SEACOR Holdings Announces Results for the Second Quarter Ended June 30, 2012
FORT LAUDERDALE, FL--(Marketwire - Jul 26, 2012) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the second quarter ended June 30, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2012 was $11.2 million, or $0.54 per diluted share, including a net loss from discontinued operations of $0.4 million, or $0.02 per diluted share. For the six months ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $47.7 million, or $2.29 per diluted share, including net income from discontinued operations of $19.0 million, or $0.92 per diluted share.
On March 16, 2012, 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 and a gain of $20.8 million, net of tax, or $1.00 per diluted share. Operating results for all periods presented have been restated to reflect income (loss) from discontinued operations, net of tax, for the part of the business that was sold.
For the preceding quarter ended March 31, 2012, net income attributable to SEACOR Holdings Inc. 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. A comparison of results for the quarter ended June 30, 2012 with the preceding quarter ended March 31, 2012 is included in the "Highlights for the Quarter" discussion below.
For the quarter ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $9.0 million, or $0.42 per diluted share, including a net loss from discontinued operations of $0.2 million, or $0.01 per diluted share. For the six months ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $20.2 million, or $0.94 per diluted share, including a net loss from discontinued operations of $1.4 million, or $0.06 per diluted share.
Highlights for the Quarter
Offshore Marine Services - Operating income was $0.8 million on operating revenues of $123.3 million compared with operating income of $22.9 million on operating revenues of $121.1 million in the preceding quarter. Second quarter results included $0.6 million in gains on asset dispositions compared with $1.8 million in gains in the preceding quarter.
In the U.S. Gulf of Mexico, second quarter results included the results of the Company's fleet of liftboats acquired on March 30, 2012. During the second quarter, these vessels contributed operating revenues of $21.9 million and operating income of $3.4 million with an average day rate of $17,454 per day and a utilization rate of 69.7%. Excluding liftboats, operating income was $18.2 million lower in the second quarter. Time charter revenues were $14.3 million lower primarily due to a decrease in rig moving activity for the Company's large anchor handling towing supply vessels. Utilization was 71.8% compared with 73.1% in the preceding quarter and average day rates decreased from $14,964 per day to $10,649 per day. As of June 30, 2012, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico, compared with four as of March 31, 2012.
In international regions, operating income was $7.7 million lower in the second quarter. Time charter revenues were $3.9 million lower primarily due to reduced spot market activity and increased drydocking activity and upgrade downtime in Brazil. Excluding the Company's fleet of wind farm utility vessels, utilization was 83.3% compared with 85.6% in the preceding quarter and average day rates decreased from $12,149 per day to $11,631 per day. Operating expenses were $4.7 million higher primarily due to increased drydocking activity and the cost of vessel mobilizations between geographic regions.
In the second quarter, the total number of days available for charter for the Company's fleet, excluding the wind farm utility vessels, increased by 1,429 days, or 14%, primarily due to the liftboat acquisition. Overall utilization decreased from 80.6% to 77.4% and overall average day rates decreased by 8% from $13,174 per day to $12,068 per day. Time charter operating data by vessel class is presented in the table included herein. During the second quarter, drydocking and mobilization costs were $10.8 million and $1.2 million, respectively. In the preceding quarter, drydocking and mobilization costs were $5.3 million and $0.6 million, respectively.
Administrative and general expenses were $1.3 million higher in the second quarter primarily due to compensation costs for personnel added as a result of the liftboat acquisition. Depreciation and amortization expenses were $15.9 million in the second quarter, an increase of $3.0 million primarily due to depreciation on vessels and equipment added as a result of the liftboat acquisition.
Aviation Services - Operating income was $7.4 million on operating revenues of $63.0 million compared with operating income of $3.8 million on operating revenues of $61.1 million in the preceding quarter. Second quarter results included $1.1 million in gains on asset dispositions compared with $1.8 million in gains in the preceding quarter.
