Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TRICO MARINE SERVICES INC | h80235e8vk.htm |
| EX-99.4 - EX-99.4 - TRICO MARINE SERVICES INC | h80235exv99w4.htm |
| EX-99.1 - EX-99.1 - TRICO MARINE SERVICES INC | h80235exv99w1.htm |
| EX-99.3 - EX-99.3 - TRICO MARINE SERVICES INC | h80235exv99w3.htm |
Exhibit 99.2
QUARTERLY UNAUDITED CONDENSED FINANCIAL INFORMATION
OF THE TRICO SUPPLY GROUP
FOR THE QUARTER ENDED SEPTEMBER 30, 2010
OF THE TRICO SUPPLY GROUP
FOR THE QUARTER ENDED SEPTEMBER 30, 2010
Trico Supply Group Condensed Consolidated Balance Sheets as of
September 30, 2010 and December 31, 2009 (Unaudited) |
2 | |||
Trico Supply Group Condensed Consolidated Statements of Operations for
the three and nine months ended September 30, 2010 and 2009
(Unaudited) |
3 | |||
Trico Supply Group Condensed Consolidated Statements of Cash Flows for
the nine months ended September 30, 2010 and 2009 (Unaudited) |
4 |
1
TRICO SUPPLY GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
| September 30, | December 31, | |||||||
| 2010 | 2009 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 24,063 | $ | 40,190 | ||||
Restricted cash |
984 | 2,853 | ||||||
Accounts receivable, net |
98,042 | 71,478 | ||||||
Prepaid expenses and other current assets |
12,393 | 18,006 | ||||||
Assets held for sale |
74,050 | 12,945 | ||||||
Total current assets |
209,532 | 145,472 | ||||||
Net property and equipment, net |
410,779 | 648,973 | ||||||
Intangible assets, net |
95,128 | 116,471 | ||||||
Other assets |
13,611 | 36,959 | ||||||
Total assets |
$ | 729,050 | $ | 947,875 | ||||
LIABILITIES AND ACCUMULATED DEFICIT |
||||||||
Current liabilities: |
||||||||
Short-term and current maturities of long-term debt |
$ | 449,222 | $ | 20,087 | ||||
Accounts payable |
63,169 | 34,993 | ||||||
Accrued expenses |
69,148 | 71,702 | ||||||
Accrued interest |
21,480 | 8,474 | ||||||
Foreign taxes payable |
— | 4,594 | ||||||
Income taxes payable |
— | 8,124 | ||||||
Total current liabilities |
603,019 | 147,974 | ||||||
Long-term debt |
— | 385,972 | ||||||
Due to Holdco — debt and payables, net |
476,635 | 490,458 | ||||||
Foreign taxes payable |
15,662 | 31,886 | ||||||
Deferred income taxes |
8,680 | 19,219 | ||||||
Other liabilities |
15,756 | 9,790 | ||||||
Total liabilities |
1,119,752 | 1,085,299 | ||||||
Commitments and contingencies |
— | — | ||||||
Total accumulated deficit |
(390,702 | ) | (137,424 | ) | ||||
Total liabilities and accumulated deficit |
$ | 729,050 | $ | 947,875 | ||||
2
TRICO SUPPLY GROUP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenues |
$ | 131,820 | $ | 174,736 | $ | 345,955 | $ | 428,645 | ||||||||
Operating expenses: |
||||||||||||||||
Direct operating expenses |
109,860 | 129,943 | 286,957 | 324,713 | ||||||||||||
General and administrative |
15,003 | 10,333 | 33,957 | 31,551 | ||||||||||||
Depreciation and amortization |
16,967 | 15,999 | 48,652 | 45,157 | ||||||||||||
Impairments |
105,564 | 1,184 | 189,752 | 15,207 | ||||||||||||
(Gain) loss on sales of assets |
(4 | ) | 762 | (3,890 | ) | (14,375 | ) | |||||||||
Total operating expenses |
247,390 | 158,221 | 555,428 | 402,253 | ||||||||||||
Operating income (loss) |
(115,570 | ) | 16,515 | (209,473 | ) | 26,392 | ||||||||||
Interest expense, net of amounts
capitalized |
(47,990 | ) | (5,416 | ) | (85,419 | ) | (23,729 | ) | ||||||||
Interest income |
76 | 2,268 | 6,907 | 9,042 | ||||||||||||
Restructuring costs |
(6,836 | ) | — | (9,868 | ) | — | ||||||||||
Other income (expense), net |
67,395 | 28,344 | 160 | 29,288 | ||||||||||||
Income (loss) before income taxes |
(102,925 | ) | 41,711 | (297,693 | ) | 40,993 | ||||||||||
Income tax (benefit) expense |
(52,646 | ) | (710 | ) | (39,481 | ) | (18,703 | ) | ||||||||
Net income (loss) |
(50,279 | ) | 42,421 | (258,212 | ) | 59,696 | ||||||||||
Less: Net (income) loss
attributable to the
noncontrolling interest |
— | — | — | (1 | ) | |||||||||||
Net income (loss) attributable
to Trico Supply Group |
$ | (50,279 | ) | $ | 42,421 | $ | (258,212 | ) | $ | 59,695 | ||||||
3
TRICO SUPPLY GROUP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
| For the Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2010 | 2009 | |||||||
Net cash provided by (used in) operating activities |
$ | (9,666 | ) | $ | 55,760 | |||
Cash flows from investing activities: |
||||||||
Purchases of property and equipment |
(36,941 | ) | (64,197 | ) | ||||
Proceeds from sales of assets |
15,439 | 26,224 | ||||||
(Increase) decrease in restricted cash |
1,200 | 1,274 | ||||||
Net cash used in investing activities |
(20,302 | ) | (36,699 | ) | ||||
Cash flows from financing activities: |
||||||||
Borrowings (repayments) from debt, net |
29,109 | (52,185 | ) | |||||
Repayments on debt between subsidiaries, net |
(16,500 | ) | (27,099 | ) | ||||
Capital contribution |
7,000 | 20,490 | ||||||
Debt issuance costs |
(6,391 | ) | (430 | ) | ||||
Net cash provided by (used in) financing activities |
13,218 | (59,224 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents |
623 | 9,247 | ||||||
Net decrease in cash and cash equivalents |
(16,127 | ) | (30,916 | ) | ||||
Cash and cash equivalents at beginning of period |
40,190 | 64,488 | ||||||
Cash and cash equivalents at end of period |
$ | 24,063 | $ | 33,572 | ||||
4