SEACOR Holdings Announces Results for the Fourth Quarter and Year Ended December 31, 2011
FORT LAUDERDALE, FL -- (MARKET WIRE) -- 02/16/12 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the fourth quarter and year ended December 31, 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2011 was $17.0 million, or $0.80 per diluted share, on operating revenues of $561.8 million. For the year ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $41.1 million, or $1.91 per diluted share, on operating revenues of $2,141.9 million.
For the preceding quarter ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $3.8 million, or $0.18 per diluted share, on operating revenues of $571.4 million. A comparison of results for the quarter ended December 31, 2011 with the preceding quarter ended September 30, 2011 is included in the "Highlights for the Quarter" discussion below.
For the quarter ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million. For the year ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $244.7 million, or $11.25 per diluted share, on operating revenues of $2,649.4 million. The Company's results for the year ended December 31, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010.
Highlights for the Quarter
Offshore Marine Services - Operating income was $16.1 million on operating revenues of $109.8 million compared with operating income of $7.6 million on operating revenues of $93.3 million in the preceding quarter. Fourth quarter results included $1.4 million in gains on asset dispositions compared with $5.2 million in gains in the preceding quarter. In the fourth quarter, the total number of days available for charter decreased by 56 days, or 0.5%; overall utilization increased from 72.4% to 79.7%; and overall average day rates increased by 7.7% from $11,318 per day to $12,187 per day.
In the U.S. Gulf of Mexico, operating income before gains on asset dispositions was $8.4 million higher in the fourth quarter. Firmer market conditions contributed to a $13.3 million increase in time charter revenues, which was partially offset by higher operating expenses as activity levels increased. Utilization was 70.3% compared with 53.5% in the preceding quarter and average day rates increased from $10,631 per day to $12,523 per day. As of December 31, 2011, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico compared with seven as of September 30, 2011.
In international regions, operating income before gains on asset dispositions was $3.9 million higher in the fourth quarter. Time charter revenues were $2.2 million higher primarily due to an increase in average day rates from $11,612 per day to $11,999 per day. Utilization was 86.2% compared with 85.2% in the preceding quarter. Operating expenses were $2.2 million lower primarily due to reduced drydocking and mobilization expenditures.
Administrative and general expenses were $3.0 million higher in the fourth quarter primarily due to legal fees associated with the fourth quarter acquisition of a controlling interest in a European operator of wind farm utility vessels and higher wage and benefit costs.
Equity in earnings was lower in the fourth quarter primarily due to an $8.4 million gain, net of tax, recognized in the preceding quarter upon Offshore Marine Services' Mexican joint venture issuing an additional equity interest to an unrelated third party.
Aviation Services - Operating income was $1.5 million on operating revenues of $61.7 million compared with operating income of $15.1 million on operating revenues of $71.8 million in the preceding quarter. Fourth quarter results included $1.9 million in gains on asset dispositions compared with $4.9 million in gains in the preceding quarter.
Operating revenues were $10.1 million lower in the fourth quarter primarily due to the end of seasonal activities in Alaska and a reduction in the number of helicopters operating under contract-leases. Operating expenses were $4.6 million lower in the fourth quarter primarily due to the end of seasonal activities, performance credits received under various vendor arrangements and Aviation Services' exit from a vendor maintenance agreement. Administrative and general expenses were $5.0 million higher in the fourth quarter primarily due to severance costs associated with a change in executive management.
Inland River Services - Operating income was $12.3 million on operating revenues of $51.9 million compared with operating income of $9.3 million on operating revenues of $47.9 million in the preceding quarter. Operating results improved primarily due to seasonal harvest activity and strong northbound demand for fertilizer shipments for the pooled hopper barge fleet.
Marine Transportation Services - Operating income was $3.7 million on operating revenues of $26.7 million compared with operating income of $1.7 million on operating revenues of $24.8 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 higher primarily due to lower operating expenses and less off-hire time associated with one vessel undergoing a special survey in the preceding quarter and lower insurance deductibles. Operating results for its foreign flag Roll-on/Roll-off vessels were lower primarily due to the drydocking of one vessel, charter-in expenses to cover that vessel's out-of-service time and higher legal fees.