Operating revenues were $1.9 million higher primarily due to additional aircraft on contract and increased flight hours in the U.S. Gulf of Mexico and the start of seasonal activities in Alaska. Operating revenues from contract-leasing activities were lower due to the deferral of revenues from two customers as a result of the customers' short-term liquidity issues. Operating revenues from air medical services were lower due to the conclusion of a long-term hospital contract.
Operating expenses were lower in the second quarter primarily due to the recognition of $4.9 million in power-by-hour credits, partially offset by higher wage and benefit and fuel costs related to increased activity levels as described above.
Administrative and general expenses were $2.5 million lower in the second quarter primarily due to the recognition in the first quarter of previously deferred legal and professional expenses associated with a contemplated public offering. Depreciation and amortization expenses were $10.5 million in the second quarter, an increase of $0.8 million primarily due to net fleet additions.
Inland River Services - Operating income was $5.7 million on operating revenues of $53.3 million compared with operating income of $9.2 million on operating revenues of $53.5 million in the preceding quarter. Second quarter results included $0.9 million in gains on asset dispositions compared with $1.9 million in gains in the preceding quarter. Operating results for the pooled hopper barge fleet were lower in the second quarter primarily due to poor river conditions and continuing weak demand for barge freight primarily on grain exports.
Marine Transportation Services - Operating income was $0.5 million on operating revenues of $25.8 million compared with operating income of $2.4 million on operating revenues of $26.3 million in the preceding quarter. Operating results for the U.S.-flag product tanker fleet were lower in the second quarter primarily due to 21 days of out-of-service time and $1.6 million of expenses related to topside repairs on theSeabulk Arctic. Operating results for the foreign flag Roll-on/Roll-off vessels were lower primarily due to higher port charges and 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 $2.1 million on operating revenues of $8.4 million compared with an operating loss of $0.4 million on operating revenues of $10.2 million in the preceding quarter. The reduction in operating income was primarily due to higher legal and administrative costs, including an investment in marketing and business development activities, and a reduction in activity associated with the Deepwater Horizon incident and debris monitoring.
Commodity Trading and Logistics - Segment profit was $3.0 million on operating revenues of $206.7 million compared with segment profit of $5.6 million on operating revenues of $209.7 million in the preceding quarter. Segment results in the preceding quarter included the recognition of a $6.0 million gain, net of tax, arising from the Company's acquisition of a controlling interest in its alcohol manufacturing joint venture. Results from this joint venture were consolidated effective February 1, 2012. Excluding this gain, segment profit was higher in the second quarter primarily due to improved results from merchandising and trading activities.
Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.0 million on operating revenues of $17.6 million compared with operating income of $3.2 million on operating revenues of $19.9 million in the preceding quarter. Second quarter results included $1.9 million in gains on asset dispositions relating to the sale of two harbor tugs. Operating results were lower in the second quarter primarily due to decreased port traffic and the conclusion of a short-term contract on the U.S. West Coast.
Corporate and Eliminations - Administrative and general expenses were $7.5 million compared with $9.0 million in the preceding quarter. The decrease was primarily due to lower management bonus accruals.
Stock Repurchases - During the second quarter, the Company purchased 199,766 shares of its common stock at an average price of $87.22 per share. As of June 30, 2012, 20,947,558 shares of SEACOR's common stock remained outstanding.
Equipment Acquisitions - During the six months ended June 30, 2012, capital expenditures were $186.5 million. Equipment deliveries during that period included one offshore support vessel, one wind farm utility vessel, three inland river dry cargo barges, two liquid tank barges, one inland river towboat and 13 helicopters.
