EXHIBIT 99.1
Houston, Texas
May 1, 2013
FOR IMMEDIATE RELEASE - EARNINGS
ATWOOD OCEANICS, INC., announced today that the Company earned net income of $85.5 million or $1.28 per diluted share, on revenues of $253.2 million for the quarter ended March 31, 2013 compared to 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 and compared to net income of $59.5 million or $0.90 per diluted share, on revenues of $171.6 million for the quarter ended March 31, 2012. For the six months ended March 31, 2013, the Company earned net income of $158.4 million or $2.39 per diluted share, on revenues of $498.3 million compared to net income of $124.9 million or $1.90 per diluted share, on revenues of $356.3 million for the six months ended March 31, 2012.
|
| | | | | | | | | | | |
| | For the Three Months Ended |
| (In thousands, except per share amounts) | March 31,
2013 | | December 31,
2012 | | March 31,
2012 |
| Revenues | $ | 253,161 |
| | $ | 245,093 |
| | $ | 171,621 |
|
| Income before Income Taxes | 97,432 |
| | 84,087 |
| | 63,492 |
|
| Provision for Income Taxes | (11,913 | ) | | (11,256 | ) | | (4,026 | ) |
| Net Income | $ | 85,519 |
| | $ | 72,831 |
| | $ | 59,466 |
|
| | | | | | |
| Earnings per Common Share - | | | | | |
| Basic | 1.30 |
| | 1.11 |
| | 0.91 |
|
| Diluted | 1.28 |
| | 1.10 |
| | 0.90 |
|
| | | | | | |
| Weighted Average Shares | | | | | |
| Outstanding - | | | | | |
| Basic | 65,733 |
| | 65,528 |
| | 65,276 |
|
| Diluted | 66,589 |
| | 66,092 |
| | 65,781 |
|
|
| | | | | | | | | |
| | For the Six Month Ended |
| (In thousands, except per share amounts) | March 31,
2013 | | | | March 31,
2012 |
| | | | | | |
| Revenues | $ | 498,254 |
| | | | $ | 356,293 |
|
| Income before Income Taxes | 181,519 |
| | | | 141,423 |
|
| Provision for Income Taxes | (23,169 | ) | | | | (16,489 | ) |
| Net Income | $ | 158,350 |
| | | | $ | 124,934 |
|
| | | | | | |
| Earnings per Common Share - | | | | | |
| Basic | 2.41 |
| | | | 1.92 |
|
| Diluted | 2.39 |
| | | | 1.90 |
|
| | | | | | |
| Weighted Average Shares | | | | | |
| Outstanding - | | | | | |
| Basic | 65,631 |
| | | | 65,150 |
|
| Diluted | 66,341 |
| | | | 65,660 |
|
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
| | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | Six Months Ended March 31, |
| (In thousands, except per share amounts) | 2013 | | 2012 | | 2013 | | 2012 |
| REVENUES: | | | | | | | |
| Contract drilling | $ | 253,161 |
| | $ | 171,621 |
| | $ | 498,254 |
| | $ | 356,293 |
|
| | | | | | | | |
| COSTS AND EXPENSES: | | | | | | | |
| Contract drilling | 107,473 |
| | 79,342 |
| | 219,389 |
| | 157,686 |
|
| Depreciation | 28,482 |
| | 15,406 |
| | 56,060 |
| | 30,769 |
|
| General and administrative | 13,268 |
| | 11,552 |
| | 30,489 |
| | 25,646 |
|
| Other, net | (20 | ) | | 863 |
| | (13 | ) | | 863 |
|
| | 149,203 |
| | 107,163 |
| | 305,925 |
| | 214,964 |
|
| | | | | | | | |
| OPERATING INCOME | 103,958 |
| | 64,458 |
| | 192,329 |
| | 141,329 |
|
| | | | | | | | |
| OTHER INCOME (EXPENSE) | | | | | | | |
| Interest expense, net of capitalized interest | (6,547 | ) | | (1,080 | ) | | (10,955 | ) | | (1,683 | ) |
| Interest Income | 21 |
| | 114 |
| | 145 |
| | 200 |
|
| Other | — |
| | — |
| | — |
| | 1,577 |
|
| | (6,526 | ) | | (966 | ) | | (10,810 | ) | | 94 |
|
| | | | | | | | |
| INCOME BEFORE INCOME TAXES | 97,432 |
| | 63,492 |
| | 181,519 |
| | 141,423 |
|
| PROVISION FOR INCOME TAXES | 11,913 |
| | 4,026 |
| | 23,169 |
| | 16,489 |
|
| NET INCOME | $ | 85,519 |
| | $ | 59,466 |
| | $ | 158,350 |
| | $ | 124,934 |
|
| | | | | | | | |
| EARNINGS PER COMMON SHARE: | | | | | | | |
