SEACOR Holdings Announces Third Quarter Results
FORT LAUDERDALE, FL--(Marketwire - October 21, 2009) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the third quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2009 was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. For the nine months ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $121.6 million, or $5.53 per diluted share, on operating revenues of $1,234.8 million.
For the quarter ended September 30, 2008, net income attributable to SEACOR Holdings Inc. was $74.3 million, or $3.20 per diluted share, on operating revenues of $437.6 million. For the nine months ended September 30, 2008, net income attributable to SEACOR Holdings Inc. was $148.1 million, or $6.19 per diluted share, on operating revenues of $1,201.0 million. See explanation below on the retrospective application of ASC 470-20.
For the preceding quarter ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $42.3 million, or $1.91 per diluted share, on operating revenues of $389.2 million. Comparison of results for the quarter ended September 30, 2009 with the preceding quarter ended June 30, 2009 is included in the discussion below.
Highlights for the Quarter
Offshore Marine Services -- Operating income in the third quarter was $30.0 million on operating revenues of $129.8 million compared with operating income of $40.5 million on operating revenues of $146.5 million in the preceding quarter. Third quarter results included $3.9 million in gains on asset dispositions compared with $0.4 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $14.0 million lower in the third quarter.
Overall operating revenues were $16.6 million lower in the third quarter reflecting continuing soft market conditions, particularly in the U.S. Gulf of Mexico where the Company had 26 vessels cold-stacked as of September 30, 2009. As of September 30, 2009, $12.6 million of vessel charter hire billed to three customers has been deferred due to uncertainty of collection. The Company's policy is to recognize the deferred amounts as operating revenues if and when collection is reasonably assured. Overall operating expenses were $4.6 million lower in the third quarter primarily due to decreased repair and maintenance costs and reductions in operating expenses due to the effect of cold-stacking vessels, partially offset by higher mobilization costs. Administrative and general expenses increased primarily due to higher legal, audit and professional fees.
The number of days available for charter in the third quarter decreased by 311, or 2.2%. Overall utilization decreased from 75.0% to 67.4% and overall average day rates, based on time charter revenues recognized, decreased by 1.3% from $12,030 per day to $11,880 per day.
Marine Transportation Services -- Operating income in the third quarter was $1.4 million on operating revenues of $21.7 million compared with operating income of $3.4 million on operating revenues of $24.1 million in the preceding quarter.
The decrease in operating income was primarily due to the temporary lay-up of the Seabulk Trader for 53 days during the third quarter and lower utilization and higher repair and maintenance costs for the Seabulk America, which operated in the spot market. Operating income was higher for the Seabulk Challenge, due to higher utilization and lower drydocking costs.
Inland River Services -- Operating income in the third quarter was $7.8 million on operating revenues of $34.3 million compared with operating income of $5.7 million on operating revenues of $30.2 million in the preceding quarter. Third quarter results included $0.8 million in gains on asset dispositions compared with $0.4 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $1.6 million higher in the third quarter primarily due to higher freight rates and increased activity on the lower Mississippi River in support of the beginning of the harvest season.
Aviation Services -- Operating income in the third quarter was $10.3 million on operating revenues of $64.3 million compared with operating income of $4.6 million on operating revenues of $57.7 million in the preceding quarter. Third quarter results include $1.1 million in net gains on asset dispositions and impairments compared with net losses on asset dispositions and impairments of $1.1 million in the preceding quarter.
Excluding the impact of asset dispositions and impairments, operating income was $3.6 million higher in the third quarter. The improvement was primarily due to newly delivered aircraft placed on international leases, additional contracts in the U.S. Gulf of Mexico and Alaska as well as seasonal flightseeing and firefighting activity. Depreciation expense increased as new assets were placed in service.
Environmental Services -- Operating income in the third quarter was $2.7 million on operating revenues of $33.8 million compared with operating income of $1.8 million on operating revenues of $33.2 million in the preceding quarter. The improvement in operating income was primarily due to an increase in retainer and standby services and higher margins on project activities.
Commodity Trading -- Commodity Trading reported an operating loss in the third quarter of $3.8 million on operating revenues of $150.9 million compared with operating income of $3.2 million on operating revenues of $85.9 million in the preceding quarter. Derivative gains were $1.7 million in the third quarter compared with gains of $0.6 million in the preceding quarter. Overall losses in the third quarter, including the impact of derivative transactions, were primarily attributable to provisions for doubtful accounts.
Harbor and Offshore Towing Services -- Operating income in the third quarter was $2.0 million on operating revenues of $15.6 million compared with operating income of $3.2 million on operating revenues of $16.2 million in the preceding quarter. The reduction in operating income was primarily due to fewer harbor jobs and higher drydocking and mobilization expenditures.
