LONDON, UK / ACCESSWIRE / June 29, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Tidewater Inc. (NYSE: TDW), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=TDW, following the Company’s release of its fourth quarter Results
fiscal 2017 financial results on June 12, 2017. The offshore fleet services provider’s net loss narrowed. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:
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Earnings Reviewed
For the period ended March 31, 2017, Tidewater reported revenues of $160.7 million compared to revenues of $184.2 million for the prior year’s same quarter. The Company’s revenue numbers surpassed analysts’ expectations of $118.75 million. For FY17, Tidewater reported revenues of $601.6 million compared to revenues of $979.1 million in FY16.
Tidewater reported a net loss for the period ended March 31, 2017, of $94.9 million, or $2.01 per common share. Included in the net loss for the quarter ended March 31, 2017, were $64.9 million after-tax, or $1.38 per share in non-cash asset impairment charges, $16.8 million after-tax, or $0.36 per share of general and administrative expenses related to debt renegotiations, and $31.3 million after-tax and consideration of noncontrolling interests, or $0.67 per share of revenue related to the early termination of a long-term vessel charter contract. For the prior fiscal year’s fourth quarter ended March 31, 2016, Tidewater’s net loss was $81.8 million, or $1.74 per common share. On an adjusted basis, the Company reported a loss of $0.40 per share, surpassing Wall Street’s expectations for a loss of $1.29 per share.
For FY17, Tidewater reported a net loss of $660.1 million, or $14.02 per common share, compared to net loss of $160.2 million, or $3.41 per common share.
Cash Matters
During fiscal years ended March 31, 2017 and 2016, Tidewater generated net cash from operating activities of $29.8 million and $253.4 million, respectively, and generated net cash in investing activities of $14.9 million and used net cash in investing activities of $135.0 million, respectively.
Reorganization and Chapter 11 Proceedings
On May 17, 2017, Tidewater and certain of its subsidiaries filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware, seeking approval of a prepackaged plan of restructuring.
On May 19, 2017, the Bankruptcy Court set a combined hearing to consider approval of the Debtors’ disclosure statement and confirmation of the Prepackaged Plan for June 28, 2017. Tidewater stated that if the Prepackaged Plan is approved by the Bankruptcy Court within the time frame the Company expects, the Prepackaged Plan will likely become effective in July 2017, at which point or shortly thereafter Debtors would emerge from bankruptcy.
Tidewater stated that given the pendency of the Bankruptcy Cases, it will not be hosting an earnings conference call to discuss fiscal 2017 financial results. However, the Company expects to resume holding quarterly earnings conference calls following its emergence from bankruptcy.
Stock Performance
On Wednesday, June 28, 2017, the stock closed the trading session at $0.73, declining 3.95% from its previous closing price of $0.76. A total volume of 635.22 thousand shares have exchanged hands. At Wednesday’s closing price, the stock’s net capitalization stands at $34.37 million.
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