Tidewater Reports Loss in 4Q

Tidewater Inc. reported today a fourth quarter net loss for the period ended March 31, 2015, of $9.1 million, or $0.19 per common share, on revenues of $324.8 million.  For fiscal year ended March 31, 2015, the company's net loss was $65.2 million, or $1.34 per common share, inclusive of a $214.9 million after-tax, or $4.43 per share, non-cash goodwill impairment charge recorded in the December 2014 quarter, on revenues of $1,495.5 million. For fiscal year ended March 31, 2014, net earnings were $140.3 million, or $2.82 per common share, inclusive of a $43.4 million after-tax, or $0.87 per share, non-cash goodwill impairment charge recorded in the December 2013 quarter, on revenues of $1,435.1 million.

Included in the March 31, 2015 quarterly results are charges resulting from cost reduction initiatives related to a more challenging business environment since the precipitous decline in crude oil prices that began in the second half of fiscal 2015, as well as period end asset impairment reviews and assessment of realization of deferred tax assets:

A $4.1 million ($3.3 million after-tax, or $0.07 per share) restructuring charge related to severance and other termination costs resulting from right-sizing efforts during the quarter.

$6.4 million ($5.1 million after-tax, or $0.11 per share) of total charges related to stacked vessel and other asset impairment reviews undertaken during the quarter, which is included in "Gains on asset dispositions, net".

A $23.8 million ($23.8 million after-tax, or $0.51 per share) non-cash adjustment related to the valuation of deferred tax assets.