2013 Q1 Form 10-K Financial Statement

#000119312513229622 Filed on May 21, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2013 2012 Q1
Revenue $328.3M $1.244B $289.4M
YoY Change 13.45% 16.6% 13.94%
Cost Of Revenue $184.6M $811.6M $170.6M
YoY Change 8.21% 15.15% 10.21%
Gross Profit $143.7M $251.7M $118.8M
YoY Change 20.96% 50.54% 19.76%
Gross Profit Margin 43.77% 20.23% 41.05%
Selling, General & Admin $50.70M $209.9M $40.80M
YoY Change 24.26% 9.1% -1.69%
% of Gross Profit 35.28% 83.39% 34.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.30M $167.5M $35.60M
YoY Change 7.58% 13.71% 2.59%
% of Gross Profit 26.65% 66.54% 29.97%
Operating Expenses $89.00M $377.4M $76.40M
YoY Change 16.49% 11.1% 0.26%
Operating Profit $58.57M $206.2M $46.38M
YoY Change 26.28% 81.62% 88.74%
Interest Expense $900.0K $29.75M -$100.0K
YoY Change -1000.0% 33.34% -112.5%
% of Operating Profit 1.54% 14.42% -0.22%
Other Income/Expense, Net -$11.07M
YoY Change 339.59%
Pretax Income $59.50M $195.2M $46.30M
YoY Change 28.51% -622.76% 83.0%
Income Tax $12.90M $44.41M $12.60M
% Of Pretax Income 21.68% 22.76% 27.21%
Net Earnings $46.59M $150.8M $33.64M
YoY Change 38.49% 72.46% 179.91%
Net Earnings / Revenue 14.19% 12.12% 11.62%
Basic Earnings Per Share $0.95 $3.04 $0.66
Diluted Earnings Per Share $0.95 $3.03 $0.66
COMMON SHARES
Basic Shares Outstanding 49.40M shares 49.55M shares
Diluted Shares Outstanding 49.73M shares

Balance Sheet

Concept 2013 Q1 2013 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.60M $60.40M $320.7M
YoY Change -87.34% 48.77% 30.53%
Cash & Equivalents $40.57M $60.40M $320.7M
Short-Term Investments
Other Short-Term Assets $11.74M $20.60M $10.07M
YoY Change 16.51% 76.07% -1.25%
Inventory $62.30M $57.40M $53.90M
Prepaid Expenses
Receivables $274.5M $252.4M $309.5M
Other Receivables $118.9M $429.5M $0.00
Total Short-Term Assets $508.1M $820.2M $694.1M
YoY Change -26.8% 61.42% 19.86%
LONG-TERM ASSETS
Property, Plant & Equipment $3.190B $3.622B $2.906B
YoY Change 9.78% 13.54% 7.55%
Goodwill $297.8M $297.8M
YoY Change 0.0% -9.39%
Intangibles
YoY Change
Long-Term Investments $46.05M $63.90M $46.08M
YoY Change -0.07% 38.91% 18.15%
Other Assets $126.3M $87.30M $117.9M
YoY Change 7.15% -25.51% 18.57%
Total Long-Term Assets $3.660B $4.066B $3.368B
YoY Change 8.68% 11.08% 6.26%
TOTAL ASSETS
Total Short-Term Assets $508.1M $820.2M $694.1M
Total Long-Term Assets $3.660B $4.066B $3.368B
Total Assets $4.168B $4.886B $4.062B
YoY Change 2.62% 17.22% 8.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.37M $74.50M $74.12M
YoY Change -19.89% 25.42% 63.97%
Accrued Expenses $127.0M $160.9M $135.0M
YoY Change -5.88% 22.73% 8.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.500M
YoY Change
Total Short-Term Liabilities $266.6M $401.7M $238.9M
YoY Change 11.59% 50.68% 30.14%
LONG-TERM LIABILITIES
Long-Term Debt $1.000B $1.505B $950.0M
YoY Change 5.26% 50.54% 35.71%
Other Long-Term Liabilities $139.1M $184.5M $128.6M
YoY Change 8.18% 23.08% -3.92%
Total Long-Term Liabilities $1.139B $1.690B $1.079B
YoY Change 5.61% 46.96% 29.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $266.6M $401.7M $238.9M
Total Long-Term Liabilities $1.139B $1.690B $1.079B
Total Liabilities $1.406B $2.206B $1.317B
YoY Change 6.7% 37.36% 6.75%
SHAREHOLDERS EQUITY
Retained Earnings $2.454B $2.438B
YoY Change 0.66%
Common Stock $124.9M $107.9M
YoY Change 15.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.562B $2.679B $2.526B
YoY Change
Total Liabilities & Shareholders Equity $4.168B $4.886B $4.062B
YoY Change 2.62% 17.22% 8.36%

