TODCO
SELECTED FINANCIAL AND OPERATING DATA
(Dollars in thousands, except per day amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
U.S. Gulf of Mexico Segment:
Number of rigs (as of end of
period) 21 21 21 21
Operating days 1,180 1,013 2,364 1,957
Available days 1,456 1,121 2,881 2,201
Utilization(1) 81.0% 90.4% 82.1% 88.9%
Average revenue per rig per
day(2) $82,180 $104,131 $86,199 $91,888
Average operating expense per
rig per day(3) $32,738 $58,334 $27,376 $49,692
Revenues $96,972 $105,485 $203,775 $179,825
Operating expenses, excluding
depreciation and amortization $47,666 $65,392 $78,869 $109,373
Depreciation and amortization
expense $8,975 $10,535 $17,828 $21,278
Operating income $40,331 $29,558 $107,078 $49,174
U.S. Inland Barge Segment:
Number of rigs (as of end of
period) 27 27 27 27
Operating days 1,233 1,509 2,575 2,963
Available days 1,547 1,547 3,077 3,009
Utilization (1) 79.7% 97.5% 83.7% 98.5%
Average revenue per rig per day
(2) $47,205 $37,227 $47,497 $35,511
Average operating expense per
rig per day (3) $23,849 $21,603 $24,013 $19,473
Revenues $58,204 $56,176 $122,305 $105,218
Operating expenses, excluding
depreciation and amortization $36,895 $33,420 $73,888 $58,593
Depreciation and amortization
expense $6,934 $5,258 $13,558 $10,765
Operating income $14,375 $17,498 $34,859 $35,860
International and Other Segment:
Number of rigs (as of end of
period) 16 16 16 16
Operating days 1,076 1,030 2,118 2,000
Available days 1,365 1,243 2,715 2,259
Utilization (1) 78.8% 82.9% 78.0% 88.5%
Average revenue per rig per
day(2) $49,087 $43,150 $48,499 $44,366
Average operating expense per
rig per day(3) $30,987 $26,901 $29,548 $28,830
Revenues $52,818 $44,445 $102,721 $88,731
Operating expenses, excluding
depreciation and amortization $42,297 $33,438 $80,222 $65,128
Depreciation and amortization
expense $5,400 $5,133 $10,905 $10,191
Operating income $5,121 $5,874 $11,594 $13,412
Delta Towing Segment:
Revenues $21,372 $19,946 $42,461 $35,914
Operating expenses, excluding
depreciation and amortization $11,403 $8,319 $20,034 $14,780
Depreciation and amortization
expense $1,009 $962 $1,991 $1,992
General and administrative
expenses, excluding depreciation
and amortization $1,223 $1,098 $2,452 $2,353
Operating income $7,737 $9,567 $17,984 $16,789
Total Company:
Revenues $229,366 $226,052 $471,262 $409,688
Operating expenses, excluding
depreciation and
amortization $138,261 $140,569 $253,013 $247,874
Depreciation and amortization
expense $22,318 $21,888 $44,282 $44,226
General and administrative
expenses, excluding depreciation
and amortization $13,329 $10,688 $26,613 $20,369
Operating income $55,458 $52,907 $147,354 $97,219
Interest income $3,180 $2,667 $5,989 $4,766
Interest expense $(685) $(729) $(1,362) $(1,439)
Gain on disposal of asset $1,715 $1,397 $7,181 $2,269
Impairment loss on long-lived assets $-- $(415) $-- $(415)
Other, net $434 $(283) $454 $(48)
Income before income taxes $60,102 $55,544 $159,616 $102,352
Income tax expense $(24,323) $(20,849) $(63,106)$(38,498)
Income before cumulative effect
of change in accounting
principle $35,779 $34,695 $96,510 $63,854
Cumulative effect of change in
accounting principle, net of tax $-- $-- $-- $101
Net income $35,779 $34,695 $96,510 $63,955
(1) Utilization is the total number of revenue earning days in the
period as a percentage of the total number of available days in the
period for all drilling rigs in our fleet. Days during which the
rigs were undergoing major refurbishments, upgrades, construction or
cold-stacked units are not counted as available days.
(2) Average revenue per rig per day is defined as operating revenue
earned per revenue earning day in the period for all drilling rigs.
(3) Average operating expense per rig per day is defined as operating
expenses, excluding depreciation and amortization, incurred by our
rigs in the period divided by the total number of available days in
the period.
Note - TODCO historically included days where the rigs were cold-stacked
in the number of available days data. The current period and historical
available days data has been adjusted to exclude the number of days where
the rigs were cold-stacked to be consistent with Hercules Offshore,
Inc. historical presentation.
TODCO
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In thousands, except per share data)
We report our financial results in accordance with generally accepted
accounting principles (GAAP). However, management believes that certain
non-GAAP performance measures and ratios may provide users of this
financial information additional meaningful comparisons between current
results and results in prior operating periods. One such non-GAAP
financial measure we may present from time to time is operating income or
net income excluding certain charges or amounts. This adjusted income
amount is not a measure of financial performance under GAAP. Accordingly,
it should not be considered as a substitute for operating income, net
income or other income data prepared in accordance with GAAP. See the
table below for supplemental financial data and corresponding
reconciliations to GAAP financial measures for the three and six months
ended June 30, 2007. Non-GAAP financial measures should be viewed in
addition to, and not as an alternative for, the Company's reported
results prepared in accordance with GAAP. The non-GAAP measure included
in this press release has been reconciled to the nearest GAAP measure in
the following table:
Three Months Six Months
Ended June 30, Ended June 30,
2007 2007
Operating Income:
GAAP Operating Income $55,458 $147,354
Adjustment (a) 2, 3 Ago. (a) - 4,031 (a)
Non-GAAP Operating Income $57,529 $151,385
Other Income (Expense):
GAAP Other Income (Expense) $4,644 $12,262
Adjustment (a) -- (a) -- (a)
Non-GAAP Other Income (Expense) $4,644 $12,262
Provision for Income Taxes:
GAAP Provision for Income Taxes $(24,323) $(63,106)
Tax Impact of Adjustment (a) -- (a) -- (a)
Non-GAAP Provision for Income
Taxes $(24,323) $(63,106)
Net Income:
GAAP Net Income $35,779 $96,510
Total Adjustment, Net of Tax (a) 2,071 (a) 4,031 (a)
Non-GAAP Net Income $37,850 $100,541
Diluted Earnings per Share:
GAAP Diluted Earnings per Share $0.62 $1.66
Adjustment per Share (a) 0.03 (a) 0.07 (a)
Non-GAAP Diluted Earnings per
Share $0.65 $1.73
(a) Represents US$2.1 million and US$4.0 million of transaction costs
incurred by TODCO for the three and six months ended June 30, 2007,
respectively. On an after-tax basis, these charges approximated
US$2.1 million and US$4.0 million, or three cents and seven cents per
diluted share, for the three and six months ended June 30, 2007,
respectively.
Web site: http://www.herculesoffshore.com
Stephen M. Butz, Vice President Finance and Treasurer 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
