SEACOR Holdings Announces Second Quarter Results
FORT LAUDERDALE, FL--(Marketwire - July 22, 2009) - SEACOR Holdings Inc. (NYSE: CKH) announced net income attributable to its stockholders for the second quarter ended June 30, 2009 of $42.3 million, or $1.91 per diluted share, on operating revenues of $389.2 million. For the six months ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $95.3 million, or $4.27 per diluted share, on operating revenues of $788.7 million.
For the quarter ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $37.1 million, or $1.57 per diluted share, on operating revenues of $409.0 million. For the six months ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $73.7 million, or $3.06 per diluted share, on operating revenues of $763.4 million. See explanation below on the retrospective application of FSP APB 14-1.
For the preceding quarter ended March 31, 2009, net income attributable to SEACOR Holdings Inc. was $53.0 million, or $2.36 per diluted share, on operating revenues of $399.5 million. Comparison of results for the second quarter ended June 30, 2009 with the preceding quarter ended March 31, 2009 is included in the discussion below.
Highlights for the Quarter
Offshore Marine Services -- Operating income in the second quarter was $40.5 million on operating revenues of $146.5 million compared with operating income of $76.5 million on operating revenues of $164.8 million in the preceding quarter. Second quarter results included $0.4 million in gains on asset dispositions compared with $14.4 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $21.9 million lower in the second quarter.
Overall operating revenues were $18.3 million lower in the second quarter primarily due to a reduction in rig moving activity in the U.S. Gulf of Mexico and lower overall utilization primarily due to cold-stacking additional vessels. As of June 30, 2009, 23 vessels were cold-stacked, all in the U.S. Gulf of Mexico. In addition, as of June 30, 2009, $10.9 million of vessel charter hire billed to three customers has been deferred due to uncertainty of collection. The Company will recognize the amounts as operating revenues if and when collection is reasonably assured. Overall operating expenses were $2.8 million higher in the second quarter primarily due to increased regulatory drydocking and maintenance costs, higher insurance costs and higher brokered vessel activity in the Middle East. These increases were partially offset by reductions in operating expenses due to the effect of cold-stacking vessels and lower mobilization costs.
The number of days available for charter in the second quarter decreased by 224, or 1.6%. Overall utilization decreased from 80.9% to 75.0% and overall average day rates decreased by 5.8% from $12,777 per day to $12,030 per day.
Marine Transportation Services -- Operating income in the second quarter was $3.4 million on operating revenues of $24.1 million compared with operating income of $0.6 million on operating revenues of $26.5 million in the preceding quarter.
The increase in operating income was primarily due to the Seabulk Energy returning to service after completing a regulatory drydocking on February 22, 2009.
Inland River Services -- Operating income in the second quarter was $5.7 million on operating revenues of $30.2 million compared with operating income of $12.9 million on operating revenues of $37.0 million in the preceding quarter. Second quarter results included $0.4 million in gains on asset dispositions compared with $2.3 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $5.3 million lower in the second quarter primarily due to weaker demand for non-grain shipments.
Aviation Services -- Operating income in the second quarter was $4.6 million on operating revenues of $57.7 million compared with operating income of $6.3 million on operating revenues of $59.4 million in the preceding quarter. Second quarter results included $1.1 million in net losses on asset dispositions and impairments.
Excluding the impact of asset dispositions and impairments, operating income was $0.5 million lower in the second quarter. The start of seasonal activity in Alaska and collection of insurance proceeds related to damage incurred in hurricanes Gustav and Ike were partially offset by reduced activity in the U.S. Gulf of Mexico. Administrative and general expenses were higher due to a recovery in the preceding quarter of a receivable balance from a major Alaska-based customer. Depreciation expense increased as new assets were placed in service.
Environmental Services -- Operating income in the second quarter was $1.8 million on operating revenues of $33.2 million compared with operating income of $1.2 million on operating revenues of $34.2 million in the preceding quarter.
