PRIDE INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, (1) June 30, (1)
2004 2003 2004 2003
REVENUES
Services $424,028 $383,438 $827,703 $727,738
Sales 22,330 25,177 52,220 76,298
Total
revenues 446,358 408,615 879,923 804,036
COSTS OF SERVICES AND SALES,
Excluding depreciation
and amortization
Services 263,947 234,278 520,152 446,097
Sales 32,840 72,075 84,033 119,776
Total costs of
services and sales,
Excluding
depreciation and
amortization 296,787 306,353 604,185 565,873
DEPRECIATION AND
AMORTIZATION 66,167 60,409 132,504 122,151
GENERAL AND
ADMINISTRATIVE,
Excluding
depreciation
and
amortization 33,645 29,965 63,728 53,710
EARNINGS FROM
OPERATIONS 49,759 11,888 79,506 62,302
OTHER INCOME (EXPENSE)
Interest
Expense (29,929) (34,117) (60,516) (68,795)
Interest
Income 780 819 1,087 1,073
Other income
(expense),net 726 4,894 (580) 1,630
Total other
expense, net (28,423) (28,404) (60,009) (66,092)
EARNINGS (LOSS) BEFORE
INCOME TAXES AND
MINORITY
INTEREST 21,336 (16,516) 19,497 (3,790)
INCOME TAX
PROVISION
(BENEFIT) 14,244 (2,509) 13,233 976
MINORITY
INTEREST 4,570 4,166 10,507 9,427
NET
EARNINGS
(LOSS) $ 2,522 $(18,173) $(4,243) $(14,193)
NET EARNINGS (LOSS)
PER SHARE
Basic $ 0.02 $ (0.14) $ (0.03) $ (0.11)
Diluted $ 0.02 $ (0.14) $ (0.03) $ (0.11)
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic 135,681 134,246 135,611 134,189
Diluted 137,435 134,246 135,611 134,189
(1) The three months and six months ended June 30, 2003 have been restated to reflect the retroactive adoption of FIN 46R, Consolidated of Variable Interest Entities.
RESULTS BY OPERATING SEGMENT
(in millions)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003(1) 2004 2003(1)
Revenues
Eastern
Hemisphere $140.8 $149.1 $283.8 $291.2
Western
Hemisphere 116.7 89.8 225.8 175.1
U.S. Gulf of
Mexico 30.2 21.3 57.2 39.6
Latin America
Land 94.9 89.3 183.8 162.3
E&P Services 33.0 32.5 67.3 57.1
Technical
Services 30.8 26.6 62.0 78.7
Total 446.4 408.6 879.9 804.3
Costs of Sales and
Services, excluding
depreciation and
amortization
Eastern
Hemisphere 74.1 78.0 150.3 150.7
Western
Hemisphere 65.8 46.1 131.2 88.5
U.S. Gulf of
Mexico 24.2 21.6 47.1 44.5
Latin America
Land 68.7 63.3 134.3 114.5
E&P Services 24.6 23.6 49.6 41.7
Technical
Services 39.4 73.7 91.7 126.0
Total 296.8 306.3 604.2 566.0
Segment Profit (Loss),
excluding depreciation
and amortization
Eastern
Hemisphere 66.7 71.1 133.5 140.5
Western
Hemisphere 50.9 43.7 94.6 86.6
U.S. Gulf of
Mexico 6.0 (0.3) 10.1 (4.9)
Latin America
Land 26.2 26.0 49.5 47.8
E&P Services 8.4 8.9 17.7 15.4
Technical
Services (8.6) (47.1) (29.7) (47.3)
Total $149.6 $102.3 $275.7 $238.3
Days Worked
Eastern
Hemisphere 2,458 2,366 4,919 4,822
Western
Hemisphere 2,408 1,904 4,796 3,485
U.S. Gulf of
Mexico 1,073 909 2,054 1,746
Latin America
Land 14,346 14,207 28,651 27,240
Utilization
Eastern
Hemisphere 77% 85% 77% 82%
Western
Hemisphere 92% 88% 93% 88%
U.S. Gulf of
Mexico 41% 30% 39% 28%
Latin America
Land 68% 69% 68% 67%
(1) The three months and six months ended June 30, 2003 have been restated to reflect the reactive adoption of FIN 46R, Consolidated of Variable Interest Entities.
