ATWOOD OCEANICS, INC. 
By HOUSTON, Aug. 1, 2012 /PRNewswire/ -- ATWOOD OCEANICS, INC. announced today that the Company earned net income of $51.7 million or $0.79 per diluted share, on revenues of $178.6 million for the quarter ended June 30, 2012 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 and compared to net income of $75.3 million or $1.15 per diluted share, on revenues of $162.1 million for the quarter ended June 30, 2011. For the nine months ended June 30, 2012, the Company earned net income of $176.6 million or $2.69 per diluted share, on revenues of $534.9 million compared to net income of $198.7 million or $3.04 per diluted share, on revenues of $467.5 million for the nine months ended June 30, 2011.
FOR THE THREE MONTHS ENDED
(In thousands)
June 30, March 31, June 30,
2012 2012 2011
---- ---- ----
Revenues $178,603 $171,621 $162,147
Income
before
Income
Taxes 61,990 63,492 87,203
Provision
for
Income
Taxes (10,279) (4,026) (11,918)
Net
Income $51,711 $59,466 $75,285
======= ======= =======
Earnings
per
Common
Share
-
Basic 0.79 0.91 1.16
Diluted 0.79 0.90 1.15
Weighted
Average
Shares
Outstanding -
Basic 65,362 65,276 64,820
Diluted 65,823 65,781 65,470
FOR THE NINE MONTHS ENDED
(In thousands)
June 30, June 30,
2012 2011
---- ----
Revenues $534,896 $467,518
Income
before
Income
Taxes 203,413 240,929
Provision
for
Income
Taxes (26,768) (42,182)
Net Income $176,645 $198,747
======== ========
Earnings
per
Common
Share -
Basic 2.71 3.07
Diluted 2.69 3.04
Weighted
Average
Shares
Outstanding -
Basic 65,221 64,689
Diluted 65,715 65,355
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended June 30, Nine Months Ended June 30,
=========================== ==========================
2012 2011 2012 2011
---- ---- ---- ----
REVENUES:
Contract drilling $178,603 $162,147 $534,896 $467,518
-------- -------- -------- --------
COSTS AND EXPENSES:
Contract drilling 87,374 53,004 245,060 161,750
Depreciation 15,650 10,395 46,419 27,991
General and
administrative 11,856 9,742 37,502 34,480
Other, net 274 - 1,137 (77)
--- --- ----- ---
115,154 73,141 330,118 224,144
------- ------ ------- -------
OPERATING INCOME 63,449 89,006 204,778 243,374
------ ------ ------- -------
OTHER INCOME (EXPENSE)
Interest expense, net of
capitalized interest (1,517) (1,900) (1,623) (3,037)
Interest Income 58 97 258 592
--- --- --- ---
(1,459) (1,803) (1,365) (2,445)
------ ------ ------ ------
INCOME BEFORE INCOME
TAXES 61,990 87,203 203,413 240,929
PROVISION FOR INCOME
TAXES 10,279 11,918 26,768 42,182
------ ------ ------ ------
NET INCOME $51,711 $75,285 $176,645 $198,747
======= ======= ======== ========
EARNINGS PER COMMON
SHARE:
Basic 0.79 1.16 2.71 3.07
Diluted 0.79 1.15 2.69 3.04
AVERAGE COMMON SHARES
OUTSTANDING:
Basic 65,362 64,820 65,221 64,689
Diluted 65,823 65,470 65,715 65,355
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES AND DRILLING COSTS
(Unaudited)
REVENUES
(In millions)
------------
Three Months Ended Nine Months Ended
------------------ -----------------
June 30, March 31, June 30, June 30, June 30,
2012 2012 2011 2012 2011
---- ---- ---- ---- ----
Atwood Osprey $45.0 $38.5 $16.2 $124.3 $16.2
Atwood Eagle 31.6 35.1 39.6 102.2 104.6
Atwood Falcon 18.3 14.1 39.0 62.8 118.5
Atwood Hunter 48.2 50.6 40.4 143.5 140.2
Atwood Beacon 10.8 11.5 12.2 33.8 34.1
Atwood Aurora 14.9 13.0 6.1 40.6 28.5
Vicksburg 8.3 8.8 8.8 26.2 25.6
Other 1.5 - (0.2) 1.5 (0.2)
--- --- ---- --- ----
$178.6 $171.6 $162.1 $534.9 $467.5
====== ====== ====== ====== ======
CONTRACT DRILLING COSTS
(In millions)
------------
Three Months Ended Nine Months Ended
------------------ -----------------
June 30, March 31, June 30, June 30, June 30,
2012 2012 2011 2012 2011
---- ---- ---- ---- ----
Atwood Osprey $16.1 $16.3 $6.5 $48.2 $8.4
Atwood Eagle 14.9 14.6 16.7 47.7 49.4
Atwood Falcon 21.0 12.2 7.9 41.4 23.0
Atwood Hunter 11.7 13.6 7.1 37.6 26.0
Atwood Beacon 7.6 8.5 7.2 23.5 23.6
Atwood Aurora 7.4 8.4 3.7 24.6 14.6
Vicksburg 4.8 5.1 3.7 15.2 11.9
Other 3.9 0.6 0.2 6.9 4.9
--- --- --- --- ---
$87.4 $79.3 $53.0 $245.1 $161.8
===== ===== ===== ====== ======
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, September 30,
2012 2011
---- ----
ASSETS
CURRENT
ASSETS:
Cash and
cash
equivalents $78,980 $295,002
Accounts
receivable,
net of
allowance
for
doubtful
accounts 84,380 87,173
Income tax
receivable 4,741 5,631
Inventories
of
materials
and
supplies 72,848 58,263
Prepaid
expenses
and
deferred
costs 9,608 14,862
----- ------
Total
current
assets 250,557 460,931
------- -------
PROPERTY AND
EQUIPMENT,
net 2,372,446 1,887,321
LONG TERM
ASSETS:
Other
receivables 11,875 11,875
Deferred
costs and
other
assets 29,367 15,264
------ ------
Total long-
term assets 41,242 27,139
Total assets $2,664,245 $2,375,391
========== ==========
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
CURRENT
LIABILITIES:
Accounts
payable $72,094 $113,021
Accrued
liabilities 33,549 30,680
Notes
payable - 5,461
Income tax
payable 3,602 8,461
Deferred
credits 26,473 1,700
------ -----
Total
current
liabilities 135,718 159,323
------- -------
LONG TERM
LIABILITIES:
Long-term
debt 655,000 520,000
Deferred
income
taxes 9,267 9,780
Deferred
credits 6,686 7,910
Other 18,287 25,591
------ ------
Total long-
term
liabilities 689,240 563,281
------- -------
COMMITMENTS
AND
CONTINGENCIES
(SEE NOTE
10)
SHAREHOLDERS'
EQUITY:
Preferred
stock, no
par value;
1,000 shares
authorized,
none
outstanding - -
Common
Stock, $1
par value;
90,000
shares respectively
authorized
with 65,363
and 64,960
issued and
outstanding
at June 30,
2012 and
September
30, 2011, 65,363 64,960
Paid-in
capital 155,652 145,084
Retained
earnings 1,620,915 1,444,270
Accumulated
other
comprehensive
loss (2,643) (1,527)
------ ------
Total
shareholders'
equity 1,839,287 1,652,787
Total
liabilities
and
shareholders'
equity $2,664,245 $2,375,391
========== ==========
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 10 mobile offshore drilling units and is constructing 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. common stock is traded on the New York Stock Exchange under the symbol "ATW."
SOURCE Atwood Oceanics, Inc.
