Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or
"Trico") today announced its financial results for the first
quarter of 2010 of revenues of $96 million and adjusted EBITDA of
negative $1.1 million, compared to prior quarter revenues of $151
million and adjusted EBITDA of $3.5 million.
Chairman and Chief Executive Officer, Joseph S. Compofelice,
commented, "As we have previously indicated, the results of our
first quarter reflect the seasonal weakness in our business
associated with the winter months especially in the North Sea.
Looking ahead to the remainder of 2010, we are encouraged by some
positive signs in the markets in which we operate, including
increased utilization in our subsea segments and a quarter over
quarter increase in our tender book."
The primary reason for the reduction in revenues was lower
utilization in our Subsea Services and Subsea Protection and
Trenching divisions, including but not limited to curtailed
spending for most of the quarter on one of three vessels by our
largest Subsea Services customer. Despite a reduction in revenues
by $55 million, proactive management of costs, especially in terms
of vessels chartered in at DeepOcean, mitigated over 90% of this
decrease.
The Company continued to reduce its exposure to the North Sea
spot market Towing and Supply sector with the sale of the Northern
Corona in April with proceeds of $16 million which was used to pay
down debt.
Market Outlook
We are encouraged by recent market developments in our Subsea
Services segments where 80% of the days in the second quarter are
currently under contract with opportunities for increased
utilization in the remainder of the quarter.
Our backlog is currently over $500 million, of which over $400
million is in our Subsea Services segments, and the tender book in
our Subsea Services segments is approximately $2 billion. In
addition, the previously announced contract awards below reflect
our cautious optimism about the remainder of the year as well as
our increased diversification into the offshore renewables
market:
-
DeepOcean was awarded a long term frame agreement for subsea
services with a major oil company involving firm work for three
annual campaigns covering structural and pipeline inspection in the
UK and Norwegian sectors of the North Sea;
-
CTC Marine was awarded its second significant offshore renewable
energy contract in the North Sea whereby CTC Marine will load out
and install powered cable and then provide the associated survey
works, trenching scope, and stabilisation of the cable; and
-
CTC Marine was awarded by Norddeutsche Seekabelwerke GmbH (NSW),
an offshore renewable installation, trenching and connection
contract of approximately 80 infield array cables on the BARD
Offshore 1 Wind Farm Project in the North Sea.
In addition to the awards above, DeepOcean was recently awarded
two additional frame agreements for work in multiple years with
major energy companies for inspection, maintenance, repair and
survey services in the North Sea, with work commencing in 2010 and
2011.
Liquidity Outlook
At the end of the first quarter, the Company had $32 million in
cash and $737 million in total debt. As previously disclosed,
the Company's forecasted cash and available credit capacity are not
expected to be sufficient to meet its commitments as they come due
over the next twelve months and the Company does not expect that it
will be able to remain in compliance with its existing debt
covenants.
The Company is pursuing measures to improve liquidity and its
capital structure and is now in active discussions with various
parties regarding potential transactions, including replacing its
current U.S. Credit Facility. The Company is also in active
discussions regarding modifications to the existing 8.125%
debentures, including, but not limited to, deferral of amortization
payments. The Company may need to, or as a result of those
discussions, may choose to, avail itself of the 30-day grace period
with respect to the approximately $8 million interest payment due
on May 15, 2010 on its 8.125% debentures. The Company's use of the
grace period would not constitute an event of default under the
indenture governing the 8.125% debentures.
Conference Call Information
The Company will conduct a conference call at 8:30 a.m. ET on
Friday, May 7, 2010, to discuss the results with analysts,
investors and other interested parties. Individuals who wish to
participate in the conference call should dial (888) 417-8527,
access code 2158474, in the United States or (719) 325-2432, access
code 2158474, from outside the country.
A telephonic replay of the conference call will be available
until May 20, 2010, starting approximately 1 hour after the
completion of the call, and can be accessed by dialing (888)
203-1112 access code 2158474 (international calls should use (719)
457-0820, access code 2158474).