Commodity Trading -- Operating income in the second quarter was $3.2 million on operating revenues of $85.9 million compared with operating income of $0.8 million on operating revenues of $64.5 million in the preceding quarter. Operating results in the second quarter were positively impacted by higher sales volumes at improved margins, partially offset by higher insurance expenses and bonus accruals.
Harbor and Offshore Towing Services -- Operating income in the second quarter was $3.2 million on operating revenues of $16.2 million compared with operating income of $1.7 million on operating revenues of $16.3 million in the preceding quarter. Operating results improved primarily due to gains on asset dispositions and lower drydocking costs as a result of the completion of several drydockings in the previous quarter.
Interest Income -- Interest income was $0.6 million in the second quarter compared with $1.0 million in the preceding quarter.
Interest Expense -- Interest expense was $14.1 million in the second quarter compared with $14.3 million in the preceding quarter. The decrease was primarily due to the Company's second quarter purchases of $45.1 million in principal amount of certain of its Senior Notes and Convertible Debentures partially offset by lower capitalized interest.
Debt Extinguishment -- During the second quarter, the Company recorded losses of $0.1 million on the purchases of $45.1 million in principal amount of certain of its Senior Notes and Convertible Debentures compared with gains of $1.4 million on the purchases of $16.9 million in principal amount of certain of its Senior Notes and Convertible Debentures in the preceding quarter.
Marketable Securities -- Marketable security gains were $11.8 million in the second quarter compared with losses of $4.0 million in the preceding quarter.
Derivatives -- Derivative gains were $3.8 million in the second quarter compared with gains of $3.6 million in the preceding quarter.
Foreign Currencies -- Foreign currency gains were $6.8 million in the second quarter compared with gains of $0.7 million in the preceding quarter. Second quarter gains were primarily due to a weakening of the U.S. dollar against foreign currencies underlying certain of the Company's cash positions and intercompany notes receivable.
Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings from joint ventures was $3.5 million in the second quarter, the same as in the preceding quarter.
Capital Commitments -- The Company's unfunded capital commitments as of June 30, 2009 consisted primarily of offshore marine vessels, helicopters, ocean liquid tank barges and inland river towboats and totaled $117.4 million, of which $48.1 million is payable during 2009 and the balance payable through 2011. Of the total unfunded capital commitments, $20.9 million may be terminated without further liability other than the payment of liquidated damages of $3.0 million in the aggregate. As of June 30, 2009, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $749.4 million.
FSP APB 14-1 -- Effective January 1, 2009, the Company adopted Financial Accounting Standards Board Staff Position, Accounting Principles Board 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) ("FSP APB 14-1"). FSP APB 14-1 requires issuers of convertible debt to account separately for the liability and equity components in a manner that reflects the issuers' non-convertible debt borrowing rate. The resulting debt discount is amortized over the period the debt is expected to be outstanding as additional non-cash interest expense. Upon adopting FSP APB 14-1, the Company recorded the impact on a retrospective basis for all relevant periods and adjusted previously reported equity as of December 31, 2008 by increasing additional paid-in capital $33.9 million and reducing retained earnings $18.9 million. Previously reported diluted earnings per common share remained unchanged.
