Tidewater Q4 Results

Thursday, May 20, 2010

Tidewater Inc. (NYSE:TDW) announced fourth quarter net earnings for the period ended March 31, 2010, of $56.9 million, or $1.10 per share, on revenues of $260.0 million. For the same quarter last year, net earnings were $109.7 million, or $2.13 per share, on revenues of $341.6 million. For fiscal year ended March 31, 2010, net earnings were $259.5 million, or $5.02 per share, on revenues of $1,168.6 million. For the fiscal year ended March 31, 2009, net earnings were $406.9 million, or $7.89 per share, on revenues of $1,390.8 million.

Included in net earnings for the March 31, 2010 quarter are:
•    a $5.4 million ($3.5 million after-tax, or $0.07 per common share) reduction of the previously recorded “Provision for Venezuelan operations, net” as a result of net collections from insurance underwriters for the insured value of the vessels seized earlier in the fiscal year by Petroleos de Venezuela, S.A. (PDVSA) and an affiliate of PDVSA.
•    an $11.0 million ($11.0 million after-tax, or $0.21 per common share) foreign exchange gain recognized as a result of the devaluation of the Venezuelan bolivar fuerte during the quarter.
•    an $11.4 million ($11.4 million after-tax, or $0.22 per common share) charge to general and administrative expenses related to an agreement in principle the company has reached with the staff of the Securities and Exchange Commission to resolve issues associated with the previously disclosed internal investigation.
 

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

Finance

COSCO China's Piraeus Bid Back on Track

China Ocean Shipping (Group) Co will bid for a majority stake in Greece's port of Piraeus after the country's new socialist government apparently reversed course

CMA CGM profits up 43%

French container line operator CMA CGM has announced that its 2014 net consolidated profits rose by 43% over the previous year to USD584 million thanks to a growth

Ship Ownership is a Closely Held Market

Even though shipping is a global industry, ownership is fairly well concentrated in a relatively small number of major centres, says a research from Clarksons.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Ship Electronics Shipbuilding / Vessel Construction 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: 0.0821 sec (12 req/sec)