Tidewater reports first quarter results for fiscal 2006News // August 5, 2005
For the same quarter last year, net earnings were US$12.9 million, or US$.23 per common share, on revenues of US$158.1 million.
For the immediately preceding quarter ended March 31st 2005, net earnings were US$52.4 million, or US$.91 per common share, on revenues of US$179.6 million. Included in the March 31st 2005 quarterly results was a non-cash tax benefit of US$31.8 million,or US$.55 per common
share, resulting from the positive tax impact from the American Jobs Creation Act of 2004.Effective March 31st 2005, the company reversed all previously recorded deferred tax assets and liabilities related to timing differences, foreign tax credits or prior undistributed earnings of company entities whose future and prior earnings are now anticipated to be indefinitely reinvested abroad.