SEACOR Holdings Announces Third Quarter Results
FORT LAUDERDALE, FL -- (MARKET WIRE) -- 10/20/11 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the third quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2011 was $3.8 million, or $0.18 per diluted share, on operating revenues of $571.4 million. For the nine months ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $24.0 million, or $1.12 per diluted share, on operating revenues of $1,580.1 million.
For the preceding quarter ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $9.0 million, or $0.42 per diluted share, on operating revenues of $536.4 million.
For the quarter ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $149.9 million, or $7.14 per diluted share, on operating revenues of $979.8 million. For the nine months ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $217.6 million, or $9.99 per diluted share, on operating revenues of $2,069.0 million. The Company's results for its Environmental Services, Offshore Marine Services and Harbor and Offshore Towing Services business segments for the three and nine months ended September 30, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010.
Highlights for the Quarter
Offshore Marine Services - Operating income was $7.6 million on operating revenues of $93.3 million compared with operating income of $5.5 million on operating revenues of $93.4 million in the preceding quarter. Third quarter results included $5.2 million in gains on asset dispositions compared with $3.6 million in gains in the preceding quarter. In the third quarter, the total number of days available for charter decreased by 458, or 4.2%; overall utilization increased from 70.7% to 72.4%; and overall average day rates increased by 1.6% from $11,142 per day to $11,318 per day.
A soft market for offshore marine equipment in the U.S. Gulf of Mexico continued to negatively impact results. Utilization was 53.5% compared with 54.6% in the preceding quarter and average day rates decreased from $12,982 per day to $10,631 per day. As of September 30, 2011, the Company had seven vessels cold-stacked in the U.S. Gulf of Mexico, unchanged from June 30, 2011.
Activity in international regions improved during the third quarter, particularly in West Africa, primarily due to the commencement of several long term charters. Utilization was 85.2% compared with 81.0% in the preceding quarter and average day rates increased from $10,354 per day to $11,612 per day.
Equity in earnings in the third quarter increased primarily due to an $8.4 million gain, net of tax, recognized upon Offshore Marine Services' Mexican joint venture issuing an additional equity interest to an unrelated third party.
Aviation Services - Operating income was $15.1 million on operating revenues of $71.8 million compared with operating income of $13.6 million on operating revenues of $68.5 million in the preceding quarter. Third quarter results included $4.9 million in gains on asset dispositions compared with $6.2 million in gains in the preceding quarter.
Operating revenues were higher primarily due to increased activity in support of mining, firefighting and flightseeing operations in Alaska and due to a new hospital contract and increased activity in air medical services. Operating revenues from contract leasing activities were lower due to the delay in the commencement of certain international contracts. Operating expenses were higher primarily due to higher activity levels as described above and the commencement of a new power-by-hour contract. Depreciation expense was lower following a change in the estimated useful life and salvage value of aircraft.
Inland River Services - Operating income was $9.3 million on operating revenues of $47.9 million compared with operating income of $3.7 million on operating revenues of $41.4 million in the preceding quarter. Operating results improved primarily due to increased activity in the pooled hopper fleet at the beginning of the harvest season and improved operating conditions. In the preceding quarter, 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.
Marine Transportation Services - Operating income was $1.7 million on operating revenues of $24.8 million compared with operating income of $2.9 million on operating revenues of $24.3 million in the preceding quarter. Operating results for Marine Transportation Services' eight foreign flag Roll-on/Roll-off vessels were lower primarily due to operational issues and the impact of Hurricane Irene and were lower for its U.S.-flag product tanker fleet primarily due to the costs and off-hire time associated with one vessel undergoing a regulatory underwater survey.
Environmental Services - Operating income was $1.0 million on operating revenues of $40.4 million compared with operating income of $4.2 million on operating revenues of $48.5 million in the preceding quarter. The reduction in operating income was primarily due to a lower contribution from oil spill response activities related to the Deepwater Horizon sinking in April 2010 partially offset by lower wage and benefit and legal costs. Operating income in the quarter ended September 30, 2010 was $125.0 million on operating revenues of $468.2 million and reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking as noted above.
