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HOUSTON, Nov. 15, 2012 /PRNewswire/ -- ATWOOD OCEANICS, INC., announced today that the Company earned net income of $95.5 million or $1.45 per diluted share, on revenues of $252.5 million for the quarter ended September 30, 2012 compared to net income of $51.7 million or $0.79 per diluted share on revenues of $178.6 million for the quarter ended June 30, 2012 and compared to net income of $72.9 million or $1.12 per diluted share, on revenues of $177.6 million for the quarter ended September 30, 2011. For the twelve months ended September 30, 2012, the Company earned net income of $272.2 million or $4.14 per diluted share, on revenues of $787.4 million compared to net income of $271.7 million or $4.15 per diluted share, on revenues of $645.1 million for the twelve months ended September 30, 2011.
Rob Saltiel, President & CEO, commented, "We had an outstanding fourth quarter and full fiscal year, achieving record revenues and net income for our company in both time periods. For the quarter, our rig teams achieved excellent operational and safety performance that yielded strong revenue recognition, while our fleet transformation progressed with the successful delivery and start-up of the Atwood Mako and the successful delivery and mobilization of the Atwood Condor to the Gulf of Mexico. We also secured our first drilling services agreement for the Atwood Advantage, and we committed to build a third ultra-deepwater drillship to join our growing high-specification rig fleet."
FOR THE THREE MONTHS ENDED
(In thousands)
September 30,
2012
June 30,
2012
September 30,
2011
Revenues
$
252,525
$
178,603
$
177,558
Income before Income Taxes
109,891
61,990
83,918
Provision for Income Taxes
(14,365
(10,279
(10,991
Net Income
$
95,526
$
51,711
$
72,927
Earnings per Common Share -
Basic
1.46
0.79
1.13
Diluted
1.45
0.79
1.12
Weighted Average Shares
Outstanding -
Basic
65,407
65,362
64,754
Diluted
65,982
65,823
65,403
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three months ended September 30,
Twelve months ended September 30,
2012
2011
2012
2011
REVENUES:
Contract drilling
$
252,525
$
177,558
$
787,421
$
645,076
COSTS AND EXPENSES:
Contract drilling
102,119
61,815
347,179
223,565
Depreciation
24,180
15,606
70,599
43,597
General and administrative
12,275
9,927
49,776
44,407
Other, net
(680)
4,924
457
4,847
137,894
92,272
468,011
316,416
OPERATING INCOME
114,631
85,286
319,410
328,660
OTHER INCOME (EXPENSE)
Interest expense, net of capitalized interest
(4,837)
(1,493)
(6,460)
(4,530)
Interest Income
97
125
354
717
(4,740)
(1,368)
(6,106)
(3,813)
INCOME BEFORE INCOME TAXES
109,891
83,918
313,304
324,847
PROVISION FOR INCOME TAXES
14,365
10,991
41,133
53,173
NET INCOME
$
95,526
$
72,927
$
272,171
$
271,674
EARNINGS PER COMMON SHARE:
Basic
1.46
1.13
4.17
4.20
Diluted
1.45
1.12
4.14
4.15
AVERAGE COMMON SHARES OUTSTANDING:
Basic
65,407
64,754
65,267
64,754
Diluted
65,982
65,403
65,781
65,403
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
REVENUES
(In millions)
Three Months Ended
Twelve Months Ended
September 30,
2012
June 30,
2012
September 30,
2011
September 30,
2012
September 30,
2011
Atwood Condor
$
36.1
$
—
$
—
$
36.1
$
—
Atwood Osprey
$
47.9
$
45.0
$
43.5
$
172.2
$
59.9
Atwood Eagle
33.4
31.6
35.4
135.6
139.8
Atwood Falcon
37.2
18.3
35.0
99.8
153.4
Atwood Hunter
51.5
48.2
43.3
195.0
183.4
Atwood Aurora
14.9
14.9
0.6
55.5
29.2
Atwood Beacon
17.6
10.8
11.1
51.5
45.1
Atwood Mako
4.2
—
—
4.3
—
Vicksburg
9.2
8.3
8.7
35.4
34.3
Other
0.5
1.5
—
2.0
—
$
252.5
$
178.6
$
177.6
$
787.4
$
645.1
CONTRACT DRILLING COSTS
(In millions)
Three Months Ended
Twelve Months Ended
September 30,
2012
June 30,
2012
September 30,
2011
September 30,
2012
September 30,
2011
Atwood Condor
$
15.2
$
2.7
$
—
$
18.9
$
—
Atwood Osprey
$
17.8
$
16.1
$
14.6
$
66.0
$
22.9
Atwood Eagle
14.0
14.9
13.1
61.7
62.5
Atwood Falcon
15.2
21.0
6.5
56.6
29.4
Atwood Hunter
12.8
11.7
13.0
50.4
39.0
Atwood Aurora
6.4
7.4
3.9
31.0
18.5
Atwood Beacon
11.1
7.6
5.1
34.6
28.7
Atwood Mako
3.0
—
—
3.0
—
Vicksburg
5.6
4.8
4.5
20.8
16.4
Other
1.0
1.2
1.1
4.2
6.2
$
102.1
$
