$TDW
TIDEWATER INC

2015 Q4 Form 10-Q Financial Statement

#000119312515366031 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $218.2M $271.9M $397.5M
YoY Change -43.7% -31.6% 8.04%
Cost Of Revenue $128.9M $164.7M $219.4M
YoY Change -41.09% -24.93% 10.03%
Gross Profit $8.637M $25.08M $90.91M
YoY Change -89.45% -72.41% 1.68%
Gross Profit Margin 3.96% 9.22% 22.87%
Selling, General & Admin $44.00M $45.70M $53.30M
YoY Change -18.22% -14.26% 6.6%
% of Gross Profit 509.44% 182.19% 58.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.50M $45.90M $43.70M
YoY Change 4.84% 5.03% 3.8%
% of Gross Profit 526.8% 182.99% 48.07%
Operating Expenses $89.40M $91.80M $97.00M
YoY Change -7.93% -5.36% 5.43%
Operating Profit -$9.400M -$17.64M $84.72M
YoY Change -95.6% -120.83% 10.65%
Interest Expense -$14.90M $13.25M $12.56M
YoY Change -221.74% 5.48% 26.63%
% of Operating Profit 14.82%
Other Income/Expense, Net -$14.88M -$14.97M -$2.831M
YoY Change 99.2% 428.68% -57.91%
Pretax Income -$24.28M -$32.61M $81.89M
YoY Change -89.02% -139.82% 17.32%
Income Tax -$4.679M $11.39M $21.07M
% Of Pretax Income 25.73%
Net Earnings -$19.51M -$43.84M $60.91M
YoY Change -87.86% -171.97% 12.43%
Net Earnings / Revenue -8.94% -16.12% 15.32%
Basic Earnings Per Share -$0.42 -$0.93 $1.23
Diluted Earnings Per Share -$0.42 -$0.93 $1.22
COMMON SHARES
Basic Shares Outstanding 46.97M shares 46.94M shares 49.58M shares
Diluted Shares Outstanding 46.94M shares 49.81M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.00M $88.20M $124.3M
YoY Change -37.98% -29.04% 173.19%
Cash & Equivalents $48.00M $88.22M $124.3M
Short-Term Investments
Other Short-Term Assets $60.80M $45.28M $24.64M
YoY Change 247.49% 83.75% 4.17%
Inventory $38.70M $37.10M $63.50M
Prepaid Expenses $9.054M
Receivables $261.2M $269.0M $276.4M
Other Receivables $336.5M $346.9M $408.0M
Total Short-Term Assets $745.2M $786.6M $896.9M
YoY Change -14.65% -12.3% 31.56%
LONG-TERM ASSETS
Property, Plant & Equipment $3.607B $3.658B $3.650B
YoY Change -1.85% 0.22% 3.36%
Goodwill $283.7M
YoY Change -16.55%
Intangibles
YoY Change
Long-Term Investments $45.70M $59.42M $70.80M
YoY Change -30.21% -16.08% 35.5%
Other Assets $82.35M $103.7M $101.1M
YoY Change -19.75% 2.58% -32.28%
Total Long-Term Assets $3.735B $3.821B $4.106B
YoY Change -2.82% -6.93% 0.8%
TOTAL ASSETS
Total Short-Term Assets $745.2M $786.6M $896.9M
Total Long-Term Assets $3.735B $3.821B $4.106B
Total Assets $4.481B $4.608B $5.002B
YoY Change -5.01% -7.89% 5.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.02M $60.71M $63.35M
YoY Change 23.3% -4.16% -29.37%
Accrued Expenses $96.60M $137.0M $144.1M
YoY Change -35.39% -4.98% -14.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.810M $10.00M $10.02M
YoY Change 40.02% -0.2%
Total Short-Term Liabilities $407.1M $452.6M $422.0M
YoY Change -8.74% 7.26% 40.05%
LONG-TERM LIABILITIES
Long-Term Debt $1.442B $1.488B $1.496B
YoY Change -2.86% -0.52% 3.5%
Other Long-Term Liabilities $220.0M $224.5M $188.7M
YoY Change -2.97% 18.99% 8.21%
Total Long-Term Liabilities $1.442B $1.713B $1.685B
YoY Change -15.73% 1.66% 4.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $407.1M $452.6M $422.0M
Total Long-Term Liabilities $1.442B $1.713B $1.685B
Total Liabilities $1.849B $2.165B $2.107B
YoY Change -14.28% 2.78% 9.66%
SHAREHOLDERS EQUITY
Retained Earnings $2.248B $2.624B
YoY Change -14.31% 4.39%
Common Stock $170.5M $158.5M
YoY Change 7.57% 14.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.370B $2.398B $2.770B
YoY Change
Total Liabilities & Shareholders Equity $4.481B $4.608B $5.002B
YoY Change -5.01% -7.89% 5.21%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$19.51M -$43.84M $60.91M
YoY Change -87.86% -171.97% 12.43%
Depreciation, Depletion And Amortization $45.50M $45.90M $43.70M
YoY Change 4.84% 5.03% 3.8%
Cash From Operating Activities $27.50M $71.20M $154.4M
YoY Change -69.55% -53.89% 2390.32%
INVESTING ACTIVITIES
Capital Expenditures -$13.20M -$46.40M -$88.50M
YoY Change -87.22% -47.57% 38.5%
Acquisitions
YoY Change
Other Investing Activities $2.100M $12.90M $19.50M
YoY Change -97.35% -33.85% -72.54%
Cash From Investing Activities -$11.10M -$33.50M -$69.00M
YoY Change -53.75% -51.45% -1058.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -56.60M -52.60M -14.60M
YoY Change -49.96% 260.27% -55.21%
NET CHANGE
Cash From Operating Activities 27.50M 71.20M 154.4M
Cash From Investing Activities -11.10M -33.50M -69.00M
Cash From Financing Activities -56.60M -52.60M -14.60M
Net Change In Cash -40.20M -14.90M 70.80M
YoY Change -14.1% -121.05% -468.75%
FREE CASH FLOW
Cash From Operating Activities $27.50M $71.20M $154.4M
Capital Expenditures -$13.20M -$46.40M -$88.50M
Free Cash Flow $40.70M $117.6M $242.9M
YoY Change -78.98% -51.59% 246.5%

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If the company is unable to reach agreement on a new split payment arrangement, any contract entered into after the expiration of the consortium agreement would result in the receipt of 100% Angolan kwanzas, which would be subject to the challenges and risks described above. The company believes that the split payment contracts entered into with customers prior to the expiration of the consortium agreement will remain in force until their expirations.
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