SEACOR Holdings Announces Second Quarter Results
FORT LAUDERDALE, FL -- (MARKET WIRE) -- 07/25/11 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the second quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2011 was $9.0 million, or $0.42 per diluted share, on operating revenues of $536.4 million. 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, on operating revenues of $1,008.7 million.
For the preceding quarter ended March 31, 2011, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.52 per diluted share, on operating revenues of $472.3 million.
For the quarter ended June 30, 2010, net income attributable to SEACOR Holdings Inc. was $64.1 million, or $2.93 per diluted share, on operating revenues of $694.6 million. For the six months ended June 30, 2010, net income attributable to SEACOR Holdings Inc. was $67.7 million, or $3.05 per diluted share, on operating revenues of $1,089.2 million. The Company's results for its Environmental Services, Offshore Marine Services and Harbor and Offshore Towing Services business segments for the six months ended June 30, 2010 increased significantly due to 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 $5.5 million on operating revenues of $93.4 million compared with an operating loss of $2.6 million on operating revenues of $80.3 million in the preceding quarter. Second quarter results included $3.6 million in gains on asset dispositions compared with $4.4 million in gains in the preceding quarter.
In the U.S. Gulf of Mexico, results continue to be negatively impacted by the fragile market for offshore marine equipment. In the second quarter, the Bureau of Ocean Energy issued a limited number of drilling permits resulting in a modest pick-up in spot market activity. Utilization improved to 54.6% compared with 40.5% in the preceding quarter and average day rates increased from $9,898 per day to $12,982 per day. As of June 30, 2011, the Company had seven vessels cold-stacked in the U.S. Gulf of Mexico, compared with twelve as of March 31, 2011.
Activity in international regions was relatively flat compared with the preceding quarter. Utilization was 81.0% compared with 81.3% in the preceding quarter and average day rates increased from $10,197 per day to $10,354 per day.
In the second quarter, the total number of days available for charter increased by 60, or 0.6%, overall utilization increased from 65.1% to 70.7% and overall average day rates increased by 10.1% from $10,123 per day to $11,142 per day.
Aviation Services - Operating income was $13.6 million on operating revenues of $68.5 million compared with operating income of $5.9 million on operating revenues of $56.2 million in the preceding quarter. Second quarter results included $6.2 million in gains on asset dispositions compared with $2.2 million in gains in the preceding quarter.
Operating revenues were higher primarily due to additional aircraft being placed on contract and more flight hours in the U.S. Gulf of Mexico and the start of seasonal firefighting and flightseeing activities in Alaska. Revenues generated from international activities were higher due to the start of new contracts in various locations, additional flight hours on existing contracts and the impact of a full quarter of operations on contracts that began in the preceding quarter. Operating expenses were $9.0 million higher in the second quarter generally in line with the increased activity levels. In addition, operating expenses in the preceding quarter had been reduced by the receipt of insurance proceeds related to hurricane damages sustained in 2005, an insurance credit for good experience and the termination of a power-by-hour maintenance contract.
Inland River Services - Operating income was $3.7 million on operating revenues of $41.4 million compared with operating income of $11.0 million on operating revenues of $46.5 million in the preceding quarter. In late April, heavy rains in the Mid-South through the Lower Ohio Valley produced severe flood conditions resulting in difficult operating conditions with periodic river closures and restricted tow sizes. In the second quarter, operating results for the pooled hopper fleet were negatively impacted by higher operating expenses primarily due to higher fuel prices and high-water escalators.
Marine Transportation Services - Operating income was $2.9 million on operating revenues of $24.3 million compared with operating income of $1.9 million on operating revenues of $17.3 million in the preceding quarter.
During the second quarter, Marine Transportation Services acquired certain real property, eight foreign flag Roll-on/Roll-off ("RORO") vessels and an interest in an operating company engaged in the shipping trade between the United States, the Bahamas and the Caribbean. In the second quarter, the acquired operation contributed operating revenues of $6.8 million and an operating loss of $0.4 million. Operating results were negatively impacted by drydocking costs for one RORO vessel and charter-in expenses to cover that vessel's out-of-service time.