Commodity Trading and Logistics - Commodity Trading and Logistics reported a segment loss of $7.1 million on operating revenues of $279.2 million compared with a segment profit of $5.2 million on operating revenues of $245.3 million in the preceding quarter. Operating results in the third quarter were negatively impacted by volatile commodity prices and equity losses of $2.3 million from the Company's alcohol manufacturing joint venture.
Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $2.7 million on operating revenues of $16.7 million compared with operating income of $3.9 million on operating revenues of $17.9 million in the preceding quarter. The reduction in operating income was primarily due to a reduction in harbor activity and higher drydock costs for equipment used in the terminal operation in St. Eustatius.
Corporate and Eliminations - Administrative and general expenses were $6.2 million compared with $7.6 million in the preceding quarter. The reduction was primarily due to lower management bonus accruals, professional fees and public reporting costs. Derivative losses of $22.1 million were primarily due to market value changes on the Company's treasury rate-lock agreement and treasury future contracts.
Capital Commitments - The Company's unfunded capital commitments as of September 30, 2011 consisted primarily of offshore support vessels, helicopters, inland river tank barges, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $302.0 million, of which $102.0 million is payable during the remainder of 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $45.7 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. Subsequent to September 30, 2011, the Company committed to purchase additional equipment for $30.0 million. As of September 30, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $707.3 million.
SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.
This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com.
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ------------------------ 2011 2010 2011 2010 ----------- ----------- ----------- ----------- Operating Revenues $ 571,424 $ 979,833 $ 1,580,134 $ 2,068,984 ----------- ----------- ----------- ----------- Costs and Expenses: Operating 475,173 683,219 1,274,855 1,480,266 Administrative and general 40,117 50,627 132,448 137,626 Depreciation and amortization 38,678 41,312 119,807 124,317 ----------- ----------- ----------- ----------- 553,968 775,158 1,527,110 1,742,209 ----------- ----------- ----------- ----------- Gains on Asset Dispositions and Impairments, Net 10,982 23,896 28,519 41,953 ----------- ----------- ----------- ----------- Operating Income 28,438 228,571 81,543 368,728 ----------- ----------- ----------- ----------- Other Income (Expense): Interest income 5,554 2,562 12,599 5,788 Interest expense (10,712) (10,274) (31,218) (33,862) Debt extinguishment losses, net (51) -- (99) (368) Marketable security gains (losses), net 130 (54) (3,090) (3,499) Derivative gains (losses), net (25,954) 1,648 (35,873) (297) Foreign currency gains (losses), net (3,218) 7,585 3,361 (2,616) Other, net (39) 10 (273) 656 ----------- ----------- ----------- ----------- (34,290) 1,477 (54,593) (34,198) ----------- ----------- ----------- ----------- Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings of 50% or Less Owned Companies (5,852) 230,048 26,950 334,530 Income Tax Expense (Benefit) (352) 87,709 12,652 127,424 ----------- ----------- ----------- ----------- Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies (5,500) 142,339 14,298 207,106 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 9,562 7,933 10,600 11,678 ----------- ----------- ----------- ----------- Net Income 4,062 150,272 24,898 218,784 Net Income attributable to Noncontrolling Interests in Subsidiaries 247 334 882 1,163 ----------- ----------- ----------- ----------- Net Income attributable to SEACOR Holdings Inc. $ 3,815 $ 149,938 $ 24,016 $ 217,621 =========== =========== =========== =========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.18 $ 7.21 $ 1.14 $ 10.08 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.18 $ 7.14 $ 1.12 $ 9.99 Weighted Average Common Shares Outstanding: Basic 21,202,480 20,786,721 21,158,110 21,590,917 Diluted 21,565,149 21,000,565 21,508,457 21,785,292
