Tidewater Reports Q2 Results for 2010

Thursday, October 29, 2009

Tidewater Inc. (NYSE:TDW) announced its second quarter net earnings for the period ended September 30, 2009, of $98.2m, or $1.90 per common share, on revenues of $295.5m. Included in net earnings for the September 30, 2009 quarter is a $34.3m, or $0.66 per common share, tax benefit resulting from a favorable resolution of tax litigation. For the same quarter last year, net earnings were $95.4m, or $1.85 per common share, on revenues of $346.8m. The immediately preceding quarter ended June 30, 2009, had net earnings of $44.5m, or $0.86 per common share, on revenues of $ 326.6m. Included in net earnings for the June 30, 2009 quarter was a non-cash charge totaling $48.6m ($47.7m after tax, or $0.93 per common share) related to the company’s Venezuelan operations. As a result of the seizure of vessels and certain other assets during the June quarter in Venezuela pursuant to a May 2009 Venezuelan law and the continued nonpayment of outstanding receivables from Petroleos de Venezuela, S.A. (PDVSA) and an affiliate of PDVSA, the company recorded in the June 2009 quarter a $3.8m charge equal to the net book value of the assets seized and a $44.8m provision to fully reserve accounts receivable due from PDVSA-related entities.

(www.tdw.com)
 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction
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: 0.0873 sec (11 req/sec)