Tidewater reports first quarter resultsCompany News // August 7, 2013
Tidewater in the US has announced first quarter net earnings for the period ended June 30, 2013, of US$30.1 million, or US$0.61 per common share, on revenues of US$334.1 million. For the same quarter last year, net earnings were US$32.9 million, or US$0.65 per common share, on revenues of US$294.4 million.
The immediately preceding quarter ended March 31, 2013, had net earnings of US$46.6 million, or US$0.95 per common share, on revenues of US$328.3 million.
Net earnings for the June 30, 2013 quarter reflect US$4.6 million (US$3.3 million after tax, or US$0.07 per common share) in non-recurring costs, including US$3.7 million (US$2.4 million after tax, or US$0.05 per common share) of transaction fees associated with the June 2013 acquisition of Troms Offshore Supply and a US$0.9 million (US$0.9 million after tax, or US$0.02 per common share) charge related to the settlement of the previously disclosed assessment by the Customs Department of Equatorial Guinea, both of which are included in general and administrative expenses.
Financial results of Troms Offshore Supply AS are included in the current quarter from June 4, 2013, the date of the acquisition, through June 30, 2013.