PRIDE INTERNATIONAL, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31,
2005 2004(1)
RESTATED
Revenues $467,509 $403,675
Operating costs, excluding
depreciation and amortization 324,616 273,690
Depreciation and amortization 65,142 65,946
General and administrative,
excluding depreciation
and amortization 19,567 12,598
Gain on sale of assets, net (11,703) (121)
Earnings from operations 69,887 51,562
Other income (expense)
Interest expense (24,997) (29,809)
Interest income 349 307
Other expense, net (1,360) (1,427)
Other expense, net (26,008) (30,929)
Income from continuing operations
before income taxes & minority interest 43,879 20,633
Income tax provision 23,127 10,128
Minority interest 4,429 5,845
Income from continuing operations 16,323 4,660
Loss on discontinued operations -- (10,560)
Net earnings (loss) $ 16,323 $ (5,900)
Net earnings (loss) per share:
Basic
Income from continuing operations $ 0.12 $ 0.03
Discontinued operations $ -- $ (0.08)
Net earnings (loss) $ 0.12 $ (0.05)
Diluted
Income from continuing operations $ 0.11 $ 0.03
Discontinued operations $ -- $ (0.07)
Net earnings (loss) $ 0.11 $ (0.04)
Shares used in per share calculations
Basic 137,685 135,542
Diluted 158,648 138,094
(1) The three
months ended March 31, 2004 results reflect a reclassification
of certain costs from "general and administrative expenses" to "operating
expenses". In addition, the results have been restated to reflect the
discontinuation of operations for the fixed-fee construction line of
business and the correction of errors described in the Company's 2004
Form 10-K.
PRIDE INTERNATIONAL, INC.
RESULTS BY OPERATING SEGMENT
(in thousands)
(unaudited)
Three Months Ended
March 31,
2005 2004(1)
RESTATED
Revenues:
Eastern Hemisphere $ 143,872 $ 142,971
Western Hemisphere 109,169 109,161
U.S. Gulf of Mexico 50,221 27,020
Latin America Land 111,872 88,960
E & P Services 50,634 34,224
Corporate and other 1,741 1,339
Total $ 467,509 $ 403,675
Earnings (loss) from operations:
Eastern Hemisphere $ 39,972 $ 38,213
Western Hemisphere 17,288 22,020
U.S. Gulf of Mexico 7,516 (4,527)
Latin America Land 13,564 1,443
E & P Services 5,783 2,840
Corporate and other (14,236) (8,427)
Total $ 69,887 $ 51,562
(1) The three months ended March 31, 2004 results have been restated to
reflect the discontinuation of operations for the fixed-fee
construction line of business and the correction of errors described
in the Company's 2004 Form 10-K.
PRIDE INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands, except par values)
(unaudited)
March 31, December 31,
2005 2004
(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 45,633 $ 37,100
Restricted cash 9,800 9,917
Trade receivables, net 360,427 329,309
Parts and supplies, net 70,095 66,692
Other current assets 108,943 116,533
Total current assets 594,898 559,551
PROPERTY AND EQUIPMENT, net 3,210,502 3,281,848
OTHER ASSETS
Investments in and advances
to affiliates 51,683 46,908
Goodwill 68,450 68,450
Other assets 88,113 81,567
Total other assets 208,246 196,925
$4,013,646 $4,038,324
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 169,328 $ 162,602
Accrued expenses 192,923 214,843
Debt due within one year 58,339 48,481
Total current liabilities 420,590 425,926
OTHER LONG-TERM LIABILITIES 39,248 35,796
LONG-TERM DEBT 1,592,851 1,686,251
DEFERRED INCOME TAXES 66,637 60,984
MINORITY INTEREST 117,715 113,305
STOCKHOLDERS' EQUITY 1,776,605 1,716,062
$4,013,646 $4,038,324
PRIDE INTERNATIONAL, INC.
RECONCILIATION OF EARNINGS (LOSS) FROM OPERATIONS
TO EARNINGS FROM OPERATIONS (EXCLUDING
IMPAIRMENT CHARGES AND (GAIN) LOSS ON SALE OF ASSETS)
For the three-month periods ended March 31, 2005 and December 31, 2004
(In millions)
(unaudited)
Eastern Western U.S. Gulf of
Hemisphere Hemisphere Mexico
4th Qtr 1st Qtr 4th Qtr 1st Qtr 4th Qtr 1st Qtr
2004 2005 2004 2005 2004 2005
Earnings (loss)
from operations $ 62.5 $ 40.0 $ 20.6 $ 17.3 $ 12.5 $ 7.5
Impairment charges 4.6 -- -- -- 3.6 --
(Gain) loss
on sale of assets (41.1) (11.0) -- -- (10.0) --
Earnings from
operations
(excluding
impairment
charges and gain
on sale of
assets) $ 26.0 $ 29.0 $ 20.6 $ 17.3 $ 6.1 $ 7.5
Latin America Land E&P Services Corporate and Other
4th Qtr 1st Qtr 4th Qtr 1st Qtr 4th Qtr 1st Qtr
2004 2005 2004 2005 2004 2005
Earnings (loss)
from operations $ (8.9) $ 13.6 $ 5.4 $ 5.8 $ (16.8) $(14.2)
Impairment charges 16.8 -- -- -- -- --
(Gain) loss on
sale of assets 0.1 (0.6) -- (0.1) (0.3) (0.1)
Earnings from
operations
(excluding
impairment
charges and
gain on sale of
assets) $ 8.0 $ 13.0 $ 5.4 $ 5.7 $ (17.1) $(14.3)
Total
4th Qtr 1st Qtr
2004 2005
Earnings (loss) from operations $ 75.4 $ 69.9
Impairment charges 24.9 --
(Gain) loss on sale of assets (51.3) (11.7)
Earnings from operations
(excluding impairment
charges and gain on sale of
assets) $ 49.0 $ 58.2
SOURCE Pride International, Inc.
-0- 04/28/2005
/CONTACT: Robert E. Warren or Steven D. Oldham of Pride International,
Inc., +1-713-789-1400/
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/Web Site: http://www.prideinternational.com /
(PDE)