FORT LAUDERDALE, FL --
(MARKET WIRE)
-- 02/18/2010 --
SEACOR Holdings Inc. (NYSE: CKH) today
announced its results for the fourth quarter of 2009. Net income
attributable to SEACOR Holdings Inc. for the quarter ended December 31,
2009 was $22.2 million, or $1.04 per diluted share, on operating revenues
of $476.5 million.
During the fourth quarter, the Company called and settled all of its
outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a
debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted
share (see Stock Repurchases and Convertible Debt Settlements below).
For the preceding quarter ended September 30, 2009, net income attributable
to SEACOR Holdings Inc. was $26.3 million, or $1.23 per diluted share, on
operating revenues of $446.1 million. Comparison of results for the quarter
ended December 31, 2009 with the preceding quarter ended September 30, 2009
is included in the discussion below.
For the twelve months ended December 31, 2009, net income attributable to
SEACOR Holdings Inc. was $143.8 million, or $6.57 per diluted share, on
operating revenues of $1,711.3 million.
For the quarter ended December 31, 2008, net income attributable to SEACOR
Holdings Inc. was $70.5 million, or $3.11 per diluted share, on operating
revenues of $454.9 million. For the twelve months ended December 31, 2008,
net income attributable to SEACOR Holdings Inc. was $218.5 million, or
$9.25 per diluted share, on operating revenues of $1,656.0 million.
Previously reported 2008 results were retrospectively adjusted to reflect
the adoption of new accounting rules established by the Financial
Accounting Standards Board ("FASB") related to the Company's convertible
debt (see Convertible Debt below).
Highlights for the Quarter
Offshore Marine Services -- Operating income in the fourth quarter was
$26.3 million on operating revenues of $121.2 million compared with
operating income of $30.0 million on operating revenues of $129.8 million
in the preceding quarter. Fourth quarter results included $3.8 million in
gains on asset dispositions compared with $3.9 million in gains in the
preceding quarter. Excluding the impact of gains on asset dispositions,
operating income was $3.7 million lower in the fourth quarter.
Overall operating revenues were $8.6 million lower in the fourth quarter
primarily due to reductions in third party brokered vessel activity,
bareboat charter revenues and revenues from other marine services. Time
charter revenues were $3.9 million higher in the U.S. Gulf of Mexico,
primarily due to an increase in rig moving activity, but were $3.7 million
lower in all other geographic regions, primarily due to lower utilization.
As of December 31, 2009, the Company had 19 vessels cold-stacked in the
U.S. Gulf of Mexico compared with 26 as of September 30, 2009. During the
fourth quarter, six additional vessels were cold-stacked, eleven vessels
were returned to leasing companies at the conclusion of their lease terms,
and two vessels were returned to service. As of December 31, 2009, $14.9
million of vessel charter hire billed to three customers has been deferred
due to uncertainty of collection. The Company's policy is to recognize the
deferred amounts as operating revenues if and when collection is reasonably
assured. Overall operating expenses were $4.8 million lower in the fourth
quarter primarily due to decreased regulatory drydocking and maintenance
costs and reduced vessel brokerage activity.
The number of days available for charter in the fourth quarter decreased by
342, or 2.5%. Overall utilization increased from 67.4% to 68.0% and overall
average day rates, based on time charter revenues recognized, increased by
1.8% from $11,880 per day to $12,093 per day.
Marine Transportation Services -- Operating income in the fourth quarter
was $0.9 million on operating revenues of $20.5 million compared with
operating income of $1.4 million on operating revenues of $21.7 million in
the preceding quarter. The decrease in operating income was primarily due
to the temporary lay-up of one of the Company's tankers for the entire
fourth quarter and a lower margin contract for one tanker trading in the
spot market.
Inland River Services -- Operating income in the fourth quarter was $15.9
million on operating revenues of $53.6 million compared with operating
income of $7.8 million on operating revenues of $34.3 million in the
preceding quarter. Fourth quarter results included $1.2 million in gains on
asset dispositions compared with $0.8 million in gains in the preceding
quarter.
Excluding the impact of gains on asset dispositions, operating income was
$7.7 million higher in the fourth quarter, primarily due to higher freight
rates and increased freight loadings as a result of seasonal harvest
activity.