Debt Extinguishment -- During the third quarter, the Company recorded gains of $2.8 million on the purchase of $17.4 million in principal amount of its 5.875% Senior Notes and the call of $81.7 million in principal amount of its 9.5% Senior Notes. The gains in the third quarter were primarily the result of calling the Company's 9.5% Senior Notes.
Marketable Securities -- Marketable security gains were $6.9 million in the third quarter compared with gains of $11.8 million in the preceding quarter.
Derivatives -- Derivative gains were $2.3 million in the third quarter compared with gains of $3.8 million in the preceding quarter.
Foreign Currencies -- Foreign currency losses were $0.9 million in the third quarter compared with gains of $6.8 million in the preceding quarter. The gains in the preceding quarter 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.
Debt Issuance -- During the third quarter, the Company issued $250.0 million of 7.375% Senior Notes due 2019 and drew $33.5 million on its revolving credit facility. On October 2, 2009, the Company repaid $33.5 million on its revolving credit facility.
Capital Commitments -- The Company's unfunded capital commitments as of September 30, 2009 consisted primarily of offshore marine vessels, helicopters, inland river dry cargo barges and an inland river towboat and totaled $123.1 million, of which $53.1 million is payable during 2009 and the balance payable through 2011. Of the total unfunded capital commitments, $20.7 million may be terminated without further liability other than the payment of liquidated damages of $3.0 million in the aggregate. As of September 30, 2009, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $993.2 million.
ASC 470-20 -- Effective January 1, 2009, the Company adopted Accounting Standards Codification ("ASC") 470-20, Debt with Conversion and Other Options, which includes the rules formerly referred to as 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). ASC 470-20 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 ASC 470-20, 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 Nine Months Ended September 30, September 30, ------------------------ ------------------------ 2009 2008 2009 2008 ----------- ----------- ----------- ----------- Operating Revenues $ 446,079 $ 437,608 $ 1,234,828 $ 1,201,030 ----------- ----------- ----------- ----------- Costs and Expenses: Operating 327,602 269,874 832,145 779,218 Administrative and general 41,926 41,487 120,666 125,587 Depreciation and amortization 40,272 39,598 119,364 115,126 ----------- ----------- ----------- ----------- 409,800 350,959 1,072,175 1,019,931 ----------- ----------- ----------- ----------- Gains on Asset Dispositions and Impairments, Net 5,783 20,074 22,528 51,254 ----------- ----------- ----------- ----------- Operating Income 42,062 106,723 185,181 232,353 ----------- ----------- ----------- ----------- Other Income (Expense): Interest income 789 4,329 2,410 17,178 Interest expense (14,267) (16,409) (42,679) (44,525) Debt extinguishment gains (losses), net 2,787 -- 4,072 (1) Marketable security gains, net 6,948 35,950 14,796 30,649 Derivative gains (losses), net 2,328 (8,430) 9,704 (9,076) Foreign currency gains (losses), net (939) (6,683) 6,566 (3,469) Other, net (57) (89) 132 237 ----------- ----------- ----------- ----------- (2,411) 8,668 (4,999) (9,007) ----------- ----------- ----------- ----------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 39,651 115,391 180,182 223,346 Income Tax Expense 15,751 42,849 66,866 82,572 ----------- ----------- ----------- ----------- Income Before Equity in Earnings of 50% or Less Owned Companies 23,900 72,542 113,316 140,774 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,340 2,160 9,358 8,054 ----------- ----------- ----------- ----------- Net Income 26,240 74,702 122,674 148,828 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (42) 363 1,090 756 ----------- ----------- ----------- ----------- Net Income attributable to SEACOR Holdings Inc. $ 26,282 $ 74,339 $ 121,584 $ 148,072 =========== =========== =========== =========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.32 $ 3.68 $ 6.13 $ 6.95 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.23 $ 3.20 $ 5.53 $ 6.19 Weighted Average Common Shares Outstanding: Basic 19,867,226 20,183,310 19,824,913 21,292,625 Diluted 23,458,195 23,999,260 23,374,644 25,121,290 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, 