87.4
$
61.8
$
347.2
$
223.6
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30,
2012
September 30,
2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
77,871
$
295,002
Accounts receivable
167,186
87,173
Income tax receivable
5,750
5,631
Inventories of materials and supplies
80,290
58,263
Prepaid expenses and deferred costs
39,437
14,862
Total current assets
370,534
460,931
PROPERTY AND EQUIPMENT, net
2,537,340
1,887,321
LONG TERM ASSETS:
Other receivables
11,875
11,875
Deferred costs and other assets
24,013
15,264
Total long-term assets
35,888
27,139
Total assets
$
2,943,762
$
2,375,391
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
$
83,592
$
113,021
Accrued liabilities
24,478
30,680
Notes payable
5,148
5,461
Income tax payable
9,711
8,461
Deferred credits
13,738
1,700
Total current liabilities
136,667
159,323
LONG TERM LIABILITIES:
Long-term debt
830,000
520,000
Deferred income taxes
8,791
9,780
Deferred credits
8,928
7,910
Other
19,954
25,591
Total long-term liabilities
867,673
563,281
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, no par value;
1,000 shares authorized, none outstanding
—
—
Common Stock, $1.00 par value;
90,000 shares authorized with 65,452 and 64,960 issued and outstanding at September 30, 2012 and 2011, respectively
65,452
64,960
Paid-in capital
160,540
145,084
Retained earnings
1,716,441
1,444,270
Accumulated other comprehensive loss
(3,011)
(1,527)
Total shareholders' equity
1,939,422
1,652,787
Total liabilities and shareholders' equity
$
2,943,762
$
2,375,391
Atwood Oceanics, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended September 30,
(In thousands)
2012
2011
2010
Cash flows from operating activities:
Net income
$
272,171
$
271,674
$
256,996
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
70,599
43,597
37,030
Amortization of debt issuance costs
3,625
2,363
803
Amortization of deferred items
(4,337)
3,333
13,755
Provision for doubtful accounts
—
—
(65)
Provision for inventory obsolescence
765
735
1,123
Deferred income tax (benefit) expense
(989)
(1,065)
4,798
Share-based compensation expense
10,402
6,314
9,998
Other, net
457
4,847
(1,855)
Change in assets and liabilities:
(Increase) decrease in accounts receivable
(80,013)
13,214
26,187
Decrease in insurance receivable
—
—
281
(Increase) decrease in income tax receivable
(119)
10,421
(7,746)
Increase in inventory
(23,395)
(6,249)
(3,736)
(Increase) decrease in prepaid expenses
(6,386)
845
(179)
Increase in deferred costs and other assets
(32,597)
(10,379)
(10,321)
Increase (decrease) in accounts payable
27,536
(1,173)
4,735
Increase (decrease) in accrued liabilities
(7,096)
4,440
(854)
Increase (decrease) in income tax payable
1,250
(17,906)
(2,700)
Increase (decrease) in deferred credits and other liabilities
23,730
14,777
(21,850
(16,568)
68,114
49,404
Net Cash Provided by Operating Activities
255,603
339,788
306,400
Cash flows from investing activities:
Capital expenditures
(785,083)
(514,858)
(187,094)
Collection of insurance receivable
—
—
3,607
Proceeds from sale of assets
7,646
218
1,504
Net Cash Used by Investing Activities
(777,437)
(514,640)
(181,983)
Cash flows from financing activities:
Proceeds from issuance of bonds
450,000
—
—
Principal payments on bank credit facilities
(450,000)
(55,000)
(45,000)
Proceeds from bank credit facilities
310,000
345,000
—
Principal payments on notes payable
(5,461)
(3,631)
—
Proceeds from notes payable
5,148
9,092
—
Debt issuance costs paid
(10,530)
(12,322)
—
Proceeds from exercise of stock options
5,546
6,192
847
Net Cash Provided (Used) by Financing Activities
304,703
289,331
(44,153)
Net increase (decrease) in cash and cash equivalents
$
(217,131)
$
114,479
$
80,264
Cash and cash equivalents, at beginning of period
$
295,002
$
180,523
$
100,259
Cash and cash equivalents, at end of period
$
77,871
$
295,002
$
180,523
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 12 mobile offshore drilling units and is constructing three ultra-deepwater drillships and one high-specification jackups. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."
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