Cashflow Statement

Concept 2013 Q1 2013 2012 Q1
OPERATING ACTIVITIES
Net Income $46.59M $150.8M $33.64M
YoY Change 38.49% 72.46% 179.91%
Depreciation, Depletion And Amortization $38.30M $167.5M $35.60M
YoY Change 7.58% 13.71% 2.59%
Cash From Operating Activities $31.20M $213.9M $64.70M
YoY Change -51.78% -3.82% 40.35%
INVESTING ACTIVITIES
Capital Expenditures -$114.0M $440.6M -$60.10M
YoY Change 89.68% 23.37% -43.67%
Acquisitions
YoY Change
Other Investing Activities $9.300M $193.0K $11.80M
YoY Change -21.19% -76.46% 59.46%
Cash From Investing Activities -$104.7M -$413.5M -$48.30M
YoY Change 116.77% 31.23% -51.26%
FINANCING ACTIVITIES
Cash Dividend Paid $49.59M
YoY Change -3.26%
Common Stock Issuance & Retirement, Net $85.03M
YoY Change 142.85%
Debt Paid & Issued, Net $60.00M
YoY Change 50.0%
Cash From Financing Activities 59.80M -80.58M 115.9M
YoY Change -48.4% -148.06% -1346.24%
NET CHANGE
Cash From Operating Activities 31.20M 213.9M 64.70M
Cash From Investing Activities -104.7M -413.5M -48.30M
Cash From Financing Activities 59.80M -80.58M 115.9M
Net Change In Cash -13.70M -280.1M 132.3M
YoY Change -110.36% -473.57% -312.36%
FREE CASH FLOW
Cash From Operating Activities $31.20M $213.9M $64.70M
Capital Expenditures -$114.0M $440.6M -$60.10M
Free Cash Flow $145.2M -$226.6M $124.8M
YoY Change 16.35% 68.28% -18.32%

