Cal Dive Reports First Quarter 2009 Results
Cal Dive has reported first quarter 2009 net income of $12.3 million, or $.12 per diluted share compared to $0.6 million and $.01 per diluted share for the same period of 2008. The increase in net income is primarily due to increased vessel utilization as a result of increased diving activity in international markets and repair and salvage work as a result of hurricanes Gustav and Ike that struck the Gulf of Mexico in the late summer of 2008.
Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, "We are off to a good start this year because of excellent performance and execution by our men and women offshore, who took advantage of good weather windows for ongoing salvage and repair projects as well as new construction. We also took advantage of the expected weather disruptions by completing over half of our annual dry dock and vessel maintenance days during the first quarter. Our backlog grew to over $400 million including two international projects in Mexico and China."
- Backlog: Contracted backlog was $402 million as of March 31, 2009 compared to a backlog of $350 million at December 31, 2008 and $450 million as of April 30, 2008.
- Revenues: First quarter 2009 revenues increased by $62.5 million to $207.1 million as compared to the first quarter of 2008, primarily due to increased vessel utilization as a result of increased international diving activity and demand for hurricane related work.
- Gross Profit: First quarter 2009 gross profit increased by $14.1 million to $38.8 million as compared to the first quarter of 2008. The increase was due to the reasons cited above.
- SG&A: First quarter 2009 SG&A as a percentage of revenue was 8.6% for the first quarter of 2009 compared to 11.9% for first quarter of 2008. The percentage decrease was primarily due to the increase in revenues discussed above.
- Net Interest Expense: First quarter 2009 net interest expense decreased by $3.1 million over the first quarter of 2008, due to lower variable interest rates associated with outstanding borrowings.
- Income Tax Expense: The effective tax rate for the first quarter of 2009 was 31.0% compared to 31.5% for the first quarter of 2008. The rate decrease is primarily due to an increased percentage of income being earned in foreign jurisdictions with lower effective tax rates.
- Balance Sheet: Total debt was $395.0 million and cash and cash equivalents were $91.5 million for a net debt position of $303.5 million as of March 31, 2009 compared to a net debt position of $254.4 million at December 31, 2008 and $282.2 at March 31, 2008. The increase in net debt is due to the revolving loan borrowings incurred in connection with the January 2009 purchase by the Company of 13.6 million shares of its common stock from its majority stockholder, Helix Energy Solutions Group, Inc.
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