Attached files
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| 8-K - CAL DIVE FORM 8-K 4Q11 EARNINGS RELEASE - Cal Dive International, Inc. | form8k022912-4q11.htm |
| EX-99.1 - CAL DIVE 4Q11 EARNINGS RELEASE - Cal Dive International, Inc. | exh99_1.htm |
EXHIBIT 99.2
Cal Dive International
4th Quarter 2011 Earnings Conference Call
Forward-Looking Statements
This presentation may include “forward-looking” statements that are generally identifiable through our
use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project” and similar
expressions and include any statements that we make regarding our earnings expectations. The forward-
looking statements speak only as of the date of this presentation, and we undertake no obligation to
update or revise such statements to reflect new information or events as they occur. Our actual future
results may differ materially due to a variety of factors, including current economic and financial market
conditions, changes in commodity prices for natural gas and oil and in the level of offshore exploration,
development and production activity in the oil and natural gas industry, the impact on the market and
regulatory environment in the U.S. Gulf of Mexico resulting from the Macondo well blowout, our inability
to obtain contracts with favorable pricing terms if there is a downturn on our business cycle, intense
competition in our industry, the operational risks inherent in our business, and other risks detailed in our
Form 10-K on file with the Securities and Exchange Commission.
use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project” and similar
expressions and include any statements that we make regarding our earnings expectations. The forward-
looking statements speak only as of the date of this presentation, and we undertake no obligation to
update or revise such statements to reflect new information or events as they occur. Our actual future
results may differ materially due to a variety of factors, including current economic and financial market
conditions, changes in commodity prices for natural gas and oil and in the level of offshore exploration,
development and production activity in the oil and natural gas industry, the impact on the market and
regulatory environment in the U.S. Gulf of Mexico resulting from the Macondo well blowout, our inability
to obtain contracts with favorable pricing terms if there is a downturn on our business cycle, intense
competition in our industry, the operational risks inherent in our business, and other risks detailed in our
Form 10-K on file with the Securities and Exchange Commission.
2
Presentation Outline
3
Summary of 4Q 2011 Results
Backlog
Discussion of Financial Results
Non-GAAP Reconciliations
Questions & Answers
Summary of 4Q Results
4
Strong profitability in Australia for diving
related work on Gorgon project.
Decreased domestic financial results
compared to 4Q 10 due to harsher weather
in December and dry-dock of Uncle John.
Bahamas construction project performed in 4Q 10
did not reoccur in 4Q 11.
Strong free cash flow during quarter.
No borrowings under revolving credit facility
at year end.
Backlog
5
($ millions)
Financial Results
6
(1) See reconciliation on Non-GAAP financial measures at the end of the presentation.
(2) Tax effected.
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(all amounts in thousands, except per share
amounts and percentages) |
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Three Months
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Twelve Months
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Ended December 31,
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Ended December 31,
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2011
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2010
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2011
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2010
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Revenues
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$127,434
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$161,040
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$479,811
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$536,468
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Gross Profit
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7,788
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23,673
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14,266
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62,442
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Margins
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6%
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15%
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3%
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12%
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Net Loss
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($8,771)
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($2,382)
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($66,897)
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($315,849)
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Margins
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(7%)
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(1%)
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(14%)
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(59%)
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Diluted Loss Per Share
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($0.10)
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($0.03)
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($0.73)
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($3.47)
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Net Loss
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($8,771)
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($2,382)
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($66,897)
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($315,849)
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Non-cash fixed asset impairments (2)
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1,561
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-
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30,356
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15,048
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Non-cash goodwill impairment (2)
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-
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-
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-
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287,464
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Net Loss excluding impairments
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($7,210)
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($2,382)
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($36,541)
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($13,337)
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Margins
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(6%)
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(1%)
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(8%)
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(2%)
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Non-GAAP Diluted Loss Per Share
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($0.08)
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($0.03)
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($0.40)
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($0.15)
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EBITDA (1)
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$12,610
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$27,683
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$36,913
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$79,867
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Margins
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10%
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17%
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8%
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15%
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Utilization
7
(1) Effective vessel utilization is calculated by dividing the total number of days the vessels generated revenues by the total number of days the vessels were
available for operation in each period excluding days in which the vessels were in drydock or taken out of service for upgrades.
available for operation in each period excluding days in which the vessels were in drydock or taken out of service for upgrades.
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(The following statistics are for owned
and operated vessels only) |
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Three Months
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Twelve Months
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Ended December 31,
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Ended December 31,
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2011
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2010
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2011
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2010
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Effective Utilization (1) -
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Saturation Diving Vessels
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47%
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66%
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56%
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65%
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Surface Diving Vessels
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20%
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46%
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39%
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51%
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Construction Barges
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32%
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33%
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25%
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29%
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Total Fleet
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31%
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47%
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39%
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47%
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Calendar Day Utilization -
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Saturation Diving Vessels
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43%
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64%
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51%
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61%
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Surface Diving Vessels
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20%
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43%
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37%
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49%
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Total Fleet
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30%
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46%
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37%
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45%
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International Revenue
8
($ millions)
Debt Levels
9
(1) Calculated as Total Debt less Cash and Cash Equivalents.
(2) Calculated as Net Debt divided by Stockholders’ Equity plus Net Debt.
Liquidity
10
Cash at 12/31/2011:
$16 Million
$16 Million
*Revolver size temporarily steps
down to $75 million for 1Q12 and
then subsequently returns to $150
million.
down to $75 million for 1Q12 and
then subsequently returns to $150
million.
Non-GAAP Reconciliations
11
EBITDA Reconciliations
12
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(all amounts in thousands)
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Three Months
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Twelve Months
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Ended December 31,
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Ended December 31,
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2011
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2010
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2011
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2010
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EBITDA (unaudited)
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$12,610
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$27,683
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$36,913
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$79,867
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Less: Depreciation & Amortization
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15,524
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17,008
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66,692
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68,961
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Less: Non-Cash Stock Comp. Expense
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2,400
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2,061
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9,563
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7,427
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Less: Interest Expense, net
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2,815
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2,225
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9,227
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9,060
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Less: Income Tax Expense (Benefit)
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(919)
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8,680
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(19,871)
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(5,443)
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Less: Non-Cash Goodwill Impairment Charge
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-
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-
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-
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292,469
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Less: Non-Cash Fixed Asset Impairment Charge
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1,561
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91
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38,199
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23,242
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Net Loss
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($8,771)
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($2,382)
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($66,897)
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($315,849)
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