Cal Dive Reports Another Quarterly Earnings Record
Cal Dive International, Inc. (Nasdaq: CDIS) reported fourth quarter net income of $25.3 million or $0.65 per diluted share, after pre-tax charges of $3.9 million, or $0.06 per diluted share, associated with marine asset value impairments. Net income, before charges, increased by 22% sequentially and by 213% compared with the prior year quarter.
Summary of Results (in thousands, except per share amounts and percentages) Fourth Quarter Third Quarter Year Ending 2004 2003 2004 2004 2003 Revenues $162,990 $101,675 $131,987 $543,392 $396,269 Gross Profit 53,030 24,685 45,726 171,912 92,083 33% 24% 35% 32% 23% Net Income 25,269 8,884 22,794 79,916 32,771 16% 9% 17% 15% 8% Diluted Earnings Per Share 0.65 0.23 0.59 2.06 0.87
Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, "This was our third consecutive quarter of record earnings, which capped a memorable year of performance and profitability. Our people worked tirelessly and diligently to achieve optimum results. Return on capital (tax effected earnings before net interest expense divided by average debt and equity) of 14% and EBITDA margins of 44% are just two measures of our success throughout the year.
"At the start of 2005 we are witnessing clearly improving market conditions for our Marine Contracting services and strong contribution from our Oil and Gas Production division. Additionally, we expect a ramp up in contribution from our Production Facilities business in the second half of 2005."
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