A replay of the conference call will be available by telephone on Monday, May 1, 2006 beginning at 11:00 a.m. CDT (12:00 p.m. EDT), through Monday, May 8, 2006. The phone number for the conference call replay is (888)286-8010 or internationally (617)801-6888. The access code is 78804693. Additionally, the recorded conference call will be accessible through our website at http://www.herculesoffshore.com for 28 days after the conference call.
The news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are subject to a number of risks, uncertainties and assumptions, including the factors described in Hercules' most recent periodic reports and other documents filed with the Securities and Exchange Commission, which are available free of charge at the SEC's website at www.sec.gov or the company's website at www.herculesoffshore.com. Hercules cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.
(All Figures Shown are in US$)
HERCULES OFFSHORE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
(Unaudited)
March 31, December 31,
2006 2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents $14,915 $47,575
Accounts receivable, net 39,922 38,484
Deposits 51 33
Assets held for sale 2,040 2,040
Insurance claims receivable 62,038 5,919
Prepaid expenses and other 5,537 6,160
Total current assets 124,503 100,211
PROPERTY AND EQUIPMENT, net 267,701 247,443
OTHER ASSETS 8,799 7,171
Total assets $401,003 $354,825
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long-term debt $1,400 $1,400
Accounts payable 10,293 13,281
Accrued liabilities 11,602 11,165
Taxes payable 5,609 122
Interest payable 1,824 1,759
Other liabilities 604 2,401
Total current liabilities 31,332 30,128
LONG-TERM DEBT, net of current portion 92,900 93,250
DEFERRED INCOME TAXES 28,800 15,504
STOCKHOLDERS' EQUITY 247,971 215,943
Total liabilities and stockholders'
equity $401,003 $354,825
HERCULES OFFSHORE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)
Three Months Ended March 31,
2006 2005
REVENUES
Contract drilling services $26,997 $24,891
Marine services 29,136 9,164
56,133 34,055
COSTS AND EXPENSES
Operating expenses for contract
drilling services, excluding
depreciation and amortization 11,107 11,241
Operating expenses for marine
services, excluding depreciation and
amortization 10,829 4,580
Depreciation and amortization 5,934 2,462
General and administrative,
excluding depreciation and amortization 6,586 2,201
34,456 20,484
OPERATING INCOME 21,677 13,571
OTHER INCOME (EXPENSE)
Interest expense (2,086) (2,303)
Gain on disposal of asset 29,580 -
Other, net 303 134
INCOME BEFORE INCOME TAXES 49,474 11,402
INCOME TAX PROVISION
Current income tax (5,487) -
Deferred income tax (13,075) -
NET INCOME $30,912 $11,402
EARNINGS PER SHARE:
Basic $1.02 $0.48
Diluted $0.98 $0.48
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 30,248,680 23,718,108
Diluted 31,423,782 23,718,108
(CONTINUA)
