EXHIBIT 99.1
[CDI LOGO] PRESSRELEASE
www.caldive.c Cal Dive International, Inc. - 400 N. Sam Houston Parkway
E., Suite 400 - Houston, TX 77060-3500 - 281-618-0400 - fax: 281-618-0505
FOR IMMEDIATE RELEASE 04-010
CONTACT: JIM NELSON
DATE: MAY 3, 2004 TITLE: VICE CHAIRMAN
CAL DIVE REPORTS FIRST QUARTER EARNINGS OF 36 CENTS
HOUSTON, TX - Cal Dive International, Inc. (Nasdaq: CDIS) reported record first
quarter net income of $13.6 million, or $0.36 per diluted share, an increase of
125% over year ago net income of $6.0 million or $0.16 per diluted share.
Approximately 3 cents of current quarter earnings per share are attributable to
a portion of the Q4000 construction costs qualifying for the Research &
Development tax credit. First quarter revenues of $120.7 million increased 36%
over the year ago quarter due to improved levels of oil and gas production and
DP vessel utilization.
Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, "Record
oil and gas production of 10 BCFe reflects three aspects of our strategy to grow
the scope of our oil and gas business: well exploitation to enhance production
from mature properties, successful PUD developments, and initial production from
CDI's interest in the deepwater Gunnison field. We are aggressively pursuing a
fourth element of this strategy: exporting the ERT model to other basins of the
world.
"Our Marine Contracting people did a great job securing 87% utilization for the
four large DP vessels added to the fleet in 2002 (the Q4000, Seawell, Intrepid
and Eclipse). This utilization enabled our contracting business to generate
positive returns in a quarter when weather typically limits activity in our two
major markets."
Mr. Kratz continued, "The record earnings in the first quarter were achieved
without any contribution from our new business segment, the ownership of
production facilities. Mechanical completion of the Marco Polo TLP was
established March 13. This event triggers the monthly fixed demand charge in the
second quarter, with tariff-related income expected around the end of June. A
binding Memorandum of Understanding has been signed to process production from
the nearby K2 field and we are actively involved in negotiations to tie back
production from other fields in the vicinity."
Cal Dive International, Inc., headquartered in Houston, Texas, 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.
This press release and accompanying shareholder report contain forward-looking
statements that involve risks, uncertainties and assumptions that could cause
our results to differ materially from those expressed or implied by such
forward-looking statements. All statements, other than statements of historical
fact, are statements that could be deemed forward-looking statements, including,
without limitation, any projections of revenue, gross margin, expenses, earnings
or losses from operations, or other financial items; any statements of the
plans, strategies and objectives of management for future operations; any
statement concerning developments, performance or industry rankings relating to
services; any statements regarding future economic conditions or performance;
any statements of expectation or belief; and any statements of assumptions
underlying any of the foregoing. The risks, uncertainties and assumptions
referred to above include the performance of contracts by suppliers, customers
and partners; employee management issues; as described from time to time in our
reports filed with the Securities and Exchange Commission, including the
company's Annual Report on Form 10-K for the year ending December 31, 2003. We
assume no obligation and do not intend to update these forward-looking
statements.
CAL DIVE INTERNATIONAL, INC.
COMPARATIVE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<Table>
<Caption>
Three Months Ended Mar. 31,
-----------------------------
(000's omitted, except per share data) 2004 2003
- ------------------------------------------------------------ ------------ ------------
(unaudited)
Net Revenues:
Marine Contracting $ 65,519 $ 54,229
Oil and Gas Production 55,195 34,671
------------ ------------
Total Revenues 120,714 88,900
Cost of Sales:
Marine Contracting 61,547 54,243
Oil and Gas Production 27,426 15,461
------------ ------------
Gross Profit 31,741 19,196
Selling and Administrative 11,158 8,953
------------ ------------
Income from Operations 20,583 10,243
Interest Expense (Income), net & Other 1,555 1,101
------------ ------------
Income Before Income Taxes 19,028 9,142
Income Tax Provision 5,019 3,291
------------ ------------
Income Before Change in Accounting Principle 14,009 5,851
Cumulative Effect of Change in Accounting Principle, net 0 530
------------ ------------
Net Income 14,009 6,381
Preferred Stock Dividends and Accretion 364 343
------------ ------------
Net Income Applicable to Common Shareholders $ 13,645 $ 6,038
============ ============
Other Financial Data:
Income from Operations $ 20,583 $ 10,243
Depreciation and Amortization:
Marine Contracting 8,900 7,825
Oil and Gas Production 17,500 8,203
------------ ------------
EBITDA (1) $ 46,983 $ 26,271
============ ============
Weighted Avg. Shares Outstanding:
Basic 37,946 37,553
Diluted 39,150 37,601
============ ============
Earnings Per Share:
Basic $ 0.36 $ 0.16
Diluted $ 0.36 $ 0.16
============ ============
</Table>
(1) The Company calculates EBITDA as earnings before net interest expense,
taxes, depreciation and amortization. EBITDA is a supplemental non-GAAP
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 performance of operations.
COMPARATIVE CONDENSED CONSOLIDATED BALANCE SHEETS
<Table>
<Caption>
ASSETS
(000'S omitted) Mar. 31, 2004 Dec. 31, 2003
- ---------------------------------------- ------------- -------------
(unaudited)
Current Assets:
Cash and equivalents $ 7,252 $ 8,811
Accounts receivable 101,077 96,607
Other current assets 28,066 25,232
------------- -------------
Total Current Assets 136,395 130,650
Net Property & Equipment:
Marine Contracting 422,971 420,834
Oil and Gas 188,273 197,969
Production Facilities - Deepwater Gateway 40,653 34,517
Goodwill 82,433 81,877
Other assets, net 18,223 16,995
------------- -------------
Total Assets $ 888,948 $ 882,842
============= =============
</Table>
<Table>
<Caption>
LIABILITIES & SHAREHOLDERS' EQUITY
Mar. 31, 2004 Dec. 31, 2003
--------------- ---------------
(unaudited)
Current Liabilities:
Accounts payable $ 39,787 $ 50,897
Accrued liabilities 49,390 36,850
Current mat of L-T debt 31,732(2) 16,199
--------------- ---------------
Total Current Liabilities 120,909 103,946
Long-term debt 172,614 206,632
Deferred income taxes 95,063 89,274
Decommissioning liabilities 75,141 75,269
Other long term liabilities 1,330 2,042
Convertible preferred stock 24,652 24,538
Shareholders' equity 399,239 381,141
--------------- ---------------
Total Liabilities & Equity $ 888,948 $ 882,842
=============== ===============
</Table>
(2) Reflects $15.9 million relating to the Company's revolving credit facility
(which expires February 2005). A new revolving credit facility is
currently being negotiated and should be in place later this year.