Trico Marine Services Inc: Company Report3200 Southwest Freeway
Suite 2950
Houston TX 77027
Phone: 713-7809926 http://www.tricomarine.com/
Industry : Oil & Gas Equipment & ServicesEmployees : 834Exchange : NASDAQ
Trico Marine Services, Inc. (Trico) is a provider of marine support vessels to the offshore oil and gas industry, primarily in the North Sea, Gulf of Mexico, West Africa, Mexico and, to a lesser extent, Brazil. As of December 31, 2006, the CompanyGÇÖs fleet consisted of 68 vessels, including 10 large capacity platform supply vessels, six large anchor handling, towing and supply vessels, 44 supply vessels, seven crew boats, and one line handling (utility) vessel. Its diversified fleet of vessels provides a range of services to offshore oil and gas operators, including the transportation of drilling materials, supplies and crews to drilling rigs and other offshore facilities; towing drilling rigs and equipment from one location to another, and support for the construction, installation, repair and maintenance of offshore facilities. Trico also provides support for deepwater remotely operated vehicles (ROVs), well stimulation, sea floor cable laying and trenching services.
---------------------------------------------------------------------------------------
Press Release Source: Trico Marine Services, Inc.
Trico Marine Services Reports Third Quarter 2007 Earnings With Record Charter Hire Revenues
Wednesday October 31, 8:01 pm ET
HOUSTON, TX--(MARKET WIRE)--Oct 31, 2007 -- Trico Marine Services, Inc. (NasdaqGM:TRMA - News) (the "Company" or "Trico") today announced its financial results for the quarter ended September 30, 2007 reporting quarterly net income of $13.2 million or $0.87 per share (diluted) significantly higher than the second quarter 2007 net income of $4.4 million or $0.29 per share (diluted). Charter hire revenues for the third quarter of 2007 were $68.5 million, a record high for the Company, up 18% from $57.9 million in the prior quarter.
Summary Results
(In thousands, except per share data and day rates)
For the three
months ended For the three
September 30, months ended
2007 June 30, 2007
------------- -------------
Charter hire revenues $ 68,525 $ 57,899
Operating income 22,310 5,291
Net income 13,177 4,434
Diluted EPS $ 0.87 $ 0.29
Day Rates:
Supply / Anchor Handling (North Sea class) $ 27,747 $ 23,885
Supply Vessels (Gulf class) (1) 9,723 9,724
Utilization:
Supply / Anchor Handling (North Sea class) 94% 86%
Supply Vessels (Gulf class) (1) 84% 74%
(1) Excludes five vessels transferred to EMSL Joint Venture that are on
bareboat charters.
ADVERTISEMENT
Third Quarter Results
Charter hire revenues increased by $10.6 million compared to the second quarter of 2007, primarily due to higher day rates for Trico's North Sea class vessels, and also higher utilization for those vessels as a result of less time completing maintenance and classification (M & C) requirements. Rates for AHTS vessels in the third quarter continued to be robust at an average rate of $39,986 per day.
Direct vessel operating expenses decreased $7.6 million in the third quarter of 2007, down over 20% compared with the prior quarter primarily due to reduced M & C costs on North Sea class vessels. In the third quarter, M&C work was completed on two North Sea class vessels, compared to four in the prior quarter.
In addition, general and administrative (G&A) expenses increased in comparison to the second quarter by $2.2 million primarily due to changes to the Company's executive management team.
Joseph S. Compofelice, Trico's Chairman and CEO, commented, "Trico's quarterly results were in line with our expectations and reflect significant improvements in utilization and cost control over the second quarter of this year during which the higher number of dry dockings increased vessel operating expenses and reduced utilization in the North Sea market."
Mr. Compofelice continued, "Looking ahead, activity levels remain strong in the North Sea, West Africa and Mexico. In our U.S. Gulf of Mexico market, rates and activity levels started to weaken late in the third quarter and the Company announced the redeployment of four Gulf class vessels to international markets, where prospects for long term contracts and predictable cash flows are in line with our strategic objectives. This move reflects our philosophy of pursuing longer term cash flows in higher growth markets whenever possible. We will continue to focus on expanding our international footprint while managing our operating and overhead costs. Our strong balance sheet provides us the opportunity to pursue strategic opportunities that involve long term contracts for service offerings reflective of higher growth markets such as subsea and other specialized markets as well as other opportunities that will bring long term value to all Trico shareholders."
For the period October 1 through October 26, 2007, day rates for North Sea class vessels averaged $31,092 with utilization of 89% while day rates for our Gulf class supply vessels averaged $9,396 with utilization of 73%, or 75% for actively marketed vessels.
