Navy, visited the two-week Advanced Maritime Law Enforcement/Training of Trainers course taking place

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2889 sec (3 req/sec)