SEACOR Holdings Announces Results for the First Quarter Ended March 31, 2012
FORT LAUDERDALE, FL -- (Marketwire) -- 04/24/12 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the first quarter ended March 31, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2012 was $36.5 million, or $1.75 per diluted share, including net income from discontinued operations of $19.4 million, or $0.93 per diluted share. During the first quarter, the Company disposed of certain companies and assets that were part of its Environmental Services business segment for a net sales price of $99.9 million. Operating results for all periods presented have been restated to reflect results for the part of the business that was sold as income (loss) from discontinued operations, net of tax.
For the preceding quarter ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $17.0 million, or $0.80 per diluted share, including net income from discontinued operations of $9.7 million, or $0.45 per diluted share. A comparison of results for the quarter ended March 31, 2012 with the preceding quarter ended December 31, 2011 is included in the "Highlights for the Quarter" discussion below.
For the quarter ended March 31, 2011, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.52 per diluted share, including a net loss from discontinued operations of $1.2 million, or $0.06 per diluted share.
Highlights for the Quarter
Offshore Marine Services -- Operating income was $22.9 million on operating revenues of $121.1 million compared with operating income of $16.1 million on operating revenues of $109.8 million in the preceding quarter. First quarter results included $1.8 million in gains on asset dispositions compared with $1.4 million in gains in the preceding quarter. First quarter results also included the contribution of the Company's fleet of wind farm utility vessels acquired in December 2011. During the first quarter, these vessels contributed operating revenues of $6.0 million with an average day rate of $2,431 per day and a utilization rate of 86.0%.
In the first quarter, excluding the contribution of wind farm utility vessels, the total number of days available for charter decreased by 259 days, or 2.5%; utilization increased from 79.7% to 80.6%; and average day rates increased by 8.1% from $12,187 per day to $13,174 per day.
In the U.S. Gulf of Mexico, operating income was $8.4 million higher in the first quarter primarily due to an increase in revenues from rig moving activity. Utilization was 73.1% compared with 70.3% in the preceding quarter and average day rates increased from $12,523 per day to $14,964 per day. As of March 31, 2012, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico, the same as of December 31, 2011.
In international regions, excluding the wind farm utility vessels, operating income was $1.8 million lower in the first quarter. Time charter revenues were $0.6 million lower primarily due to fewer days available and a decrease in utilization, which was 85.6% compared with 86.2% in the preceding quarter. Average day rates increased from $11,999 per day to $12,149 per day. Other revenues were $1.8 million lower primarily due a decrease in mobilization and other marine services. Operating expenses were $1.2 million higher primarily due to increased drydocking activity.
Administrative and general expenses were $1.8 million lower in the first quarter primarily due to lower wage and benefit costs and a reduction in legal expenses.
Equity in earnings increased by $2.3 million in the first quarter primarily due to the commencement of a long-term charter for a vessel in one of Offshore Marine Services' joint ventures in November 2011.
Aviation Services -- Operating income was $3.8 million on operating revenues of $61.1 million compared with operating income of $1.5 million on operating revenues of $61.7 million in the preceding quarter. During the first quarter, Aviation Services deferred $2.8 million of contract-leasing revenues from its Brazilian joint venture and recognized an impairment charge of $5.9 million, net of tax, on its investment. These adjustments resulted from difficulties experienced by the joint venture following one of its customers' cancellation of certain contracts for a number of AW139 aircraft under contract-lease from Aviation Services.
In the U.S. Gulf of Mexico, operating revenues were $3.2 million higher primarily due to contracts for newly delivered aircraft, an increase in activity with existing customers and additional charter activity. This increase was offset by $1.1 million of revenue reductions in Alaska following the conclusion of seasonal firefighting contracts and the temporary postponement of a contract that is scheduled to resume later in 2012.
Operating expenses were $1.4 million lower in the first quarter primarily due to the recognition of vendor credits, partially offset by higher insurance premiums due to the addition of new aircraft, increased activity and additional maintenance expense due to the timing of repairs.
