http://www.morningstar.com/earnings/52423358-tidewater-inc-tdw-q4-2013.aspx

Tidewater Inc TDW
Q4 2013 Earnings Call Transcript

Transcript Call Date 05/21/2013

Operator: Welcome to the Fiscal 2013 Fourth Quarter Earnings Conference Call. My name is John and I will be your operator for today's call. At this time all participants are in listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded.

I will now turn the call over to Mr. Joe Bennett. Mr. Bennett, you may begin.

Joseph M. Bennett - EVP and Chief IR Officer: Thank you, John. Good morning, everyone, and welcome to Tidewater's fiscal 2013 full-year and fourth quarter earnings results conference call for the period ended March 31, 2013. I am Joe Bennett, Tidewater's Executive Vice President and Chief Investor Relations Officer. With me this morning on the call are our President and CEO, Jeff Platt; Quinn Fanning, our Executive VP and CFO; and Bruce Lundstrom, our Executive Vice President, General Counsel and Secretary.

We will follow our usual conference call format. After the formalities, I'll turn the call over to Jeff for his initial comments, to be followed by Quinn's review of the financial details for the year and quarter. Jeff will then provide some wrap-up comments before we open the call for questions.

During today's conference call, Jeff, Quinn, I and other Tidewater management may make certain comments that are forward-looking statements and not statements of historical facts. I know that you understand that there are risks, uncertainties and other factors that may cause the Company's actual future performance to be materially different from that stated or implied by any comment that we may make during today's conference call. Additional information concerning the factors that could cause actual results to differ materially from those stated or implied by the forward-looking statements may be found in the Risk Factors section of Tidewater's most recent Form 10-K.

With that, I'll turn the call over to Jeff.

Jeffrey M. Platt - President and CEO: Thank you, Joe, and good morning to everyone. Earlier this morning we reported fully diluted earnings per share for fiscal 2013 of $3.03, compared to our fiscal 2012 $1.70 per share results. We remind you, however, that our fiscal 2012 results had been affected by $30.9 million pre-tax goodwill charge. Excluding that goodwill charge, our after-tax adjusted earnings would have been ($2.13) per share for fiscal 2012. This year's annual earnings results did include $3.4 million after-tax charge or $0.07 per share associated with the settlement of our former CEO Dean Taylor's retirement benefits which we previously reported in our third fiscal quarter.

For our fourth fiscal quarter, we reported fully diluted earnings per share of $0.95 compared to the $0.66 we earned in fiscal 2012's fourth quarter. Our results for this quarter were substantially better than the consensus estimate of $0.61 and Quinn will provide you with additional information as to the reasons for this solid performance.

Vessel revenues in the quarter were $325 million, which is an increase of approximately 7% from the vessel revenues we reported our prior quarter. But importantly, this quarter's revenues represent an increase of approximately 13% over the vessel revenues of last year's fourth quarter. Our vessel revenues reflect the improving health of our industry that we have noted in previous conference calls and presentations and the fruits of our continued investment in our vessel fleet over the past several years.

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