SEACOR Holdings Inc. Provides Historical Financial Information to Present Era Group Inc. as a Discontinued Operation

Seacor Holdings Press Release Apr 11 2013

FORT LAUDERDALE, FL -- (Marketwired) -- 04/11/13 -- On January 31, 2013, SEACOR Holdings Inc. ("SEACOR") (NYSE: CKH) completed the spin-off of its former aviation services business segment by means of a dividend to SEACOR's stockholders of all the issued and outstanding common stock (the "Spin-off") of Era Group Inc. ("Era Group"). Era Group filed a Registration Statement on Form 10 with the Securities and Exchange Commission ("SEC") that was declared effective on January 14, 2013. Prior to the Spin-off, SEACOR and Era Group entered into a Distribution Agreement and several other agreements that govern the post-Spin-off relationship. Era Group is now an independent public company whose common stock is listed on the New York Stock Exchange under the symbol "ERA."

For informational purposes, the accompanying consolidated balance sheets of SEACOR as of December 31, 2012, 2011, 2010, 2009 and 2008, and the related consolidated statements of income and cash flows for each of the five years in the period ended December 31, 2012, present Era Group as a discontinued operation in addition to the operations previously reported as discontinued in SEACOR's most recent Annual Report on Form 10-K filed with the SEC on February 27, 2013.

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, inland river and shipping. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including 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 or failures to finalize commitments to charter vessels 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 the provision of 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 a lack of liquidity 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 and Shipping Services, decreased demand for Shipping 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 and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services and Shipping Services, effects of adverse weather conditions and seasonality, 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 agriculture 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 as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the following should not be considered to be a complete discussion of all potential risks or uncertainties. 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, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

