SEACOR Holdings Announces First Quarter Results
FORT LAUDERDALE, FL--(Marketwire - April 23, 2008) - SEACOR Holdings Inc. (NYSE: CKH) announced net income for the first quarter ended March 31, 2008 of $37.9 million, or $1.50 per diluted share, on operating revenues of $354.5 million. For the quarter ended March 31, 2007, net income was $38.2 million, or $1.40 per diluted share, on operating revenues of $310.8 million.
For the preceding quarter ended December 31, 2007, net income was $67.9 million, or $2.62 per diluted share, on operating revenues of $363.1 million. Comparison of results for the first quarter ended March 31, 2008 with the preceding quarter ended December 31, 2007 is included in the discussion below.
Highlights for the Quarter
Offshore Marine Services -- Operating income in the first quarter was $40.6 million on operating revenues of $154.6 million compared with operating income of $66.1 million on operating revenues of $170.4 million in the preceding quarter. First quarter results included $7.1 million in gains on asset dispositions compared with $22.5 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $10.2 million lower than in the preceding quarter. The decrease was primarily due to the commencement of the regulatory repair and upgrade program of the Company's large AHTS vessels scheduled for the first half of the year. In the first quarter, this resulted in 87 days of out-of-service time as well as the costs of repairs. In addition, five vessels mobilized between geographic regions incurring mobilization expenses and off-hire time.
The number of days available for charter in the first quarter decreased by 648 or 3.8% as a result of a net decrease in fleet count and a shorter quarter. Overall utilization increased from 75.8% to 76.7% and overall average day rates were lower at $11,783 per day compared with $12,262 per day in the preceding quarter.
One supply vessel and one fast support vessel were delivered in the first quarter and both were mobilizing to term contracts internationally at the end of the quarter. The fast support vessel is the first of the Company's new Crewzer class, the SEACOR Cheetah.
Marine Transportation Services -- Marine Transportation Services reported operating income in the first quarter of $6.9 million on operating revenues of $29.0 million, compared with an operating loss of $6.5 million on operating revenues of $31.8 million in the preceding quarter.
Operating results were positively impacted by a one-time payment of $1.5 million related to the early termination of a charter party agreement and fewer out-of-service days for regulatory drydockings. In addition, the Seabulk Power and Seabulk Magnachem completed contracts to transport grain under the World Food Program in the first quarter and were subsequently sold for scrapping. Gains of $3.6 million realized from the sales of these vessels were partially offset by net voyage expenses of $0.6 million.
The Seabulk America, operating under a contract of affreightment, reported an operating loss of $0.8 million in the quarter as a result of a reduction in cargo volumes from the Gulf of Mexico to the West Coast. The Seabulk Challenge reported an operating loss of $2.3 million due to being off-hire for 21 days while undergoing repairs.
Inland River Services -- Operating income in the first quarter was $8.0 million on operating revenues of $30.1 million compared with operating income of $34.4 million on operating revenues of $33.9 million in the preceding quarter. First quarter results included $0.7 million in gains on asset dispositions compared with $22.7 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $4.4 million lower in the first quarter primarily due to lower spot rates for grain and non-grain cargoes, unfavorable operating conditions and higher operating costs. Early in the quarter, activity in the upper river systems was restricted by ice and later in the quarter, heavy rainfall in the Midwest created high water conditions and restrictions throughout the entire river system.
Aviation Services -- Operating income in the first quarter was $1.9 million on operating revenues of $53.8 million compared with operating income of $2.0 million on operating revenues of $51.3 million in the preceding quarter. First quarter results included $0.4 million in gains on asset dispositions compared to $2.0 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $1.5 million higher in the first quarter primarily due to improved performance of the air medical services business. Operating expenses in the Gulf of Mexico were higher primarily due to the timing of fleet repairs and maintenance, partially offset by additional hurricane related insurance recoveries.
Environmental Services -- Operating income in the first quarter was $4.8 million on operating revenues of $42.5 million compared with operating income of $10.0 million on operating revenues of $55.9 million in the preceding quarter. The decrease in operating income was largely due to a reduction in spill response activity compared with the preceding quarter.