About Trico
Trico Marine is an integrated provider of subsea, trenching and
marine support vessels and services. Trico Marine increased
its subsea market presence through its acquisition of DeepOcean, a
recognized market leader in the provision of high quality subsea
services including, IMR, survey and construction support, subsea
intervention and decommissioning, marine trenching and the laying
and burying of subsea cable. DeepOcean controls a well
equipped fleet of vessels and operates a fleet of modern ROVs and
trenching equipment. Trico Marine also continues to provide a
broad range of marine support services to the oil and gas industry
through use of its diversified fleet of vessels including the
transportation of drilling materials, supplies and crews to
drilling rigs and other offshore facilities; towing drilling rigs
and equipment, and support for the construction, installation,
repair and maintenance of offshore facilities. Trico
Marine is headquartered in The Woodlands, Texas and has a global
presence with operations in the North Sea, West Africa, Mexico,
Brazil, the Middle East and Southeast Asia.
For more information about Trico Marine Services, Inc. visit us
on the web at www.tricomarine.com.
The Trico Marine Services, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5229
Certain statements in this press release that are not historical
fact may be "forward looking statements." Forward-looking
statements are projections of events, revenues, income, future
economic performance or management's plans and objectives for the
Company's future operations. Actual events may differ
materially from those projected in any forward-looking statement.
There are a number of important factors involving risks (known and
unknown) 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. These risks, by way
of example and not in limitation, include the Company's ability to
continue as a going concern; the Company's ability to continue to
make payments when due, and to comply with its obligations under
its credit facilities and its other indebtedness; the Company's
objectives, business plans or strategies, and projected or
anticipated benefits or other consequences of such plans or
strategies; the Company's ability to obtain adequate financing on a
timely basis and on acceptable terms; projections involving
revenues, operating results or cash provided from operations, or
the Company's anticipated capital expenditures or other capital
projects; overall demand for and pricing of the Company's vessels;
changes in the level of oil and natural gas exploration and
development; the Company's ability to successfully or timely
complete its various vessel construction projects; further
reductions in capital spending budgets by customers; declines in
oil and natural gas prices; projected or anticipated benefits from
acquisitions; increases in operating costs; the inability to
accurately predict vessel utilization levels and day rates;
variations in global business and economic conditions; the results,
timing, outcome or effect of pending or potential litigation and
the Company's intentions or expectations with respect thereto and
the availability of insurance coverage in connection therewith; and
the Company's ability to repatriate cash from foreign operations if
and when needed. A further 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. These results should
be considered preliminary until the Company files its Form 10-Q
with the Securities and Exchange Commission.
TRICO MARINE SERVICES, INC. AND
SUBSIDIARIES
|
Consolidated Statements of Operations
|
(Unaudited)
|
(In thousands, except per share amounts)
|
|
|
|
Three Months Ended
|
|
March 31, 2010
|
December 31, 2009
|
|
|
|
|
|
|
Revenues
|
$ 95,714
|
$ 150,794
|
|
|
|
Operating expenses:
|
|
|
Direct operating expenses
|
79,154
|
130,274
|
General and administrative
|
18,057
|
20,853
|
Depreciation and amortization
|
17,813
|
21,590
|
Impairments and penalties on early termination of contracts
|
--
|
122,060
|
Gain on sales of assets
|
(864)
|
(14,118)
|
Total operating expenses
|
114,160
|
280,659
|
|
|
|
Operating loss
|
(18,446)
|
(129,865)
|
|
|
|
Equity in net loss of investee
|
(1,824)
|
--
|
Interest expense, net of amounts capitalized
|
(22,354)
|
(18,974)
|
Interest income
|
929
|
823
|
Unrealized gain on mark-to-market of embedded derivative
|
5,281
|
18,769
|
Foreign exchange loss
|
(19,455)
|
(8,659)
|
Other income, net
|
180
|
751
|
|
|
|
Loss before income taxes
|
(55,689)
|
(137,155)
|
|
|
|
Income tax expense
|
22,860
|
22,885
|
|
|
|
Net loss
|
(78,549)
|
(160,040)
|
|
|
|
Less: Net income attributable to the noncontrolling
interest
|
--
|
(102)
|
|
|
|
Net loss attributable to Trico Marine Services, Inc.