SEACOR HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
December 31,
2012 2011 2010 2009 2008
ASSETS
Current Assets:
Cash and cash equivalents $ 248,204 $ 381,482 $ 354,563 $ 451,041 $ 264,761
Restricted cash 28,285 21,281 12,651 34,014 20,787
Marketable securities 21,668 66,898 147,409 68,139 53,817
Receivables:
Trade, net of allowance for doubtful accounts 224,944 231,288 216,297 231,698 204,814
Other 45,334 43,631 63,442 68,817 33,680
Inventories 25,787 12,958 9,927 36,837 44,716
Deferred income taxes 3,530 9,007 4,127 3,158 4,363
Prepaid expenses and other 12,719 7,311 7,729 6,470 6,559
Discontinued operations 108,153 266,691 328,657 143,743 115,981
Total current assets 718,624 1,040,547 1,144,802 1,043,917 749,478
Property and Equipment:
Historical cost 2,238,383 1,986,731 1,873,001 2,050,713 1,988,093
Accumulated depreciation (763,803 ) (665,553 ) (620,161 ) (586,118 ) (473,571 )
1,474,580 1,321,178 1,252,840 1,464,595 1,514,522
Construction in progress 110,296 119,479 70,123 57,738 97,145
Net property and equipment 1,584,876 1,440,657 1,322,963 1,522,333 1,611,667
Investments, at Equity, and Advances to 50% or Less Owned Companies 272,535 199,490 152,315 158,306 120,808
Construction Reserve Funds & Title XI Reserve Funds 195,629 259,974 323,885 289,750 305,757
Goodwill 17,978 56,702 53,413 46,205 43,119
Intangible Assets, Net 15,305 21,528 19,745 23,430 28,250
Other Assets 55,123 86,961 50,256 37,704 33,148
Discontinued Operations 840,724 822,275 693,010 601,974 567,427
$ 3,700,794 $ 3,928,134 $ 3,760,389 $ 3,723,619 $ 3,459,654
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 21,920 $ 38,304 $ 11,928 $ 36,231 $ 33,257
Current portion of capital lease obligations 2,900 2,368 1,030 966 907
Accounts payable and accrued expenses 107,892 133,743 146,479 113,049 80,819
Accrued wages and benefits 19,303 26,924 27,053 21,164 26,187
Accrued interest 5,226 7,722 7,611 8,364 9,938
Accrued income taxes 8,089 15,842 15,042 16,977 16,862
Short sales of marketable securities 8,277 22,612 36,076 18,442 2,938
Accrued capital, repair and maintenance expenditures 8,013 7,490 7,462 7,522 15,528
Deferred revenues 6,592 9,845 20,829 12,906 3,083
Other current liabilities 37,593 47,112 49,003 37,723 44,052
Discontinued operations 39,836 89,564 213,000 41,768 43,230
Total current liabilities 265,641 401,526 535,513 315,112 276,801
Long-Term Debt 655,309 710,352 661,542 748,503 895,296
Capital Lease Obligations 59 3,068 5,493 6,624 7,685
Deferred Income Taxes 426,027 420,591 434,043 486,724 459,683
Deferred Gains and Other Liabilities 120,342 134,925 147,477 103,568 112,738
Discontinued Operations 490,741 449,609 178,956 97,197 65,223
Total liabilities 1,958,119 2,120,071 1,963,024 1,757,728 1,817,426
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 367 364 361 356 324
Additional paid-in capital 1,330,324 1,256,209 1,225,296 1,182,023 956,457
Retained earnings 1,473,509 1,512,679 1,471,623 1,546,581 1,402,771
Shares held in treasury, at cost (1,088,560 ) (971,687 ) (903,004 ) (768,438 ) (724,357 )
Accumulated other comprehensive loss, net of tax (1,986 ) (7,958 ) (7,039 ) (3,260 ) (5,045 )
1,713,654 1,789,607 1,787,237 1,957,262 1,630,150
Noncontrolling interests in subsidiaries 29,021 18,456 10,128 8,629 12,078
Total equity 1,742,675 1,808,063 1,797,365 1,965,891 1,642,228
$ 3,700,794 $ 3,928,134 $ 3,760,389 $ 3,723,619 $ 3,459,654
SEACOR HOLDINGS INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
For the years ended December 31,
2012 2011 2010 2009 2008
Operating Revenues $ 1,308,297 $ 1,032,497 $ 1,173,502 $ 1,109,641 $ 1,218,013
Costs and Expenses:
Operating 977,469 745,553 719,941 704,920 728,206
Administrative and general 166,743 131,772 140,665 119,728 134,619
Depreciation and amortization 131,667 106,873 113,774 117,419 114,910
1,275,879 984,198 974,380 942,067 977,735
Gains on Asset Dispositions and Impairments, Net 23,987 18,839 43,977 27,557 84,256
Operating Income 56,405 67,138 243,099 195,131 324,534
Other Income (Expense):
Interest income 17,360 12,879 8,740 4,148 19,470