Stock Repurchase Program
In July 2007, the Company's Board of Directors authorized the repurchase of up to $100 million of the company's common stock in open-market transactions including block purchases or in privately negotiated transactions.
During the third quarter the Company repurchased approximately 570,000 shares of its common stock for $17.6 million at an average price of $30.87 per share. Of this amount, pursuant to our agreement with the Company's largest shareholder, Kistefos AS, the Company repurchased a total of 114,000 shares of its common stock during this period from Kistefos.
Conference Call Information
Trico has scheduled a conference call to review third quarter 2007 results on November 1, 2007 at 8:30 a.m. eastern time. To participate in the conference call, callers in the United States and Canada can dial (877) 502-9272 and international callers can dial (913) 981-5581. The Conference I.D. for callers is 1936094.
The call will be available for replay approximately one hour after the call is completed until November 14, 2007. For callers in the United States and Canada, the toll-free number for the replay is (888) 203-1112. For international callers the number is (719) 457-0820. The Conference I.D. for all callers to access the replay is 1936094.
About Trico
Trico provides a broad range of marine support services to the oil and gas industry, primarily in the North Sea, Gulf of Mexico, West Africa and Southeast Asia. The services provided by the Company's diversified fleet of vessels include the transportation of drilling materials, supplies and crews to drilling rigs and other offshore facilities; towing drilling rigs and equipment from one location to another; and support for the construction, installation, repair and maintenance of offshore facilities. Trico is headquartered in Houston, Texas.
Please visit the Company's website at http://www.tricomarine.com for additional information.
Certain statements in this press release that are not historical fact may be "forward-looking statements." Actual events may differ materially from those projected in any forward-looking statement. There are a number of important factors involving risks and uncertainties beyond the control of the Company that could cause actual events to differ materially from those expressed or implied by such forward-looking statements. A description of risks and uncertainties relating to Trico Marine Services, Inc. and its industry and other factors, which could affect the Company's results of operations or financial condition, are included in the Company's Securities and Exchange Commission filings. Trico undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report.
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands, except share and per share amounts)
Three months
ended Three months
September 30, ended
2007 June 30, 2007
------------- -------------
Revenues:
Charter hire $ 68,525 $ 57,899
Other vessel income 1,921 811
------------- -------------
Total revenues 70,446 58,710
Operating expenses:
Direct vessel operating expenses and other 29,367 36,975
General and administrative 12,561 10,350
Depreciation and amortization expense 6,209 6,114
Gain on sales of assets (1) (20)
------------- -------------
Total operating expenses 48,136 53,419
Operating income 22,310 5,291
Interest expense (1,106) (1,040)
Amortization of deferred financing costs (208) (206)
Interest income 4,127 3,981
Other income (loss), net (2,091) (618)
------------- -------------
Income before income taxes and noncontrolling
interest in loss of consolidated subsidiary 23,032 7,408
Income tax expense 9,906 3,472
------------- -------------
Income before noncontrolling interest in loss
of consolidated subsidiary 13,126 3,936
------------- -------------
Noncontrolling interest in loss of
consolidated subsidiary 51 498
------------- -------------
Net income $ 13,177 $ 4,434
============= =============
Basic income per common share:
Net income $ 0.90 $ 0.30
============= =============
Average common shares outstanding 14,561,711 14,714,433
============= =============
Diluted income per common share:
Net income $ 0.87 $ 0.29
============= =============
Average common shares outstanding 15,133,175 15,436,810
============= =============
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands)
Nine months
ended Nine months
September 30, ended
2007 June 30, 2007
------------- -------------
Revenues:
Charter hire $ 187,091 $ 177,421
Other vessel income 4,034 4,404
------------- -------------
Total revenues 191,125 181,825
Operating expenses:
Direct vessel operating expenses and other 97,751 78,352
General and administrative 30,059 19,688
Depreciation and amortization expense 17,789 18,774
Insurance recovery from a loss on assets held
for sale - (605)
Loss on assets held for sale - 3,185
