Earnings Review and Free Research Report: Tidewater Reported Better than Expected Results
LONDON, UK / ACCESSWIRE / June 29, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Tidewater Inc. (NYSE: TDW), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=TDW, following the Company's release of its fourth quarter Results
fiscal 2017 financial results on June 12, 2017. The offshore fleet services provider's net loss narrowed. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
http://protraderdaily.com/register/
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on TDW. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/?symbol=TDW
Earnings Reviewed
For the period ended March 31, 2017, Tidewater reported revenues of $160.7 million compared to revenues of $184.2 million for the prior year's same quarter. The Company's revenue numbers surpassed analysts' expectations of $118.75 million. For FY17, Tidewater reported revenues of $601.6 million compared to revenues of $979.1 million in FY16.
Tidewater reported a net loss for the period ended March 31, 2017, of $94.9 million, or $2.01 per common share. Included in the net loss for the quarter ended March 31, 2017, were $64.9 million after-tax, or $1.38 per share in non-cash asset impairment charges, $16.8 million after-tax, or $0.36 per share of general and administrative expenses related to debt renegotiations, and $31.3 million after-tax and consideration of noncontrolling interests, or $0.67 per share of revenue related to the early termination of a long-term vessel charter contract. For the prior fiscal year's fourth quarter ended March 31, 2016, Tidewater's net loss was $81.8 million, or $1.74 per common share. On an adjusted basis, the Company reported a loss of $0.40 per share, surpassing Wall Street's expectations for a loss of $1.29 per share.
For FY17, Tidewater reported a net loss of $660.1 million, or $14.02 per common share, compared to net loss of $160.2 million, or $3.41 per common share.
Cash Matters
During fiscal years ended March 31, 2017 and 2016, Tidewater generated net cash from operating activities of $29.8 million and $253.4 million, respectively, and generated net cash in investing activities of $14.9 million and used net cash in investing activities of $135.0 million, respectively.
Reorganization and Chapter 11 Proceedings
On May 17, 2017, Tidewater and certain of its subsidiaries filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware, seeking approval of a prepackaged plan of restructuring.
On May 19, 2017, the Bankruptcy Court set a combined hearing to consider approval of the Debtors' disclosure statement and confirmation of the Prepackaged Plan for June 28, 2017. Tidewater stated that if the Prepackaged Plan is approved by the Bankruptcy Court within the time frame the Company expects, the Prepackaged Plan will likely become effective in July 2017, at which point or shortly thereafter Debtors would emerge from bankruptcy.
Tidewater stated that given the pendency of the Bankruptcy Cases, it will not be hosting an earnings conference call to discuss fiscal 2017 financial results. However, the Company expects to resume holding quarterly earnings conference calls following its emergence from bankruptcy.
Stock Performance
On Wednesday, June 28, 2017, the stock closed the trading session at $0.73, declining 3.95% from its previous closing price of $0.76. A total volume of 635.22 thousand shares have exchanged hands. At Wednesday's closing price, the stock's net capitalization stands at $34.37 million.
Pro-Trader Daily:
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: contact@protraderdaily.com
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily
