Tidewater Announces Results

Tidewater Inc. (NYSE: TDW) announced a fourth quarter net loss for the period ended March 31, 2004, of $7.0 million, or $.12 per share, on revenues of $154.2 million. For the same quarter last year, net earnings were $18.6 million, or $.33 per share, on revenues of $153.9 million. For the fiscal year ended March 31, 2004, net earnings were $41.7 million, or $.73 per share, on revenues of $652.6 million. For fiscal year ended March 31, 2003, net earnings were $88.6 million, or $1.57 per share, on revenues of $635.8 million.

Included in both the fourth quarter and year ended March 31, 2004 results is a non-cash impairment charge of $26.5 million ($17.2 million after tax, or $.30 per share). The impairment charge results from the Company's late March 2004 review of the Gulf of Mexico market for its vessels, and its conclusion that given the expectation of continuing low levels of drilling and exploration activity in the Gulf of Mexico for the foreseeable future, it was unlikely that 83 of its older, lower horsepower, lower cargo capacity supply vessels that are currently cold-stacked would return to active service.
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