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended ------------------------------------------------- Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2011 2011 2011 2010 2010 -------- -------- -------- -------- -------- Operating Revenues $571,424 $536,446 $472,264 $580,384 $979,833 -------- -------- -------- -------- -------- Costs and Expenses: Operating 475,173 428,671 371,011 449,961 683,219 Administrative and general 40,117 45,937 46,394 54,892 50,627 Depreciation and amortization 38,678 41,070 40,059 39,173 41,312 -------- -------- -------- -------- -------- 553,968 515,678 457,464 544,026 775,158 -------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 10,982 10,282 7,255 3,285 23,896 -------- -------- -------- -------- -------- Operating Income 28,438 31,050 22,055 39,643 228,571 -------- -------- -------- -------- -------- Other Income (Expense): Interest income 5,554 3,307 3,738 3,094 2,562 Interest expense (10,712) (10,465) (10,041) (10,088) (10,274) Debt extinguishment losses, net (51) -- (48) (1,092) -- Marketable security gains (losses), net 130 (4,754) 1,534 1,340 (54) Derivative gains (losses), net (25,954) (6,601) (3,318) 6,502 1,648 Foreign currency gains (losses), net (3,218) 1,520 5,059 (3,511) 7,585 Other, net (39) (56) (178) 3,061 10 -------- -------- -------- -------- -------- (34,290) (17,049) (3,254) (694) 1,477 -------- -------- -------- -------- -------- Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings of 50% or Less Owned Companies (5,852) 14,001 18,801 38,949 230,048 Income Tax Expense (Benefit) (352) 5,638 7,366 13,250 87,709 -------- -------- -------- -------- -------- Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies (5,500) 8,363 11,435 25,699 142,339 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 9,562 1,004 34 1,501 7,933 -------- -------- -------- -------- -------- Net Income 4,062 9,367 11,469 27,200 150,272 Net Income attributable to Noncontrolling Interests in Subsidiaries 247 336 299 97 334 -------- -------- --------- -------- -------- Net Income attributable to SEACOR Holdings Inc. $ 3,815 $ 9,031 $ 11,170 $ 27,103 $149,938 ======== ======== ======== ======== ======== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.18 $ 0.43 $ 0.53 $ 1.30 $ 7.21 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.18 $ 0.42 $ 0.52 $ 1.27 $ 7.14 Weighted Average Common Shares of Outstanding: Basic 21,202 21,166 21,105 20,843 20,787 Diluted 21,565 21,518 21,439 21,306 21,001 Common Shares Outstanding at Period End 21,715 21,679 21,652 21,400 21,231 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 ------------------------------------------------ Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2011 2011 2011 2010 2010 -------- -------- -------- -------- -------- Offshore Marine Services Operating Revenues $ 93,277 $ 93,386 $ 80,344 $100,631 $160,916 -------- -------- -------- -------- -------- Costs and Expenses: Operating 68,457 68,242 63,020 76,607 79,205 Administrative and general 10,687 11,078 11,770 13,037 12,378 Depreciation and amortization 11,785 12,205 12,533 12,279 12,758 -------- -------- -------- -------- -------- 90,929 91,525 87,323 101,923 104,341 -------- -------- -------- -------- -------- Gains on Asset Dispositions 5,241 3,607 4,364 2,142 12,717 -------- -------- -------- -------- -------- Operating Income (Loss) 7,589 5,468 (2,615) 850 69,292 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (2,129) (408) 