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-99.2 - EX-99.2 - TRICO MARINE SERVICES INC | h68189xexv99w2.htm |
| EX-99.1 - EX-99.1 - TRICO MARINE SERVICES INC | h68189xexv99w1.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 99.5
SELECTED
FINANCIAL DATA
The following table presents selected financial data about us
and our predecessor for the most recent five fiscal years. The
selected financial data 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 our audited consolidated
financial statements and related notes thereto, included
elsewhere in this offering memorandum. The selected financial
data as of December 31, 2005 and for the period from
March 15, 2005 through December 31, 2005 have been
derived from our audited consolidated financial statements and
related notes thereto, not included in this offering memorandum.
The selected financial data as of March 14, 2005 and
December 31, 2004 and for the period from January 1,
2005 though March 14, 2005 and for the year ended
December 31, 2004 have been derived form our
predecessor’s audited consolidated financial statements and
related notes thereto, not included in this offering memorandum.
The selected financial data for all prior periods has been
adjusted for the retrospective application of FSP APB
14-1,
“Accounting for Convertible Debt Instruments That May Be
Settled in Cash Upon Conversion (Including Partial Cash
Settlement).” The requirements of SFAS No. 160,
“Noncontrolling Interests in Consolidated Financial
Statements an amendment of ARB No. 51” were also
applied retrospectively and only change the presentation of
non-controlling interests and its inclusion in equity for all
prior years. You should read the following table in conjunction
with the financial statements, the related notes to those
financial statements and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations”
included elsewhere in this offering memorandum.
| Successor Company | Predecessor Company(1) | |||||||||||||||||||||||
|
Period |
Period |
|||||||||||||||||||||||
|
from |
from |
|||||||||||||||||||||||
|
March 15, |
January 1, |
|||||||||||||||||||||||
|
2005 |
2005 |
Year |
||||||||||||||||||||||
|
through |
through |
Ended |
||||||||||||||||||||||
| Years Ended December 31, |
December 31, |
March 14, |
December 31, |
|||||||||||||||||||||
| 2008(2) | 2007 | 2006 | 2005 | 2005 | 2004 | |||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||||||||
|
Statement of Operations Data:
|
||||||||||||||||||||||||
|
Revenues
|
$ | 556,131 | $ | 256,108 | $ | 248,717 | $ | 152,399 | $ | 29,866 | $ | 112,510 | ||||||||||||
|
Impairments
|
172,840 | (3) | 116 | 2,580 | 2,237 | — | 19,309 | |||||||||||||||||
|
Operating income (loss)
|
(127,545 | ) | 66,630 | 88,390 | 41,816 | 879 | (48,719 | ) | ||||||||||||||||
|
Reorganization costs
|
— | — | — | — | (6,659 | ) | (8,617 | ) | ||||||||||||||||
|
Fresh-start adjustments
|
— | — | — | — | (219,008 | ) | — | |||||||||||||||||
|
Interest expense
|
(35,836 | ) | (7,568 | ) | (1,286 | ) | (6,430 | ) | (1,940 | ) | (33,405 | ) | ||||||||||||
|
Interest income
|
9,875 | 14,132 | 4,198 | 615 | — | 423 | ||||||||||||||||||
|
Unrealized gain on
mark-to-market
of embedded derivative
|
52,653 | (4) | — | — | — | — | — | |||||||||||||||||
|
Gain on conversion of debt
|
9,008 | (5) | — | — | — | — | — | |||||||||||||||||
|
Net income (loss) attributable to Trico Marine Services,
Inc.
