Tidewater reports second quarter resultsCompany News // November 7, 2012
Tidewater has announced second quarter earnings for the period ended September 30 2012 of US$41.4 million, or US$0.83 per share, on revenues of US$311.9 million, which includes approximately US$7.4 million of vessel revenue associated with retroactive rate increases agreed to during the current quarter, but related to the period from January 1, 2012 through June 30, 2012.
For the same quarter last year, a net loss of US$4.9 million was reported, or US$0.10 per share, on revenues of US$250.9 million.
The immediately preceding quarter ended June 30, 2012, had net earnings of US$32.9 million, or US$0.65 per common share, on revenues of US$294.4 million.
Included in the prior fiscal year second quarter’s net loss is a non-cash goodwill impairment charge of US$30.9 million (US$22.1 million after tax, or US$0.43 per share), resulting from the company’s decision to change its reportable segments during the September 2011 quarter.
Following the change in reportable segments from International and United States to Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe, the company performed an interim goodwill impairment assessment which resulted in the non-cash goodwill impairment charge in the September 2011 quarter.