Operating results for Marine Transportation Services' U.S.-flag product tanker fleet improved by $1.4 million primarily due to lower repair and maintenance and insurance costs.
Environmental Services - Operating income was $4.2 million on operating revenues of $48.5 million compared with operating income of $9.3 million on operating revenues of $63.1 million in the preceding quarter. Operating income decreased due to higher wage and benefit and legal costs and a lower contribution from activities associated with the Deepwater Horizon oil spill response. Operating income for the quarter ended June 30, 2010 was $78.9 million on operating revenues of $214.6 million. Operating results in the second quarter of 2010 increased significantly due to oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010 as noted above.
Commodity Trading and Logistics - Segment profit was $5.2 million on operating revenues of $245.3 million compared with a segment loss of $0.4 million on operating revenues of $194.0 million in the preceding quarter.
Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.9 million on operating revenues of $17.9 million compared with operating income of $3.5 million on operating revenues of $17.5 million in the preceding quarter. The improvement in operating income was primarily due to higher fuel surcharges, lower repair and charter-in costs and lower severance accruals.
Corporate and Eliminations - Administrative and general expenses were $7.6 million compared with $10.7 million in the preceding quarter. The reduction is primarily due to lower management bonus accruals. Derivative losses, net, of $6.6 million were primarily due to market value changes on the Company's treasury rate-lock agreement and interest rate futures.
Marketable Securities - Marketable security losses, net, of $4.8 million were primarily the result of a reduction in the market value on long equity positions partially offset by reductions in the market value of equities underlying the Company's short equity positions.
Foreign Currency - Foreign currency gains, net, of $1.5 million were primarily due to the strengthening of the euro against the U.S. dollar.
Capital Commitments - The Company's unfunded capital commitments as of June 30, 2011 consisted primarily of offshore support vessels, helicopters, an interest in a dry-bulk articulated tug-barge, an interest in a river grain terminal and other property and equipment. These commitments totaled $318.2 million, of which $153.0 million is payable during the remainder of 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $48.2 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. As of June 30, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $800.1 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, 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.
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------------ ------------------------ 2011 2010 2011 2010 ----------- ----------- ----------- ----------- Operating Revenues $ 536,446 $ 694,576 $ 1,008,710 $ 1,089,151 ----------- ----------- ----------- ----------- Costs and Expenses: Operating 428,671 484,742 799,682 797,047 Administrative and general 45,937 46,108 92,331 86,999 Depreciation and amortization 41,070 41,608 81,129 83,005 ----------- ----------- ----------- ----------- 515,678 572,458 973,142 967,051 ----------- ----------- ----------- ----------- Gains on Asset Dispositions and Impairments, Net 10,282 4,398 17,537 18,057 ----------- ----------- ----------- ----------- Operating Income 31,050 126,516 53,105 140,157 ----------- ----------- ----------- ----------- Other Income (Expense): Interest income 3,307 1,863 7,045 3,226 Interest expense (10,465) (11,264) (20,506) (23,588) Debt extinguishment losses, net -- (364) (48) (368) Marketable security losses, net (4,754) (5,406) (3,220) (3,445) Derivative losses, net (6,601) (4,721) (9,919) (1,945) Foreign currency gains (losses), net 1,520 (7,500) 6,579 (10,201) Other, net (56) 46 (234) 646 ----------- ----------- ----------- ----------- (17,049) (27,346) (20,303) (35,675) ----------- ----------- ----------- ----------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 