Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TRICO MARINE SERVICES INC | h68189xe8vk.htm |
| EX-99.3 - EX-99.3 - TRICO MARINE SERVICES INC | h68189xexv99w3.htm |
| EX-99.1 - EX-99.1 - TRICO MARINE SERVICES INC | h68189xexv99w1.htm |
| EX-99.5 - EX-99.5 - TRICO MARINE SERVICES INC | h68189xexv99w5.htm |
| EX-99.4 - EX-99.4 - TRICO MARINE SERVICES INC | h68189xexv99w4.htm |
| EX-99.7 - EX-99.7 - TRICO MARINE SERVICES INC | h68189xexv99w7.htm |
| EX-99.6 - EX-99.6 - TRICO MARINE SERVICES INC | h68189xexv99w6.htm |
| EX-99.8 - EX-99.8 - TRICO MARINE SERVICES INC | h68189xexv99w8.htm |
| EX-99.9 - EX-99.9 - TRICO MARINE SERVICES INC | h68189xexv99w9.htm |
| EX-99.10 - EX-99.10 - TRICO MARINE SERVICES INC | h68189xexv99w10.htm |
Exhibit 99.2
Summary
Consolidated Financial Data of the Trico Supply Group and Trico
Marine Services, Inc.
The Trico Supply
Group
The summary historical financial data for the Trico Supply Group
as of December 31, 2007 and 2008 and for each of the three
years ended December 31, 2006, 2007 and 2008 have been
derived from the audited consolidated financial statements and
related notes thereto of Trico Marine Services, Inc., included
elsewhere in this offering memorandum. The summary consolidated
historical financial data as of June 30, 2009 and for the
six months ended June 30, 2008 and 2009, have been derived
from our unaudited consolidated condensed interim financial
statements and related notes thereto included elsewhere in this
offering memorandum. The summary consolidated financial data
below for the twelve months ended June 30, 2009, has been
derived by adding the financial data for the year ended
December 31, 2008, and the financial data for the six
months ended June 30, 2009, and subtracting the financial
data for the six months ended June 30, 2008. Interim
results are not necessarily indicative of the results to be
expected for the entire fiscal year. In the opinion of
management, such information contains all adjustments consisting
of only normal recurring items necessary for a fair presentation
of the results for such periods. The results of operations for
interim periods are not necessarily indicative of the results of
operations for a full year. The presentation and disclosure
requirements of SFAS No. 160, “Noncontrolling
Interests in Consolidated Financial Statements an amendment of
ARB No. 51” were applied retrospectively and only
change the presentation of non-controlling interests and its
inclusion in equity for all prior periods. You should read the
following table in conjunction with “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” and our consolidated financial statements and
related notes included elsewhere in this offering memorandum.
|
Year Ended |
Six Months Ended |
Twelve Months |
||||||||||||||||||||||
| December 31, | June 30, | Ended June 30, | ||||||||||||||||||||||
| 2006 | 2007 | 2008 | 2008 | 2009 | 2009 | |||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
|
Statement of Operations Data:
|
||||||||||||||||||||||||
|
Revenues
|
$ | 122,375 | $ | 142,839 | $ | 445,219 | $ | 114,553 | $ | 253,909 | $ | 584,575 | ||||||||||||
|
Operating expenses
|
||||||||||||||||||||||||
|
