Trico Marine Services Inc: affiliate inform3200 Southwest FreewaySuite 2950Houston TX 77027Phone: 713-7809926 Industry : Oil & Gas Equipment & ServicesEmployees : 834Exchange : NASDAQTrico Marine Services. Inc. (Trico) is a provider of marine give vessels to the offshore oil and gas industry primarily in the North Sea. Gulf of Mexico. West Africa. Mexico and to a lesser extent. Brazil. As of December 31. 2006 the CompanyGÇÖs hurry consisted of 68 vessels including 10 large capacity platform supply vessels six large anchor handling towing and supply vessels. 44 supply vessels seven crew boats and one line handling (utility) vessel. Its diversified fleet of vessels provides a range of services to offshore oil and gas operators including the transportation of drilling materials supplies and crews to drilling rigs and other offshore facilities; towing drilling rigs and equipment from one location to another and give for the construction installation repair and maintenance of offshore facilities. Trico also provides support for deepwater remotely operated vehicles (ROVs) come up stimulation sea floor telecommunicate laying and trenching services. --------------------------------------------------------------------------------------- touch Release Source: Trico Marine Services. Inc. Trico Marine Services Reports Third accommodate 2007 Earnings With Record Charter Hire RevenuesWednesday October 31. 8:01 pm ET HOUSTON. TX--(MARKET WIRE)--Oct 31. 2007 -- Trico Marine Services. Inc. (NasdaqGM:TRMA - News) (the "Company" or "Trico") today announced its financial results for the quarter ended September 30. 2007 reporting quarterly net income of $13.2 million or $0.87 per share (diluted) significantly higher than the second quarter 2007 net income of $4.4 million or $0.29 per overlap (diluted). Charter hire revenues for the third quarter of 2007 were $68.5 million a preserve high for the affiliate up 18% from $57.9 million in the prior quarter. Summary Results (In thousands except per overlap data and day rates) For the three months ended For the three September 30 months ended 2007 June 30. 2007 ------------- -------------Charter contract revenues $ 68,525 $ 57,899Operating income 22,310 5,291Net income 13,177 4,434Diluted EPS $ 0.87 $ 0.29Day Rates:Supply / Anchor Handling (North Sea categorise) $ 27,747 $ 23,885Supply Vessels (Gulf categorise) (1) 9,723 9,724Utilization:give / Anchor Handling (North Sea class) 94% 86%Supply Vessels (Gulf class) (1) 84% 74%(1) Excludes five vessels transferred to EMSL Joint Venture that are on bareboat charters. ADVERTISEMENT Third accommodate ResultsCharter hire revenues increased by $10.6 million compared to the back up quarter of 2007 primarily due to higher day rates for Trico's North Sea class vessels and also higher utilization for those vessels as a result of less time completing maintenance and classification (M & C) requirements. Rates for AHTS vessels in the third quarter continued to be robust at an average evaluate of $39,986 per day. enjoin vessel operating expenses decreased $7.6 million in the third quarter of 2007 down over 20% compared with the prior accommodate primarily due to reduced M & C costs on North Sea class vessels. In the third accommodate. M&C work was completed on two North Sea class vessels compared to four in the prior accommodate. In addition general and administrative (G&A) expenses increased in comparison to the second quarter by $2.2 million primarily due to changes to the Company's executive management team. Joseph S. Compofelice. Trico's Chairman and CEO commented. "Trico's quarterly results were in line with our expectations and designate significant improvements in utilization and cost control over the back up quarter of this year during which the higher number of dry dockings increased vessel operating expenses and reduced utilization in the North Sea merchandise."Mr. Compofelice continued. "Looking ahead activity levels remain strong in the North Sea. West Africa and Mexico. In our U. S. Gulf of Mexico market rates and activity levels started to alter late in the third quarter and the Company announced the redeployment of four Gulf class vessels to international markets where prospects for long term contracts and predictable change flows are in line with our strategic objectives. This move reflects our philosophy of pursuing longer term change flows in higher growth markets whenever possible. We will continue to cerebrate on expanding our international footprint while managing our operating and overhead costs. Our strong balance sheet provides us the opportunity to pursue strategic opportunities that involve long term contracts for function offerings reflective of higher growth markets such as subsea and other specialized markets as well as other opportunities that will bring long term value to all Trico shareholders."For the period October 1 through October 26. 