$TDW
TIDEWATER INC

2015 Q1 Form 10-Q Financial Statement

#000119312515039130 Filed on February 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2013 Q4
Revenue $324.8M $387.6M $365.2M
YoY Change -11.71% 6.11% 18.03%
Cost Of Revenue $200.8M $218.8M $201.8M
YoY Change -5.42% 8.42% 11.43%
Gross Profit $123.9M $81.90M $80.71M
YoY Change -20.32% 1.48% -37.14%
Gross Profit Margin 38.15% 21.13% 22.1%
Selling, General & Admin $53.40M $53.80M $51.50M
YoY Change -0.93% 4.47% 2.39%
% of Gross Profit 43.1% 65.69% 63.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.00M $43.40M $42.40M
YoY Change 4.9% 2.36% 13.98%
% of Gross Profit 36.32% 52.99% 52.54%
Operating Expenses $98.50M $97.10M $93.90M
YoY Change 1.65% 3.41% 7.31%
Operating Profit $25.67M -$213.6M $20.49M
YoY Change -57.96% -1142.46% -50.0%
Interest Expense -$10.40M $12.24M $12.25M
YoY Change 6.12% -0.09% 70.54%
% of Operating Profit -40.51% 59.79%
Other Income/Expense, Net -$7.471M -$8.101M
YoY Change -7.78% 127.81%
Pretax Income $15.20M -$221.1M $12.40M
YoY Change -70.31% -1882.67% -66.84%
Income Tax $24.10M -$60.07M -$196.0K
% Of Pretax Income 158.55% -1.58%
Net Earnings -$9.076M -$160.7M $12.58M
YoY Change -120.9% -1377.07% -57.98%
Net Earnings / Revenue -2.79% -41.46% 3.45%
Basic Earnings Per Share -$0.19 -$3.31 $0.25
Diluted Earnings Per Share -$0.19 -$3.31 $0.25
COMMON SHARES
Basic Shares Outstanding 46.89M shares 48.48M 49.35M shares
Diluted Shares Outstanding 48.48M 49.83M shares

