SEACOR Holdings Announces Third Quarter Results
FORT LAUDERDALE, FL--(Marketwire - October 22, 2008) - SEACOR Holdings Inc. (NYSE: CKH) announced net income for the third quarter ended September 30, 2008 of $75.6 million, or $3.20 per diluted share, on operating revenues of $437.6 million. For the nine months ended September 30, 2008, net income was $151.9 million, or $6.19 per diluted share, on operating revenues of $1,201.0 million.
For the quarter ended September 30, 2007, net income was $70.3 million, or $2.66 per diluted share, on operating revenues of $359.9 million. For the nine months ended September 30, 2007, net income was $173.7 million, or $6.44 per diluted share, on operating revenues of $996.1 million.
Net income for the preceding quarter ended June 30, 2008 was $38.4 million, or $1.57 per diluted share, on operating revenues of $409.0 million. Comparison of results for the third quarter ended September 30, 2008 with the preceding quarter ended June 30, 2008 is included in the discussion below.
Highlights for the Quarter
Offshore Marine Services -- Operating income in the third quarter was $84.5 million on operating revenues of $196.9 million compared with operating income of $51.5 million on operating revenues of $171.2 million in the preceding quarter. Third quarter results included $13.5 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 in the third quarter was $33.8 million higher than in the preceding quarter. The improvement was primarily due to an increase in time charter revenues, particularly in the U.S. Gulf of Mexico where the Company's large AHTS vessels completed their regulatory repair and upgrade program during the quarter. Out-of-service time for these vessels was 26 days in the third quarter compared with 168 days in the preceding quarter. Operating revenues were also higher in South America where vessels, having completed mobilizations, commenced new charters. Overall operating expenses were lower primarily as a result of reduced regulatory drydocking and mobilization activity and lower insurance expense. Administrative and general expenses were lower primarily due to a reduction in international staff severance expenses, partially offset by higher expenses related to hurricane disruption in the U.S. Gulf of Mexico.
The number of days available for charter in the third quarter decreased by 735, or 4.5%, primarily as a result of a net reduction in fleet count. Overall utilization increased from 80.5% to 87.7% and overall average day rates were higher at $13,161 per day compared with $12,182 per day in the preceding quarter.
One new towing supply vessel was delivered during the third quarter.
Marine Transportation Services -- Marine Transportation Services reported an operating loss in the third quarter of $4.3 million on operating revenues of $27.5 million compared with operating income of $2.4 million on operating revenues of $28.8 million in the preceding quarter.
Operating results were impacted by 117 days of out-of-service time during the third quarter for two vessels undergoing regulatory drydockings in Asia resulting in a combined operating loss of $7.4 million. The Seabulk Arctic returned to service on October 7, 2008 and the Seabulk Pride returned to service on October 21, 2008.
Inland River Services -- Operating income in the third quarter was $11.6 million on operating revenues of $36.5 million compared with operating income of $7.5 million on operating revenues of $33.3 million in the preceding quarter. Third quarter results included $4.1 million in gains on asset dispositions compared with $1.5 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $1.4 million higher in the third quarter. The improvement was primarily due to higher freight rates and increased activity on the lower Mississippi River in support of the beginning of the grain harvest. Operating expenses were generally in line with the increased activity levels but were also affected by higher maintenance and repair costs for towboats and liquid tank barges.
Aviation Services -- Operating income in the third quarter was $10.1 million on operating revenues of $73.5 million compared with operating income of $6.7 million on operating revenues of $63.8 million in the preceding quarter. Third quarter results included $1.3 million in gains on asset dispositions compared with $3.2 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $5.2 million higher in the third quarter. The improvement in operating income was primarily due to additional contracts in the U.S. Gulf of Mexico, incremental activity generated from Hurricanes Gustav and Ike, and seasonal flightseeing, firefighting and mineral exploration activities in Alaska. Operating expenses were generally in line with the increased activity levels but were also affected by higher maintenance costs due to the timing of component and fleet repair and maintenance, higher expenses related to hurricane disruption in the U.S. Gulf of Mexico and higher depreciation on newly acquired assets.