Capital Commitments - The Company's unfunded capital commitments as of June 30, 2012 were $377.6 million and consisted of: eleven offshore support vessels for $148.7 million; an interest in a jack-up drilling rig for $31.2 million; twelve helicopters for $139.3 million; seven inland river tank barges for $16.2 million; an interest in a river grain terminal for $1.3 million; four harbor tugs for $28.5 million; and other equipment and improvements for $12.4 million. Of these commitments, $110.2 million is payable during 2012 with the balance payable through 2016 and $123.0 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. Subsequent to June 30, 2012, the Company committed to purchase three inland river towboats for $11.4 million and notified the lessee of its intent to purchase three harbor tugs currently operating under capital leases for $3.9 million. As of June 30, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $544.6 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, crisis and emergency management preparedness and response solutions, 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. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
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 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 a lack of liquidity 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, dependence of emergency response revenue on the number and size of events 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 emergency 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 Six Months Ended June 30, June 30, ------------------------ ------------------------ 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Operating Revenues $ 494,422 $ 509,283 $ 992,307 $ 947,294 ----------- ----------- ----------- ----------- Costs and Expenses: Operating 403,210 409,365 787,322 751,108 Administrative and general 45,120 39,170 91,298 80,824 Depreciation and amortization 43,685 39,330 83,012 77,660 ----------- ----------- ----------- ----------- 492,015 487,865 961,632 909,592 ----------- ----------- ----------- ----------- Gains on Asset Dispositions and Impairments, Net 4,419 10,301 9,961 17,556 ----------- ----------- ----------- ----------- Operating Income 6,826 31,719 40,636 55,258 ----------- ----------- ----------- ----------- Other Income (Expense): Interest income 7,641 3,297 10,617 7,029 Interest expense (12,413) (10,465) (24,437) (20,505) Debt extinguishment losses, net -- -- (160) (48) Marketable security gains (losses), net 11,596 (4,754) 14,954 (3,220) Derivative gains (losses), net 3,487 (6,601) (632) (9,919) Foreign currency gains (losses), net (992) 1,416 1,560 6,475 Other, net 443 (56) 389 (234) ----------- ----------- ----------- ----------- 9,762 (17,163) 2,291 (20,422) ----------- ----------- ----------- ----------- Income from Continuing Operations Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 16,588 14,556 42,927 34,836 Income Tax Expense 5,975 5,877 16,583 13,550 ----------- ----------- ----------- ----------- Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies 10,613 8,679 26,344 21,286 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,051 872 2,293 914 ----------- ----------- ----------- ----------- Income from Continuing Operations 11,664 9,551 28,637 22,200 Income (Loss) from Discontinued Operations, Net of Tax (365) (184) 19,035 (1,364) ----------- ----------- ----------- ----------- Net Income 11,299 9,367 47,672 20,836 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 50 336 (65) 635 ----------- ----------- ----------- ----------- Net Income attributable to SEACOR Holdings Inc. $ 11,249 $ 9,031 $ 47,737 $ 20,201 =========== =========== =========== =========== Net Income (Loss) attributable to SEACOR Holdings Inc.: Continuing operations $ 11,614 $ 9,215 $ 28,702 $ 21,565 Discontinued