Environmental Services - Operating income was $18.6 million on operating revenues of $59.7 million compared with operating income of $1.0 million on operating revenues of $40.4 million in the preceding quarter. The increase in operating income was primarily due to final settlements with a customer and certain subcontractors in respect of oil spill response services related to the Deepwater Horizon sinking in April 2010.
Commodity Trading and Logistics - Segment profit was $1.4 million on operating revenues of $237.2 million compared with a segment loss of $7.1 million on operating revenues of $279.2 million in the preceding quarter. Operating results improved primarily due to a reduction of volatility in commodity prices and better results from the Company's alcohol manufacturing joint venture.
Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $1.7 million on operating revenues of $17.7 million compared with operating income of $2.7 million on operating revenues of $16.7 million in the preceding quarter. The reduction in operating income was primarily due to an increase in charter-in expenses at the Company's terminal operation in St. Eustatius.
Equity in losses in the fourth quarter were primarily due to losses in one of the Company's industrial air services joint ventures in Asia.
Corporate and Eliminations - Administrative and general expenses were $10.5 million compared with $6.2 million in the preceding quarter. The increase was primarily due to management bonus accruals and professional fees.
Stock Repurchases - During the fourth quarter, the Company purchased 843,400 shares of its common stock at an average price of $84.48 per share. As of December 31, 2011, 20,933,116 shares of SEACOR's common stock remained outstanding.
Capital Commitments - The Company's unfunded capital commitments as of December 31, 2011 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 $312.5 million, of which $199.3 million is payable during 2012 with the balance payable through 2014. Of the total unfunded capital commitments, $43.6 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. Subsequent to December 31, 2011, the Company committed to purchase additional equipment for $49.2 million. As of December 31, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $815.8 million.
SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.
This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, 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 Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.
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 Year Ended December 31, December 31, ------------------------ ------------------------ 2011 2010 2011 2010 ----------- ----------- ----------- ----------- Operating Revenues $ 561,808 $ 580,384 $ 2,141,942 $ 2,649,368 ----------- ----------- ----------- ----------- Costs and Expenses: Operating 433,332 449,961 1,708,187 1,930,227 Administrative and general 55,099 54,892 187,547 192,518 Depreciation and amortization 37,017 39,173 156,824 163,490 ----------- ----------- ----------- ----------- 525,448 544,026 2,052,558 2,286,235 ----------- ----------- ----------- ----------- Gains on Asset Dispositions and Impairments, Net 5,431 3,285 33,950 45,238 ----------- ----------- ----------- ----------- Operating Income 41,791 39,643 123,334 408,371 ----------- ----------- ----------- ----------- Other Income (Expense): Interest income 1,157 3,094 13,756 8,882 Interest expense (10,027) (10,088) (41,245) (43,950) Debt extinguishment losses, net -- (1,092) (99) (1,460) Marketable security gains (losses), net (4,803) 1,340 (7,893) (2,159) Derivative gains (losses), net (262) 6,502 (36,135) 6,205 Foreign currency gains (losses), net (2,545) (3,511) 816 (6,127) Other, net 1,133 3,061 860 3,717 ----------- ----------- ----------- ----------- (15,347) (694) (69,940) (34,892) ----------- ----------- ----------- ----------- Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies 26,444 38,949 53,394 373,479 Income Tax Expense 8,533 13,250 21,185 140,674 ----------- ----------- ----------- ----------- Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies 17,911 25,699 32,209 232,805 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (659) 1,501 9,941 13,179 ----------- ----------- ----------- ----------- Net Income 17,252 27,200 42,150 245,984 Net Income attributable to Noncontrolling Interests in Subsidiaries 212 97 1,094 1,260 ----------- ----------- ----------- ----------- Net Income attributable to SEACOR Holdings Inc. $ 17,040 $ 27,103 $ 41,056 $ 244,724 =========== =========== =========== =========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.81 $ 1.30 $ 1.94 $ 11.43 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.80 $ 1.27 $ 1.91 $ 11.25 Weighted Average Common Shares Outstanding: Basic 21,004,776 20,843,159 21,119,461 21,402,441 Diluted 21,353,631 21,306,355 21,466,843 21,757,217 Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. $ -- $ 15.00 $ -- $ 15.00 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, 2011 2011 2011 2011 2010 -------- -------- -------- -------- -------- Operating Revenues $561,808 $571,424 $536,446 $472,264 $580,384 -------- -------- -------- -------- -------- Costs and Expenses: Operating 433,332 475,173 428,671 371,011 449,961 Administrative and general 55,099 40,117 45,937 46,394 54,892 Depreciation and amortization 37,017 38,678 41,070 40,059 39,173 -------- -------- -------- -------- -------- 525,448 553,968 515,678 457,464 544,026 -------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 5,431 10,982 10,282 7,255 3,285 -------- -------- -------- -------- -------- Operating Income 41,791 28,438 31,050 22,055 39,643 -------- -------- -------- -------- -------- Other Income (Expense): Interest income 1,157 5,554 3,307 3,738 3,094 Interest expense (10,027) (10,712) (10,465) (10,041) (10,088) Debt extinguishment losses, net -- (51) -- (48) (1,092) Marketable security gains (losses), net (4,803) 130 (4,754) 1,534 1,340 Derivative gains (losses), net (262) (25,954) (6,601) (3,318) 6,502 Foreign currency gains (losses), net (2,545) (3,218) 1,520 5,059 (3,511) Other, net 1,133 (39) (56) (178) 3,061 -------- -------- -------- -------- -------- (15,347) (34,290) (17,049) (3,254) (694) -------- -------- -------- -------- -------- Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies 26,444 (5,852) 14,001 18,801 38,949 Income Tax Expense (Benefit) 8,533 (352) 5,638 7,366 13,250 -------- -------- -------- -------- -------- Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies 17,911 (5,500) 8,363 11,435 25,699 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (659) 9,562 1,004 34 1,501 -------- -------- -------- -------- -------- Net Income 17,252 4,062 9,367 11,469 27,200 Net Income attributable to Noncontrolling Interests in Subsidiaries 212 247 336 299 97 -------- -------- --------- -------- -------- Net Income attributable to SEACOR Holdings Inc. $ 17,040 $ 3,815 $ 9,031 $ 11,170 $ 27,103 ======== ======== ======== ======== ======== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.81 $ 0.18 $ 0.43 $ 0.53 $ 1.30 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.80 $ 0.18 $ 0.42 $ 0.52 $ 1.27 Weighted Average Common Shares of Outstanding: Basic 21,005 21,202 21,166 21,105 20,843 Diluted 21,354 21,565 21,518 21,439 21,306 Common Shares Outstanding at Period End 20,933 21,715 21,679 21,652 21,400 Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. $ -- $ -- $ -- $ -- $ 15.00 SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2011 2011 2011 2011 2010 -------- -------- -------- -------- -------- Offshore Marine Services Operating Revenues $109,781 $ 93,277 $ 93,386 $ 80,344 $100,631 -------- -------- -------- -------- -------- Costs and Expenses: Operating 69,484 68,457 68,242 63,020 76,607 Administrative and general 13,666 10,687 11,078 11,770 13,037 Depreciation and amortization 11,954 11,785 12,205 