99.1 | Press Release dated August 1, 2012 |
FOR THE THREE MONTHS ENDED | |||||||||||
(In thousands) | |||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | |||||||||
Revenues | $ | 178,603 | $ | 171,621 | $ | 162,147 | |||||
Income before Income Taxes | 61,990 | 63,492 | 87,203 | ||||||||
Provision for Income Taxes | (10,279 | ) | (4,026 | ) | (11,918 | ) | |||||
Net Income | $ | 51,711 | $ | 59,466 | $ | 75,285 | |||||
Earnings per Common Share - | |||||||||||
Basic | 0.79 | 0.91 | 1.16 | ||||||||
Diluted | 0.79 | 0.90 | 1.15 | ||||||||
Weighted Average Shares | |||||||||||
Outstanding - | |||||||||||
Basic | 65,362 | 65,276 | 64,820 | ||||||||
Diluted | 65,823 | 65,781 | 65,470 |
FOR THE NINE MONTHS ENDED | |||||||||
(In thousands) | |||||||||
June 30, 2012 | June 30, 2011 | ||||||||
Revenues | $ | 534,896 | $ | 467,518 | |||||
Income before Income Taxes | 203,413 | 240,929 | |||||||
Provision for Income Taxes | (26,768 | ) | (42,182 | ) | |||||
Net Income | $ | 176,645 | $ | 198,747 | |||||
Earnings per Common Share - | |||||||||
Basic | 2.71 | 3.07 | |||||||
Diluted | 2.69 | 3.04 | |||||||
Weighted Average Shares | |||||||||
Outstanding - | |||||||||
Basic | 65,221 | 64,689 | |||||||
Diluted | 65,715 | 65,355 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
REVENUES: | |||||||||||||||
Contract drilling | $ | 178,603 | $ | 162,147 | $ | 534,896 | $ | 467,518 | |||||||
COSTS AND EXPENSES: | |||||||||||||||
Contract drilling | 87,374 | 53,004 | 245,060 | 161,750 | |||||||||||
Depreciation | 15,650 | 10,395 | 46,419 | 27,991 | |||||||||||
General and administrative | 11,856 | 9,742 | 37,502 | 34,480 | |||||||||||
Other, net | 274 | — | 1,137 | (77 | ) | ||||||||||
115,154 | 73,141 | 330,118 | 224,144 | ||||||||||||
OPERATING INCOME | 63,449 | 89,006 | 204,778 | 243,374 | |||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||
Interest expense, net of capitalized interest | (1,517 | ) | (1,900 | ) | (1,623 | ) | (3,037 | ) | |||||||
Interest Income | 58 | 97 | 258 | 592 | |||||||||||
(1,459 | ) | (1,803 | ) | (1,365 | ) | (2,445 | ) | ||||||||
INCOME BEFORE INCOME TAXES | 61,990 | 87,203 | 203,413 | 240,929 | |||||||||||
PROVISION FOR INCOME TAXES | 10,279 | 11,918 | 26,768 | 42,182 | |||||||||||
NET INCOME | $ | 51,711 | $ | 75,285 | $ | 176,645 | $ | 198,747 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||
Basic | 0.79 | 1.16 | 2.71 | 3.07 | |||||||||||
Diluted | 0.79 | 1.15 | 2.69 | 3.04 | |||||||||||
AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
Basic | 65,362 | 64,820 | 65,221 | 64,689 | |||||||||||
Diluted | 65,823 | 65,470 | 65,715 | 65,355 |
REVENUES (In millions) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | June 30, 2012 | June 30, 2011 | |||||||||||||||
Atwood Osprey | $ | 45.0 | $ | 38.5 | $ | 16.2 | $ | 124.3 | $ | 16.2 | |||||||||
Atwood Eagle | 31.6 | 35.1 | 39.6 | 102.2 | 104.6 | ||||||||||||||
Atwood Falcon | 18.3 | 14.1 | 39.0 | 62.8 | 118.5 | ||||||||||||||
