SEACOR Holdings Announces Fourth Quarter Results
FORT LAUDERDALE, FL--(Marketwire - February 17, 2009) - SEACOR Holdings Inc. (NYSE: CKH) announced net income for the fourth quarter ended December 31, 2008 of $71.8 million, or $3.11 per diluted share, on operating revenues of $454.9 million. For the twelve months ended December 31, 2008, net income was $223.7 million, or $9.25 per diluted share, on operating revenues of $1,656.0 million.
For the quarter ended December 31, 2007, net income was $67.9 million, or $2.62 per diluted share, on operating revenues of $363.1 million. For the twelve months ended December 31, 2007, net income was $241.6 million, or $9.04 per diluted share, on operating revenues of $1,359.2 million.
Net income for the preceding quarter ended September 30, 2008 was $75.6 million, or $3.20 per diluted share, on operating revenues of $437.6 million. Comparison of results for the fourth quarter ended December 31, 2008 with the preceding quarter ended September 30, 2008 is included in the discussion below.
Highlights for the Quarter
Offshore Marine Services -- Operating income in the fourth quarter was $97.2 million on operating revenues of $186.0 million compared with operating income of $84.5 million on operating revenues of $196.9 million in the preceding quarter. Fourth quarter results included $34.2 million in gains on asset dispositions compared with $13.5 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income in the fourth quarter was $7.9 million lower than in the preceding quarter. The decrease was primarily due to lower time charter revenues, principally in the U.S. Gulf of Mexico where the Company's AHTS vessels undertook fewer rig moves. Operating revenues were also lower due to net fleet dispositions and a decline in the value of the pound sterling. In the fourth quarter, $3.1 million of vessel charter hire billed to two customers was deferred due to uncertainty regarding the collection of the amounts in question. The Company will recognize the amounts as operating revenues as cash is collected. Overall operating expenses were lower primarily as a result of lower wage expense and lower charter-in expense. Administrative and general expenses were higher primarily due to a $1.1 million increase in the provision for doubtful accounts for receivables due from the two customers noted above.
The number of days available for charter in the fourth quarter decreased by 263, or 1.7%, primarily as a result of a net reduction in fleet count. Overall utilization decreased from 87.7% to 87.5% and overall average day rates were lower at $12,402 per day compared with $13,161 per day in the preceding quarter.
Marine Transportation Services -- Marine Transportation Services reported operating income in the fourth quarter of $2.1 million on operating revenues of $28.8 million compared with an operating loss of $4.3 million on operating revenues of $27.5 million in the preceding quarter.
The improvement in operating results was primarily due to the return to service of the Seabulk Arctic on October 7, 2008 and the Seabulk Pride on October 21, 2008 after completing regulatory drydockings. Operating results improved for the Seabulk Challenge due to higher freight revenues but were lower for the California Voyager (formerly - Brenton Reef) following its change in contract status from time charter to a long-term bareboat contract in September 2008.
Inland River Services -- Operating income in the fourth quarter was $20.4 million on operating revenues of $44.0 million compared with operating income of $11.6 million on operating revenues of $36.5 million in the preceding quarter. Fourth quarter results included $4.1 million in gains on asset dispositions, the same amount as in the preceding quarter.
Operating income was $8.8 million higher in the fourth quarter primarily due to higher freight rates and increased activity on the lower Mississippi River in support of the grain harvest. Operating expenses were generally in line with the increased activity levels but were also impacted by lower prevailing fuel prices and lower repair and maintenance expenditures for towboats and liquid tank barges.
Aviation Services -- Aviation Services reported an operating loss in the fourth quarter of $3.2 million on operating revenues of $57.6 million compared with operating income of $10.1 million on operating revenues of $73.5 million in the preceding quarter. There were no gains on asset dispositions in the fourth quarter compared with $1.3 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $11.9 million lower in the fourth quarter primarily due to a reduction in hurricane support activity and drilling contracts in the U.S. Gulf of Mexico and the end of seasonal activity in Alaska. Reductions in operating expenses were generally in line with the decreased activity levels but were partially offset by higher maintenance costs due to the timing of component overhauls and fleet repair and maintenance and higher expenses related to hurricane disruption in the U.S. Gulf of Mexico. In addition, depreciation expense was higher due to newly acquired assets being placed in service.
