0000008411-13-000053.txt : 20130501 0000008411-13-000053.hdr.sgml : 20130501 20130501161531 ACCESSION NUMBER: 0000008411-13-000053 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130501 DATE AS OF CHANGE: 20130501 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: 13803368 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 atw-20133318xk.htm 2ND QTR FY13 EARNINGS ATW-2013.3.31 8-K
 
 
 
 
 

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, 2013


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, 2013, concerning financial results for the second quarter ended March 31, 2013, furnished as Exhibit 99.1, is incorporated herein by reference.

2

ITEM 9.01     EXHIBITS
        
EXHIBIT 99.1 PRESS RELEASE DATED MAY 1, 2013

3

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, 2013

4

EXHIBIT INDEX

EXHIBIT NO.
DESCRIPTION
99.1
Press Release dated May 1, 2013


5
 EX-99.1 2 exhibit9912013331.htm FINANCIAL STATEMENTS Exhibit 99.1 2013.3.31


EXHIBIT 99.1
Houston, Texas
May 1, 2013

FOR IMMEDIATE RELEASE - EARNINGS

ATWOOD OCEANICS, INC., announced today that the Company earned net income of $85.5 million or $1.28 per diluted share, on revenues of $253.2 million for the quarter ended March 31, 2013 compared to net income of $72.8 million or $1.10 per diluted share on revenues of $245.1 million for the quarter ended December 31, 2012 and compared to 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. For the six months ended March 31, 2013, the Company earned net income of $158.4 million or $2.39 per diluted share, on revenues of $498.3 million compared to net income of $124.9 million or $1.90 per diluted share, on revenues of $356.3 million for the six months ended March 31, 2012.

 
For the Three Months Ended
(In thousands, except per share amounts)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
Revenues
$
253,161

 
$
245,093

 
$
171,621

Income before Income Taxes
97,432

 
84,087

 
63,492

Provision for Income Taxes
(11,913
)
 
(11,256
)
 
(4,026
)
Net Income
$
85,519

 
$
72,831

 
$
59,466

 
 
 
 
 
 
Earnings per Common Share -
 
 
 
 
 
      Basic
1.30

 
1.11

 
0.91

      Diluted
1.28

 
1.10

 
0.90

 
 
 
 
 
 
Weighted Average Shares
 
 
 
 
 
   Outstanding -
 
 
 
 
 
      Basic
65,733

 
65,528

 
65,276

      Diluted
66,589

 
66,092

 
65,781

 
For the Six Month Ended
(In thousands, except per share amounts)
March 31,
2013
 
 
 
March 31,
2012
 
 
 
 
 
 
Revenues
$
498,254

 
 
 
$
356,293

Income before Income Taxes
181,519

 
 
 
141,423

Provision for Income Taxes
(23,169
)
 
 
 
(16,489
)
Net Income
$
158,350

 
 
 
$
124,934

 
 
 
 
 
 
Earnings per Common Share -
 
 
 
 
 
      Basic
2.41

 
 
 
1.92

      Diluted
2.39

 
 
 
1.90

 
 
 
 
 
 
Weighted Average Shares
 
 
 
 
 
   Outstanding -
 
 
 
 
 
      Basic
65,631

 
 
 
65,150

      Diluted
66,341

 
 
 
65,660



6


ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 
Three Months Ended March 31,
 
Six Months Ended March 31,
(In thousands, except per share amounts)
2013
 
2012
 
2013
 
2012
REVENUES:
 
 
 
 
 
 
 
Contract drilling
$
253,161

 
$
171,621

 
$
498,254

 
$
356,293

 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 
 
 
 
 
 
 
Contract drilling
107,473

 
79,342

 
219,389

 
157,686

Depreciation
28,482

 
15,406

 
56,060

 
30,769

General and administrative
13,268

 
11,552

 
30,489

 
25,646

Other, net
(20
)
 
863

 
(13
)
 
863

 
149,203

 
107,163

 
305,925

 
214,964

 
 
