Tidewater. In fiscal 1995, the Company sold its remaining 673,077 shares of Tidewater common stock for a net price of $18.87 per share or $12.7 million resulting in a $4.8 million pretax gain. In fiscal 1994, sales of the Company's Tidewater common stock generated pretax gains totaling $37.5 million. In November 1993, Xxxxxx completed the sale of 3.75 million shares of its Tidewater common stock for a net price of $20.75 per share or $77.8 million and in March 1994, Xxxxxx sold 375,175 additional shares of its Tidewater stock for a 23 net price of $21.34 per share or $8.0 million. All gains from the sales of Tidewater common stock are reflected on the statement of operations as other income. Other Reflecting the reduction of Xxxxxx'x indebtedness and a higher cash balance in fiscal 1996, the Company recorded net interest income of $678,000 in fiscal 1996 as compared to net interest expense of $1.8 million in fiscal 1995. Other expense of $892,000 in fiscal 1996 includes a $499,000 loss related to an investment in subordinated debentures of Wherehouse Entertainment, Inc. ("Wherehouse Debentures"). The write-down is based on proceeds received by the Company upon the disposition of the investment in December 1996. In fiscal 1995, net interest expense decreased to $1.8 million from $3.0 million in fiscal 1994 reflecting the Company's lower level of indebtedness. Other expense of $2.1 million in fiscal 1995 includes a $2.8 million loss related to the investment in Wherehouse Debentures. This loss was partially offset by a $453,000 gain from the sale of the Company's corporate aircraft and the receipt of $595,000 from a note that was written down in previous years. Other income of $3.1 million in fiscal 1994 includes a $2.8 million gain related to the settlement of a coal note receivable that had previously been written off, $719,000 dividend income from Xxxxxx'x Tidewater common stock and a $1.4 million expense related to a terminated pension plan. TAXES The Company's consolidated provisions for U.S. income tax for 1996 and 1995 reflect expenses resulting from pretax income from consolidated operations. The consolidated provision for 1994 reflects a benefit resulting from a pretax loss from consolidated operations. EXTRAORDINARY ITEM In connection with the Company's prepayments of Norex indebtedness in fiscal 1994, the Company incurred $7.4 million of pretax expenses that have been reflected on the statement of operations as an extraordinary item. RECENTLY ISSUED ACCOUNTI...
Tidewater. In June 1993, Xxxxxx completed the sale of 3.5 million of its shares of Tidewater common stock through an underwritten public offering. The shares were sold for a net price of $21.25 per share or $73.5 million and 27 the sale generated a 1993 pretax gain of $32.9 million. The gain is reflected on the statement of operations as other income. In November 1993, Xxxxxx sold an additional 3.75 million shares of its Tidewater common stock for a net price of $20.75 per share or $77.8 million and in March 1994, Xxxxxx sold 375,175 additional shares of its Tidewater stock for a net price of $21.34 per share or $8.0 million. The fiscal 1994 sales generated pretax gains totaling $37.5 million; the gains are recorded in other income. As of September 1994, the Company owns 673,077 shares of Tidewater common stock. As a result of its decision to sell a portion of its Tidewater common stock, effective January 1, 1993, Xxxxxx changed from the equity to the cost method of accounting for its investment in Tidewater. Consequently, Xxxxxx has not included its percentage of Tidewater's results as equity income since December 31, 1992. Instead, Tidewater dividends to Xxxxxx have been included as other income when, as and if declared. For fiscal 1993, Xxxxxx'x reported equity income of $1.1 million was based on 15.6% of Tidewater's results for the three months ended December 31, 1992. Such percentage represented Xxxxxx'x ownership percentage of Tidewater. For fiscal 1992, the Company's equity income of $1.5 million was based on the combination of 34.7% of Xxxxxx Gulf's results for the three months ended December 31, 1991 and 15.7% of Tidewater's results for the nine months ended September 30, 1992. OTHER INCOME (EXPENSE) Other expense of $4.4 million in fiscal 1994 includes expenses of $7.4 million related to the prepayment of the Norex indebtedness, a $2.8 million gain related to the settlement of a coal note receivable that had previously been written off and $700,000 dividend income from Xxxxxx'x Tidewater common stock. Also, fiscal 1994 includes a $1.4 million expense related to a terminated pension plan. Other expense of $10.5 million incurred during fiscal 1993 included three significant items: a $6.4 million prepayment penalty incurred in connection with the refinancing of the Company's senior debt in May 1993, a $5.7 million loss resulting from the disposition of the Company's investment in Arethusa which Xxxxxx was required to make when the Company's offshore drilling r...
Tidewater. INC. By: ------------------------------------------- Robexx X. Xxx Compensation Committee Chairman EMPLOYEE: ---------------------------------------------- Willxxx X. X'Xxxxxx