|
$ (78,549)
|
$ (160,142)
|
|
|
|
Earnings (loss) per common share:
|
|
|
Basic
|
$ (3.80)
|
$ (7.77)
|
Diluted
|
$ (3.80)
|
$ (7.77)
|
|
|
|
Weighted average shares outstanding:
|
|
|
Basic
|
20,691
|
20,613
|
Diluted
|
20,691
|
20,613
|
|
|
|
|
|
|
Balance Sheet Data:
|
March 31, 2010
|
December 31, 2009
|
|
|
|
|
|
|
Cash and cash equivalents
|
$ 31,965
|
$ 52,981
|
Total assets
|
1,013,628
|
1,076,259
|
Total short-term debt
|
61,543
|
52,585
|
Total long-term debt (including derivative liability)
|
676,115
|
687,315
|
Total liabilities
|
985,940
|
963,931
|
Total equity
|
27,688
|
112,328
|
|
|
TRICO MARINE SERVICES, INC. AND
SUBSIDIARIES
|
Consolidating Statements of Income
|
(Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2010
|
|
Towing and Supply
|
Subsea Services
|
Subsea
Trenching and
Protection
|
Corporate & Eliminations
|
Total
|
|
|
|
|
|
|
Revenues
|
$ 20,550
|
$ 56,663
|
$ 21,795
|
$ (3,294)
|
$ 95,714
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Direct operating expenses
|
13,736
|
49,050
|
19,662
|
(3,294)
|
79,154
|
General and administrative
|
3,490
|
4,744
|
3,016
|
6,807
|
18,057
|
Depreciation and amortization
|
3,345
|
9,755
|
4,414
|
299
|
17,813
|
Gain on sales of assets
|
(740)
|
(124)
|
--
|
--
|
(864)
|
Total operating expenses
|
19,831
|
63,425
|
27,092
|
3,812
|
114,160
|
|
|
|
|
|
|
Operating income (loss)
|
$ 719
|
$ (6,762)
|
$ (5,297)
|
$ (7,106)
|
$ (18,446)
|
|
|
|
|
|
|
Adjusted EBITDA
|
$ 3,324
|
$ 2,869
|
$ (883)
|
$ (6,396)
|
$ (1,086)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2009
|
|
Towing and Supply
|
Subsea Services
|
Subsea
Trenching and Protection
|
Corporate & Eliminations
|
Total
|
|
|
|
|
|
|
Revenues
|
$ 27,757
|
$ 70,982
|
$ 59,252
|
$ (7,196)
|
$ 150,795
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Direct operating expenses
|
18,608
|
65,311
|
53,551
|
(7,196)
|
130,274
|
General and administrative
|
5,462
|
5,020
|
4,589
|
5,782
|
20,853
|
Depreciation and amortization
|
5,713
|
10,814
|
4,839
|
224
|
21,590
|
Impairments and penalties on early termination of contracts
|
1,222
|
118,838
|
2,000
|
--
|
122,060
|
Gain on sales of assets
|
(14,105)
|
--
|
(13)
|
--
|
(14,118)
|
Total operating expenses
|
16,900
|
199,983
|
64,966
|
(1,190)
|
280,659
|
|
|
|
|
|
|
Operating income (loss)
|
$ 10,857
|
$ (129,001)
|
$ (5,714)
|
$ (6,006)
|
$ (129,864)
|
|
|
|
|
|
|
Adjusted EBITDA
|
$ 3,775
|
$ 651
|
$ 4,512
|
$ (5,468)
|
$ 3,470
|
|
|
TRICO MARINE SERVICES, INC. AND
SUBSIDIARIES
|
Vessel Metrics
|
(Dollars in thousands, except utilization and number of
vessel amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
March 31, 2010
|
December 31, 2009
|
September 30, 2009
|
Average Day Rates:
|
|
|
|
Towing and Supply
|
|
|
|
North Sea Class (1)
|
$ 14,298
|
$ 16,489
|
$ 17,796
|
OSVs (2)
|
8,966
|
6,553
|
6,167
|
|
|
|
|
Utilization:
|
|
|
|
Subsea Services
|
|
|
|
MSVs (3)
|
71%
|
69%
|
91%
|
SPSVs/MPSVs (4)
|
59%
|
80%
|
71%
|
|
|
|
|
Subsea Trenching and Protection
|
51%
|
83%
|
97%
|
|
|
|
|
Towing and Supply
|
|
|
|
North Sea Class