Administrative and general expenses were $2.1 million lower in the first quarter primarily due to severance costs associated with a change in executive management in the preceding quarter, partially offset by the recognition in the first quarter of previously deferred legal and professional expenses.
Inland River Services -- Operating income was $9.2 million on operating revenues of $53.5 million compared with operating income of $12.3 million on operating revenues of $51.9 million in the preceding quarter. Results for the first quarter included the contribution of Lewis & Clark, acquired in December 2011, which contributed operating revenues of $8.5 million. Operating results for the pooled hopper barge fleet were lower in the first quarter primarily due to poor river conditions and weak demand for barge freight resulting in idling a portion of the fleet.
Marine Transportation Services -- Operating income was $2.4 million on operating revenues of $26.3 million compared with operating income of $3.7 million on operating revenues of $26.7 million in the preceding quarter. Fourth quarter results included $1.1 million in gains on asset dispositions following the sale of the Seabulk America. Operating results for Marine Transportation Services' U.S.-flag product tanker fleet were lower primarily due to increases in insurance deductibles and higher repair and maintenance costs. Operating results for its foreign flag Roll-on/Roll-off vessels were higher primarily due to reduced legal fees.
Emergency and Crisis Services -- As noted above, the Company sold part of its Environmental Services business segment in March 2012. The remaining business within the segment, renamed Emergency and Crisis Services, reported an operating loss of $0.4 million on operating revenues of $10.2 million compared with operating income of $3.1 million on operating revenues of $16.8 million in the preceding quarter. The reduction in operating income was primarily due to a reduction in debris activity, continuing reduction in activity associated with the Deepwater Horizon incident and seasonal reductions in professional services.
Commodity Trading and Logistics -- Segment profit was $5.6 million on operating revenues of $209.7 million compared with segment profit of $1.4 million on operating revenues of $237.2 million in the preceding quarter. Segment results improved primarily due to the recognition of a gain of $6.0 million, net of tax, arising from Company's acquisition of a controlling interest in its alcohol manufacturing joint venture. Results from this joint venture were consolidated effective February 1, 2012.
Other -- Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.2 million on operating revenues of $19.9 million compared with operating income of $1.7 million on operating revenues of $17.7 million in the preceding quarter. The increase in operating income was primarily due to increased traffic and the addition of bareboat charter revenues for one tug contracted to a third party in Port Arthur, a decrease in charter-in expenses at the Company's terminal operation in St. Eustatius, and lower wage and benefit costs and professional fees.
Corporate and Eliminations -- Administrative and general expenses were $9.0 million compared with $10.5 million in the preceding quarter. The decrease was primarily due to lower management bonus accruals and reduced professional fees.
Interest Expense -- In the first quarter, interest expense was $12.0 million compared with $10.0 million in the preceding quarter. The increase was primarily due to interest expense on borrowings from Era Group Inc.'s $350.0 million senior secured revolving credit facility entered into on December 22, 2011.
Debt Repurchases -- During the first quarter, the Company purchased $5.5 million, in principal amount, of its 5.875% Senior Notes due 2012 for $5.7 million, resulting in debt extinguishment losses of $0.2 million.
Capital Commitments -- The Company's unfunded capital commitments as of March 31, 2012 consisted primarily of offshore support vessels, helicopters, inland river tank barges, harbor tugs, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $343.0 million, of which $157.7 million is payable during 2012 with the balance payable through 2016. Of the total unfunded capital commitments, $44.9 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. As of March 31, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $636.4 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; emergency and crisis; 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, 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, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, 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 Emergency and Crisis Services' ability to comply with such regulation and other governmental regulation, 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.
