ATWOOD OCEANICS INC - FORM 8-K - EX-99.1 - FINANCIAL STATEMENTS

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8-K - 3RD QTR EARNINGS - ATWOOD OCEANICS INC	atw-20126308xk.htm

EXHIBIT 99.1

Houston, Texas

August 1, 2012

FOR IMMEDIATE RELEASE - EARNINGS

ATWOOD OCEANICS, INC., announced today that the Company earned net income of $51.7 million or $0.79 per diluted share, on revenues of $178.6 million for the quarter ended June 30, 2012 compared to net income of $59.5 million or $0.90 per diluted share on revenues of $171.6 million for the quarter ended March 31, 2012 and compared to net income of $75.3 million or $1.15 per diluted share, on revenues of $162.1 million for the quarter ended June 30, 2011. For the nine months ended June 30, 2012, the Company earned net income of $176.6 million or $2.69 per diluted share, on revenues of $534.9 million compared to net income of $198.7 million or $3.04 per diluted share, on revenues of $467.5 million for the nine months ended June 30, 2011.



	FOR THE THREE MONTHS ENDED
				(In thousands)
	June 30, 2012			March 31, 2012			June 30, 2011

Revenues	$	178,603		$	171,621		$	162,147
Income before Income Taxes	61,990			63,492			87,203
Provision for Income Taxes	(10,279		)	(4,026		)	(11,918		)
Net Income	$	51,711		$	59,466		$	75,285

Earnings per Common Share -
Basic	0.79			0.91			1.16
Diluted	0.79			0.90			1.15

Weighted Average Shares
Outstanding -
Basic	65,362			65,276			64,820
Diluted	65,823			65,781			65,470



	FOR THE NINE MONTHS ENDED
				(In thousands)
	June 30, 2012				June 30, 2011

Revenues	$	534,896			$	467,518
Income before Income Taxes	203,413				240,929
Provision for Income Taxes	(26,768		)		(42,182		)
Net Income	$	176,645			$	198,747

Earnings per Common Share -
Basic	2.71				3.07
Diluted	2.69				3.04

Weighted Average Shares
Outstanding -
Basic	65,221				64,689
Diluted	65,715				65,355

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)




	Three Months Ended June 30,						Nine Months Ended June 30,
	2012			2011			2012			2011

REVENUES:
Contract drilling	$	178,603		$	162,147		$	534,896		$	467,518

COSTS AND EXPENSES:
Contract drilling	87,374			53,004			245,060			161,750
Depreciation	15,650			10,395			46,419			27,991
General and administrative	11,856			9,742			37,502			34,480
Other, net	274			—			1,137			(77		)
	115,154			73,141			330,118			224,144
OPERATING INCOME	63,449			89,006			204,778			243,374

OTHER INCOME (EXPENSE)
Interest expense, net of capitalized interest	(1,517		)	(1,900		)	(1,623		)	(3,037		)
Interest Income	58			97			258			592
	(1,459		)	(1,803		)	(1,365		)	(2,445		)
INCOME BEFORE INCOME TAXES	61,990			87,203			203,413			240,929
PROVISION FOR INCOME TAXES	10,279			11,918			26,768			42,182
NET INCOME	$	51,711		$	75,285		$	176,645		$	198,747

EARNINGS PER COMMON SHARE:
Basic	0.79			1.16			2.71			3.07
Diluted	0.79			1.15			2.69			3.04
AVERAGE COMMON SHARES OUTSTANDING:
Basic	65,362			64,820			65,221			64,689
Diluted	65,823			65,470			65,715			65,355

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

ANALYSIS OF REVENUES AND DRILLING COSTS

(Unaudited)



	REVENUES (In millions)
	Three Months Ended							Nine Months Ended
	June 30, 2012		March 31, 2012		June 30, 2011			June 30, 2012		June 30, 2011
Atwood Osprey	$	45.0	$	38.5	$	16.2		$	124.3	$	16.2
Atwood Eagle	31.6		35.1		39.6			102.2		104.6
Atwood Falcon	18.3		14.1		39.0			62.8		118.5
Atwood Hunter	48.2		50.6		40.4			143.5		140.2
Atwood Beacon	10.8		11.5		12.2			33.8		34.1
Atwood Aurora	14.9		13.0		6.1			40.6		28.5
Vicksburg	8.3		8.8		8.8			26.2		25.6
Other	1.5		—		(0.2		)	1.5		(0.2		)
	$	178.6	$	171.6	$	162.1		$	534.9	$	467.5



	CONTRACT DRILLING COSTS (In millions)
	Three Months Ended						Nine Months Ended
	June 30, 2012		March 31, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Atwood Osprey	$	16.1	$	16.3	$	6.5	$	48.2	$	8.4
Atwood Eagle	14.9		14.6		16.7		47.7		49.4
Atwood Falcon	21.0		12.2		7.9		41.4		23.0
Atwood Hunter	11.7		13.6		7.1		37.6		26.0
Atwood Beacon	7.6		8.5		7.2		23.5		23.6
Atwood Aurora	7.4		8.4		3.7		24.6		14.6
Vicksburg	4.8		5.1		3.7		15.2		11.9
Other	3.9		0.6		0.2		6.9		4.9
	$	87.4	$	79.3	$	53.0	$	245.1	$	161.8

ATWOOD OCEANICS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)



	June 30, 2012			September 30, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	78,980		$	295,002
Accounts receivable, net of allowance for doubtful accounts	84,380			87,173
Income tax receivable	4,741			5,631
Inventories of materials and supplies	72,848			58,263
Prepaid expenses and deferred costs	9,608			14,862
Total current assets	250,557			460,931
PROPERTY AND EQUIPMENT, net	2,372,446			1,887,321
LONG TERM ASSETS:
Other receivables	11,875			11,875
Deferred costs and other assets	29,367			15,264
Total long-term assets	41,242			27,139
Total assets	$	2,664,245		$	2,375,391
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	72,094		$	113,021
Accrued liabilities	33,549			30,680
Notes payable	—			5,461
Income tax payable	3,602			8,461
Deferred credits	26,473			1,700
Total current liabilities	135,718			159,323
LONG TERM LIABILITIES:
Long-term debt	655,000			520,000
Deferred income taxes	9,267			9,780
Deferred credits	6,686			7,910
Other	18,287			25,591
Total long-term liabilities	689,240			563,281
COMMITMENTS AND CONTINGENCIES (SEE NOTE 10)
SHAREHOLDERS' EQUITY:
Preferred stock, no par value;
1,000 shares authorized, none outstanding	—			—
Common Stock, $1 par value;
90,000 shares authorized with 65,363 and 64,960 issued and outstanding at June 30, 2012 and September 30, 2011, respectively	65,363			64,960
Paid-in capital	155,652			145,084
Retained earnings	1,620,915			1,444,270
Accumulated other comprehensive loss	(2,643		)	(1,527		)
Total shareholders' equity	1,839,287			1,652,787
Total liabilities and shareholders' equity	$	2,664,245		$	2,375,391

Atwood Oceanics, Inc. is an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 10 mobile offshore drilling units and is constructing two ultra-deepwater drillships and three high-specification jackups for deliveries in 2012, 2013 and 2014. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."

Contact: Mark L. Mey

(281) 749-7902

ATWOOD OCEANICS INC - FORM 8-K - EX-99.1 - FINANCIAL STATEMENTS - August 1, 2012

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ATWOOD OCEANICS INC Reports