HOUSTON, Aug. 2 /PRNewswire/ -- Cal Dive International, Inc. (Nasdaq: CDIS) announced second quarter net income of $7.5 million, an increase of 106% over the $3.7 million earned in the comparable period of 2000. Diluted earnings per share increased 109% to 23 cents versus 11 cents a year ago. Revenues of nearly $49 million increased $8.9 million due to higher vessel utilization and better rates realized in marine construction activities.
Owen Kratz, Chairman and Chief Executive Officer, stated, "Cal Dive's dominant position in niche markets enabled second quarter earnings to double even though revenues increased only 22%. By adding assets and people to Aquatica we achieved 85% vessel utility in a shallow water market that supports higher margin drill rig activity. Our alliance with Horizon Offshore was particularly effective in the mid-water Gulf, which we dominate with our saturation vessels. In the Deepwater, the world class capability of our DP fleet was demonstrated by full utilization, with two vessels working outside the U.S. Gulf and only one, the Uncle John, active in the spot market.
"We believe that the uncertainty caused by negative investor sentiment toward the energy sector has created an opportunity to aggressively build our asset base for future growth. Our strategy will focus upon four markets: traditional Cal Dive subsea construction work on the OCS, deploying high technology solutions in the installation of Deepwater facilities, supporting life-of-field operations and partnering with customers in production contracting endeavors."
First half earnings of $18.3 million improved by 167% over the $6.9 million of 2000 and, in just six months, exceeded Cal Dive earnings for all of 1999. Diluted earnings per share of 55 cents compare to 21 cents for the first six months of 2000. First half revenues of $107 million increased by $27 million or 34%.
Cal Dive International, Inc., headquartered in Houston, TX, is an energy service company specializing in well operations and subsea construction. CDI operates a fleet of technically advanced marine construction vessels and conducts salvage operations in the Gulf of Mexico. Energy Resource Technology, Inc., a wholly owned subsidiary, acquires and operates mature and non-core offshore oil and gas properties.
CAL DIVE INTERNATIONAL, INC.
Comparative Consolidated Statements of Operations
Three Months Ended Six Months Ended (000s omitted, except per June 30, June 30, share data) 2001 2000 2001 2000 Net Revenues: Subsea and Salvage $32,577 $23,970 $63,859 $54,308 Natural Gas and Oil Production 16,209 15,931 43,409 25,702 Total Revenues 48,786 39,901 107,268 80,010 Cost of Sales 31,872 29,483 68,096 61,195 Gross Profit 16,914 10,418 39,172 18,815 Selling and Administrative 4,863 4,953 10,470 9,249 Interest (Income), net and Other 442 27 733 (173) Income Before Income Taxes 11,609 5,438 27,969 9,739 Income Tax Provision 4,063 1,904 9,789 3,409 Minority Interest 0 (126) (140) (544) Net Income $7,546 $3,660 $18,320 $6,874 Other Financial Data: Depreciation and Amortization: Subsea and Salvage $3,541 $3,010 $6,747 $5,794 Natural Gas and Oil Production 4,881 4,751 12,070 7,437 EBITDA (A) 20,135 13,222 47,025 23,067 Weighted Avg. Shares Outstanding: Basic 32,470 31,422 33,130 31,320 Diluted 33,212 32,310 33,388 32,208 Earnings Per Common Share: Basic $0.23 $0.12 $0.55 $0.22 Diluted $0.23 $0.11 $0.55 $0.21
(A) The Company calculates EBITDA as earnings before net interest
expense, taxes, depreciation and amortization. EBITDA is a supplemental financial measurement used by CDI and investors in the marine construction industry in the evaluation of its business.
Comparative Consolidated Balance Sheets ASSETS (000s omitted) June 30, Dec. 31, 2001 2000 Current Assets: Cash and cash equivalents $23,472 $47,462 Accounts receivable 44,494 44,826 Income tax receivable 0 10,014 Other current assets 18,184 20,975 Total Current Assets 86,150 123,277 Net Property & Equipment 256,870 198,542 Goodwill 15,340 12,878 Other Assets 13,554 12,791 Total Assets $371,914 $347,488 LIABILITIES & SHAREHOLDERS' EQUITY June 30, Dec. 31, 2001 2000 Current Liabilities: Accounts payable $21,640 $25,461 Accrued liabilities 19,514 21,435 Income tax payable 0 0 Total Current Liabilities 41,154 46,896 Long-Term Debt 40,054 40,054 Deferred Income Taxes 45,461 38,272 Decommissioning Liabilities 27,389 27,541 Shareholders' Equity 217,856 194,725 Total Liabilities & Equity $371,914 $347,488
This report and press release include certain statements that may be deemed "forward looking statements" under applicable law. Forward looking statements are not statements of historical fact and such statements are not guarantees of future performance or events and involve risks and assumptions that could cause actual results to vary materially from those predicted, including among other things, unexpected delays and operational issues associated with turnkey projects, the price of crude oil and natural gas, weather conditions in offshore markets, change in site conditions, and capital expenditures by customers. The Company strongly encourages readers to note that some or all of the assumptions upon which such forward looking statements are based are beyond the Company's ability to control or estimate precisely and may in some cases be subject to rapid and material change.
SOURCE Cal Dive International, Inc.
CONTACT: Jim Nelson, Vice Chairman of Cal Dive International, Inc., +1-281-618-0400/