PRIDE INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(unaudited)
June 30, December 31,
2004 2003
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 44,422 $ 69,134
Restricted cash 47,801 38,840
Trade receivables, net 404,718 371,510
Parts and supplies, net 69,220 73,763
Deferred income taxes 3,378 3,371
Other current assets 179,824 170,306
Total current assets 749,363 726,924
PROPERTY AND EQUIPMENT, net 3,387,830 3,446,331
OTHER ASSETS
Investments in and
advances to affiliates 36,235 33,984
Goodwill 68,651 69,014
Other assets 84,556 102,177
Total other assets 189,442 205,175
$4,326,635 $4,378,430
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 133,823 $ 163,707
Accrued expenses 262,336 260,098
Deferred income taxes 957 957
Short-term borrowings 21,799 27,555
Current portion of
long-term debt 170,752 188,737
Current portion of long-term
lease obligations 11,012 2,749
Total current liabilities 600,679 643,803
OTHER LONG-TERM LIABILITIES 37,239 54,423
LONG-TERM DEBT,
net of current portion 1,824,964 1,805,099
LONG-TERM LEASE OBLIGATIONS,
net of current portion 380 9,979
DEFERRED INCOME TAXES 57,780 59,378
MINORITY INTEREST 103,476 102,969
STOCKHOLDERS' EQUITY 1,702,117 1,702,779
$4,326,635 $4,378,430
PRIDE INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
ADJUSTED TO EXCLUDE RIG CONSTRUCTION PROJECTS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30, 2004
Less
As Reported Construction As Adjusted
Projects
REVENUES
Services $ 424,028 $ -- $ 424,028
Sales 22,330 22,330 --
Total revenues 446,358 22,330 424,028
COSTS OF SERVICES
AND SALES,
Excluding depreciation
and amortization
Services 263,947 -- 263,947
Sales 32,840 32,840 --
Total costs of
services and sales,
Excluding depreciation
and amortization 296,787 32,840 263,947
DEPRECIATION AND
AMORTIZATION 66,167 -- 66,167
GENERAL AND
ADMINISTRATIVE,
Excluding depreciation
and amortization 33,645 -- 33,645
EARNINGS FROM
OPERATIONS 49,759 (10,510) 60,269
OTHER INCOME (EXPENSE)
Interest expense (29,929) -- (29,929)
Interest income 780 -- 780
Other expense, net 726 -- 726
Total other expense
, net (28,423) -- (28,423)
EARNINGS (LOSS) BEFORE
INCOME TAXES AND
MINORITY INTEREST 21,336 (10,510) 31,846
INCOME TAX PROVISION
(BENEFIT) 14,244 (5,243) 19,487
MINORITY INTEREST 4,570 -- 4,570
NET EARNINGS
(LOSS) $ 2,522 $ (5,267) $ 7,789
NET EARNINGS (LOSS)
PER SHARE
Basic $ 0.02 $ (0.04) $ 0.06
Dilute $ 0.02 $ (0.04) $ 0.06
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic 135,681 135,681 135,681
Diluted 137,435 135,681 137,435
PRIDE INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
ADJUSTED TO EXCLUDE RIG CONSTRUCTION PROJECTS
(In thousands, except per share amounts)
(unaudited)
Six Months Ended
June 30, 2004
Less
As Reported Construction As Adjusted
Projects
REVENUES
Services $ 827,703 $ -- $ 827,703
Sales 52,220 52,220 --
Total revenues 879,923 52,220 827,703
COSTS OF SERVICES AND SALES,
Excluding depreciation
and amortization
Services 520,152 -- 520,152
Sales 84,033 84,033 --
Total costs of
services and sales,
Excluding depreciation
and amortization 604,185 84,033 520,152
DEPRECIATION AND
AMORTIZATION 132,504 -- 132,504
GENERAL AND ADMINISTRATIVE,
Excluding depreciation
and amortization 63,728 -- 63,728
EARNINGS (LOSS)
FROM OPERATIONS 79,506 (31,813) 111,319
OTHER INCOME (EXPENSE)
Interest expense (60,516) -- (60,516)
Interest income 1,087 -- 1,087
Other expense, net (580) -- (580)
Total other
expense, net (60,009) -- (60,009)
EARNINGS (LOSS) BEFORE
INCOME TAXES AND
MINORITY INTEREST 19,497 (31,813) 51,310
INCOME TAX PROVISION
(BENEFIT) 13,233 (15,983) 29,216
MINORITY INTEREST 10,507 -- 10,507
NET EARNINGS (LOSS)$ (4,243) $(15,830) $ 11,587
NET EARNINGS (LOSS) PER SHARE
Basic $ (0.03) $ (0.12) $ 0.09
Diluted $ (0.03) $ (0.12) $ 0.09
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic 135,611 135,611 135,611
Diluted 135,611 135,611 137,782