|
(113,655 | ) | 60,172 | 58,724 | 20,100 | (61,361 | ) | (95,952 | ) | |||||||||||||||
|
Earnings (loss) per
|
||||||||||||||||||||||||
|
Common share:
|
||||||||||||||||||||||||
|
Basic
|
$ | (7.71 | ) | $ | 4.13 | $ | 4.01 | $ | 1.78 | $ | (1.66 | ) | $ | (2.60 | ) | |||||||||
|
Diluted
|
(7.71 | ) | 3.98 | 3.86 | 1.74 | (1.66 | ) | (2.60 | ) | |||||||||||||||
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| Successor Company | Predecessor Company(1) | |||||||||||||||||||||||
|
Period |
Period |
|||||||||||||||||||||||
|
from |
from |
|||||||||||||||||||||||
|
March 15, |
January 1, |
|||||||||||||||||||||||
|
2005 |
2005 |
Year |
||||||||||||||||||||||
|
through |
through |
Ended |
||||||||||||||||||||||
| Years Ended December 31, |
December 31, |
March 14, |
December 31, |
|||||||||||||||||||||
| 2008(2) | 2007 | 2006 | 2005 | 2005 | 2004 | |||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
|
Balance Sheet Data:
|
||||||||||||||||||||||||
|
Working capital excess (deficit)
|
$ | 11,680 | $ | 140,004 | $ | 151,068 | $ | 46,259 | NA | $ | (26,660 | ) | ||||||||||||
|
Property and equipment, net
|
804,410 | 473,614 | 231,848 | 225,646 | NA | 459,211 | ||||||||||||||||||
|
Total assets
|
1,202,736 | 680,447 | 435,322 | 344,222 | NA | 550,755 | ||||||||||||||||||
|
Total debt
|
770,080 | 119,345 | 9,863 | 46,538 | NA | 147,131 | ||||||||||||||||||
|
Liabilities (subject to compromise)
|
— | — | — | — | NA | 275,179 | ||||||||||||||||||
|
Total Trico Marine Services, Inc. stockholders’ equity
|
178,994 | 430,125 | 312,338 | 222,432 | NA | 63,841 | ||||||||||||||||||
|
Cash Flow Data:
|
||||||||||||||||||||||||
|
Cash flows from operations
|
$ | 79,938 | $ | 112,476 | $ | 101,731 | $ | 27,174 | $ | 9,168 | $ | (14,761 | ) | |||||||||||
|
Cash flows from investing
|
(592,877 | ) | (235,269 | ) | (23,227 | ) | 4,292 | (650 | ) | (5,144 | ) | |||||||||||||
|
Cash flows from financing
|
502,596 | 130,361 | (16,261 | ) | 1,299 | (2,596 | ) | 7,048 | ||||||||||||||||
|
Effect of exchange rate on cash
|
(26,507 | ) | 9,722 | 712 | (701 | ) | 62 | 135 | ||||||||||||||||
|
Net increase (decrease) in cash
|
(36,850 | ) | 17,290 | 62,955 | 32,064 | 5,984 | (12,722 | ) | ||||||||||||||||
| (1) | We exited bankruptcy protection on March 15, 2005. In accordance with Statement of Position 90-7, Financial Reporting by Entities in Reorganization Under the Bankruptcy Code, we adopted “fresh-start” accounting as of March 15, 2005. Fresh-start accounting is required upon a substantive change in control and requires that the reporting entity allocate the reorganization value to our assets and liabilities in a manner similar to that which is required under Statement of Financial Accounting Standards No. 141, Business Combinations. Under the provisions of fresh-start accounting, a new entity has been deemed created for financial reporting purposes. | |
| (2) | We acquired DeepOcean and CTC Marine on May 15, 2008. See “Management’s Discussion and Analysis of Financial Condition and Results of Operation — Significant Events — Acquisition of DeepOcean and CTC Marine” for the contributions of DeepOcean and CTC Marine to our operating results for 2008, and Note 4 to our consolidated financial statements included in this offering memorandum for pro forma results from this acquisition. | |
| (3) | Includes impairment of goodwill of $169.7 million and tradenames of $3.1 million based on our annual impairment analysis under SFAS 142. | |
| (4) | We have an embedded derivative within our 6.5% debentures that requires bifurcation and valuation under SFAS No. 133. The estimate of fair value of the embedded derivative will fluctuate based upon various factors that include our common stock closing price, volatility, United States Treasury bond rates, and the time value of options. The calculation of the fair value of the derivative requires the use of a Monte Carlo simulation lattice option-pricing model. On December 31, 2008, the estimated fair value of the derivative was $1.1 million resulting in a $52.7 million unrealized gain for the year ended December 31, 2008. | |
| (5) | In December 2008, two holders of our 6.5% debentures converted $22 million principal amount of the debentures, collectively, for a combination of $6.3 million in cash related to the interest make-whole provision and 544,284 shares of our common stock based on the initial conversion rate of 24.74023 shares for each $1,000 in principal amount of debentures. We recognized a gain on conversion of $9.0 million. |
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