Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, "The unique mix of subsea contracting and oil and gas operations again provided revenue-smoothing in a period of extreme industry volatility. However, the doubling of our Deepwater DP fleet and associated growing involvement in large construction projects results in the timing of that work having a significant impact upon any given quarter's financial results. That was evident in the first quarter as the weather-induced delay in setting the topsides at Nansen pushed our construction work to the following quarter and required a significant reshuffling of fleet responsibilities."
Mr. Kratz continued, "The second quarter will witness the deployment of the Q4000 and Intrepid, two new vessels capable of performing construction and well intervention tasks in 10,000 feet of water, and the Northern Canyon, a chartered state-of-the-art ROV support vessel. This brings the recent investment in CDI contracting assets to $400 million, increasing our critical mass in anticipation of a significant acceleration in the demand for Deepwater construction services late next year. In the interim, 2002 is shaping up as a transition year with a number of significant opportunities that would further position CDI for long term growth."
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 robotics, 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 March 31, (000's omitted, except per share data) 2002 2001 Net Revenues: Subsea and Salvage $44,370 $31,282 Natural Gas and Oil Production 9,558 27,200 Total Revenues 53,928 58,482 Cost of Sales: Subsea and Salvage 37,690 25,170 Natural Gas and Oil Production 5,120 11,054 Gross Profit 11,118 22,258 Selling and Administrative 6,306 5,607 Interest (Income), Net & Other 196 151 Income Before Income Taxes 4,616 16,500 Income Tax Provision 1,615 5,726 Net Income $3,001 $10,774 Other Financial Data: Depreciation and Amortization: Subsea and Salvage $4,308 $3,206 Natural Gas and Oil Production 2,005 7,189 EBITDA (A) 10,954 26,890 Weighted Avg. Shares Outstanding: Basic 32,648 32,308 Diluted 32,932 33,072 Earnings Per Common Share: Basic $0.09 $0.33 Diluted $0.09 $0.33 (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 (000'S omitted) March 31, 2002 Dec. 31, 2001 Current Assets: Cash and cash equivalents $4,103 $37,123 Accounts receivable 68,525 56,186 Income tax receivable 0 0 Other current assets 21,240 20,055 Total Current Assets 93,868 113,364 Net Property & Equipment 386,642 331,312 Goodwill 60,185 14,973 Other Assets 14,767 13,473 Total Assets $555,462 $473,122 LIABILITIES & SHAREHOLDERS' EQUITY March 31, 2002 Dec. 31, 2001 Current Liabilities: Accounts payable $31,625 $42,252 Accrued liabilities 19,822 21,011 Income tax payable 0 0 Current Mat of L-T Debt 4,550 1,500 Total Current Liabilities 55,997 64,763 Long-Term Debt 163,920 98,048 Deferred Income Taxes 58,178 54,631 Decommissioning Liabilities 32,528 29,331 Redeemable Stock in Sub 7,688 0 Shareholders' Equity 237,151 226,349 Total Liabilities & Equity $555,462 $473,122Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither statements of historical fact nor guarantees of future performance or events. Forward-looking statements involve risks and assumptions that could cause actual results to vary materially from those predicted. Among other things, these include unexpected delays and operational issues associated with turnkey projects, the price of crude oil and natural gas, weather conditions in offshore markets, changes in site conditions in offshore markets, changes 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, or fax, +1-281-618-0505