2007 day rates for North Sea class vessels averaged $31,092 with utilization of 89% while day rates for our Gulf class give vessels averaged $9,396 with utilization of 73% or 75% for actively marketed vessels. Stock buy ProgramIn July 2007 the Company's Board of Directors authorized the repurchase of up to $100 million of the affiliate's common stock in open-market transactions including block purchases or in privately negotiated transactions. During the third accommodate the Company repurchased approximately 570,000 shares of its common have for $17.6 million at an average price of $30.87 per overlap. Of this amount pursuant to our agreement with the Company's largest shareholder. Kistefos AS the Company repurchased a total of 114,000 shares of its common have during this period from Kistefos. Conference Call InformationTrico has scheduled a conference call to review third quarter 2007 results on November 1. 2007 at 8:30 a m eastern measure. To participate in the conference call callers in the United States and Canada can dial (877) 502-9272 and international callers can control (913) 981-5581. The Conference I. D for callers is 1936094. The label will be available for replay approximately one hour after the call is completed until November 14. 2007. For callers in the United States and Canada the toll-free number for the reproduce is (888) 203-1112. For international callers the number is (719) 457-0820. The Conference I. D for all callers to access the replay is 1936094. About TricoTrico provides a broad range of marine support services to the oil and gas industry primarily in the North Sea. Gulf of Mexico. West Africa and Southeast Asia. The services provided by the Company's diversified fleet of vessels include the transportation of drilling materials supplies and crews to drilling rigs and other offshore facilities; towing drilling rigs and equipment from one location to another; and give for the construction installation repair and maintenance of offshore facilities. Trico is headquartered in Houston. Texas. Please tour the affiliate's website at for additional information. Certain statements in this touch release that are not historical fact may be "forward-looking statements." Actual events may differ materially from those projected in any forward-looking statement. There are a number of important factors involving risks and uncertainties beyond the control of the Company that could cause actual events to differ materially from those expressed or implied by such forward-looking statements. A description of risks and uncertainties relating to Trico Marine Services. Inc and its industry and other factors which could affect the Company's results of operations or financial condition are included in the Company's Securities and Exchange Commission filings. Trico undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the go out of this report. TRICO MARINE SERVICES. INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(UNAUDITED)(In thousands object share and per share amounts) Three months ended Three months September 30 ended 2007 June 30. 2007 ------------- -------------Revenues:Charter hire $ 68,525 $ 57,899Other vessel income 1,921 811 ------------- -------------Total revenues 70,446 58,710Operating expenses:enjoin vessel operating expenses and other 29,367 36,975General and administrative 12,561 10,350Depreciation and amortization depreciate 6,209 6,114obtain on sales of assets (1) (20) ------------- -------------Total operating expenses 48,136 53,419Operating income 22,310 5,291Interest expense (1,106) (1,040)Amortization of deferred financing costs (208) (206)Interest income 4,127 3,981Other income (loss) net (2,091) (618) ------------- -------------Income before income taxes and noncontrolling arouse in loss of consolidated subsidiary 23,032 7,408Income tax expense 9,906 3,472 ------------- -------------Income before noncontrolling interest in loss of consolidated subsidiary 13,126 3,936 ------------- -------------Noncontrolling interest in loss of consolidated subsidiary 51 498 ------------- -------------Net income $ 13,177 $ 4,434 ============= =============Basic income per common share: Net income $ 0.90 $ 0.30 ============= ============= Average common shares outstanding 14,561,711 14,714,433 ============= =============Diluted income per common share: Net income $ 0.87 $ 0.29 ============= ============= Average common shares outstanding 15,133,175 15,436,810 ============= =============TRICO MARINE SERVICES. INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(UNAUDITED)(In thousands) Nine months ended Nine months September 30 ended 2007 June 30. 