Montag, 14.05.2018 22:35 von PR Newswire | Aufrufe: 51

Tidewater Reports Results For The Three Months Ended March 31, 2018

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PR Newswire


HOUSTON, May 14, 2018 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a net loss for the three months ended March 31, 2018, of $39.2 million, or $1.67 per common share, on revenues of $91.5 million.

As more fully explained in the company's Form 10-Q for the quarter ended March 31, 2018, upon emergence from Chapter 11 bankruptcy on July 31, 2017, the company adopted fresh start accounting in accordance with applicable accounting and reporting regulations, which resulted in the company becoming a new entity for financial reporting purposes on July 31, 2017.  References herein to "Successor" relate to the financial position and results of operations of the reorganized company subsequent to July 31, 2017, while references to "Predecessor" relate to the financial position and results of operations of the company through July 31, 2017.

Included in the $39.2 million ($1.67 per common share) net loss for the three months ending March 31, 2018 were the following:

  • $15.2 million ($0.65 per common share) of foreign exchange losses, $14.8 million of which ($0.63 per common share) is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.
  • $6.2 million ($0.26 per common share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the three months ended March 31, 2018.

Consolidated earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) for the three months ended March 31, 2018, which excludes asset impairment charges, but includes $3.0 million of stock-based compensation expense and $15.2 million of foreign exchange losses, was ($9.9) million.  (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 10 herein.)

Common shares and New Creditor Warrants, each of which is exercisable to acquire one common share at a price of $0.001, and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively.

Tidewater will hold a conference call to discuss results for the three months ended March 31, 2018 on Tuesday, May 15, 2018 at 10:00 a.m. Central Time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the "Tidewater" call just prior to the scheduled start.  A replay of the conference call will be available beginning at 12:00 p.m. Central Time on May 15, 2018, and will continue until 11:59 p.m. Central Time on May 17, 2018. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 46923575.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (www.tdw.com). The online replay will be available until June 15, 2018.

Kurse

  
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Tidewater Chart

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involve numerous risks and uncertainties that may cause the company's actual performance to be materially different from that stated or implied in the forward-looking statements.  Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Risk Factors" section of Tidewater's recent Forms 10-Q and 10-K.

Tidewater owns and operates one of the largest fleets of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

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

Financial information is displayed on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(Unaudited)

(In thousands, except share and per share data) 



Successor




Predecessor




Quarter Ended




Quarter Ended




March 31, 2018




March 31, 2017


Revenues:










Vessel revenues


$

87,494





156,905


Other operating revenues



3,999





3,844





91,493





160,749


Costs and expenses:










Vessel operating costs



61,364





80,845


Costs of other operating revenues



2,474





2,689


General and administrative (A)



23,565





41,727


Vessel operating leases







8,443


Depreciation and amortization



12,017





37,592


Gain on asset dispositions, net



(1,919)





(6,064)


Asset impairments



6,186





64,857





103,687





230,089


Operating loss



(12,194)





(69,340)


Other income (expenses):










Foreign exchange gain (loss)



(348)





664


Equity in net earnings (losses) of unconsolidated companies (B)



(15,439)





2,841


Interest income and other, net



(128)





1,588


Interest and other debt costs, net



(7,599)





(21,008)





(23,514)





(15,915)


Loss before income taxes



(35,708)





(85,255)


Income tax expense



3,321





1,717


Net loss


$

(39,029)





(86,972)


Less: Net income attributable to noncontrolling interests



143





7,883


Net loss attributable to Tidewater Inc.


$

(39,172)





(94,855)


Basic loss per common share


$

(1.67)





(2.01)


Diluted loss per common share


$

(1.67)





(2.01)

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