Press Releases
FlashResults Cal Dive International, Inc. (Nasdaq: CDIS) (Numbers in Thousands, Except Per Share Data) 2nd quarter ended 2nd quarter ended 6/30/2003 YTD 6/30/2002 YTD Sales $101,839 $190,739 $72,305 $126,233 Net Income $8,912 $14,950 $7,214 $10,215 Average Shares 37,732 37,699 35,003 33,976 EPS $0.24 $0.39 $0.21 $0.30
Cal Dive International, Inc. (Nasdaq: CDIS) reported second quarter net income of $8.9 million or $0.24 per diluted share. A year ago net income was $7.2 million or $0.21 per diluted share. Second quarter revenues of $101.8 million increased 41% over the year-ago quarter due to the deployment of new deepwater assets and to substantially improved oil and gas operations.
Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, "82% utilization of our fleet of nine deepwater vessels was exceptional given the depressed markets for offshore construction in the Gulf of Mexico and North Sea. In addition, oil and gas production has almost doubled since the second quarter a year ago, providing the security of a more predictable stream of cash flow and earnings. The effect of this counter-cyclical strategy was highlighted by second quarter and first half operating margins which were identical to those of the prior year periods despite increasing costs of business and last year's introduction of new assets such as the Q4000 to the market."
Mr. Kratz continued, "While our people are doing an admirable job in a challenging market, there continues to be a lack of clear visibility of near term improvement in marine construction demand. Given this and the recent softening of natural gas prices, we believe it prudent to lower full year earnings guidance to 85 cents to $1.00 in contrast to our previous 2003 guidance of $1.00 to $1.20."
Six month revenues of $190.7 million were $64.5 million or 51% above the prior year period. First half earnings of $14.9 million increased 46% over the $10.2 million earned in the first half of 2002. Fully diluted earnings per share of 39 cents increased by a smaller percentage, 30%, due primarily to the equity offering of 4 million common shares completed last May.
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 and accompanying shareholder report 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. Ahe 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 Six Months Ended June 30, June 30, (000's omitted, except per share data) 2003 2002 2003 2002 Net Revenues: Marine Contracting $68,982 $59,660 $123,210 $104,030 Oil and Gas Production 32,857 12,645 67,529 22,203 Total Revenues 101,839 72,305 190,739 126,233 Cost of Sales: Marine Contracting 59,545 48,826 113,788 86,516 Oil and Gas Production 18,097 6,294 33,558 11,414 Gross Profit 24,197 17,185 43,393 28,303 Selling and Administrative 8,628 6,191 17,581 12,497 Income from Operations 15,569 10,994 25,812 15,806 Interest Expense (Income), net & Other 1,077 (105) 2,178 91 Income Before Income Taxes 14,492 11,099 23,634 15,715 Income Tax Provision 5,217 3,885 8,508 5,500 Income Before Change in Accounting Principle 9,275 7,214 15,126 10,215 Cumulative Effect of Change in Accounting Principle, net 0 0 530 0 Net Income 9,275 7,214 15,656 10,215 Preferred Stock Dividends and Accretion 363 0 706 0 Net Income Applicable to Common Shareholders $8,912 $7,214 $14,950 $10,215 Other Financial Data: Income from Operations $15,569 $10,994 $25,812 $15,806 Depreciation and Amortization: Marine Contracting 8,103 6,678 15,927 10,986 Oil and Gas Production (including accretion) 8,015 2,672 16,218 4,677 EBITDA (A) $31,687 $20,344 $57,957 $31,469 Weighted Avg. Shares Outstanding: Basic 37,634 34,692 37,593 33,676 Diluted 37,732 35,003 37,699 33,976 Net Income per Common Share Basic: Net Income Before Change in Accounting Principle $0.24 $0.21 $0.38 $0.30 Cumulative Effect Of Change in Accounting Principle $0.00 $0.00 $0.01 $0.00 Net Income Applicable to Common Shareholders $0.24 $0.21 $0.39 $0.30 Diluted: Net Income Before Change in Accounting Principle $0.24 $0.21 $0.38 $0.30 Cumulative Effect Of Change in Accounting Principle $0.00 $0.00 $0.01 $0.00 Net Income Applicable to Common Shareholders $0.24 $0.21 $0.39 $0.30 (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 due to the measurement being similar to operating cash flow. Comparative Consolidated Balance Sheets ASSETS LIABILITIES & SHAREHOLDERS' EQUITY (000'S June 30, Dec. 31, June 30, Dec. 31, omitted) 2003 2002 2003 2002 Current Assets: Current Liabilities: Restricted Accounts cash $2,818 $2,506 payable $46,963 $62,798 Accounts Accrued receivable 86,813 75,418 liabilities 41,819 34,790 Other current Current mat assets 33,066 38,195 of L-T debt 7,782 4,201 Total Current Total Current Assets 122,697 116,119 Liabilities 96,564 101,789 Net Property & Equipment: Long-term debt 215,470 223,576 Marine Deferred income Contracting 435,400 418,056 taxes 82,613 71,208 Oil and Gas 157,500 178,295 Decommissioning liabilities 67,680 92,420 Goodwill 80,425 79,758 Redeemable stock & other 6,859 9,500 Investment in Convertible Deepwater preferred stock 24,325 0 Gateway, LLC 34,126 32,688 Shareholders' Other assets, net 18,467 11,094 equity 355,104 337,517 Total Assets $848,615 $836,010 Total Liabilities & Equity $848,615 $836,010
SOURCE Cal Dive International, Inc.
Jim Nelson, Vice Chairman of Cal Dive International, Inc., +1-281-618-0400 (CDIS)