Aviation Services -- Operating income in the fourth quarter was $8.1
million on operating revenues of $54.3 million compared with operating
income of $10.3 million on operating revenues of $64.3 million in the
preceding quarter. Fourth quarter results include $0.3 million in net gains
on asset dispositions and impairments compared with $1.1 million of gains
in the preceding quarter.
Excluding the impact of asset dispositions and impairments, operating
income was $1.5 million lower in the fourth quarter, primarily due to a
reduction in contract activity to support drilling in the U.S. Gulf of
Mexico and the end of seasonal activity in Alaska. The impact of these
factors was partially offset by the receipt of insurance proceeds related
to damages sustained in hurricanes Gustav and Ike.
Environmental Services -- Operating income in the fourth quarter was $3.5
million on operating revenues of $44.5 million compared with operating
income of $2.7 million on operating revenues of $33.8 million in the
preceding quarter. The improvement in operating income was primarily due to
increased emergency response services activities, partially offset by
reduced remediation services activities.
Commodity Trading and Logistics -- Commodity Trading and Logistics reported
a segment loss in the fourth quarter of $0.4 million on operating revenues
of $171.4 million compared with a segment loss of $2.0 million on operating
revenues of $150.9 million in the preceding quarter.
Harbor and Offshore Towing Services -- Operating income in the fourth
quarter was $0.1 million on operating revenues of $16.2 million compared
with operating income of $2.0 million on operating revenues of $15.6
million in the preceding quarter. The reduction in operating income was
primarily due to higher regulatory docking, repair and fuel costs.
Debt Extinguishment -- During the fourth quarter, the Company recorded
losses of $9.7 million, primarily on the call and settlement of $246.2
million, in principal amount, of its 2.875% Convertible Debentures.
Marketable Securities -- Marketable security gains were $9.3 million in the
fourth quarter compared with gains of $6.9 million in the preceding
quarter.
Income Taxes -- During the fourth quarter, the Company's effective income
tax rate was 44.9%, primarily due to increased deferred tax liabilities
resulting from higher state income tax apportionment factors and the timing
of non-deductible compensation payments.
Capital Commitments -- The Company's unfunded capital commitments as of
December 31, 2009 consisted primarily of offshore support vessels,
helicopters and inland river dry cargo barges and totaled $96.2 million, of
which $88.3 million is payable during 2010 and the balance payable in 2011.
Of the total unfunded capital commitments, $0.8 million may be terminated
without further liability. As of December 31, 2009, the Company held
balances of cash, cash equivalents, restricted cash, marketable securities,
construction reserve funds and title XI reserve funds totaling $857.8
million.
Convertible Debt -- Effective January 1, 2009, the Company adopted new
accounting rules established by the FASB related to its convertible debt
that requires the Company to account separately for the liability and
equity components in a manner that reflects the Company's non-convertible
debt borrowing rate. The resulting debt discount is amortized over the
period the debt is expected to be outstanding as additional non-cash
interest expense. Upon adoption of the new accounting rules, the Company
recorded the impact on a retrospective basis for all periods presented and
adjusted previously reported equity as of December 31, 2008 by increasing
additional paid-in capital $33.9 million and reducing retained earnings
$18.9 million. Previously reported diluted earnings per common share
remained unchanged.
Stock Repurchases and Convertible Debt Settlements -- During the fourth
quarter, the Company called and settled all of its outstanding 2.875%
Convertible Senior Debentures due 2024, as noted above. Holders of $213.5
million, in principal amount, elected to convert their debentures pursuant
to a conversion right and the Company elected to settle this conversion by
issuing 2,918,977 shares of common stock and a nominal cash payment for
fractional shares. The remaining $32.7 million, in principal amount, was
redeemed in cash at a redemption price of 100.82% of the principal amount,
or $33.0 million. In addition, during the fourth quarter, the Company
purchased 606,576 shares of its common stock at an average price of $75.55
per share. At the end of the quarter, 22,504,441 shares of SEACOR's common
stock were outstanding on a fully diluted basis (basic shares of 22,274,820
plus 229,621 shares for dilutive share awards) compared with 23,506,689
shares at the end of the preceding quarter (basic shares of 19,888,216 plus
252,468 shares for dilutive share awards plus 3,366,005 shares that had
been reserved for issuance pursuant to the Company's Convertible
Debentures).
