Tidewater Reports 1Q Earnings

Thursday, August 04, 2011

Tidewater Inc. has announced first quarter net earnings for the period ended June 30, 2011, of $24.6 million, or $0.48 per share, on revenues of $254.6 million. For the same quarter last year, net earnings were $39.8 million, or $0.77 per share, on revenues of $262.5 million. The immediately preceding quarter ended March 31, 2011, had net earnings of $12 million, or $0.23 per common share, on revenues of $254 million.

Included in net earnings for the March 31, 2011 quarter were:
- a $6.3 million ($6.3 million after-tax, or $0.12 per common share) charge to general and administrative expenses related to a previously disclosed settlement with the Federal Government of Nigeria.
- a $3.9 million ($3.0 million after-tax, or $0.06 per common share) impairment charge included in “Gain on asset disposition, net” related to a write-down to estimated fair market value of eleven vessels and related parts inventory that are expected to be sold to a scrap dealer.
- an effective income tax rate for the quarter of 52.6%, in part reflecting the impact of the two previously discussed charges which have virtually no related tax benefits. The quarterly effective tax rate also reflects an increase in the Company’s estimated annual effective tax rate exclusive of discrete items (including the two discussed above) from approximately 23% to the final fiscal 2011 effective tax rate excluding discrete items of approximately 26%. The impact of this increased tax rate on fourth fiscal quarter diluted earnings per share totaled $0.10, with $0.02 per common share pertaining to fourth quarter earnings and $0.08 per common share related to the cumulative effect on income tax expense related to the three prior quarters’ earnings.

As previously announced, Tidewater will hold a conference call to discuss June quarterly earnings on Thursday, August 4, 2011, at 9:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 if calling from outside the U.S.) and ask for the “Tidewater” call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central time on August 4, 2011, and will continue until 11:59 p.m. Central time on August 6, 2011. To hear the replay, call 1-855-859-2056 or (1-404-537-3406 if calling from outside the U.S.). The conference call ID number is 83160260.

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Mercury Marine Begins HQ Expansion

Mercury Marine announces 45,000 square foot EDP parts expansion to Fond du Lac global headquarters   Mercury Marine will add a 45,000 square foot expansion to

Scandlines Orders Ferry Battery System

Corvus Energy announces the signing of marine Energy Storage System (ESS) contract with Scandlines Denmark ApS; world’s largest battery hybrid electric fleet orders additional 2.

New Dry Bulk Facility at Khalifa Port

New AED 20 million facility will pack and transport dry bulk products for petrochemical and mineral manufacturers    Abu Dhabi Ports celebrated the groundbreaking

Offshore

IMRF, McMurdo Partner on SAR Initiatives

The IMRF, the charity supporting maritime SAR service globally, and McMurdo, a company in search and rescue and maritime domain awareness solutions, announced a

First Damen Twin Axe for Offshore O&G

To develop its large fleet, Groen Offshore, Guard & Support has selected the first Damen Twin Axe Fast Crew Supplier 2610 to be customised with Offshore Oil & Gas standby capabilities.

Sea Shepherd Global Launches Operation Siracusa

Following on from the incredibly successful 2014 campaign, Sea Shepherd Global launches Operation Siracusa 2015. Led by Sea Shepherd Italia, the campaign aims

Workboats

New Launches, Demonstrations Set for Seawork

Europe’s commercial marine and workboat exhibition held in a working port, Seawork International, has released its plans for demonstrations, launches and conferences.

Ailing Mariner Medevaced Near Alaska

A U.S. Coast Guard Air Station Sitka MH-60 Jayhawk helicopter crew medevaced an ailing mariner from Deep Bay, 25 miles north of Sitka, Sunday.   The Jayhawk crew

Natural Gas Articulated Conduit System Patented

Elliott Bay Design Group (EBDG) announced that long-time partner Moran Towing Corporation has been granted US Patent 8,967,174 for "Articulated conduit systems

Finance

AAPA Applauds Senate Passage of Trade Promotion Legislation

The American Association of Port Authorities (AAPA) applauded Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015),

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Chile Exporters Fret as Customs Strike Continues

A customs strike in Chile that began last week has started to affect exports and imports, although miners in the top copper producer said this week they have not yet been significantly impacted.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.2016 sec (5 req/sec)