12,533 12,279 -------- -------- -------- -------- -------- 95,104 90,929 91,525 87,323 101,923 -------- -------- -------- -------- -------- Gains on Asset Dispositions 1,449 5,241 3,607 4,364 2,142 -------- -------- -------- -------- -------- Operating Income (Loss) 16,126 7,589 5,468 (2,615) 850 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (1,290) (2,129) (408) 725 (154) Other, net 272 6 -- -- 1 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (500) 8,754 200 735 3,042 -------- -------- -------- -------- -------- Segment Profit (Loss) $ 14,608 $ 14,220 $ 5,260 $ (1,155) $ 3,739 ======== ======== ======== ======== ======== Aviation Services Operating Revenues $ 61,696 $ 71,804 $ 68,493 $ 56,155 $ 55,522 -------- -------- -------- -------- -------- Costs and Expenses: Operating 41,084 45,701 42,457 33,465 37,174 Administrative and general 11,803 6,841 6,229 7,020 7,042 Depreciation and amortization 9,210 9,093 12,390 11,919 11,287 -------- -------- -------- -------- -------- 62,097 61,635 61,076 52,404 55,503 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net 1,912 4,894 6,172 2,194 (117) -------- -------- -------- -------- -------- Operating Income (Loss) 1,511 15,063 13,589 5,945 (98) -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net (18) (807) (811) 310 (27) Foreign currency gains (losses), net (80) (95) 338 353 166 Other, net 9 -- -- -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (979) 106 1,054 (99) (83) -------- -------- -------- -------- -------- Segment Profit (Loss) $ 443 $ 14,267 $ 14,170 $ 6,509 $ (42) ======== ======== ======== ======== ======== Inland River Services Operating Revenues $ 51,871 $ 47,875 $ 41,442 $ 46,469 $ 52,284 -------- -------- -------- -------- -------- Costs and Expenses: Operating 31,702 31,196 28,717 27,884 29,542 Administrative and general 3,270 2,206 3,166 2,697 3,114 Depreciation and amortization 5,617 6,464 5,791 5,622 5,472 -------- -------- -------- -------- -------- 40,589 39,866 37,674 36,203 38,128 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions 986 1,303 (22) 697 697 -------- -------- -------- -------- -------- Operating Income 12,268 9,312 3,746 10,963 14,853 -------- -------- -------- -------- -------- Other Income (Expense): Other, net -- -- 3 1 2,227 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 955 2,771 666 (256) (521) -------- -------- -------- -------- -------- Segment Profit $ 13,223 $ 12,083 $ 4,415 $ 10,708 $ 16,559 ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2011 2011 2011 2011 2010 -------- -------- -------- -------- -------- Marine Transportation Services Operating Revenues $ 26,705 $ 24,783 $ 24,336 $ 17,312 $ 16,908 -------- -------- -------- -------- -------- Costs and Expenses: Operating 15,338 15,194 13,584 8,979 8,174 Administrative and general 3,257 2,044 2,146 1,417 2,040 Depreciation and amortization 5,540 5,833 5,728 4,978 5,309 -------- -------- -------- -------- -------- 24,135 23,071 21,458 15,374 15,523 -------- -------- -------- -------- -------- Gains on Asset Dispositions 1,125 -- -- -- -- -------- -------- -------- -------- -------- Operating Income 3,695 1,712 2,878 1,938 1,385 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (15) (18) 6 16 (13) Other, net 87 131 56 -- -- Equity in Losses of 50% or Less Owned Companies, Net of Tax (74) -- -- -- -- -------- -------- -------- -------- -------- Segment Profit $ 3,693 $ 1,825 $ 2,940 $ 1,954 $ 1,372 ======== ======== ======== ======== ======== Environmental Services Operating Revenues $ 59,669 $ 40,415 $ 48,466 $ 63,086 $163,380 -------- -------- -------- -------- -------- Costs and Expenses: Operating 31,435 28,872 31,662 44,044 116,346 Administrative and general 7,450 7,691 10,322 7,551 7,485 Depreciation and amortization 2,108 2,896 2,238 2,231 2,065 -------- -------- -------- -------- -------- 40,993 39,459 44,222 53,826 125,896 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions (38) 3 (19) -- 563 -------- -------- -------- -------- -------- Operating Income 18,638 959 4,225 9,260 38,047 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net 41 (75) 97 (51) (115) Other, net -- -- 2 -- 1 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (84) (93) 132 (8) 58 -------- -------- -------- -------- -------- Segment Profit $ 18,595 $ 791 $ 4,456 $ 9,201 $ 37,991 ======== ======== ======== ======== ======== Commodity Trading and Logistics Operating Revenues $237,177 $279,178 $245,321 $194,012 $178,944 -------- -------- -------- -------- -------- Costs and Expenses: Operating 236,664 279,180 237,644 187,018 173,922 Administrative and general 1,598 1,944 2,202 2,660 1,184 Depreciation and amortization 20 12 12 13 13 -------- -------- -------- -------- -------- 238,282 281,136 239,858 189,691 175,119 -------- -------- -------- -------- -------- Operating Income (Loss) (1,105) (1,958) 5,463 4,321 3,825 -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net 1,251 (3,063) 828 (4,750) (8,192) Foreign currency gains (losses), net (28) 153 (16) (5) 26 Other, net (167) -- -- -- 781 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,452 (2,267) (1,051) 51 (611) -------- -------- -------- -------- -------- Segment Profit (Loss) $ 1,403 $ (7,135) $ 5,224 $ (383) $ (4,171) ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2011 2011 2011 2011 2010 -------- -------- -------- -------- -------- Other Operating Revenues $ 17,730 $ 16,741 $ 17,921 $ 17,536 $ 16,395 -------- -------- -------- -------- -------- Costs and Expenses: Operating 10,274 9,117 9,158 9,142 11,872 Administrative and general 3,589 2,523 3,210 2,620 3,031 Depreciation and amortization 2,119 2,129 2,237 2,289 2,289 -------- -------- -------- -------- -------- 15,982 13,769 14,605 14,051 17,192 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions (3) (315) 544 -- -- -------- -------- -------- -------- -------- Operating Income (Loss) 1,745 2,657 3,860 3,485 (797) -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net -- (75) (24) 1 (17) Other, net 983 (1) -- (1) 10 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (1,429) 291 3 (389) (384) -------- -------- -------- -------- -------- Segment Profit (Loss) $ 1,299 $ 2,872 $ 3,839 $ 3,096 $ (1,188) ======== ======== ======== ======== ======== Corporate and Eliminations Operating Revenues $ (2,821) $ (2,649) $ (2,919) $ (2,650) $ (3,680) -------- -------- -------- -------- -------- Costs and Expenses: Operating (2,649) (2,544) (2,793) (2,541) (3,676) Administrative and general 10,466 6,181 7,584 10,659 17,959 Depreciation and amortization 449 466 469 474 459 -------- -------- -------- -------- -------- 8,266 4,103 5,260 8,592 14,742 -------- -------- -------- -------- -------- Losses on Asset Dispositions and Impairments -- (144) -- -- -- -------- -------- -------- -------- -------- Operating Loss $(11,087) $ (6,896) $ (8,179) $(11,242) $(18,422) ======== ======== ======== ======== ======== Other Income (Expense): Derivative gains (losses), net $ (1,495) $(22,084) $ (6,618) $ 1,122 $ 14,721 Foreign currency gains (losses), net (1,173) (979) 1,527 4,020 (3,404) Other, net (51) (175) (117) (178) 41 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2011 2011 2011 2011 2010 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 467,601 $ 306,465 $ 366,813 $ 409,716 $ 370,028 Restricted cash 21,281 19,474 12,976 19,545 12,651 Marketable securities 66,898 82,978 105,608 149,026 147,409 Receivables: Trade, net of allowance for doubtful accounts 334,863 316,633 321,244 324,218 450,912 Other 54,293 52,719 48,825 55,475 72,448 Inventories 72,660 75,906 87,131 97,405 67,498 Deferred income taxes 11,498 5,442 5,442 5,442 5,442 Prepaid expenses and other 11,453 14,637 24,979 22,794 18,414 ---------- ---------- ---------- ---------- ---------- Total current assets 1,040,547 874,254 973,018 1,083,621 1,144,802 ---------- ---------- ---------- ---------- ---------- Property and Equipment 3,105,295 