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,
marine transportation, inland river, aviation, environmental, commodity
trading and logistics and offshore and harbor towing. 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, sudden and unexpected changes
in commodity prices, futures and options, global weather conditions,
political instability, changes in currency exchanges rates, and product
availability in 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. 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 are
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 share data, unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Operating Revenues $ 476,510 $ 454,926 $1,711,338 $1,655,956
---------- ---------- ---------- ----------
Costs and Expenses:
Operating 352,951 291,898 1,185,096 1,071,116
Administrative and general 41,332 49,291 161,998 174,878
Depreciation and
amortization 40,728 41,300 160,092 156,426
---------- ---------- ---------- ----------
435,011 382,489 1,507,186 1,402,420
---------- ---------- ---------- ----------
Gains on Asset Dispositions and
Impairments, Net 5,147 37,899 27,675 89,153
---------- ---------- ---------- ----------
Operating Income 46,646 110,336 231,827 342,689
---------- ---------- ---------- ----------
Other Income (Expense):
Interest income 2,056 2,610 4,466 19,788
Interest expense (16,364) (15,291) (59,043) (59,816)
Debt extinguishment gains
(losses), net (9,659) 6,266 (5,587) 6,265
Marketable security gains
(losses), net 9,263 (544) 24,059 30,105
Derivative gains (losses),
net 1,257 (4,512) 10,961 (13,588)
Foreign currency gains
(losses), net 1,521 (4,368) 8,087 (7,837)
Other, net 112 83 244 320
---------- ---------- ---------- ----------
(11,814) (15,756) (16,813) (24,763)
---------- ---------- ---------- ----------
Income Before Income Tax
Expense and Equity In Earnings
of 50% or Less Owned Companies 34,832 94,580 215,014 317,926
Income Tax Expense 15,626 28,000 82,492 110,572
---------- ---------- ---------- ----------
Income Before Equity in
Earnings of 50% or Less Owned
Companies 19,206 66,580 132,522 207,354
Equity in Earnings of 50% or
Less Owned Companies, Net of
Tax 3,223 4,015 12,581 12,069
---------- ---------- ---------- ----------
Net Income 22,429 70,595 145,103 219,423
Net Income attributable to
Noncontrolling Interests in
Subsidiaries 203 124 1,293 880
---------- ---------- ---------- ----------
Net Income attributable to
SEACOR Holdings Inc. $ 22,226 $ 70,471 $ 143,810 $ 218,543
========== ========== ========== ==========
Basic Earnings Per Common Share
of SEACOR Holdings Inc. $ 1.09 $ 3.58 $ 7.21 $ 10.46
Diluted Earnings Per Common
Share of SEACOR Holdings Inc. $ 1.04 $ 3.11 $ 6.57 $ 9.25
Weighted Average Common Shares
Outstanding:
Basic 20,323,967 19,704,365 19,950,702 20,893,390
Diluted 23,417,449 23,470,605 23,388,168 24,699,181
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,
2009 2009 2009 2009 2008
-------- -------- -------- -------- --------
Operating Revenues $476,510 $446,079 $389,233 $399,516 $454,926
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 352,951 327,602 256,131 248,412 291,898
Administrative and
general 41,332 41,926 40,058 38,682 49,291
Depreciation and
amortization 40,728 40,272 39,828 39,264 41,300
-------- -------- -------- -------- --------
435,011 409,800 336,017 326,358 382,489
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net 5,147 5,783 (15) 16,760 37,899
-------- -------- -------- -------- --------
Operating Income 46,646 42,062 53,201 89,918 110,336
-------- -------- -------- -------- --------
Other Income (Expense):
Interest income 2,056 789 578 1,043 2,610
Interest expense (16,364) (14,267) (14,075) (14,337) (15,291)
