Cal Dive International Inc. (DVR, Financial) filed Quarterly Report for the period ended 2009-09-30.
CAL DIVE has provided manned diving services on the Gulf of Mexico Outer Continental Shelf.They areone of the largest marine diving contracting companys in the world.They also offers general diving services working off customer vessels or platforms. As the market leader for marine construction and diving services. The Company's focus is marine construction diving and offshore services. Cal Dive International Inc. has a market cap of $776.2 million; its shares were traded at around $8.35 with a P/E ratio of 6.4 and P/S ratio of 0.9.
We have a senior secured credit facility, which consists of a term loan and a $300 million revolving credit facility, with certain financial institutions. At September 30, 2009, we had outstanding debt of $255 million under the term loan and $100 million under the revolving credit facility, $124.6 million of cash on hand, and $189.8
As of October 28, 2009, we had outstanding debt of $355 million under our credit facility, $148.4 million of cash on hand and $189.5 million available under our revolving credit facility.
During the nine months ended September 30, 2009 and 2008, we generated positive operating cash flow of approximately $173.2 million and $70.6 million, respectively We utilized our operating cash flow to fund capital expenditures and recertification costs and to reduce our debt obligations. In January 2009, we borrowed $100 million under our revolving credit facility to repurchase and retire $86 million of our common stock from Helix. The remaining $14 million of cash borrowed was used to repurchase and retire additional shares of our common stock from Helix in June 2009. For the nine months ended September 30, 2009 and 2008, our cash flows are summarized as follows (in thousands):
We incur capital expenditures for recertification costs relating to regulatory drydocks on our vessels as well as costs for major replacements and improvements, that extend the vessels economic useful life. Inclusive of accrued costs, total capital expenditures incurred for these activities during the three and nine months ended September 30, 2009 include $2.2 million and $11.7 million, respectively, for recertification costs and $13.5 million and $50.8 million, respectively, relating to steel and equipment replacement, equipment purchases and operating lease improvements. For fiscal 2009, we anticipate capital expenditures, excluding acquisitions, of $78 million for recertification costs for regulatory drydocks and for replacements and vessel improvements. We may also incur capital expenditures for strategic investments and acquisitions.
On January 26, 2009, we borrowed $100 million under our revolving credit facility, which we used to fund the repurchase from Helix and retirement of approximately 13.6 million shares of our common stock in January 2009 for $6.34 per share, and approximately 1.65 million shares of our common stock in June 2009 for $8.50 per share. At September 30, 2009, we had $255 million outstanding under the term loan, $100 million outstanding under the revolving credit facility and had issued letters of credit totaling $10.2 million to secure performance bonds. At September 30, 2009, we had $189.8 million available under the revolving credit facility. We expect to use the remaining availability under the revolving credit facility for working capital, strategic investments and acquisitions, and other general corporate purposes as needed.
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CAL DIVE has provided manned diving services on the Gulf of Mexico Outer Continental Shelf.They areone of the largest marine diving contracting companys in the world.They also offers general diving services working off customer vessels or platforms. As the market leader for marine construction and diving services. The Company's focus is marine construction diving and offshore services. Cal Dive International Inc. has a market cap of $776.2 million; its shares were traded at around $8.35 with a P/E ratio of 6.4 and P/S ratio of 0.9.
Highlight of Business Operations:
Gross profit. Gross profit for the nine months ended September 30, 2009 increased $15.2 million, or 9%, to $179.7 million, compared to $164.5 million for the nine months ended September 30, 2008. This increase is due to increased domestic and international construction activities and increased demand for hurricane-related repair and salvage activity following hurricanes Gustav and Ike that passed through the Gulf of Mexico in the third quarter of 2008. In addition, we recorded a $6.1 million reduction to cost of sales during the nine months ended September 30, 2009 related to insurance recoveries, net of expenses recorded, for damages incurred to our property and equipment during hurricanes Gustav and Ike and a claim from a prior year incurred during the normal course of business.We have a senior secured credit facility, which consists of a term loan and a $300 million revolving credit facility, with certain financial institutions. At September 30, 2009, we had outstanding debt of $255 million under the term loan and $100 million under the revolving credit facility, $124.6 million of cash on hand, and $189.8
As of October 28, 2009, we had outstanding debt of $355 million under our credit facility, $148.4 million of cash on hand and $189.5 million available under our revolving credit facility.
During the nine months ended September 30, 2009 and 2008, we generated positive operating cash flow of approximately $173.2 million and $70.6 million, respectively We utilized our operating cash flow to fund capital expenditures and recertification costs and to reduce our debt obligations. In January 2009, we borrowed $100 million under our revolving credit facility to repurchase and retire $86 million of our common stock from Helix. The remaining $14 million of cash borrowed was used to repurchase and retire additional shares of our common stock from Helix in June 2009. For the nine months ended September 30, 2009 and 2008, our cash flows are summarized as follows (in thousands):
We incur capital expenditures for recertification costs relating to regulatory drydocks on our vessels as well as costs for major replacements and improvements, that extend the vessels economic useful life. Inclusive of accrued costs, total capital expenditures incurred for these activities during the three and nine months ended September 30, 2009 include $2.2 million and $11.7 million, respectively, for recertification costs and $13.5 million and $50.8 million, respectively, relating to steel and equipment replacement, equipment purchases and operating lease improvements. For fiscal 2009, we anticipate capital expenditures, excluding acquisitions, of $78 million for recertification costs for regulatory drydocks and for replacements and vessel improvements. We may also incur capital expenditures for strategic investments and acquisitions.
On January 26, 2009, we borrowed $100 million under our revolving credit facility, which we used to fund the repurchase from Helix and retirement of approximately 13.6 million shares of our common stock in January 2009 for $6.34 per share, and approximately 1.65 million shares of our common stock in June 2009 for $8.50 per share. At September 30, 2009, we had $255 million outstanding under the term loan, $100 million outstanding under the revolving credit facility and had issued letters of credit totaling $10.2 million to secure performance bonds. At September 30, 2009, we had $189.8 million available under the revolving credit facility. We expect to use the remaining availability under the revolving credit facility for working capital, strategic investments and acquisitions, and other general corporate purposes as needed.
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