Environmental Services -- Operating income in the fourth quarter was $5.5 million on operating revenues of $45.4 million compared with operating income of $4.3 million on operating revenues of $42.2 million in the preceding quarter. The improvement in operating income was primarily due to higher emergency response service activities partially offset by higher compensation expense.
Commodity Trading -- Commodity trading reported an operating loss in the fourth quarter of $3.8 million on operating revenues of $79.9 million compared with operating income of $5.2 million on operating revenues of $44.3 million in the preceding quarter. Operating results in the fourth quarter were impacted by lower product sales of rice, increased insurance costs, higher wage and benefit costs, higher freight costs due to increased activity in renewable fuels and higher rental costs for increased storage capacity. In addition, the carrying values of certain inventories at December 31, 2008 were reduced to reflect the lower of cost or market.
Harbor and Offshore Towing Services -- Operating income in the fourth quarter was $2.4 million on operating revenues of $16.8 million compared with operating income of $3.1 million on operating revenues of $19.5 million in the preceding quarter. The decrease in operating results was primarily due to generally lower activity levels.
Interest Income -- Interest income was $2.6 million in the fourth quarter compared with $4.3 million in the preceding quarter. The decrease was primarily due to lower invested cash balances and lower interest rates.
Interest Expense -- Interest expense was $13.3 million in the fourth quarter compared with $14.4 million in the prior quarter. The reduction in interest expense was primarily due to the Company's purchase during the fourth quarter of $101.8 million in principal amount of its Senior Notes partially offset by its drawdown of $100.0 million on its unsecured revolving credit facility, resulting in a lower overall interest rate.
Debt Extinguishment -- During the fourth quarter, the Company recorded gains of $6.3 million on the purchase of $101.8 million in principal amount of its Senior Notes. The gains resulted from the purchase of the notes at average prices below par and the recognition of unamortized premiums.
Derivatives -- Derivative losses were $4.5 million in the fourth quarter compared with losses of $8.4 million in the preceding quarter. The losses in the fourth quarter were primarily due to losses on U.S. treasury notes and bond future and option contracts, and forward exchange, option and future contracts partially offset by gains on equity index and option positions.
Foreign Currencies -- Foreign currency losses were $4.4 million in the fourth quarter compared with losses of $6.7 million in the preceding quarter. Fourth quarter losses were primarily due to the strengthening of the U.S. dollar versus the pound sterling.
Marketable Securities -- Marketable security losses were $0.5 million in the fourth quarter compared with gains of $36.0 million in the preceding quarter.
Income Taxes -- The Company's effective income tax rate was 29.7% in the fourth quarter primarily due to benefits recognized on the reduction of deferred tax liabilities resulting from lower state tax apportionment factors.
Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings from joint ventures was $4.0 million in the fourth quarter compared with equity in earnings of $2.2 million in the preceding quarter. The increase was primarily due to a $1.3 million loss, net of tax, recognized by the Company in the preceding quarter resulting from an impairment charge on prime broker exposure recorded in one of its Inland River Services' joint ventures.
Stock and Debt Repurchases -- During the fourth quarter, the Company purchased 400 shares of its common stock at an average price of $54.86 per share. At the end of the quarter, 20,017,547 shares of SEACOR's common stock remained outstanding.
During the fourth quarter, the Company purchased $64.7 million in principal amount of its 7.2% Senior Notes due September 2009 at an average price of 100 percent of par, $36.6 million in principal amount of its 9.5% Senior Notes due August 2013 at an average price of 91 percent of par and $0.5 million in principal amount of its 5.875% Senior Notes due October 2012 at 86 percent of par.