Other -- During the first quarter, SEACOR's commodity merchandising group, which focuses on renewable fuels and rice, contributed operating income of $1.2 million on operating revenues of $28.7 million compared with an operating loss of $0.9 million on operating revenues of $6.3 million in the preceding quarter. Operating income from Harbor and Offshore Towing Services in the first quarter was $1.1 million on operating revenues of $16.3 million compared with operating income of $1.8 million on operating revenues of $13.5 million in the preceding quarter. Operating results in the first quarter were affected by higher drydocking and fuel costs and the cost of providing third-party equipment to support the start-up of a new terminal operation in St. Eustatius.
Derivatives -- Derivative gains were $6.5 million in the first quarter compared with gains of $5.7 million in the preceding quarter.
Foreign Currencies -- Foreign currency gains of $2.6 million in the current quarter were primarily due to the translation of certain Euro denominated investments.
Marketable Securities -- Marketable security losses were $5.7 million in the first quarter compared with losses of $1.2 million in the preceding quarter.
Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings from joint ventures was $4.6 million in the first quarter compared with equity in earnings of $8.6 million in the preceding quarter. During the first quarter, the Company realized a gain of $1.9 million, net of tax, arising from the sale of a vessel in one of its offshore marine services joint ventures. During the preceding quarter, the Company disposed of its interest in certain South American offshore marine services joint ventures, resulting in earnings of $5.0 million, net of tax.
Stock and Debt Repurchases -- The Company also announced today that its Board of Directors has increased its authorization for repurchases of SEACOR's common stock and its 2.875% convertible senior debentures due 2024 by $70.9 million for a total authorized expenditure of up to $150 million for the purchase of such securities. In addition, SEACOR may purchase, separate from such authorization, any or all of its 7.2% senior notes due 2009, its 5 7/8% senior notes due 2012, and the 9 1/2% senior notes due 2013 of Seabulk International, Inc., a wholly-owned subsidiary. The repurchase of securities may be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending on market conditions.
During the first quarter, the Company purchased 545,400 shares of its common stock at an average price of $84.16 per share. At the end of the quarter, 22,222,989 shares of SEACOR's common stock remained outstanding.
Capital Commitments -- The Company's unfunded capital commitments as of March 31, 2008, consisted primarily of marine service vessels, harbor tugs, helicopters, and barges and totaled $410.5 million, of which $273.5 million is payable during the remainder of 2008 and the balance payable through 2010. Of these commitments, approximately $65.1 million may be terminated without further liability other than the payment of liquidated damages of $5.2 million in the aggregate. As of March 31, 2008, the Company held balances of Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds and Title XI Reserve Funds totaling $973.3 million.
SEACOR is a global provider of marine support and transportation services, primarily to the energy and chemical industries. SEACOR and its subsidiaries provide customers with a full suite of marine-related services including offshore services, U.S. coastwise shipping, inland river services, aviation services, environmental services, and offshore and harbor towing services. 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: the conditions in the global financial markets and international economic conditions 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, 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, increased competition if the Jones Act is repealed, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality on Aviation Services, 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, effects of adverse weather and river conditions and seasonality on Inland River 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, 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 following 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 is incorporated by reference.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com.