 
 
 
 
 
 
OPERATING INCOME
103,958

 
64,458

 
192,329

 
141,329

 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(6,547
)
 
(1,080
)
 
(10,955
)
 
(1,683
)
Interest Income
21

 
114

 
145

 
200

Other
—

 
—

 
—

 
1,577

 
(6,526
)
 
(966
)
 
(10,810
)
 
94

 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
97,432

 
63,492

 
181,519

 
141,423

PROVISION FOR INCOME TAXES
11,913

 
4,026

 
23,169

 
16,489

NET INCOME
$
85,519

 
$
59,466

 
$
158,350

 
$
124,934

 
 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE:
 
 
 
 
 
 
 
Basic
1.30

 
0.91

 
2.41

 
1.92

Diluted
1.28

 
0.90

 
2.39

 
1.90

AVERAGE COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
Basic
65,733

 
65,276

 
65,631

 
65,150

Diluted
66,589

 
65,781

 
66,341

 
65,660


7


ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
 
REVENUES
 
Three Months Ended
 
Six Months Ended
(In millions)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
 
March 31,
2013
 
March 31,
2012
Atwood Condor
$
39.3

 
$
40.4

 
$
—

 
$
79.7

 
$
—

Atwood Osprey
$
36.9

 
$
42.4

 
$
37.2

 
$
79.3

 
$
77.0

Atwood Eagle
35.0

 
27.5

 
34.4

 
62.5

 
69.1

Atwood Falcon
34.0

 
35.4

 
11.9

 
69.4

 
40.6

Atwood Hunter
35.0

 
37.1

 
49.3

 
72.1

 
92.7

Atwood Aurora
11.8

 
12.3

 
12.5

 
24.1

 
25.2

Atwood Beacon
14.8

 
14.0

 
10.2

 
28.8

 
20.6

Atwood Mako
13.1

 
13.3

 
—

 
26.3

 
—

Atwood Manta
12.5

 
3.2

 
—

 
15.8

 
—

Vicksburg
9.9

 
9.2

 
8.6

 
19.1

 
17.2

Reimbursable/Other
10.9

 
10.3

 
7.5

 
21.2

 
13.9

 
$
253.2

 
$
245.1

 
$
171.6

 
$
498.3

 
$
356.3

 
CONTRACT DRILLING COSTS
 
Three Months Ended
 
Six Months Ended
(In millions)
March 31,
2013
 
December 31,
2012
 
March 31,
2012
 
March 31,
2013
 
March 31,
2012
Atwood Condor
$
14.6

 
$
14.3

 
$
—

 
$
28.9

 
$
—

Atwood Osprey
$
15.4

 
$
15.3

 
$
15.7

 
$
30.8

 
$
31.3

Atwood Eagle
15.2

 
19.9

 
13.9

 
35.0

 
31.7

Atwood Falcon
13.4

 
14.2

 
11.0

 
27.7

 
17.9

Atwood Hunter
10.1

 
11.6

 
12.5

 
21.7

 
23.5

Atwood Aurora
6.2

 
6.4

 
8.1

 
12.6

 
16.7

Atwood Beacon
8.4

 
10.2

 
7.3

 
18.6

 
14.0

Atwood Mako
5.4

 
5.1

 
—

 
10.5

 
—

Atwood Manta
5.1

 
2.1

 
—

 
7.2

 
—

Vicksburg
4.6

 
4.7

 
4.9

 
9.2

 
10.1

Reimbursable/Other
9.1

 
8.1

 
5.9

 
17.2

 
12.5

 
$
107.5

 
$
111.9

 
$
79.3

 
$
219.4

 
$
157.7


8


ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31,
2013
 
September 30,
2012
ASSETS
 
 
 
Cash and cash equivalents
$
117,707

 
$
77,871

Accounts receivable, net of allowance for doubtful accounts of $1,545 and $0 at March 31, 2013 and September 30, 2012, respectively
140,759