14,001 99,170 32,802 104,482 Income Tax Expense 5,638 37,399 13,004 39,715 ----------- ----------- ----------- ----------- Income Before Equity in Earnings of 50% or Less Owned Companies 8,363 61,771 19,798 64,767 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,004 2,876 1,038 3,745 ----------- ----------- ----------- ----------- Net Income 9,367 64,647 20,836 68,512 Net Income attributable to Noncontrolling Interests in Subsidiaries 336 565 635 829 ----------- ----------- ----------- ----------- Net Income attributable to SEACOR Holdings Inc. $ 9,031 $ 64,082 $ 20,201 $ 67,683 =========== =========== =========== =========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.43 $ 2.95 $ 0.96 $ 3.08 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.42 $ 2.93 $ 0.94 $ 3.05 Weighted Average Common Shares Outstanding: Basic 21,166,037 21,733,003 21,135,557 21,999,905 Diluted 21,517,725 21,905,401 21,478,759 22,187,114 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, 2011 2011 2010 2010 2010 --------- --------- --------- --------- --------- Operating Revenues $ 536,446 $ 472,264 $ 580,384 $ 979,833 $ 694,576 --------- --------- --------- --------- --------- Costs and Expenses: Operating 428,671 371,011 449,961 683,219 484,742 Administrative and general 45,937 46,394 54,892 50,627 46,108 Depreciation and amortization 41,070 40,059 39,173 41,312 41,608 --------- --------- --------- --------- --------- 515,678 457,464 544,026 775,158 572,458 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 10,282 7,255 3,285 23,896 4,398 --------- --------- --------- --------- --------- Operating Income 31,050 22,055 39,643 228,571 126,516 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 3,307 3,738 3,094 2,562 1,863 Interest expense (10,465) (10,041) (10,088) (10,274) (11,264) Debt extinguishment losses, net -- (48) (1,092) -- (364) Marketable security gains (losses), net (4,754) 1,534 1,340 (54) (5,406) Derivative gains (losses), net (6,601) (3,318) 6,502 1,648 (4,721) Foreign currency gains (losses), net 1,520 5,059 (3,511) 7,585 (7,500) Other, net (56) (178) 3,061 10 46 --------- --------- --------- --------- --------- (17,049) (3,254) (694) 1,477 (27,346) --------- --------- --------- --------- --------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 14,001 18,801 38,949 230,048 99,170 Income Tax Expense 5,638 7,366 13,250 87,709 37,399 --------- --------- --------- --------- --------- Income Before Equity in Earnings of 50% or Less Owned Companies 8,363 11,435 25,699 142,339 61,771 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,004 34 1,501 7,933 2,876 --------- --------- --------- --------- --------- Net Income 9,367 11,469 27,200 150,272 64,647 Net Income attributable to Noncontrolling Interests in Subsidiaries 336 299 97 334 565 --------- --------- ---------- --------- --------- Net Income attributable to SEACOR Holdings Inc. $ 9,031 $ 11,170 $ 27,103 $ 149,938 $ 64,082 ========= ========= ========= ========= ========= Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.43 $ 0.53 $ 1.30 $ 7.21 $ 2.95 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.42 $ 0.52 $ 1.27 $ 7.14 $ 2.93 Weighted Average Common Shares of Outstanding: Basic 21,166 21,105 20,843 20,787 21,733 Diluted 21,518 21,439 21,306 21,001 21,905 Common Shares Outstanding at Period End 21,679 21,652 21,400 21,231 21,218 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 ----------------------------------------------------- Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2011 2011 2010 2010 2010 --------- --------- --------- --------- --------- Offshore Marine Services --------------------- Operating Revenues $ 93,386 $ 80,344 $ 100,631 $ 160,916 $ 147,123 --------- --------- --------- --------- --------- Costs and Expenses: Operating 68,242 63,020 76,607 79,205 80,011 Administrative and general 11,078 11,770 13,037 12,378 12,931 Depreciation and amortization 12,205 12,533 12,279 12,758 13,245 --------- --------- --------- --------- --------- 91,525 87,323 101,923 104,341 106,187 --------- --------- --------- --------- --------- Gains on Asset Dispositions 3,607 4,364 2,142 