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