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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

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FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

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Date of Report (Date of earliest event reported) October 23, 2003

 

TIDEWATER INC.

(Exact name of registrant as specified in its charter)

 

Delaware (State of incorporation)

1-6311 (Commission File Number)

72-0487776 (IRS Employer Identification No.)

 

601 Poydras Street, Suite 1900 (Address of principal executive offices)

70130 (Zip Code)

 

(504) 568-1010

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

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Item 12. Results of Operations and Financial Condition

 

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements set forth in this Current Report on Form 8-K provide other than historical information and are forward looking. The actual achievement of any forecasted results, or the unfolding of future economic or business developments in a way anticipated or projected by the Company, involve numerous risks and uncertainties. Among those risks and uncertainties, many of which are beyond the control of the Company, include, without limitation, fluctuations in oil and gas prices; level of fleet additions by competitors and vessel overcapacity; changes in capital spending by customers in the energy industry for exploration, development and production; changing customer demands for different vessel specifications; acts of terrorism; unsettled political conditions, war, civil unrest and governmental actions, especially in higher risk countries of operations; foreign currency fluctuations; and environmental and labor laws. Readers should consider all of these risk factors as well as other information contained in this report.

 

On October 23, 2003, the Company issued the following press release:

 

Tidewater Reports Second Quarter Results For Fiscal 2004

 

NEW ORLEANS, October 23, 2003 — Tidewater Inc. (NYSE:TDW) announced today second quarter net earnings for the period ended September 30, 2003, of $12.3 million, or $.22 per share, on revenues of $164.2 million. For the same quarter last year, net earnings were $23.4 million, or $.41 per share, on revenues of $158.6 million. Net earnings in the immediately preceding quarter ended June 30, 2003, were $18 million, or $.32 per share, on revenues of $164.8 million.

 

As previously announced, Tidewater will hold a conference call to discuss September quarter earnings on Thursday, October 23, at 10:00 a.m. CDST promptly following the Company’s release of quarterly earnings. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 if calling from outside the U.S.) and ask for the “Tidewater Inc.” call just prior to the scheduled start. A replay of the conference call will be available beginning at 1:00 p.m. CDST on October 23, 2003, and will continue until 11:59 p.m. CDST on October 24, 2003. To hear the replay, call 1-800-642-1687 (1-706-645-9291 if calling from outside the U.S.). The conference call ID number is 3122162.

 

A simultaneous Webcast of the conference call will be accessible online at the Tidewater Inc. Website, www.tdw.com, and at the CCBN Website, www.streetevents.com. The online replay will be available until November 23, 2003.

 

Tidewater Inc. owns and operates over 570 vessels, the world’s largest fleet of vessels serving the global offshore energy industry.

 

Note: all per-share amounts are stated on a diluted basis.

 

Contact: Keith Lousteau (504) 568-1010

Financial information is displayed on the next page.

 

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TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share and per share data)

 

		Quarter Ended September 30,							Six Months Ended September 30,
		2003				2002			2003			2002
Revenues:
Vessel revenues		$	159,052			155,952			319,388			312,716
Other marine revenues			5,167			2,601			9,641			6,147
			164,219			158,553			329,029			318,863
Costs and expenses:
Vessel operating costs			103,862			90,279			202,179			181,209
Costs of other marine revenues			4,273			1,541			7,453			3,546
Depreciation and amortization			24,371			20,297			48,492			40,217
General and administrative			17,237			16,168			33,506			31,777
			149,743			128,285			291,630			256,749
			14,476			30,268			37,399			62,114
Other income (expenses):
Foreign exchange loss			(55	)		(1,016	)		(543	)		(1,868	)
Gain on sales of assets			2,304			3,330			4,590			4,887
Equity in net earnings of unconsolidated companies			1,631			1,723			3,424			2,950
Minority interests			(34	)		(14	)		(91	)		(47	)
Interest and miscellaneous income			972			413			1,686			931
Interest and other debt costs			(1,004	)		(95	)		(1,244	)		(220	)
			3,814			4,341			7,822			6,633
Earnings before income taxes			18,290			34,609			45,221			68,747
Income taxes			6,036			11,248			14,923			22,343
Net earnings		$	12,254			23,361			30,298			46,404
Earnings per common share		$	.22			.41			.54			.82
Diluted earnings per common share		$	.22			.41			.53			.82
Weighted average common shares outstanding			56,640,767			56,396,271			56,631,518			56,327,624
Incremental common shares from stock options			82,030			101,259			113,544			251,870
Adjusted weighted average common shares			56,722,797			56,497,530			56,745,062			56,579,494
Cash dividends declared per common share		$	.15			.15			.30			.30

 

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Date: October 23, 2003

 

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