Interest expense (37,891 ) (39,759 ) (43,776 ) (58,939 ) (59,729 )
Debt extinguishment gains (losses), net (160 ) (99 ) (1,460 ) (5,587 ) 6,265
Marketable security gains (losses), net 12,891 (7,893 ) (2,159 ) 24,059 30,105
Derivative gains (losses), net (2,812 ) (30,055 ) 6,842 7,288 (13,433 )
Foreign currency gains (losses), net 1,631 540 (4,551 ) 6,569 (7,798 )
Other, net 7,148 1,018 3,659 244 275
(1,833 ) (63,369 ) (32,705 ) (22,218 ) (24,845 )
Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies 54,572 3,769 210,394 172,913 299,689
Income Tax Expense (Benefit):
Current 47,582 30,569 133,734 36,429 84,422
Deferred (23,401 ) (27,259 ) (53,929 ) 30,056 19,218
24,181 3,310 79,805 66,485 103,640
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 30,391 459 130,589 106,428 196,049
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (5,764 ) 9,908 12,633 12,843 11,914
Income from Continuing Operations 24,627 10,367 143,222 119,271 207,963
Income from Discontinued Operations, Net of Tax 35,832 31,783 102,762 25,832 11,460
Net Income 60,459 42,150 245,984 145,103 219,423
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (756 ) 1,094 1,260 1,293 880
Net Income attributable to SEACOR Holdings Inc. $ 61,215 $ 41,056 $ 244,724 $ 143,810 $ 218,543
Net Income attributable to SEACOR Holdings Inc.:
Continuing operations $ 25,343 $ 9,273 $ 141,962 $ 117,978 $ 207,083
Discontinued operations 35,872 31,783 102,762 25,832 11,460
$ 61,215 $ 41,056 $ 244,724 $ 143,810 $ 218,543
Basic Earnings Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.24 $ 0.44 $ 6.63 $ 5.91 $ 9.91
Discontinued operations 1.76 1.50 4.80 1.30 0.55
$ 3.00 $ 1.94 $ 11.43 $ 7.21 $ 10.46
Diluted Earnings Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.22 $ 0.43 $ 6.52 $ 5.47 $ 8.79
Discontinued operations 1.73 1.48 4.73 1.10 0.46
$ 2.95 $ 1.91 $ 11.25 $ 6.57 $ 9.25
Weighted Average Common Shares Outstanding:
Basic 20,426,770 21,119,461 21,402,441 19,950,702 20,893,390
Diluted 20,775,896 21,466,843 21,757,217 23,388,168 24,699,181
Common Shares Outstanding at Period End 19,887,933 20,933,116 21,399,508 22,612,826 20,017,547
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. $ 5.00 $ -- $ 15.00 $ -- $ --
SEACOR HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
For the years ended December 31,
2012 2011 2010 2009 2008
Cash Flows from Operating Activities of Continuing Operations:
Income from Continuing Operations $ 24,627 $ 10,367 $ 143,222 $ 119,271 $ 207,963
Adjustments to reconcile income from continuing operations to net cash provided by operating activities of continuing operations:
Depreciation and amortization 131,667 106,873 113,774 117,419 114,910
Amortization of deferred gains on sale and leaseback transactions (16,652 ) (22,191 ) (17,819 ) (16,960 ) (16,552 )
Debt discount amortization, net 1,266 828 768 7,448 5,852
Amortization of share awards 32,930 21,589 19,254 12,993 12,199
Director stock awards 357 359 303 380 450
Bad debt expense (income) 1,311 (56 ) 304 2,194 1,446
Gains on asset dispositions and impairments, net (23,987 ) (18,839 ) (43,977 ) (27,557 ) (84,256 )
Debt extinguishment (gains) losses, net 160 99 1,460 5,587 (6,265 )
Marketable security (gains) losses, net (12,891 ) 7,893 2,159 (24,059 ) (30,105 )
Purchases of marketable securities (40,396 ) (117,145 ) (107,716 ) (35,523 ) (60,288 )
Proceeds from sale of marketable securities 36,537 178,016 44,992 61,595 24,168
Derivative (gains) losses, net 2,812 30,055 (6,842 ) (7,288 ) 13,433
Cash settlements on derivative transactions, net (11,868 ) (20,636 ) (6,858 ) 5,956 (11,310 )
Foreign currency (gains) losses, net (1,631 ) (540 ) 4,551 (6,569 ) 7,798
Deferred income tax expense (benefit) (23,401 ) (27,259 ) (53,929 ) 30,056 19,218
Equity in (earnings) losses of 50% or less owned companies, net of tax 5,764 (9,908 ) (12,633 ) (12,843 ) (11,914 )
Dividends received from 50% or less owned companies 6,606 8,346 17,912 15,920 10,384
Other, net 542 484 (280 ) 1,068 1,041
Changes in operating assets and liabilities:
