Hercules Offshore, Inc. today reported net income from continuing operations of $16.6 million, or $0.10 per diluted share, on revenue of $211.5 million for the second quarter 2013, compared with a net loss from continuing operations of $52.5 million, or $0.33 per diluted share, on revenue of $154.5 million for the second quarter 2012. As outlined in the Reconciliation of GAAP to Non-GAAP Financial Measures, second quarter 2013 results include a non-cash capital gain of $14.9 million related to the company's investment in Discovery Offshore S.A., while second quarter 2012 results include the following pre-tax items:
Non-cash charge of $47.5 million to reflect the impairment of the Hercules 185 and related deferred costs;
A $6.4 million expense related to the April 2012 debt refinancing; and
A non-cash charge of $1.4 million and $1.3 million related to the termination of the company's prior term loan facility and the early retirement of a portion of the company's 3.375% Convertible Senior Notes, respectively.
On an after-tax basis, the second quarter 2013 gain approximated $14.9 million, or $0.09 per diluted share, while these second quarter 2012 items approximated $36.8 million, or $0.23 per diluted share.
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