Gain on sales of assets (2,858) (1,332)
------------- -------------
Total operating expenses 142,741 118,062
Operating income 48,384 63,763
Interest expense (2,929) (1,163)
Amortization of deferred financing costs (564) (133)
Interest income 10,827 2,653
Other income (loss), net (3,403) 1,340
------------- -------------
Income before income taxes and noncontrolling
interest in loss of consolidated subsidiary 52,315 66,460
Income tax expense 22,322 24,927
------------- -------------
Income before noncontrolling interest in loss
of consolidated subsidiary 29,993 41,533
============= =============
Noncontrolling interest in loss of
consolidated subsidiary 2,200 805
------------- -------------
Net income $ 32,193 $ 42,338
============= =============
Basic income per common share:
Net income $ 2.19 $ 2.90
------------- -------------
Average common shares outstanding 14,719,163 14,614,919
------------- -------------
Diluted income per common share:
Net income $ 2.10 $ 2.79
------------- -------------
Average common shares outstanding 15,346,571 15,174,006
------------- -------------
For the
Period from
October 1, Three months ended Nine months ended
2007 through ------------------ ------------------
October 26, Sept 30, June 30, Sept 30, Sept 30,
Average Day Rates: 2007 2007 2007 2007 2006
-------- -------- -------- -------- --------
PSV/AHTS (North Sea
class)(1) $ 31,092 $ 27,747 $ 23,885 $ 25,426 $ 19,177
Supply (Gulf class)(2) 9,396 9,723 9,724 9,722 11,189
Crew/line handling 5,904 5,885 5,996 5,727 4,557
Utilization:
PSV/AHTS (North Sea
class) 89% 94% 86% 91% 93%
Supply (Gulf
class)(2)(3) 73% 84% 74% 76% 66%
Crew/line handling 80% 81% 75% 80% 87%
Average Number of
Vessels:
PSV/AHTS (North Sea
class) 16.0 16.0 16.0 16.0 16.0
Supply (Gulf class) 36.0 36.0 38.5 38.6 44.4
Crew/line handling 7.0 7.0 7.0 7.3 9.0
(1) Anchor handling, towing and supply vessels.
(2) Effective May 2007, five of our Gulf class supply vessels entered into
bareboat contracts which decreased average supply vessel day rates.
Including the five vessels under bareboat agreements, our average day
rates were $7,985, $8,429, $8,976, $8,994 and $11,189 with utilization
of 76%, 86%, 75%, 77% and 66% for the period from October 1, 2007
through October 26, 2007 and the three month period ended September 30,
2007, the three month period ending June 30, 2007, and the nine month
periods ended September 30, 2007 and 2006, respectively.
(3) Stacked vessels for the Gulf supply vessel class are included in
the average number of vessels and the calculation of utilization.
Excluding stacked vessels, our utilization was 75%, 87%, 81%, 83% and
89%, for the period from October 1, 2007 through October 26, 2007 and
the three month period ended September 30, 2007, the three month period
ended June 30, 2007, and the nine month periods ended September 30,
2007 and 2006, respectively.
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(UNAUDITED)
September 30, December 31,
ASSETS 2007 2006
------------- -------------
Current assets:
Cash and cash equivalents $ 271,598 $ 114,173
Available for sale securities 46,326 2,475
Restricted cash 4,186 716
Accounts receivable, net 64,961 58,787
Prepaid expenses and other current assets 3,575 4,036
Assets held for sale 2,224 3,048
------------- -------------
Total current assets 392,870 183,235
Property and equipment:
Land and buildings 2,010 1,995
Marine vessels 285,445 256,125
Construction-in-progress 28,192 15,876
Transportation and other 3,851 2,328
------------- -------------
319,498 276,324
Less accumulated depreciation and
amortization 65,526 44,476
------------- -------------
Net property and equipment 253,972 231,848
Restricted cash - noncurrent 3,770 11,842
Other assets 14,966 8,397
------------- -------------
Total assets $ 665,578 $ 435,322
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term and current maturities of debt $ 3,258 $ 1,258
Accounts payable 14,128 11,055
Accrued expenses 19,958 14,590
Accrued insurance reserve 2,678 3,062
Accrued interest 1,160 110
Income taxes payable 1,916 2,092
------------- -------------
Total current liabilities 43,098 32,167
Long-term debt, including premiums 157,931 8,605
Deferred income taxes 84,330 63,327
Other liabilities 3,624 2,199
------------- -------------
Total liabilities 288,983 107,674
Noncontrolling interest 13,110 15,310
Commitments and contingencies - -
Stockholders' equity:
Preferred stock, $.01 par value - -
Common stock, $.01 par value 150 148
Warrants - Series A 1,646 1,646
Warrants - Series B 633 634
Additional paid-in capital 245,166 231,218
Retained earnings 110,875 78,824
Treasury Stock, at cost (17,604) -
Pension and postretirement, net of taxes of
$0.3 million (769) (708)
Cumulative foreign currency translation
adjustment 23,388 576
------------- -------------
