FORT LAUDERDALE, FL --
(MARKET WIRE)
-- 02/17/2009 --
SEACOR Holdings Inc. (NYSE: CKH)
announced net income for the fourth quarter ended December 31, 2008 of
$71.8 million, or $3.11 per diluted share, on operating revenues of $454.9
million. For the twelve months ended December 31, 2008, net income was
$223.7 million, or $9.25 per diluted share, on operating revenues of
$1,656.0 million.
For the quarter ended December 31, 2007, net income was $67.9 million, or
$2.62 per diluted share, on operating revenues of $363.1 million. For the
twelve months ended December 31, 2007, net income was $241.6 million, or
$9.04 per diluted share, on operating revenues of $1,359.2 million.
Net income for the preceding quarter ended September 30, 2008 was $75.6
million, or $3.20 per diluted share, on operating revenues of $437.6
million. Comparison of results for the fourth quarter ended December 31,
2008 with the preceding quarter ended September 30, 2008 is included in the
discussion below.
Highlights for the Quarter
Offshore Marine Services -- Operating income in the fourth quarter was
$97.2 million on operating revenues of $186.0 million compared with
operating income of $84.5 million on operating revenues of $196.9 million
in the preceding quarter. Fourth quarter results included $34.2 million in
gains on asset dispositions compared with $13.5 million in gains in the
preceding quarter.
Excluding the impact of gains on asset dispositions, operating income in
the fourth quarter was $7.9 million lower than in the preceding quarter.
The decrease was primarily due to lower time charter revenues, principally
in the U.S. Gulf of Mexico where the Company's AHTS vessels undertook fewer
rig moves. Operating revenues were also lower due to net fleet dispositions
and a decline in the value of the pound sterling. In the fourth quarter,
$3.1 million of vessel charter hire billed to two customers was deferred
due to uncertainty regarding the collection of the amounts in question. The
Company will recognize the amounts as operating revenues as cash is
collected. Overall operating expenses were lower primarily as a result of
lower wage expense and lower charter-in expense. Administrative and general
expenses were higher primarily due to a $1.1 million increase in the
provision for doubtful accounts for receivables due from the two customers
noted above.
The number of days available for charter in the fourth quarter decreased by
263, or 1.7%, primarily as a result of a net reduction in fleet count.
Overall utilization decreased from 87.7% to 87.5% and overall average day
rates were lower at $12,402 per day compared with $13,161 per day in the
preceding quarter.
Marine Transportation Services -- Marine Transportation Services reported
operating income in the fourth quarter of $2.1 million on operating
revenues of $28.8 million compared with an operating loss of $4.3 million
on operating revenues of $27.5 million in the preceding quarter.
The improvement in operating results was primarily due to the return to
service of the Seabulk Arctic on October 7, 2008 and the Seabulk Pride on
October 21, 2008 after completing regulatory drydockings. Operating results
improved for the Seabulk Challenge due to higher freight revenues but were
lower for the California Voyager (formerly - Brenton Reef) following its
change in contract status from time charter to a long-term bareboat
contract in September 2008.
Inland River Services -- Operating income in the fourth quarter was $20.4
million on operating revenues of $44.0 million compared with operating
income of $11.6 million on operating revenues of $36.5 million in the
preceding quarter. Fourth quarter results included $4.1 million in gains on
asset dispositions, the same amount as in the preceding quarter.
Operating income was $8.8 million higher in the fourth quarter primarily
due to higher freight rates and increased activity on the lower Mississippi
River in support of the grain harvest. Operating expenses were generally in
line with the increased activity levels but were also impacted by lower
prevailing fuel prices and lower repair and maintenance expenditures for
towboats and liquid tank barges.
Aviation Services -- Aviation Services reported an operating loss in the
fourth quarter of $3.2 million on operating revenues of $57.6 million
compared with operating income of $10.1 million on operating revenues of
$73.5 million in the preceding quarter. There were no gains on asset
dispositions in the fourth quarter compared with $1.3 million in gains in
the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was
$11.9 million lower in the fourth quarter primarily due to a reduction in
hurricane support activity and drilling contracts in the U.S. Gulf of
Mexico and the end of seasonal activity in Alaska. Reductions in operating
expenses were generally in line with the decreased activity levels but were
partially offset by higher maintenance costs due to the timing of component
overhauls and fleet repair and maintenance and higher expenses related to
hurricane disruption in the U.S. Gulf of Mexico. In addition, depreciation
expense was higher due to newly acquired assets being placed in service.