725 (154) 977 Other, net 6 -- -- 1 -- Equity in Earnings of 50% or Less Owned Companies, Net of Tax 8,754 200 735 3,042 2,300 -------- -------- -------- -------- -------- Segment Profit (Loss) $ 14,220 $ 5,260 $ (1,155) $ 3,739 $ 72,569 ======== ======== ======== ======== ======== Aviation Services Operating Revenues $ 71,804 $ 68,493 $ 56,155 $ 55,522 $ 67,136 -------- -------- -------- -------- -------- Costs and Expenses: Operating 45,701 42,457 33,465 37,174 37,492 Administrative and general 6,841 6,229 7,020 7,042 7,274 Depreciation and amortization 9,093 12,390 11,919 11,287 10,889 -------- -------- -------- -------- -------- 61,635 61,076 52,404 55,503 55,655 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net 4,894 6,172 2,194 (117) 412 -------- -------- -------- -------- -------- Operating Income (Loss) 15,063 13,589 5,945 (98) 11,893 -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net (807) (811) 310 (27) (29) Foreign currency gains (losses), net (95) 338 353 166 (81) Other, net -- -- -- -- 50 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 106 1,054 (99) (83) 663 -------- -------- -------- -------- -------- Segment Profit (Loss) $ 14,267 $ 14,170 $ 6,509 $ (42) $ 12,496 ======== ======== ======== ======== ======== Inland River Services Operating Revenues $ 47,875 $ 41,442 $ 46,469 $ 52,284 $ 41,381 -------- -------- -------- -------- -------- Costs and Expenses: Operating 31,196 28,717 27,884 29,542 26,535 Administrative and general 2,206 3,166 2,697 3,114 2,898 Depreciation and amortization 6,464 5,791 5,622 5,472 5,415 -------- -------- -------- -------- -------- 39,866 37,674 36,203 38,128 34,848 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions 1,303 (22) 697 697 29,445 -------- -------- -------- -------- -------- Operating Income 9,312 3,746 10,963 14,853 35,978 -------- -------- -------- -------- -------- Other Income (Expense): Other, net -- 3 1 2,227 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 2,771 666 (256) (521) 3,522 -------- -------- -------- -------- -------- Segment Profit $ 12,083 $ 4,415 $ 10,708 $ 16,559 $ 39,500 ======== ======== ======== ======== ========
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2011 2011 2011 2010 2010 -------- -------- -------- -------- -------- Marine Transportation Services Operating Revenues $ 24,783 $ 24,336 $ 17,312 $ 16,908 $ 18,540 -------- -------- -------- -------- -------- Costs and Expenses: Operating 15,194 13,584 8,979 8,174 8,754 Administrative and general 2,044 2,146 1,417 2,040 1,087 Depreciation and amortization 5,833 5,728 4,978 5,309 7,320 -------- -------- -------- -------- -------- 23,071 21,458 15,374 15,523 17,161 -------- -------- -------- -------- -------- Losses on Asset Impairments -- -- -- -- (18,677) -------- -------- -------- -------- -------- Operating Income (Loss) 1,712 2,878 1,938 1,385 (17,298) -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (18) 6 16 (13) 61 Other, net 131 56 -- -- -- -------- -------- -------- -------- -------- Segment Profit (Loss) $ 1,825 $ 2,940 $ 1,954 $ 1,372 $(17,237) ======== ======== ======== ======== ======== Environmental Services Operating Revenues $ 40,415 $ 48,466 $ 63,086 $163,380 $468,226 -------- -------- -------- -------- -------- Costs and Expenses: Operating 28,872 31,662 44,044 116,346 329,497 Administrative and general 7,691 10,322 7,551 7,485 11,508 Depreciation and amortization 2,896 2,238 2,231 2,065 2,249 -------- -------- -------- -------- -------- 39,459 44,222 53,826 125,896 343,254 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions 3 (19) -- 563 -- -------- -------- -------- -------- -------- Operating Income 959 4,225 9,260 38,047 124,972 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (75) 97 (51) (115) 3 Other, net -- 2 -- 1 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (93) 