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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) January 20, 2004

 

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 January 20, 2004, the Company issued the following press release:

 

Tidewater Reports Third Quarter Results For Fiscal 2004

 

NEW ORLEANS, January 20, 2004 — Tidewater Inc. (NYSE:TDW) announced today third quarter net earnings for the period ended December 31, 2003, of $18.3 million, or $.32 per share, on revenues of $169.4 million. For the same quarter last year, net earnings were $23.6 million, or $.42 per share, on revenues of $163.1 million. Net earnings in the immediately preceding quarter ended September 30, 2003, were $12.3 million, or $.22 per share, on revenues of $164.2 million.

 

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Tuesday, January 20, 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 January 20, 2004, and will continue until 11:59 p.m. CDST on January 21, 2004. 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 4799030.

 

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 February 20, 2004.

 

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 December 31,							Nine Months Ended December 31,
		2003				2002			2003			2002
Revenues:
Vessel revenues		$	162,097			160,716			481,485			473,432
Other marine revenues			7,310			2,371			16,951			8,518
			169,407			163,087			498,436			481,950
Costs and expenses:
Vessel operating costs			96,815			90,013			298,994			271,222
Costs of other marine revenues			6,022			1,294			13,475			4,840
Depreciation and amortization			24,715			21,020			73,207			61,237
General and administrative			17,137			16,790			50,643			48,567
			144,689			129,117			436,319			385,866
			24,718			33,970			62,117			96,084
Other income (expenses):
Foreign exchange loss			(798	)		(637	)		(1,341	)		(2,505	)
Gain on sales of assets			199			(12	)		4,789			4,875
Equity in net earnings of unconsolidated companies			1,532			1,396			4,956			4,346
Minority interests			(70	)		(20	)		(161	)		(67	)
Interest and miscellaneous income			589			430			2,275			1,361
Interest and other debt costs			(920	)		(109	)		(2,164	)		(329	)
			532			1,048			8,354			7,681
Earnings before income taxes			25,250			35,018			70,471			103,765
Income taxes			6,923			11,381			21,846			33,724
Net earnings		$	18,327			23,637			48,625			70,041
Earnings per common share		$	.32			.42			.86			1.24
Diluted earnings per common share		$	.32			.42			.86			1.24
Weighted average common shares outstanding			56,660,962			56,476,727			56,641,368			56,378,563
Incremental common shares from stock options			89,376			120,739			106,451			208,159
Adjusted weighted average common shares			56,750,338			56,597,466			56,747,819			56,586,722
Cash dividends declared per common share		$	.15			.15			.45			.45

 

 

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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: January 20, 2004

 

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