Environmental Services -- Operating income in the fourth quarter was $5.5
million on operating revenues of $45.4 million compared with operating
income of $4.3 million on operating revenues of $42.2 million in the
preceding quarter. The improvement in operating income was primarily due to
higher emergency response service activities partially offset by higher
compensation expense.
Commodity Trading -- Commodity trading reported an operating loss in the
fourth quarter of $3.8 million on operating revenues of $79.9 million
compared with operating income of $5.2 million on operating revenues of
$44.3 million in the preceding quarter. Operating results in the fourth
quarter were impacted by lower product sales of rice, increased insurance
costs, higher wage and benefit costs, higher freight costs due to increased
activity in renewable fuels and higher rental costs for increased storage
capacity. In addition, the carrying values of certain inventories at
December 31, 2008 were reduced to reflect the lower of cost or market.
Harbor and Offshore Towing Services -- Operating income in the fourth
quarter was $2.4 million on operating revenues of $16.8 million compared
with operating income of $3.1 million on operating revenues of $19.5
million in the preceding quarter. The decrease in operating results was
primarily due to generally lower activity levels.
Interest Income -- Interest income was $2.6 million in the fourth quarter
compared with $4.3 million in the preceding quarter. The decrease was
primarily due to lower invested cash balances and lower interest rates.
Interest Expense -- Interest expense was $13.3 million in the fourth
quarter compared with $14.4 million in the prior quarter. The reduction in
interest expense was primarily due to the Company's purchase during the
fourth quarter of $101.8 million in principal amount of its Senior Notes
partially offset by its drawdown of $100.0 million on its unsecured
revolving credit facility, resulting in a lower overall interest rate.
Debt Extinguishment -- During the fourth quarter, the Company recorded
gains of $6.3 million on the purchase of $101.8 million in principal amount
of its Senior Notes. The gains resulted from the purchase of the notes at
average prices below par and the recognition of unamortized premiums.
Derivatives -- Derivative losses were $4.5 million in the fourth quarter
compared with losses of $8.4 million in the preceding quarter. The losses
in the fourth quarter were primarily due to losses on U.S. treasury notes
and bond future and option contracts, and forward exchange, option and
future contracts partially offset by gains on equity index and option
positions.
Foreign Currencies -- Foreign currency losses were $4.4 million in the
fourth quarter compared with losses of $6.7 million in the preceding
quarter. Fourth quarter losses were primarily due to the strengthening of
the U.S. dollar versus the pound sterling.
Marketable Securities -- Marketable security losses were $0.5 million in
the fourth quarter compared with gains of $36.0 million in the preceding
quarter.
Income Taxes -- The Company's effective income tax rate was 29.7% in the
fourth quarter primarily due to benefits recognized on the reduction of
deferred tax liabilities resulting from lower state tax apportionment
factors.
Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings
from joint ventures was $4.0 million in the fourth quarter compared with
equity in earnings of $2.2 million in the preceding quarter. The increase
was primarily due to a $1.3 million loss, net of tax, recognized by the
Company in the preceding quarter 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 fourth quarter, the Company
purchased 400 shares of its common stock at an average price of $54.86 per
share. At the end of the quarter, 20,017,547 shares of SEACOR's common
stock remained outstanding.
During the fourth quarter, the Company purchased $64.7 million in principal
amount of its 7.2% Senior Notes due September 2009 at an average price of
100 percent of par, $36.6 million in principal amount of its 9.5% Senior
Notes due August 2013 at an average price of 91 percent of par and $0.5
million in principal amount of its 5.875% Senior Notes due October 2012 at
86 percent of par.
