FORT LAUDERDALE, FL --
(MARKET WIRE)
-- 10/22/2008 --
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
======== ======== ======== ======== ========
For additional information, contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com