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 share data, unaudited) Three Months Ended March 31, ---------------------------- 2012 2011 ------------- ------------- Operating Revenues $ 497,885 $ 438,011 ------------- ------------- Costs and Expenses: Operating 384,112 341,743 Administrative and general 46,178 41,654 Depreciation and amortization 39,327 38,330 ------------- ------------- 469,617 421,727 ------------- ------------- Gains on Asset Dispositions and Impairments, Net 5,542 7,255 ------------- ------------- Operating Income 33,810 23,539 ------------- ------------- Other Income (Expense): Interest income 2,976 3,732 Interest expense (12,024) (10,040) Debt extinguishment losses, net (160) (48) Marketable security gains, net 3,358 1,534 Derivative losses, net (4,119) (3,318) Foreign currency gains, net 2,552 5,059 Other, net (54) (178) ------------- ------------- (7,471) (3,259) ------------- ------------- Income from Continuing Operations Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 26,339 20,280 Income Tax Expense 10,608 7,673 ------------- ------------- Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies 15,731 12,607 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,242 42 ------------- ------------- Income from Continuing Operations 16,973 12,649 Income (Loss) from Discontinued Operations, Net of Tax 19,400 (1,180) ------------- ------------- Net Income 36,373 11,469 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (115) 299 ------------- ------------- Net Income attributable to SEACOR Holdings Inc. $ 36,488 $ 11,170 ============= ============= Net Income (Loss) attributable to SEACOR Holdings Inc.: Continuing operations $ 17,088 $ 12,350 Discontinued operations 19,400 (1,180) ------------- ------------- $ 36,488 $ 11,170 ============= ============= Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: Continuing operations $ 0.83 $ 0.59 Discontinued operations 0.95 (0.06) ------------- ------------- $ 1.78 $ 0.53 ============= ============= Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: Continuing operations $ 0.82 $ 0.58 Discontinued operations 0.93 (0.06) ------------- ------------- $ 1.75 $ 0.52 ============= ============= Weighted Average Common Shares Outstanding: Basic 20,519,660 21,104,739 Diluted 20,893,210 21,439,424 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, 2012 2011 2011 2011 2011 --------- --------- --------- --------- --------- Operating Revenues $ 497,885 $ 518,954 $ 545,089 $ 509,283 $ 438,011 --------- --------- --------- --------- --------- Costs and Expenses: Operating 384,112 412,042 455,442 409,365 341,743 Administrative and general 46,178 50,731 35,387 39,170 41,654 Depreciation and amortization 39,327 35,395 36,437 39,330 38,330 --------- --------- --------- --------- --------- 469,617 498,168 527,266 487,865 421,727 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 5,542 5,469 10,986 10,301 7,255 --------- --------- --------- --------- --------- Operating Income 33,810 26,255 28,809 31,719 23,539 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 2,976 1,127 5,462 3,297 3,732 Interest expense (12,024) (10,027) (10,711) (10,465) (10,040) Debt extinguishment losses, net (160) -- (51) -- (48) Marketable security gains (losses), net 3,358 (4,803) 130 (4,754) 1,534 Derivative losses, net (4,119) (262) (25,954) (6,601) (3,318) Foreign currency gains (losses), net 2,552 (2,600) (3,126) 1,416 5,059 Other, net (54) 1,133 (39) (56) (178) --------- --------- --------- --------- --------- (7,471) (15,432) (34,289) (17,163) (3,259) --------- --------- --------- --------- --------- Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies 26,339 10,823 (5,480) 14,556 20,280 Income Tax Expense (Benefit) 10,608 2,645 (669) 