Capital Commitments -- The Company's unfunded capital commitments as of
December 31, 2008, consisted primarily of offshore marine vessels,
helicopters, inland river barges and inland river towboats and totaled
$157.4 million, of which $113.3 million is payable during 2009 and the
balance payable through 2010. Of the total unfunded capital commitments,
$22.6 million may be terminated without further liability other than the
payment of liquidated damages of $1.8 million in the aggregate. As of
December 31, 2008, the Company held balances of cash, cash equivalents,
restricted cash, marketable securities, construction reserve funds and
title XI reserve funds totaling $655.8 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, commodity trading and
logistics, 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 Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Operating Revenues $ 454,926 $ 363,090 $1,655,956 $1,359,230
---------- ---------- ---------- ----------
Costs and Expenses:
Operating 291,898 230,935 1,071,116 832,403
Administrative and general 49,291 42,097 174,878 147,317
Depreciation and amortization 41,300 39,934 156,426 154,307
---------- ---------- ---------- ----------
382,489 312,966 1,402,420 1,134,027
---------- ---------- ---------- ----------
Gains on Asset Dispositions and
Impairments, Net 37,899 48,315 89,153 122,572
---------- ---------- ---------- ----------
Operating Income 110,336 98,439 342,689 347,775
---------- ---------- ---------- ----------
Other Income (Expense):
Interest income 2,610 10,219 19,788 45,173
Interest expense (13,276) (13,030) (51,901) (49,557)
Debt extinguishment gains
(losses), net 6,266 (99) 6,265 197
Marketable security gains
(losses), net (544) (1,233) 30,105 (3,391)
Derivative gains (losses), net (4,512) 5,738 (13,588) 10,835
Foreign currency gains
(losses), net (4,368) 44 (7,837) 230
Other, net 83 109 320 (11)
---------- ---------- ---------- ----------
(13,741) 1,748 (16,848) 3,476
---------- ---------- ---------- ----------
Income Before Income Tax
Expense, Minority Interest in
(Income) Loss of Subsidiaries
and Equity In Earnings of 50%
or Less Owned Companies 96,595 100,187 325,841 351,251
Income Tax Expense 28,705 41,054 113,342 130,441
---------- ---------- ---------- ----------
Income Before Minority Interest
in (Income) Loss of
Subsidiaries and Equity in
Earnings of 50% or Less Owned
Companies 67,890 59,133 212,499 220,810
Minority Interest in (Income)
Loss of Subsidiaries (124) 182 (880) (1,227)
Equity in Earnings of 50% or
Less Owned Companies 4,015 8,633 12,069 22,065
---------- ---------- ---------- ----------
Net Income $ 71,781 $ 67,948 $ 223,688 $ 241,648
========== ========== ========== ==========
Basic Earnings Per Common
Share $ 3.64 $ 2.99 $ 10.71 $ 10.26
Diluted Earnings Per Common
Share $ 3.11 $ 2.62 $ 9.25 $ 9.04
Weighted Average Common Shares
Outstanding:
Basic 19,704 22,738 20,893 23,548
Diluted 23,471 26,439 24,699 27,267
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended
-----------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
--------- --------- --------- --------- ---------
Operating Revenues $ 454,926 $ 437,608 $ 408,967 $ 354,455 $ 363,090
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 291,898 269,874 274,304 235,040 230,935
Administrative and
general 49,291 41,487 45,095 39,005 42,097
Depreciation and
amortization 41,300 39,598 37,728 37,800 39,934
--------- --------- --------- --------- ---------
382,489 350,959 357,127 311,845 312,966
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 37,899 20,074 19,274 11,906 48,315
--------- --------- --------- --------- ---------
Operating Income 110,336 106,723 71,114 54,516 98,439
--------- --------- --------- --------- ---------
Other Income
(Expense):
Interest income 2,610 4,329 5,373 7,476 10,219
Interest expense (13,276) (14,404) (12,673) (11,548) (13,030)
Debt extinguishment
gains (losses),
net 6,266 -- (1) -- (99)
Marketable security
gains (losses), net (544) 35,950 383 (5,684) (1,233)
