Atwood Oceanics Inc. (ATW, Financial) filed Annual Report for the period ended 2012-09-30.
Atwood Oceanics, Inc. has a market cap of $2.93 billion; its shares were traded at around $44.85 with a P/E ratio of 10.8 and P/S ratio of 3.7. Atwood Oceanics, Inc. had an annual average earning growth of 25.2% over the past 10 years. GuruFocus rated Atwood Oceanics, Inc. the business predictability rank of 3-star.
Operating Revenues—Revenues for fiscal year 2012 increased $142.3 million, or 22%, compared to the prior fiscal year. A comparative analysis of revenues by rig for fiscal years 2012 and 2011 is as follows:
The increase in revenues for the Atwood Hunter is primarily due to out-of-service time related to a planned regulatory inspection during fiscal year 2011 compared to no out-of-service time during fiscal year 2012. The Atwood Hunter worked offshore West Africa during both fiscal years 2012 and 2011.
Operating Revenues—Revenues for fiscal year 2011 decreased $5.5 million, or 1%, compared to fiscal year 2010. A comparative analysis of revenues by rig for fiscal years 2011 and 2010 is as follows:
Capital expenditures totaled $785 million for fiscal year 2012. Capital expenditures and working capital needs were funded by cash flows from operations of approximately $256 million, a net increase in our long-term debt of $310 million, and cash on hand from the prior fiscal year end. Although our net income for fiscal year 2012 was relatively consistent with the prior fiscal year, our cash flows from operations of $256 million decreased $84 million as compared to approximately $340 million for the prior fiscal year. The increase of accounts receivable is attributable to higher revenue levels and a higher number of active in-service rigs at the current fiscal year end when compared to the prior fiscal year end.
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Atwood Oceanics, Inc. has a market cap of $2.93 billion; its shares were traded at around $44.85 with a P/E ratio of 10.8 and P/S ratio of 3.7. Atwood Oceanics, Inc. had an annual average earning growth of 25.2% over the past 10 years. GuruFocus rated Atwood Oceanics, Inc. the business predictability rank of 3-star.
Highlight of Business Operations:
We maintain a backlog of commitments for contract drilling revenues. Our contract backlog at September 30, 2012 was approximately $2.6 billion, representing a 73% increase compared to our contract backlog of $1.5 billion at September 30, 2011. We calculate our contract backlog by multiplying the day rate under our drilling contracts by the number of days remaining under the contract, assuming full utilization. The calculation does not include any revenues related to other fees such as for mobilization, demobilization, contract preparation, customer reimbursables and bonuses. The amount of actual revenues earned and the actual periods during which revenues are earned will be different from amounts disclosed in our backlog calculations due to various factors, including unscheduled repairs, maintenance, weather and other factors. Such factors may result in lower applicable day rates than the full contractual day rate. In addition, under certain circumstances, our customers may seek to terminate or renegotiate our contracts. See Item 1A., “Risk Factors—Our business may experience reduced profitability if our customers terminate or seek to renegotiate our drilling contracts” of this Form 10-K.Operating Revenues—Revenues for fiscal year 2012 increased $142.3 million, or 22%, compared to the prior fiscal year. A comparative analysis of revenues by rig for fiscal years 2012 and 2011 is as follows:
The increase in revenues for the Atwood Hunter is primarily due to out-of-service time related to a planned regulatory inspection during fiscal year 2011 compared to no out-of-service time during fiscal year 2012. The Atwood Hunter worked offshore West Africa during both fiscal years 2012 and 2011.
Operating Revenues—Revenues for fiscal year 2011 decreased $5.5 million, or 1%, compared to fiscal year 2010. A comparative analysis of revenues by rig for fiscal years 2011 and 2010 is as follows:
Capital expenditures totaled $785 million for fiscal year 2012. Capital expenditures and working capital needs were funded by cash flows from operations of approximately $256 million, a net increase in our long-term debt of $310 million, and cash on hand from the prior fiscal year end. Although our net income for fiscal year 2012 was relatively consistent with the prior fiscal year, our cash flows from operations of $256 million decreased $84 million as compared to approximately $340 million for the prior fiscal year. The increase of accounts receivable is attributable to higher revenue levels and a higher number of active in-service rigs at the current fiscal year end when compared to the prior fiscal year end.
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