Tidewater Inc. announced today third quarter net earnings for the period ended December 31, 2010, of $34.4 million, or $0.67 per common share, on revenues of $271.8 million.
For the same quarter last year, net earnings were $59.9 million, or $1.16 per common share, on revenues of $286.5 million. The immediately preceding quarter ended September 30, 2010, had net earnings of $19.4 million, or $0.38 per common share, on revenues of $267.1 million.
Included in net earnings for the September 30, 2010 quarter was a $4.35 million ($4.35 million after-tax, or $0.09 per common share) charge included in general and administrative expenses related to an agreement in principle with the United States Department of Justice to resolve the previously disclosed Foreign Corrupt Practices Act investigation.
Also included in the September 2010 quarter was an effective tax rate of 34.4%, which reflected the Company’s then current estimate for its operating tax rate for fiscal 2011 of approximately 22.5%, the cumulative effect on income tax expense for the six-months ended September 30, 2010 of the Company’s then current estimate of its effective tax rate, and the Department of Justice charge, which has no related tax benefit. Relative to the Company’s previously disclosed effective tax rate estimate of 18.5%, the impact of the higher effective tax rate on the September 2010 quarterly results was approximately $0.09 per common share.
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Source:Tidewater, February 4, 2011;