Derivative gains
(losses), net (4,512) (8,430) (7,113) 6,467 5,738
Foreign currency
gains (losses),
net (4,368) (6,683) 604 2,610 44
Other, net 83 (89) 162 164 109
--------- --------- --------- --------- ---------
(13,741) 10,673 (13,265) (515) 1,748
--------- --------- --------- --------- ---------
Income Before Income
Tax Expense,
Minority Interest
in (Income) Loss of
Subsidiaries and
Equity In Earnings
of 50% or Less
Owned Companies 96,595 117,396 57,849 54,001 100,187
Income Tax Expense 28,705 43,551 20,616 20,470 41,054
--------- --------- --------- --------- ---------
Income Before
Minority Interest
in (Income) Loss of
Subsidiaries and
Equity in Earnings
of 50% or Less
Owned Companies 67,890 73,845 37,233 33,531 59,133
Minority Interest in
(Income) Loss of
Subsidiaries (124) (363) (191) (202) 182
Equity in Earnings
of 50% or Less
Owned Companies 4,015 2,160 1,315 4,579 8,633
--------- --------- --------- --------- ---------
Net Income $ 71,781 $ 75,642 $ 38,357 $ 37,908 $ 67,948
========= ========= ========= ========= =========
Basic Earnings Per
Common Share $ 3.64 $ 3.75 $ 1.80 $ 1.70 $ 2.99
Diluted Earnings Per
Common Share $ 3.11 $ 3.20 $ 1.57 $ 1.50 $ 2.62
Weighted Average
Common Shares
Outstanding:
Basic 19,704 20,183 21,363 22,344 22,738
Diluted 23,471 23,999 25,171 26,011 26,439
Common Shares
Outstanding at
Period End 20,018 19,976 21,117 22,223 22,575
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
-------- -------- --------- --------- --------
Offshore Marine Services
Operating Revenues $185,956 $196,911 $ 171,214 $ 154,647 $170,430
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 93,443 97,790 104,599 94,270 97,534
Administrative and
general 15,344 14,473 15,801 12,804 13,855
Depreciation and
amortization 14,146 13,689 13,674 14,125 15,415
-------- -------- --------- --------- --------
122,933 125,952 134,074 121,199 126,804
-------- -------- --------- --------- --------
Gains on Asset
Dispositions and
Impairments, Net 34,200 13,516 14,352 7,138 22,472
-------- -------- --------- --------- --------
Operating Income $ 97,223 $ 84,475 $ 51,492 $ 40,586 $ 66,098
======== ======== ========= ========= ========
Marine Transportation
Services
Operating Revenues $ 28,776 $ 27,535 $ 28,764 $ 28,953 $ 31,827
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 16,874 22,391 16,762 16,219 27,781
Administrative and
general 1,771 1,486 1,607 1,438 1,737
Depreciation and
amortization 7,997 7,997 8,039 7,980 8,764
-------- -------- --------- --------- --------
26,642 31,874 26,408 25,637 38,282
-------- -------- --------- --------- --------
Gains on Asset
Dispositions -- -- -- 3,629 --
-------- -------- --------- --------- --------
Operating Income (Loss) $ 2,134 $ (4,339) $ 2,356 $ 6,945 $ (6,455)
======== ======== ========= ========= ========
Inland River Services
Operating Revenues $ 44,038 $ 36,517 $ 33,322 $ 30,145 $ 33,850
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 21,304 23,079 21,310 16,726 15,863
Administrative and
general 2,048 1,800 1,916 2,123 2,076
Depreciation and
amortization 4,440 4,146 4,032 3,964 4,220
-------- -------- --------- --------- --------
27,792 29,025 27,258 22,813 22,159
-------- -------- --------- --------- --------
Gains on Asset
Dispositions 4,138 4,073 1,472 711 22,726
-------- -------- --------- --------- --------
Operating Income $ 20,384 $ 11,565 $ 7,536 $ 8,043 $ 34,417
======== ======== ========= ========= ========
Aviation Services
Operating Revenues $ 57,557 $ 73,483 $ 63,795 $ 53,792 $ 51,296
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 44,931 49,991 46,697 39,871 38,156
Administrative and
general 5,432 5,174 4,895 4,629 5,315
Depreciation and
amortization 10,379 9,571 8,672 7,789 7,866
-------- -------- --------- --------- --------
60,742 64,736 60,264 52,289 51,337
-------- -------- --------- --------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (26) 1,307 3,208 394 1,996
-------- -------- --------- --------- --------
