ATWOOD OCEANICS, INC. 
By HOUSTON, Jan. 30, 2013 /PRNewswire/ -- ATWOOD OCEANICS, INC. announced today that the Company earned net income of $72.8 million or $1.10 per diluted share, on revenues of $245.1 million for the quarter ended December 31, 2012 compared to net income of $95.5 million or $1.45 per diluted share on revenues of $252.5 million for the quarter ended September 30, 2012 and compared to net income of $65.5 million or $1.00 per diluted share, on revenues of $184.7 million for the quarter ended December 31, 2011.
FOR THE THREE MONTHS ENDED
(In thousands)
December 31, September 30, December 31,
2012 2012 2011
---- ---- ----
Revenues $245,093 $252,525 $184,672
Income
before
Income
Taxes 84,087 109,891 77,931
Provision
for
Income
Taxes (11,256) (14,365) (12,463)
Net
Income $72,831 $95,526 $65,468
======= ======= =======
Earnings
per
Common
Share
-
Basic 1.11 1.46 1.01
Diluted 1.10 1.45 1.00
Weighted
Average
Shares
Outstanding -
Basic 65,528 65,407 65,024
Diluted 66,092 65,982 65,541
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended December 31,
===============================
2012 2011
---- ----
REVENUES:
Contract drilling $245,093 $184,672
-------- --------
COSTS AND
EXPENSES:
Contract drilling 111,916 78,344
Depreciation 27,578 15,363
General and
administrative 17,221 14,094
Other, net 7 -
--- ---
156,722 107,801
------- -------
OPERATING INCOME 88,371 76,871
------ ------
OTHER INCOME
(EXPENSE)
Interest expense,
net of
capitalized
interest (4,408) (603)
Interest Income 124 86
Other - 1,577
--- -----
(4,284) 1,060
------ -----
INCOME BEFORE
INCOME TAXES 84,087 77,931
PROVISION FOR
INCOME TAXES 11,256 12,463
------ ------
NET INCOME $72,831 $65,468
======= =======
EARNINGS PER
COMMON SHARE:
Basic 1.11 1.01
Diluted 1.10 1.00
AVERAGE COMMON
SHARES
OUTSTANDING:
Basic 65,528 65,024
Diluted 66,092 65,541
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
REVENUES
(In millions)
------------
Three Months Ended
------------------
December 31, September 30, December 31,
2012 2012 2011
---- ---- ----
Atwood Condor $40.4 $32.8 $ -
Atwood Osprey $42.4 $46.0 $39.8
Atwood Eagle 27.5 32.7 34.7
Atwood Falcon 35.4 35.2 28.6
Atwood Hunter 37.1 50.1 43.4
Atwood Aurora 12.3 14.6 12.5
Atwood Beacon 14.0 17.1 10.4
Atwood Mako 13.3 4.1 -
Atwood Manta 3.2 - -
Vicksburg 9.2 8.9 8.7
Reimbursable/Other 10.3 11.0 6.6
---- ---- ---
$245.1 $252.5 $184.7
====== ====== ======
CONTRACT DRILLING COSTS
(In millions)
------------
Three Months Ended
------------------
December 31, September 30, December 31,
2012 2012 2011
---- ---- ----
Atwood Condor $14.3 $12.7 $ -
Atwood Osprey $15.3 $16.8 $15.5
Atwood Eagle 19.9 13.6 17.8
Atwood Falcon 14.2 13.7 6.9
Atwood Hunter 11.6 12.1 11.0
Atwood Aurora 6.4 6.3 8.6
Atwood Beacon 10.2 11.0 6.7
Atwood Mako 5.1 2.9 -
Atwood Manta 2.1 - -
Vicksburg 4.7 5.5 5.2
Reimbursable/Other 8.1 7.5 6.6
--- --- ---
$111.9 $102.1 $78.3
====== ====== =====
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, September 30,
2012 2012
---- ----
ASSETS
CURRENT
ASSETS:
Cash and
cash
equivalents $108,341 $77,871
Accounts
receivable, and
net of September
allowance 30, 2012,
for respectively
doubtful
accounts
of $1,871
and $0 at
December
31, 2012 142,934 167,186
Income tax
receivable 5,609 5,750
Inventories
of
materials
and
supplies 80,367 80,290
Prepaid
expenses
and
deferred
costs 31,117 39,437
------ ------
Total
current
assets 368,368 370,534
------- -------
PROPERTY
AND
EQUIPMENT,
net 2,854,515 2,537,340
LONG TERM
ASSETS:
Other
receivables 11,868 11,875
Deferred
costs and
