COMUNICADO: Hercules Offshore Announces Second Quarter 2006 Earnings (y 3)

Actualizado 31/07/2006 15:08:48 CET


HERCULES OFFSHORE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US$, except par value)
(Unaudited)

June 30, December 31,
2006 2005

ASSETS
CURRENT ASSETS
Cash and cash equivalents $64,570 $47,575
Accounts receivable, net 59,257 38,484
Deposits 51 33
Assets held for sale 2,040 2,040
Insurance claims receivable 13,166 5,919
Prepaid expenses and other 3,839 6,160
Total current assets 142,923 100,211

PROPERTY AND EQUIPMENT, net 339,336 247,443
OTHER ASSETS 10,045 7,171

Total assets $492,304 $354,825

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long-term debt $1,400 $1,400
Accounts payable 21,157 13,281
Accrued liabilities 12,065 11,165
Taxes payable 2,051 122
Interest payable 1,928 1,759
Other current liabilities 750 2,401
Total current liabilities 39,351 30,128

LONG-TERM DEBT, net of current
portion 92,550 93,250
DEFERRED INCOME TAXES 33,311 15,504
OTHER LIABILITIES 625 -

STOCKHOLDERS' EQUITY 326,467 215,943

Total liabilities and
stockholders' equity $492,304 $354,825

HERCULES OFFSHORE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005

REVENUES
Contract drilling
services $42,567 $26,288 $69,564 $51,179
Marine services 33,730 10,787 62,866 19,951
76,297 37,075 132,430 71,130

COSTS AND EXPENSES
Operating expenses for
contract drilling
services,
excluding
depreciation and
amortization 13,822 12,095 24,929 23,336
Operating expenses for
marine services,
excluding
depreciation and
amortization 12,438 5,847 23,267 10,427
Depreciation and
amortization 7,551 2,860 13,485 5,322
General and
administrative,
excluding depreciation
and amortization 6,601 2,904 13,187 5,105
40,412 23,706 74,868 44,190

OPERATING INCOME 35,885 13,369 57,562 26,940

OTHER INCOME (EXPENSE)
Interest expense (2,163) (2,534) (4,249) (4,837)
Gain on disposal of
asset - - 29,580 -
Loss on early
retirement of debt - (2,786) - (2,786)
Other, net 1,520 101 1,823 235

INCOME BEFORE INCOME TAXES 35,242 8,150 84,716 19,552
INCOME TAX PROVISION
Current income tax (8,005) - (13,492) -
Deferred income tax (4,304) - (17,379) -

NET INCOME $22,933 $8,150 $53,845 $19,552


EARNINGS PER SHARE:
Basic $0.73 $0.34 $1.74 $0.82
Diluted $0.70 $0.34 $1.68 $0.81
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic 31,570,354 23,922,850 30,909,517 23,821,044
Diluted 32,829,076 24,243,180 32,126,429 24,020,647

HERCULES OFFSHORE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Six Months Ended June 30,
2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $53,845 $19,552
Adjustments to reconcile net
income to net cash provided by
operating activities
Depreciation and amortization 13,485 5,322
Stock based compensation expense 1,461 -
Deferred income taxes 17,379 -
Amortization of deferred
financing fees 327 492
Provision for bad debts 160 319
Loss on early retirement of debt - 2,786
Gain on disposal of asset (29,580) -
(Increase) decrease in operating assets
Increase in accounts receivable (20,933) (8,707)
Increase in insurance claims receivable (8,892) -
Decrease in prepaid expenses and other 1,455 1,659
Increase (decrease) in operating liabilities
Increase in accounts payable 7,876 1,713
Increase in other current
liabilities 5,829 2,949
Increase in other liabilities 625 -
Net cash provided by operating
activities 43,037 26,085
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment (118,936) (87,374)
Deferred drydocking expenditures (6,534) (2,230)
Insurance proceeds received 50,090 -
Decrease (increase) in deposits (18) 1,750
Net cash used in investing activities (75,398) (87,854)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings - 185,000
Payment of debt (700) (101,000)
Proceeds from issuance of common stock 54,199 -
Proceeds from exercise of stock options 221 -
Payment of debt issuance costs (632) (5,636)
(Distributions to) contributions
from members (3,732) 4,329
Net cash provided by financing
activities 49,356 82,693
NET INCREASE IN CASH AND CASH EQUIVALENTS 16,995 20,924
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 47,575 14,460
CASH AND CASH EQUIVALENTS AT END OF PERIOD $64,570 $35,384

HERCULES OFFSHORE, INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING DATA
(Dollars in thousands, except per day amounts)
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005