2,985,583 2,942,637 2,862,386 2,803,754 Accumulated depreciation (919,223) (918,914) (900,979) (875,140) (835,032) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,186,072 2,066,669 2,041,658 1,987,246 1,968,722 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Advances to 50% or Less Owned Companies 251,838 245,885 210,372 190,472 182,387 Construction Reserve Funds & Title XI Reserve Funds 259,974 298,345 314,679 331,689 323,885 Goodwill 65,067 62,424 62,467 61,864 61,779 Intangible Assets 21,826 16,427 18,448 19,810 21,169 Other Assets, net of allowance for doubtful accounts 102,810 98,314 85,118 59,996 57,645 ---------- ---------- ---------- ---------- ---------- $3,928,134 $3,662,318 $3,705,760 $3,734,698 $3,760,389 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 41,091 $ 23,138 $ 20,568 $ 18,106 $ 14,618 Current portion of capital lease obligations 2,368 1,081 1,064 1,047 1,030 Accounts payable and accrued expenses 202,528 208,432 212,357 275,991 322,785 Other current liabilities 155,539 208,816 232,309 205,546 197,080 ---------- ---------- ---------- ---------- ---------- Total current liabilities 401,526 441,467 466,298 500,690 535,513 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 995,450 669,573 690,774 694,872 697,427 Capital Lease Obligations 3,068 4,598 4,901 5,200 5,493 Deferred Income Taxes 575,303 565,078 561,477 563,023 567,880 Deferred Gains and Other Liabilities 144,724 138,969 146,853 150,593 156,711 ---------- ---------- ---------- ---------- ---------- Total liabilities 2,120,071 1,819,685 1,870,303 1,914,378 1,963,024 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 364 364 363 363 361 Additional paid- in capital 1,256,209 1,245,436 1,239,502 1,233,250 1,225,296 Retained earnings 1,512,679 1,495,639 1,491,824 1,482,793 1,471,623 Shares held in treasury, at cost (971,687) (900,225) (901,460) (901,386) (903,004) Accumulated other comprehensive loss (7,958) (9,644) (6,843) (5,724) (7,039) ---------- ---------- ---------- ---------- ---------- 1,789,607 1,831,570 1,823,386 1,809,296 1,787,237 Noncontrolling interests in subsidiaries 18,456 11,063 12,071 11,024 10,128 ---------- ---------- ---------- ---------- ---------- Total equity 1,808,063 1,842,633 1,835,457 1,820,320 1,797,365 ---------- ---------- ---------- ---------- ---------- $3,928,134 $3,662,318 $3,705,760 $3,734,698 $3,760,389 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2011 2011 2011 2011 2010 -------- -------- -------- -------- -------- Offshore Marine Services Anchor handling towing supply 19 19 19 19 20 Crew 49 50 52 52 52 Mini-supply 8 8 8 9 9 Standby safety 26 27 26 26 26 Supply 30 29 28 26 27 Towing supply 5 5 6 7 8 Specialty 11 11 11 12 12 Wind farm utility 29 -- -- -- -- -------- -------- -------- -------- -------- 177 149 150 151 154 ======== ======== ======== ======== ======== Aviation Services Light helicopters - single engine 58 60 61 61 60 Light helicopters - twin engine 45 45 44 44 45 Medium helicopters 65 65 65 63 62 Heavy helicopters 7 7 7 9 9 -------- -------- -------- -------- -------- 175 177 177 177 176 ======== ======== ======== ======== ======== Inland River Services Inland river dry-cargo barges 1,496 1,489 1,492 1,497 1,388 Inland river liquid tank barges 77 79 80 80 80 Inland river deck barges 20 20 26 26 26 Inland river towboats 31 31 31 32 32 Dry-cargo vessel 1 1 1 1 1 -------- -------- -------- -------- -------- 1,625 1,620 1,630 1,636 1,527 ======== ======== ======== ======== ======== Marine Transportation Services U.S.-flag product tankers 7 8 8 8 8 RORO vessels 8 8 8 -- -- -------- -------- -------- -------- -------- 15 16 16 8 8 ======== ======== ======== ======== ======== Other Harbor and offshore tugs 28 28 28 29 30 Ocean liquid tank barges 5 5 5 5 5 -------- -------- -------- -------- -------- 33 33 33 34 35 ======== ======== ======== ======== ========
Contact: Molly Hottinger (954) 627-5278 www.seacorholdings.com
Source: SEACOR Holdings Inc.