SEACOR Holdings 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, marine transportation, inland river, aviation, environmental, commodity trading 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: the unprecedented decline in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, loss of U.S. coastwise endorsement for the Seabulk Trader and Seabulk Challenge, retrofitted double-hull tankers, if the Company is unsuccessful in litigation instructing the U.S. Coast Guard to revoke their coastwise charters, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, increased competition if the Jones Act is repealed, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the following should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which 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, ---------------------- ---------------------- 2009 2008 2009 2008 ---------- ---------- ---------- ---------- Operating Revenues $ 389,233 $ 408,967 $ 788,749 $ 763,422 ---------- ---------- ---------- ---------- Costs and Expenses: Operating 256,131 274,304 504,543 509,344 Administrative and general 40,058 45,095 78,740 84,100 Depreciation and amortization 39,828 37,728 79,092 75,528 ---------- ---------- ---------- ---------- 336,017 357,127 662,375 668,972 ---------- ---------- ---------- ---------- Gains (Losses) on Asset Dispositions and Impairments, Net (15) 19,274 16,745 31,180 ---------- ---------- ---------- ---------- Operating Income 53,201 71,114 143,119 125,630 ---------- ---------- ---------- ---------- Other Income (Expense): Interest income 578 5,373 1,621 12,849 Interest expense (14,075) (14,625) (28,412) (28,116) Debt extinguishment gains (losses), net (78) (1) 1,285 (1) Marketable security gains (losses), net 11,829 383 7,848 (5,301) Derivative gains (losses), net 3,765 (7,113) 7,376 (646) Foreign currency gains, net 6,847 604 7,505 3,214 Other, net (1) 162 189 326 ---------- ---------- ---------- ---------- 8,865 (15,217) (2,588) (17,675) ---------- ---------- ---------- ---------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 62,066 55,897 140,531 107,955 Income Tax Expense 22,916 19,933 51,115 39,723 ---------- ---------- ---------- ---------- Income Before Equity in Earnings of 50% or Less Owned Companies 39,150 35,964 89,416 68,232 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 3,491 1,315 7,018 5,894 ---------- ---------- ---------- ---------- Net Income 42,641 37,279 96,434 74,126 Net Income attributable to Noncontrolling Interests in Subsidiaries 333 191 1,132 393 ---------- ---------- ---------- ---------- Net Income attributable to SEACOR Holdings Inc. $ 42,308 $ 37,088 $ 95,302 $ 73,733 ========== ========== ========== ========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 2.13 $ 1.74 $ 4.81 $ 3.37 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.91 $ 1.57 $ 4.27 $ 3.06 Weighted Average Common Shares Outstanding: Basic 19,844,579 21,363,065 19,803,406 21,853,360 Diluted 23,528,365 25,170,903 23,511,361 25,691,551 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, 2009 2009 2008 2008 2008 --------- --------- --------- --------- --------- Operating Revenues $ 389,233 $ 399,516 $ 454,926 $ 437,608 $ 408,967 --------- --------- --------- --------- --------- Costs and Expenses: Operating 256,131 248,412 291,898 269,874 274,304 Administrative and general 40,058 38,682 49,291 41,487 45,095 Depreciation and amortization 39,828 39,264 41,300 39,598 37,728 --------- --------- --------- --------- --------- 336,017 326,358 382,489 350,959 357,127 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net (15) 16,760 37,899 20,074 19,274 --------- --------- --------- --------- --------- Operating Income 53,201 89,918 110,336 106,723 71,114 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 578 1,043 2,610 4,329 5,373 Interest expense (14,075) (14,337) (15,291) (16,409) (14,625) Debt extinguishment gains (losses), net (78) 1,363 6,266 -- (1) Marketable security gains (losses), net 11,829 (3,981) (544) 35,950 383 Derivative gains (losses), net 3,765 