SEACOR Holdings Announces First Quarter Results
FORT LAUDERDALE, FL -- (MARKET WIRE) -- 04/20/11 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the first quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2011 was $11.2 million, or $0.52 per diluted share, on operating revenues of $472.3 million.
For the preceding quarter ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million.
For the quarter ended March 31, 2010, net income attributable to SEACOR Holdings Inc. was $3.6 million, or $0.16 per diluted share, on operating revenues of $394.6 million.
Highlights for the Quarter
Offshore Marine Services -- Offshore Marine Services reported an operating loss of $2.6 million on operating revenues of $80.3 million compared with operating income of $0.9 million on operating revenues of $100.6 million in the preceding quarter. First quarter results included $4.4 million in gains on asset dispositions compared with $2.1 million in gains in the preceding quarter.
In the U.S. Gulf of Mexico, operating income was $3.0 million lower than the preceding quarter primarily due to continued soft market conditions attributable to the ongoing slow down in the issuance of drilling permits by the Bureau of Ocean Energy Management. In the first quarter, utilization was 40.5% compared with 50.4% in the preceding quarter. Average day rates decreased from $11,669 per day to $9,898 per day. The number of days available for hire decreased by 819, or 16%, due to net fleet dispositions including the return of six vessels to leasing companies during the preceding quarter. As of March 31, 2011, the Company had twelve vessels cold-stacked in the U.S. Gulf of Mexico, compared with 13 as of December 31, 2010.
Operating income associated with international operations was $0.5 million lower than the preceding quarter primarily due to net fleet dispositions and increased drydocking and repair activity in the North Sea. These reductions were partially offset by lower labor costs following the recognition in the preceding quarter of a $7.8 million charge for the Company's share of a funding deficit arising from the March 2009 actuarial valuation of the United Kingdom Merchant Navy Officers' Pension Fund.
In the first quarter, the total number of days available for charter decreased by 918, or 7.8%, primarily due to net fleet dispositions, overall utilization decreased from 68.5% to 65.1% and overall average day rates decreased by 4.9% from $10,646 per day to $10,123 per day.
Aviation Services -- Operating income was $5.9 million on operating revenues of $56.2 million compared with an operating loss of $0.1 million on operating revenues of $55.5 million in the preceding quarter. First quarter results included $2.2 million in gains on asset dispositions compared with $0.1 million in losses in the preceding quarter.
Operating expenses were $3.7 million lower in the first quarter primarily due to the receipt of insurance proceeds related to hurricane damages sustained in 2005, an insurance credit for good experience and the termination of a power by hour maintenance contract.
Inland River Services -- Operating income was $11.0 million on operating revenues of $46.5 million compared with operating income of $14.9 million on operating revenues of $52.3 million in the preceding quarter. Freight rates remained relatively firm in the first quarter but results were affected by difficult weather-related operating conditions and higher fuel prices.
Marine Transportation Services -- Operating income was $1.9 million on operating revenues of $17.3 million compared with operating income of $1.4 million on operating revenues of $16.9 million in the preceding quarter. The improvement in operating income was primarily due to a reduction in out-of-service time for one vessel and lower insurance and legal expenses.
Environmental Services -- Operating income was $9.3 million on operating revenues of $63.1 million compared with operating income of $38.0 million on operating revenues of $163.4 million in the preceding quarter. The reduction in operating income reflects the winding-down of activities associated with the Deepwater Horizon oil spill response.
Commodity Trading and Logistics -- Commodity Trading and Logistics reported a segment loss in the first quarter of $0.4 million on operating revenues of $194.0 million compared with a segment loss of $4.2 million on operating revenues of $178.9 million in the preceding quarter.
Other -- Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.5 million on operating revenues of $17.5 million compared with an operating loss of $0.8 million on operating revenues of $16.4 million in the preceding quarter. The improvement in operating income was primarily due to increased harbor activity at most ports and lower drydocking and repair costs.
Corporate and Eliminations -- Administrative and general expenses were $10.7 million compared with $18.0 million in the preceding quarter. The reduction reflects expenses recorded in the preceding quarter for management bonus accruals, the acceleration of restricted stock awards and amounts designated for a foundation formed following the Deepwater Horizon oil spill to support environmental research and other causes relevant to the Company's business. Derivative income, net, of $1.1 million was primarily due to gains on exchange traded commodity option and future contracts.
Marketable Securities -- Marketable security gains, net, of $1.5 million were primarily the result of gains on long equity positions partially offset by losses on short equity positions.
