DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 TABLE OF CONTENTS FOR FORM 10-Q
PAGE NO.
COVER PAGE TABLE OF CONTENTS PART I. ITEM 1. Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements ITEM 2. AND RESULTS OF OPERATIONS ITEM 3. PART II. ITEM 1. ITEM 2. ITEM 3. ITEM 4. ITEM 5. ITEM 6. SIGNATURES EXHIBIT INDEX
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DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 Balance Sheet
MARCH 31, 1999 (UNAUDITED) ASSETS
DECEMBER 31, 1998
CURRENT ASSETS: Cash and cash equivalents Marketable securities Accounts receivable Rig inventory and supplies Prepaid expenses and other Total current assets DRILLING AND OTHER PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION GOODWILL, NET OF ACCUMULATED AMORTIZATION OTHER ASSETS Total assets
69,946 589,068 200,153 36,093 36,014 931,274 1,612,762 108,241 9,351 2,661,628
101,198 535,774 233,719 35,794 31,939 938,424 1,551,820 109,825 9,647 2,609,716
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable Accrued liabilities Taxes payable Total current liabilities LONG-TERM DEBT DEFERRED TAX LIABILITY OTHER LIABILITIES Total liabilities COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock (par value 0.01, 25,000,000 shares authorized, none issued and outstanding) Common stock (par value 0.01, 500,000,000 shares authorized, 139,333,635 issued, 135,815,535 outstanding at March 31, 1999 and December 31, 1998) Additional paid-in capital Retained earnings Accumulated other comprehensive losses Treasury stock, at cost (3,518,100 shares) Total stockholders' equity Total liabilities and stockholders' equity
84,452 47,476 43,144 175,072 400,000 270,472 27,453 872,997
93,938 53,283 13,180 160,401 400,000 263,797 30,260 854,458
1,393 1,302,806 582,624 (9,466) (88,726) 1,788,631 2,661,628
1,393 1,302,806 547,783 (7,998) (88,726) 1,755,258 2,609,716
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DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 Income Statement
THREE MONTHS ENDED MARCH 31, 1999 1998
REVENUES OPERATING EXPENSES: Contract drilling Depreciation and amortization General and administrative Gain on sale of assets Total operating expenses
228,037
286,069
110,718 35,657 6,001 (125) 152,251
125,333 31,999 6,772 (78) 164,026
OPERATING INCOME OTHER INCOME (EXPENSE): Interest income Interest expense Other, net INCOME BEFORE INCOME TAX EXPENSE INCOME TAX EXPENSE
75,786
122,043
8,351 (3,332) (1,093) 79,712 (27,894)
6,585 (3,843) (137) 124,648 (43,926)
NET INCOME
51,818
80,722
EARNINGS PER SHARE: Basic Diluted
0.38 0.37
0.58 0.56
WEIGHTED AVERAGE SHARES OUTSTANDING: Common shares Dilutive potential common shares Total weighted average shares outstanding
135,816 9,876 145,692
139,325 9,876 149,201
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DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 Cash Flows
THREE MONTHS ENDED MARCH 31, 1999
OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Gain on sale of assets (Gain) loss on sale of investment securities Deferred tax provision Accretion of discounts on investment securities Amortization of debt issuance costs Changes in operating assets and liabilities: Accounts receivable Rig inventory and supplies and other current assets Other assets, non-current Accounts payable and accrued liabilities Taxes payable Other liabilities, non-current Other, net Net cash provided by operating activities
51,818
35,657 (125) (6) 8,291 (3,229) 134 33,566 (4,374) 162 (15,293) 29,147 (2,807) (820) 132,121
INVESTING ACTIVITIES: Capital expenditures Proceeds from sale of assets Net change in marketable securities Net cash used in investing activities
(95,019) 129 (51,506) (146,396)
FINANCING ACTIVITIES: Payment of dividends Proceeds from stock options exercised Net cash used in financing activities
(16,977)
(16,977)
NET CHANGE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period
(31,252) 101,198 69,946
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1998
80,722
31,999 (78) 69 17,862 (2,609) 129 (32,161) 2,168 (957) 1,187 22,442 (569) (350) 119,854
(37,089) 335 (90,797) (127,551)
(17,416) 211 (17,205)
(24,902) 102,958 78,056
DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 2. MARKETABLE SECURITIES
MARCH 31, 1999 UNREALIZED GAIN (LOSS) (IN THOUSANDS)
COST
Debt securities issued by the U.S. Treasury Due within one year Due after one year through five years Collateralized mortgage obligations Equity securities Total
185,269 198,697 203,483 12,117 599,566
75 413 (1,269) (9,717) (10,498)
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MARKET VALUE
185,344 199,110 202,214 2,400 589,068
DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 2. MARKETABLE SECURITIES
