Diamond Offshore Drilling Inc. Announces First Quarter 2000 Earnings and Declares Cash Dividend
HOUSTON--(BUSINESS WIRE)--April 18, 2000--Diamond Offshore Drilling Inc. (NYSE:DO - news) today reported net income of $29.5 million, or $0.21 per share on a diluted basis, on revenues of $167.8 million for the first quarter of 2000, compared to net income of $51.8 million, or $0.37 per share on a diluted basis, on revenues of $228.0 million for the first quarter of 1999. Net income for the first quarter of 2000 included an after-tax gain of $9.0 million, or $0.06 per share, related to the sale of the jack-up drilling rig ``Ocean Scotian.' Basic earnings per share for the first quarter of 2000 were $0.22, compared to $0.38 for the first quarter of 1999.
The Board of Directors has declared a cash dividend of $0.125 per common share payable June 1, 2000 to stockholders of record on May 1, 2000.
As of March 31, 2000, there were 135.5 million common shares outstanding. Depending on market conditions, the Company from time to time purchases shares of its outstanding common stock in the open market. During the first quarter of 2000, the Company repurchased 308,800 shares of its common stock at an aggregate cost of $8.5 million.
Diamond Offshore is a leader in deep water drilling. The Company's fleet of 45 offshore drilling rigs consists of 30 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents.
Diamond Offshore will provide an online, real-time simulcast and rebroadcast of its 2000 first quarter earnings release conference call. The live broadcast will be available online at www.diamondoffshore.com on April 18, 2000, beginning at 9:00 a.m. Central Time. The online replay will follow immediately and continue through May 18, 2000. Please go to the web site at least 15 minutes before the broadcast to register, download and install any necessary audio software.
DIAMOND OFFSHORE DRILLING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
Three Months Ended
March 31,
-------------------
2000 1999
-------------------
Revenues $167,828 $228,037
Operating expenses:
Contract drilling 100,823 110,718
Depreciation and amortization 36,875 35,657
General and administrative 6,020 6,001
-------- --------
Total operating expenses 143,718 152,376
-------- --------
Operating income 24,110 75,661
Other income (expense):
Gain on sale of assets 14,017 125
Interest income 8,622 8,351
Interest expense (1,234) (3,332)
Other, net (89) (1,093)
Income before income tax expense 45,426 79,712
Income tax expense (15,938) (27,894)
-------- --------
Net income $29,488 $51,818
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Earnings per share:
Basic $0.22 $0.38
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Diluted $0.21 $0.37
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Weighted average
shares outstanding:
Common shares 135,688 135,816
Dilutive potential common shares 9,876 9,876
-------- --------
Total weighted average shares
outstanding 145,564 145,692
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DIAMOND OFFSHORE DRILLING INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
(Unaudited)
(In thousands)
Three Months Ended
March 31,
-----------------------------
2000 1999
-----------------------------
REVENUES
High Specification Floaters $56,862 $63,960
Other Semisubmersibles 88,511 139,453
Jack-ups 21,019 24,069
Integrated Services 2,601 3,469
Eliminations (1,165) (2,914)
--------- ---------
Total Revenues $167,828 $228,037
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CONTRACT DRILLING EXPENSE
High Specification Floaters $23,307 $24,390
Other Semisubmersibles 54,865 62,251
Jack-ups 19,845 22,708
Integrated Services 3,071 3,438
Other 900 845
Eliminations (1,165) (2,914)
--------- ---------
Total Contract Drilling Expense $100,823 $110,718
========= =========
OPERATING INCOME
High Specification Floaters $33,485 $39,570
Other Semisubmersibles 33,646 77,202
Jack-ups 1,174 1,361
Integrated Services (470) 31
Other (830) (845)
Depreciation and Amortization Expense (36,875) (35,657)
General and Administrative Expense (6,020) (6,001)
--------- ---------
Total Operating Income $24,110 $75,661
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DIAMOND OFFSHORE DRILLING INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, Dec. 31,
-------------------------
2000 1999
-------------------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $106,572 $112,316
Marketable securities 479,578 529,042
Accounts receivable 129,759 143,569
Rig inventory and supplies 39,145 38,760
Prepaid expenses and other 60,740 36,605
----------- ------------
Total current assets 815,794 860,292
Drilling and other
property and equipment, net of
Accumulated depreciation 1,763,796 1,737,905
Goodwill, net of accumulated
amortization 72,055 73,174
Other assets 9,550 9,658
----------- ------------
Total assets $2,661,195 $2,681,029
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $103,671 $135,401
Long-term debt 400,000 400,000
Deferred tax liability 299,341 291,213
Other liabilities 11,585 12,193
Stockholders' equity 1,846,598 1,842,222
----------- ------------
Total liabilities and
stockholders' equity $2,661,195 $2,681,029
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