Capital Commitments -- The Company's unfunded capital commitments as of December 31, 2008, consisted primarily of offshore marine vessels, helicopters, inland river barges and inland river towboats and totaled $157.4 million, of which $113.3 million is payable during 2009 and the balance payable through 2010. Of the total unfunded capital commitments, $22.6 million may be terminated without further liability other than the payment of liquidated damages of $1.8 million in the aggregate. As of December 31, 2008, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $655.8 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, commodity trading and logistics, 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 unprecedented decline 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, 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, 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, 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 Twelve Months Ended December 31, December 31, --------------------- --------------------- 2008 2007 2008 2007 ---------- ---------- ---------- ---------- Operating Revenues $ 454,926 $ 363,090 $1,655,956 $1,359,230 ---------- ---------- ---------- ---------- Costs and Expenses: Operating 291,898 230,935 1,071,116 832,403 Administrative and general 49,291 42,097 174,878 147,317 Depreciation and amortization 41,300 39,934 156,426 154,307 ---------- ---------- ---------- ---------- 382,489 312,966 1,402,420 1,134,027 ---------- ---------- ---------- ---------- Gains on Asset Dispositions and Impairments, Net 37,899 48,315 89,153 122,572 ---------- ---------- ---------- ---------- Operating Income 110,336 98,439 342,689 347,775 ---------- ---------- ---------- ---------- Other Income (Expense): Interest income 2,610 10,219 19,788 45,173 Interest expense (13,276) (13,030) (51,901) (49,557) Debt extinguishment gains (losses), net 6,266 (99) 6,265 197 Marketable security gains (losses), net (544) (1,233) 30,105 (3,391) Derivative gains (losses), net (4,512) 5,738 (13,588) 10,835 Foreign currency gains (losses), net (4,368) 44 (7,837) 230 Other, net 83 109 320 (11) ---------- ---------- ---------- ---------- (13,741) 1,748 (16,848) 3,476 ---------- ---------- ---------- ---------- Income Before Income Tax Expense, Minority Interest in (Income) Loss of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 96,595 100,187 325,841 351,251 Income Tax Expense 28,705 41,054 113,342 130,441 ---------- ---------- ---------- ---------- Income Before Minority Interest in (Income) Loss of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 67,890 59,133 212,499 220,810 Minority Interest in (Income) Loss of Subsidiaries (124) 182 (880) (1,227) Equity in Earnings of 50% or Less Owned Companies 4,015 8,633 12,069 22,065 ---------- ---------- ---------- ---------- Net Income $ 71,781 $ 67,948 $ 223,688 $ 241,648 ========== ========== ========== ========== Basic Earnings Per Common Share $ 3.64 $ 2.99 $ 10.71 $ 10.26 Diluted Earnings Per Common Share $ 3.11 $ 2.62 $ 9.25 $ 9.04 Weighted Average Common Shares Outstanding: Basic 19,704 22,738 20,893 23,548 Diluted 23,471 26,439 24,699 27,267 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended ----------------------------------------------------- Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2008 2008 2008 2008 2007 --------- --------- --------- --------- --------- Operating Revenues $ 454,926 $ 437,608 $ 408,967 $ 354,455 $ 363,090 --------- --------- --------- --------- --------- Costs and Expenses: Operating 291,898 269,874 274,304 235,040 230,935 Administrative and general 49,291 41,487 45,095 39,005 42,097 Depreciation and amortization 41,300 39,598 37,728 37,800 39,934 --------- --------- --------- --------- --------- 382,489 350,959 357,127 311,845 312,966 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 37,899 20,074 19,274 11,906 48,315 --------- --------- --------- --------- --------- Operating Income 110,336 106,723 71,114 54,516 98,439 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 2,610 4,329 5,373 