5,877 7,673 --------- --------- --------- --------- --------- Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 15,731 8,178 (4,811) 8,679 12,607 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,242 (579) 9,655 872 42 --------- --------- --------- --------- --------- Income from Continuing Operations 16,973 7,599 4,844 9,551 12,649 Income (Loss) from Discontinued Operations, Net of Tax 19,400 9,653 (782) (184) (1,180) --------- --------- --------- --------- --------- Net Income 36,373 17,252 4,062 9,367 11,469 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (115) 212 247 336 299 --------- --------- --------- --------- --------- Net Income attributable to SEACOR Holdings Inc. $ 36,488 $ 17,040 $ 3,815 $ 9,031 $ 11,170 ========= ========= ========= ========= ========= Net Income (Loss) attributable to SEACOR Holdings Inc.: Continuing operations $ 17,088 $ 7,387 $ 4,597 $ 9,215 $ 12,350 Discontinued operations 19,400 9,653 (782) (184) (1,180) --------- --------- --------- --------- --------- $ 36,488 $ 17,040 $ 3,815 $ 9,031 $ 11,170 ========= ========= ========= ========= ========= Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: Continuing operations $ 0.83 $ 0.35 $ 0.22 $ 0.44 $ 0.59 Discontinued operations 0.95 0.46 (0.04) (0.01) (0.06) --------- --------- --------- --------- --------- $ 1.78 $ 0.81 $ 0.18 $ 0.43 $ 0.53 ========= ========= ========= ========= ========= Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: Continuing operations $ 0.82 $ 0.35 $ 0.21 $ 0.43 $ 0.58 Discontinued operations 0.93 0.45 (0.03) (0.01) (0.06) --------- --------- --------- --------- --------- $ 1.75 $ 0.80 $ 0.18 $ 0.42 $ 0.52 ========= ========= ========= ========= ========= Weighted Average Common Shares of Outstanding: Basic 20,520 21,005 21,202 21,166 21,105 Diluted 20,893 21,354 21,565 21,518 21,439 Common Shares Outstanding at Period End 21,114 20,933 21,715 21,679 21,652 SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2012 2011 2011 2011 2011 --------- --------- --------- --------- --------- Offshore Marine Services Operating Revenues $ 121,086 $ 109,781 $ 93,277 $ 93,386 $ 80,344 --------- --------- --------- --------- --------- Costs and Expenses: Operating 75,340 69,484 68,457 68,242 63,020 Administrative and general 11,856 13,666 10,687 11,078 11,770 Depreciation and amortization 12,882 11,954 11,785 12,205 12,533 --------- --------- --------- --------- --------- 100,078 95,104 90,929 91,525 87,323 --------- --------- --------- --------- --------- Gains on Asset Dispositions 1,845 1,449 5,241 3,607 4,364 --------- --------- --------- --------- --------- Operating Income (Loss) 22,853 16,126 7,589 5,468 (2,615) --------- --------- --------- --------- --------- Other Income (Expense): Foreign currency gains (losses), net 1,123 (1,290) (2,129) (408) 725 Other, net -- 272 6 -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,829 (500) 8,754 200 735 --------- --------- --------- --------- --------- Segment Profit (Loss) $ 25,805 $ 14,608 $ 14,220 $ 5,260 $ (1,155) ========= ========= ========= ========= ========= Aviation Services Operating Revenues $ 61,052 $ 61,696 $ 71,804 $ 68,493 $ 56,155 --------- --------- --------- --------- --------- Costs and Expenses: Operating 39,676 41,084 45,701 42,457 33,465 Administrative and general 9,677 11,803 6,841 6,229 7,020 Depreciation and amortization 9,630 9,210 9,093 12,390 11,919 --------- --------- --------- --------- --------- 58,983 62,097 61,635 61,076 52,404 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 1,765 1,912 4,894 6,172 2,194 --------- --------- --------- --------- --------- Operating Income 3,834 1,511 15,063 13,589 5,945 --------- --------- --------- --------- --------- Other Income (Expense): Derivative gains (losses), net (124) (18) (807) (811) 310 Foreign currency gains (losses), net 917 (80) (95) 338 353 Other, net 30 9 -- -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (6,419) (979) 106 1,054 (99) --------- --------- --------- --------- --------- Segment Profit (Loss) $ (1,762) $ 443 $ 14,267 $ 14,170 $ 6,509 ========= ========= ========= ========= ========= Inland River Services Operating Revenues $ 53,490 $ 51,871 $ 47,875 $ 41,442 $ 46,469 --------- --------- --------- --------- --------- Costs and Expenses: Operating 35,183 31,702 31,196 28,717 27,884 Administrative and general 3,982 3,270 2,206 3,166 2,697 Depreciation and amortization 7,007 5,617 6,464 5,791 5,622 --------- --------- --------- --------- --------- 46,172 40,589 39,866 37,674 36,203 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions 1,927 986 1,303 (22) 697 --------- --------- --------- --------- --------- Operating Income 9,245 12,268 9,312 3,746 10,963 --------- --------- --------- --------- --------- Other Income (Expense): Foreign currency losses, net (22) -- -- -- -- Other, net -- -- -- 3 1 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 250 955 2,771 666 (256) --------- --------- --------- --------- --------- Segment Profit $ 9,473 $ 13,223 $ 12,083 $ 4,415 $ 10,708 ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2012 2011 2011 2011 2011 --------- --------- --------- --------- --------- Marine Transportation Services Operating Revenues $ 26,283 $ 26,705 $ 24,783 $ 24,336 $ 17,312 --------- --------- --------- --------- --------- Costs and Expenses: Operating 15,758 15,338 15,194 13,584 8,979 Administrative and general 2,475 3,257 2,044 2,146 1,417 Depreciation and amortization 5,651 5,540 5,833 5,728 4,978 --------- --------- --------- --------- --------- 23,884 24,135 23,071 21,458 15,374 --------- --------- --------- --------- --------- Gains on Asset Dispositions -- 1,125 -- -- -- --------- --------- --------- --------- --------- Operating Income 2,399 3,695 1,712 2,878 1,938 --------- --------- --------- --------- --------- Other Income (Expense): Foreign currency gains (losses), net 9 (15) (18) 6 16 Other, net 30 87 131 56 -- Equity in Losses of 50% or Less Owned Companies, Net of Tax (217) (74) -- -- -- --------- --------- --------- --------- --------- Segment Profit $ 2,221 $ 3,693 $ 1,825 $ 2,940 $ 1,954 ========= ========= ========= ========= ========= Emergency and Crisis Services Operating Revenues $ 10,215 $ 16,763 $ 14,080 $ 21,275 $ 28,833 --------- --------- --------- --------- --------- Costs and Expenses: Operating 6,873 10,145 9,141 12,328 14,776 Administrative and general 3,254 3,030 2,961 3,555 2,811 Depreciation and amortization 484 486 655 498 502 --------- --------- --------- --------- --------- 10,611 13,661 12,757 16,381 18,089 --------- --------- --------- --------- --------- Gains on Asset Dispositions 5 -- 7 -- -- --------- --------- --------- --------- --------- Operating Income (Loss) (391) 3,102 1,330 4,894 10,744 --------- --------- --------- --------- --------- Other Income (Expense): Foreign currency gains (losses), net 14 (14) 17 (7) (51) Other, net -- -- -- 2 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 67 (4) -- -- -- --------- --------- --------- --------- --------- Segment Profit (Loss) $ (310) $ 3,084 $ 1,347 $ 4,889 $ 10,693 ========= ========= ========= ========= ========= Commodity Trading and Logistics Operating Revenues $ 209,696 $ 237,177 $ 279,178 $ 245,321 $ 194,012 --------- --------- --------- --------- --------- Costs and Expenses: Operating 203,233 236,664 279,180 237,644 187,018 Administrative and general 3,141 1,598 1,944 2,202 2,660 Depreciation and amortization 1,060 20 12 12 13 --------- --------- --------- --------- --------- 207,434 