12,717 1,964 --------- --------- --------- --------- --------- Operating Income (Loss) 5,468 (2,615) 850 69,292 42,900 --------- --------- --------- --------- --------- Other Income (Expense): Foreign currency gains (losses), net (408) 725 (154) 977 425 Other, net -- -- 1 -- -- Equity in Earnings of 50% or Less Owned Companies, Net of Tax 200 735 3,042 2,300 1,713 --------- --------- --------- --------- --------- Segment Profit (Loss) $ 5,260 $ (1,155) $ 3,739 $ 72,569 $ 45,038 ========= ========= ========= ========= ========= Aviation Services --------------------- Operating Revenues $ 68,493 $ 56,155 $ 55,522 $ 67,136 $ 62,433 --------- --------- --------- --------- --------- Costs and Expenses: Operating 42,457 33,465 37,174 37,492 40,541 Administrative and general 6,229 7,020 7,042 7,274 6,091 Depreciation and amortization 12,390 11,919 11,287 10,889 10,728 --------- --------- --------- --------- --------- 61,076 52,404 55,503 55,655 57,360 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 6,172 2,194 (117) 412 379 --------- --------- --------- --------- --------- Operating Income (Loss) 13,589 5,945 (98) 11,893 5,452 --------- --------- --------- --------- --------- Other Income (Expense): Derivative gains (losses), net (811) 310 (27) (29) 38 Foreign currency gains (losses), net 338 353 166 (81) (1,731) Other, net -- -- -- 50 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,054 (99) (83) 663 (442) --------- --------- --------- --------- --------- Segment Profit (Loss) $ 14,170 $ 6,509 $ (42) $ 12,496 $ 3,317 ========= ========= ========= ========= ========= Inland River Services --------------------- Operating Revenues $ 41,442 $ 46,469 $ 52,284 $ 41,381 $ 34,596 --------- --------- --------- --------- --------- Costs and Expenses: Operating 28,717 27,884 29,542 26,535 21,547 Administrative and general 3,166 2,697 3,114 2,898 2,618 Depreciation and amortization 5,791 5,622 5,472 5,415 4,958 --------- --------- --------- --------- --------- 37,674 36,203 38,128 34,848 29,123 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions (22) 697 697 29,445 899 --------- --------- --------- --------- --------- Operating Income 3,746 10,963 14,853 35,978 6,372 --------- --------- --------- --------- --------- Other Income (Expense): Other, net 3 1 2,227 -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 666 (256) (521) 3,522 805 --------- --------- --------- --------- --------- Segment Profit $ 4,415 $ 10,708 $ 16,559 $ 39,500 $ 7,177 ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2011 2011 2010 2010 2010 --------- --------- --------- --------- --------- Marine Transportation Services --------------------- Operating Revenues $ 24,336 $ 17,312 $ 16,908 $ 18,540 $ 21,263 --------- --------- --------- --------- --------- Costs and Expenses: Operating 13,584 8,979 8,174 8,754 8,915 Administrative and general 2,146 1,417 2,040 1,087 1,038 Depreciation and amortization 5,728 4,978 5,309 7,320 8,008 --------- --------- --------- --------- --------- 21,458 15,374 15,523 17,161 17,961 --------- --------- --------- --------- --------- Losses on Asset Dispositions and Impairments -- -- -- (18,677) (11) --------- --------- --------- --------- --------- Operating Income (Loss) 2,878 1,938 1,385 (17,298) 3,291 --------- --------- --------- --------- --------- Other Income (Expense): Foreign currency gains (losses), net 6 16 (13) 61 (41) Other, net 56 -- -- -- -- --------- --------- --------- --------- --------- Segment Profit (Loss) $ 2,940 $ 1,954 $ 1,372 $ (17,237) $ 3,250 ========= ========= ========= ========= ========= Environmental Services --------------------- Operating Revenues $ 48,466 $ 63,086 $ 163,380 $ 468,226 $ 214,629 --------- --------- --------- --------- --------- Costs and Expenses: Operating 31,662 44,044 116,346 329,497 127,108 Administrative and general 10,322 7,551 7,485 11,508 6,525 Depreciation and amortization 2,238 2,231 2,065 2,249 2,099 --------- --------- --------- --------- --------- 44,222 53,826 125,896 343,254 135,732 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions (19) -- 563 -- (36) --------- --------- --------- --------- --------- Operating Income 