2007 ------------- -------------Revenues:Charter hire $ 187,091 $ 177,421Other vessel income 4,034 4,404 ------------- -------------Total revenues 191,125 181,825Operating expenses:Direct vessel operating expenses and other 97,751 78,352General and administrative 30,059 19,688Depreciation and amortization expense 17,789 18,774Insurance recovery from a loss on assets held for sale - (605)Loss on assets held for sale - 3,185Gain on sales of assets (2,858) (1,332) ------------- -------------Total operating expenses 142,741 118,062Operating income 48,384 63,763Interest expense (2,929) (1,163)Amortization of deferred financing costs (564) (133)Interest income 10,827 2,653Other income (loss) net (3,403) 1,340 ------------- -------------Income before income taxes and noncontrolling interest in loss of consolidated subsidiary 52,315 66,460Income tax expense 22,322 24,927 ------------- -------------Income before noncontrolling arouse in loss of consolidated subsidiary 29,993 41,533 ============= =============Noncontrolling interest in loss of consolidated subsidiary 2,200 805 ------------- -------------Net income $ 32,193 $ 42,338 ============= =============Basic income per common share: Net income $ 2.19 $ 2.90 ------------- ------------- add up common shares outstanding 14,719,163 14,614,919 ------------- -------------Diluted income per common share: Net income $ 2.10 $ 2.79 ------------- ------------- Average common shares outstanding 15,346,571 15,174,006 ------------- ------------- For the Period from October 1. Three months ended Nine months ended 2007 through ------------------ ------------------ October 26. Sept 30. June 30. Sept 30. Sept 30,add up Day Rates: 2007 2007 2007 2007 2006 -------- -------- -------- -------- -------- PSV/AHTS (North Sea class)(1) $ 31,092 $ 27,747 $ 23,885 $ 25,426 $ 19,177 Supply (Gulf class)(2) 9,396 9,723 9,724 9,722 11,189 Crew/line handling 5,904 5,885 5,996 5,727 4,557Utilization: PSV/AHTS (North Sea class) 89% 94% 86% 91% 93% Supply (Gulf categorise)(2)(3) 73% 84% 74% 76% 66% Crew/line handling 80% 81% 75% 80% 87%Average Number of Vessels: PSV/AHTS (North Sea class) 16.0 16.0 16.0 16.0 16.0 Supply (Gulf categorise) 36.0 36.0 38.5 38.6 44.4 Crew/line handling 7.0 7.0 7.0 7.3 9.0(1) Anchor handling towing and supply vessels.(2) Effective May 2007 five of our Gulf class supply vessels entered into bareboat contracts which decreased average give vessel day rates. Including the five vessels under bareboat agreements our add up day rates were $7,985. $8,429. $8,976. $8,994 and $11,189 with utilization of 76%. 86%. 75%. 77% and 66% for the period from October 1. 2007 through October 26. 2007 and the three month period ended September 30. 2007 the three month period ending June 30. 2007 and the nine month periods ended September 30. 2007 and 2006 respectively.(3) Stacked vessels for the Gulf supply vessel class are included in the add up number of vessels and the calculation of utilization. Excluding stacked vessels our utilization was 75%. 87%. 81%. 83% and 89% for the period from October 1. 2007 through October 26. 2007 and the three month period ended September 30. 2007 the three month period ended June 30. 2007 and the nine month periods ended September 30. 2007 and 2006 respectively. TRICO MARINE SERVICES. INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands) (UNAUDITED) September 30. December 31,ASSETS 2007 2006 ------------- -------------Current assets: Cash and cash equivalents $ 271,598 $ 114,173 Available for sale securities 46,326 2,475 Restricted cash 4,186 716 Accounts receivable net 64,961 58,787 Prepaid expenses and other current assets 3,575 4,036 Assets held for sale 2,224 3,048 ------------- ------------- be current assets 392,870 183,235Property and equipment: Land and buildings 2,010 1,995 Marine vessels 285,445 256,125 Construction-in-progress 28,192 15,876 Transportation and other 3,851 2,328 ------------- ------------- 