Debt extinguishment
gains (losses), net (9,659) 2,787 (78) 1,363 6,266
Marketable security
gains (losses), net 9,263 6,948 11,829 (3,981) (544)
Derivative gains
(losses), net 1,257 2,328 3,765 3,611 (4,512)
Foreign currency gains
(losses), net 1,521 (939) 6,847 658 (4,368)
Other, net 112 (57) (1) 190 83
-------- -------- -------- -------- --------
(11,814) (2,411) 8,865 (11,453) (15,756)
-------- -------- -------- -------- --------
Income Before Income Tax
Expense and Equity In
Earnings of 50% or Less
Owned Companies 34,832 39,651 62,066 78,465 94,580
Income Tax Expense 15,626 15,751 22,916 28,199 28,000
-------- -------- -------- -------- --------
Income Before Equity in
Earnings of 50% or Less
Owned Companies 19,206 23,900 39,150 50,266 66,580
Equity in Earnings of 50%
or Less Owned Companies,
Net of Tax 3,223 2,340 3,491 3,527 4,015
-------- -------- -------- -------- --------
Net Income 22,429 26,240 42,641 53,793 70,595
Net Income (Loss)
attributable to
Noncontrolling Interests
in Subsidiaries 203 (42) 333 799 124
-------- -------- -------- -------- --------
Net Income attributable
to SEACOR Holdings Inc. $ 22,226 $ 26,282 $ 42,308 $ 52,994 $ 70,471
======== ======== ======== ======== ========
Basic Earnings Per
Common Share of
SEACOR Holdings Inc. $ 1.09 $ 1.32 $ 2.13 $ 2.68 $ 3.58
Diluted Earnings Per
Common Share of
SEACOR Holdings Inc. $ 1.04 $ 1.23 $ 1.91 $ 2.36 $ 3.11
Weighted Average Common
Shares of Outstanding:
Basic 20,324 19,867 19,845 19,762 19,704
Diluted 23,417 23,458 23,528 23,507 23,471
Common Shares Outstanding
at Period End 22,613 20,230 20,201 20,191 20,018
SEACOR HOLDINGS INC.
SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2009 2009 2009 2009 2008
-------- -------- -------- -------- --------
Offshore Marine Services
Operating Revenues $121,203 $129,839 $146,466 $164,783 $185,956
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 72,205 76,982 81,609 78,839 93,443
Administrative and
general 12,770 13,128 10,935 10,198 15,344
Depreciation and
amortization 13,770 13,608 13,802 13,689 14,146
-------- -------- -------- -------- --------
98,745 103,718 106,346 102,726 122,933
-------- -------- -------- -------- --------
Gains on Asset
Dispositions and
Impairments, Net 3,831 3,852 361 14,446 34,200
-------- -------- -------- -------- --------
Operating Income 26,289 29,973 40,481 76,503 97,223
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative losses, net (157) -- (18) -- --
Foreign currency gains
(losses), net 1,781 (1,174) 479 1,365 369
Other, net -- 14 (4) 172 (13)
Equity in Earnings of 50%
or Less Owned Companies,
Net of Tax 1,774 2,322 3,380 2,391 2,967
-------- -------- -------- -------- --------
Segment Profit $ 29,687 $ 31,135 $ 44,318 $ 80,431 $100,546
======== ======== ======== ======== ========
Marine Transportation
Services
Operating Revenues $ 20,497 $ 21,737 $ 24,095 $ 26,537 $ 28,776
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 10,585 11,420 11,792 16,771 16,874
Administrative and
general 1,043 953 942 1,184 1,771
Depreciation and
amortization 8,005 8,003 7,999 7,999 7,997
-------- -------- -------- -------- --------
19,633 20,376 20,733 25,954 26,642
-------- -------- -------- -------- --------
Operating Income 864 1,361 3,362 583 2,134
-------- -------- -------- -------- --------
Other Income (Expense):
Foreign currency gains
(losses), net 1 7 25 (34) 46
-------- -------- -------- -------- --------
Segment Profit $ 865 $ 1,368 $ 3,387 $ 549 $ 2,180
======== ======== ======== ======== ========
Inland River Services
Operating Revenues $ 53,607 $ 34,314 $ 30,163 $ 37,014 $ 44,038
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 32,052 20,144 17,839 19,409 21,304