|
94%
|
81%
|
83%
|
OSVs
|
63%
|
75%
|
61%
|
|
|
|
|
Average Number of Vessels:
|
|
|
|
Subsea Services
|
|
|
|
MSVs
|
8.0
|
9.7
|
10.0
|
SPSVs/MPSVs
|
6.0
|
7.0
|
7.5
|
|
|
|
|
Subsea Trenching and Protection
|
4.0
|
4.1
|
4.4
|
|
|
|
|
Towing and Supply
|
|
|
|
North Sea Class
|
6.0
|
10.1
|
12.0
|
OSVs
|
17.0
|
23.5
|
33.0
|
|
|
|
|
______________________
|
|
|
|
(1) Anchor handling, towing and supply vessels and platform
supply vessels
|
(2) Offshore supply vessels
|
(3) Multi-purpose service vessels
|
(4) Subsea platform supply vessels/Multi-purpose platform
supply vessels
|
|
|
TRICO MARINE SERVICES, INC. AND
SUBSIDIARIES
|
Adjusted EBITDA Reconciliation
|
(Unaudited)
|
(In thousands)
|
|
|
|
Three Months Ended
|
|
March 31,
2010
|
December 31,
2009
|
|
|
|
Adjusted EBITDA (1)
|
$ (1,086)
|
$ 3,470
|
Depreciation and amortization
|
(17,813)
|
(21,591)
|
Impairments and penalties on early termination of contracts
|
--
|
(122,060)
|
Gain on sale of assets
|
864
|
14,118
|
Stock-based compensation
|
(411)
|
(314)
|
Provision for doubtful accounts
|
--
|
(3,488)
|
Operating loss
|
$ (18,446)
|
$ (129,865)
|
|
|
|
|
|
|
(1) Non-GAAP Financial Measure
|
|
|
|
|
|
The Company discloses and discusses adjusted EBITDA as a
non-GAAP Financial measure in its public releases, including
quarterly earnings releases, investor conference calls, and other
filings with the Commission. The Company defines adjusted EBITDA as
operating loss before depreciation and amortization, impairments
and penalties on early termination of contracts, gain on sale of
assets, stock-based compensation and provision for doubtful
accounts in respect of revenues earned in prior periods. In
the fourth quarter of 2009, $2.2 million was provided in respect of
revenues earned in prior periods. The Company's measure of adjusted
EBITDA may not be comparable to similarly titled measures presented
by other companies. Other companies may calculate adjusted EBITDA
differently than the Company, which may limit its usefulness as a
comparative measure.
|
|
Adjusted EBITDA is a financial metric used by management
(i) to monitor and evaluate the performance of Trico's business
operations, (ii) to facilitate management's internal comparison of
the Company's historical operating performance of its business
operations, (iii) to facilitate management's external comparisons
of the results of its overall business to the historical operating
performance of its competitors, (iv) to analyze and evaluate
financial and strategic planning decisions regarding future
operating investments and acquisitions, which may be more easily
evaluated in terms of adjusted EBITDA, (v) as a key metric in the
calculation of awards under the Incentive Bonus Plan and (vi) to
plan and evaluate future operating budgets and determine
appropriate levels of operating investments.
|
CONTACT: Trico Marine Services, Inc.
Geoff Jones, Senior Vice President, Chief Financial
and Administrative Officer
(713) 780-9926
Trico Marine Services (NASDAQ:TRMA)
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