Tidewater Posts Higher Earnings for Q4, Full Year
Tidewater Inc. on Thursday announced fourth quarter net earnings for the period ended March 31, 2007, of $87.6 million, or $1.56 per share, on revenues of $293.5 million. For the same quarter last year, net earnings were $64.7 million, or $1.11 per share, on revenues of $246.5 million. For fiscal year ended March 31, 2007, net earnings were $356.6 million, or $6.31 per share, on revenues of $1,125.3 million. For the fiscal year ended March 31, 2006, net earnings were $235.8 million, or $4.07 per share, on revenues of $877.6 million.
Included in the year ended March 31, 2007, results is an after-tax gain of $20.8 million, or $.37 per common share, (recorded in the second and third fiscal quarters), related to the sale of 14 of its offshore tugs for a total cash price of $43.7 million.
Also included in the fiscal 2007 results (recorded in the fourth fiscal quarter), is a $3.5 million pre-tax charge to vessel operating costs for the company's share of a deficit in an industry-wide multi-employer retirement fund in the United Kingdom, the Merchants Navy Officers Pension Fund (MNOPF). This is in addition to a $3.8 million pre-tax charge taken by the company during the second quarter of fiscal 2006 related to the then deficit in this same fund. These charges, which relate primarily to the employment of certain U.K. employees in prior years, were the result of information presented in the fund's valuation reports issued during the respective time periods.
Included in the year ended March 31, 2006, results is an after-tax gain of $42.8 million, or $.74 per common share (recorded in the second fiscal quarter of 2006), related to the July 2005, sale of six of its KMAR 404 class of Anchor Handling Towing Supply vessels to Deep Sea Supply ASA for a total cash price of $188 million.
"With another quarter of outstanding financial results, this fiscal year ended March 31, 2007, was the very best in the 51-year history of this company," commented Dean E. Taylor, Chairman, President and CEO. "These results are reflective of our recent efforts to execute on our strategic plan to renew and upgrade our fleet to be better positioned to service the growing international marine transportation needs of our customers."
Tidewater Inc. owns 463 vessels, the world's largest fleet of vessels serving the global offshore energy industry.
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