Gulfmark Offshore Inc. announced capital expenditures for the third quarter of 2009. Capital expenditures for the quarter totaled $11.1 million. The amount includes the final payment on the Comanche that delivered in the third quarter, ongoing progress payments under the company's new build program related to the vessels being built in Poland, capitalized interest on the construction program and a small amount of capital for vessel upgrades. The company updated estimate of capital expenditures for the new build program for the remainder of 2009 is $48 million, with a substantial majority of that related to the North Sea delivery in November. The company is currently anticipating dividend in $30 million of foreign earnings to the U.S. in fourth quarter of 2009.

Gulfmark Offshore Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2009. Net income for the third quarter was $12.7 million or $0.50 per diluted share, reflecting weaker margins in the Americas and the North Sea, increased dry dock activity ahead of the previously identified plan, higher than normal professional fees and a higher revised tax rate. Revenue for the third quarter of 2009 was $90.8 million, a decrease of 27% over the same period in the prior year. Operating income, excluding special items, was $19.8 million in the third quarter of 2009, a decrease of 61% over the same period in 2008. The decrease was due to lower operating performance in the Americas, where operating margins decreased to 4% from 33% in the prior year, and to lower operating performance in the North Sea, where operating margins reduced to 28%. Cash flow from operations totaled $47.5 million for the three months ended September 30, 2009 compared to $51.9 million for the same period in 2008. Income before income taxes was $15.2 million against $49.9 million last year. Revenue for the first nine months of 2009 increased 5% over the same period in the prior year to $304.2 million, a combination of an increase from the acquisition of GulfMark Americas offset by a decrease in activity levels in the Americas and in the North Sea. Net income before special items was $80.0 million or $3.16 per diluted share for the nine month period ended September 30, 2009. Income before income taxes was $44.5 million against $129.6 million last year. Operating income was $60.3 million against $133.6 million last year. Net Income was $61.8 million or $2.44 per diluted share against $124.4 million or $5.19 per diluted share last year. Cash flow from operating activities was $138.6 million against $128.5 million last year.

Gulfmark Offshore Inc., Q3 2009 Earnings Call, Oct 28 2009