Cal Dive Reports Another Quarterly Earnings Record HOUSTON, March 1
/PRNewswire-FirstCall/ -- Cal Dive International, Inc.
(NASDAQ:CDIS) reported fourth quarter net income of $25.3 million
or $0.65 per diluted share, after pre-tax charges of $3.9 million,
or $0.06 per diluted share, associated with marine asset value
impairments. Net income, before charges, increased by 22%
sequentially and by 213% compared with the prior year quarter.
Summary of Results (in thousands, except per share amounts and
percentages) Fourth Quarter Third Quarter Year Ending 2004 2003
2004 2004 2003 Revenues $162,990 $101,675 $131,987 $543,392
$396,269 Gross Profit 53,030 24,685 45,726 171,912 92,083 33% 24%
35% 32% 23% Net Income 25,269 8,884 22,794 79,916 32,771 16% 9% 17%
15% 8% Diluted Earnings Per Share 0.65 0.23 0.59 2.06 0.87 Owen
Kratz, Chairman and Chief Executive Officer of Cal Dive, stated,
"This was our third consecutive quarter of record earnings, which
capped a memorable year of performance and profitability. Our
people worked tirelessly and diligently to achieve optimum results.
Return on capital (tax effected earnings before net interest
expense divided by average debt and equity) of 14% and EBITDA
margins of 44% are just two measures of our success throughout the
year. "At the start of 2005 we are witnessing clearly improving
market conditions for our Marine Contracting services and strong
contribution from our Oil and Gas Production division.
Additionally, we expect a ramp up in contribution from our
Production Facilities business in the second half of 2005."
Financial Highlights * Revenues: The $61.3 million increase in
year-over-year fourth quarter revenues reflects not only higher oil
and gas production and increases in commodity prices but also a
significant improvement in Marine Contracting revenues driven by
Hurricane Ivan work and improved market conditions. * Margins: 33%
was nine points better than the year-ago quarter due primarily to
the increased commodity prices. Marine Contracting margins were
higher as a result of improved utilization and rates, but were
offset by marine asset value impairment charges. During Q4, we
decided to sell the Merlin and accordingly wrote down her book
value to expected sales price. In addition, book values for two
shelf assets were deemed impaired and written down to realizable
value. Total pre-tax charges were $3.9 million. * SG&A: $14.1
million increased $4.4 million from the same period a year ago due
primarily to our incentive compensation programs and related
improved financial results. With this increase, SG&A was 9% of
fourth quarter revenues, compared to 10% a year ago. * Equity in
Earnings: $3.6 million reflects our share of Deepwater Gateway,
L.L.C.'s earnings for the quarter. This reflects a 16% increase
over the third quarter as production at the Marco Polo facility
began to ramp up. * Debt: EBITDA of $71.8 million for the quarter
enabled us to reduce total debt to $149 million and increase
unrestricted cash to $91 million as of year-end. This represents a
debt to book capitalization ratio of 22% and a net debt (total debt
less unrestricted cash) to book capitalization ratio of 10%.
Further details are provided in the presentation for Cal Dive's
quarterly conference call (see the Investor Relations page of
http://www.caldive.com/ ). The call, scheduled for 9:00 a.m.
Central Standard Time on Wednesday, March 2, 2005, will be webcast
live. A replay will be available from the Audio Archives page. Cal
Dive International, Inc., headquartered in Houston, Texas, is an
energy service company which provides alternate solutions to the
oil and gas industry worldwide for marginal field development,
alternative development plans, field life extension and
abandonment, with service lines including marine diving services,
robotics, well operations, facilities ownership and oil and gas
production. This press release and attached presentation 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" within
the meaning of the Private Securities Litigation Reform Act of
1995, 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
Three Months Ended Twelve Months Ended (000's omitted, except Dec.
31, Dec. 31, per share data) 2004 2003 2004 2003 (unaudited) Net
Revenues $162,990 $101,675 $543,392 $396,269 Cost of Sales 109,960
76,990 371,480 304,186 Gross Profit 53,030 24,685 171,912 92,083
Selling and Administrative 14,135 9,721 48,881 35,922 Income from
Operations 38,895 14,964 123,031 56,161 Equity in Earnings (Losses)
of Deepwater Gateway, L.L.C. 3,555 20 7,927 (87) Interest Expense,
net & Other 1,631 477 5,265 3,403 Income Before Income Taxes
40,819 14,507 125,693 52,671 Income Tax Provision 14,548 5,254
43,034 18,993 Income Before Change in Accounting Principle 26,271
9,253 82,659 33,678 Cumulative Effect of Change in Accounting
Principle, net --- --- --- 530 Net Income 26,271 9,253 82,659
34,208 Preferred Stock Dividends and Accretion 1,002 369 2,743
1,437 Net Income Applicable to Common Shareholders $25,269 $8,884
$79,916 $32,771 Other Financial Data: Income from Operations
$38,895 $14,964 $123,031 $56,161 Equity in Earnings (Losses) of
Deepwater Gateway, L.L.C. 3,555 20 7,927 (87) Depreciation and
Amortization: Marine Contracting 12,397 8,531 39,259 32,902 Oil and
Gas Production 16,963 12,441 69,046 37,891 EBITDA (A) $71,810
$35,956 $239,263 $126,867 Weighted Avg. Shares Outstanding: Basic
38,395 37,836 38,204 37,740 Diluted 39,615 37,933 39,531 37,844
Earnings Per Share: Basic $0.66 $0.23 $2.09 $0.87 Diluted $0.65
$0.23 $2.06 $0.87 (A) The Company calculates EBITDA as earnings
before net interest expense, taxes, depreciation and amortization
(which includes non- cash asset impairments). EBITDA and EBITDA
margin (defined as EBITDA divided by net revenue) are supplemental
non-GAAP financial measurements used by CDI and investors in the
marine construction industry in the evaluation of its business due
to the measurements being similar to income from operations.
Comparative Condensed Consolidated Balance Sheets ASSETS (000's
omitted) Dec. 31, Dec. 31, 2004 2003 (unaudited) Current Assets:
Cash and equivalents $91,142 $8,811 Accounts receivable 114,709
96,607 Other current assets 48,110 25,232 Total Current Assets
253,961 130,650 Net Property & Equipment: Marine Contracting
411,596 420,834 Oil and Gas Production 172,821 197,969 Investments
in Production Facilities 67,192 34,517 Goodwill 84,193 81,877 Other
assets, net 48,995 16,995 Total Assets $1,038,758 $882,842
LIABILITIES & SHAREHOLDERS' EQUITY Dec. 31, Dec. 31, 2004 2003
(unaudited) Current Liabilities: Accounts payable $56,047 $50,897
Accrued liabilities 75,502 36,850 Current mat of L-T debt 9,613
16,199 Total Current Liabilities 141,162 103,946 Long-term debt
138,947 206,632 Deferred income taxes 133,777 89,274
Decommissioning liabilities 79,490 75,269 Other long term
liabilities 5,090 2,042 Convertible preferred stock 55,000 24,538
Shareholders' equity 485,292 381,141 Total Liabilities & Equity
$1,038,758 $882,842 DATASOURCE: Cal Dive International, Inc.
CONTACT: Wade Pursell, Chief Financial Officer of Cal Dive
International, Inc., +1-281-618-0400, or fax, +1-281-618-0505 Web
site: http://www.caldive.com/
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