Total stockholders' equity 363,485 312,338
------------- -------------
Total liabilities and stockholders' equity $ 665,578 $ 435,322
============= =============
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Nine months Nine months
ended ended
September 30, September 30,
2007 2006
------------- -------------
Net income $ 32,193 $ 42,338
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 18,273 18,884
Amortization of deferred revenues (663) (3,709)
Deferred income taxes 19,264 22,961
Gain on sales of assets (2,858) (1,332)
Impairment on assets held for sale - 3,185
Provision for doubtful accounts 424 1,204
Stock compensation expense 3,191 1,558
Noncontrolling interest in loss of
consolidated subsidiary (2,200) (805)
Change in operating assets and liabilities:
Accounts receivable (2,679) (13,574)
Prepaid expenses and other current
assets 581 (449)
Accounts payable and accrued expenses 6,774 6,564
Other, net (1,971) (1,728)
------------- -------------
Net cash provided by operating
activities 70,329 75,097
------------- -------------
Cash flows from investing activities:
Purchases of property and equipment (18,573) (12,179)
Proceeds from sales of assets 4,554 2,795
Sales of available-for-sale securities (67,530) -
Purchase of available-for-sale securities 23,679 -
Increase (decrease) in restricted cash 4,713 (4,324)
------------- -------------
Net cash used in investing activities (53,157) (13,708)
------------- -------------
Cash flows from financing activities:
Net proceeds from issuance of common stock 1,810 608
Proceeds from issuance of debt 152,000 15,878
Debt issuance cost (4,804) -
Repayment of debt (629) (47,405)
Purchases of treasury stock, at cost (17,604) -
Contributions from non-controlling interest - 20,910
------------- -------------
Net cash provided by financing activities 130,773 (10,009)
------------- -------------
Effect of exchange rate changes on cash and
cash equivalents 9,480 (1,780)
------------- -------------
Net increase in cash and cash equivalents 157,425 49,600
Cash and cash equivalents at beginning of
period 114,173 51,218
------------- -------------
Cash and cash equivalents at end of period $ 271,598 $ 100,818
============= =============
Contact:
Contact info:
Geoff Jones
VP & Chief Financial Officer
(713) 780-9926
-----------------------------------------------------------------------------
Company finally puts it's large growing cash stockpile to good use (besides for stock buyback) and aquires Active Subsea - Norwegian Offshore Service for $247M. Completed aquisition today.
AP
Trico Marine Completes $247M Acquisition
Monday November 26, 11:28 am ET
Trico Marine Services Completes Acquisition of Active Subsea ASA for $247 Million
HOUSTON (AP) -- Marine support services company Trico Marine Services Inc. on Monday said it has completed its acquisition of Norwegian offshore services firm Active Subsea ASA for $247 million.
"We expect greater stability in our cash flows as the new vessels are delivered and placed on long-term contracts with customers, which should increase the amount of revenues and earnings we derive from international markets," Joseph S. Compofelice, Trico Marine's chairman and chief executive, said in a release.
-----------------------------------------------------------------------------------------------
Upgrade by Jeffries and Co.;
Trico Marine Services (NASDAQ: TRMA)
TRMA Gets a Facelift and a Brighter Outlook;
Upgrading to Buy
Investment Summary
With the purchase of eight MPSVs currently under construction, we believe that TRMA shares could have over 20% upside over the next 12 months as the market begins to discount the Company's new growth profile and change in fleet composition by 2009.
Event
With the growth potential and fleet upgrade brought on by TRMA's purchase of Active Subsea ASA (ASUB.NO, NOK 21.80, NC), we are upgrading TRMA to Buy from Hold and increasing our price target to $46 from $40.
Key Points
• Active subsea transaction to add $60–70MM in annual EBITDA. We estimate that the acquisition of ASUB could add $60–70MM in annual EBITDA to TRMA's operations, most of which should be recognized in 2009. On a pro forma basis, we estimate that the transaction is $1.20–1.50 accretive to our 2008 EPS estimate.
• TRMA is finally able to deploy free cash. TRMA is purchasing ASUB for $242MM in cash and the assumption of $120MM in remaining progress payments, which equates to $44.6MM per vessel (or roughly within 10% of today's newbuild prices).
• Acquisition To Materially Alter TRMA's Fleet By 2009. With the acquisition of ASUB, TRMA's fleet composition should change dramatically from a quality and geographic diversity standpoint.
TRMA's contract backlog could also increase dramatically by 2009 with potentially over 50% of its EBITDA being generated from long-term contracts.
