Cal Dive reports fourth quarter earnings

Company News - March 22, 2000

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Cal Dive International, Inc has reported fourth quarter net income of $3.2 million, $0.20 per diluted share. This compares to net income of $5.4 million, or $0.36 per share earned in the same period of 1998.

While the seasonal slowdown of the quarter and soft market conditions depressed activity levels, CDI revenues of $42.4 million actually increased 14 per cent over the previous fourth quarter. The company says that this improvement was due to work on thefirst ever Deepwater decommissioning project in the Gulf of Mexico and strong results from Energy Resource Technology (ERT), the company's gas production business.

Annual revenues of $161 million set a new all time Cal Dive record in the midst of one of the most difficult construction markets ever experienced in the Gulf. Net income of $16.9 million was 30% lower than the $24.1 million reported in 1998. Diluted earnings per share of $1.10 declined slightly more than that (32%) in light of the additional shares issued to acquire Aquatica, Inc.

Chairman and Chief Executive Officer Owen Kratz said, "Our people performed at exceptional levels, achieving virtually all of the corporate objectives we set for 1999".

"EBITDA of $44.8 million was almost identical to the cash flow of 1998 notwithstanding the 30 per cent decline in net income due to increased revenues and ERT kicking back into high gear. As a result we emerge from 1999 with a strong balance sheet whichwill enable us to consider creative ways of redefining contractor-customer relationships in the emerging Deepwater Gulf market."

Cal Dive International, Inc, operates a fleet of marine construction vessels and conducts salvage operations in the Gulf of Mexico. Energy Resource Technology, Inc, a wholly owned subsidiary, acquires and operates mature offshore properties as part of CDI decommissioning services.

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