Superior Energy Services, Inc. today announced net income of $3.0 million, or $0.04 per share on revenue of $456.9 million for the fourth quarter of 2010.
The results included the following special items, which are primarily non-cash:
* Pre-tax impairment charge of $32.0 million for components primarily related to two liftboats under construction that the Company has determined are impracticable to complete;
* Pre-tax expense of $12.2 million for incremental management transition expenses in excess of the Company’s original guidance primarily due to accelerated vesting of equity awards and other compensation as a result of Terence Hall’s early transition in December 2010 from his role as Executive Chairman to Chairman and senior advisor;
* Pre-tax impairment charge of $7.0 million for oil and gas assets at the Company’s equity-method investments; and,
* Pre-tax gain of $1.1 million from the sale of a 175-ft. class liftboat.
In addition, the Company had a benefit of $1.7 million from a change in its effective annual income tax rate to 34.6% from 36% in during the fourth quarter. Excluding these special items, non-GAAP adjusted net income was $34.1 million, or $0.42 non-GAAP adjusted diluted earnings per share.
These results are compared with a net loss of $114.6 million, or $1.46 per share, on revenue of $264.6 million for the fourth quarter of 2009. Excluding special charges of $136.2 million and the $68.7 million impact of the wreck removal project cost increases, the Company had fourth quarter 2009 non-GAAP adjusted net income of $16.5 million, or $0.21 non-GAAP adjusted diluted earnings per share.
For the year ended December 31, 2010, the Company’s net income was $81.8 million, or $1.03 per diluted share on revenue of $1,681.6 million as compared with a net loss of $102.3 million, or $1.31 per share on revenue of $1,449.3 million for the year ended December 31, 2009.
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Source: superiorenergy ,February 24, 2011;