Environmental Services -- Operating income in the third quarter was $4.3 million on operating revenues of $42.2 million compared with operating income of $1.7 million on operating revenues of $38.0 million in the preceding quarter. The improvement in operating income was largely due to an increase in response service activity related to Hurricane Gustav.
Commodity Trading -- SEACOR's commodity trading group currently focuses on renewable fuels and rice. Operating income in the third quarter was $5.2 million on operating revenues of $44.3 million compared with operating income of $6.8 million on operating revenues of $55.4 million in the preceding quarter. Operating income from renewable fuel and rice product sales were lower in the third quarter partially offset by higher freight and rental revenues.
Harbor and Offshore Towing Services -- Operating income in the third quarter was $3.1 million on operating revenues of $19.5 million compared with operating income of $3.1 million on operating revenues of $19.9 million in the preceding quarter.
Interest Income -- Interest income was $4.3 million in the third quarter compared with $5.4 million in the preceding quarter. The decrease was primarily due to lower invested cash balances partially offset by higher interest income on the Company's bond investments.
Interest Expense -- Interest expense was $14.4 million in the third quarter compared with $12.7 million in the prior quarter. The increase was primarily due to lower capitalized interest, higher interest expense on capital lease obligations and interest on foreign tax settlements.
Derivatives -- Derivative losses were $8.4 million in the third quarter compared with losses of $7.1 million in the preceding quarter. The losses in the third quarter were primarily due to losses on foreign currency forward exchange, option and future contracts partially offset by gains on equity index and options.
Foreign Currencies -- Foreign currency losses were $6.7 million in the third quarter compared with gains of $0.6 million in the preceding quarter. The losses in the third quarter were primarily due to the strengthening of the U.S. dollar versus the pound sterling.
Marketable Securities -- Marketable security gains were $36.0 million in the third quarter compared with gains of $0.4 million in the preceding quarter. In addition, the Company reported other comprehensive losses relating to its available-for-sale marketable securities of $2.1 million, net of tax, in stockholders' equity during the third quarter.
Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings from joint ventures was $2.2 million in the third quarter compared with equity in earnings of $1.3 million in the preceding quarter. The increase was primarily due to an overall improvement in the operating results of the Company's Offshore Marine Services' joint ventures. This increase was partially offset by a $1.3 million loss, net of tax, recognized by the Company resulting from an impairment charge on prime broker exposure recorded in one of its Inland River Services' joint ventures.
Stock and Debt Repurchases -- During the third quarter, the Company purchased 1,166,000 shares of its common stock at an average price of $83.43 per share. At the end of the quarter, 19,975,727 shares of SEACOR's common stock remained outstanding.
Capital Commitments -- The Company's unfunded capital commitments as of September 30, 2008, consisted primarily of offshore marine vessels, helicopters, inland river barges and inland river towboats and totaled $276.2 million, of which $114.2 million is payable during the remainder of 2008 and the balance payable through 2010. Of the total unfunded capital commitments, $35.1 million may be terminated without further liability other than the payment of liquidated damages of $3.4 million in the aggregate. As of September 30, 2008, the Company held balances of cash, cash equivalents, restricted cash, available-for-sale marketable securities, construction reserve funds and title XI reserve funds totaling $688.3 million.