| Basic | 1.30 |
| | 0.91 |
| | 2.41 |
| | 1.92 |
|
| Diluted | 1.28 |
| | 0.90 |
| | 2.39 |
| | 1.90 |
|
| AVERAGE COMMON SHARES OUTSTANDING: | | | | | | | |
| Basic | 65,733 |
| | 65,276 |
| | 65,631 |
| | 65,150 |
|
| Diluted | 66,589 |
| | 65,781 |
| | 66,341 |
| | 65,660 |
|
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| | REVENUES |
| | Three Months Ended | | Six Months Ended |
| (In millions) | March 31,
2013 | | December 31,
2012 | | March 31,
2012 | | March 31,
2013 | | March 31,
2012 |
| Atwood Condor | $ | 39.3 |
| | $ | 40.4 |
| | $ | — |
| | $ | 79.7 |
| | $ | — |
|
| Atwood Osprey | $ | 36.9 |
| | $ | 42.4 |
| | $ | 37.2 |
| | $ | 79.3 |
| | $ | 77.0 |
|
| Atwood Eagle | 35.0 |
| | 27.5 |
| | 34.4 |
| | 62.5 |
| | 69.1 |
|
| Atwood Falcon | 34.0 |
| | 35.4 |
| | 11.9 |
| | 69.4 |
| | 40.6 |
|
| Atwood Hunter | 35.0 |
| | 37.1 |
| | 49.3 |
| | 72.1 |
| | 92.7 |
|
| Atwood Aurora | 11.8 |
| | 12.3 |
| | 12.5 |
| | 24.1 |
| | 25.2 |
|
| Atwood Beacon | 14.8 |
| | 14.0 |
| | 10.2 |
| | 28.8 |
| | 20.6 |
|
| Atwood Mako | 13.1 |
| | 13.3 |
| | — |
| | 26.3 |
| | — |
|
| Atwood Manta | 12.5 |
| | 3.2 |
| | — |
| | 15.8 |
| | — |
|
| Vicksburg | 9.9 |
| | 9.2 |
| | 8.6 |
| | 19.1 |
| | 17.2 |
|
| Reimbursable/Other | 10.9 |
| | 10.3 |
| | 7.5 |
| | 21.2 |
| | 13.9 |
|
| | $ | 253.2 |
| | $ | 245.1 |
| | $ | 171.6 |
| | $ | 498.3 |
| | $ | 356.3 |
|
|
| | | | | | | | | | | | | | | | | | | |
| | CONTRACT DRILLING COSTS |
| | Three Months Ended | | Six Months Ended |
| (In millions) | March 31,
2013 | | December 31,
2012 | | March 31,
2012 | | March 31,
2013 | | March 31,
2012 |
| Atwood Condor | $ | 14.6 |
| | $ | 14.3 |
| | $ | — |
| | $ | 28.9 |
| | $ | — |
|
| Atwood Osprey | $ | 15.4 |
| | $ | 15.3 |
| | $ | 15.7 |
| | $ | 30.8 |
| | $ | 31.3 |
|
| Atwood Eagle | 15.2 |
| | 19.9 |
| | 13.9 |
| | 35.0 |
| | 31.7 |
|
| Atwood Falcon | 13.4 |
| | 14.2 |
| | 11.0 |
| | 27.7 |
| | 17.9 |
|
| Atwood Hunter | 10.1 |
| | 11.6 |
| | 12.5 |
| | 21.7 |
| | 23.5 |
|
| Atwood Aurora | 6.2 |
| | 6.4 |
| | 8.1 |
| | 12.6 |
| | 16.7 |
|
| Atwood Beacon | 8.4 |
| | 10.2 |
| | 7.3 |
| | 18.6 |
| | 14.0 |
|
| Atwood Mako | 5.4 |
| | 5.1 |
| | — |
| | 10.5 |
| | — |
|
| Atwood Manta | 5.1 |
| | 2.1 |
| | — |
| | 7.2 |
| | — |
|
| Vicksburg | 4.6 |
| | 4.7 |
| | 4.9 |
| | 9.2 |
| | 10.1 |
|
| Reimbursable/Other | 9.1 |
| | 8.1 |
| | 5.9 |
| | 17.2 |
| | 12.5 |
|
| | $ | 107.5 |
| | $ | 111.9 |
| | $ | 79.3 |
| | $ | 219.4 |
| | $ | 157.7 |
|
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
| | | | | | | |
| (In thousands) | March 31,
2013 | | September 30,
2012 |
| ASSETS | | | |
| Cash and cash equivalents | $ | 117,707 |
| | $ | 77,871 |
|
| Accounts receivable, net of allowance for doubtful accounts of $1,545 and $0 at March 31, 2013 and September 30, 2012, respectively | 140,759 |
| | 167,186 |
|
| Income tax receivable | 5,949 |
| | 5,750 |
|
| Inventories of materials and supplies | 94,036 |
| | 80,290 |
|
| Prepaid expenses and deferred costs | 24,686 |
| | 39,437 |
|
| Total current assets | 383,137 |
| | 370,534 |
|
| | | | |
| Property and equipment, net | 2,888,235 |
| | 2,537,340 |
|
| | | | |
| Other receivables | 11,868 |
| | 11,875 |
|
| Deferred costs and other assets | 22,506 |
| | 24,013 |
|
| Total assets | $ | 3,305,746 |
| | $ | 2,943,762 |
|
| | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
| Accounts payable | $ | 73,774 |
| | $ | 83,592 |
|
| Accrued liabilities | 18,955 |
| | 24,478 |
|
| Notes payable | — |
| | 5,148 |
|
| Income tax payable | 16,293 |
| | 9,711 |
|
| Deferred credits | 14,274 |
| | 13,738 |
|