319,498 276,324Less accumulated depreciation and amortization 65,526 44,476 ------------- ------------- Net property and equipment 253,972 231,848Restricted cash - noncurrent 3,770 11,842Other assets 14,966 8,397 ------------- ------------- Total assets $ 665,578 $ 435,322 ============= =============LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities: Short-term and current maturities of debt $ 3,258 $ 1,258 Accounts payable 14,128 11,055 Accrued expenses 19,958 14,590 Accrued insurance keep back 2,678 3,062 Accrued interest 1,160 110 Income taxes payable 1,916 2,092 ------------- ------------- Total current liabilities 43,098 32,167Long-term debt including premiums 157,931 8,605Deferred income taxes 84,330 63,327Other liabilities 3,624 2,199 ------------- ------------- Total liabilities 288,983 107,674Noncontrolling interest 13,110 15,310Commitments and contingencies - -Stockholders' equity:Preferred stock. $.01 par determine - -Common stock. $.01 par determine 150 148Warrants - Series A 1,646 1,646Warrants - Series B 633 634Additional paid-in capital 245,166 231,218Retained earnings 110,875 78,824Treasury have at be (17,604) -Pension and postretirement net of taxes of $0.3 million (769) (708)Cumulative foreign currency translation adjustment 23,388 576 ------------- -------------Total stockholders' equity 363,485 312,338 ------------- -------------Total liabilities and stockholders' equity $ 665,578 $ 435,322 ============= =============TRICO MARINE SERVICES. INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF change FLOWS(UNAUDITED)(In thousands) Nine months Nine months ended ended September 30. September 30. 2007 2006 ------------- -------------Net income $ 32,193 $ 42,338 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,273 18,884 Amortization of deferred revenues (663) (3,709) Deferred income taxes 19,264 22,961 obtain on sales of assets (2,858) (1,332) Impairment on assets held for sale - 3,185 Provision for doubtful accounts 424 1,204 Stock compensation expense 3,191 1,558 Noncontrolling arouse in loss of consolidated subsidiary (2,200) (805) dress in operating assets and liabilities: Accounts receivable (2,679) (13,574) Prepaid expenses and other current assets 581 (449) Accounts payable and accrued expenses 6,774 6,564 Other net (1,971) (1,728) ------------- ------------- Net change provided by operating activities 70,329 75,097 ------------- -------------Cash flows from investing activities: Purchases of property and equipment (18,573) (12,179) Proceeds from sales of assets 4,554 2,795 Sales of available-for-sale securities (67,530) - Purchase of available-for-sale securities 23,679 - Increase (decrease) in restricted cash 4,713 (4,324) ------------- ------------- Net change used in investing activities (53,157) (13,708) ------------- -------------Cash flows from financing activities: Net proceeds from issuance of common stock 1,810 608 Proceeds from issuance of debt 152,000 15,878 Debt issuance cost (4,804) - Repayment of debt (629) (47,405) Purchases of treasury have at be (17,604) - Contributions from non-controlling interest - 20,910 ------------- ------------- Net cash provided by financing activities 130,773 (10,009) ------------- -------------Effect of exchange rate changes on change and cash equivalents 9,480 (1,780) ------------- -------------Net increase in cash and change equivalents 157,425 49,600Cash and cash equivalents at beginning of period 114,173 51,218 ------------- -------------Cash and cash equivalents at end of period $ 271,598 $ 100,818 ============= =============communicate: Contact info: Geoff Jones VP & Chief Financial Officer (713) 780-9926-----------------------------------------------------------------------------Company finally puts it's large growing cash stockpile to good use (besides for stock buyback) and aquires Active Subsea - Norwegian Offshore Service for $247M. Completed aquisition today. APTrico Marine Completes $247M AcquisitionMonday November 26. 11:28 am ET Trico Marine Services Completes Acquisition of Active Subsea ASA for $247 Million HOUSTON (AP) -- Marine give services company Trico Marine Services Inc on Monday said it has completed its acquisition of Norwegian offshore services firm Active Subsea ASA for $247 million."We expect greater stability in our cash flows as the new vessels are delivered and placed on long-term contracts with customers which should increase the amount of revenues and earnings we derive from international markets," Joseph S. Compofelice. Trico Marine's head and chief executive said in a release.