HOUSTON, Aug. 4 /PRNewswire/ -- Cal Dive International, Inc. (Nasdaq: CDIS) announced second quarter net income of $2.6 million, or 18 cents per diluted share, in contrast to $6.0 million (40 cents per diluted share) earned in the same quarter last year. Revenues of $34.1 million were nearly identical with second quarter revenues in 1998 after eliminating revenue from the charter of Coflexip vessels.
Chief Executive Officer, Owen Kratz said "I am proud of the manner in which our management team quickly adapted to changing market conditions in the quarter, generating a reasonable level of earnings at a time when most of our peers are reporting losses. Expanding CDI's role as prime contractor in full field development and pipelay projects produced relatively strong revenues. Net income of 8% of revenues is particularly gratifying in a quarter when our workhorse, the Uncle John, was out of service for six weeks as we prepared the vessel for the important third quarter projects at Exxon Diana and EEX Cooper. In addition, the company seized a unique opportunity when we acquired a majority equity position in the Cal Dive Aker Dove at an attractive price."
First half earnings of $4.7 million compare to the $11.2 million reported in the same period of 1998. Diluted earnings per share were 32 cents, down from 75 cents last year. Revenues of $60.1 million were within 6% of the total for the first six months of 1998 after eliminating $8 million of Coflexip charter revenues.
Cal Dive International, Inc. operates a fleet of technically advanced marine construction vessels and conducts salvage operations in the Gulf of Mexico.
CAL DIVE INTERNATIONAL, INC.
Comparative Consolidated Statements of Operations
Three Months Ended Six Months Ended (000's omitted, June 30, June 30, except per share data) 1999 1998 1999 1998 Net Revenues $34,104 $38,526 $60,110 $71,683 Cost of Sales 28,380 26,392 49,129 48,985 Gross Profit 5,724 12,134 10,981 22,698 Selling and Administrative 2,455 3,698 5,028 6,537 Equity in Earnings of Aquatica, Inc. 350 500 450 633 Interest (Income), net and Other (422) (224) (870) (434) Income Before Income Taxes 4,041 9,160 7,273 17,228 Income Tax Provision 1,400 3,206 2,545 6,031 Net Income $2,641 $5,954 $4,728 $11,197 Other Financial Data: EBITDA (A) $7,511 $11,092 $13,055 $20,931 Weighted Avg. Shares Outstanding: Basic 14,685 14,545 14,651 14,540 Diluted 15,075 14,997 14,994 14,992 Earnings Per Common Share Basic $0.18 $0.41 $0.32 $0.77 Diluted $0.18 $0.40 $0.32 $0.75 (A) The Company calculates EBITDA as earnings before net interest expense, taxes, depreciation and amortization. EBITDA 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 (000's omitted) June 30, 1999 Dec. 31, 1998 Current Assets: Cash and cash equivalents $15,939 $32,843 Accounts receivable 36,015 31,053 Other current assets 12,559 9,190 Total Current Assets 64,513 73,086 Net Property & Equipment 116,643 79,159 Restricted Cash Deposits 2,501 2,408 Investment in Aquatica, Inc. 8,106 7,656 Other Assets 4,327 1,926 Total Assets $196,090 $164,235 LIABILITIES & SHAREHOLDERS' EQUITY June 30, 1999 Dec. 31, 1998 Current Liabilities: Accounts payable $25,514 $15,949 Accrued liabilities 5,947 10,020 Income tax payable 750 1,201 Total Current Liabilities 32,211 27,170 Long-Term Debt 0 0 Deferred Income Taxes 15,409 13,539 Decommissioning Liabilities 28,387 9,883 Shareholders' Equity 120,083 113,643 Total Liabilities & Equity $196,090 $164,235
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.