Cal Dive Reports Q4 EPS of $0.00 vs. $0.00

Cal Dive International, Inc. DVR reported a net loss for fiscal 2010 of $315.8 million and $3.47 per diluted share. This compares to net income of $76.6 million and $.81 per diluted share for fiscal 2009. Cal Dive also reported a fourth quarter 2010 net loss of $2.4 million, or $.03 per diluted share compared to net income of $2.8 million, or $.03 per diluted share for the fourth quarter 2009. The fourth quarter 2010 net loss includes $2.8 million ($.03 per diluted share) in non-cash tax expense related to a tax valuation allowance recorded due to the uncertainty of future tax benefit related to certain foreign net operating losses. Excluding the valuation allowance, the Company recorded non-GAAP net income for the fourth quarter 2010 of $0.4 million, or break-even earnings per diluted share. In addition to the valuation allowance, the net loss for the fourth quarter is primarily due to the fact that the Company completed several large construction projects during the fourth quarter of 2009, which did not reoccur in 2010.