Balance Sheet

Concept 2015 Q1 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.60M $77.40M $114.1M
YoY Change 30.13% -32.16% 110.52%
Cash & Equivalents $78.57M $77.39M $114.1M
Short-Term Investments
Other Short-Term Assets $17.78M $17.50M $18.99M
YoY Change -13.63% -7.88% 51.26%
Inventory $49.00M $55.30M $55.70M
Prepaid Expenses $10.40M
Receivables $303.1M $301.0M $615.1M
Other Receivables $420.4M $421.9M $0.00
Total Short-Term Assets $868.8M $873.1M $803.9M
YoY Change 5.93% 8.61% 64.07%
LONG-TERM ASSETS
Property, Plant & Equipment $3.746B $3.675B $3.546B
YoY Change 3.44% 3.64% 14.45%
Goodwill $283.7M
YoY Change -4.74%
Intangibles
YoY Change
Long-Term Investments $65.84M $65.48M $60.10M
YoY Change 3.0% 8.95% 8.55%
Other Assets $75.20M $102.6M $153.3M
YoY Change -21.98% -33.04% 34.63%
Total Long-Term Assets $3.880B $3.844B $4.044B
YoY Change -4.57% -4.95% 13.4%
TOTAL ASSETS
Total Short-Term Assets $868.8M $873.1M $803.9M
Total Long-Term Assets $3.880B $3.844B $4.044B
Total Assets $4.749B $4.717B $4.847B
YoY Change -2.81% -2.7% 19.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.01M $49.49M $95.25M
YoY Change -27.52% -48.04% 16.18%
Accrued Expenses $146.3M $149.5M $186.5M
YoY Change -7.02% -19.82% 26.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.18M $7.006M
YoY Change 7.03%
Total Short-Term Liabilities $482.2M $446.0M $339.2M
YoY Change 20.05% 31.51% 28.51%
LONG-TERM LIABILITIES
Long-Term Debt $1.524B $1.484B $1.464B
YoY Change 1.26% 1.39% 57.42%
Other Long-Term Liabilities $235.1M $226.7M $206.2M
YoY Change 31.2% 9.95% 71.03%
Total Long-Term Liabilities $1.759B $1.711B $1.670B
YoY Change 4.44% 2.44% 58.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $482.2M $446.0M $339.2M
Total Long-Term Liabilities $1.759B $1.711B $1.670B
Total Liabilities $2.242B $2.157B $2.009B
YoY Change 7.45% 7.35% 52.86%
SHAREHOLDERS EQUITY
Retained Earnings $2.330B $2.351B $2.513B
YoY Change -8.41% -6.45% 3.88%
Common Stock $164.6M $163.2M $143.1M
YoY Change 11.73% 14.07% 16.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.474B $2.503B $2.640B
YoY Change
Total Liabilities & Shareholders Equity $4.756B $4.717B $4.847B
YoY Change -2.65% -2.7% 19.52%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income -$9.076M -$160.7M $12.58M
YoY Change -120.9% -1377.07% -57.98%
Depreciation, Depletion And Amortization $45.00M $43.40M $42.40M
YoY Change 4.9% 2.36% 13.98%
Cash From Operating Activities $83.10M $90.30M $60.00M
YoY Change 138.79% 50.5% 64.84%
INVESTING ACTIVITIES
Capital Expenditures -$132.5M -$103.3M -$177.2M
YoY Change -32.81% -41.7% 29.53%
Acquisitions
YoY Change
Other Investing Activities $16.80M $79.30M $178.4M
YoY Change -75.22% -55.55% 1839.13%
Cash From Investing Activities -$115.7M -$24.00M $1.300M
YoY Change -10.66% -1946.15% -101.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.70M -113.1M 7.300M
YoY Change -17.6% -1649.32% -16.09%
NET CHANGE
Cash From Operating Activities 83.10M 90.30M 60.00M
Cash From Investing Activities -115.7M -24.00M 1.300M
Cash From Financing Activities 33.70M -113.1M 7.300M
Net Change In Cash 1.100M -46.80M 68.60M
YoY Change -102.04% -168.22% -183.15%
FREE CASH FLOW
Cash From Operating Activities $83.10M $90.30M $60.00M
Capital Expenditures -$132.5M -$103.3M -$177.2M
Free Cash Flow $215.6M $193.6M $237.2M
YoY Change -7.07% -18.38% 36.95%

Facts In Submission

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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
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CY2014Q4 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
283699000
CY2014Q4 us-gaap Costs And Expenses
CostsAndExpenses
601134000
CY2014Q4 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
103055000
CY2014Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-135000
CY2014Q4 us-gaap Sale Leaseback Transaction Gross Proceeds Investing Activities
SaleLeasebackTransactionGrossProceedsInvestingActivities
78200000
CY2014Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
46642000
CY2014Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-287000
CY2014Q4 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
8395000
CY2014Q4 us-gaap Direct Operating Costs
DirectOperatingCosts
210365000
CY2014Q4 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
7165000
CY2014Q4 us-gaap Sale Leaseback Transaction Rent Expense
SaleLeasebackTransactionRentExpense
7200000
CY2014Q4 tdw Assets Fair Value Disclosure1
AssetsFairValueDisclosure1
3914000
CY2014Q4 tdw Length Of Extension Period Months
LengthOfExtensionPeriodMonths
P24M
CY2014Q4 tdw Sale Leaseback Transaction Number Of Vessels
SaleLeasebackTransactionNumberOfVessels
3 Vessel
CY2014Q4 tdw Income Loss From Continuing Operations Before Income Taxes
IncomeLossFromContinuingOperationsBeforeIncomeTaxes
-221051000
CY2014Q4 tdw Remaining Fine Amount
RemainingFineAmount
10500000
CY2014Q4 tdw Amount Of Fines Disallowed By Administrative Appeals Board
AmountOfFinesDisallowedByAdministrativeAppealsBoard
56100000
CY2014Q4 tdw Other Comprehensive Income Amortization Of Loss On Derivative Contract Tax
OtherComprehensiveIncomeAmortizationOfLossOnDerivativeContractTax
62000
CY2014Q4 tdw Other Comprehensive Income Amortization Of Loss On Derivative Contract
OtherComprehensiveIncomeAmortizationOfLossOnDerivativeContract
116000
CY2014Q4 tdw Corporate Expenses
CorporateExpenses
10245000

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