2009 2009 2009 2008 2008 --------- --------- --------- --------- --------- Operating Revenues $ 446,079 $ 389,233 $ 399,516 $ 454,926 $ 437,608 --------- --------- --------- --------- --------- Costs and Expenses: Operating 327,602 256,131 248,412 291,898 269,874 Administrative and general 41,926 40,058 38,682 49,291 41,487 Depreciation and amortization 40,272 39,828 39,264 41,300 39,598 --------- --------- --------- --------- --------- 409,800 336,017 326,358 382,489 350,959 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 5,783 (15) 16,760 37,899 20,074 --------- --------- --------- --------- --------- Operating Income 42,062 53,201 89,918 110,336 106,723 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 789 578 1,043 2,610 4,329 Interest expense (14,267) (14,075) (14,337) (15,291) (16,409) Debt extinguishment gains (losses), net 2,787 (78) 1,363 6,266 -- Marketable security gains (losses), net 6,948 11,829 (3,981) (544) 35,950 Derivative gains (losses), net 2,328 3,765 3,611 (4,512) (8,430) Foreign currency gains (losses), net (939) 6,847 658 (4,368) (6,683) Other, net (57) (1) 190 83 (89) --------- --------- --------- --------- --------- (2,411) 8,865 (11,453) (15,756) 8,668 --------- --------- --------- --------- --------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 39,651 62,066 78,465 94,580 115,391 Income Tax Expense 15,751 22,916 28,199 28,000 42,849 --------- --------- --------- --------- --------- Income Before Equity in Earnings of 50% or Less Owned Companies 23,900 39,150 50,266 66,580 72,542 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,340 3,491 3,527 4,015 2,160 --------- --------- --------- --------- --------- Net Income 26,420 42,641 53,793 70,595 74,702 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (42) 333 799 124 363 --------- --------- --------- --------- --------- Net Income attributable to SEACOR Holdings Inc. 26,282 $ 42,308 $ 52,994 $ 70,471 $ 74,339 ========= ========= ========= ========= ========= Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.32 $ 2.13 $ 2.68 $ 3.58 $ 3.68 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.23 $ 1.91 $ 2.36 $ 3.11 $ 3.20 Weighted Average Common Shares of Outstanding: Basic 19,867 19,845 19,762 19,704 20,183 Diluted 23,458 23,528 23,507 23,471 23,999 Common Shares Outstanding at Period End 20,230 20,201 20,191 20,018 19,976 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2009 2009 2009 2008 2008 --------- --------- ---------- --------- --------- Offshore Marine Services Operating Revenues $ 129,839 $ 146,466 $ 164,783 $ 185,956 $ 196,911 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 76,982 81,609 78,839 93,443 97,790 Administrative and general 13,128 10,935 10,198 15,344 14,473 Depreciation and amortization 13,608 13,802 13,689 14,146 13,689 --------- --------- ---------- --------- --------- 103,718 106,346 102,726 122,933 125,952 --------- --------- ---------- --------- --------- Gains on Asset Dispositions and Impairments, Net 3,852 361 14,446 34,200 13,516 --------- --------- ---------- --------- --------- Operating Income $ 29,973 $ 40,481 $ 76,503 $ 97,223 $ 84,475 ========= ========= ========== ========= ========= Marine Transportation Services Operating Revenues $ 21,737 $ 24,095 $ 26,537 $ 28,776 $ 27,535 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 11,420 11,792 16,771 16,874 22,391 Administrative and general 953 942 1,184 1,771 1,486 Depreciation and amortization 8,003 7,999 7,999 7,997 7,997 --------- --------- ---------- --------- --------- 20,376 20,733 25,954 26,642 31,874 --------- --------- ---------- --------- --------- Operating Income (Loss) $ 1,361 $ 3,362 $ 583 $ 2,134 $ (4,339) ========= ========= ========== ========= ========= Inland River Services Operating Revenues $ 34,314 $ 30,163 $ 37,014 $ 44,038 $ 36,517 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 20,144 17,839 19,409 21,304 23,079 Administrative and general 2,443 2,048 2,136 2,048 1,800 Depreciation and amortization 4,785 4,950 4,866 4,440 4,146 --------- --------- ---------- --------- --------- 27,372 24,837 26,411 27,792 29,025 --------- --------- ---------- --------- --------- Gains on Asset Dispositions 813 396 2,261 4,138 4,073 --------- --------- ---------- --------- --------- Operating Income $ 7,755 $ 5,722 $ 12,864 $ 20,384 $ 11,565 ========= ========= ========== ========= ========= Aviation Services Operating Revenues $ 64,259 $ 57,700 $ 59,385 $ 57,557 $ 73,483 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 39,659 37,312 40,317 44,931 49,991 Administrative and general 5,624 5,649 4,151 5,432 5,174 Depreciation and amortization 9,706 9,070 8,706 10,379 9,571 --------- --------- ---------- --------- --------- 54,989 52,031 53,174 60,742 64,736 --------- --------- ---------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 1,062 (1,104) 45 (26) 1,307 --------- --------- ---------- --------- --------- Operating Income (Loss) $ 10,332 $ 4,565 $ 6,256 $ (3,211) $ 10,054 ========= ========= ========== ========= ========= Environmental Services Operating Revenues $ 33,827 $ 33,175 $ 34,234 $ 45,360 $ 42,177 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 23,206 23,656 24,077 30,253 29,904 Administrative and general 6,090 5,966 7,241 7,471 5,924 Depreciation and amortization 1,846 1,739 1,754 2,161 2,033 --------- --------- ---------- --------- --------- 31,142 31,361 33,072 39,885 37,861 --------- --------- ---------- --------- --------- Gains (Losses) on Asset Dispositions (1) 4 8 5 -- --------- --------- ---------- --------- --------- Operating Income $ 2,684 $ 1,818 $ 1,170 $ 5,480 $ 4,316 ========= ========= ========== ========= ========= SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ----------------------------------------------------------- Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2009 2009 2009 2008 2008 ----------- ----------- ----------- ----------- ---------- Commodity Trading Operating Revenues $ 150,866 $ 85,852 $ 64,503 $ 79,881 $ 44,290 ----------- ----------- ----------- ----------- ---------- Costs and Expenses: Operating 150,983 79,165 61,871 78,425 37,746 Administrative and general 3,705 3,468 1,839 5,231 1,358 Depreciation and amortization 7 2 -- -- -- ----------- ----------- ----------- ----------- ---------- 154,695 82,635 63,710 83,656 39,104 ----------- ----------- ----------- ----------- ---------- Operating Income (Loss) $ (3,829)$ 3,217 $ 793 $ (3,775)$ 5,186 =========== =========== =========== =========== ========== Harbor and Offshore Towing Services Operating Revenues $ 15,574 $ 16,241 $ 16,346 $ 16,792 $ 19,529 ----------- ----------- ----------- ----------- ---------- Costs and Expenses: Operating 9,544 9,214 10,704 9,812 11,941 Administrative and general 2,035 2,228 2,020 2,654 2,571 Depreciation and amortization 2,049 1,973 1,952 1,940 1,884 ----------- ----------- ----------- ----------- ---------- 13,628 13,415 14,676 14,406 16,396 ----------- ----------- ----------- ----------- ---------- Gains (Losses) on Asset Dispositions 58 330 -- (5) -- ----------- ----------- ----------- ----------- ---------- Operating Income $ 2,004 $ 3,156 $ 1,670 $ 2,381 $ 3,133 =========== =========== =========== =========== ========== Other Operating Revenues $ -- $ -- $ -- $ -- $ 270 ----------- ----------- ----------- ----------- ---------- Costs and Expenses: Operating -- -- -- -- -- Administrative and general 343 379 206 122 117 Depreciation and amortization -- -- -- -- 3 ----------- ----------- ----------- ----------- ---------- 343 379 206 122 120 ----------- ----------- ----------- ----------- ---------- Gains (Losses) on Asset Dispositions -- -- -- (16) 1,178 ----------- ----------- ----------- ----------- ---------- Operating Income (Loss) $ (343)$ (379)$ (206)$ (138)$ 1,328 =========== =========== =========== =========== ========== Corporate and Eliminations Operating Revenues $ (4,337)$ (4,459)$ (3,286)$ (3,434)$ (3,104) ----------- ----------- ----------- ----------- ---------- Costs and Expenses: Operating (4,336) (4,456) (3,576) (3,144) (2,968) Administrative and general 7,605 8,443 9,707 9,218 8,584 Depreciation and amortization 268 293 298 237 275 ----------- ----------- ----------- ----------- ---------- 3,537 4,280 6,429 6,311 5,891 ----------- ----------- ----------- ----------- ---------- Losses on Asset Dispositions and Impairments, Net (1) (2) -- (397) -- ----------- ----------- ----------- ----------- ---------- Operating Loss $ (7,875)$ (8,741)$ (9,715)$ (10,142)$ (8,995) =========== =========== =========== =========== ========== SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2009 2009 2009 2008 2008 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 620,045 $ 415,626 $ 376,720 $ 275,442 $ 326,143 Restricted cash 29,353 20,838 23,984 20,787 23,659 Marketable securities 52,897 47,305 50,785 53,817 72,862 Receivables: Trade, net of allowance for doubtful