In addition to net income, one primary measure that we use to evaluate our financial performance is earnings before net interest expense, taxes, depreciation and amortization, or EBITDA. The increase is related to the tax treatment of certain non-recurring items incurred during the second quarter of We believe EBITDA is useful as a measurement tool because it helps investors evaluate and compare our operating performance from period to period by removing the impact of our capital structure primarily interest charges from our outstanding debt and asset base primarily depreciation and amortization of our vessels from our operating results. While the Company was prepared to vigorously defend itself, the Company deemed it prudent to settle this matter. This increase was partially offset by the increased number of out of service days relating to regulatory dry docks and vessel upgrades during the second quarter of During the second quarter , OTSL generated significant operating losses, lost several project bids and ultimately decided to exit the saturation diving market. The decrease in recurring net income was primarily due to increased out of service days relating to regulatory dry docks, increased depreciation and deferred drydock amortization and interest expense.
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Cal Dive has no plans to make additional investments in OTSL and therefore will not be subject to future losses or impairments relating to its ownership interest. During the second quarterOTSL generated significant operating losses, lost several project bids qrkp ultimately decided to exit the saturation diving market.
The Company forecasts an effective tax rate of approximately Naughton Chief Operating Officer G.
Alliance - LAW - Page 4
Status of Acquisition of Horizon Offshore. This illustrates one of the key rationales for combining the two companies as we believe a pipelay contractor with control of its diving support, especially the quality of support that Cal Dive provides, will execute its projects more efficiently and profitably. Press release of Cal Dive International, Inc. Sam Houston Parkway E.
The teleconference dial-in numbers are: The decrease in recurring net income was primarily due to increased out of service days relating to regulatory dry docks, increased depreciation and deferred drydock amortization and interest expense.
While the Company was prepared to vigorously defend itself, the Company deemed it prudent 2.75. settle this matter. Based on this evaluation, Cal Qfkp determined that its remaining investment was impaired and recorded a non-cash impairment charge equal to the amount of its remaining investment. The increase is related to the tax treatment of certain non-recurring items incurred during the second quarter of Investors will be able to obtain the slide presentation and listen to the live conference call broadcast from the Investor Relations page at http: Forward-Looking Statements This presentation may include "forward-looking" statements that are generally identifiable through our use of words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project" and similar expressions and include any statements that we make regarding our earnings expectations.
We look forward to a strong qvkp and fourth quarter with most of the drydocks behind us.
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A replay will be available from the Investor Relations-Presentations page. Our actual future results may differ materially due to a variety of qdkkp, including changes in the level of offshore exploration, development and production activity in the oil and natural gas industry, our inability to obtain contracts with favorable pricing terms if there is a downturn on our business cycle, intense competition in our industry, the operational risks inherent in our business, risks associated with our relationship with Helix Energy Solutions Group, Inc.
Equity in Earnings Losses of Investments. Our actual future results may differ materially due to a variety of factors, including changes in the level of offshore exploration, development and production activity in the oil and natural gas industry, our inability to obtain contracts with favorable pricing terms if there is a downturn in our business cycle, intense competition in our industry, the operational risks inherent in our business, risks qdk with our relationship with Helix Energy Solutions Group, Inc.
We use EBITDA to measure our operational strengths and the performance of our business and not to measure our liquidity. This increase was partially offset by the increased number of out of service days relating to regulatory dry docks and vessel upgrades during the second quarter of These impairment indicators required Cal Dive to consider the short-term and long-term operating and financial prospects of OTSL in evaluating its investment in the entity.
Kregg Lunsford Chief Financial Officer.
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We believe EBITDA is useful as a measurement tool because it helps investors evaluate and compare our operating performance from period to period by removing the impact of our capital structure primarily interest charges from our outstanding debt and asset base primarily depreciation and amortization of our vessels from our operating results. In the circumstances, we are continuing to conduct extended due diligence, as we are 2.5 to do under the agreement, to reconfirm our transaction assumptions and to assure ourselves that the second quarter issues are not systemic.
The forward-looking statements speak only as of the date of this qd,p, and we undertake no obligation to update or revise such statements to reflect new information or events as they occur.
Filed by Cal Dive International, Inc.
Summary of Results- Key Statistics 1 Effective vessel utilization does not include acquired vessels prior to their in-service dates, vessels in dry docking, vessels taken out of service for upgrades or prior to their disposition and vessels jointly owned with a third party.
Non-Cash Stock Compensation Expense 1. The vessel drydocks and upgrades are an essential part of our business and our ability to better serve our customers and keep our people safe.
The effective tax rate for the second quarter was While disappointing, the non-cash OTSL equity losses and impairment charge have no impact on our revenue and cash flow.
Excluding the non-recurring items, the effective tax rate was The forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to update or revise such statements to reflect new information or events as they occur.
EBITDA does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues, and should be considered in addition to, and not as a substitute for, net income and other measures of financial performance we report in accordance with GAAP.
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