 
167,186

Income tax receivable
5,949

 
5,750

Inventories of materials and supplies
94,036

 
80,290

Prepaid expenses and deferred costs
24,686

 
39,437

Total current assets
383,137

 
370,534

 
 
 
 
Property and equipment, net
2,888,235

 
2,537,340

 
 
 
 
Other receivables
11,868

 
11,875

Deferred costs and other assets
22,506

 
24,013

Total assets
$
3,305,746

 
$
2,943,762

 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Accounts payable
$
73,774

 
$
83,592

Accrued liabilities
18,955

 
24,478

Notes payable
—

 
5,148

Income tax payable
16,293

 
9,711

Deferred credits
14,274

 
13,738

Total current liabilities
123,296

 
136,667

 
 
 
 
Long-term debt
1,040,000

 
830,000

Deferred income taxes
8,325

 
8,791

Deferred credits
3,741

 
8,928

Other
21,555

 
19,954

Total long-term liabilities
1,073,621

 
867,673

 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
 
Preferred stock, no par value, 1,000 shares authorized, none outstanding
—

 
—

Common stock, $1.00 par value, 90,000 shares authorized with 65,779 and 65,452 issued and outstanding at March 31, 2013 and September 30, 2012, respectively
65,779

 
65,452

Paid-in capital
170,444

 
160,540

Retained earnings
1,874,791

 
1,716,441

Accumulated other comprehensive loss
(2,185
)
 
(3,011
)
Total shareholders' equity
2,108,829

 
1,939,422

Total liabilities and shareholders' equity
$
3,305,746

 
$
2,943,762







9


Atwood Oceanics, Inc. and Subsidiaries
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
 
 
Six Months Ended March 31,
(In thousands)
2013
 
2012
Cash flows from operating activities:
 
 
 
Net income
$
158,350

 
$
124,934

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
56,060

 
30,769

Amortization of debt issuance costs
2,073

 
1,562

Amortization of deferred items
1,448

 
791

Provision for doubtful accounts
1,871

 
—

Provision for inventory obsolescence
360

 
435

Deferred income tax benefit
(466
)
 
(425
)
Share-based compensation expense
6,813

 
4,931

Other, net
(13
)
 
863

Change in assets and liabilities:
 
 
 
Accounts receivable
24,563

 
(765
)
Income tax receivable
(199
)
 
1,764

Inventory
(14,106
)
 
(3,003
)
Prepaid expenses
10,109

 
6,285

Deferred costs and other assets
(8,084
)
 
(14,220
)
Accounts payable
(43,864
)
 
10,465

Accrued liabilities
(5,282
)
 
(7,337
)
Income tax payable
6,582

 
4,680

Deferred credits and other liabilities
8,247

 
(5,441
)
Net cash provided by operating activities
204,462

 
156,288

 
 
 
 
Cash flows from investing activities:
 
 
 
Capital expenditures
(372,957
)
 
(397,444
)
Proceeds from sale of assets
61

 
—

Net cash used in investing activities
(372,896
)
 
(397,444
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Proceeds from issuance of bonds
—

 
450,000

Proceeds from bank credit facilities
310,000

 
80,000

Principal payments on bank credit facilities
(100,000
)
 
(450,000
)
Principal payments on notes payable
(5,148
)
 
(5,461
)
Proceeds from exercise of stock options
3,418

 
3,242

Net cash provided by financing activities
208,270

 
77,781

 
 
 
 
Net increase (decrease) in cash and cash equivalents
$
39,836

 
$
(163,375
)
Cash and cash equivalents, at beginning of period
$
77,871

 
$
295,002

Cash and cash equivalents, at end of period
$
117,707

 
$
131,627

 
 
 
 
Non-cash activities
 
 
 
Changes in accounts payable and accrued liabilities related to capital expenditures
$
34,046

 
$
(65,662
)



10



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 13 mobile offshore drilling units and is constructing three ultra-deepwater drillships. 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."




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


11