Direct operating expenses
|
46,931 | 61,148 | 332,161 | 74,439 | 194,770 | 452,492 | ||||||||||||||||||
|
General and administrative
|
13,248 | 7,435 | 31,543 | 8,810 | 21,210 | 43,943 | ||||||||||||||||||
|
Depreciation and amortization
|
12,091 | 11,881 | 46,951 | 12,912 | 29,158 | 63,197 | ||||||||||||||||||
|
Impairments
|
— | — | 172,840 | — | 14,023 | 186,863 | ||||||||||||||||||
|
(Gain) loss on sales of assets
|
— | 20 | 69 | — | (15,137 | ) | (15,068 | ) | ||||||||||||||||
|
Total operating expenses
|
$ | 72,270 | $ | 80,484 | $ | 583,564 | $ | 96,161 | $ | 244,024 | $ | 731,427 | ||||||||||||
|
Operating income (loss)
|
$ | 50,105 | $ | 62,355 | $ | (138,345 | ) | $ | 18,392 | $ | 9,885 | $ | (146,852 | ) | ||||||||||
|
Interest expense, net of amounts capitalized
|
(729 | ) | (1,331 | ) | (32,776 | ) | (8,186 | ) | (18,313 | ) | (42,903 | ) | ||||||||||||
|
Interest income
|
1,416 | 3,568 | 10,620 | 3,615 | 5,950 | 12,955 | ||||||||||||||||||
|
Other income (expense), net
|
(484 | ) | (2,581 | ) | (2,361 | ) | (1,140 | ) | 945 | (276 | ) | |||||||||||||
|
Income tax (expense) benefit
|
(13,287 | ) | 368 | 14,566 | (206 | ) | 17,992 | 32,764 | ||||||||||||||||
|
Net income (loss) attributable to noncontrolling interest
|
— | — | 8 | (21 | ) | (1 | ) | 28 | ||||||||||||||||
|
Net income (loss) attributable to the Trico Supply Group
|
$ | 37,021 | $ | 62,379 | $ | (148,288 | ) | $ | 12,454 | $ | 16,458 | $ | (144,284 | ) | ||||||||||
20
|
Year Ended |
Six Months Ended |
Twelve Months |
||||||||||||||||||||||
| December 31, | June 30, | Ended June 30, | ||||||||||||||||||||||
| 2006 | 2007 | 2008 | 2008 | 2009 | 2009 | |||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
|
Balance Sheet Data (End of Period):
|
||||||||||||||||||||||||
|
Cash and cash equivalents (including current restricted cash)
|
NA | $ | 121,327 | $ | 67,169 | NA | $ | 25,585 | $ | 25,585 | ||||||||||||||
|
Property and equipment, net
|
NA | 382,052 | 706,210 | NA | 738,083 | 738,083 | ||||||||||||||||||
|
Total assets
|
NA | 298,509 | 416,822 | NA | 468,633 | 468,633 | ||||||||||||||||||
|
Debt, including current portion
|
||||||||||||||||||||||||
|
Secured debt
|
NA | $ | — | $ | 369,246 | NA | $ | 361,076 | $ | 361,076 | ||||||||||||||
|
Unsecured debt
|
NA | — | — | NA | — | — | ||||||||||||||||||
|
Total debt
|
NA | — | 369,246 | NA | 361,076 | 361,076 | ||||||||||||||||||
|
Equity
|
NA | 214,040 | (132,608 | ) | NA | (76,313 | ) | (76,313 | ) | |||||||||||||||
|
Cash Flow Data:
|
||||||||||||||||||||||||
|
Net cash provided by (used in):
|
||||||||||||||||||||||||
|
Operating activities
|
$ | 48,682 | $ | 71,133 | $ | 44,095 | $ | 55,891 | $ | 37,123 | $ | 25,327 | ||||||||||||
|
Investing activities
|
39,258 | (226,131 | ) | (573,796 | ) | (471,839 | ) | (19,744 | ) | (121,701 | ) | |||||||||||||
|
Financing activities
|
(35,655 | ) | 204,277 | 500,519 | 439,472 | (61,345 | ) | (298 | ) | |||||||||||||||
|
Other Financial Data:
|
||||||||||||||||||||||||
|
Acquisitions
|
— | 220,443 | 506,093 | 430,802 | — | 75,291 | ||||||||||||||||||
|
Capital expenditures for property and equipment
|
6,310 | 5,367 | 74,765 | 47,731 | 46,075 | 73,109 | ||||||||||||||||||
21