HOUSTON, Feb. 15 /PRNewswire/ -- Cal Dive International, Inc. (Nasdaq: CDIS) reported fourth quarter net income of $8.8 million, a record for the quarter and an increase of $5.6 million or 178% over the same period in 1999. Diluted earnings per share of $0.27 rose 170% from the prior fourth quarter. The increase in fully diluted shares outstanding reflects the exercise of stock options and the 700,000 shares which the Company sold in conjunction with the Secondary Offering completed in September. Revenues of $51.3 million increased by $9 million due to the strong performance of the Company's gas production business. Contracting volumes almost matched the fourth quarter of 1999, when CDI had two major Deepwater projects underway.
Owen Kratz, Chairman and Chief Executive Officer, stated, "Production contracting is a feature that differentiates CDI from all other offshore contractors. Energy Resource Technology had an awesome year in 2000, delivering a 60% return on capital employed, which brought ERT's eight-year average return (i.e. since inception) to 29% -- a level of profitability seldom seen in the energy business. The financial-smoothing impact of this strategy is confirmed by CDI annual revenues and net income that have increased by compounded rates of 37% and 54%, respectively, since 1995. The strong cash generation associated with production contracting has enabled CDI to fund and assemble an array of technical talent to support our new vessel, the Q4000, during a period when many service companies were forced to lay off personnel. The Q4000, the first newbuild construction vessel specifically designed to work in water depths to 10,000 feet, remains on budget ($150 million) and on time (in the water in Q3 of 2001)."
Twelve-month revenues of $181 million were up $20 million or 12% over the prior year due to the strong performance of the production operations of ERT. Earnings of $23.3 million increased 38% over the prior year. The $0.17 or 31% increase in diluted earnings per share to $0.72 was smaller than for net income due to the shares issued in connection with the Secondary Offer and to acquire Aquatica in August of 1999.
Cal Dive International, Inc., is an energy service company specializing in 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 Twelve Months Ended Dec. 31, Ended Dec. 31, (000's omitted, except per share data) 2000 1999 2000 1999 Net Revenues: Subsea and Salvage $29,635 $32,757 $110,217 $128,435 Natural Gas and Oil Production 21,662 9,617 70,797 32,519 Total Revenues 51,297 42,374 181,014 160,954 Cost of Sales 31,929 34,059 125,645 123,703 Gross Profit 19,368 8,315 55,369 37,251 Selling and Administrative 6,519 4,116 20,800 13,227 Interest (Income), net and Other 222 99 554 (1,449) Income Before Income Taxes 12,627 4,100 34,015 25,473 Income Tax Provision 4,069 984 11,555 8,465 Minority Interest (208) (38) (866) 109 Net Income $8,766 $3,154 $23,326 $16,899 Other Financial Data: Depreciation and Amortization: Subsea and Salvage $2,970 $2,634 $11,621 $9,459 Natural Gas and Oil Production 5,512 2,517 19,109 11,156 EBITDA (A) 21,241 9,162 65,085 44,805 Weighted Avg. Shares Outstanding: Basic 32,148 31,008 31,588 30,016 Diluted 32,956 31,868 32,341 30,654 Earnings Per Common Share: Basic $0.27 $0.10 $0.74 $0.56 Diluted $0.27 $0.10 $0.72 $0.55 (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 LIABILITIES & SHAREHOLDERS' EQUITY Dec. 31, Dec. 31, Dec. 31, Dec. 31, (000's omitted) 2000 1999 2000 1999 Current Assets: Current Liabilities: Cash and cash Accounts equivalents $47,462 $19,996 payable $25,461 $31,834 Accounts Accrued receivable 47,460 51,621 liabilities 21,435 17,223 Income tax Income tax receivable 10,014 0 payable 0 0 Other current assets 18,341 16,327 Total Current Total Current Assets 123,277 87,944 Liabilities 46,896 49,057 Long-Term Debt 40,054 0 Net Property & Deferred Equipment 198,542 134,657 Income Taxes 38,272 16,837 Decommissioning Goodwill 12,878 13,792 Liabilities 27,541 26,956 Shareholders' Other Assets 12,791 7,329 Equity 194,725 150,872 Total Liabilities Total Assets $347,488 $243,722 & Equity $347,488 $243,722
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., 281-618-0400, or fax, 281-618-0501/