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CY2013Q1 tdw Significant Commitment Number Of Vessel
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CY2013Q1 tdw Trust Assets Carrying Value Income Tax Expense
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CY2013Q1 tdw Defined Benefit Plan Fair Value Of Plan Assets Total Gross
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CY2013Q1 tdw Significant Commitment Remaining Balance Of Vessel To Be Purchased
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CY2013Q1 tdw Defined Benefit Plan Supplemental Plan Obligations
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CY2013Q2 dei Entity Common Stock Shares Outstanding
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CY2009Q2 tdw Sale Leaseback Transaction Number Of Unrelated Third Party Companies
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CY2006 tdw Sale Leaseback Transaction Number Of Options To Extend
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2011 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2011 us-gaap Repayments Of Long Term Debt
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CY2011 us-gaap Pension Expense
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CY2011 us-gaap Current Federal Tax Expense Benefit
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CY2011 us-gaap Net Income Loss
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CY2011 us-gaap Income Tax Reconciliation Other Adjustments
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CY2011 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2011 us-gaap Income Tax Expense Benefit
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CY2011 us-gaap Interest Expense
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2011 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2011 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
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CY2011 tdw Income Loss From Continuing Operations Before Income Taxes
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CY2011 tdw Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options Vested In Period Total Fair Value
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CY2011 tdw Income Tax Expenses Not Deductible For Tax Purposes
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CY2011 tdw Payments To Acquire Property Plant And Equipment Including Non Cash Investing Activities
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CY2011 tdw Unrecognized Tax Benefits Exchange Rate Fluctuation
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CY2011 tdw Corporate Expenses
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CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
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CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
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CY2013 us-gaap Costs And Expenses
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CY2011 tdw Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Unit Or Restricted Stock Award Requisite Service Period Recognition Net Of Forfeitures
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CY2011 tdw Share Based Compensation Effect Of Change On Basic Earnings Per Share
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CY2011 tdw Other Comprehensive Income Amortization Of Loss On Derivative Contract
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187000
CY2011 tdw Operating Profit
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173632000
CY2011 tdw Number Of Vessels Sold Or Scrapped
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46 Vessel
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139000
CY2011 tdw Share Based Compensation Effect Of Change On Diluted Earnings
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13646000
CY2013 dei Trading Symbol
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TDW
CY2013 dei Entity Registrant Name
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TIDEWATER INC
CY2013 dei Entity Current Reporting Status
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Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
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Large Accelerated Filer
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
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10-K
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CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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CY2013 us-gaap Gain Loss On Disposition Of Assets
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CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2013 us-gaap Increase Decrease In Other Operating Capital Net
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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The pension plan and the supplemental plan assets are periodically evaluated for concentration risks. As of March 31, 2013, the company did not have any individual asset investments that comprised 10% or more of each plan's overall assets.
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CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2013 us-gaap Entity Wide Revenue Major Customer Percentage
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2013 tdw Income Loss From Continuing Operations Before Income Taxes
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CY2013 us-gaap Use Of Estimates
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CY2013 tdw Schedule Of Number Of Common Stock Shares Held
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CY2013 tdw Defined Benefit Plan Actuarial Discount Rate Assumption
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CY2013 tdw Defined Benefit Plan Concentration Risk Assets Debt Securities Maximum Single Issuer
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CY2013 tdw Inspection Interval
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The majority of the company's vessels require certification inspections twice in every five year period.
CY2013 tdw Statute Of Limitations Years
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CY2013 tdw Number Of Competitors Notified
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2 pure
CY2013 tdw Remaining Fine Amount
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21200000
CY2013 tdw Share Based Compensation Effect Of Change On Basic Earnings Per Share
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CY2013 tdw Defined Benefit Plan Concentration Risk Diversification Equity Limit Single Corporation
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0.10 pure
CY2013 tdw Significant Commitments New Construction
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30 Vessel
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CY2013 tdw Significant Commitment Remaining Balance Of Vessel Under Construction
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CY2013 tdw Payments To Acquire Property Plant And Equipment Including Non Cash Investing Activities
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CY2013 tdw Defined Benefit Plan Concentration Risk Diversification Equity Limit Single Industry
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CY2013 tdw Unrecognized Tax Benefits Exchange Rate Fluctuation
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CY2013 tdw Assessed Fine
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CY2013 tdw Significant Purchase Commitment Vessels To Acquire
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CY2013 tdw Foreign Tax Credit Carry Forwards Expire Period
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CY2013 tdw Increase Of Amortization Period
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30 M
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73600000
CY2013 tdw Operating Profit Of Other Marine Services
OperatingProfitOfOtherMarineServices
833000
CY2013 tdw Other Comprehensive Income Amortization Of Loss On Derivative Contract
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466000
CY2013 tdw Other Comprehensive Income Pension Plan Minimum Liability Adjustment Net Of Tax Period Increase Decrease
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PensionExpense
415000
CY2012 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
931000
CY2013 tdw Consolidated Debt As Percentage Of Total Capitalization
ConsolidatedDebtAsPercentageOfTotalCapitalization
0.55 pure
CY2013 tdw Assets Fair Value Disclosure1
AssetsFairValueDisclosure1
14733000
CY2013 tdw Valuation Allowance For Foreign Tax Credit Carryforwards
ValuationAllowanceForForeignTaxCreditCarryforwards
5821000
CY2013 tdw Defined Benefit Plan Number Of Employees Remaining In Plan
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CostsAndExpenses
953453000
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IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
7033000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
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-363000
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7947000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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2800000
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113554000
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