4,225 9,260 38,047 124,972 78,861 --------- --------- --------- --------- --------- Other Income (Expense): Foreign currency gains (losses), net 97 (51) (115) 3 (23) Other, net 2 -- 1 -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 132 (8) 58 533 54 --------- --------- --------- --------- --------- Segment Profit $ 4,456 $ 9,201 $ 37,991 $ 125,508 $ 78,892 ========= ========= ========= ========= ========= Commodity Trading and Logistics --------------------- Operating Revenues $ 245,321 $ 194,012 $ 178,944 $ 216,896 $ 203,064 --------- --------- --------- --------- --------- Costs and Expenses: Operating 237,644 187,018 173,922 204,467 203,374 Administrative and general 2,202 2,660 1,184 3,716 3,791 Depreciation and amortization 12 13 13 13 15 --------- --------- --------- --------- --------- 239,858 189,691 175,119 208,196 207,180 --------- --------- --------- --------- --------- Operating Income (Loss) 5,463 4,321 3,825 8,700 (4,116) --------- --------- --------- --------- --------- Other Income (Expense): Derivative gains (losses), net 828 (4,750) (8,192) (5,307) 4,611 Foreign currency gains (losses), net (16) (5) 26 190 (30) Other, net -- -- 781 -- 6 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (1,051) 51 (611) 1,042 (13) --------- --------- --------- --------- --------- Segment Profit (Loss) $ 5,224 $ (383) $ (4,171) $ 4,625 $ 458 ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2011 2011 2010 2010 2010 --------- --------- --------- --------- --------- Other --------------------- Operating Revenues $ 17,921 $ 17,536 $ 16,395 $ 20,031 $ 18,969 --------- --------- --------- --------- --------- Costs and Expenses: Operating 9,158 9,142 11,872 10,559 10,895 Administrative and general 3,210 2,620 3,031 2,803 2,793 Depreciation and amortization 2,237 2,289 2,289 2,224 2,107 --------- --------- --------- --------- --------- 14,605 14,051 17,192 15,586 15,795 --------- --------- --------- --------- --------- Gains on Asset Dispositions 544 -- -- -- 1,203 --------- --------- --------- --------- --------- Operating Income (Loss) 3,860 3,485 (797) 4,445 4,377 --------- --------- --------- --------- --------- Other Income (Expense): Foreign currency gains (losses), net (24) 1 (17) 34 (15) Other, net -- (1) 10 -- 34 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 3 (389) (384) (127) 759 --------- --------- --------- --------- --------- Segment Profit (Loss) $ 3,839 $ 3,096 $ (1,188) $ 4,352 $ 5,155 ========= ========= ========= ========= ========= Corporate and Eliminations --------------------- Operating Revenues $ (2,919) $ (2,650) $ (3,680) $ (13,293) $ (7,501) --------- --------- --------- --------- --------- Costs and Expenses: Operating (2,793) (2,541) (3,676) (13,290) (7,649) Administrative and general 7,584 10,659 17,959 8,963 10,321 Depreciation and amortization 469 474 459 444 448 --------- --------- --------- --------- --------- 5,260 8,592 14,742 (3,883) 3,120 --------- --------- --------- --------- --------- Losses on Asset Dispositions -- -- -- (1) -- --------- --------- --------- --------- --------- Operating Loss $ (8,179) $ (11,242) $ (18,422) $ (9,411) $ (10,621) ========= ========= ========= ========= ========= Other Income (Expense): Derivative gains (losses), net $ (6,618) $ 1,122 $ 14,721 $ 6,984 $ (9,370) Foreign currency gains (losses), net 1,527 4,020 (3,404) 6,401 (6,085) Other, net (117) (178) 41 (40) 6 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2011 2011 2010 2010 2010 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 366,813 $ 409,716 $ 370,028 $ 662,278 $ 398,498 Restricted cash 12,976 19,545 12,651 14,823 9,421 Marketable securities 105,608 149,026 147,409 103,150 86,457 Receivables: Trade, net of allowance for doubtful accounts 321,244 324,218 450,912 512,131 449,142 Other 48,825 55,475 72,448 44,550 50,345 Inventories 87,131 97,405 67,498 66,024 74,434 Deferred income taxes 5,442 5,442 5,442 3,354 3,354 Prepaid expenses and other 24,979 22,794 18,414 17,570 24,075 ---------- ---------- ---------- ---------- ---------- Total current assets 973,018 1,083,621 1,144,802 1,423,880 1,095,726 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,942,637 