operations (365) (184) 19,035 (1,364) ----------- ----------- ----------- ----------- $ 11,249 $ 9,031 $ 47,737 $ 20,201 =========== =========== =========== =========== Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: Continuing operations $ 0.56 $ 0.44 $ 1.40 $ 1.02 Discontinued operations (0.01) (0.01) 0.92 (0.06) ----------- ----------- ----------- ----------- $ 0.55 $ 0.43 $ 2.32 $ 0.96 =========== =========== =========== =========== Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: Continuing operations $ 0.56 $ 0.43 $ 1.37 $ 1.00 Discontinued operations (0.02) (0.01) 0.92 (0.06) ----------- ----------- ----------- ----------- $ 0.54 $ 0.42 $ 2.29 $ 0.94 =========== =========== =========== =========== Weighted Average Common Shares Outstanding: Basic 20,584,567 21,166,037 20,552,114 21,135,557 Diluted 20,871,380 21,517,725 20,883,570 21,478,759 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended ------------------------------------------------ Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2012 2012 2011 2011 2011 -------- -------- -------- -------- -------- Operating Revenues $494,422 $497,885 $518,954 $545,089 $509,283 -------- -------- -------- -------- -------- Costs and Expenses: Operating 403,210 384,112 412,042 455,442 409,365 Administrative and general 45,120 46,178 50,731 35,387 39,170 Depreciation and amortization 43,685 39,327 35,395 36,437 39,330 -------- -------- -------- -------- -------- 492,015 469,617 498,168 527,266 487,865 -------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 4,419 5,542 5,469 10,986 10,301 -------- -------- -------- -------- -------- Operating Income 6,826 33,810 26,255 28,809 31,719 -------- -------- -------- -------- -------- Other Income (Expense): Interest income 7,641 2,976 1,127 5,462 3,297 Interest expense (12,413) (12,024) (10,027) (10,711) (10,465) Debt extinguishment losses, net -- (160) -- (51) -- Marketable security gains (losses), net 11,596 3,358 (4,803) 130 (4,754) Derivative gains (losses), net 3,487 (4,119) (262) (25,954) (6,601) Foreign currency gains (losses), net (992) 2,552 (2,600) (3,126) 1,416 Other, net 443 (54) 1,133 (39) (56) -------- -------- -------- -------- -------- 9,762 (7,471) (15,432) (34,289) (17,163) -------- -------- -------- -------- -------- Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies 16,588 26,339 10,823 (5,480) 14,556 Income Tax Expense (Benefit) 5,975 10,608 2,645 (669) 5,877 -------- -------- -------- -------- -------- Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 10,613 15,731 8,178 (4,811) 8,679 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,051 1,242 (579) 9,655 872 -------- -------- -------- -------- -------- Income from Continuing Operations 11,664 16,973 7,599 4,844 9,551 Income (Loss) from Discontinued Operations, Net of Tax (365) 19,400 9,653 (782) (184) -------- -------- -------- -------- -------- Net Income 11,299 36,373 17,252 4,062 9,367 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 50 (115) 212 247 336 -------- -------- -------- -------- -------- Net Income attributable to SEACOR Holdings Inc. $ 11,249 $ 36,488 $ 17,040 $ 3,815 $ 9,031 ======== ======== ======== ======== ======== Net Income (Loss) attributable to SEACOR Holdings Inc.: Continuing operations $ 11,614 $ 17,088 $ 7,387 $ 4,597 $ 9,215 Discontinued operations (365) 19,400 9,653 (782) (184) -------- -------- -------- -------- -------- $ 11,249 $ 36,488 $ 17,040 $ 3,815 $ 9,031 ======== ======== ======== ======== ======== Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: Continuing operations $ 0.56 $ 0.83 $ 0.35 $ 0.22 $ 0.44 Discontinued operations (0.01) 0.95 0.46 (0.04) (0.01) -------- -------- -------- -------- -------- $ 0.55 $ 1.78 $ 0.81 $ 0.18 $ 0.43 ======== ======== ======== ======== ======== Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: Continuing operations $ 0.56 $ 0.82 $ 0.35 $ 0.21 $ 0.43 Discontinued operations (0.02) 0.93 0.45 (0.03) (0.01) -------- -------- -------- -------- -------- $ 0.54 $ 1.75 $ 0.80 $ 0.18 $ 0.42 ======== ======== ======== ======== ======== Weighted Average Common Shares of Outstanding: Basic 20,585 20,520 21,005 21,202 21,166 Diluted 20,871 20,893 21,354 21,565 21,518 Common Shares Outstanding at Period End 20,948 21,114 20,933 21,715 21,679 SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) Three Months Ended ------------------------------------------------ Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2012 2012 2011 2011 2011 -------- -------- -------- -------- -------- Offshore Marine Services Operating Revenues $123,276 $121,086 $109,781 $ 93,277 $ 93,386 -------- -------- -------- -------- -------- Costs and Expenses: Operating 94,084 75,340 69,484 68,457 68,242 Administrative and general 13,146 11,856 13,666 10,687 11,078 Depreciation and amortization 15,859 12,882 11,954 11,785 12,205 -------- -------- -------- -------- -------- 123,089 100,078 95,104 90,929 91,525 -------- -------- -------- -------- -------- Gains on Asset Dispositions 624 1,845 1,449 5,241 3,607 -------- -------- -------- -------- -------- Operating Income 811 22,853 16,126 7,589 5,468 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (354) 1,123 (1,290) (2,129) (408) Other, net 11 -- 272 6 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,001 1,829 (500) 8,754 200 -------- -------- -------- -------- -------- Segment Profit $ 1,469 $ 25,805 $ 14,608 $ 14,220 $ 5,260 ======== ======== ======== ======== ======== Aviation Services Operating Revenues $ 62,985 $ 61,052 $ 61,696 $ 71,804 $ 68,493 -------- -------- -------- -------- -------- Costs and Expenses: Operating 39,002 39,676 41,084 45,701 42,457 Administrative and general 7,195 9,677 11,803 6,841 6,229 Depreciation and amortization 10,464 9,630 9,210 9,093 12,390 -------- -------- -------- -------- -------- 56,661 58,983 62,097 61,635 61,076 -------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 1,077 1,765 1,912 4,894 6,172 -------- -------- -------- -------- -------- Operating Income 7,401 3,834 1,511 15,063 13,589 -------- -------- -------- -------- -------- Other Income (Expense): Derivative losses, net (180) (124) (18) (807) (811) Foreign currency gains (losses), net (12) 917 (80) (95) 338 Other, net -- 30 9 -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 756 (6,419) (979) 106 1,054 -------- -------- -------- -------- -------- Segment Profit (Loss) $ 7,965 $ (1,762) $ 443 $ 14,267 $ 14,170 ======== ======== ======== ======== ======== Inland River Services Operating Revenues $ 53,302 $ 53,490 $ 51,871 $ 47,875 $ 41,442 -------- -------- -------- -------- -------- Costs and Expenses: Operating 37,463 35,183 31,702 31,196 28,717 Administrative and general 3,773 3,982 3,270 2,206 3,166 Depreciation and amortization 7,244 7,007 5,617 6,464 5,791 -------- -------- -------- -------- -------- 48,480 46,172 40,589 39,866 37,674 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions 858 1,927 986 1,303 (22) -------- -------- -------- -------- -------- Operating Income 5,680 9,245 12,268 9,312 3,746 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency losses, net (71) (22) -- -- -- Other, net -- -- -- -- 3 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 439 250 955 2,771 666 -------- -------- -------- -------- -------- Segment Profit $ 6,048 $ 9,473 $ 13,223 $ 12,083 $ 4,415 ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2012 2012 2011 2011 2011 -------- -------- -------- -------- -------- Marine Transportation Services Operating Revenues $ 25,792 $ 26,283 $ 26,705 $ 24,783 $ 24,336 -------- -------- -------- -------- -------- Costs and Expenses: Operating 16,722 15,758 15,338 15,194 13,584 