Cal Dive International, Inc. reported a net loss for fiscal 2010 of $315.8 million and $3.47 per diluted share. This compares to net income of $76.6 million and $.81 per diluted share for fiscal 2009.
The 2010 net loss includes $302.5 million ($3.32 per diluted share) in non-cash impairment charges related to goodwill and four idle construction barges recorded during the third quarter. Excluding the impairment charges, the Company recorded a non-GAAP net loss of $13.3 million, or $.15 per diluted share for the year. Aside from the non-cash impairment charges, the net loss is primarily due to a decrease in new construction services worldwide and a decrease in demand for hurricane repair work in the US Gulf of Mexico. In addition, the Company experienced lower day rates across the diving fleet during 2010. Work relating to cleanup efforts for the oil spill as a result of the Macondo well blowout partially offset the decline.
Cal Dive also reported a fourth quarter 2010 net loss of $2.4 million, or $.03 per diluted share compared to net income of $2.8 million, or $.03 per diluted share for the fourth quarter 2009. The fourth quarter 2010 net loss includes $2.8 million ($.03 per diluted share) in non-cash tax expense related to a tax valuation allowance recorded due to the uncertainty of future tax benefit related to certain foreign net operating losses. Excluding the valuation allowance, the Company recorded non-GAAP net income for the fourth quarter 2010 of $0.4 million, or break-even earnings per diluted share. In addition to the valuation allowance, the net loss for the fourth quarter is primarily due to the fact that the Company completed several large construction projects during the fourth quarter of 2009, which did not reoccur in 2010.
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Source: caldive ,March 02, 2011;