Atwood Hunter | 48.2 | 50.6 | 40.4 | 143.5 | 140.2 | ||||||||||||||
Atwood Beacon | 10.8 | 11.5 | 12.2 | 33.8 | 34.1 | ||||||||||||||
Atwood Aurora | 14.9 | 13.0 | 6.1 | 40.6 | 28.5 | ||||||||||||||
Vicksburg | 8.3 | 8.8 | 8.8 | 26.2 | 25.6 | ||||||||||||||
Other | 1.5 | — | (0.2 | ) | 1.5 | (0.2 | ) | ||||||||||||
$ | 178.6 | $ | 171.6 | $ | 162.1 | $ | 534.9 | $ | 467.5 |
CONTRACT DRILLING COSTS (In millions) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | June 30, 2012 | June 30, 2011 | |||||||||||||||
Atwood Osprey | $ | 16.1 | $ | 16.3 | $ | 6.5 | $ | 48.2 | $ | 8.4 | |||||||||
Atwood Eagle | 14.9 | 14.6 | 16.7 | 47.7 | 49.4 | ||||||||||||||
Atwood Falcon | 21.0 | 12.2 | 7.9 | 41.4 | 23.0 | ||||||||||||||
Atwood Hunter | 11.7 | 13.6 | 7.1 | 37.6 | 26.0 | ||||||||||||||
Atwood Beacon | 7.6 | 8.5 | 7.2 | 23.5 | 23.6 | ||||||||||||||
Atwood Aurora | 7.4 | 8.4 | 3.7 | 24.6 | 14.6 | ||||||||||||||
Vicksburg | 4.8 | 5.1 | 3.7 | 15.2 | 11.9 | ||||||||||||||
Other | 3.9 | 0.6 | 0.2 | 6.9 | 4.9 | ||||||||||||||
$ | 87.4 | $ | 79.3 | $ | 53.0 | $ | 245.1 | $ | 161.8 |
June 30, 2012 | September 30, 2011 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 78,980 | $ | 295,002 | |||
Accounts receivable, net of allowance for doubtful accounts | 84,380 | 87,173 | |||||
Income tax receivable | 4,741 | 5,631 | |||||
Inventories of materials and supplies | 72,848 | 58,263 | |||||
Prepaid expenses and deferred costs | 9,608 | 14,862 | |||||
Total current assets | 250,557 | 460,931 | |||||
PROPERTY AND EQUIPMENT, net | 2,372,446 | 1,887,321 | |||||
LONG TERM ASSETS: | |||||||
Other receivables | 11,875 | 11,875 | |||||
Deferred costs and other assets | 29,367 | 15,264 | |||||
Total long-term assets | 41,242 | 27,139 | |||||
Total assets | $ | 2,664,245 | $ | 2,375,391 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 72,094 | $ | 113,021 | |||
Accrued liabilities | 33,549 | 30,680 | |||||
Notes payable | — | 5,461 | |||||
Income tax payable | 3,602 | 8,461 | |||||
Deferred credits | 26,473 | 1,700 | |||||
Total current liabilities | 135,718 | 159,323 | |||||
LONG TERM LIABILITIES: | |||||||
Long-term debt | 655,000 | 520,000 | |||||
Deferred income taxes | 9,267 | 9,780 | |||||
Deferred credits | 6,686 | 7,910 | |||||
Other | 18,287 | 25,591 | |||||
Total long-term liabilities | 689,240 | 563,281 | |||||
COMMITMENTS AND CONTINGENCIES (SEE NOTE 10) | |||||||
SHAREHOLDERS' EQUITY: | |||||||
Preferred stock, no par value; | |||||||
1,000 shares authorized, none outstanding | — | — | |||||
Common Stock, $1 par value; | |||||||
90,000 shares authorized with 65,363 and 64,960 issued and outstanding at June 30, 2012 and September 30, 2011, respectively | 65,363 | 64,960 | |||||
Paid-in capital | 155,652 | 145,084 | |||||
Retained earnings | 1,620,915 | 1,444,270 | |||||
Accumulated other comprehensive loss | (2,643 | ) | (1,527 | ) | |||
Total shareholders' equity | 1,839,287 | 1,652,787 | |||||
Total liabilities and shareholders' equity | $ | 2,664,245 | $ | 2,375,391 |