238,282 281,136 239,858 189,691 --------- --------- --------- --------- --------- Operating Income (Loss) 2,262 (1,105) (1,958) 5,463 4,321 --------- --------- --------- --------- --------- Other Income (Expense): Derivative gains (losses), net (2,939) 1,251 (3,063) 828 (4,750) Foreign currency gains (losses), net 79 (28) 153 (16) (5) Other, net -- (167) -- -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 6,154 1,452 (2,267) (1,051) 51 --------- --------- --------- --------- --------- Segment Profit (Loss) $ 5,556 $ 1,403 $ (7,135) $ 5,224 $ (383) ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2012 2011 2011 2011 2011 --------- --------- --------- --------- --------- Other Operating Revenues $ 19,944 $ 17,730 $ 16,741 $ 17,921 $ 17,536 --------- --------- --------- --------- --------- Costs and Expenses: Operating 11,814 10,274 9,117 9,158 9,142 Administrative and general 2,817 3,589 2,523 3,210 2,620 Depreciation and amortization 2,158 2,119 2,129 2,237 2,289 --------- --------- --------- --------- --------- 16,789 15,982 13,769 14,605 14,051 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions -- (3) (315) 544 -- --------- --------- --------- --------- --------- Operating Income 3,155 1,745 2,657 3,860 3,485 --------- --------- --------- --------- --------- Other Income (Expense): Foreign currency gains (losses), net (16) -- (75) (24) 1 Other, net -- 983 (1) -- (1) Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (422) (1,429) 291 3 (389) --------- --------- --------- --------- --------- Segment Profit $ 2,717 $ 1,299 $ 2,872 $ 3,839 $ 3,096 ========= ========= ========= ========= ========= Corporate and Eliminations Operating Revenues $ (3,881) $ (2,769) $ (2,649) $ (2,891) $ (2,650) --------- --------- --------- --------- --------- Costs and Expenses: Operating (3,765) (2,649) (2,544) (2,765) (2,541) Administrative and general 8,976 10,518 6,181 7,584 10,659 Depreciation and amortization 455 449 466 469 474 --------- --------- --------- --------- --------- 5,666 8,318 4,103 5,288 8,592 --------- --------- --------- --------- --------- Losses on Asset Dispositions and Impairments -- -- (144) -- -- --------- --------- --------- --------- --------- Operating Loss $ (9,547) $ (11,087) $ (6,896) $ (8,179) $ (11,242) ========= ========= ========= ========= ========= Other Income (Expense): Derivative gains (losses), net $ (1,056) $ (1,495) $ (22,084) $ (6,618) $ 1,122 Foreign currency gains (losses), net 448 (1,173) (979) 1,527 4,020 Other, net (114) (51) (175) (117) (178) SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2012 2011 2011 2011 2011 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 281,977 $ 462,188 $ 301,603 $ 362,825 $ 405,818 Restricted cash 25,958 21,281 19,474 12,976 19,545 Marketable securities 68,586 66,898 82,978 105,608 149,026 Receivables: Trade, net of allowance for doubtful accounts 299,484 303,843 280,434 277,301 227,639 Other 41,699 51,793 51,318 47,852 54,669 Inventories 94,329 69,109 70,623 83,119 92,523 Deferred income taxes 11,123 11,123 5,136 5,136 5,136 Prepaid expenses and other 11,384 9,323 13,704 23,461 21,355 Discontinued operations 4,019 44,989 48,984 54,740 107,910 ---------- ---------- ---------- ---------- ---------- Total current assets 838,559 1,040,547 874,254 973,018 1,083,621 ---------- ---------- ---------- ---------- ---------- Property and Equipment 3,314,759 3,018,145 2,900,843 2,859,773 2,781,655 Accumulated depreciation (905,362) (867,914) (868,986) (852,648) (828,295) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,409,397 2,150,231 2,031,857 2,007,125 1,953,360 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Advances to 50% or Less Owned Companies 220,772 249,753 243,678 208,021 188,325 Construction Reserve Funds & Title XI Reserve Funds 259,926 259,974 298,345 314,679 331,689 Goodwill 57,054 57,054 54,410 54,454 53,851 Intangible Assets 22,132 21,528 16,055 17,396 18,572 Other Assets, net of allowance for doubtful accounts 99,113 102,348 97,724 84,588 59,387 Discontinued Operations -- 46,699 45,995 46,479 45,893 ---------- ---------- ---------- ---------- ---------- $3,906,953 $3,928,134 $3,662,318 $3,705,760 $3,734,698 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 22,078 $ 41,091 $ 23,138 $ 20,568 $ 18,106 Current portion of capital lease obligations 2,289 2,368 1,081 1,064 1,047 Accounts payable and accrued expenses 142,410 185,156 170,680 164,359 189,392 Other current liabilities 176,558 150,864 191,475 216,031 191,967 Discontinued operations 650 22,047 55,093 64,276 100,178 ---------- ---------- ---------- ---------- ---------- Total current liabilities 343,985 401,526 441,467 466,298 500,690 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 976,872 995,450 669,573 690,774 694,872 Capital Lease Obligations 2,848 3,068 4,598 4,901 5,200 Deferred Income Taxes 576,195 566,920 560,484 557,013 558,134 Deferred Gains and Other Liabilities 135,695 143,390 137,783 145,815 149,211 Discontinued Operations -- 9,717 5,780 5,502 6,271 ---------- ---------- ---------- ---------- ---------- Total liabilities 2,035,595 2,120,071 1,819,685 1,870,303 1,914,378 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 366 364 364 363 363 Additional paid-in capital 1,265,708 1,256,209 1,245,436 1,239,502 1,233,250 Retained earnings 1,549,167 1,512,679 1,495,639 1,491,824 1,482,793 Shares held in treasury, at cost (970,023) (971,687) (900,225) (901,460) (901,386) Accumulated other comprehensive loss (5,369) (7,958) (9,644) (6,843) (5,724) ---------- ---------- ---------- ---------- ---------- 1,839,849 1,789,607 1,831,570 1,823,386 1,809,296 Noncontrolling interests in subsidiaries 31,509 18,456 11,063 12,071 11,024 ---------- ---------- ---------- ---------- ---------- Total equity 1,871,358 1,808,063 1,842,633 1,835,457 1,820,320 ---------- ---------- ---------- ---------- ---------- $3,906,953 $3,928,134 $3,662,318 $3,705,760 $3,734,698 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2012 2011 2011 2011 2011 -------- -------- -------- -------- -------- Offshore Marine Services Anchor handling towing supply 19 19 19 19 19 Crew 48 49 50 52 52 Mini-supply 9 8 8 8 9 Standby safety 26 26 27 26 26 Supply 28 30 29 28 26 Towing supply 5 5 5 6 7 Liftboats 20 2 2 2 2 Specialty 9 9 9 9 10 Wind farm utility 30 29 -- -- -- -------- -------- -------- -------- -------- 194 177 149 150 151 ======== ======== ======== ======== ======== Aviation Services Light helicopters - single engine 58 58 60 61 61 Light helicopters - twin engine 46 45 45 44 44 Medium helicopters 66 65 65 65 63 Heavy helicopters 8 7 7 7 9 -------- -------- -------- -------- -------- 178 175 177 177 177 ======== ======== ======== ======== ======== Inland River Services Inland river dry-cargo barges 1,479 1,496 1,489 1,492 1,497 Inland river liquid tank barges 77 77 79 80 80 Inland river deck barges 20 20 20 26 26 Inland river towboats 30 31 31 31 32 Dry-cargo vessel 1 1 1 1 1 -------- -------- -------- -------- -------- 1,607 1,625 1,620 1,630 1,636 ======== ======== ======== ======== ======== Marine Transportation Services U.S.-flag product tankers 7 7 8 8 8 RORO vessels 8 8 8 8 -- -------- -------- -------- -------- -------- 15 15 16 16 8 ======== ======== ======== ======== ======== Other Harbor and offshore tugs 28 28 28 28 29 Ocean liquid tank barges 5 5 5 5 5 -------- -------- -------- -------- -------- 33 33 33 33 34 ======== ======== ======== ======== ========
Contact: Molly Hottinger (954) 627-5278 www.seacorholdings.com
Source: SEACOR Holdings Inc.