-----------------------------------------------------------------------------------------------Upgrade by Jeffries and Co.;Trico Marine Services (NASDAQ: TRMA)TRMA Gets a Facelift and a Brighter Outlook;Upgrading to BuyInvestment SummaryWith the purchase of eight MPSVs currently under construction we believe that TRMA shares could have over 20% upside over the next 12 months as the market begins to discount the Company's new growth profile and change in fleet composition by 2009. EventWith the growth potential and fleet grade brought on by TRMA's acquire of Active Subsea ASA (ASUB. NO. NOK 21.80. NC) we are upgrading TRMA to Buy from Hold and increasing our price target to $46 from $40. Key Points• Active subsea transaction to add $60–70MM in annual EBITDA. We estimate that the acquisition of ASUB could add $60–70MM in annual EBITDA to TRMA's operations most of which should be recognized in 2009. On a pro forma basis we estimate that the transaction is $1.20–1.50 accretive to our 2008 EPS estimate.• TRMA is finally able to deploy free cash. TRMA is purchasing ASUB for $242MM in cash and the assumption of $120MM in remaining progress payments which equates to $44.6MM per vessel (or roughly within 10% of today's newbuild prices).• Acquisition To Materially Alter TRMA's hurry By 2009. With the acquisition of ASUB. TRMA's fleet composition should dress dramatically from a quality and geographic diversity standpoint. TRMA's contract backlog could also increase dramatically by 2009 with potentially over 50% of its EBITDA being generated from long-term contracts.• Change In hurry Composition And Growth Profile WarrantsHigher Multiple. Given the pending change in TRMA's revenueand hurry mix from an asset quality and geographic perspective we believe that the valuation gap between TRMA and its peers should narrow considerably by 2009.• Adjusting EPS Estimates For Cash Balance. Although our EBITDA estimate is increasing by almost $10MM we are reducing our 4Q07/2008 EPS estimates to $0.67/$2.99 from $0.73/$3.30 primarily to alter for lower interest income resulting from the $242MM cash payment for ASUB. ---------------------------------------------------------------------------------Good company strong financials great determine great future. Should be a very timely buy now at the 200MA. IMO.
Vry nice ER. Lehmann upgrades. have is cheapTrico Marine Services Reports 2007 Fourth Quarter and Year-End Results -- International Markets Continue Upward MomentumMonday February 18. 6:00 pm ET HOUSTON. TX--(merchandise equip)--Feb 18. 2008 -- Trico Marine Services. Inc. (NasdaqGM:TRMA - News) (the "Company" or "Trico") today announced its financial results for the accommodate and year ended December 31. 2007 reporting fourth quarter net income of $30.7 million or $2.08 per diluted overlap and beat year 2007 net income of $62.9 million or $4.16 per diluted share. Fourth quarter and beat year 2007 results benefited from strong international activity and changes to the Norwegian Tonnage Tax rules that took place in December 2007. Specific to the fourth quarter the tax changes increased net income by $13.1 million or $0.89 per diluted overlap and for the full year 2007 by $2.8 million or $0.18 per diluted share. (In thousands object per share data and day rates) Three Three months months Year Year ended ended ended ended December September December December 31. 2007 30. 2007 31. 2007 31. 2006 --------- --------- --------- ---------Charter hire revenues $ 63,148 $ 68,525 $ 250,239 $ 243,424Operating income 18,246 22,310 66,630 88,390Net income 30,736 13,177 62,931 58,724Diluted EPS $ 2.08 $ 0.87 $ 4.16 3.86Average Day Rates:Supply / fasten Handling (North Sea class) $ 31,909 $ 27,747 $ 27,024 $ 20,455Supply Vessels (Gulf categorise) 7,661 8,429 8,685 11,071Utilization:Supply / fasten Handling (North Sea categorise) 88% 94% 90% 94%Supply Vessels (Gulf categorise) 69% 86% 75% 66%ADVERTISEMENT Chairman and Chief Executive command. Joseph S. Compofelice commented. "We are pleased with our fourth quarter and beat year 2007 results. While we experienced softness in our Gulf of Mexico market we continued to successfully kill our intend to mobilize vessels internationally for longer term contracts and better day rates. During the fourth quarter we mobilized six vessels internationally which brought the be to thirteen vessels for the year or 20% of our hurry. The North Sea market gained strength throughout the year for the second straight year reaching highs in the fourth quarter with spot rates setting all measure records."Compofelice continued. "The real highlight of the year was our acquisition of Active Subsea in November which will advantageously position Trico as one of the largest global suppliers of new subsea service vessels. I believe we are now well positioned to take Trico to the next level."Highlights for the Year -- Completed the $247 million acquisition of Active Subsea ASA with eight VS-470 subsea vessels under construction for delivery in 2008 and 2009.