3,611 (4,512) (8,430) (7,113) Foreign currency gains (losses), net 6,847 658 (4,368) (6,683) 604 Other, net (1) 190 83 (89) 162 --------- --------- --------- --------- --------- 8,865 (11,453) (15,756) 8,668 (15,217) --------- --------- --------- --------- --------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 62,066 78,465 94,580 115,391 55,897 Income Tax Expense 22,916 28,199 28,000 42,849 19,933 --------- --------- --------- --------- --------- Income Before Equity in Earnings of 50% or Less Owned Companies 39,150 50,266 66,580 72,542 35,964 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 3,491 3,527 4,015 2,160 1,315 --------- --------- --------- --------- --------- Net Income 42,641 53,793 70,595 74,702 37,279 Net Income attributable to Noncontrolling Interests in Subsidiaries 333 799 124 363 191 --------- --------- --------- --------- --------- Net Income attributable to SEACOR Holdings Inc. $ 42,308 $ 52,994 $ 70,471 $ 74,339 $ 37,088 ========= ========= ========= ========= ========= Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 2.13 $ 2.68 $ 3.58 $ 3.68 $ 1.74 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.91 $ 2.36 $ 3.11 $ 3.20 $ 1.57 Weighted Average Common Shares of Outstanding: Basic 19,845 19,762 19,704 20,183 21,363 Diluted 23,528 23,507 23,471 23,999 25,171 Common Shares Outstanding at Period End 20,201 20,191 20,018 19,976 21,117 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended ------------------------------------------------------- Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2009 2009 2008 2008 2008 ---------- ---------- ---------- ---------- ---------- Offshore Marine Services Operating Revenues $ 146,466 $ 164,783 $ 185,956 $ 196,911 $ 171,214 ---------- ---------- ---------- ---------- ---------- Costs and Expenses: Operating 81,609 78,839 93,443 97,790 104,599 Administrative and general 10,935 10,198 15,344 14,473 15,801 Depreciation and amortization 13,802 13,689 14,146 13,689 13,674 ---------- ---------- ---------- ---------- ---------- 106,346 102,726 122,933 125,952 134,074 ---------- ---------- ---------- ---------- ---------- Gains on Asset Dispositions and Impairments, Net 361 14,446 34,200 13,516 14,352 ---------- ---------- ---------- ---------- ---------- Operating Income $ 40,481 $ 76,503 $ 97,223 $ 84,475 $ 51,492 ========== ========== ========== ========== ========== Marine Transportation Services Operating Revenues $ 24,095 $ 26,537 $ 28,776 $ 27,535 $ 28,764 ---------- ---------- ---------- ---------- ---------- Costs and Expenses: Operating 11,792 16,771 16,874 22,391 16,762 Administrative and general 942 1,184 1,771 1,486 1,607 Depreciation and amortization 7,999 7,999 7,997 7,997 8,039 ---------- ---------- ---------- ---------- ---------- 20,733 25,954 26,642 31,874 26,408 ---------- ---------- ---------- ---------- ---------- Operating Income (Loss) $ 3,362 $ 583 $ 2,134 $ (4,339)$ 2,356 ========== ========== ========== ========== ========== Inland River Services Operating Revenues $ 30,163 $ 37,014 $ 44,038 $ 36,517 $ 33,322 ---------- ---------- ---------- ---------- ---------- Costs and Expenses: Operating 17,839 19,409 21,304 23,079 21,310 Administrative and general 2,048 2,136 2,048 1,800 1,916 Depreciation and amortization 4,950 4,866 4,440 4,146 4,032 ---------- ---------- ---------- ---------- ---------- 24,837 26,411 27,792 29,025 27,258 ---------- ---------- ---------- ---------- ---------- Gains on Asset Dispositions 396 2,261 4,138 4,073 1,472 ---------- ---------- ---------- ---------- ---------- Operating Income $ 5,722 $ 12,864 $ 20,384 $ 11,565 $ 7,536 ========== ========== ========== ========== ========== Aviation Services Operating Revenues $ 57,700 $ 59,385 $ 57,557 $ 73,483 $ 63,795 ---------- ---------- ---------- ---------- ---------- Costs and Expenses: Operating 37,312 40,317 44,931 49,991 46,697 Administrative and general 5,649 4,151 5,432 5,174 4,895 Depreciation and amortization 9,070 8,706 10,379 9,571 8,672 ---------- ---------- ---------- ---------- ---------- 52,031 