Cal Dive International Inc. (DVR, Financial) filed Quarterly Report for the period ended 2009-03-31.
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 $914 million; its shares were traded at around $9.69 with a P/E ratio of 9.3 and P/S ratio of 1.2.
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 March 31, 2009, we had outstanding debt of $295 million under the term loan and $100.0 million under the revolving credit facility, $91.5 million of cash on hand and $186.7 million available under our revolving credit facility. The revolving and term loans under this facility mature in December 2012, with quarterly principal payments of $20 million payable on the term loan. We may pay down or borrow from the revolving credit facility as business needs merit. At March 31, 2009, we had issued and outstanding letters of credit of $13.3 million under our revolving credit facility to secure performance bonds and $12.4 million on an unsecured basis with another financial institution. See Credit Facility below.
As of May 4, 2009, we had outstanding debt of $395 million under our credit facility, $105.2 million cash on hand and $186.7 million available under our revolving credit facility.
During the three months ended March 31, 2009 and 2008, we generated positive operating cash flow of approximately $64.3 million and $44.1 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 will be used to fund working capital and other general corporate purposes as needed. For the three months ended March 31, 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, which extend the vessels economic useful life. Inclusive of accrued costs, total capital expenditures incurred for these activities during the three months ended March 31, 2009, include $5.5 million for recertification costs and $19.8 million relating to steel and equipment replacement, equipment purchases and operating lease improvements. For 2009, we anticipate capital expenditures, excluding acquisitions, of $53 million for replacements and vessel improvements and $25 million of recertification costs for regulatory drydocks. We also may incur capital expenditures for strategic investments and acquisitions.
On January 26, 2009, we borrowed $100 million under our revolving credit facility to fund the repurchase of 13,564,699 shares of our common stock from Helix. At March 31, 2009, we had $295 million outstanding under the term loan, $100 million outstanding under the revolving credit facility, and had issued letters of credit totaling $13.3 million to secure performance bonds. At March 31, 2009, we had $186.7 million available under the revolving credit facility. We expect to use the remaining availability under the revolving credit facility for working capital 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 $914 million; its shares were traded at around $9.69 with a P/E ratio of 9.3 and P/S ratio of 1.2.
Highlight of Business Operations:
As of March 31, 2009, our backlog supported by written agreements or contract awards totaled approximately $402 million, compared to approximately $350 million as of December 31, 2008 and $450 million at April 30, 2008. The majority of our current backlog is expected to be performed during 2009, except for approximately $43.5 million which we expect to perform in 2010 and 2011. These backlog contracts are cancellable without penalty in most cases. Backlog is not a reliable indicator of total annual revenues because of the significant percentage of our revenues derived from the spot market, which are not reflected in our backlog.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 March 31, 2009, we had outstanding debt of $295 million under the term loan and $100.0 million under the revolving credit facility, $91.5 million of cash on hand and $186.7 million available under our revolving credit facility. The revolving and term loans under this facility mature in December 2012, with quarterly principal payments of $20 million payable on the term loan. We may pay down or borrow from the revolving credit facility as business needs merit. At March 31, 2009, we had issued and outstanding letters of credit of $13.3 million under our revolving credit facility to secure performance bonds and $12.4 million on an unsecured basis with another financial institution. See Credit Facility below.
As of May 4, 2009, we had outstanding debt of $395 million under our credit facility, $105.2 million cash on hand and $186.7 million available under our revolving credit facility.
During the three months ended March 31, 2009 and 2008, we generated positive operating cash flow of approximately $64.3 million and $44.1 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 will be used to fund working capital and other general corporate purposes as needed. For the three months ended March 31, 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, which extend the vessels economic useful life. Inclusive of accrued costs, total capital expenditures incurred for these activities during the three months ended March 31, 2009, include $5.5 million for recertification costs and $19.8 million relating to steel and equipment replacement, equipment purchases and operating lease improvements. For 2009, we anticipate capital expenditures, excluding acquisitions, of $53 million for replacements and vessel improvements and $25 million of recertification costs for regulatory drydocks. We also may incur capital expenditures for strategic investments and acquisitions.
On January 26, 2009, we borrowed $100 million under our revolving credit facility to fund the repurchase of 13,564,699 shares of our common stock from Helix. At March 31, 2009, we had $295 million outstanding under the term loan, $100 million outstanding under the revolving credit facility, and had issued letters of credit totaling $13.3 million to secure performance bonds. At March 31, 2009, we had $186.7 million available under the revolving credit facility. We expect to use the remaining availability under the revolving credit facility for working capital and other general corporate purposes as needed.
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