(Increase) decrease in receivables 18,775 (18,562 ) 25,147 (55,029 ) 8,518
(Increase) decrease in prepaid expenses and other assets 6,655 (1,672 ) 26,536 11,618 19,271
Increase (decrease) in accounts payable, accrued expenses and other liabilities (57,696 ) (13,473 ) 67,020 21,156 6,644
Net cash provided by operating activities of continuing operations 81,487 114,628 217,348 226,833 232,605
Cash Flows from Investing Activities of Continuing Operations:
Purchases of property and equipment (239,350 ) (165,264 ) (112,629 ) (82,407 ) (198,913 )
Proceeds from disposition of property and equipment 114,032 75,733 359,414 77,124 154,520
Purchases of marketable securities -- -- -- -- (212,590 )
Proceeds from sale of marketable securities -- -- -- -- 141,886
Cash settlements on derivative transactions, net -- -- -- -- (1,245 )
Investments in and advances to 50% or less owned companies (45,572 ) (41,313 ) (55,462 ) (27,453 ) (14,043 )
Return of investments and advances from 50% or less owned companies 87,275 22,422 14,160 1,922 2,212
Proceeds on sale of investments in 50% or less owned companies -- -- -- 136 --
Net advances on revolving credit line to 50% or less owned companies (300 ) (4,339 ) (9,067 ) -- --
(Advances) principal payments on third party notes receivable, net 32,634 (35,724 ) (5,342 ) 2,433 (6,222 )
Net (increase) decrease in restricted cash (7,004 ) (8,630 ) 21,363 (13,227 ) 9,837
Net (increase) decrease in construction reserve funds and title XI funds 64,345 63,911 (34,135 ) 16,007 99,243
Repayments on (investments in) leases, net 3,399 8,982 (15,031 ) (1,667 ) 59
Business acquisitions, net of cash acquired (148,088 ) (90,588 ) (5,602 ) (4,112 ) (5,622 )
Cash disposed on sale of subsidiary, net of cash proceeds on sale -- -- -- (154 ) --
Net cash provided by (used in) investing activities of continuing operations (138,629 ) (174,810 ) 157,669 (31,398 ) (30,878 )
Cash Flows from Financing Activities of Continuing Operations:
Payments on long-term debt and capital lease obligations (484,153 ) (36,898 ) (92,755 ) (311,814 ) (177,030 )
Net borrowings (repayments) under inventory financing arrangements (14,600 ) 20,210 (21,647 ) 2,200 --
Proceeds from issuance of long-term debt, net of offering costs 414,051 52,877 -- 349,297 111,250
Purchase of conversion option in convertible debt -- -- -- (2,030 ) --
Proceeds from issuance of conversion option in convertible debt, net of offering costs 48,245 -- -- -- --
Special Cash Dividend (100,385 ) -- (319,682 ) -- --
Common stock acquired for treasury (119,551 ) (71,290 ) (137,068 ) (45,854 ) (240,069 )
Proceeds and tax benefits from share award plans 11,683 11,888 26,225 5,742 6,655
Purchase of subsidiary shares from noncontrolling interests -- (1,149 ) (39 ) (1,210 ) --
Cash received from (dividends paid to) noncontrolling interests, net (2,818 ) (915 ) 285 (2,257 ) 1,632
Net cash used in financing activities of continuing operations (247,528 ) (25,277 ) (544,681 ) (5,926 ) (297,562 )
Effects of Exchange Rate Changes on Cash and Cash Equivalents 2,087 1,517 (6,314 ) 2,169 (8,355 )
Net Increase (Decrease) in Cash and Cash Equivalents from Continuing Operations (302,583 ) (83,942 ) (175,978 ) 191,678 (104,190 )
Cash Flows from Discontinued Operations:
Operating Activities 189,216 21,305 181,467 66,603 54,693
Investing Activities (7,665 ) (157,146 ) (138,441 ) (70,302 ) (215,546 )
Financing Activities (12,919 ) 246,260 38,170 (401 ) (898 )
Effect of Exchange Rate Changes on Cash and Cash Equivalents 673 442 (1,696 ) (1,298 ) (248 )
Net Increase (Decrease) in Cash and Cash Equivalents from Discontinued Operations 169,305 110,861 79,500 (5,398 ) (161,999 )
Net Increase (Decrease) in Cash and Cash Equivalents (133,278 ) 26,919 (96,478 ) 186,280 (266,189 )
Cash and Cash Equivalents, Beginning of Year 381,482 354,563 451,041 264,761 530,950
Cash and Cash Equivalents, End of Year $ 248,204 $ 381,482 $ 354,563 $ 451,041 $ 264,761

For additional information, contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com

Source: SEACOR Holdings Inc.


Date released: Apr 11 2013