FlashResults Cal Dive International, Inc. (CDIS) (Numbers in Thousands, Except Per Share Data) 4th quarter ended 4th quarter ended 12/31/2002 YTD 12/31/2001 YTD Sales $92,457 $302,705 $68,303 $227,141 Net Income ($790) $12,377 $5,368 $28,932 Average Shares 37,347 35,749 33,002 33,055 EPS ($0.02) $0.35 $0.16 $0.88Cal Dive International, Inc. (Nasdaq: CDIS) reported a fourth quarter loss of $790,000 or 2 cents per diluted share. Excluding approximately $10 million of pre-tax reserves established for litigation and a contract dispute (see February 7 Press Release), earnings would have equaled the 16 cents per share reported in the same quarter a year ago. Fourth quarter revenues of $92.5 million increased by 35% as a result of improved oil and gas production, higher commodity prices, and new Deepwater assets added during the year.
Twelve month revenues of $302.7 million increased by almost $76 million or 33% due to the acquisition of Canyon Offshore and Well Ops (UK), plus the addition of three vessels to the DP fleet. Earnings of $12.4 million compare to $28.9 million in 2001. Diluted earnings per share of 35 cents for the year 2002 compare to 88 cents in the prior twelve month period.
Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, "The unique Cal Dive business model resulted in our contracting and oil and gas assets each contributing 50% of the gross profit generated during 2002. This balanced strategy enabled CDI to deliver net income that was 4% of revenues in a year when virtually all of our peer group are reporting significant losses on Gulf of Mexico construction activity."
Mr. Kratz continued, "2003 will mark the conclusion of a $750 million expansion program initiated several years ago. In the current conditions of high commodity pricing yet continued slow contracting demand, our business model will demonstrate the earnings power now inherent in the company in 2003 and 2004. Given the contracting markets, economy and world situation, we are happy with Cal Dive's position."
Cal Dive International, Inc. is an energy service company specializing in well operations and subsea construction. CDI operates a fleet of technically advanced marine construction vessels and robotics worldwide 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.
Certain 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 and capital expenditures by customers. For a more complete discussion of these risk factors, see our Annual Report on Form 10-K for the year ended December 31, 2001, filed with the Securities and Exchange Commission. 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.
CAL DIVE INTERNATIONAL, INC. Comparative Consolidated Statements of Operations Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, (000's omitted, except per share data) 2002 2001 2002 2001 Net Revenues: Subsea and Salvage $67,784 $60,525 $239,916 $163,740 Oil and Gas Production 24,673 7,778 62,789 63,401 Total Revenues 92,457 68,303 302,705 227,141 Cost of Sales: Subsea and Salvage 63,030 48,198 212,868 127,047 Oil and Gas Production 15,511 5,573 36,045 33,183 Gross Profit 13,916 14,532 53,792 66,911 Selling and Administrative 13,914 5,886 32,783 21,325 Interest Expense, net & Other 1,218 387 1,968 1,150 Income (Loss) Before Income Taxes (1,216) 8,259 19,041 44,436 Income Tax Provision (426) 2,891 6,664 15,504 Net Income (Loss) ($790) $5,368 $12,377 $28,932 Other Financial Data: Depreciation and Amortization: Subsea and Salvage $8,083 $3,812 $27,220 $14,586 Oil and Gas Production 8,329 3,401 17,535 19,947 EBITDA (A) 16,161 15,536 65,985 78,962 Weighted Avg. Shares Outstanding: Basic 37,347 32,467 35,504 32,449 Diluted 37,347 33,002 35,749 33,055 Earnings Per Common Share: Basic ($0.02) $0.17 $0.35 $0.89 Diluted ($0.02) $0.16 $0.35 $0.88 (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) Dec. 31, 2002 Dec. 31, 2001 Current Assets: Cash and cash equivalents $2,506 $37,123 Accounts receivable 75,418 56,186 Other current assets 28,266 20,055 Total Current Assets 106,190 113,364 Net Property & Equipment: Subsea and salvage 418,056 302,964 Oil and gas 178,295 28,348 Goodwill 79,758 14,973 Other Assets 48,432 13,473 Total Assets $830,731 $473,122 LIABILITIES & SHAREHOLDERS' EQUITY Dec. 31, 2002 Dec. 31, 2001 Current Liabilities: Accounts payable $67,756 $42,252 Accrued liabilities 29,832 21,011 Current maturities 4,201 1,500 Total Current Liabilities 101,789 64,763 Long-Term Debt 223,576 98,048 Deferred Income Taxes 65,929 54,631 Decommissioning Liabilities 92,420 29,331 Redeemable Stock & Other 9,501 0 Shareholders' Equity 337,516 226,349 Total Liabilities & Equity $830,731 $473,122
SOURCE Cal Dive International, Inc.
CONTACT: Jim Nelson, vice chairman of Cal Dive International, Inc., +1-281-618-0400