Administrative and general 2,934 2,475 3,257 2,044 2,146 Depreciation and amortization 5,666 5,651 5,540 5,833 5,728 -------- -------- -------- -------- -------- 25,322 23,884 24,135 23,071 21,458 -------- -------- -------- -------- -------- Gains on Asset Dispositions -- -- 1,125 -- -- -------- -------- -------- -------- -------- Operating Income 470 2,399 3,695 1,712 2,878 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (3) 9 (15) (18) 6 Other, net 49 30 87 131 56 Equity in Losses of 50% or Less Owned Companies, Net of Tax (774) (217) (74) -- -- -------- -------- -------- -------- -------- Segment Profit (Loss) $ (258) $ 2,221 $ 3,693 $ 1,825 $ 2,940 ======== ======== ======== ======== ======== Emergency and Crisis Services Operating Revenues $ 8,439 $ 10,215 $ 16,763 $ 14,080 $ 21,275 -------- -------- -------- -------- -------- Costs and Expenses: Operating 5,808 6,873 10,145 9,141 12,328 Administrative and general 4,211 3,254 3,030 2,961 3,555 Depreciation and amortization 491 484 486 655 498 -------- -------- -------- -------- -------- 10,510 10,611 13,661 12,757 16,381 -------- -------- -------- -------- -------- Gains on Asset Dispositions -- 5 -- 7 -- -------- -------- -------- -------- -------- Operating Income (Loss) (2,071) (391) 3,102 1,330 4,894 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (20) 14 (14) 17 (7) Other, net -- -- -- -- 2 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net ofTax 147 67 (4) -- -- -------- -------- -------- -------- -------- Segment Profit (Loss) $ (1,944) $ (310) $ 3,084 $ 1,347 $ 4,889 ======== ======== ======== ======== ======== Commodity Trading and Logistics Operating Revenues $206,745 $209,696 $237,177 $279,178 $245,321 -------- -------- -------- -------- -------- Costs and Expenses: Operating 202,126 203,233 236,664 279,180 237,644 Administrative and general 3,411 3,141 1,598 1,944 2,202 Depreciation and amortization 1,591 1,060 20 12 12 -------- -------- -------- -------- -------- 207,128 207,434 238,282 281,136 239,858 -------- -------- -------- -------- -------- Operating Income (Loss) (383) 2,262 (1,105) (1,958) 5,463 -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net 3,393 (2,939) 1,251 (3,063) 828 Foreign currency gains (losses), net (14) 79 (28) 153 (16) Other, net -- -- (167) -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax -- 6,154 1,452 (2,267) (1,051) -------- -------- -------- -------- -------- Segment Profit (Loss) $ 2,996 $ 5,556 $ 1,403 $ (7,135) $ 5,224 ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2012 2012 2011 2011 2011 -------- -------- -------- -------- -------- Other Operating Revenues $ 17,555 $ 19,944 $ 17,730 $ 16,741 $ 17,921 -------- -------- -------- -------- -------- Costs and Expenses: Operating 11,562 11,814 10,274 9,117 9,158 Administrative and general 2,996 2,817 3,589 2,523 3,210 Depreciation and amortization 1,904 2,158 2,119 2,129 2,237 -------- -------- -------- -------- -------- 16,462 16,789 15,982 13,769 14,605 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions 1,860 -- (3) (315) 544 -------- -------- -------- -------- -------- Operating Income 2,953 3,155 1,745 2,657 3,860 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency losses, net (7) (16) -- (75) (24) Other, net 208 -- 983 (1) -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (518) (422) (1,429) 291 3 -------- -------- -------- -------- -------- Segment Profit $ 2,636 $ 2,717 $ 1,299 $ 2,872 $ 3,839 ======== ======== ======== ======== ======== Corporate and Eliminations Operating Revenues $ (3,672) $ (3,881) $ (2,769) $ (2,649) $ (2,891) -------- -------- -------- -------- -------- Costs and Expenses: Operating (3,557) (3,765) (2,649) (2,544) (2,765) Administrative and general 7,454 8,976 10,518 6,181 7,584 Depreciation and amortization 466 455 449 466 469 -------- -------- -------- -------- -------- 4,363 5,666 8,318 4,103 5,288 -------- -------- -------- -------- -------- Losses on Asset Dispositions and Impairments -- -- (144) -- -------- -------- -------- -------- -------- Operating Loss $ (8,035) $ (9,547) $(11,087) $ (6,896) $ (8,179) ======== ======== ======== ======== ======== Other Income (Expense): Derivative gains (losses), net $ 274 $ (1,056) $ (1,495) $(22,084) $ (6,618) Foreign currency gains (losses), net (511) 448 (1,173) (979) 1,527 Other, net 175 (114) (51) (175) (117)