Operating Income (Loss) $ (3,211) $ 10,054 $ 6,739 $ 1,897 $ 1,955
======== ======== ========= ========= ========
Environmental Services
Operating Revenues $ 45,360 $ 42,177 $ 37,984 $ 42,509 $ 55,879
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 30,253 29,904 26,571 30,598 36,623
Administrative and
general 7,471 5,924 8,423 5,709 7,755
Depreciation and
amortization 2,161 2,033 1,414 1,445 1,748
-------- -------- --------- --------- --------
39,885 37,861 36,408 37,752 46,126
-------- -------- --------- --------- --------
Gains on Asset
Dispositions 5 -- 84 35 249
-------- -------- --------- --------- --------
Operating Income $ 5,480 $ 4,316 $ 1,660 $ 4,792 $ 10,002
======== ======== ========= ========= ========
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
--------- --------- --------- --------- ---------
Commodity Trading
Operating Revenues $ 79,881 $ 44,290 $ 55,419 $ 28,674 $ 6,338
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 78,425 37,746 46,977 26,757 6,902
Administrative and
general 5,231 1,358 1,644 727 365
Depreciation and
amortization -- -- -- -- --
--------- --------- --------- --------- ---------
83,656 39,104 48,621 27,484 7,267
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions -- -- -- -- --
--------- --------- --------- --------- ---------
Operating Income
(Loss) $ (3,775) $ 5,186 $ 6,798 $ 1,190 $ (929)
========= ========= ========= ========= =========
Harbor and Offshore
Towing Services
Operating Revenues $ 16,792 $ 19,529 $ 19,929 $ 16,257 $ 13,461
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 9,812 11,941 12,959 11,109 8,053
Administrative and
general 2,654 2,571 2,398 1,771 1,882
Depreciation and
amortization 1,940 1,884 1,648 2,267 1,714
--------- --------- --------- --------- ---------
14,406 16,396 17,005 15,147 11,649
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions (5) -- 158 -- --
--------- --------- --------- --------- ---------
Operating Income $ 2,381 $ 3,133 $ 3,082 $ 1,110 $ 1,812
========= ========= ========= ========= =========
Other
Operating Revenues $ -- $ 270 $ 104 $ -- $ --
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating -- -- -- -- --
Administrative and
general 122 117 131 202 509
Depreciation and
amortization -- 3 8 -- --
--------- --------- --------- --------- ---------
122 120 139 202 509
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions (16) 1,178 -- -- 873
--------- --------- --------- --------- ---------
Operating Income
(Loss) $ (138) $ 1,328 $ (35) $ (202) $ 364
========= ========= ========= ========= =========
Corporate and
Eliminations
Operating Revenues $ (3,434) $ (3,104) $ (1,564) $ (522) $ 9
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating (3,144) (2,968) (1,571) (510) 23
Administrative and
general 9,218 8,584 8,280 9,602 8,603
Depreciation and
amortization 237 275 241 230 207
--------- --------- --------- --------- ---------
6,311 5,891 6,950 9,322 8,833
--------- --------- --------- --------- ---------
Losses on Asset
Dispositions and
Impairments, Net (397) -- -- (1) (1)
--------- --------- --------- --------- ---------
Operating Loss $ (10,142) $ (8,995) $ (8,514) $ (9,845) $ (8,825)
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
--------- ---------- ---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 275,442 $ 326,143 $ 422,569 $ 444,787 $ 537,305
Restricted
cash 20,787 23,659 30,072 39,152 30,624
Marketable
securities 53,817 72,862 97,920 75,669 28,792
Receivables:
Trade, net of
allowance for
doubtful
accounts 277,350 294,330 272,291 250,789 267,564
Other 40,141 57,892 54,520 72,073 62,975
Inventories 66,278 50,234 42,063 35,021 30,468
Deferred income
taxes 5,164 9,929 9,929 9,929 9,929
Prepaid expenses
and other 10,499 8,943 12,067 9,196 9,756
---------- ---------- ---------- ---------- ----------
Total current
assets 749,478 843,992 941,431 936,616 977,413
---------- ---------- ---------- ---------- ----------
Property and
Equipment 2,741,322 2,706,500 2,665,956 2,511,118 2,469,735