Administrative and
general 2,137 2,443 2,048 2,136 2,048
Depreciation and
amortization 4,756 4,785 4,950 4,866 4,440
-------- -------- -------- -------- --------
38,945 27,372 24,837 26,411 27,792
-------- -------- -------- -------- --------
Gains on Asset
Dispositions 1,236 813 396 2,261 4,138
-------- -------- -------- -------- --------
Operating Income 15,898 7,755 5,722 12,864 20,384
-------- -------- -------- -------- --------
Other Income (Expense):
Other, net -- -- -- -- 14
Equity in Earnings of 50%
or Less Owned Companies,
Net of Tax 1,868 140 702 1,172 1,352
-------- -------- -------- -------- --------
Segment Profit $ 17,766 $ 7,895 $ 6,424 $ 14,036 $ 21,750
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2009 2009 2009 2009 2008
-------- -------- -------- -------- --------
Aviation Services
Operating Revenues $ 54,323 $ 64,259 $ 57,700 $ 59,385 $ 57,557
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 30,667 39,659 37,312 40,317 44,931
Administrative and
general 5,972 5,624 5,649 4,151 5,432
Depreciation and
amortization 9,876 9,706 9,070 8,706 10,379
-------- -------- -------- -------- --------
46,515 54,989 52,031 53,174 60,742
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net 313 1,062 (1,104) 45 (26)
-------- -------- -------- -------- --------
Operating Income (Loss) 8,121 10,332 4,565 6,256 (3,211)
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net 33 (80) (78) 391 (1,078)
Foreign currency gains
( losses), net (223) 296 937 429 193
Other, net -- -- -- -- (1)
Equity in Earnings (Losses)
of 50% or Less Owned
Companies, Net of Tax (297) (186) 270 (274) (774)
-------- -------- -------- -------- --------
Segment Profit (Loss) $ 7,634 $ 10,362 $ 5,694 $ 6,802 $ (4,871)
======== ======== ======== ======== ========
Environmental Services
Operating Revenues $ 44,531 $ 33,827 $ 33,175 $ 34,234 $ 45,360
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 32,822 23,206 23,656 24,077 30,253
Administrative and
general 6,155 6,090 5,966 7,241 7,471
Depreciation and
amortization 1,811 1,846 1,739 1,754 2,161
-------- -------- -------- -------- --------
40,788 31,142 31,361 33,072 39,885
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions (208) (1) 4 8 5
-------- -------- -------- -------- --------
Operating Income 3,535 2,684 1,818 1,170 5,480
-------- -------- -------- -------- --------
Other Income (Expense):
Foreign currency gains
(losses), net (11) -- 53 (33) 179
Equity in Earnings of 50%
or Less Owned Companies,
Net of Tax 90 34 15 86 106
-------- -------- -------- -------- --------
Segment Profit $ 3,614 $ 2,718 $ 1,886 $ 1,223 $ 5,765
======== ======== ======== ======== ========
Commodity Trading and
Logistics
Operating Revenues $171,354 $150,866 $ 85,852 $ 64,503 $ 79,881
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 168,694 150,983 79,165 61,871 78,425
Administrative and
general 3,632 3,705 3,468 1,839 5,231
Depreciation and
amortization 20 7 2 -- --
-------- -------- -------- -------- --------
172,346 154,695 82,635 63,710 83,656
-------- -------- -------- -------- --------
Operating Income (Loss) (992) (3,829) 3,217 793 (3,775)
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net 802 1,689 588 949 (15)
Foreign currency gains
(losses), net 49 177 289 (17) 61
Other, net (1) -- 26 -- 3
Equity in Earnings (Losses)
of 50% or Less Owned
Companies, Net of Tax (282) -- 32 155 96
-------- -------- -------- -------- --------
Segment Profit (Loss) $ (424) $ (1,963) $ 4,152 $ 1,880 $ (3,630)
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2009 2009 2009 2009 2008
-------- -------- -------- -------- --------
Harbor and Offshore
Towing Services
Operating Revenues $ 16,153 $ 15,574 $ 16,241 $ 16,346 $ 16,792
