Tidewater Reports 1Q Results
Tidewater Inc. announced first quarter net earnings for the period ended June 30, 2007, of $87.5 million, or $1.55 per common share, on revenues of $305.5 million. Included in the current quarter's net earnings are after-tax charges totaling $3.5 million, or $.06 per common share, related to the settlement of a recent class action in California related to certain wage and hour claims of certain former and current employees, retirement costs of a senior executive and legal costs associated with the company's ongoing previously disclosed investigation of its Nigerian operations.For the same quarter last year, net earnings were $71.4 million, or $1.23 per common share, on revenues of $269.8 million. The immediately preceding quarter ended March 31, 2007, had net earnings of $87.6 million, or $1.56 per common share, on revenues of $293.5 million. Included in the March 31, 2007, quarterly earnings was a $3.5 million pre-tax charge to vessel operating costs for the Company's share of a deficit in an industry-wide multi-employer retirement fund in the United Kingdom, the Merchants Navy Officers Pension Fund (MNOPF).
Tidewater Inc. owns 455 vessels, the world's largest fleet of vessels serving the global offshore energy industry.