7,476 10,219 Interest expense (13,276) (14,404) (12,673) (11,548) (13,030) Debt extinguishment gains (losses), net 6,266 -- (1) -- (99) Marketable security gains (losses), net (544) 35,950 383 (5,684) (1,233) Derivative gains (losses), net (4,512) (8,430) (7,113) 6,467 5,738 Foreign currency gains (losses), net (4,368) (6,683) 604 2,610 44 Other, net 83 (89) 162 164 109 --------- --------- --------- --------- --------- (13,741) 10,673 (13,265) (515) 1,748 --------- --------- --------- --------- --------- Income Before Income Tax Expense, Minority Interest in (Income) Loss of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 96,595 117,396 57,849 54,001 100,187 Income Tax Expense 28,705 43,551 20,616 20,470 41,054 --------- --------- --------- --------- --------- Income Before Minority Interest in (Income) Loss of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 67,890 73,845 37,233 33,531 59,133 Minority Interest in (Income) Loss of Subsidiaries (124) (363) (191) (202) 182 Equity in Earnings of 50% or Less Owned Companies 4,015 2,160 1,315 4,579 8,633 --------- --------- --------- --------- --------- Net Income $ 71,781 $ 75,642 $ 38,357 $ 37,908 $ 67,948 ========= ========= ========= ========= ========= Basic Earnings Per Common Share $ 3.64 $ 3.75 $ 1.80 $ 1.70 $ 2.99 Diluted Earnings Per Common Share $ 3.11 $ 3.20 $ 1.57 $ 1.50 $ 2.62 Weighted Average Common Shares Outstanding: Basic 19,704 20,183 21,363 22,344 22,738 Diluted 23,471 23,999 25,171 26,011 26,439 Common Shares Outstanding at Period End 20,018 19,976 21,117 22,223 22,575 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2008 2008 2008 2008 2007 -------- -------- --------- --------- -------- Offshore Marine Services Operating Revenues $185,956 $196,911 $ 171,214 $ 154,647 $170,430 -------- -------- --------- --------- -------- Costs and Expenses: Operating 93,443 97,790 104,599 94,270 97,534 Administrative and general 15,344 14,473 15,801 12,804 13,855 Depreciation and amortization 14,146 13,689 13,674 14,125 15,415 -------- -------- --------- --------- -------- 122,933 125,952 134,074 121,199 126,804 -------- -------- --------- --------- -------- Gains on Asset Dispositions and Impairments, Net 34,200 13,516 14,352 7,138 22,472 -------- -------- --------- --------- -------- Operating Income $ 97,223 $ 84,475 $ 51,492 $ 40,586 $ 66,098 ======== ======== ========= ========= ======== Marine Transportation Services Operating Revenues $ 28,776 $ 27,535 $ 28,764 $ 28,953 $ 31,827 -------- -------- --------- --------- -------- Costs and Expenses: Operating 16,874 22,391 16,762 16,219 27,781 Administrative and general 1,771 1,486 1,607 1,438 1,737 Depreciation and amortization 7,997 7,997 8,039 7,980 8,764 -------- -------- --------- --------- -------- 26,642 31,874 26,408 25,637 38,282 -------- -------- --------- --------- -------- Gains on Asset Dispositions -- -- -- 3,629 -- -------- -------- --------- --------- -------- Operating Income (Loss) $ 2,134 $ (4,339) $ 2,356 $ 6,945 $ (6,455) ======== ======== ========= ========= ======== Inland River Services Operating Revenues $ 44,038 $ 36,517 $ 33,322 $ 30,145 $ 33,850 -------- -------- --------- --------- -------- Costs and Expenses: Operating 21,304 23,079 21,310 16,726 15,863 Administrative and general 2,048 1,800 1,916 2,123 2,076 Depreciation and amortization 4,440 4,146 4,032 3,964 4,220 -------- -------- --------- --------- -------- 27,792 29,025 27,258 22,813 22,159 -------- -------- --------- --------- -------- Gains on Asset Dispositions 4,138 4,073 1,472 711 22,726 -------- -------- --------- --------- -------- Operating Income $ 20,384 $ 11,565 $ 7,536 $ 8,043 $ 34,417 ======== ======== ========= ========= ======== Aviation Services Operating Revenues $ 57,557 $ 73,483 $ 63,795 $ 53,792 $ 51,296 -------- -------- --------- --------- -------- Costs and Expenses: Operating 44,931 49,991 46,697 39,871 38,156 Administrative and general 5,432 5,174 4,895 4,629 5,315 Depreciation and amortization 10,379 9,571 8,672 7,789 7,866 -------- -------- --------- --------- -------- 60,742 