ATWOOD OCEANICS, INC. 
By HOUSTON, Feb. 1, 2012 /PRNewswire/ -- ATWOOD OCEANICS, INC., (NYSE: ATW), announced today that the Company earned net income of $65,468,000 or $1.00 per diluted share, on revenues of $184,672,000 for the quarter ended December 31, 2011 compared to net income of $72,927,000 or $1.12 per diluted share on revenues of $177,558,000 for the quarter ended September 30, 2011 and compared to net income of $52,850,000 or $0.81 per diluted share, on revenues of $146,286,000 for the quarter ended December 31, 2010.
FOR THE THREE MONTHS ENDED
December September December
31, 30, 31,
2011 2011 2010
---- ---- ----
Revenues $184,672,000 $177,558,000 $146,286,000
Income before Income
Taxes 77,931,000 83,918,000 63,240,000
Provision for Income
Taxes (12,463,000) (10,991,000) (10,390,000)
----------- ----------- -----------
Net Income $65,468,000 $72,927,000 $52,850,000
=========== =========== ===========
Earnings per Common
Share -
Basic 1.01 1.13 0.82
Diluted 1.00 1.12 0.81
Weighted Average
Shares
Outstanding -
Basic 65,024,000 64,754,000 64,528,000
Diluted 65,541,000 65,403,000 65,184,000
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share amounts)
THREE MONTHS
ENDED
DECEMBER 31,
------------
2011 2010
---- ----
REVENUES:
Contract drilling $184,672 $146,286
COSTS AND EXPENSES:
Contract drilling 78,344 58,344
Depreciation 15,363 8,803
General and administrative 14,094 15,664
Other, net - (61)
--- ---
107,801 82,750
------- ------
OPERATING INCOME 76,871 63,536
------ ------
OTHER INCOME (EXPENSE)
Interest expense, net of capitalized
interest (603) (678)
Interest income 86 382
Other 1,577 -
----- ---
1,060 (296)
----- ----
INCOME BEFORE INCOME TAXES 77,931 63,240
PROVISION FOR INCOME TAXES 12,463 10,390
------ ------
NET INCOME $65,468 $52,850
======= =======
EARNINGS PER COMMON SHARE:
Basic 1.01 0.82
Diluted 1.00 0.81
AVERAGE COMMON SHARES OUTSTANDING:
Basic 65,024 64,528
Diluted 65,541 65,184
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
FOR THE THREE MONTHS
ENDED
DECEMBER 31, 2011
CONTRACT
DRILLING
REVENUES COSTS
-------- -----
(In Millions)
Atwood Hunter $44.8 $12.2
Atwood Osprey 40.9 15.9
Atwood Eagle 35.5 18.2
Atwood Falcon 30.3 8.3
Atwood Aurora 12.7 8.8
Atwood Beacon 11.5 7.4
Vicksburg 9.0 5.3
Other - 2.2
--- ---
$184.7 $78.3
====== =====
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED SELECTED BALANCE SHEET
DATA
(In thousands)
DECEMBER 31, SEPTEMBER 30,
2011 2011
---- ----
CASH AND CASH
EQUIVALENTS $89,923 $295,002
NET PROPERTY AND
EQUIPMENT $2,046,214 $1,887,321
LONG-TERM DEBT $520,000 $520,000
SHAREHOLDERS'
EQUITY $1,719,916 $1,652,787
Atwood Oceanics, Inc. is an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns ten mobile offshore drilling units located in the United States Gulf of Mexico, South America, the Mediterranean Sea, West Africa, southeast Asia and Australia, and is constructing an ultra-deepwater semisubmersible, two ultra-deepwater drillships and three high-specification jackups for deliveries in 2012, 2013 and 2014. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. ordinary shares are traded on the New York Stock Exchange under the symbol "ATW".
SOURCE Atwood Oceanics, Inc.
