HOUSTON, May 2 /PRNewswire/ -- Cal Dive International, Inc. (Nasdaq: CDIS) today announced first quarter net income of $3.2 million, an improvement of 54% over the comparable prior year quarter. Quarterly revenues also increased 54%, rising by $14.1 million to $40.1 million, while diluted earnings per share rose 43% to 20 cents. The smaller percentage increase reflects the additional shares issued to acquire Aquatica, Inc. in the third quarter last year.
Owen Kratz, Chairman and Chief Executive Officer, stated, "Our ability to increase top line revenues by 54% and, more important, to pull that improvement through to the bottom line, was an impressive performance in a market that if anything was worse than what we faced in the first quarter last year. These results were achieved even though six vessels were out of service for a total of 30 weeks undergoing regulatory inspections and related drydock activity. The unique attributes of the CDI fleet are evident in the 75% utilization of those vessels that were available to work in Q1.
"When we formed our production company, Energy Resource Technology, part of the strategy was to help offset the traditional winter slowdown offshore. Commodity prices are typically at high levels during the first quarter, a period when construction activity is severely limited by the winter weather fronts passing through the Gulf of Mexico. Successful implementation of this revenue-smoothing strategy was particularly evident in 2000 as ERT contributed almost half of first quarter net income."
Cal Dive International, Inc., headquartered in Houston, TX, operates a fleet of technically advanced marine construction support 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 properties.
CAL DIVE INTERNATIONAL, INC. Comparative Consolidated Statements of Operations Three Months Ended March 31 (000's omitted, except per share data) 2000 1999 Net Revenues: Subsea and Salvage $30,338 $23,255 Natural Gas and Oil Production 9,771 2,751 Total Revenues 40,109 26,006 Cost of Sales 31,712 20,749 Gross Profit 8,397 5,257 Selling and Administrative 4,296 2,573 Interest (Income), net & Other (200) (548) Income Before Income Taxes 4,301 3,232 Income Tax Provision 1,505 1,145 Minority Interest (418) 0 Net Income $3,214 $2,087 Other Financial Data: Depreciation and Amortization: Subsea and Salvage $2,784 $1,905 Natural Gas and Oil Production 2,686 843 EBITDA (A) 9,845 5,544 Weighted Avg. Shares Outstanding: Basic 15,610 14,617 Diluted 16,007 14,995 Earnings Per Common Share: Basic $0.21 $0.14 Diluted $0.20 $0.14 (A) EBITDA: Earnings before net interest expense, taxes, depreciation and amortization is a supplemental financial measurement used by the Company and investors in the marine construction industry in the evaluation of its business. Comparative Consolidated Balance Sheets ASSETS LIABILITIES & SHAREHOLDERS' EQUITY (000's omitted) Mar. 31, Dec. 31, Mar. 31, Dec. 31, 2000 1999 2000 1999 Current Assets: Current Liabilities: Cash and cash equivalents $14,481 $19,996 Accounts payable $23,443 $31,834 Accounts receivable 30,183 51,621 Accrued liabilities 13,746 17,223 Other current assets 19,808 16,327 Income tax payable 140 0 Total Current Total Current Assets 64,472 87,944 Liabilities 37,329 49,057 Long-Term Debt 0 0 Net Property & Equipment 152,523 134,657 Deferred Income Taxes 16,980 16,837 Decommissioning Goodwill 13,644 13,792 Liabilities 30,368 26,956 Other Assets 10,274 7,329 Shareholders' Equity 156,236 150,872 Total Liabilities Total Assets $240,913 $243,722 & Equity $240,913 $243,722
This report and press release include certain statements that may be deemed "forward looking statements" under applicable law. Forward looking statements that are not statements of historical fact 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 of Cal Dive International, Inc., 281-618-0400/