-- Repositioned more of the fleet outside of the Gulf of Mexico which resulted in international EBITDA accounting for 90% of consolidated EBITDA for 2007.-- Realized significant improvement in day rates for the two years ended December 31. 2007 with rates for AHTSs and PSVs improving 97% and 39% respectively.-- Benefited from legislative changes to the Norwegian Tonnage Tax rules in December 2007 that resulted in an increase of $2.8 million in net income or $0.18 per diluted share for the year and $13.1 million in net income or $0.89 per diluted share for the accommodate. As a result. Trico's effective tax rate which was previously above 40% is expected to be in the mid 20% be going forward and the cash tax rate is expected to be displace than 10%.-- Implemented a share repurchase program of up to $100 million. Highlights for the Fourth accommodate -- The North Sea market achieved record day rates in the spot anchor handler merchandise. Average day rates for Trico's North Sea categorise fleet improved by 15% over the third quarter. As a result revenues for AHTSs and PSVs in the North Sea increased 11% and 4% respectively in the fourth quarter compared to the third quarter.-- For the first measure in the Company's history the average day rate for Trico's vessels in West Africa exceeded day rates achieved in the Gulf of Mexico for the Company's 180-foot supply vessels. Summary ResultsCharter contract revenues for the quarter ended December 31. 2007 were $63.1 million a $5.4 million decrease compared to the third quarter of 2007. This change magnitude was due to a reduction in demand for supply vessels in the Gulf of Mexico and the lost revenues from vessels that were in the process of being mobilized internationally during the fourth accommodate. Reduced charter hire revenues in the Gulf during the quarter were partially offset by sequentially higher rates in the North Sea market. Direct vessel operating expenses for the year were slightly higher on a percentage basis because of $5.1 million of mobilization expense to collect 20% of our fleet to international waters and higher than expected repair and maintenance costs. In January 2008. North Sea day rates averaged $25,345 with utilization of 88%. Day rates for Gulf class supply vessels averaged $7,424 with utilization of 73%. Conference Call InformationThe affiliate will care a conference call at 8:30 a m. EST on Tuesday. February 19. 2008 to discuss the results with analysts investors and other interested parties. Individuals who wish to participate in the conference call should dial (888) 205-6875 access code 3346383 in the United States or (913) 312-0959 access code 3346383 from outside the country. A telephonic replay of the conference label ordain be available until walk 3. 2008 starting approximately 1 hour after the completion of the call and can be accessed by dialing (719) 457-0820 access label 3346383 (international calls should use (888) 203-1112 access code 3346383). About TricoTrico provides a broad range of marine support services to the oil and gas industry primarily in the North Sea. Gulf of Mexico. Mexico. Brazil. West Africa and Southeast Asia. The services provided by the Company's diversified hurry of vessels include the transportation of drilling materials supplies and crews to offshore facilities and rigs; towing rigs; and support for the construction installation repair and maintenance of subsea facilities. Trico is headquartered in Houston. Texas. For more information about Trico Marine Services. Inc visit us on the web at. Certain statements in this touch release that are not historical fact may be "forward-looking statements." Actual events may differ materially from those projected in any forward-looking statement. There are a number of important factors involving risks and uncertainties beyond the control of the affiliate that could create actual events to differ materially from those expressed or implied by such forward-looking statements. A description of risks and uncertainties relating to Trico Marine Services. Inc and its industry and other factors which could affect the Company's results of operations or financial instruct are included in the Company's Securities and Exchange equip filings. Trico undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report. TRICO MARINE SERVICES. INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)(In thousands except share and per overlap amounts) Three months Three months ended ended December 31. September 30. 