accounts 266,537 251,111 262,170 277,350 294,330 Other 74,378 60,373 41,515 40,141 57,892 Inventories 52,502 68,082 62,065 66,278 50,234 Deferred income taxes 5,164 5,164 5,164 5,164 9,929 Prepaid expenses and other 21,121 14,734 11,286 10,499 8,943 ---------- ---------- ---------- ---------- ---------- Total current assets 1,121,997 883,233 833,689 749,478 843,992 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,794,067 2,801,446 2,761,837 2,741,322 2,706,500 Accumulated depreciation (718,749) (692,084) (649,971) (601,806) (596,017) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,075,318 2,109,362 2,111,866 2,139,516 2,110,483 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 166,878 150,862 158,066 150,062 143,190 Construction Reserve Funds& Title XI Reserve Funds 290,871 265,586 297,681 305,757 265,586 Goodwill 53,990 53,581 52,919 51,496 61,401 Intangible Assets 24,762 26,018 27,230 28,478 29,707 Other Assets, net of allowance for doubtful accounts 49,920 48,053 36,086 34,867 30,606 ---------- ---------- ---------- ---------- ---------- $3,783,736 $3,536,695 $3,517,537 $3,459,654 $3,484,965 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 23,765 $ 11,834 $ 12,301 $ 33,671 $ 10,301 Current portion of capital lease obligations 951 921 921 907 15,074 Accounts payable and accrued expenses 105,981 93,908 104,023 102,798 105,496 Other current liabilities 156,800 157,030 145,421 139,425 226,395 ---------- ---------- ---------- ---------- ---------- Total current liabilities 287,497 263,693 262,666 276,801 357,266 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 1,027,496 861,096 910,156 895,689 904,072 Capital Lease Obligations 6,895 7,178 7,426 7,685 7,940 Deferred Income Taxes 565,321 543,075 530,825 515,455 520,871 Deferred Gains and Other Liabilities 122,041 111,939 111,714 121,796 126,281 ---------- ---------- ---------- ---------- ---------- Total liabilities 2,009,250 1,786,981 1,822,787 1,817,426 1,916,430 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders equity: Preferred stock -- -- -- -- -- Common stock 326 326 325 324 323 Additional paid-in capital 966,895 962,990 959,092 956,457 951,109 Retained earnings 1,524,355 1,498,073 1,455,765 1,402,771 1,332,300 Shares held in treasury, at cost (722,569) (723,650) (723,154) (724,357) (724,165) Accumulated other comprehensive income (loss) (3,577) 2,318 (5,614) (5,045) (2,977) ---------- ---------- ---------- ---------- ---------- 1,765,430 1,740,057 1,686,414 1,630,150 1,556,590 Noncontrolling interests in subsidiaries 9,056 9,657 8,336 12,078 11,945 ---------- ---------- ---------- ---------- ---------- Total equity 1,774,486 1,749,714 1,694,750 1,642,228 1,568,535 ---------- ---------- ---------- ---------- ---------- $3,783,736 $3,536,695 $3,517,537 $3,459,654 $3,484,965 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. EQUIPMENT BY LINE OF BUSINESS Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2009 2009 2009 2008 2008 ---------- ---------- ---------- ---------- ---------- Offshore Marine Services Anchor handling towing supply 21 21 21 20 20 Crew 68 68 71 75 77 Mini-supply 11 12 15 16 19 Standby safety 24 24 28 29 29 Supply 27 28 28 27 27 Towing supply 13 13 13 14 15 Specialty 9 9 9 9 10 ---------- ---------- ---------- ---------- ---------- 173 175 185 190 197 ========== ========== ========== ========== ========== Marine Transportation Services U.S.-flag product tankers 8 8 8 8 8 ========== ========== ========== ========== ========== Inland River Services Inland river dry cargo barges-open 303 333 333 345 338 Inland river dry cargo barges-covered 1,082 626 629 632 637 Inland river liquid tank barges 87 87 87 86 75 Inland river deck barges 26 26 26 26 26 Inland river towboats 28 23 23 22 21 Dry-cargo vessel 1 1 1 -- -- ---------- ---------- ---------- ---------- ---------- 1,527 1,096 1,099 1,111 1,097 ========== ========== ========== ========== ========== Aviation Services Light helicopters - single engine 60 60 64 63 62 Light helicopters - twin engine 50 50 55 55 53 Medium helicopters 58 61 63 62 58 Heavy helicopters 9 8 6 7 6 ---------- ---------- ---------- ---------- ---------- 177 179 188 187 179 ========== ========== ========== ========== ========== Harbor and Offshore Towing Services Harbor and offshore tugs 31 33 35 35 35 Ocean liquid tank barges 6 3 3 3 3 ---------- ---------- ---------- ---------- ---------- 37 36 38 38 38 ========== ========== ========== ========== ==========