64,736 60,264 52,289 51,337 -------- -------- --------- --------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net (26) 1,307 3,208 394 1,996 -------- -------- --------- --------- -------- Operating Income (Loss) $ (3,211) $ 10,054 $ 6,739 $ 1,897 $ 1,955 ======== ======== ========= ========= ======== Environmental Services Operating Revenues $ 45,360 $ 42,177 $ 37,984 $ 42,509 $ 55,879 -------- -------- --------- --------- -------- Costs and Expenses: Operating 30,253 29,904 26,571 30,598 36,623 Administrative and general 7,471 5,924 8,423 5,709 7,755 Depreciation and amortization 2,161 2,033 1,414 1,445 1,748 -------- -------- --------- --------- -------- 39,885 37,861 36,408 37,752 46,126 -------- -------- --------- --------- -------- Gains on Asset Dispositions 5 -- 84 35 249 -------- -------- --------- --------- -------- Operating Income $ 5,480 $ 4,316 $ 1,660 $ 4,792 $ 10,002 ======== ======== ========= ========= ======== SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2008 2008 2008 2008 2007 --------- --------- --------- --------- --------- Commodity Trading Operating Revenues $ 79,881 $ 44,290 $ 55,419 $ 28,674 $ 6,338 --------- --------- --------- --------- --------- Costs and Expenses: Operating 78,425 37,746 46,977 26,757 6,902 Administrative and general 5,231 1,358 1,644 727 365 Depreciation and amortization -- -- -- -- -- --------- --------- --------- --------- --------- 83,656 39,104 48,621 27,484 7,267 --------- --------- --------- --------- --------- Gains on Asset Dispositions -- -- -- -- -- --------- --------- --------- --------- --------- Operating Income (Loss) $ (3,775) $ 5,186 $ 6,798 $ 1,190 $ (929) ========= ========= ========= ========= ========= Harbor and Offshore Towing Services Operating Revenues $ 16,792 $ 19,529 $ 19,929 $ 16,257 $ 13,461 --------- --------- --------- --------- --------- Costs and Expenses: Operating 9,812 11,941 12,959 11,109 8,053 Administrative and general 2,654 2,571 2,398 1,771 1,882 Depreciation and amortization 1,940 1,884 1,648 2,267 1,714 --------- --------- --------- --------- --------- 14,406 16,396 17,005 15,147 11,649 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions (5) -- 158 -- -- --------- --------- --------- --------- --------- Operating Income $ 2,381 $ 3,133 $ 3,082 $ 1,110 $ 1,812 ========= ========= ========= ========= ========= Other Operating Revenues $ -- $ 270 $ 104 $ -- $ -- --------- --------- --------- --------- --------- Costs and Expenses: Operating -- -- -- -- -- Administrative and general 122 117 131 202 509 Depreciation and amortization -- 3 8 -- -- --------- --------- --------- --------- --------- 122 120 139 202 509 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions (16) 1,178 -- -- 873 --------- --------- --------- --------- --------- Operating Income (Loss) $ (138) $ 1,328 $ (35) $ (202) $ 364 ========= ========= ========= ========= ========= Corporate and Eliminations Operating Revenues $ (3,434) $ (3,104) $ (1,564) $ (522) $ 9 --------- --------- --------- --------- --------- Costs and Expenses: Operating (3,144) (2,968) (1,571) (510) 23 Administrative and general 9,218 8,584 8,280 9,602 8,603 Depreciation and amortization 237 275 241 230 207 --------- --------- --------- --------- --------- 6,311 5,891 6,950 9,322 8,833 --------- --------- --------- --------- --------- Losses on Asset Dispositions and Impairments, Net (397) -- -- (1) (1) --------- --------- --------- --------- --------- Operating Loss $ (10,142) $ (8,995) $ (8,514) $ (9,845) $ (8,825) ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2008 2008 2008 2008 2007 --------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 275,442 $ 326,143 $ 422,569 $ 444,787 $ 537,305 Restricted cash 20,787 23,659 30,072 39,152 30,624 Marketable securities 53,817 72,862 97,920 75,669 28,792 Receivables: Trade, net of allowance for doubtful accounts 277,350 294,330 272,291 250,789 267,564 Other 40,141 57,892 54,520 72,073 62,975 Inventories 66,278 50,234 42,063 35,021 30,468 Deferred income taxes 5,164 9,929 9,929 9,929 9,929 Prepaid