53,174 60,742 64,736 60,264 ---------- ---------- ---------- ---------- ---------- Gains (Losses) on Asset Dispositions and Impairments, Net (1,104) 45 (26) 1,307 3,208 ---------- ---------- ---------- ---------- ---------- Operating Income (Loss) $ 4,565 $ 6,256 $ (3,211) $ 10,054 $ 6,739 ========== ========== ========== ========== ========== Environmental Services Operating Revenues $ 33,175 $ 34,234 $ 45,360 $ 42,177 $ 37,984 ---------- ---------- ---------- ---------- ---------- Costs and Expenses: Operating 23,656 24,077 30,253 29,904 26,571 Administrative and general 5,966 7,241 7,471 5,924 8,423 Depreciation and amortization 1,739 1,754 2,161 2,033 1,414 ---------- ---------- ---------- ---------- ---------- 31,361 33,072 39,885 37,861 36,408 ---------- ---------- ---------- ---------- ---------- Gains on Asset Dispositions 4 8 5 -- 84 ---------- ---------- ---------- ---------- ---------- Operating Income $ 1,818 $ 1,170 $ 5,480 $ 4,316 $ 1,660 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2009 2009 2008 2008 2008 --------- --------- --------- --------- --------- Commodity Trading Operating Revenues $ 85,852 $ 64,503 $ 79,881 $ 44,290 $ 55,419 --------- --------- --------- --------- --------- Costs and Expenses: Operating 79,165 61,871 78,425 37,746 46,977 Administrative and general 3,468 1,839 5,231 1,358 1,644 Depreciation and amortization 2 -- -- -- -- --------- --------- --------- --------- --------- 82,635 63,710 83,656 39,104 48,621 --------- --------- --------- --------- --------- Operating Income (Loss) $ 3,217 $ 793 $ (3,775) $ 5,186 $ 6,798 ========= ========= ========= ========= ========= Harbor and Offshore Towing Services Operating Revenues $ 16,241 $ 16,346 $ 16,792 $ 19,529 $ 19,929 --------- --------- --------- --------- --------- Costs and Expenses: Operating 9,214 10,704 9,812 11,941 12,959 Administrative and general 2,228 2,020 2,654 2,571 2,398 Depreciation and amortization 1,973 1,952 1,940 1,884 1,648 --------- --------- --------- --------- --------- 13,415 14,676 14,406 16,396 17,005 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions 330 -- (5) -- 158 --------- --------- --------- --------- --------- Operating Income $ 3,156 $ 1,670 $ 2,381 $ 3,133 $ 3,082 ========= ========= ========= ========= ========= Other Operating Revenues $ -- $ -- $ -- $ 270 $ 104 --------- --------- --------- --------- --------- Costs and Expenses: Operating -- -- -- -- -- Administrative and general 379 206 122 117 131 Depreciation and amortization -- -- -- 3 8 --------- --------- --------- --------- --------- 379 206 122 120 139 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions -- -- (16) 1,178 -- --------- --------- --------- --------- --------- Operating Income (Loss) $ (379) $ (206) $ (138) $ 1,328 $ (35) ========= ========= ========= ========= ========= Corporate and Eliminations Operating Revenues $ (4,459) $ (3,286) $ (3,434) $ (3,104) $ (1,564) --------- --------- --------- --------- --------- Costs and Expenses: Operating (4,456) (3,576) (3,144) (2,968) (1,571) Administrative and general 8,443 9,707 9,218 8,584 8,280 Depreciation and amortization 293 298 237 275 241 --------- --------- --------- --------- --------- 4,280 6,429 6,311 5,891 6,950 --------- --------- --------- --------- --------- Losses on Asset Dispositions and Impairments, Net (2) -- (397) -- -- --------- --------- --------- --------- --------- Operating Loss $ (8,741) $ (9,715) $ (10,142) $ (8,995) $ (8,514) ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2009 2009 2008 2008 2008 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 415,626 $ 376,720 $ 275,442 $ 326,143 $ 422,569 Restricted cash 20,838 23,984 20,787 23,659 30,072 Marketable securities 47,305 50,785 53,817 72,862 97,920 Receivables: Trade, net of allowance for doubtful accounts 251,111 262,170 277,350 294,330 272,291 Other 60,373 41,515 40,141 57,892 54,520 Inventories 68,082 62,065 66,278 50,234 42,063 Deferred income taxes 5,164 5,164 5,164 9,929 9,929 Prepaid expenses and other 14,734 11,286 10,499 8,943 12,067 ---------- ---------- ---------- ---------- ---------- Total current assets 883,233 833,689 749,478 843,992 941,431 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,801,446 2,761,837 2,741,322 2,706,500 2,665,956 Accumulated depreciation (692,084) (649,971) (601,806) (596,017) (578,100) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,109,362 2,111,866 2,139,516 2,110,483 2,087,856 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 150,862 158,066 150,062 143,190 115,701 Construction Reserve Funds & Title XI Reserve Funds 265,586 297,681 305,757 265,586 270,357 Goodwill 53,581 52,919 51,496 61,401 63,101 Intangible Assets 26,018 27,230 28,478 29,707 28,079 Other Assets, net of allowance for doubtful accounts 48,053 36,086 34,867 30,606 39,430 ---------- ---------- ---------- ---------- ---------- $3,536,695 $3,517,537 $3,459,654 $3,484,965 $3,545,955 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 11,834 $ 12,301 $ 33,671 $ 10,301 $ 10,385 Current portion of capital lease obligations 921 921 907 15,074 33,682 Accounts payable and accrued expenses 93,908 104,023 102,798 105,496 101,942 Other current liabilities 157,030 145,421 139,425 226,395 273,185 ---------- ---------- ---------- ---------- ---------- Total current liabilities 263,693 262,666 276,801 357,266 419,194 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 861,096 910,156 895,689 904,072 898,265 Capital Lease Obligations 7,178 7,426 7,685 7,940 8,192 Deferred Income Taxes 543,075 530,825 515,455 520,871 501,602 Deferred Gains and Other Liabilities 111,939 111,714 121,796 126,281 127,217 ---------- ---------- ---------- ---------- ---------- Total liabilities 1,786,981 1,822,787 1,817,426 1,916,430 1,954,470 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 326 325 324 323 323 Additional paid-in capital 962,990 959,092 956,457 951,109 947,791 Retained earnings 1,498,073 1,455,765 1,402,771 1,332,300 1,257,961 Shares held in treasury, at cost (723,650) (723,154) (724,357) (724,165) (628,041) Accumulated other comprehensive income (loss) 2,318 (5,614) (5,045) (2,977) 1,470 ---------- ---------- ---------- ---------- ---------- 1,740,057 1,686,414 1,630,150 1,556,590 1,579,504 Noncontrolling interests in subsidiaries 9,657 8,336 12,078 11,945 11,981 ---------- ---------- ---------- ---------- ---------- Total equity 1,749,714 1,694,750 1,642,228 1,568,535 1,591,485 ---------- ---------- ---------- ---------- ---------- $3,536,695 $3,517,537 $3,459,654 $3,484,965 $3,545,955 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. EQUIPMENT BY LINE OF BUSINESS Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2009 2009 2008 2008 2008 -------- -------- -------- -------- -------- Offshore Marine Services Anchor handling towing supply 21 21 20 20 20 Crew 68 71 75 77 76 Mini-supply 12 15 16 19 20 Standby safety 24 28 29 29 29 Supply 28 28 27 27 28 Towing supply 13 13 14 15 16 Specialty 9 9 9 10 13 -------- -------- -------- -------- -------- 175 185 190 197 202 ======== ======== ======== ======== ======== Marine Transportation Services U.S.-flag product tankers 8 8 8 8 8 ======== ======== ======== ======== ======== Inland River Services Inland river dry cargo barges-open 333 333 345 338 318 Inland river dry cargo barges-covered 626 629 632 637 659 Inland river liquid tank barges 87 87 86 75 75 Inland river deck barges 26 26 26 26 26 Inland river towboats 23 23 22 21 20 Dry-cargo vessel 1 1 -- -- -- -------- -------- -------- -------- -------- 1,096 1,099 1,111 1,097 1,098 ======== ======== ======== ======== ======== Aviation Services Light helicopters - single engine 60 64 63 62 62 Light helicopters - twin engine 50 55 55 53 55 Medium helicopters 61 63 62 58 57 Heavy helicopters 8 6 7 6 5 -------- -------- -------- -------- -------- 179 188 187 179 179 ======== ======== ======== ======== ======== Harbor and Offshore Towing Services Harbor and offshore tugs 33 35 35 35 35 Ocean liquid tank barges 3 3 3 3 2 -------- -------- -------- -------- -------- 36 38 38 38 37 ======== ======== ======== ======== ========