HOUSTON, Aug. 4 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc. (NYSE: ATW), Houston-based international drilling contractor, announced today that the Company earned net income of $58,994,000 or $0.91 per diluted share, on revenues of $166,637,000 for the quarter ended June 30, 2010 compared to net income of $67,671,000 or $1.05 per diluted share, on revenues of $149,307,000 for the quarter ended June 30, 2009. For the nine months ended June 30, 2010, the Company earned net income of $192,733,000 or $2.96 per diluted share, on revenues of $489,949,000 compared to net income of $202,461,000 or $3.14 per diluted share, on revenues of $455,463,000 for the nine months ended June 30, 2009. Diluted earnings per share for the three and nine months ended June 30, 2010 have been reduced by approximately $0.21 primarily due to the recording of a valuation allowance on deferred tax assets related to United States net operating loss carryforwards and share-based compensation expense.
FOR THE THREE MONTHS ENDED JUNE 30, |
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2010 |
2009 |
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Revenues |
$166,637,000 |
$149,307,000 |
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Income before Income Taxes |
84,847,000 |
73,744,000 |
||
Provision for Income Taxes |
(25,853,000) |
(6,073,000) |
||
Net Income |
58,994,000 |
67,671,000 |
||
Earnings per Common Share - |
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Basic |
0.92 |
1.05 |
||
Diluted |
0.91 |
1.05 |
||
Weighted Average Shares |
||||
Outstanding - |
||||
Basic |
64,427,000 |
64,190,000 |
||
Diluted |
65,037,000 |
64,617,000 |
||
FOR THE NINE MONTHS ENDED JUNE 30, |
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2010 |
2009 |
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Revenues |
$489,949,000 |
$455,463,000 |
||
Income before Income Taxes |
243,120,000 |
236,993,000 |
||
Provision for Income Taxes |
(50,387,000) |
(34,532,000) |
||
Net Income |
192,733,000 |
202,461,000 |
||
Earnings per Common Share - |
||||
Basic |
2.99 |
3.16 |
||
Diluted |
2.96 |
3.14 |
||
Weighted Average Shares |
||||
Outstanding - |
||||
Basic |
64,375,000 |
64,152,000 |
||
Diluted |
65,054,000 |
64,395,000 |
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SOURCE Atwood Oceanics, Inc.
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