(NYSE: TDW) announced first quarter net earnings for the period
ended June 30, 2005, of $28.9 million, or $.50 per share, on revenues
of $192.2 million. For the same quarter last year, net earnings were
$12.9 million, or $.23 per share, on revenues of $158.1 million. The
immediately preceding quarter ended March 31, 2005, net earnings were
$52.4 million, or $.91 per share, on revenues of $179.6 million.
Included in the March 31, 2005 quarterly results was a non-cash tax
benefit of $31.8 million, or $.55 per common share, resulting from the
positive tax impact from the American Jobs Creation Act of 2004.
Effective March 31, 2005, the Company reversed all previously recorded
deferred tax assets and liabilities related to timing differences,
foreign tax credits or prior undistributed earnings of company
entities whose future and prior earnings are now anticipated to be
indefinitely reinvested abroad.