• Change In Fleet Composition And Growth Profile Warrants
Higher Multiple. Given the pending change in TRMA's revenue
and fleet mix, from an asset quality and geographic perspective, we believe that the valuation gap between TRMA and its peers should narrow considerably by 2009.
• Adjusting EPS Estimates For Cash Balance. Although our EBITDA estimate is increasing by almost $10MM, we are reducing our 4Q07/2008 EPS estimates to $0.67/$2.99 from $0.73/$3.30 primarily to adjust for lower interest income resulting from the $242MM cash payment for ASUB.
---------------------------------------------------------------------------------
Good company, strong financials, great value, great future. Should be a very timely buy now at the 200MA, IMO.
http://stockcharts.com/h-sc/ui?s=TRMA&p=D&b=5&g=0&id=p64717310469
Hey Bigsully!
TRMA looks like it is trending higher.
Can you check your "files" for any stock in the coal industry?
thanks! :)
Sorry Houlihan, I don't follow any coal stocks at all.
I believe BTU is involved in coal production. Yes it is.
I found ACI in Google's comparables, and ACI looks quite attractive. They have had a couple down quarters, but analysts are expecting both EPS and revenues to increase in the coming quarters.
edit: I like BTU better. More consistent earnings and revenues, a little bit richer valuation, but its deserved. And the chart is better.
applaud bjc!
stock did well from when you mentioned BTU. I did not trade it, too late. Wish i had.
Vry nice ER, Lehmann upgrades. Stock is cheap
Trico Marine Services Reports 2007 Fourth Quarter and Year-End Results -- International Markets Continue Upward Momentum
Monday February 18, 6:00 pm ET
HOUSTON, TX--(MARKET WIRE)--Feb 18, 2008 -- Trico Marine Services, Inc. (NasdaqGM:TRMA - News) (the "Company" or "Trico") today announced its financial results for the quarter and year ended December 31, 2007, reporting fourth quarter net income of $30.7 million, or $2.08 per diluted share, and full year 2007 net income of $62.9 million, or $4.16 per diluted share. Fourth quarter and full year 2007 results benefited from strong international activity and changes to the Norwegian Tonnage Tax rules that took place in December 2007. Specific to the fourth quarter, the tax changes increased net income by $13.1 million, or $0.89 per diluted share, and for the full year 2007 by $2.8 million, or $0.18 per diluted share.
(In thousands, except per share data and day rates)
Three Three
months months Year Year
ended ended ended ended
December September December December
31, 2007 30, 2007 31, 2007 31, 2006
--------- --------- --------- ---------
Charter hire revenues $ 63,148 $ 68,525 $ 250,239 $ 243,424
Operating income 18,246 22,310 66,630 88,390
Net income 30,736 13,177 62,931 58,724
Diluted EPS $ 2.08 $ 0.87 $ 4.16 3.86
Average Day Rates:
Supply / Anchor Handling (North
Sea class) $ 31,909 $ 27,747 $ 27,024 $ 20,455
Supply Vessels (Gulf class) 7,661 8,429 8,685 11,071
Utilization:
Supply / Anchor Handling (North
Sea class) 88% 94% 90% 94%
Supply Vessels (Gulf class) 69% 86% 75% 66%
ADVERTISEMENT
Chairman and Chief Executive Officer, Joseph S. Compofelice, commented, "We are pleased with our fourth quarter and full year 2007 results. While we experienced softness in our Gulf of Mexico market, we continued to successfully execute our plan to mobilize vessels internationally for longer term contracts and better day rates. During the fourth quarter, we mobilized six vessels internationally which brought the total to thirteen vessels for the year, or 20% of our fleet. The North Sea market gained strength throughout the year for the second straight year, reaching highs in the fourth quarter, with spot rates setting all time records."
Compofelice continued, "The real highlight of the year was our acquisition of Active Subsea in November, which will advantageously position Trico as one of the largest global suppliers of new subsea service vessels. I believe we are now well positioned to take Trico to the next level."
Highlights for the Year
-- Completed the $247 million acquisition of Active Subsea ASA, with
eight VS-470 subsea vessels under construction for delivery in 2008 and
2009.
-- Repositioned more of the fleet outside of the Gulf of Mexico which
resulted in international EBITDA accounting for 90% of consolidated EBITDA
for 2007.
-- Realized significant improvement in day rates for the two years ended
December 31, 2007, with rates for AHTSs and PSVs improving 97% and 39%,
respectively.
