UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported) April 22, 2003
TIDEWATER INC.
(Exact name of registrant as specified in its charter)
Delaware 1-6311 72-0487776
(State of incorporation) (Commission File Number) (IRS Employer Identification No.)
601 Poydras Street, Suite 1900 70130
(Address of principal executive offices) (Zip Code)
(504) 568-1010
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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Item 12. Results of Operations and Financial Condition
In accordance with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, the Company notes that certain statements set
forth in this Current Report on Form 8-K provide other than historical
information and are forward looking. The actual achievement of any forecasted
results, or the unfolding of future economic or business developments in a way
anticipated or projected by the Company, involve numerous risks and
uncertainties. Among those risks and uncertainties, many of which are beyond the
control of the Company, include, without limitation, fluctuations in oil and gas
prices; level of fleet additions by competitors and vessel overcapacity; changes
in capital spending by customers in the energy industry for exploration,
development and production; changing customer demands for different vessel
specifications; acts of terrorism; unsettled political conditions, war, civil
unrest and governmental actions, especially in higher risk countries of
operations; foreign currency fluctuations; and environmental and labor laws.
Readers should consider all of these risk factors as well as other information
contained in this report.
On April 22, 2003, the Company issued the following press release:
FOR RELEASE TUESDAY, APRIL 22, 2003, at 7:45 a.m. CDST
TIDEWATER REPORTS FOURTH QUARTER, YEAR-END RESULTS FOR FISCAL 2003
NEW ORLEANS, APRIL 22, 2003 -- Tidewater Inc. (NYSE:TDW) today announced fourth
quarter, March 31, 2003, net earnings of $18.6 million, or $.33 per share, on
revenues of $153.9 million. In comparison, net earnings in the immediately
preceding quarter were $23.6 million, or $.42 per share, on revenues of $163.1
million. Last year's fourth quarter net earnings were $28.3 million, or $.50 per
share, on revenues of $169.4 million.
For the fiscal year ended March 31, 2003, net earnings were $88.6 million, or
$1.57 per share, on revenues of $635.8 million. For the same period last year,
net earnings were $136.2 million, or $2.41 per share, on revenues of $729
million.
Tidewater will conduct a conference call to discuss fiscal 2003 fourth quarter
results with analysts, investors and other interested parties at 10:00 a.m. CDST
on Tuesday, April 22, 2003. Those interested in participating in that
teleconference should call 1-888-388-7493 (706-679-8348 if outside the United
States) and ask for the `Tidewater Conference' just prior to the scheduled
start. A replay of the conference call will be available beginning at 1:00 p.m.
CDST on April 22, 2003, and will continue until 11:59 p.m. CDST on April 23,
2003. To hear the replay, call 1-800-642-1687 (706-645-9291 if outside the
United States). The access code is 9670507.
A simultaneous Webcast of the conference call will be accessible online at the
Tidewater Web site, www.tdw.com, and at the CCBN Web site, www.streetevents.com.
The online replay will be available until May 22, 2003.
Tidewater Inc. owns and operates over 570 vessels, the world's largest fleet of
vessels serving the global offshore energy industry.
Contact: Keith Lousteau 504-568-1010
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Tidewater Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Quarter Ended Year Ended
(In thousands, March 31, March 31,
except share and per share amounts) 2003 2002 2003 2002
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Revenues:
Vessel revenues $ 151,123 $ 164,835 624,555 715,361
Other marine revenues 2,750 4,540 11,268 13,668
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153,873 169,375 635,823 729,029
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Costs and expenses:
Vessel operating costs 91,940 92,665 363,162 382,934
Costs of other marine revenues 1,809 3,589 6,649 9,174
Depreciation and amortization 21,916 19,768 83,153 78,132
General and administrative 16,839 17,502 65,406 66,851
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132,504 133,524 518,370 537,091
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21,369 35,851 117,453 191,938
Other income (expenses):
Foreign exchange gain (loss) (391) 335 (2,896) (843)
Gain on sales of assets 1,287 5,359 6,162 6,380
Equity in net earnings of
unconsolidated companies 1,343 450 5,689 4,977
Minority interests (11) (57) (78) (199)
Interest and miscellaneous income 431 791 1,792 3,331
Interest and other debt costs (83) (236) (412) (833)
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2,576 6,642 10,257 12,813
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Earnings before income taxes 23,945 42,493 127,710 204,751
Income taxes 5,356 14,236 39,080 68,592
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Net earnings $ 18,589 $ 28,257 88,630 136,159
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Earnings per common share $ 0.33 $ 0.50 1.57 2.43
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Diluted earnings per common share $ 0.33 $ 0.50 1.57 2.41
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Weighted average common
shares outstanding 56,509,006 56,094,557 56,413,856 56,054,797
Incremental common shares
from stock options 130,616 368,766 188,774 333,537
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Adjusted weighted average
common shares 56,639,622 56,463,323 56,602,630 56,388,334
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Cash dividends declared
per common share $ 0.15 $ 0.15 0.60 0.60
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TIDEWATER INC.
By: /s/ Cliffe F. Laborde
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Cliffe F. Laborde
Executive Vice President, General Counsel
and Secretary
Date: April 22, 2003
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