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

Finance

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

Oil Price Shock Soon to be Positive Overall for Canada

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday.

Total Eyes Sale of its Fuel Retailing Business in Turkey

Total aims to exit its fuel distribution business in Turkey and has asked Societe Generale to lead the sale, sources said on Friday, as the French oil producer

 
 
Maritime Contracts Maritime Standards Navigation 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: 0.0860 sec (12 req/sec)