2,862,386 2,803,754 2,899,150 2,896,777 Accumulated depreciation (900,979) (875,140) (835,032) (850,428) (821,641) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,041,658 1,987,246 1,968,722 2,048,722 2,075,136 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Advances to 50% or Less Owned Companies 210,372 190,472 182,387 148,334 201,474 Construction Reserve Funds & Title XI Reserve Funds 314,679 331,689 323,885 272,259 227,184 Goodwill 62,467 61,864 61,779 54,764 54,653 Intangible Assets 18,448 19,810 21,169 21,627 21,195 Other Assets, net of allowance for doubtful accounts 85,118 59,996 57,645 52,846 51,522 ---------- ---------- ---------- ---------- ---------- $3,705,760 $3,734,698 $3,760,389 $4,022,432 $3,726,890 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 20,568 $ 18,106 $ 14,618 $ 13,809 $ 14,154 Current portion of capital lease obligations 1,064 1,047 1,030 1,014 998 Accounts payable and accrued expenses 212,357 275,991 322,785 336,968 223,277 Other current liabilities 232,309 205,546 197,080 237,738 209,571 ---------- ---------- ---------- ---------- ---------- Total current liabilities 466,298 500,690 535,513 589,529 448,000 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 690,774 694,872 697,427 681,268 682,134 Capital Lease Obligations 4,901 5,200 5,493 5,783 6,067 Deferred Income Taxes 561,477 563,023 567,880 586,466 572,985 Deferred Gains and Other Liabilities 146,853 150,593 156,711 88,130 96,510 ---------- ---------- ---------- ---------- ---------- Total liabilities 1,870,303 1,914,378 1,963,024 1,951,176 1,805,696 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 363 363 361 358 358 Additional paid-in capital 1,239,502 1,233,250 1,225,296 1,196,445 1,191,943 Retained earnings 1,491,824 1,482,793 1,471,623 1,764,202 1,614,264 Shares held in treasury, at cost (901,460) (901,386) (903,004) (891,887) (887,129) Accumulated other comprehensive loss (6,843) (5,724) (7,039) (7,568) (7,839) ---------- ---------- ---------- ---------- ---------- 1,823,386 1,809,296 1,787,237 2,061,550 1,911,597 Noncontrolling interests in subsidiaries 12,071 11,024 10,128 9,706 9,597 ---------- ---------- ---------- ---------- ---------- Total equity 1,835,457 1,820,320 1,797,365 2,071,256 1,921,194 ---------- ---------- ---------- ---------- ---------- $3,705,760 $3,734,698 $3,760,389 $4,022,432 $3,726,890 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2011 2011 2010 2010 2010 --------- --------- --------- --------- --------- Offshore Marine Services -------------------------- Anchor handling towing supply 19 19 20 20 20 Crew 52 52 52 54 57 Mini-supply 8 9 9 12 12 Standby safety 26 26 26 26 26 Supply 28 26 27 27 27 Towing supply 6 7 8 8 9 Specialty 11 12 12 12 12 --------- --------- --------- --------- --------- 150 151 154 159 163 ========= ========= ========= ========= ========= Aviation Services -------------------------- Light helicopters - single engine 61 61 60 60 60 Light helicopters - twin engine 44 44 45 45 46 Medium helicopters 65 63 62 59 59 Heavy helicopters 7 9 9 9 9 --------- --------- --------- --------- --------- 177 177 176 173 174 ========= ========= ========= ========= ========= Inland River Services -------------------------- Inland river dry-cargo barges 1,492 1,497 1,388 1,394 1,449 Inland river liquid tank barges 80 80 80 86 87 Inland river deck barges 26 26 26 26 26 Inland river towboats 31 32 32 32 29 Dry-cargo vessel 1 1 1 1 1 --------- --------- --------- --------- --------- 1,630 1,636 1,527 1,539 1,592 ========= ========= ========= ========= ========= Marine Transportation Services -------------------------- U.S.-flag product tankers 8 8 8 8 8 RORO vessels 8 -- -- -- -- --------- --------- --------- --------- --------- 16 8 8 8 8 ========= ========= ========= ========= ========= Other -------------------------- Harbor and offshore tugs 28 29 30 31 31 Ocean liquid tank barges 5 5 5 5 5 --------- --------- --------- --------- --------- 33 34 35 36 36 ========= ========= ========= ========= =========
For additional information, contact Molly Hottinger (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com
Source: SEACOR Holdings Inc.