Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, "Full utilization of our dynamically positioned vessels confirms the decision to essentially double the capacity of the CDI Deepwater fleet. A highlight of the fourth quarter was entry into the Trinidad market. Work there and in Mexican waters represented 20% of fourth quarter Contracting revenues."
Twelve-month revenues of $227.1 million were $46 million or 25% above the prior year with all of that improvement coming in Contracting activity. The DP fleet provided revenue of just under $80 million in contrast to $51 million a year ago, with the incremental $29 million coming from work in Mexico and Trinidad. Earnings of $28.9 million represent an all-time record for CDI and were 24% better than 2000 results. Diluted earnings per share of 88 cents compares to 72 cents in the prior twelve-month period.
Mr. Kratz continued: "I am proud of our ability to again deliver a 12% return on capital employed even as excess vessel capacity has resulted in our peer group reporting significantly lower returns. The countercyclical strategy which differentiates CDI from our GOM offshore construction peers was particularly evident in establishing an earnings record in 2001: High commodity prices in the first half of the year enabled the gas and oil operations of ERT to contribute over 60% of consolidated profitability. In the second half, Subsea and Salvage Contracting stepped up to the plate, delivering almost 80% of our bottom line. We expect this strategy to continue in 2002 as Contracting revenues accelerate while low commodity prices enable ERT to reload its property base with acquisitions."
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 Twelve Months Ended Dec. 31, Dec. 31, (000's omitted, except per share data) 2001 2000 2001 2000 Net Revenues: Subsea and Salvage $60,525 $29,635 $163,740 $110,217 Natural Gas and Oil Production 7,778 21,662 63,401 70,797 Total Revenues 68,303 51,297 227,141 181,014 Cost of Sales Subsea and Salvage 48,198 23,907 127,047 94,104 Natural Gas and Oil Production 5,573 8,022 33,183 31,541 Gross Profit 14,532 19,368 66,911 55,369 Selling and Administrative 5,886 6,519 21,325 20,800 Interest (Income), net and Other 387 222 1,290 554 Income Before Income Taxes 8,259 12,627 44,296 34,015 Income Tax Provision 2,891 4,069 15,504 11,555 Minority Interest 0 (208) (140) (866) Net Income $5,368 $8,766 $28,932 $23,326 Other Financial Data: Depreciation and Amortization: Subsea and Salvage $3,812 $2,970 $14,586 $11,621 Natural Gas and Oil Production 3,401 5,512 19,948 19,109 EBITDA (A) 15,536 21,241 78,962 65,085 Weighted Avg. Shares Outstanding: Basic 32,467 32,148 32,449 31,588 Diluted 33,002 32,956 33,055 32,341 Earnings Per Common Share: Basic $0.17 $0.27 $0.89 $0.74 Diluted $0.16 $0.27 $0.88 $0.72 (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 (000's omitted) Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2001 2000 2001 2000 Current Assets: Current Liabilities: Cash and cash Accounts payable $42,252 $25,461 equivalents $37,123 $47,462 Accounts Accrued receivable 56,186 44,826 liabilities 21,011 21,435 Income tax Income tax payable 0 0 receivable 0 10,014 Other current Current maturities assets 20,055 20,975 of LT Debt 1,500 0 Total Current Total Current Assets 113,364 123,277 Liabilities 64,763 46,896 Long-Term Debt 98,048 40,054 Net Property & Deferred Income Equipment 331,312 198,542 Taxes 54,631 38,272 Goodwill 14,973 12,878 Decommissioning Liabilities 29,331 27,541 Other Assets 13,473 12,791 Shareholders' Equity 226,349 194,725 Total Assets $473,122 $347,488 Total Liabilities & Equity $473,122 $347,488This 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., +1-281-618-0400, or fax, +1-281-618-0505