132 (8) 58 533 -------- -------- -------- -------- -------- Segment Profit $ 791 $ 4,456 $ 9,201 $ 37,991 $125,508 ======== ======== ======== ======== ======== Commodity Trading and Logistics Operating Revenues $279,178 $245,321 $194,012 $178,944 $216,896 -------- -------- -------- -------- -------- Costs and Expenses: Operating 279,180 237,644 187,018 173,922 204,467 Administrative and general 1,944 2,202 2,660 1,184 3,716 Depreciation and amortization 12 12 13 13 13 -------- -------- -------- -------- -------- 281,136 239,858 189,691 175,119 208,196 -------- -------- -------- -------- -------- Operating Income (Loss) (1,958) 5,463 4,321 3,825 8,700 -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net (3,063) 828 (4,750) (8,192) (5,307) Foreign currency gains (losses), net 153 (16) (5) 26 190 Other, net -- -- -- 781 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (2,267) (1,051) 51 (611) 1,042 -------- -------- -------- -------- -------- Segment Profit (Loss) $ (7,135) $ 5,224 $ (383) $ (4,171) $ 4,625 ======== ======== ======== ======== ========
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2011 2011 2011 2010 2010 -------- -------- -------- -------- -------- Other Operating Revenues $ 16,741 $ 17,921 $ 17,536 $ 16,395 $ 20,031 -------- -------- -------- -------- -------- Costs and Expenses: Operating 9,117 9,158 9,142 11,872 10,559 Administrative and general 2,523 3,210 2,620 3,031 2,803 Depreciation and amortization 2,129 2,237 2,289 2,289 2,224 -------- -------- -------- -------- -------- 13,769 14,605 14,051 17,192 15,586 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions (315) 544 -- -- -- -------- -------- -------- -------- -------- Operating Income (Loss) 2,657 3,860 3,485 (797) 4,445 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (75) (24) 1 (17) 34 Other, net (1) -- (1) 10 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 291 3 (389) (384) (127) -------- -------- -------- -------- -------- Segment Profit (Loss) $ 2,872 $ 3,839 $ 3,096 $ (1,188) $ 4,352 ======== ======== ======== ======== ======== Corporate and Eliminations Operating Revenues $ (2,649) $ (2,919) $ (2,650) $ (3,680) $(13,293) -------- -------- -------- -------- -------- Costs and Expenses: Operating (2,544) (2,793) (2,541) (3,676) (13,290) Administrative and general 6,181 7,584 10,659 17,959 8,963 Depreciation and amortization 466 469 474 459 444 -------- -------- -------- -------- -------- 4,103 5,260 8,592 14,742 (3,883) -------- -------- -------- -------- -------- Losses on Asset Dispositions and Impairments (144) -- -- -- (1) -------- -------- -------- -------- -------- Operating Loss $ (6,896) $ (8,179) $(11,242) $(18,422) $ (9,411) ======== ======== ======== ======== ======== Other Income (Expense): Derivative gains (losses), net $(22,084) $ (6,618) $ 1,122 $ 14,721 $ 6,984 Foreign currency gains (losses), net (979) 1,527 4,020 (3,404) 6,401 Other, net (175) (117) (178) 41 (40)
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2011 2011 2011 2010 2010 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 306,465 $ 366,813 $ 409,716 $ 370,028 $ 662,278 Restricted cash 19,474 12,976 19,545 12,651 14,823 Marketable securities 82,978 105,608 149,026 147,409 103,150 Receivables: Trade, net of allowance for doubtful accounts 316,633 321,244 324,218 450,912 512,131 Other 52,719 48,825 55,475 72,448 44,550 Inventories 75,906 87,131 97,405 67,498 66,024 Deferred income taxes 5,442 5,442 5,442 5,442 3,354 Prepaid expenses and other 14,637 24,979 22,794 18,414 17,570 ---------- ---------- ---------- ---------- ---------- Total current assets 874,254 973,018 1,083,621 1,144,802 1,423,880 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,985,583 2,942,637 2,862,386 2,803,754 2,899,150 Accumulated depreciation (918,914) (900,979) (875,140) (835,032) (850,428) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,066,669 