2007 2007 ------------- -------------Revenues:Charter hire $ 63,148 $ 68,525Other vessel income 1,835 1,921 ------------- -------------Total revenues 64,983 70,446Operating expenses:Direct vessel operating expenses 29,377 29,367General and administrative 10,701 12,561Depreciation and amortization 6,582 6,209Impairment on assets held for sale net of insurance recoveries 116 -(Gain) loss on sales of assets (39) (1) ------------- -------------Total operating expenses 46,737 48,136Operating income 18,246 22,310Interest expense net of amounts capitalized (329) (1,106)Foreign exchange gain (loss) 754 (2,068)Interest income 3,305 4,127Other loss net (435) (231) ------------- -------------Income before income taxes and noncontrolling arouse in loss of consolidated subsidiary 21,541 23,032Income tax (benefit) expense (8,963) 9,906 ------------- -------------Income before noncontrolling interest in loss of consolidated subsidiary 30,504 13,126 ------------- -------------Noncontrolling arouse in loss of consolidated subsidiary 232 51 ------------- -------------Net income $ 30,736 $ 13,177 ============= =============Basic income per common share: Net income $ 2.15 $ 0.90 ============= ============= add up common shares outstanding 14,315,001 14,561,711 ============= =============Diluted income per common share: Net income $ 2.08 $ 0.87 ============= ============= Average common shares outstanding 14,776,887 15,116,556 ============= =============TRICO MARINE SERVICES. INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)(In thousands except overlap and per overlap amounts) Year Year ended ended December 31. December 31. 2007 2006 ------------- -------------Revenues:Charter hire $ 250,239 $ 243,424Amortization of non-cash deferred revenues 910 4,322Other vessel income 4,959 971 ------------- -------------Total revenues 256,108 248,717Operating expenses:Direct vessel operating expenses 127,128 106,981General and administrative 40,760 27,102Depreciation and amortization 24,371 24,998Impairment on assets held for sale net of insurance recoveries 116 2,580(Gain) loss on sales of assets (2,897) (1,334) ------------- -------------Total operating expenses 189,478 160,327Operating income 66,630 88,390Interest expense net of amounts capitalized (3,258) (1,286)Foreign exchange gain (loss) (2,282) (23)Interest income 14,132 4,198Other loss net (1,364) (817) ------------- -------------Income before income taxes and noncontrolling arouse in loss of consolidated subsidiary 73,858 90,462Income tax expense 13,359 33,723 ------------- -------------Income before noncontrolling arouse in loss of consolidated subsidiary 60,499 56,739 ------------- -------------Noncontrolling arouse in loss of consolidated subsidiary 2,432 1,985 ------------- -------------Net income $ 62,931 $ 58,724 ============= =============Basic income per common overlap: Net income $ 4.32 $ 4.01 ============= ============= add up common shares outstanding 14,557,826 14,628,490 ============= =============Diluted income per common share: Net income $ 4.16 $ 3.86 ============= ============= Average common shares outstanding 15,137,000 15,206,137 ============= =============TRICO MARINE SERVICES. INC. AND SUBSIDIARIES Three Three Months Months Year Year Month of ended ended ended ended January December September December December 2008 31. 2007 30. 2007 31. 2007 31. 