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2012 2012 2011 2011 2011 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 301,026 $ 281,977 $ 462,188 $ 301,603 $ 362,825 Restricted cash 18,347 25,958 21,281 19,474 12,976 Marketable securities 32,821 68,586 66,898 82,978 105,608 Receivables: Trade, net of allowance for doubtful accounts 278,917 299,484 303,843 280,434 277,301 Other 66,686 41,699 51,793 51,318 47,852 Inventories 72,929 94,329 69,109 70,623 83,119 Deferred income taxes 11,123 11,123 11,123 5,136 5,136 Prepaid expenses and other 13,968 11,384 9,323 13,704 23,461 Discontinued operations 3,551 4,019 44,989 48,984 54,740 ---------- ---------- ---------- ---------- ---------- Total current assets 799,368 838,559 1,040,547 874,254 973,018 ---------- ---------- ---------- ---------- ---------- Property and Equipment 3,304,524 3,314,759 3,018,145 2,900,843 2,859,773 Accumulated depreciation (934,092) (905,362) (867,914) (868,986) (852,648) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,370,432 2,409,397 2,150,231 2,031,857 2,007,125 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Advances to 50% or Less Owned Companies 323,874 220,772 249,753 243,678 208,021 Construction Reserve Funds & Title XI Reserve Funds 192,420 259,926 259,974 298,345 314,679 Goodwill 57,054 57,054 57,054 54,410 54,454 Intangible Assets, Net 21,116 22,132 21,528 16,055 17,396 Other Assets, net of allowance for doubtful accounts 81,553 99,113 102,348 97,724 84,588 Discontinued Operations -- -- 46,699 45,995 46,479 ---------- ---------- ---------- ---------- ---------- $3,845,817 $3,906,953 $3,928,134 $3,662,318 $3,705,760 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 24,546 $ 22,078 $ 41,091 $ 23,138 $ 20,568 Current portion of capital lease obligations 4,719 2,289 2,368 1,081 1,064 Accounts payable and accrued expenses 131,130 142,410 185,156 170,680 164,359 Other current liabilities 160,198 176,558 150,864 191,475 216,031 Discontinued operations (15) 650 22,047 55,093 64,276 ---------- ---------- ---------- ---------- ---------- Total current liabilities 320,578 343,985 401,526 441,467 466,298 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 940,910 976,872 995,450 669,573 690,774 Capital Lease Obligations 117 2,848 3,068 4,598 4,901 Deferred Income Taxes 582,780 576,195 566,920 560,484 557,013 Deferred Gains and Other Liabilities 132,248 135,695 143,390 137,783 145,815 Discontinued Operations -- -- 9,717 5,780 5,502 ---------- ---------- ---------- ---------- ---------- Total liabilities 1,976,633 2,035,595 2,120,071 1,819,685 1,870,303 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 366 366 364 364 363 Additional paid- in capital 1,271,617 1,265,708 1,256,209 1,245,436 1,239,502 Retained earnings 1,560,416 1,549,167 1,512,679 1,495,639 1,491,824 Shares held in treasury, at cost (987,485) (970,023) (971,687) (900,225) (901,460) Accumulated other comprehensive loss, net of tax (5,831) (5,369) (7,958) (9,644) (6,843) ---------- ---------- ---------- ---------- ---------- 1,839,083 1,839,849 1,789,607 1,831,570 1,823,386 Noncontrolling interests in subsidiaries 30,101 31,509 18,456 11,063 12,071 ---------- ---------- ---------- ---------- ---------- Total equity 1,869,184 1,871,358 1,808,063 1,842,633 1,835,457 ---------- ---------- ---------- ---------- ---------- $3,845,817 $3,906,953 $3,928,134 $3,662,318 $3,705,760 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2012 2012 2011 2011 2011 --------- --------- --------- --------- --------- Offshore Marine Services Anchor handling towing supply 19 19 19 19 19 Crew 48 48 49 50 52 Mini-supply 9 9 8 8 8 Standby safety 25 26 26 27 26 Supply 28 28 30 29 28 Towing supply 3 5 5 5 6 Liftboats 20 20 2 2 2 Specialty 9 9 9 9 9 Wind farm utility 30 30 29 -- -- --------- --------- --------- --------- --------- 191 194 177 149 150 ========= ========= ========= ========= ========= Aviation Services Light helicopters - single engine 59 58 58 60 61 Light helicopters - twin engine 44 46 45 45 44 Medium helicopters 68 66 65 65 65 Heavy helicopters 9 8 7 7 7 --------- --------- --------- --------- --------- 180 178 175 177 177 ========= ========= ========= ========= ========= Inland River Services Inland river dry-cargo barges 1,453 1,479 1,496 1,489 1,492 Inland river liquid tank barges 78 77 77 79 80 Inland river deck barges 20 20 20 20 26 Inland river towboats 31 30 31 31 31 Dry-cargo vessel 1 1 1 1 1 --------- --------- --------- --------- --------- 1,583 1,607 1,625 1,620 1,630 ========= ========= ========= ========= ========= Marine Transportation Services U.S.-flag product tankers 7 7 7 8 8 Foreign flag RORO vessels 8 8 8 8 8 U.S.-flag deck barges 5 -- -- -- -- U.S.-flag RORO barges 2 -- -- -- -- U.S.-flag Articulated tug- barge 1 -- -- -- -- --------- --------- --------- --------- --------- 23 15 15 16 16 ========= ========= ========= ========= ========= Other Harbor and offshore tugs 27 28 28 28 28 Ocean liquid tank barges 5 5 5 5 5 --------- --------- --------- --------- --------- 32 33 33 33 33 ========= ========= ========= ========= =========
SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited) Three Months Ended ------------------------------------------------ Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2012 2012 2011 2011 2011 -------- -------- -------- -------- -------- Rates Per Day Worked: Anchor handling towing supply $ 24,541 $ 30,928 $ 27,187 $ 27,287 $ 32,179 Crew 7,134 7,803 7,166 6,728 6,334 Mini-supply 7,424 7,409 7,948 7,535 7,494 Standby safety 9,679 9,230 9,254 9,302 9,180 Supply 14,354 16,662 15,755 15,459 13,561 Towing supply 9,269 9,301 8,497 8,809 8,484 Specialty 14,557 12,964 17,845 16,172 9,351 Liftboats 17,454 -- -- -- -- Overall Average Rates Per Day Worked (excluding wind farm utility) 12,068 13,174 12,187 11,318 11,142 Wind farm utility 2,802 2,431 -- -- -- Overall Average Rates Per Day Worked (including wind Farm utility) 10,019 10,839 12,187 11,318 11,142 Utilization: Anchor handling towing supply 63% 77% 70% 52% 53% Crew 84% 79% 78% 75% 70% Mini-supply 98% 98% 96% 87% 77% Standby safety 87% 86% 90% 88% 89% Supply 75% 84% 82% 70% 74% Towing supply 51% 48% 44% 43% 33% Specialty 45% 62% 70% 48% 63% Liftboats 70% --% --% --% --% Overall Fleet Utilization (excluding wind farm utility) 77% 81% 80% 72% 71% Wind farm utility 93% 86% --% --% --% Overall Fleet Utilization (including wind farm utility) 80% 82% 80% 72% 71% Available Days: Anchor handling towing supply 1,547 1,547 1,564 1,564 1,547 Crew 3,276 3,363 3,418 3,487 3,933 Mini-supply 637 637 644 644 728 Standby safety 2,195 2,275 2,355 2,392 2,291 Supply 1,649 1,705 1,798 1,748 1,591 Towing supply 360 364 368 368 494 Specialty 273 273 276 276 353 Liftboats 1,656 -- -- -- -- -------- -------- -------- -------- -------- Overall Fleet Available Days (excluding wind farm utility) 11,593 10,164 10,423 10,479 10,937 -------- -------- -------- -------- -------- Wind farm utility 2,730 2,647 -- -- -- -------- -------- -------- -------- -------- Overall Fleet Available Days (including wind farm utility) 14,323 12,811 10,423 10,479 10,937 ======== ======== ======== ======== ========