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended March 31, -------------------- 2008 2007 --------- --------- Operating Revenues $ 354,455 $ 310,763 --------- --------- Costs and Expenses: Operating 235,040 188,658 Administrative and general 39,005 34,400 Depreciation and amortization 37,800 38,875 --------- --------- 311,845 261,933 --------- --------- Gains on Asset Dispositions and Impairments, Net 11,906 12,157 --------- --------- Operating Income 54,516 60,987 --------- --------- Other Income (Expense): Interest income 7,476 12,224 Interest expense (11,548) (13,268) Derivative gains, net 6,467 130 Foreign currency gains (losses), net 2,610 (590) Marketable security losses, net (5,684) (4,688) Other, net 164 (43) --------- --------- (515) (6,235) --------- --------- Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 54,001 54,752 Income Tax Expense 20,470 18,842 --------- --------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 33,531 35,910 Minority Interest in Income of Subsidiaries (202) (178) Equity in Earnings of 50% or Less Owned Companies 4,579 2,420 --------- --------- Net Income $ 37,908 $ 38,152 ========= ========= Basic Earnings Per Common Share $ 1.70 $ 1.57 Diluted Earnings Per Common Share $ 1.50 $ 1.40 Weighted Average Common Shares Outstanding: Basic 22,344 24,354 Diluted 26,011 28,077 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, 2008 2007 2007 2007 2007 --------- --------- --------- --------- --------- Operating Revenues $ 354,455 $ 363,090 $ 359,923 $ 325,454 $ 310,763 --------- --------- --------- --------- --------- Costs and Expenses: Operating 235,040 230,935 213,992 198,818 188,658 Administrative and general 39,005 42,097 36,883 33,937 34,400 Depreciation and amortization 37,800 39,934 37,443 38,055 38,875 --------- --------- --------- --------- --------- 311,845 312,966 288,318 270,810 261,933 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 11,906 48,315 19,560 42,540 12,157 --------- --------- --------- --------- --------- Operating Income 54,516 98,439 91,165 97,184 60,987 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 7,476 10,219 11,274 11,456 12,224 Interest expense (11,548) (13,129) (10,855) (12,108) (13,268) Derivative gains (losses), net 6,467 5,738 5,221 (254) 130 Foreign currency gains (losses), net 2,610 44 316 460 (590) Marketable security gains (losses), net (5,684) (1,233) 11,960 (9,430) (4,688) Other, net 164 109 (716) 639 (43) --------- --------- --------- --------- --------- (515) 1,748 17,200 (9,237) (6,235) --------- --------- --------- --------- --------- Income Before Income Tax Expense, Minority Interest in (Income) Loss of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 54,001 100,187 108,365 87,947 54,752 Income Tax Expense 20,470 41,054 40,339 30,206 18,842 --------- --------- --------- --------- --------- Income Before Minority Interest in (Income) Loss of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 33,531 59,133 68,026 57,741 35,910 Minority Interest in (Income) Loss of Subsidiaries (202) 182 (927) (304) (178) Equity in Earnings of 50% or Less Owned Companies 4,579 8,633 3,183 7,829 2,420 --------- --------- --------- --------- --------- Net Income $ 37,908 $ 67,948 $ 70,282 $ 65,266 $ 38,152 ========= ========= ========= ========= ========= Basic Earnings Per Common Share $ 1.70 $ 2.99 $ 3.02 $ 2.73 $ 1.57 Diluted Earnings Per Common Share $ 1.50 $ 2.62 $ 2.66 $ 2.41 $ 1.40 Weighted Average Common Shares Outstanding: Basic 22,344 22,738 23,234 23,866 24,354 Diluted 26,011 26,439 26,905 27,582 28,077 Common Shares Outstanding at Period End 22,223 22,575 23,157 23,895 24,181 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2008 2007 2007 2007 2007 ---------- --------- --------- --------- --------- Offshore Marine Services Operating Revenues $ 154,647 $ 170,430 $ 179,618 $ 171,442 $ 170,928 ---------- --------- --------- --------- --------- Costs and Expenses: Operating 94,270 97,534 95,345 88,596 92,999 Administrative and general 12,804 13,855 13,137 11,893 13,023 Depreciation and amortization 14,125 15,415 14,069 14,515 16,524 ---------- --------- --------- --------- --------- 121,199 126,804 122,551 115,004 122,546 ---------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 7,138 22,472 13,222 38,546 8,294 ---------- --------- --------- --------- --------- Operating Income $ 40,586 $ 66,098 $ 70,289 $ 94,984 $ 56,676 ========== ========= ========= ========= ========= Marine Transportation Services Operating Revenues $ 28,953 $ 31,827 $ 27,730 $ 25,924 $ 30,556 ---------- --------- --------- --------- --------- Costs and Expenses: Operating 16,219 27,781 19,207 22,865 20,849 Administrative and general 1,438 1,737 1,150 1,236 1,186 Depreciation and amortization 7,980 8,764 9,536 9,790 10,158 ---------- --------- --------- --------- --------- 25,637 38,282 29,893 33,891 32,193 ---------- --------- --------- --------- --------- Gains on Asset Dispositions 3,629 -- -- -- -- ---------- --------- --------- --------- --------- Operating Income (Loss) $ 6,945 $ (6,455) $ (2,163) $ (7,967) $ (1,637) ========== ========= ========= ========= ========= Inland River Services Operating Revenues $ 30,145 $ 33,850 $ 32,656 $ 28,020 $ 26,722 ---------- --------- --------- --------- --------- Costs and Expenses: Operating 16,726 15,863 16,234 13,056 12,305 Administrative and general 2,123 2,076 1,753 2,101 877 Depreciation and amortization 3,964 4,220 4,256 4,332 3,499 ---------- --------- --------- --------- --------- 22,813 22,159 22,243 19,489 16,681 ---------- --------- --------- --------- --------- Gains on Asset Dispositions 711 22,726 1,592 2,622 3,622 ---------- --------- --------- --------- --------- Operating Income $ 8,043 $ 34,417 $ 12,005 $ 11,153 $ 13,663 ========== ========= ========= ========= ========= Aviation Services Operating Revenues $ 53,792 $ 51,296 $ 62,449 $ 55,861 $ 45,433 ---------- --------- --------- --------- --------- Costs and Expenses: Operating 39,871 38,156 41,647 41,212 36,225 Administrative and general 4,629 5,315 4,590 4,439 4,521 Depreciation and amortization 7,789 7,866 7,015 6,601 6,079 ---------- --------- --------- --------- --------- 52,289 51,337 53,252 52,252 46,825 ---------- --------- --------- --------- --------- Gains on Asset Dispositions 394 1,996 4,304 1,505 227 ---------- --------- --------- --------- --------- Operating Income (Loss) $ 1,897 $ 1,955 $ 13,501 $ 5,114 $ (1,165) ========== ========= ========= ========= ========= Environmental Services Operating Revenues $ 42,509 $ 55,879 $ 42,287 $ 32,168 $ 26,492 ---------- --------- --------- --------- --------- Costs and Expenses: Operating 30,598 36,623 30,316 23,605 20,753 Administrative and general 5,709 7,755 5,931 4,323 5,301 Depreciation and amortization 1,445 1,748 1,096 1,100 909 ---------- --------- --------- --------- --------- 37,752 46,126 37,343 29,028 26,963 ---------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions 35 249 75 (133) (16) ---------- --------- --------- --------- --------- Operating Income (Loss) $ 4,792 $ 10,002 $ 5,019 $ 3,007 $ (487) ========== ========= ========= ========= ========= SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2008 2007 2007 2007 2007 -------- -------- -------- -------- -------- Harbor and Offshore Towing Services Operating Revenues $ 16,257 $ 13,461 $ 12,351 $ 12,538 $ 11,682 -------- -------- -------- -------- -------- Costs and Expenses: Operating 11,109 8,053 8,797 10,003 6,568 Administrative and general 1,771 1,882 1,769 1,999 2,182 Depreciation and amortization 2,267 1,714 1,264 1,264 1,264 -------- -------- -------- -------- -------- 15,147 11,649 11,830 13,266 10,014 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net -- -- (100) -- 30 -------- -------- -------- -------- -------- Operating Income $ 1,110 $ 1,812 $ 421 $ (728) $ 1,698 ======== ======== ======== ======== ======== Commodity Trading Operating Revenues $ 28,674 $ 6,338 $ 3,058 $ 204 $ -- -------- -------- -------- -------- -------- Costs and Expenses: Operating 26,757 6,902 2,646 174 9 Administrative and general 727 365 287 200 3 Depreciation and amortization -- -- -- -- -- -------- -------- -------- -------- -------- 27,484 7,267 2,933 374 12 -------- -------- -------- -------- -------- Gains on Asset Dispositions -- -- -- -- -- -------- -------- -------- -------- -------- Operating Income (Loss) $ 1,190 $ (929) $ 125 $ (170) $ (12) ======== ======== ======== ======== ======== Other