SEACOR is a global provider of marine support and transportation services, primarily to the energy and chemical industries. SEACOR and its subsidiaries provide customers with a full suite of marine-related services including offshore services, U.S. coastwise shipping, inland river services, aviation services, environmental services, and offshore and harbor towing services. 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 is 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 per share data, unaudited) Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 2008 2007 2008 2007 ---------- ---------- ---------- ---------- Operating Revenues $ 437,608 $ 359,923 $1,201,030 $ 996,140 ---------- ---------- ---------- ---------- Costs and Expenses: Operating 269,874 213,992 779,218 601,468 Administrative and general 41,487 36,883 125,587 105,220 Depreciation and amortization 39,598 37,443 115,126 114,373 ---------- ---------- ---------- ---------- 350,959 288,318 1,019,931 821,061 ---------- ---------- ---------- ---------- Gains on Asset Dispositions and Impairments, Net 20,074 19,560 51,254 74,257 ---------- ---------- ---------- ---------- Operating Income 106,723 91,165 232,353 249,336 ---------- ---------- ---------- ---------- Other Income (Expense): Interest income 4,329 11,274 17,178 34,954 Interest expense (14,404) (10,855) (38,626) (36,231) Derivative gains (losses), net (8,430) 5,221 (9,076) 5,097 Foreign currency gains (losses), net (6,683) 316 (3,469) 186 Marketable security gains (losses), net 35,950 11,960 30,649 (2,158) Other, net (89) (716) 237 (120) ---------- ---------- ---------- ---------- 10,673 17,200 (3,107) 1,728 ---------- ---------- ---------- ---------- Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 117,396 108,365 229,246 251,064 Income Tax Expense 43,551 40,339 84,637 89,387 ---------- ---------- ---------- ---------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 73,845 68,026 144,609 161,677 Minority Interest in Income of Subsidiaries (363) (927) (756) (1,409) Equity in Earnings of 50% or Less Owned Companies 2,160 3,183 8,054 13,432 ---------- ---------- ---------- ---------- Net Income $ 75,642 $ 70,282 $ 151,907 $ 173,700 ========== ========== ========== ========== Basic Earnings Per Common Share $ 3.75 $ 3.02 $ 7.13 $ 7.29 Diluted Earnings Per Common Share $ 3.20 $ 2.66 $ 6.19 $ 6.44 Weighted Average Common Shares Outstanding: Basic 20,183 23,234 21,293 23,821 Diluted 23,999 26,905 25,121 27,525 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, 2008 2008 2008 2007 2007 -------- -------- -------- -------- -------- Operating Revenues $437,608 $408,967 $354,455 $363,090 $359,923 -------- -------- -------- -------- -------- Costs and Expenses: Operating 269,874 274,304 235,040 230,935 213,992 Administrative and general 41,487 45,095 39,005 42,097 36,883 Depreciation and amortization 39,598 37,728 37,800 39,934 37,443 -------- -------- -------- -------- -------- 350,959 357,127 311,845 312,966 288,318 -------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 20,074 19,274 11,906 48,315 19,560 -------- -------- -------- -------- -------- Operating Income 106,723 71,114 54,516 98,439 91,165 -------- -------- -------- -------- -------- Other Income (Expense): Interest income 4,329 5,373 7,476 10,219 11,274 Interest expense (14,404) (12,674) (11,548) (13,129) (10,855) Derivative gains (losses), net (8,430) (7,113) 6,467 5,738 5,221 Foreign currency gains (losses), net (6,683) 604 2,610 44 316 Marketable security gains (losses), net 35,950 383 (5,684) (1,233) 11,960 Other, net (89) 162 164 109 (716) -------- -------- -------- -------- -------- 10,673 (13,265) (515) 1,748 17,200 -------- -------- -------- -------- -------- Income Before Income Tax Expense, Minority Interest in (Income) Loss