Foreign Currency -- Foreign currency gains, net, of $5.1 million were primarily due to the strengthening of the euro against the U.S. dollar.
Capital Commitments -- The Company's unfunded capital commitments as of March 31, 2011 consisted primarily of offshore support vessels, helicopters, an interest in a dry-bulk articulated tug-barge, an interest in a river grain terminal and other equipment. These commitments totaled $244.6 million, of which $164.8 million is payable during the remainder of 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $2.8 million may be terminated without further liability. Subsequent to March 31, 2011, the Company committed to purchase additional equipment for $2.5 million. As of March 31, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $910.0 million.
SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.
This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, loss of U.S. coastwise endorsement for the Seabulk Trader and Seabulk Challenge, retrofitted double-hull tankers, if the Company is unsuccessful in litigation instructing the U.S. Coast Guard to revoke their coastwise charters, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) Three Months Ended March 31, ---------------------- 2011 2010 ---------- ---------- Operating Revenues $ 472,264 $ 394,575 ---------- ---------- Costs and Expenses: Operating 371,011 312,305 Administrative and general 46,394 40,891 Depreciation and amortization 40,059 41,397 ---------- ---------- 457,464 394,593 ---------- ---------- Gains on Asset Dispositions and Impairments, Net 7,255 13,659 ---------- ---------- Operating Income 22,055 13,641 ---------- ---------- Other Income (Expense): Interest income 3,738 1,363 Interest expense (10,041) (12,324) Debt extinguishment losses (48) (4) Marketable security gains, net 1,534 1,961 Derivative gains (losses), net (3,318) 2,776 Foreign currency gains (losses), net 5,059 (2,701) Other, net (178) 600 ---------- ---------- (3,254) (8,329) ---------- ---------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 18,801 5,312 Income Tax Expense 7,366 2,316 ---------- ---------- Income Before Equity in Earnings of 50% or Less Owned Companies 11,435 2,996 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 34 869 ---------- ---------- Net Income 11,469 3,865 Net Income attributable to Noncontrolling Interests in Subsidiaries 299 264 ---------- ---------- Net Income attributable to SEACOR Holdings Inc. $ 11,170 $ 3,601 ========== ========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.53 $ 0.16 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.52 $ 0.16 Weighted Average Common Shares of Outstanding: Basic 21,104,739 22,269,771 Diluted 21,439,424 22,474,651 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended -------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2011 2010 2010 2010 2010 -------- -------- --------- -------- --------- Operating Revenues $472,264 $580,384 $ 979,833 $694,576 $ 394,575 -------- -------- --------- -------- --------- Costs and Expenses: Operating 371,011 449,961 683,219 484,742 312,305 Administrative and general 46,394 54,892 50,627 46,108 40,891 Depreciation and amortization 40,059 39,173 41,312 41,608 41,397 -------- -------- --------- -------- --------- 457,464 544,026 775,158 572,458 394,593 -------- -------- --------- -------- --------- Gains on Asset Dispositions and Impairments, Net 7,255 3,285 23,896 4,398 13,659 -------- -------- --------- -------- --------- Operating Income 22,055 39,643 228,571 126,516 13,641 -------- -------- --------- -------- --------- Other Income (Expense): Interest income 3,738 3,094 2,562 1,863 1,363 Interest expense (10,041) (10,088) (10,274) (11,264) (12,324) Debt extinguishment losses, net (48) (1,092) -- (364) (4) Marketable security gains (losses), net 1,534 1,340 (54) (5,406) 1,961 Derivative gains (losses), net (3,318) 6,502 1,648 (4,721) 2,776 Foreign currency gains (losses), net 5,059 (3,511) 7,585 (7,500) (2,701) Other, net (178) 3,061 10 46 600 -------- -------- --------- -------- --------- (3,254) (694) 1,477 (27,346) (8,329) -------- -------- --------- -------- --------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 18,801 38,949 230,048 99,170 5,312 Income Tax Expense 7,366 13,250 87,709 37,399 2,316 -------- -------- --------- -------- --------- Income Before Equity in Earnings of 50% or Less Owned Companies 11,435 