2006 -------- -------- ---------- -------- --------Average Day Rates: PSV/AHTS (North Sea class) (1) $ 25,345 $ 31,909 $ 27,747 $ 27,024 $ 20,455 Supply (Gulf class) 7,424 7,661 8,429 8,685 11,071 Crew/lie handling 6,016 5,880 5,885 5,762 4,785Utilization: PSV/AHTS (North Sea class) 88% 88% 94% 90% 94% Supply (Gulf class) 73% 69% 86% 75% 66% Crew/lie handling 58% 73% 81% 78% 86%add up Number of Vessels: PSV/AHTS (North Sea class) 16.0 16.0 16.0 16.0 16.0 Supply (Gulf class) 40.7 41.0 41.0 41.1 44.3 Crew/line handling 7.0 7.0 7.0 7.2 8.7(1) Anchor handling towing and supply vessels. TRICO MARINE SERVICES. INC. AND SUBSIDIARIESCONSOLIDATED fit SHEETS(UNAUDITED)(In thousands except share and per overlap amounts) December 31. December 31,ASSETS 2007 2006 ------------- -------------Current assets: Cash and cash equivalents $ 131,463 $ 114,173 Available for sale securities - 2,475 Restricted cash 4,747 716 Accounts receivable net 47,253 58,787 Prepaid expenses and other current assets 7,167 4,036 Assets held for sale 3,786 3,048 ------------- ------------- be current assets 194,416 183,235Property and equipment: Land and buildings 117 1,995 Marine vessels 285,656 256,125 Construction-in-progress 255,749 15,876 Transportation and other 3,574 2,328 ------------- ------------- 545,096 276,324 Less accumulated depreciation and amortization 71,482 44,476 ------------- ------------- Net property and equipment 473,614 231,848Restricted cash - noncurrent 3,813 11,842Other assets 12,045 8,397 ------------- ------------- be assets $ 683,888 $ 435,322 ============= =============LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities: Short-term and current maturities of debt $ 3,716 $ 1,258 Accounts payable 15,480 11,055 Accrued expenses 27,098 17,762 Foreign taxes payable 4,627 - Income taxes payable - 2,092 ------------- ------------- be current liabilities 50,921 32,167Long-term debt including premium 157,287 8,605Deferred tax liability - 63,327Foreign taxes payable 64,777 -Other liabilities 4,312 3,575 ------------- ------------- Total liabilities 277,297 107,674Noncontrolling interest 12,878 15,310Commitments and contingenciesStockholders' equity:Preferred have. $.01 par determine - -New Common stock. $.01 par determine 150 148Warrants - Series A 1,645 1,646Warrants - Series B 632 634Additional paid-in capital 248,625 231,218Retained earnings 141,611 78,824Accumulated other comprehensive income net of tax 18,654 (132)Treasury stock at be (17,604) - ------------- ------------- Total stockholders' equity 393,713 312,338 ------------- ------------- Total liabilities and stockholders' equity $ 683,888 $ 435,322 ============= =============TRICO MARINE SERVICES. INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF change FLOWS(UNAUDITED)(In thousands) Year Year ended ended December 31. December 31. 2007 2006 ------------- -------------Net income (loss) $ 62,931 $ 58,724 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 24,371 25,029 Amortization of non-cash deferred revenues (910) (4,322) Deferred income taxes - 29,513 Gain (loss) on sales of assets (2,897) (1,334) Impairment on assets held for sale 116 2,580 Provision for doubtful accounts 78 1,234 Stock based compensation 3,247 2,024 Noncontrolling interest in loss of consolidated subsidiary (2,432) (1,985) dress in operating assets and liabilities: Accounts receivable 15,634 (15,522) Prepaid expenses and other current assets (2,992) (384) Accounts payable and accrued expenses 9,497 8,938 Foreign taxes payable 9,321 - Other net (3,488) (2,764) ------------- -------------Net cash provided by operating activities 112,476 101,731 ------------- -------------Cash flows from investing activities: Acquisition of Active Subsea net of acquired cash (220,443) - Purchases of property and equipment (26,063) (19,472) Proceeds from sales of assets 4,649 3,402 Purchases of available for sale securities (184,815) (2,475) Sale of available for sales securities 187,290 - dress in restricted change 4,113 (4,682) ------------- -------------Net change used in investing activities (235,269) (23,227) ------------- -------------Cash flows from financing activities: Purchases of treasury have (17,604) - Net proceeds from exercises of warrants and options 2,027 992 Proceeds from issuance of senior convertible debentures 150,000 - Proceeds from issuance of EMSL debt 2,000 15,878 Repayment of debt (1,258) (54,041) Debt issuance costs (4,804) - Contribution from non-controlling arouse - 20,910 ------------- -------------Net cash provided by (used in) financing activities 130,361 (16,261) ------------- -------------Effect of exchange rate changes on cash and cash equivalents 9,722 712 ------------- -------------Net increase (decrease) in cash and cash equivalents 17,290 62,955change and change equivalents at beginning of period 114,173 51,218 ------------- -------------Cash and change equivalents at end of period $ 131,463 $ 114,173 ============= =============
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