of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 117,396 57,849 54,001 100,187 108,365 Income Tax Expense 43,551 20,616 20,470 41,054 40,339 -------- -------- -------- -------- -------- Income Before Minority Interest in (Income) Loss of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 73,845 37,233 33,531 59,133 68,026 Minority Interest in (Income) Loss of Subsidiaries (363) (191) (202) 182 (927) Equity in Earnings of 50% or Less Owned Companies 2,160 1,315 4,579 8,633 3,183 -------- -------- -------- -------- -------- Net Income $ 75,642 $ 38,357 $ 37,908 $ 67,948 $ 70,282 ======== ======== ======== ======== ======== Basic Earnings Per Common Share $ 3.75 $ 1.80 $ 1.70 $ 2.99 $ 3.02 Diluted Earnings Per Common Share $ 3.20 $ 1.57 $ 1.50 $ 2.62 $ 2.66 Weighted Average Common Shares Outstanding: Basic 20,183 21,363 22,344 22,738 23,234 Diluted 23,999 25,171 26,011 26,439 26,905 Common Shares Outstanding at Period End 19,976 21,117 22,223 22,575 23,157 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, 2008 2008 2008 2007 2007 -------- --------- --------- -------- -------- Offshore Marine Services Operating Revenues $196,911 $ 171,214 $ 154,647 $170,430 $179,618 -------- --------- --------- -------- -------- Costs and Expenses: Operating 97,790 104,599 94,270 97,534 95,345 Administrative and general 14,473 15,801 12,804 13,855 13,137 Depreciation and amortization 13,689 13,674 14,125 15,415 14,069 -------- --------- --------- -------- -------- 125,952 134,074 121,199 126,804 122,551 -------- --------- --------- -------- -------- Gains on Asset Dispositions and Impairments, Net 13,516 14,352 7,138 22,472 13,222 -------- --------- --------- -------- -------- Operating Income $ 84,475 $ 51,492 $ 40,586 $ 66,098 $ 70,289 ======== ========= ========= ======== ======== Marine Transportation Services Operating Revenues $ 27,535 $ 28,764 $ 28,953 $ 31,827 $ 27,730 -------- --------- --------- -------- -------- Costs and Expenses: Operating 22,391 16,762 16,219 27,781 19,207 Administrative and general 1,486 1,607 1,438 1,737 1,150 Depreciation and amortization 7,997 8,039 7,980 8,764 9,536 -------- --------- --------- -------- -------- 31,874 26,408 25,637 38,282 29,893 -------- --------- --------- -------- -------- Gains on Asset Dispositions -- -- 3,629 -- -- -------- --------- --------- -------- -------- Operating Income (Loss) $ (4,339) $ 2,356 $ 6,945 $ (6,455) $ (2,163) ======== ========= ========= ======== ======== Inland River Services Operating Revenues $ 36,517 $ 33,322 $ 30,145 $ 33,850 $ 32,656 -------- --------- --------- -------- -------- Costs and Expenses: Operating 23,079 21,310 16,726 15,863 16,234 Administrative and general 1,800 1,916 2,123 2,076 1,753 Depreciation and amortization 4,146 4,032 3,964 4,220 4,256 -------- --------- --------- -------- -------- 29,025 27,258 22,813 22,159 22,243 -------- --------- --------- -------- -------- Gains on Asset Dispositions 4,073 1,472 711 22,726 1,592 -------- --------- --------- -------- -------- Operating Income $ 11,565 $ 7,536 $ 8,043 $ 34,417 $ 12,005 ======== ========= ========= ======== ======== Aviation Services Operating Revenues $ 73,483 $ 63,795 $ 53,792 $ 51,296 $ 62,449 -------- --------- --------- -------- -------- Costs and Expenses: Operating 49,991 46,697 39,871 38,156 41,647 Administrative and general 5,174 4,895 4,629 5,315 4,590 Depreciation and amortization 9,571 8,672 7,789 7,866 7,015 -------- --------- --------- -------- -------- 64,736 60,264 52,289 51,337 53,252 -------- --------- --------- -------- -------- Gains on Asset Dispositions and Impairments, Net 1,307 3,208 394 1,996 4,304 -------- --------- --------- -------- -------- Operating Income $ 10,054 $ 6,739 $ 1,897 $ 1,955 $ 13,501 ======== ========= ========= ======== ======== Environmental Services Operating Revenues $ 