25,699 142,339 61,771 2,996 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 34 1,501 7,933 2,876 869 -------- -------- --------- -------- --------- Net Income 11,469 27,200 150,272 64,647 3,865 Net Income attributable to Noncontrolling Interests in Subsidiaries 299 97 334 565 264 -------- -------- --------- -------- --------- Net Income attributable to SEACOR Holdings Inc. $ 11,170 $ 27,103 $ 149,938 $ 64,082 $ 3,601 ======== ======== ========= ======== ========= Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.53 $ 1.30 $ 7.21 $ 2.95 $ 0.16 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.52 $ 1.27 $ 7.14 $ 2.93 $ 0.16 Weighted Average Common Shares of Outstanding: Basic 21,105 20,843 20,787 21,733 22,270 Diluted 21,439 21,306 21,001 21,905 22,475 Common Shares Outstanding at Period End 21,652 21,400 21,231 21,218 22,552 Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. $ -- $ 15.00 $ -- $ -- $ -- SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) Three Months Ended ------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2011 2010 2010 2010 2010 --------- -------- -------- -------- -------- Offshore Marine Services Operating Revenues $ 80,344 $100,631 $160,916 $147,123 $107,186 --------- -------- -------- -------- -------- Costs and Expenses: Operating 63,020 76,607 79,205 80,011 73,764 Administrative and general 11,770 13,037 12,378 12,931 12,449 Depreciation and amortization 12,533 12,279 12,758 13,245 13,478 --------- -------- -------- -------- -------- 87,323 101,923 104,341 106,187 99,691 --------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 4,364 2,142 12,717 1,964 12,651 --------- -------- -------- -------- -------- Operating Income (Loss) (2,615) 850 69,292 42,900 20,146 --------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net 725 (154) 977 425 374 Other, net -- 1 -- -- -- Equity in Earnings of 50% or Less Owned Companies, Net of Tax 735 3,042 2,300 1,713 2,251 --------- -------- -------- -------- -------- Segment Profit (Loss) $ (1,155) $ 3,739 $ 72,569 $ 45,038 $ 22,771 ========= ======== ======== ======== ======== Aviation Services Operating Revenues $ 56,155 $ 55,522 $ 67,136 $ 62,433 $ 50,275 --------- -------- -------- -------- -------- Costs and Expenses: Operating 33,465 37,174 37,492 40,541 32,026 Administrative and general 7,020 7,042 7,274 6,091 5,391 Depreciation and amortization 11,919 11,287 10,889 10,728 10,447 --------- -------- -------- -------- -------- 52,404 55,503 55,655 57,360 47,864 --------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net 2,194 (117) 412 379 90 --------- -------- -------- -------- -------- Operating Income (Loss) 5,945 (98) 11,893 5,452 2,501 --------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net 310 (27) (29) 38 (100) Foreign currency gains (losses), net 353 166 (81) (1,731) 135 Other, net -- -- 50 -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (99) (83) 663 (442) (275) --------- -------- -------- -------- -------- Segment Profit (Loss) $ 6,509 $ (42) $ 12,496 $ 3,317 $ 2,261 ========= ======== ======== ======== ======== Inland River Services Operating Revenues $ 46,469 $ 52,284 $ 41,381 $ 34,596 $ 33,436 --------- -------- -------- -------- -------- Costs and Expenses: Operating 27,884 29,542 26,535 21,547 19,554 Administrative and general 2,697 3,114 2,898 2,618 2,061 Depreciation and amortization 5,622 5,472 5,415 4,958 4,876 --------- -------- -------- -------- -------- 36,203 38,128 34,848 29,123 26,491 --------- -------- -------- -------- -------- Gains on Asset Dispositions 697 697 29,445 899 887 --------- -------- -------- -------- -------- Operating Income 10,963 14,853 35,978 6,372 7,832 --------- -------- -------- -------- -------- Other Income (Expense): Other, net 1 2,227 -- -- 10 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (256) (521) 3,522 805 (98) --------- -------- -------- -------- -------- Segment Profit $ 10,708 $ 16,559 $ 39,500 $ 7,177 $ 7,744 ========= ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2011 2010 2010 2010 2010 -------- -------- -------- -------- -------- Marine Transportation Services Operating Revenues $ 17,312 $ 16,908 $ 18,540 $ 21,263 $ 19,452 -------- -------- -------- -------- -------- Costs and Expenses: Operating 8,979 8,174 8,754 8,915 13,432 Administrative and general 1,417 2,040 1,087 1,038 837 Depreciation and amortization 4,978 5,309 7,320 8,008 