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Montag, 12.06.2017 18:46 von | Aufrufe: 65

Tidewater Reports Fourth Quarter and Year End Results For Fiscal 2017

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PR Newswire

NEW ORLEANS, June 12, 2017

NEW ORLEANS, June 12, 2017 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a fourth quarter net loss for the period ended March 31, 2017, of $94.9 million, or $2.01 per common share, on revenues of $160.7 million. For fiscal year ended March 31, 2017, the company's net loss was $660.1 million, or $14.02 per common share, on revenues of $601.6 million. For the prior fiscal year's fourth quarter ended March 31, 2016, the company's net loss was $81.8 million, or $1.74 per common share, on revenues of $184.2 million. For fiscal year ended March 31, 2016, the company's net loss was $160.2 million, or $3.41 per common share, on revenues of $979.1 million. During fiscal years ended March 31, 2017 and 2016, the company generated net cash from operating activities of $29.8 million and $253.4 million, respectively, and generated net cash in investing activities of $14.9 million and used net cash in investing activities of $135.0 million, respectively.

Included in the net loss for the quarter ended March 31, 2017 were the following:

  • $64.9 million ($64.9 million after-tax, or $1.38 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the March 2017 quarter.
  • $16.8 million ($16.8 million after-tax, or $0.36 per share) of general and administrative expenses related to debt renegotiations.
  • $39.1 million ($31.3 million after-tax and consideration of noncontrolling interests, or $0.67 per share) of revenue related to the early termination of a long-term vessel charter contract.

Included in the net loss for the fiscal year ended March 31, 2017 were the following:

  • $484.7 million ($484.7 million after-tax, or $10.30 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken throughout fiscal 2017.
  • $29.0 million ($29.0 million after-tax, or $0.62 per share) of general and administrative expenses related to debt renegotiations.
  • $39.1 million ($31.3 million after-tax and consideration of noncontrolling interests, or $0.67 per share) of revenue related to the early termination of a long-term vessel charter contract.

Included in the net loss for the prior fiscal year's quarter ended March 31, 2016 were the following:

  • $55.5 million ($40.7 million after-tax, or $0.87 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the March 2016 quarter.
  • $8.7 million ($8.7 million after-tax, or $0.18 per share) of foreign exchange losses which is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.

Included in the net loss for the prior fiscal year ended March 31, 2016 were the following:

  • $117.3 million ($98.6 million after-tax, or $2.10 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken throughout fiscal 2016.
  • $24.1 million ($24.1 million after-tax, or $0.51 per share) of foreign exchange losses which is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.
  • A $7.6 million ($6.3 million after-tax, or $0.13 per share) restructuring charge related to severance and other termination costs resulting from right-sizing efforts during the September 2015 quarter.

Income tax expense largely reflects tax liabilities in certain jurisdictions that levy taxes on bases other than pre-tax profitability (so called "deemed profit" regimes.)

Reorganization and Chapter 11 Proceedings


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As previously disclosed, on May 17, 2017, Tidewater and certain of its subsidiaries the ("Debtors") filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Cases," and such court, the "Bankruptcy Court"), seeking approval of a prepackaged plan of restructuring (the "Prepackaged Plan"). 

On May 19, 2017, the Bankruptcy Court set a combined hearing to consider approval of the Debtors' disclosure statement and confirmation of the Prepackaged Plan for June 28, 2017. If the Prepackaged Plan is approved by the Bankruptcy Court within the time frame we currently expect, the Prepackaged Plan will likely become effective in July 2017, at which point or shortly thereafter the Debtors would emerge from bankruptcy, however, there can be no assurance that the effectiveness of the Prepackaged Plan will occur on such date, or at all.  Additional details about the restructuring are available on the company's website, www.tdw.com, and at http://dm.epiq11.com/tidewater, or via the company's restructuring information line 844-843-0204 (toll free) or 504-597-5543 (international calls).  Additional details about the restructuring will also be available in the company's Form 10-K, which is expected to be filed with the SEC shortly after the issuance of this press release.

Given the pendency of the Bankruptcy Cases, the company will not be hosting an earnings conference call to discuss fiscal 2017 financial results.  However, we expect to resume holding quarterly earnings conference calls following our emergence from bankruptcy.

Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed on the next page.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(In thousands, except share and per share data)



Quarter Ended

Year Ended


March 31,

March 31,


2017

2016

2017

2016

Revenues:















Vessel revenues

$

156,905


180,048


583,816


955,400

Other operating revenues

3,844


4,126


17,795


23,662



160,749


184,174


601,611


979,062

Costs and expenses:















Vessel operating costs

80,845


98,146


359,171


561,133

Costs of other operating revenues

2,689


3,187


12,729


18,811

General and administrative

41,727


36,974


145,879


153,811

Vessel operating leases

8,443


8,337


33,766


33,662

Depreciation and amortization

37,592


45,251


167,291


182,309

(Gain) loss on asset dispositions, net

(6,064)


(6,692)


(24,099)


(26,037)

Asset impairments

64,857


55,540


484,727


117,311

Restructuring charge

—


—


—


7,586



230,089


240,743


1,179,464


1,048,586

Operating loss

(69,340)


(56,569)


(577,853)


(69,524)

Other income (expenses):















Foreign exchange gain (loss)

664


(1,645)


(1,638)


(5,403)

Equity in net earnings (losses) of unconsolidated companies

2,841

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