Operating Revenues $ -- $ -- $ -- $ -- $ -- -------- -------- -------- -------- -------- Costs and Expenses: Operating -- -- -- -- -- Administrative and general 202 509 46 7 -- Depreciation and amortization -- -- -- -- -- -------- -------- -------- -------- -------- 202 509 46 7 -- -------- -------- -------- -------- -------- Gains on Asset Dispositions -- 873 467 -- -- -------- -------- -------- -------- -------- Operating Income (Loss) $ (202) $ 364 $ 421 $ (7) $ -- ======== ======== ======== ======== ======== Corporate and Eliminations Operating Revenues $ (522) $ 9 $ (226) $ (703) $ (1,050) -------- -------- -------- -------- -------- Costs and Expenses: Operating (510) 23 (200) (693) (1,050) Administrative and general 9,602 8,603 8,220 7,739 7,307 Depreciation and amortization 230 207 207 453 442 -------- -------- -------- -------- -------- 9,322 8,833 8,227 7,499 6,699 -------- -------- -------- -------- -------- Losses on Asset Dispositions (1) (1) -- -- -- -------- -------- -------- -------- -------- Operating Loss $ (9,845) $ (8,825) $ (8,453) $ (8,202) $ (7,749) ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2008 2007 2007 2007 2007 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 444,787 $ 537,305 $ 429,020 $ 503,288 $ 385,187 Restricted cash 39,152 30,624 38,371 54,680 53,822 Available-for-sale marketable securities 75,669 28,792 18,501 19,184 21,910 Receivables: Trade, net of allowance for doubtful accounts 250,789 267,564 289,796 263,211 258,069 Other 72,073 62,975 43,838 28,948 42,778 Inventories 35,021 30,468 28,186 28,471 25,996 Deferred income taxes 9,929 9,929 13,206 13,256 13,256 Prepaid expenses and other 9,196 9,756 13,689 13,754 14,516 ---------- ---------- ---------- ---------- ---------- Total current assets 936,616 977,413 874,607 924,792 815,534 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,511,118 2,469,735 2,470,029 2,345,711 2,352,933 Accumulated depreciation (554,838) (526,583) (518,285) (490,070) (470,202) ---------- ---------- ---------- ---------- ---------- Net property and equipment 1,956,280 1,943,152 1,951,744 1,855,641 1,882,731 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 117,409 109,288 120,866 136,331 99,284 Construction Reserve Funds & Title XI Reserve Funds 413,681 405,000 390,576 344,465 355,009 Goodwill 62,020 60,226 56,271 49,040 49,104 Intangible Assets 29,292 30,500 33,756 32,830 33,984 Other Assets, net of allowance for doubtful accounts 36,136 43,072 32,610 28,699 35,401 ---------- ---------- ---------- ---------- ---------- $3,551,434 $3,568,651 $3,460,430 $3,371,798 $3,271,047 ========== ========== ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 11,414 $ 9,648 $ 9,429 $ 9,429 $ 9,218 Current portion of capital lease obligations 864 851 19,140 2,978 2,518 Accounts payable and accrued expenses 93,079 119,321 97,134 86,118 88,064 Other current liabilities 254,522 258,940 280,250 254,778 214,212 ---------- ---------- ---------- ---------- ---------- Total current liabilities 359,879 388,760 405,953 353,303 314,012 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 928,308 929,114 933,188 934,489 939,601 Capital Lease Obligations 8,439 8,642 9,000 9,269 19,406 Deferred Income Taxes 493,701 480,447 386,384 373,931 364,289 Deferred Gains and Other Liabilities 131,259 130,311 112,731 96,470 73,062 Minority Interest in Subsidiaries 12,207 9,558 8,803 7,193 6,444 Stockholders' Equity: Preferred stock -- -- -- -- -- Common stock 323 322 321 321 321 Additional paid-in capital 910,843 905,702 902,120 899,016 895,530 Retained earnings 1,235,932 1,198,024 1,130,076 1,059,794 994,528 Shares held in treasury, at cost (531,236) (486,505) (431,550) (366,365) (338,689) Accumulated other comprehensive income: Cumulative translation adjustments 2,337 1,938 1,712 1,428 1,039 Unrealized gain (loss) on available-for- sale marketable securities (558) 2,338 1,692 2,949 1,504 ---------- ---------- ---------- ---------- ---------- Total stockholders' equity 1,617,641 1,621,819 1,604,371 1,597,143 1,554,233 ---------- ---------- ---------- ---------- ---------- $3,551,434 $3,568,651 $3,460,430 $3,371,798 $3,271,047 ========== ========== ========== ========== ==========