8,008 -------- -------- -------- -------- -------- 15,374 15,523 17,161 17,961 22,277 -------- -------- -------- -------- -------- Losses on Asset Dispositions and Impairments -- -- (18,677) (11) -- -------- -------- -------- -------- -------- Operating Income (Loss) 1,938 1,385 (17,298) 3,291 (2,825) -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net 16 (13) 61 (41) 15 -------- -------- -------- -------- -------- Segment Profit (Loss) $ 1,954 $ 1,372 $(17,237) $ 3,250 $ (2,810) ======== ======== ======== ======== ======== Environmental Services Operating Revenues $ 63,086 $163,380 $468,226 $214,629 $ 28,158 -------- -------- -------- -------- -------- Costs and Expenses: Operating 44,044 116,346 329,497 127,108 20,337 Administrative and general 7,551 7,485 11,508 6,525 6,037 Depreciation and amortization 2,231 2,065 2,249 2,099 1,983 -------- -------- -------- -------- -------- 53,826 125,896 343,254 135,732 28,357 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions -- 563 -- (36) (17) -------- -------- -------- -------- -------- Operating Income (Loss) 9,260 38,047 124,972 78,861 (216) -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (51) (115) 3 (23) 30 Other, net -- 1 -- -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (8) 58 533 54 38 -------- -------- -------- -------- -------- Segment Profit (Loss) $ 9,201 $ 37,991 $125,508 $ 78,892 $ (148) ======== ======== ======== ======== ======== Commodity Trading and Logistics Operating Revenues $194,012 $178,944 $216,896 $203,064 $142,992 -------- -------- -------- -------- -------- Costs and Expenses: Operating 187,018 173,922 204,467 203,374 147,372 Administrative and general 2,660 1,184 3,716 3,791 2,744 Depreciation and amortization 13 13 13 15 20 -------- -------- -------- -------- -------- 189,691 175,119 208,196 207,180 150,136 -------- -------- -------- -------- -------- Operating Income (Loss) 4,321 3,825 8,700 (4,116) (7,144) -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net (4,750) (8,192) (5,307) 4,611 4,308 Foreign currency gains (losses), net (5) 26 190 (30) (717) Other, net -- 781 -- 6 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 51 (611) 1,042 (13) (1,022) -------- -------- -------- -------- -------- Segment Profit (Loss) $ (383) $ (4,171) $ 4,625 $ 458 $ (4,575) ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2011 2010 2010 2010 2010 -------- -------- -------- -------- -------- Other Operating Revenues $ 17,536 $ 16,395 $ 20,031 $ 18,969 $ 17,440 -------- -------- -------- -------- -------- Costs and Expenses: Operating 9,142 11,872 10,559 10,895 10,039 Administrative and general 2,620 3,031 2,803 2,793 2,845 Depreciation and amortization 2,289 2,289 2,224 2,107 2,183 -------- -------- -------- -------- -------- 14,051 17,192 15,586 15,795 15,067 -------- -------- -------- -------- -------- Gains on Asset Dispositions -- -- -- 1,203 -- -------- -------- -------- -------- -------- Operating Income (Loss) 3,485 (797) 4,445 4,377 2,373 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net 1 (17) 34 (15) (18) Other, net (1) 10 -- 34 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (389) (384) (127) 759 (25) -------- -------- -------- -------- -------- Segment Profit (Loss) $ 3,096 $ (1,188) $ 4,352 $ 5,155 $ 2,330 ======== ======== ======== ======== ======== Corporate and Eliminations Operating Revenues $ (2,650) $ (3,680) $(13,293) $ (7,501) $ (4,364) -------- -------- -------- -------- -------- Costs and Expenses: Operating (2,541) (3,676) (13,290) (7,649) (4,219) Administrative and general 10,659 17,959 8,963 10,321 8,527 Depreciation and amortization 474 459 444 448 402 -------- -------- -------- -------- -------- 8,592 14,742 (3,883) 3,120 4,710 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions -- -- (1) -- 48 -------- -------- -------- -------- -------- Operating Loss $(11,242) $(18,422) $ (9,411) $(10,621) $ (9,026) ======== ======== ======== ======== ======== Other Income (Expense): Derivative gains (losses), net $ 1,122 $ 14,721 $ 6,984 $ (9,370) $ (1,432) Foreign currency gains (losses), net 4,020 (3,404) 6,401 (6,085) (2,520) Other, net (178) 41 (40) 6 590 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2011 2010 2010 2010 2010 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 409,716 $ 370,028 $ 662,278 $ 398,498 $ 452,161 Restricted cash 19,545 12,651 14,823 9,421 35,924 Marketable securities 