-- Benefited from legislative changes to the Norwegian Tonnage Tax rules
in December 2007 that resulted in an increase of $2.8 million in net
income, or $0.18 per diluted share, for the year and $13.1 million in net
income, or $0.89 per diluted share, for the quarter. As a result, Trico's
effective tax rate, which was previously above 40%, is expected to be in
the mid 20% range going forward, and the cash tax rate is expected to be
lower than 10%.
-- Implemented a share repurchase program of up to $100 million.
Highlights for the Fourth Quarter
-- The North Sea market achieved record day rates in the spot anchor
handler market. Average day rates for Trico's North Sea class fleet
improved by 15% over the third quarter. As a result, revenues for AHTSs
and PSVs in the North Sea increased 11% and 4%, respectively, in the fourth
quarter compared to the third quarter.
-- For the first time in the Company's history, the average day rate for
Trico's vessels in West Africa exceeded day rates achieved in the Gulf of
Mexico for the Company's 180-foot supply vessels.
Summary Results
Charter hire revenues for the quarter ended December 31, 2007 were $63.1 million, a $5.4 million decrease compared to the third quarter of 2007. This decrease was due to a reduction in demand for supply vessels in the Gulf of Mexico and the lost revenues from vessels that were in the process of being mobilized internationally during the fourth quarter. Reduced charter hire revenues in the Gulf during the quarter were partially offset by sequentially higher rates in the North Sea market.
Direct vessel operating expenses for the year were slightly higher on a percentage basis because of $5.1 million of mobilization expense to mobilize 20% of our fleet to international waters and higher than expected repair and maintenance costs.
In January 2008, North Sea day rates averaged $25,345 with utilization of 88%. Day rates for Gulf class supply vessels averaged $7,424 with utilization of 73%.
Conference Call Information
The Company will conduct a conference call at 8:30 a.m. EST on Tuesday, February 19, 2008, to discuss the results with analysts, investors and other interested parties. Individuals who wish to participate in the conference call should dial (888) 205-6875, access code 3346383, in the United States or (913) 312-0959, access code 3346383, from outside the country.
A telephonic replay of the conference call will be available until March 3, 2008, starting approximately 1 hour after the completion of the call, and can be accessed by dialing (719) 457-0820, access code 3346383 (international calls should use (888) 203-1112, access code 3346383).
About Trico
Trico provides a broad range of marine support services to the oil and gas industry, primarily in the North Sea, Gulf of Mexico, Mexico, Brazil, West Africa and Southeast Asia. The services provided by the Company's diversified fleet of vessels include the transportation of drilling materials, supplies and crews to offshore facilities and rigs; towing rigs; and support for the construction, installation, repair and maintenance of subsea facilities. Trico is headquartered in Houston, Texas.
For more information about Trico Marine Services, Inc. visit us on the web at www.tricomarine.com.
Certain statements in this press release that are not historical fact may be "forward-looking statements." Actual events may differ materially from those projected in any forward-looking statement. There are a number of important factors involving risks and uncertainties beyond the control of the Company that could cause actual events to differ materially from those expressed or implied by such forward-looking statements. A description of risks and uncertainties relating to Trico Marine Services, Inc. and its industry and other factors, which could affect the Company's results of operations or financial condition, are included in the Company's Securities and Exchange Commission filings. Trico undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report.