42,177 $ 37,984 $ 42,509 $ 55,879 $ 42,287 -------- --------- --------- -------- -------- Costs and Expenses: Operating 29,904 26,571 30,598 36,623 30,316 Administrative and general 5,924 8,423 5,709 7,755 5,931 Depreciation and amortization 2,033 1,414 1,445 1,748 1,096 -------- --------- --------- -------- -------- 37,861 36,408 37,752 46,126 37,343 -------- --------- --------- -------- -------- Gains on Asset Dispositions -- 84 35 249 75 -------- --------- --------- -------- -------- Operating Income $ 4,316 $ 1,660 $ 4,792 $ 10,002 $ 5,019 ======== ========= ========= ======== ======== 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, 2008 2008 2008 2007 2007 -------- -------- -------- -------- -------- Commodity Trading Operating Revenues $ 44,290 $ 55,419 $ 28,674 $ 6,338 $ 3,058 -------- -------- -------- -------- -------- Costs and Expenses: Operating 37,746 46,977 26,757 6,902 2,646 Administrative and general 1,358 1,644 727 365 287 Depreciation and amortization -- -- -- -- -- -------- -------- -------- -------- -------- 39,104 48,621 27,484 7,267 2,933 -------- -------- -------- -------- -------- Gains on Asset Dispositions -- -- -- -- -- -------- -------- -------- -------- -------- Operating Income (Loss) $ 5,186 $ 6,798 $ 1,190 $ (929) $ 125 ======== ======== ======== ======== ======== Harbor and Offshore Towing Services Operating Revenues $ 19,529 $ 19,929 $ 16,257 $ 13,461 $ 12,351 -------- -------- -------- -------- -------- Costs and Expenses: Operating 11,941 12,959 11,109 8,053 8,797 Administrative and general 2,571 2,398 1,771 1,882 1,769 Depreciation and amortization 1,884 1,648 2,267 1,714 1,264 -------- -------- -------- -------- -------- 16,396 17,005 15,147 11,649 11,830 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net -- 158 -- -- (100) -------- -------- -------- -------- -------- Operating Income $ 3,133 $ 3,082 $ 1,110 $ 1,812 $ 421 ======== ======== ======== ======== ======== Other Operating Revenues $ 270 $ 104 $ -- $ -- $ -- -------- -------- -------- -------- -------- Costs and Expenses: Operating -- -- -- -- -- Administrative and general 117 131 202 509 46 Depreciation and amortization 3 8 -- -- -- -------- -------- -------- -------- -------- 120 139 202 509 46 -------- -------- -------- -------- -------- Gains on Asset Dispositions 1,178 -- -- 873 467 -------- -------- -------- -------- -------- Operating Income (Loss) $ 1,328 $ (35) $ (202) $ 364 $ 421 ======== ======== ======== ======== ======== Corporate and Eliminations Operating Revenues $ (3,104) $ (1,564) $ (522) $ 9 $ (226) -------- -------- -------- -------- -------- Costs and Expenses: Operating (2,968) (1,571) (510) 23 (200) Administrative and general 8,584 8,280 9,602 8,603 8,220 Depreciation and amortization 275 241 230 207 207 -------- -------- -------- -------- -------- 5,891 6,950 9,322 8,833 8,227 -------- -------- -------- -------- -------- Losses on Asset Dispositions -- -- (1) (1) -- -------- -------- -------- -------- -------- Operating Loss $ (8,995) $ (8,514) $ (9,845) $ (8,825) $ (8,453) ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2008 2008 2008 2007 2007 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 326,143 $ 422,569 $ 444,787 $ 537,305 $ 429,020 Restricted cash 23,659 30,072 39,152 30,624 38,371 Available-for-sale marketable securities 72,862 97,920 75,669 28,792 18,501 Receivables: Trade, net of allowance for doubtful accounts 294,330 272,291 250,789 267,564 289,796 Other 57,892 54,520 72,073 62,975 43,838 Inventories 50,234 42,063 35,021 30,468 28,186 Deferred income taxes 9,929 9,929 9,929 9,929 13,206 Prepaid expenses and other 8,943 12,067 9,196 9,756 13,689 ---------- ---------- ---------- ---------- ---------- Total current assets 843,992 941,431 936,616 977,413 874,607 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,706,500 