149,026 147,409 103,150 86,457 63,171 Receivables: Trade, net of allowance for doubtful accounts 324,218 450,912 512,131 449,142 288,074 Other 55,475 72,448 44,550 50,345 69,892 Inventories 97,405 67,498 66,024 74,434 76,453 Deferred income taxes 5,442 5,442 3,354 3,354 3,354 Prepaid expenses and other 22,794 18,414 17,570 24,075 21,733 ---------- ---------- ---------- ---------- ---------- Total current assets 1,083,621 1,144,802 1,423,880 1,095,726 1,010,762 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,862,386 2,803,754 2,899,150 2,896,777 2,886,410 Accumulated depreciation (875,140) (835,032) (850,428) (821,641) (785,119) ---------- ---------- ---------- ---------- ---------- Net property and equipment 1,987,246 1,968,722 2,048,722 2,075,136 2,101,291 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 190,472 182,387 148,334 201,474 186,605 Construction Reserve Funds & Title XI Reserve Funds 331,689 323,885 272,259 227,184 252,672 Goodwill 61,864 61,779 54,764 54,653 54,443 Intangible Assets 19,810 21,169 21,627 21,195 22,369 Other Assets, net of allowance for doubtful accounts 59,996 57,645 52,846 51,522 55,430 ---------- ---------- ---------- ---------- ---------- $3,734,698 $3,760,389 $4,022,432 $3,726,890 $3,683,572 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 18,106 $ 14,618 $ 13,809 $ 14,154 $ 22,731 Current portion of capital lease obligations 1,047 1,030 1,014 998 982 Accounts payable and accrued expenses 275,991 322,785 336,968 223,277 98,984 Other current liabilities 205,546 197,080 237,738 209,571 178,112 ---------- ---------- ---------- ---------- ---------- Total current liabilities 500,690 535,513 589,529 448,000 300,809 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 694,872 697,427 681,268 682,134 747,787 Capital Lease Obligations 5,200 5,493 5,783 6,067 6,348 Deferred Income Taxes 563,023 567,880 586,466 572,985 574,390 Deferred Gains and Other Liabilities 150,593 156,711 88,130 96,510 100,835 ---------- ---------- ---------- ---------- ---------- Total liabilities 1,914,378 1,963,024 1,951,176 1,805,696 1,730,169 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 363 361 358 358 357 Additional paid-in capital 1,233,250 1,225,296 1,196,445 1,191,943 1,186,871 Retained earnings 1,482,793 1,471,623 1,764,202 1,614,264 1,550,182 Shares held in treasury, at cost (901,386) (903,004) (891,887) (887,129) (786,992) Accumulated other comprehensive loss (5,724) (7,039) (7,568) (7,839) (5,862) ---------- ---------- ---------- ---------- ---------- 1,809,296 1,787,237 2,061,550 1,911,597 1,944,556 Noncontrolling interests in subsidiaries 11,024 10,128 9,706 9,597 8,847 ---------- ---------- ---------- ---------- ---------- Total equity 1,820,320 1,797,365 2,071,256 1,921,194 1,953,403 ---------- ---------- ---------- ---------- ---------- $3,734,698 $3,760,389 $4,022,432 $3,726,890 $3,683,572 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2011 2010 2010 2010 2010 -------- -------- -------- -------- -------- Offshore Marine Services Anchor handling towing supply 19 20 20 20 20 Crew 52 52 54 57 57 Mini-supply 9 9 12 12 11 Standby safety 26 26 26 26 25 Supply 26 27 27 27 26 Towing supply 7 8 8 9 10 Specialty 12 12 12 12 12 -------- -------- -------- -------- -------- 151 154 159 163 161 ======== ======== ======== ======== ======== Aviation Services Light helicopters - single engine 61 60 60 60 60 Light helicopters - twin engine 44 45 45 46 48 Medium helicopters 63 62 59 59 59 Heavy helicopters 9 9 9 9 9 -------- -------- -------- -------- -------- 177 176 173 174 176 ======== ======== ======== ======== ======== Inland River Services Inland river dry-cargo barges 1,497 1,388 1,394 1,449 1,419 Inland river liquid tank barges 80 80 86 87 87 Inland river deck barges 26 26 26 26 26 Inland river towboats 32 32 32 29 29 Dry-cargo vessel 1 1 1 1 1 -------- -------- -------- -------- -------- 1,636 1,527 1,539 1,592 1,562 ======== ======== ======== ======== ======== Marine Transportation Services U.S.-flag product tankers 8 8 8 8 8 ======== ======== ======== ======== ======== Other Harbor and offshore tugs 29 30 31 31 31 Ocean liquid tank barges 5 5 5 5 6 -------- -------- -------- -------- -------- 34 35 36 36 37 ======== ======== ======== ======== ========
For additional information, contact Molly Hottinger (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com
Source: SEACOR Holdings Inc.