other
assets 24,195 24,013
------ ------
Total
long-
term
assets 36,063 35,888
Total
assets $3,258,946 $2,943,762
========== ==========
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
CURRENT
LIABILITIES:
Accounts
payable $78,420 $83,592
Accrued
liabilities 29,261 24,478
Notes
payable - 5,148
Income tax
payable 13,314 9,711
Deferred
credits 15,095 13,738
------ ------
Total
current
liabilities 136,090 136,667
------- -------
LONG TERM
LIABILITIES:
Long-term
debt 1,070,000 830,000
Deferred
income
taxes 8,571 8,791
Deferred
credits 7,659 8,928
Other 20,300 19,954
------ ------
Total
long-
term
liabilities 1,106,530 867,673
--------- -------
COMMITMENTS
AND
CONTINGENCIES
SHAREHOLDERS'
EQUITY:
Preferred
stock, no
par
value;
1,000
shares
authorized,
none
outstanding - -
Common
Stock,
$1.00 par
value;
Common
stock, issued
$1.00 par and
value, outstanding
90,000 at
shares December
authorized 31, 2012
with and
65,632 September
and 30, 2012,
65,452 65,632 65,452
Paid-in
capital 164,061 160,540
Retained
earnings 1,789,272 1,716,441
Accumulated
other
comprehensive
loss (2,639) (3,011)
------ ------
Total
shareholders'
equity 2,016,326 1,939,422
Total
liabilities
and
shareholders'
equity $3,258,946 $2,943,762
========== ==========
Atwood Oceanics, Inc. and Subsidiaries
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended December 31,
-------------------------------
(In thousands) 2012 2011
------------- ---- ----
Cash flows from operating activities:
Net income $72,831 $65,468
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 27,578 15,363
Amortization of debt issuance costs 1,036 681
Amortization of deferred items (127) 393
Provision for doubtful accounts 1,871 -
Provision for inventory obsolescence 181 255
Deferred income tax benefit (220) (186)
Share-based compensation expense 3,048 1,790
Other, net 7 -
Change in assets and liabilities:
(Increase) decrease in accounts receivable 22,388 (32,511)
Decrease in income tax receivable 141 1,640
(Increase) decrease in inventory (257) 6,106
Decrease in prepaid expenses 5,470 1,378
Increase in deferred costs and other assets (3,767) (1,040)
Increase (decrease) in accounts payable (27,978) 3,463
Increase (decrease) in accrued liabilities 4,937 (9,143)
Increase in income tax payable 3,603 3,249
Increase in deferred credits and other
liabilities 6,177 843
----- ---
44,088 (7,719)
------ ------
Net Cash Provided by Operating Activities 116,919 57,749
------- ------
Cash flows from investing activities:
Capital expenditures (321,995) (257,446)
Proceeds from sale of assets 41 -
--- ---
Net Cash Used by Investing Activities (321,954) (257,446)
-------- --------
Cash flows from financing activities:
Proceeds from bank credit facilities 240,000 -
Principal payments on notes payable (5,148) (5,461)
Proceeds from exercise of stock options 653 79
--- ---
Net Cash Provided (Used) by Financing
Activities 235,505 (5,382)
------- ------
Net increase (decrease) in cash and cash
equivalents $30,470 $(205,079)
------- ---------
Cash and cash equivalents, at beginning of
period $77,871 $295,002
Cash and cash equivalents, at end of period $108,341 $89,923
======== =======
Non-cash activities
Increase (decrease) in accounts payable and
accrued liabilities related to capital
expenditures $22,806 $(83,190)
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 12 mobile offshore drilling units and is constructing three ultra-deepwater drillships and one high-specification jackup. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."
SOURCE Atwood Oceanics, Inc.