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share amounts)
Three months Three months
ended ended
December 31, September 30,
2007 2007
------------- -------------
Revenues:
Charter hire $ 63,148 $ 68,525
Other vessel income 1,835 1,921
------------- -------------
Total revenues 64,983 70,446
Operating expenses:
Direct vessel operating expenses 29,377 29,367
General and administrative 10,701 12,561
Depreciation and amortization 6,582 6,209
Impairment on assets held for sale, net of
insurance recoveries 116 -
(Gain) loss on sales of assets (39) (1)
------------- -------------
Total operating expenses 46,737 48,136
Operating income 18,246 22,310
Interest expense, net of amounts capitalized (329) (1,106)
Foreign exchange gain (loss) 754 (2,068)
Interest income 3,305 4,127
Other loss, net (435) (231)
------------- -------------
Income before income taxes and noncontrolling
interest in loss of consolidated subsidiary 21,541 23,032
Income tax (benefit) expense (8,963) 9,906
------------- -------------
Income before noncontrolling interest in loss
of consolidated subsidiary 30,504 13,126
------------- -------------
Noncontrolling interest in loss of
consolidated subsidiary 232 51
------------- -------------
Net income $ 30,736 $ 13,177
============= =============
Basic income per common share:
Net income $ 2.15 $ 0.90
============= =============
Average common shares outstanding 14,315,001 14,561,711
============= =============
Diluted income per common share:
Net income $ 2.08 $ 0.87
============= =============
Average common shares outstanding 14,776,887 15,116,556
============= =============
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share amounts)
Year Year
ended ended
December 31, December 31,
2007 2006
------------- -------------
Revenues:
Charter hire $ 250,239 $ 243,424
Amortization of non-cash deferred revenues 910 4,322
Other vessel income 4,959 971
------------- -------------
Total revenues 256,108 248,717
Operating expenses:
Direct vessel operating expenses 127,128 106,981
General and administrative 40,760 27,102
Depreciation and amortization 24,371 24,998
Impairment on assets held for sale, net of
insurance recoveries 116 2,580
(Gain) loss on sales of assets (2,897) (1,334)
------------- -------------
Total operating expenses 189,478 160,327
Operating income 66,630 88,390
Interest expense, net of amounts capitalized (3,258) (1,286)
Foreign exchange gain (loss) (2,282) (23)
Interest income 14,132 4,198
Other loss, net (1,364) (817)
------------- -------------
Income before income taxes and noncontrolling
interest in loss of consolidated subsidiary 73,858 90,462
Income tax expense 13,359 33,723
------------- -------------
Income before noncontrolling interest in loss
of consolidated subsidiary 60,499 56,739
------------- -------------
Noncontrolling interest in loss of
consolidated subsidiary 2,432 1,985
------------- -------------
Net income $ 62,931 $ 58,724
============= =============
Basic income per common share:
Net income $ 4.32 $ 4.01
============= =============
Average common shares outstanding 14,557,826 14,628,490
============= =============
Diluted income per common share:
Net income $ 4.16 $ 3.86
============= =============
Average common shares outstanding 15,137,000 15,206,137
============= =============
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
Three Three
Months Months Year Year
Month of ended ended ended ended
January December September December December
2008 31, 2007 30, 2007 31, 2007 31, 2006
-------- -------- ---------- -------- --------
Average Day Rates:
PSV/AHTS (North Sea
class) (1) $ 25,345 $ 31,909 $ 27,747 $ 27,024 $ 20,455
Supply (Gulf class) 7,424 7,661 8,429 8,685 11,071
Crew/line handling 6,016 5,880 5,885 5,762 4,785
Utilization:
PSV/AHTS (North Sea
class) 88% 88% 94% 90% 94%
Supply (Gulf class) 73% 69% 86% 75% 66%
Crew/line handling 58% 73% 81% 78% 86%
Average Number of
Vessels:
PSV/AHTS (North Sea
class) 16.0 16.0 16.0 16.0 16.0
Supply (Gulf class) 40.7 41.0 41.0 41.1 44.3
Crew/line handling 7.0 7.0 7.0 7.2 8.7
(1) Anchor handling, towing and supply vessels.
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per share amounts)
December 31, December 31,
ASSETS 2007 2006
------------- -------------
Current assets:
Cash and cash equivalents $ 131,463 $ 114,173
Available for sale securities - 2,475
Restricted cash 4,747 716
Accounts receivable, net 47,253 58,787
Prepaid expenses and other current assets 7,167 4,036
Assets held for sale 3,786 3,048
------------- -------------
Total current assets 194,416 183,235
Property and equipment:
Land and buildings 117 1,995
Marine vessels 285,656 256,125
Construction-in-progress 255,749 15,876
Transportation and other 3,574 2,328
------------- -------------
545,096 276,324
Less accumulated depreciation and
amortization 71,482 44,476
------------- -------------
Net property and equipment 473,614 231,848
Restricted cash - noncurrent 3,813 11,842
Other assets 12,045 8,397
------------- -------------
Total assets $ 683,888 $ 435,322
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term and current maturities of debt $ 3,716 $ 1,258
Accounts payable 15,480 11,055
Accrued expenses 27,098 17,762
Foreign taxes payable 4,627 -
Income taxes payable - 2,092
------------- -------------
Total current liabilities 50,921 32,167
Long-term debt, including premium 157,287 8,605
