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Cal Dive International Inc. (DVR) filed Quarterly Report for the period ended 2011-09-30.
Cal Dive International has a market cap of $198.1 million; its shares were traded at around $2.08 with and P/S ratio of 0.4.
This is the annual revenues and earnings per share of DVR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of DVR.
Highlight of Business Operations:
We generated a net loss of $58.1 million for the nine months ended September 30, 2011, including $36.6 million of non-cash, pre-tax impairment charges related to certain fixed assets, compared to a net loss of $313.5 million for the same period in 2010, including $315.6 million of non-cash, pre-tax impairment charges related to goodwill and certain fixed assets. Excluding the after-tax impairment charges, we generated a net loss for the nine months ended September 30, 2011 of $29.3 million, and a net loss for the nine months ended September 30, 2010 of $11.0 million. During the nine months ended September 30, 2011, we generated revenues of $352.4 million compared to revenues of $375.4 million generated in the same period of 2010.For the three months ended September 30, 2011, we generated revenues of $132.9 million and a net loss of $34.4 million, including $36.6 million of non-cash, pre-tax impairment charges related to certain fixed assets, as compared to revenues of $193.8 million and a net loss of $283.4 million, including $315.6 million of non-cash, pre-tax impairment charges related to goodwill and certain fixed assets, generated in the same period in 2010. Excluding the after-tax impairment charges, our net loss for the three months ended September 30, 2011 was $5.6 million and net income for the three months ended September 30, 2010 was $19.1 million.
Gross profit for the three months ended September 30, 2011 decreased from the same period ended September 30, 2010 by $34.7 million, or 74%. Gross profit for the nine months ended September 30, 2011 decreased from the same period ended September 30, 2010 by $32.3 million, or 83%.
During the three months ended September 30, 2011 we sold miscellaneous equipment to various third parties for $0.4 million, and we recognized a net gain on the sales of $0.4 million. We did not sell any significant assets during the three months ended September 30, 2010. During the second quarter of 2011 we sold our Sabine Pass facility, one of our barges that was previously damaged by fire and miscellaneous equipment to various third parties for $3.9 million, and we recognized a net gain on the sales of $0.5 million. During the first quarter of 2011, we received an insurance settlement in the amount of $2.8 million for a specific claim incurred in a prior year related to a fire that damaged one of our barges.
Investing Activities. Net cash used for investing activities was $20.1 million for the nine months ended September 30, 2011 compared to $31.6 million for the nine months ended September 30, 2010. During the nine month period ended September 30, 2011 and 2010, cash used for capital expenditures was $27.3 million and $36.1 million, respectively, and cash provided by sales of assets and insurance proceeds was $7.2 million and $4.5 million, respectively.
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