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