HOUSTON, May 3 /PRNewswire/ -- Cal Dive International, Inc. (Nasdaq: CDIS) reported first quarter net income of $10.8 million, an all-time record for any quarter in the company's history. Net income increased 235% over the same period in 2000, a more typical first quarter when weather and a lack of marine construction demand resulted in the lowest earnings of the year. Diluted earnings per share of 33 cents compares to 10 cents in the year ago quarter. Revenues of $58.5 million increased by 46% due principally to record natural gas prices and increased marine construction activity on the Outer Continental Shelf (OCS).
Owen Kratz, Chairman and Chief Executive Officer, stated, "Net income at 18% of revenues is an almost unheard of level of profitability for any oilfield service company. We are particularly gratified to have delivered this performance in a quarter when excess vessel capacity has most of our peer group reporting losses on Gulf of Mexico operations. One attribute of Cal Dive's production contracting strategy is that it gives us the flexibility to stay out of the poor competitive bid market that existed in the first quarter. This explains in part how we were able to establish an all-time record for CDI earnings.
"Cal Dive has consistently targeted the end of 2001 as the time when the acceleration in demand for marine construction services will begin to absorb excess capacity. In the first quarter we had 13 dive support vessels (DSVs) dedicated to the OCS in contrast to just six a year ago. In the third quarter the newbuild Q4000 and converted Sea Sorceress will offer the market two state-of-the-art Deepwater construction and well intervention vessels. These are initial aspects of an aggressive CDI expansion program which we expect to roll out over the balance of the year."
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 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 (000s omitted, except per share data) 2001 2000 Net Revenues: Subsea and Salvage $31,282 $30,338 Natural Gas and Oil Production 27,200 9,771 Total Revenues 58,482 40,109 Cost of Sales 36,224 31,712 Gross Profit 22,258 8,397 Selling and Administrative 5,607 4,296 Interest (Income), net & Other 291 (200) Income Before Income Taxes 16,360 4,301 Income Tax Provision 5,726 1,505 Minority Interest (140) (418) Net Income $10,774 $3,214 Other Financial Data: Depreciation and Amortization: Subsea and Salvage $3,206 $2,784 Natural Gas and Oil Production 7,189 2,686 EBITDA (A) 26,890 9,845 Weighted Avg. Shares Outstanding: Basic 32,308 31,220 Diluted 33,072 32,014 Earnings Per Common Share: Basic $0.33 $0.10 Diluted $0.33 $0.10
(A) EBITDA: Earnings before net interest expense, taxes, depreciation and amortization 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 (000s omitted) Mar. 31, 2001 Dec. 31, 2000 Current Assets: Cash and cash equivalents $59,347 $47,462 Accounts receivable 39,967 44,826 Income tax receivable 0 10,014 Other current assets 17,539 20,975 Total Current Assets 116,853 123,277 Net Property & Equipment 217,584 198,542 Goodwill 15,523 12,878 Other Assets 13,214 12,791 Total Assets $363,174 $347,488 LIABILITIES & SHAREHOLDERS' EQUITY Mar. 31, 2001 Dec. 31, 2000 Current Liabilities: Accounts payable $25,350 $25,461 Accrued liabilities 20,282 21,435 Income tax payable 0 0 Total Current Liabilities 45,632 46,896 Long-Term Debt 40,054 40,054 Deferred Income Taxes 42,184 38,272 Decommissioning Liabilities 27,575 27,541 Shareholders' Equity 207,729 194,725 Total Liabilities & Equity $363,174 $347,488
This report and press release include certain statements that may be deemed "forward looking statements" under applicable law. Forward looking statements that are not statements of historical fact 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/