Atwood Oceanics Announces First Quarter Earnings

               Atwood Oceanics Announces First Quarter Earnings

PR Newswire

HOUSTON, Jan. 30, 2013

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 December31, 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 September30, 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 December31, 2011.



                            FOR THE THREE MONTHS ENDED
                                          (In thousands)
                            December31,  September30,   December31,
                            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
                   December31,  September30,  December31,
                   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
                   December31,  September30,  December31,
                   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)
                                                   December31,  September30,
                                                   2012          2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents                          $ 108,341     $  77,871
Accounts receivable, net of allowance for doubtful
accounts of $1,871 and $0 at December 31, 2012 and 142,934       167,186
September 30, 2012, respectively
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, $1.00 par value, 90,000 shares
authorized with 65,632 and 65,452 issued and       65,632        65,452
outstanding at December31, 2012 and September 30,
2012, respectively
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         6,177           843
liabilities
                                               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          235,505         (5,382)
Activities
Net increase (decrease) in cash and cash       $  30,470       $  (205,079)
equivalents
Cash and cash equivalents, at beginning of     $  77,871       $  295,002
period
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         $  22,806       $  (83,190)
expenditures

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.

Website: http://www.atwd.com
Contact: Mark L. Mey, +1-281-749-7902
 
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