0000008411-12-000023.txt : 20120501 0000008411-12-000023.hdr.sgml : 20120501 20120501160148 ACCESSION NUMBER: 0000008411-12-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120501 DATE AS OF CHANGE: 20120501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATWOOD OCEANICS INC CENTRAL INDEX KEY: 0000008411 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 741611874 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13167 FILM NUMBER: 12800566 BUSINESS ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 BUSINESS PHONE: 2817497845 MAIL ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 8-K 1 f8kmay12012earnings.htm 2ND QTR EARNINGS f8kmay12012earnings.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549
____________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934


DATE OF EARLIEST EVENT REPORTED:  May 1, 2012


ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)

TEXAS
(State or other jurisdiction of incorporation or organization)

COMMISSION FILE NUMBER 1-13167

Internal Revenue Service – Employer Identification No. 74-1611874

15835 Park Ten Place Drive
Houston, Texas, 77084
(Address of Principal Executive Offices)

(281) 749-7800
(Registrant’s Telephone Number,
Including Area Code)

N/A
(Former Name or Former Address, if Changed Since Last Report)
____________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 

ITEM 2.02                      RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Our press release dated May 1, 2012, concerning financial results for the second quarter ended March 31, 2012, furnished as Exhibit 99.1, is incorporated herein by reference.






 
 
 

ITEM 9.01                      EXHIBITS

EXHIBIT 99.1   PRESS RELEASE DATED MAY 1, 2012





 
 
 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


ATWOOD OCEANICS, INC.
(Registrant)



/s/ Mark L. Mey
Mark L. Mey
Senior Vice President

DATE:    May 1, 2012


 
 
 

EXHIBIT INDEX


EXHIBIT NO.                                                                           DESCRIPTION

99.1  
Press Release dated May 1, 2012





EX-99.1 2 exh99_1.htm FINANCIAL STATEMENTS exh99_1.htm

 EXHIBIT 99.1
Houston, Texas
May 1, 2012

FOR IMMEDIATE RELEASE - EARNINGS

ATWOOD OCEANICS, INC., announced today that the Company earned net income of $59.5 million or $0.90 per diluted share, on revenues of $171.6 million for the quarter ended March 31, 2012 compared to net income of $65.5 million or $1.00 per diluted share on revenues of $184.7 million for the quarter ended December 31, 2011 and compared to net income of $70.6 million or $1.08 per diluted share, on revenues of $159.1 million for the quarter ended March 31, 2011.  For the six months ended March 31, 2012, the Company earned net income of $124.9 million or $1.90 per diluted share, on revenues of $356.3 million compared to net income of $123.5 million or $1.89 per diluted share, on revenues of $305.4 million for the six months ended March 31, 2011.





                                                            FOR THE THREE MONTHS ENDED
                                                         (In thousands)

 
   
March 31, 2012
    
December 31, 2011
    
March 31, 2011
  
                   
Revenues
   $ 171,621     $ 184,672     $ 159,085  
Income before Income Taxes
     63,492       77,931       90,485  
Provision for Income Taxes
     (4,026 )     (12,463 )     (19,874 )
Net Income
   $ 59,466     $ 65,468     $ 70,611  
                         
Earnings per Common Share -
                        
      Basic
     0.91       1.01       1.09  
      Diluted
     0.90       1.00       1.08  
                         
Weighted Average Shares
                        
   Outstanding -
                        
      Basic
     65,276       65,024       64,720  
      Diluted
     65,781       65,541       65,409  


 
 
                 FOR THE SIX MONTHS ENDED
                    (In thousands)

   
March 31, 2012
    
March 31, 2011
  
             
Revenues
   $ 356,293     $ 305,371  
Income before Income Taxes
     141,423       153,726  
Provision for Income Taxes
     (16,489 )     (30,264 )
Net Income
   $ 124,934     $ 123,462  
                 
Earnings per Common Share -
                
      Basic
     1.92       1.91  
      Diluted
     1.90       1.89  
                 
Weighted Average Shares
                
   Outstanding -
                
      Basic
     65,150       64,624  
      Diluted
     65,660       65,297  

 

 
 
 
 
 
 


ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)