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 11,110 9,544 9,214 10,704 9,812
Administrative and
general 2,698 2,035 2,228 2,020 2,654
Depreciation and
amortization 2,197 2,049 1,973 1,952 1,940
-------- -------- -------- -------- --------
16,005 13,628 13,415 14,676 14,406
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions (25) 58 330 -- (5)
-------- -------- -------- -------- --------
Operating Income 123 2,004 3,156 1,670 2,381
-------- -------- -------- -------- --------
Other Income (Expense):
Foreign currency gains
(losses), net (2) 12 128 -- 6
-------- -------- -------- -------- --------
Segment Profit $ 121 $ 2,016 $ 3,284 $ 1,670 $ 2,387
======== ======== ======== ======== ========
Other
Operating Revenues $ 40 $ -- $ -- $ -- $ --
-------- -------- -------- -------- --------
Costs and Expenses:
Operating -- -- -- -- --
Administrative and
general 513 343 379 206 122
Depreciation and
amortization 1 -- -- -- --
-------- -------- -------- -------- --------
514 343 379 206 122
-------- -------- -------- -------- --------
Losses on Asset
Dispositions -- -- -- -- (16)
-------- -------- -------- -------- --------
Operating Loss (474) (343) (379) (206) (138)
-------- -------- -------- -------- --------
Other Income (Expense):
Foreign currency gains
(losses), net (3) (2) -- 3 (1)
Other, net -- (1) -- (53) 1
Equity in Earnings (Losses)
of 50% or Less Owned
Companies, Net of Tax 70 30 (908) (3) 268
-------- -------- -------- -------- --------
Segment Profit (Loss) $ (407) $ (316) $ (1,287) $ (259) $ 130
======== ======== ======== ======== ========
Corporate and
Eliminations
Operating Revenues $ (5,198) $ (4,337) $ (4,459) $ (3,286) $ (3,434)
-------- -------- -------- -------- --------
Costs and Expenses:
Operating (5,184) (4,336) (4,456) (3,576) (3,144)
Administrative and
general 6,412 7,605 8,443 9,707 9,218
Depreciation and
amortization 292 268 293 298 237
-------- -------- -------- -------- --------
1,520 3,537 4,280 6,429 6,311
-------- -------- -------- -------- --------
Losses on Asset
Dispositions and
Impairments, Net -- (1) (2) -- (397)
-------- -------- -------- -------- --------
Operating Loss $ (6,718) $ (7,875) $ (8,741) $ (9,715) $(10,142)
======== ======== ======== ======== ========
Other Income (Expense):
Derivative gains
(losses), net $ 579 $ 719 $ 3,273 $ 2,271 $ (3,419)
Foreign currency gains
(losses), net (71) (255) 4,936 (1,055) (5,221)
Other, net 113 (70) (23) 71 79
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2009 2009 2009 2009 2008
---------- ---------- ---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 465,904 $ 620,045 $ 415,626 $ 376,720 $ 275,442
Restricted
cash 34,014 29,353 20,838 23,984 20,787
Marketable
securities 68,139 52,897 47,305 50,785 53,817
Receivables:
Trade, net
of allowance
for doubtful
accounts 301,143 266,537 251,111 262,170 277,350
Other 78,689 74,378 60,373 41,515 40,141
Inventories 76,949 52,502 68,082 62,065 66,278
Deferred income
taxes 3,354 5,164 5,164 5,164 5,164
Prepaid
expenses
and other 15,725 21,121 14,734 11,286 10,499
---------- ---------- ---------- ---------- ----------
Total current
assets 1,043,917 1,121,997 883,233 833,689 749,478
---------- ---------- ---------- ---------- ----------
Property and
Equipment 2,833,011 2,794,067 2,801,446 2,761,837 2,741,322
Accumulated
depreciation (754,263) (718,749) (692,084) (649,971) (601,806)
---------- ---------- ---------- ---------- ----------
Net property and
equipment 2,078,748 2,075,318 2,109,362 2,111,866 2,139,516
---------- ---------- ---------- ---------- ----------
Investments, at
Equity, and
Receivables
from 50% or
Less Owned
Companies 186,814 166,878 150,862 158,066 150,062
