Cal Dive Down 30% After Announcing Q2 EBITDA Guidance

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Cal Dive International (NYSE: DVR) is trading lower on the session followings it guidance update yesterday. The company announced that it is expecting the Q2 EBITDA to be approximately $10.5 million, which is lower than the Streeet estimates of $12.9 million.Additionally, the company announced that during the Q2, Cal Dive received net proceeds of approximately $16.3 million from the sale of the Eclipse and its Singapore facility. The net proceeds of these two sales, together with a scheduled principal amortization payment of $1.9 million, were applied to reduce the outstanding balance of the term loan portion of its senior secured credit facility. At June 30, 2012, the outstanding principal balance of the term loan was $131.8 million. Cal Dive is currently trading at $2.00, a loss of $0.84 or 29.75%.

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