Houston TX - Cal Dive International, Inc. (Nasdaq: CDIS) today announced fourth quarter net income of $4.0 million, an increase of 174% over the $1.5 million earned in the comparable prior year quarter. Fully diluted net income per share of 27Ë more than doubled that of the 1996 fourth quarter. Revenues of $33.5 million increased $10.0 million or 43% due to the ability of CDI dynamically positioned vessels to work through difficult weather conditions.
Chief Executive Officer, Owen Kratz noted, "Market recognition of the unique capacity and features of dynamic positioning enabled our fleet of DP vessels to generate $17 million of fourth quarter revenues in contrast to less than $9 million last year. The MSV Uncle John in particular had a tremendous fourth quarter - 96% utilization and strong margins on $8 million of revenues whereas the 1997 Business Plan projected $16 million for the entire year. The vessel scored two "World Firsts" during the quarter: the largest spool pieces ever installed from a DP in water depths beyond 1,500 feet (Troika) and geotechnical coring at an all time record water depth of 6,700 feet (Na Kika). Consolidated margins of 32% were unusually strong for this quarter of the year, reflecting excellent demand as well as great CDI vessel and crew performance."
1997 revenues of just under $110 million are almost three times CDI sales volume just two years ago in 1995. Net income of $14.5 million increased $6.0 million or 72% from what was earned in fiscal year 1996. Diluted earnings per share were $1.09 in contrast to $0.75 last year, the 45% increase not proportionate to that of net income as the IPO resulted in 18% more shares outstanding while the related proceeds were invested in assets that will only begin to impact revenues in 1998.
Cal Dive International, headquartered in Houston, Texas is a leading Subsea services contractor which operates the largest fleet of permanently deployed dynamically positioned support vessels in the Gulf of Mexico.
This press release includes 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.