Construction
Reserve Funds&
Title XI
Reserve Funds 289,750 290,871 265,586 297,681 305,757
Goodwill 54,571 53,990 53,581 52,919 51,496
Intangible Assets 23,554 24,762 26,018 27,230 28,478
Other Assets,
net of allowance
for doubtful
accounts 46,265 49,920 48,053 36,086 34,867
---------- ---------- ---------- ---------- ----------
$3,723,619 $3,783,736 $3,536,695 $3,517,537 $3,459,654
========== ========== ========== ========== ==========
LIABILITIES AND EQUITY
Current
Liabilities:
Current
portion of
long-term
debt $ 36,436 $ 23,765 $ 11,834 $ 12,301 $ 33,671
Current
portion of
capital
lease
obligations 966 951 921 921 907
Accounts
payable and
accrued
expenses 135,425 105,981 93,908 104,023 102,798
Other current
liabilities 142,285 156,800 157,030 145,421 139,425
---------- ---------- ---------- ---------- ----------
Total current
liabilities 315,112 287,497 263,693 262,666 276,801
---------- ---------- ---------- ---------- ----------
Long-Term Debt 748,704 1,027,496 861,096 910,156 895,689
Capital Lease
Obligations 6,624 6,895 7,178 7,426 7,685
Deferred Income
Taxes 575,440 565,321 543,075 530,825 515,455
Deferred Gains
and Other
Liabilities 111,848 122,041 111,939 111,714 121,796
---------- ---------- ---------- ---------- ----------
Total
liabilities 1,757,728 2,009,250 1,786,981 1,822,787 1,817,426
---------- ---------- ---------- ---------- ----------
Equity:
SEACOR
Holdings Inc.
stockholders'
equity:
Preferred
stock -- -- -- -- --
Common stock 356 326 326 325 324
Additional
paid-in
capital 1,182,023 966,895 962,990 959,092 956,457
Retained
earnings 1,546,581 1,524,355 1,498,073 1,455,765 1,402,771
Shares held
in treasury,
at cost (768,438) (722,569) (723,650) (723,154) (724,357)
Accumulated
other
comprehensive
income (loss) (3,260) (3,577) 2,318 (5,614) (5,045)
---------- ---------- ---------- ---------- ----------
1,957,262 1,765,430 1,740,057 1,686,414 1,630,150
Noncontrolling
interests in
subsidiaries 8,629 9,056 9,657 8,336 12,078
---------- ---------- ---------- ---------- ----------
Total equity 1,965,891 1,774,486 1,749,714 1,694,750 1,642,228
---------- ---------- ---------- ---------- ----------
$3,723,619 $3,783,736 $3,536,695 $3,517,537 $3,459,654
========== ========== ========== ========== ==========
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2009 2009 2009 2009 2008
-------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply 23 21 21 21 20
Crew 57 68 68 71 75
Mini-supply 11 11 12 15 16
Standby safety 25 24 24 28 29
Supply 27 27 28 28 27
Towing supply 13 13 13 13 14
Specialty 9 9 9 9 9
-------- -------- -------- -------- --------
165 173 175 185 190
======== ======== ======== ======== ========
Marine Transportation Services
U.S.-flag product tankers 8 8 8 8 8
======== ======== ======== ======== ========
Inland River Services
Inland river dry cargo barges 1,395 1,385 959 962 977
Inland river liquid tank
barges 87 87 87 87 86
Inland river deck barges 26 26 26 26 26
Inland river towboats 29 28 23 23 22
Dry-cargo vessel 1 1 1 1 --
-------- -------- -------- -------- --------
1,538 1,527 1,096 1,099 1,111
======== ======== ======== ======== ========
Aviation Services
Light helicopters - single
engine 60 60 60 64 63
Light helicopters - twin
engine 47 50 50 55 55
Medium helicopters 59 58 61 63 62
Heavy helicopters 8 9 8 6 7
-------- -------- -------- -------- --------
174 177 179 188 187
======== ======== ======== ======== ========
Harbor and Offshore Towing
Services
Harbor and offshore tugs 31 31 33 35 35
Ocean liquid tank barges 6 6 3 3 3
-------- -------- -------- -------- --------
37 37 36 38 38
======== ======== ======== ======== ========
Contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com
