TODCO Declares Special Dividend and Announces Second Quarter 2005 Results
TODCO (NYSE: THE) announced that its Board of Directors has declared a special cash dividend of $1.00 per share of common stock payable on August 25, 2005 to stockholders of record on August 15, 2005.
TODCO also reported net income for the three months ended June 30, 2005, of $11.0 million, or $0.18 per diluted share, on revenues of $130.5 million compared with a net loss of $7.4 million, or $0.12 per share, on revenues of $80.8 million for the same quarter of 2004. For the three months ended June 30, 2005, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $40.7 million compared to $14.5 million for the same quarter of 2004.
Jan Rask, President and Chief Executive Officer of TODCO, said, "With our growing excess cash position, we have continued to evaluate both internal and external growth opportunities. To date, the external opportunities do not compare favorably with the Company's internal rig reactivation opportunities. As such, we have concluded that a special dividend is warranted at this time. After this dividend, we continue to have the financial flexibility to pursue growth opportunities and/or additional special dividends."
The improvement in second quarter 2005 results over the same quarter last
year was principally caused by improved utilizations and dayrates in the
Company's domestic operations.
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