2,665,956 2,511,118 2,469,735 2,470,029 Accumulated depreciation (596,017) (578,100) (554,838) (526,583) (518,285) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,110,483 2,087,856 1,956,280 1,943,152 1,951,744 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 143,190 115,701 117,409 109,288 120,866 Construction Reserve Funds & Title XI Reserve Funds 265,586 270,357 413,681 405,000 390,576 Goodwill 61,401 63,101 62,020 60,226 56,271 Intangible Assets 29,707 28,079 29,292 30,500 33,756 Other Assets, net of allowance for doubtful accounts 33,067 41,806 36,136 43,072 32,610 ---------- ---------- ---------- ---------- ---------- $3,487,426 $3,548,331 $3,551,434 $3,568,651 $3,460,430 ========== ========== ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 10,301 $ 10,385 $ 11,414 $ 9,648 $ 9,429 Current portion of capital lease obligations 15,074 33,682 864 851 19,140 Accounts payable and accrued expenses 105,496 101,942 93,079 119,321 97,134 Other current liabilities 226,395 273,185 254,522 258,940 280,250 ---------- ---------- ---------- ---------- ---------- Total current liabilities 357,266 419,194 359,879 388,760 405,953 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 931,588 927,701 928,308 929,114 933,188 Capital Lease Obligations 7,940 8,192 8,439 8,642 9,000 Deferred Income Taxes 512,102 492,131 493,701 480,447 386,384 Deferred Gains and Other Liabilities 126,281 127,217 131,259 130,311 112,731 Minority Interest in Subsidiaries 11,945 11,981 12,207 9,558 8,803 Stockholders' Equity: Preferred stock -- -- -- -- -- Common stock 323 323 323 322 321 Additional paid-in capital 917,192 913,874 910,843 905,702 902,120 Retained earnings 1,349,931 1,274,289 1,235,932 1,198,024 1,130,076 Shares held in treasury, at cost (724,165) (628,041) (531,236) (486,505) (431,550) Accumulated other comprehensive income (loss): Cumulative translation adjustments 27 2,344 2,337 1,938 1,712 Unrealized gain (loss) on available-for- sale marketable securities (3,004) (874) (558) 2,338 1,692 ---------- ---------- ---------- ---------- ---------- Total stockholders' equity 1,540,304 1,561,915 1,617,641 1,621,819 1,604,371 ---------- ---------- ---------- ---------- ---------- $3,487,426 $3,548,331 $3,551,434 $3,568,651 $3,460,430 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. EQUIPMENT BY LINE OF BUSINESS Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2008 2008 2008 2007 2007 -------- -------- -------- -------- -------- Offshore Marine Services Anchor handling towing supply 20 20 20 20 21 Crew 77 76 77 77 80 Mini-supply 19 20 21 21 22 Standby safety 29 29 29 29 28 Supply 27 28 26 25 24 Towing supply 15 16 18 21 30 Specialty 10 13 14 13 12 -------- -------- -------- -------- -------- 197 202 205 206 217 ======== ======== ======== ======== ======== Marine Transportation Services U.S.-flag product tankers 8 8 8 10 10 ======== ======== ======== ======== ======== Inland River Services Inland river dry cargo barges-open 338 318 318 318 372 Inland river dry cargo barges-covered 643 665 671 667 718 Inland river liquid tank barges 75 75 70 73 77 Inland river deck barges 26 26 26 26 25 Inland river towboats 21 20 20 17 17 -------- -------- -------- -------- -------- 1,103 1,104 1,105 1,101 1,209 ======== ======== ======== ======== ======== Aviation Services Light helicopters - single engine 62 62 64 61 65 Light helicopters - twin engine 53 55 54 53 53 Medium helicopters 58 57 55 54 52 Heavy helicopters 6 5 3 3 3 -------- -------- -------- -------- -------- 179 179 176 171 173 ======== ======== ======== ======== ======== Harbor and Offshore Towing Services Harbor and offshore tugs 35 35 36 30 29 Ocean liquid tank barges 3 2 2 -- -- -------- -------- -------- -------- -------- 38 37 38 30 29 ======== ======== ======== ======== ========