Accumulated
depreciation (601,806) (596,017) (578,100) (554,838) (526,583)
---------- ---------- ---------- ---------- ----------
Net property
and
equipment 2,139,516 2,110,483 2,087,856 1,956,280 1,943,152
---------- ---------- ---------- ---------- ----------
Investments, at
Equity, and
Receivables
from 50% or
Less Owned
Companies 150,062 143,190 115,701 117,409 109,288
Construction
Reserve Funds
& Title XI
Reserve Funds 305,757 265,586 270,357 413,681 405,000
Goodwill 51,496 61,401 63,101 62,020 60,226
Intangible
Assets 28,478 29,707 28,079 29,292 30,500
Other Assets,
net of
allowance for
doubtful
accounts 37,413 33,067 41,806 36,136 43,072
---------- ---------- ---------- ---------- ----------
$3,462,200 $3,487,426 $3,548,331 $3,551,434 $3,568,651
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Liabilities:
Current portion
of long-term
debt $ 33,671 $ 10,301 $ 10,385 $ 11,414 $ 9,648
Current portion
of capital
lease obligations 907 15,074 33,682 864 851
Accounts payable
and accrued
expenses 102,798 105,496 101,942 93,079 119,321
Other current
liabilities 139,425 226,395 273,185 254,522 258,940
---------- ---------- ---------- ---------- ----------
Total current
liabilities 276,801 357,266 419,194 359,879 388,760
---------- ---------- ---------- ---------- ----------
Long-Term Debt 921,275 931,588 927,701 928,308 929,114
Capital Lease
Obligations 7,685 7,940 8,192 8,439 8,642
Deferred Income
Taxes 507,391 512,102 492,131 493,701 480,447
Deferred Gains
and Other
Liabilities 121,796 126,281 127,217 131,259 130,311
Minority
Interest in
Subsidiaries 12,078 11,945 11,981 12,207 9,558
Stockholders'
Equity:
Preferred stock -- -- -- -- --
Common stock 324 323 323 323 322
Additional
paid-in
capital 922,540 917,192 913,874 910,843 905,702
Retained
earnings 1,421,712 1,349,931 1,274,289 1,235,932 1,198,024
Shares held in
treasury, at
cost (724,357) (724,165) (628,041) (531,236) (486,505)
Accumulated
other
comprehensive
income (loss):
Cumulative
translation
adjustments (5,045) 27 2,344 2,337 1,938
Unrealized gain
(loss) on
available-for-
sale marketable
securities -- (3,004) (874) (558) 2,338
---------- ---------- ---------- ---------- ----------
Total
stockholders'
equity 1,615,174 1,540,304 1,561,915 1,617,641 1,621,819
---------- ---------- ---------- ---------- ----------
$3,462,200 $3,487,426 $3,548,331 $3,551,434 $3,568,651
========== ========== ========== ========== ==========
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
--------- --------- --------- --------- ---------
Offshore Marine Services
Anchor handling towing
supply 20 20 20 20 20
Crew 75 77 76 77 77
Mini-supply 16 19 20 21 21
Standby safety 29 29 29 29 29
Supply 27 27 28 26 25
Towing supply 14 15 16 18 21
Specialty 9 10 13 14 13
--------- --------- --------- --------- ---------
190 197 202 205 206
========= ========= ========= ========= =========
Marine Transportation
Services
U.S.-flag product tankers 8 8 8 8 10
========= ========= ========= ========= =========
Inland River Services
Inland river dry cargo
barges-open 345 338 318 318 318
Inland river dry cargo
barges-covered 638 643 665 671 667
Inland river liquid tank
barges 86 75 75 70 73
Inland river deck barges 26 26 26 26 26
Inland river towboats 22 21 20 20 17
--------- --------- --------- --------- ---------
1,117 1,103 1,104 1,105 1,101
========= ========= ========= ========= =========
Aviation Services
Light helicopters -
single engine 63 62 62 64 61
Light helicopters - twin
engine 55 53 55 54 53
Medium helicopters 62 58 57 55 54
Heavy helicopters 7 6 5 3 3
--------- --------- --------- --------- ---------
187 179 179 176 171
========= ========= ========= ========= =========
Harbor and Offshore
Towing Services
Harbor and offshore tugs 35 35 35 36 30
Ocean liquid tank barges 3 3 2 2 --
--------- --------- --------- --------- ---------
38 38 37 38 30
========= ========= ========= ========= =========
For additional information, contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com