Deferred tax liability - 63,327
Foreign taxes payable 64,777 -
Other liabilities 4,312 3,575
------------- -------------
Total liabilities 277,297 107,674
Noncontrolling interest 12,878 15,310
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value - -
New Common stock, $.01 par value 150 148
Warrants - Series A 1,645 1,646
Warrants - Series B 632 634
Additional paid-in capital 248,625 231,218
Retained earnings 141,611 78,824
Accumulated other comprehensive income, net
of tax 18,654 (132)
Treasury stock, at cost (17,604) -
------------- -------------
Total stockholders' equity 393,713 312,338
------------- -------------
Total liabilities and stockholders' equity $ 683,888 $ 435,322
============= =============
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Year Year
ended ended
December 31, December 31,
2007 2006
------------- -------------
Net income (loss) $ 62,931 $ 58,724
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 24,371 25,029
Amortization of non-cash deferred revenues (910) (4,322)
Deferred income taxes - 29,513
Gain (loss) on sales of assets (2,897) (1,334)
Impairment on assets held for sale 116 2,580
Provision for doubtful accounts 78 1,234
Stock based compensation 3,247 2,024
Noncontrolling interest in loss of
consolidated subsidiary (2,432) (1,985)
Change in operating assets and liabilities:
Accounts receivable 15,634 (15,522)
Prepaid expenses and other current assets (2,992) (384)
Accounts payable and accrued expenses 9,497 8,938
Foreign taxes payable 9,321 -
Other, net (3,488) (2,764)
------------- -------------
Net cash provided by operating activities 112,476 101,731
------------- -------------
Cash flows from investing activities:
Acquisition of Active Subsea, net of
acquired cash (220,443) -
Purchases of property and equipment (26,063) (19,472)
Proceeds from sales of assets 4,649 3,402
Purchases of available for sale securities (184,815) (2,475)
Sale of available for sales securities 187,290 -
Change in restricted cash 4,113 (4,682)
------------- -------------
Net cash used in investing activities (235,269) (23,227)
------------- -------------
Cash flows from financing activities:
Purchases of treasury stock (17,604) -
Net proceeds from exercises of warrants and
options 2,027 992
Proceeds from issuance of senior convertible
debentures 150,000 -
Proceeds from issuance of EMSL debt 2,000 15,878
Repayment of debt (1,258) (54,041)
Debt issuance costs (4,804) -
Contribution from non-controlling interest - 20,910
------------- -------------
Net cash provided by (used in) financing
activities 130,361 (16,261)
------------- -------------
Effect of exchange rate changes on cash and
cash equivalents 9,722 712
------------- -------------
Net increase (decrease) in cash and cash
equivalents 17,290 62,955
Cash and cash equivalents at beginning of
period 114,173 51,218
------------- -------------
Cash and cash equivalents at end of period $ 131,463 $ 114,173
============= =============
chart update.
update
update
Nice Pick Bigsully ! This is a stock that I've been following for some time with great pleasure >:D
Here's a the complete 26 pages Research Note by Lehman Brothers:
(http://img182.imageshack.us/img182/8568/trmazd9.th.gif) (http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=43913)
Quote from: Protocol Guy on March 03, 2008, 11:59:34 PM
Nice Pick Bigsully ! This is a stock that I've been following for some time with great pleasure >:D
Here's a the complete 26 pages Research Note by Lehman Brothers:
(http://img182.imageshack.us/img182/8568/trmazd9.th.gif) (http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=43913)
Thank you VERY much for the report Protoguy, and applauds. Very enlightening, especially about the Jones Act. I only wish they had talked a little more about the joint venture with CNOOC. Happy trading! (or investing)
More info available on stock picking board
Trico Marine Services Inc: Company Report3200 Southwest Freeway
Suite 2950
Houston TX 77027
Phone: 713-7809926 http://www.tricomarine.com/
Industry : Oil & Gas Equipment & ServicesEmployees : 834Exchange : NASDAQ
Trico Marine Services, Inc. (Trico) is a provider of marine support vessels to the offshore oil and gas industry, primarily in the North Sea, Gulf of Mexico, West Africa, Mexico and, to a lesser extent, Brazil. As of December 31, 2006, the CompanyGÇÖs fleet consisted of 68 vessels, including 10 large capacity platform supply vessels, six large anchor handling, towing and supply vessels, 44 supply vessels, seven crew boats, and one line handling (utility) vessel. Its diversified fleet of vessels provides a range of services to offshore oil and gas operators, including the transportation of drilling materials, supplies and crews to drilling rigs and other offshore facilities; towing drilling rigs and equipment from one location to another, and support for the construction, installation, repair and maintenance of offshore facilities. Trico also provides support for deepwater remotely operated vehicles (ROVs), well stimulation, sea floor cable laying and trenching services.
updated chart look...
TRMA - Volume Alert !
http://www.chartmoney.com/stockquotes.php?ticker=trma
Trico Marine Services, Inc., through its subsidiaries, provides subsea and marine support vessels and services to oil and natural gas exploration and production companies.