expenses and other 10,499 8,943 12,067 9,196 9,756 ---------- ---------- ---------- ---------- ---------- Total current assets 749,478 843,992 941,431 936,616 977,413 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,741,322 2,706,500 2,665,956 2,511,118 2,469,735 Accumulated depreciation (601,806) (596,017) (578,100) (554,838) (526,583) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,139,516 2,110,483 2,087,856 1,956,280 1,943,152 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 150,062 143,190 115,701 117,409 109,288 Construction Reserve Funds & Title XI Reserve Funds 305,757 265,586 270,357 413,681 405,000 Goodwill 51,496 61,401 63,101 62,020 60,226 Intangible Assets 28,478 29,707 28,079 29,292 30,500 Other Assets, net of allowance for doubtful accounts 37,413 33,067 41,806 36,136 43,072 ---------- ---------- ---------- ---------- ---------- $3,462,200 $3,487,426 $3,548,331 $3,551,434 $3,568,651 ========== ========== ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 33,671 $ 10,301 $ 10,385 $ 11,414 $ 9,648 Current portion of capital lease obligations 907 15,074 33,682 864 851 Accounts payable and accrued expenses 102,798 105,496 101,942 93,079 119,321 Other current liabilities 139,425 226,395 273,185 254,522 258,940 ---------- ---------- ---------- ---------- ---------- Total current liabilities 276,801 357,266 419,194 359,879 388,760 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 921,275 931,588 927,701 928,308 929,114 Capital Lease Obligations 7,685 7,940 8,192 8,439 8,642 Deferred Income Taxes 507,391 512,102 492,131 493,701 480,447 Deferred Gains and Other Liabilities 121,796 126,281 127,217 131,259 130,311 Minority Interest in Subsidiaries 12,078 11,945 11,981 12,207 9,558 Stockholders' Equity: Preferred stock -- -- -- -- -- Common stock 324 323 323 323 322 Additional paid-in capital 922,540 917,192 913,874 910,843 905,702 Retained earnings 1,421,712 1,349,931 1,274,289 1,235,932 1,198,024 Shares held in treasury, at cost (724,357) (724,165) (628,041) (531,236) (486,505) Accumulated other comprehensive income (loss): Cumulative translation adjustments (5,045) 27 2,344 2,337 1,938 Unrealized gain (loss) on available-for- sale marketable securities -- (3,004) (874) (558) 2,338 ---------- ---------- ---------- ---------- ---------- Total stockholders' equity 1,615,174 1,540,304 1,561,915 1,617,641 1,621,819 ---------- ---------- ---------- ---------- ---------- $3,462,200 $3,487,426 $3,548,331 $3,551,434 $3,568,651 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. EQUIPMENT BY LINE OF BUSINESS Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2008 2008 2008 2008 2007 --------- --------- --------- --------- --------- Offshore Marine Services Anchor handling towing supply 20 20 20 20 20 Crew 75 77 76 77 77 Mini-supply 16 19 20 21 21 Standby safety 29 29 29 29 29 Supply 27 27 28 26 25 Towing supply 14 15 16 18 21 Specialty 9 10 13 14 13 --------- --------- --------- --------- --------- 190 197 202 205 206 ========= ========= ========= ========= ========= Marine Transportation Services U.S.-flag product tankers 8 8 8 8 10 ========= ========= ========= ========= ========= Inland River Services Inland river dry cargo barges-open 345 338 318 318 318 Inland river dry cargo barges-covered 638 643 665 671 667 Inland river liquid tank barges 86 75 75 70 73 Inland river deck barges 26 26 26 26 26 Inland river towboats 22 21 20 20 17 --------- --------- --------- --------- --------- 1,117 1,103 1,104 1,105 1,101 ========= ========= ========= ========= ========= Aviation Services Light helicopters - single engine 63 62 62 64 61 Light helicopters - twin engine 55 53 55 54 53 Medium helicopters 62 58 57 55 54 Heavy helicopters 7 6 5 3 3 --------- --------- --------- --------- --------- 187 179 179 176 171 ========= ========= ========= ========= ========= Harbor and Offshore Towing Services Harbor and offshore tugs 35 35 35 36 30 Ocean liquid tank barges 3 3 2 2 -- --------- --------- --------- --------- --------- 38 38 37 38 30 ========= ========= ========= ========= =========