| Total current liabilities | 123,296 |
| | 136,667 |
|
| | | | |
| Long-term debt | 1,040,000 |
| | 830,000 |
|
| Deferred income taxes | 8,325 |
| | 8,791 |
|
| Deferred credits | 3,741 |
| | 8,928 |
|
| Other | 21,555 |
| | 19,954 |
|
| Total long-term liabilities | 1,073,621 |
| | 867,673 |
|
| | | | |
| Commitments and contingencies | | | |
| | | | |
| Preferred stock, no par value, 1,000 shares authorized, none outstanding | — |
| | — |
|
| Common stock, $1.00 par value, 90,000 shares authorized with 65,779 and 65,452 issued and outstanding at March 31, 2013 and September 30, 2012, respectively | 65,779 |
| | 65,452 |
|
| Paid-in capital | 170,444 |
| | 160,540 |
|
| Retained earnings | 1,874,791 |
| | 1,716,441 |
|
| Accumulated other comprehensive loss | (2,185 | ) | | (3,011 | ) |
| Total shareholders' equity | 2,108,829 |
| | 1,939,422 |
|
| Total liabilities and shareholders' equity | $ | 3,305,746 |
| | $ | 2,943,762 |
|
Atwood Oceanics, Inc. and Subsidiaries
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
| | | | | | | |
| | Six Months Ended March 31, |
| (In thousands) | 2013 | | 2012 |
| Cash flows from operating activities: | | | |
| Net income | $ | 158,350 |
| | $ | 124,934 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation | 56,060 |
| | 30,769 |
|
| Amortization of debt issuance costs | 2,073 |
| | 1,562 |
|
| Amortization of deferred items | 1,448 |
| | 791 |
|
| Provision for doubtful accounts | 1,871 |
| | — |
|
| Provision for inventory obsolescence | 360 |
| | 435 |
|
| Deferred income tax benefit | (466 | ) | | (425 | ) |
| Share-based compensation expense | 6,813 |
| | 4,931 |
|
| Other, net | (13 | ) | | 863 |
|
| Change in assets and liabilities: | | | |
| Accounts receivable | 24,563 |
| | (765 | ) |
| Income tax receivable | (199 | ) | | 1,764 |
|
| Inventory | (14,106 | ) | | (3,003 | ) |
| Prepaid expenses | 10,109 |
| | 6,285 |
|
| Deferred costs and other assets | (8,084 | ) | | (14,220 | ) |
| Accounts payable | (43,864 | ) | | 10,465 |
|
| Accrued liabilities | (5,282 | ) | | (7,337 | ) |
| Income tax payable | 6,582 |
| | 4,680 |
|
| Deferred credits and other liabilities | 8,247 |
| | (5,441 | ) |
| Net cash provided by operating activities | 204,462 |
| | 156,288 |
|
| | | | |
| Cash flows from investing activities: | | | |
| Capital expenditures | (372,957 | ) | | (397,444 | ) |
| Proceeds from sale of assets | 61 |
| | — |
|
| Net cash used in investing activities | (372,896 | ) | | (397,444 | ) |
| | | | |
| Cash flows from financing activities: | | | |
| Proceeds from issuance of bonds | — |
| | 450,000 |
|
| Proceeds from bank credit facilities | 310,000 |
| | 80,000 |
|
| Principal payments on bank credit facilities | (100,000 | ) | | (450,000 | ) |
| Principal payments on notes payable | (5,148 | ) | | (5,461 | ) |
| Proceeds from exercise of stock options | 3,418 |
| | 3,242 |
|
| Net cash provided by financing activities | 208,270 |
| | 77,781 |
|
| | | | |
| Net increase (decrease) in cash and cash equivalents | $ | 39,836 |
| | $ | (163,375 | ) |
| Cash and cash equivalents, at beginning of period | $ | 77,871 |
| | $ | 295,002 |
|
| Cash and cash equivalents, at end of period | $ | 117,707 |
| | $ | 131,627 |
|
| | | | |
| Non-cash activities | | | |
| Changes in accounts payable and accrued liabilities related to capital expenditures | $ | 34,046 |
| | $ | (65,662 | ) |
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 13 mobile offshore drilling units and is constructing three ultra-deepwater drillships. 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."
Contact: Mark L. Mey
(281) 749-7902