Domestic Contract Drilling Services
Segment:
Number of rigs (as of end of period) 7 8 7 8
Operating days 494 602 876 1,212
Available days 524 637 974 1,251
Utilization (1) 94.3% 94.5% 89.9% 96.9%
Average revenue per rig
per day (2) $77,513 $43,653 $74,530 $42,234
Average operating expense per rig
per day (3) $23,318 $18,988 $23,949 $18,654
Revenues $38,291 $26,288 $65,288 $51,179
Operating expenses, excluding
depreciation and
amortization $12,219 $12,095 $23,326 $23,336
Depreciation and amortization $2,089 $1,318 $3,741 $2,610
General and administrative
expenses, excluding
depreciation and amortization $1,587 $1,682 $3,373 $2,865
Operating income $22,396 $11,193 $34,848 $22,368

International Contract Drilling
Services Segment:
Number of rigs (as of end of
period) 2 - 2 -
Operating days 33 - 33 -
Available days 37 - 37 -
Utilization (1) 89.2% - 89.2% -
Average revenue per rig
per day (2) $129,577 - $129,577 -
Average operating expense per rig
per day (3) $43,320 - $43,320 -
Revenues $4,276 - $4,276 -
Operating expenses, excluding
depreciation and amortization $1,603 - $1,603 -
Depreciation and amortization $251 - $251 -
General and administrative
expenses, excluding depreciation
and amortization $472 - $507 -
Operating income $1,950 - $1,915 -

Domestic Marine Services Segment:
Number of liftboats (as of end of
period) 47 39 47 39
Operating days 2,802 1,766 5,652 3,218
Available days 3,699 2,392 7,157 4,372
Utilization (1) 75.8% 73.8% 79.0% 73.6%
Average revenue per liftboat per
day (2) $10,765 $6,109 $9,865 $6,200
Average operating expense per
liftboat per day (3) $2,935 $2,444 $2,801 $2,385
Revenues $30,163 $10,787 $55,760 $19,951
Operating expenses, excluding
depreciation and
amortization $10,857 $5,847 $20,050 $10,427
Depreciation and amortization $4,910 $1,534 $8,888 $2,701
General and administrative
expenses, excluding
depreciation and amortization $417 $380 $1,162 $821
Operating income $13,979 $3,026 $25,660 $6,002

International Marine Services Segment:
Number of liftboats (as of end of
period) 4 - 4 -
Operating days 355 - 712 -
Available days 364 - 724 -
Utilization (1) 98.0% - 98.0% -
Average revenue per liftboat per
day (2) $10,047 - $9,980 -
Average operating expense per
liftboat per day (3) $4,346 - $4,445 -
Revenues $3,567 - $7,106 -
Operating expenses, excluding
depreciation and amortization $1,581 - $3,217 -
Depreciation and amortization $274 - $553 -
General and administrative
expenses, excluding
depreciation and amortization $593 - $1,354 -
Operating income $1,119 - $1,982 -

Total Company:
Revenues $76,297 $37,075 $132,430 $71,130
Operating expenses, excluding
depreciation and amortization $26,260 $17,942 $48,196 $33,763
Depreciation and amortization $7,551 $2,860 $13,485 $5,322
General and administrative
expenses, excluding
depreciation and amortization $6,601 $2,904 $13,187 $5,105
Operating income $35,885 $13,369 $57,562 $26,940
Interest expense $2,163 $2,534 $4,249 $4,837
Loss on early retirement of debt $- $2,786 $- $2,786
Gain on disposal of asset $- $- $29,580 $-
Other income $1,520 $101 $1,823 $235
Income before income taxes $35,242 $8,150 $84,716 $19,552
Income tax expense $12,309 $- $30,871 $-
Net income $22,933 $8,150 $53,845 $19,552

(1) Utilization is defined as the total number of days our rigs or
liftboats, as applicable, were under contract, known as operating
days, in the period as a percentage of the total number of available
days in the period. Days during which our rigs and liftboats were
undergoing major refurbishments, upgrades or construction, which
included Rig 16, Rig 21, Rig 26 and Rig 31, or cold-stacked units,
which included three of our liftboats, are not counted as available
days. Days during which our liftboats are in the shipyard undergoing
drydocking or inspection are considered available days for the
purposes of calculating utilization.
(2) Average revenue per rig or liftboat per day is defined as revenue
earned by our rigs or liftboats, as applicable, in the period divided
by the total number of operating days for our rigs or liftboats, as
applicable, in the period.
(3) Average operating expense per rig or liftboat per day is defined as
operating expenses, excluding depreciation and amortization, incurred
by our rigs or liftboats, as applicable, in the period divided by the
total number of available days in the period. We use available days
to calculate average operating expense per rig or liftboat per day
rather than operating days, which are used to calculate average
revenue per rig or liftboat per day, because we incur operating
expenses on our rigs and liftboats even when they are not under
contract and earning a dayrate. In addition, the operating expenses
we incur on our rigs and liftboats per day when they are not under
contract are typically lower than the per-day expenses we incur when
they are under contract.

Web site: http://www.herculesoffshore.com

Stephen M. Butz, Director of Corporate Development, of Hercules Offshore, Inc., +1-713-979-9832 / Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050601/DAW092LOGO / AP Archive: http://photoarchive.ap.org / PRN Photo Desk, photodesk@prnewswire.com

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