2,041,658 1,987,246 1,968,722 2,048,722 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Advances to 50% or Less Owned Companies 245,885 210,372 190,472 182,387 148,334 Construction Reserve Funds & Title XI Reserve Funds 298,345 314,679 331,689 323,885 272,259 Goodwill 62,424 62,467 61,864 61,779 54,764 Intangible Assets 16,427 18,448 19,810 21,169 21,627 Other Assets, net of allowance for doubtful accounts 98,314 85,118 59,996 57,645 52,846 ---------- ---------- ---------- ---------- ---------- $3,662,318 $3,705,760 $3,734,698 $3,760,389 $4,022,432 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 23,138 $ 20,568 $ 18,106 $ 14,618 $ 13,809 Current portion of capital lease obligations 1,081 1,064 1,047 1,030 1,014 Accounts payable and accrued expenses 208,432 212,357 275,991 322,785 336,968 Other current liabilities 208,816 232,309 205,546 197,080 237,738 ---------- ---------- ---------- ---------- ---------- Total current liabilities 441,467 466,298 500,690 535,513 589,529 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 669,573 690,774 694,872 697,427 681,268 Capital Lease Obligations 4,598 4,901 5,200 5,493 5,783 Deferred Income Taxes 565,078 561,477 563,023 567,880 586,466 Deferred Gains and Other Liabilities 138,969 146,853 150,593 156,711 88,130 ---------- ---------- ---------- ---------- ---------- Total liabilities 1,819,685 1,870,303 1,914,378 1,963,024 1,951,176 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 364 363 363 361 358 Additional paid-in capital 1,245,436 1,239,502 1,233,250 1,225,296 1,196,445 Retained earnings 1,495,639 1,491,824 1,482,793 1,471,623 1,764,202 Shares held in treasury, at cost (900,225) (901,460) (901,386) (903,004) (891,887) Accumulated other comprehensive loss (9,644) (6,843) (5,724) (7,039) (7,568) ---------- ---------- ---------- ---------- ---------- 1,831,570 1,823,386 1,809,296 1,787,237 2,061,550 Noncontrolling interests in subsidiaries 11,063 12,071 11,024 10,128 9,706 ---------- ---------- ---------- ---------- ---------- Total equity 1,842,633 1,835,457 1,820,320 1,797,365 2,071,256 ---------- ---------- ---------- ---------- ---------- $3,662,318 $3,705,760 $3,734,698 $3,760,389 $4,022,432 ========== ========== ========== ========== ==========
SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2011 2011 2011 2010 2010 -------- -------- -------- -------- -------- Offshore Marine Services Anchor handling towing supply 19 19 19 20 20 Crew 50 52 52 52 54 Mini-supply 8 8 9 9 12 Standby safety 27 26 26 26 26 Supply 29 28 26 27 27 Towing supply 5 6 7 8 8 Specialty 11 11 12 12 12 -------- -------- -------- -------- -------- 149 150 151 154 159 ======== ======== ======== ======== ======== Aviation Services Light helicopters - single engine 60 61 61 60 60 Light helicopters - twin engine 45 44 44 45 45 Medium helicopters 65 65 63 62 59 Heavy helicopters 7 7 9 9 9 -------- -------- -------- -------- -------- 177 177 177 176 173 ======== ======== ======== ======== ======== Inland River Services Inland river dry-cargo barges 1,489 1,492 1,497 1,388 1,394 Inland river liquid tank barges 79 80 80 80 86 Inland river deck barges 20 26 26 26 26 Inland river towboats 31 31 32 32 32 Dry-cargo vessel 1 1 1 1 1 -------- -------- -------- -------- -------- 1,620 1,630 1,636 1,527 1,539 ======== ======== ======== ======== ======== Marine Transportation Services U.S.-flag product tankers 8 8 8 8 8 RORO vessels 8 8 -- -- -- -------- -------- -------- -------- -------- 16 16 8 8 8 ======== ======== ======== ======== ======== Other Harbor and offshore tugs 28 28 29 30 31 Ocean liquid tank barges 5 5 5 5 5 -------- -------- -------- -------- -------- 33 33 34 35 36 ======== ======== ======== ======== ========
For additional information, contact: Molly Hottinger (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com
Source: SEACOR Holdings Inc.