DECEMBER 31, 1998 UNREALIZED GAIN (LOSS) (IN THOUSANDS)
COST
Debt securities issued by the U.S. Treasury Due within one year Due after one year through five years Collateralized mortgage obligations Equity securities Total
304,224 24,982 203,504 12,117 544,827
(21) 91 (452) (8,671) (9,053)
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MARKET VALUE
304,203 25,073 203,052 3,446 535,774
DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 3. DRILLING AND OTHER PROPERTY AND EQUIPMENT
MARCH 31, 1999 (IN THOUSANDS)
DECEMBER 31, 1998
Drilling rigs and equipment Construction work in progress Land and buildings Office equipment and other Cost Less accumulated depreciation Drilling and other
1,960,899 150,936 13,878 15,072 2,140,785 (528,023) 1,612,762
1,929,540 88,266 13,874 14,100 2,045,780 (493,960) 1,551,820
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DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 4. GOODWILL
MARCH 31, 1999 (IN THOUSANDS)
DECEMBER 31, 1998
Goodwill Less accumulated amortization Total
127,418 (19,177) 108,241
127,418 (17,593) 109,825
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DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 5. ACCRUED LIABILITIES
MARCH 31, 1999 (IN THOUSANDS)
DECEMBER 31, 1998
Personal injury and other claims Payroll and benefits Interest payable Other Total
17,987 19,251 1,916 8,322 47,476
20,676 18,701 5,667 8,239 53,283
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DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 7. SEGMENTS AND GEOGRAPHIC AREA ANALYSIS
THREE MONTHS ENDED MARCH 31, 1999 (IN THOUSANDS) 1998
Fourth-Generation Semisubmersibles Other Semisubmersibles Jack-ups Integrated Services Eliminations Total revenues
63,960 139,453 24,069 3,469 (2,914) 228,037
70,945 153,274 60,086 15,711 (13,947) 286,069
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DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 7. SEGMENTS AND GEOGRAPHIC AREA ANALYSIS
THREE MONTHS ENDED MARCH 31, 1999 (IN THOUSANDS) 1998
Revenues from unaffiliated customers: United States Foreign: Europe/Africa Australia/Southeast Asia South America Total Revenues
111,208
175,035
64,455 28,267 24,107 228,037
69,663 28,446 12,925 286,069
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DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1999 1998 (IN THOUSANDS)
REVENUES Fourth-Generation Semisubmersibles Other Semisubmersibles Jack-ups Integrated Services Eliminations Total Revenues CONTRACT DRILLING EXPENSE Fourth-Generation Semisubmersibles Other Semisubmersibles Jack-ups Integrated Services Other Eliminations Total Contract Drilling Expense OPERATING INCOME Fourth-Generation Semisubmersibles Other Semisubmersibles Jack-ups Integrated Services Other Depreciation and Amortization Expense General and Administrative Expense Gain on Sale of Assets Total Operating Income
63,960 139,453 24,069 3,469 (2,914) 228,037
70,945 153,274 60,086 15,711 (13,947) 286,069
24,390 62,251 22,708 3,438 845 (2,914) 110,718
20,615 79,276 21,160 15,505 2,724 (13,947) 125,333
39,570 77,202 1,361 31 (845) (35,657) (6,001) 125 75,786
50,330 73,998 38,926 206 (2,724) (31,999) (6,772) 78 122,043
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INCREASE/ (DECREASE)
(6,985) (13,821) (36,017) (12,242) 11,033 (58,032)
3,775 (17,025) 1,548 (12,067) (1,879) 11,033 (14,615)
(10,760) 3,204 (37,565) (175) 1,879 (3,658) 771 47 (46,257)
DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 EXHIBIT INDEX
Exhibit No.
Description
3.10 Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1998). 3.20 Amended and Restated By-laws of the Company (incorporated by reference to Exhibit 3.2 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 1998). 11.1* 27.1* Statement Re Computation of Per Share Earnings. Financial Data Schedule.
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DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
1999 Weighted Average Shares (Denominator)
Income (Numerator)
BASIC EPS Net income EFFECT OF DILUTIVE POTENTIAL SHARES Convertible notes issued 2/4/97 DILUTED EPS Net income + assumed conversions
51,818
135,816
2,166
9,876
53,984
145,692
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Three Months Ended March 31, 1998 Weighted Average Shares
Per Share Amount
Income (Numerator) (Denominator)
Per Share Amount
0.38
80,722
139,325
0.58
2,498
9,876
0.37
83,220
149,201
0.56
DIAMOND OFFSHORE DRILLING INC 10-Q 04/29/1999 NO TITLE
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schedule contains summary financial information extracted from the financial statements and is qualified in its entirety by reference to financial statements.
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