   
Three Months Ended March 31,
    
Six Months Ended March 31,
  
   
2012
    
2011
    
2012
    
2011
  
                         
REVENUES:
                        
Contract drilling
   $ 171,621     $ 159,085     $ 356,293     $ 305,371  
                                 
COSTS AND EXPENSES:
                                
Contract drilling
     79,342       50,402       157,686       108,746  
Depreciation
     15,406       8,794       30,769       17,596  
General and administrative
     11,552       9,074       25,646       24,738  
Other, net
     863       (16 )     863       (77 )
 
     107,163       68,254       214,964       151,003  
OPERATING INCOME
     64,458       90,831       141,329       154,368  
                                 
OTHER INCOME (EXPENSE)
                                
Interest expense, net of capitalized interest
     (1,080 )     (459 )     (1,683 )     (1,137 )
Interesr Income
     114       113       200       495  
Other
     -       -       1,577       -  
      (966 )     (346 )     94       (642 )
INCOME  BEFORE INCOME TAXES
     63,492       90,485       141,423       153,726  
PROVISION FOR INCOME TAXES
     4,026       19,874       16,489       30,264  
NET INCOME
   $ 59,466     $ 70,611     $ 124,934     $ 123,462  
                                 
EARNINGS PER COMMON SHARE:
                                
              Basic
     0.91       1.09       1.92       1.91  
              Diluted
     0.90       1.08       1.90       1.89  
AVERAGE COMMON SHARES OUTSTANDING:
                                
            Basic
     65,276       64,720       65,150       64,624  
            Diluted
     65,781       65,409       65,660       65,297  

 
 
 



ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
 (Unaudited)


   
FOR THE THREE MONTHS ENDED
MARCH 31, 2012
  
   
 
      
             
         
CONTRACT
  
         
DRILLING
  
   
REVENUES
    
COSTS
  
                       (In Millions)      
             
Atwood Hunter
   $ 50.6     $ 13.6  
Atwood Osprey
     38.5       16.3  
Atwood Eagle
     35.1       14.6  
Atwood Falcon
     14.1       12.2  
Atwood Aurora
     13.0       8.4  
Atwood Beacon
     11.5       8.5  
Vicksburg
     8.8       5.1  
Other
     -       0.6  
    $ 171.6     $ 79.3  
                 
                 
 
 
  
 
 
FOR THE SIX MONTHS ENDED
MARCH 31, 2012
  
   
 
        
                 
           
CONTRACT
  
           
DRILLING
  
   
REVENUES
    
COSTS
  
   
 
                  (In Millions)        
                 
Atwood Hunter
   $ 95.3     $ 25.9  
Atwood Osprey
     79.4       32.2  
Atwood Eagle
     70.6       32.8  
Atwood Falcon
     44.4       20.4  
Atwood Aurora
     25.7       17.2  
Atwood Beacon
     23.0       15.9  
Vicksburg
     17.9       10.4  
Other
     -       2.9  
    $ 356.3     $ 157.7  

 
 
 

 
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED SELECTED BALANCE SHEET DATA
(In thousands)
 


 
   
MARCH 31,
    
SEPTEMBER 30,
  
   
2012
    
2011
  
             
CASH AND CASH EQUIVALENTS
   $ 131,627     $ 295,002  
                 
NET PROPERTY AND EQUIPMENT
   $ 2,187,471     $ 1,887,321  
                 
LONG-TERM DEBT
   $ 600,000     $ 520,000  
                 
SHAREHOLDERS' EQUITY
   $ 1,785,334     $ 1,652,787  
 
 


Atwood Oceanics, Inc. is an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells.  The company currently owns ten mobile offshore drilling units located in the United States Gulf of Mexico, South America, the Mediterranean Sea, West Africa, southeast Asia and Australia, and is constructing an ultra-deepwater semisubmersible, two ultra-deepwater drillships and three high-specification jackups for deliveries in 2012, 2013 and 2014.   The company was founded in 1968 and is headquartered in Houston, Texas.  Atwood Oceanics, Inc. ordinary shares are traded on the New York Stock Exchange under the symbol “ATW”.

Contact: Mark L. Mey
(281) 749-7902