Atwood Oceanics reports 'successful' fourth quarter; income, debt rise

By Lisa Kerner

Charlotte, N.C., Nov. 16 - Atwood Oceanics, Inc. had "one of the busiest and most successful quarters" in its 44-year history, said president and chief executive officer Rob Saltiel during the company's fourth-quarter and full-year earnings call on Friday.

The Houston-based offshore-drilling company reported record revenues and net income for the quarter and the full fiscal year, said Saltiel.

For the quarter ended Sept. 30, Atwood had net income of $95.5 million, or $1.45 per diluted share, on revenues of $252.5 million for the quarter, compared to net income of $72.9 million, or $1.12 per diluted share, on revenues of $177.6 million for the prior-year quarter.

Atwood reported earned net income of $272.2 million, or $4.14 per diluted share, on revenues of $787.4 million for the 12 months ended Sept.30, compared to net income of $271.7 million, or $4.15 per diluted share, on revenues of $645.1 million for the 12 months ended Sept. 30, 2011.

During the fourth quarter, Atwood's debt increased to $830 million from $655 million, said chief financial officer Mark Mey on the call.

Atwood had cash and cash equivalents of about $78 million at the end of the fiscal year, compared to $295 million at the end of fiscal year 2011.

Capital expenditures for the fourth quarter totaled $190 million.

The company's net debt to capitalization was 27%, up from 23% in the prior quarter, said Mey.

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