PRESS RELEASE
SEACOR HOLDINGS ANNOUNCES RESULTS FOR THE
SECOND QUARTER ENDED JUNE 30, 2012
Fort Lauderdale, Florida
July 26, 2012
FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the second quarter ended June 30, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2012 was $11.2 million, or $0.54 per diluted share, including a net loss from discontinued operations of $0.4 million, or $0.02 per diluted share. For the six months ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $47.7 million, or $2.29 per diluted share, including net income from discontinued operations of $19.0 million, or $0.92 per diluted share.
On March 16, 2012, the Company disposed of certain companies and assets that were part of its Environmental Services business segment for a net sales price of $99.9 million and a gain of $20.8 million, net of tax, or $1.00 per diluted share. Operating results for all periods presented have been restated to reflect income (loss) from discontinued operations, net of tax, for the part of the business that was sold.
For the preceding quarter ended March 31, 2012, net income attributable to SEACOR Holdings Inc. was $36.5 million, or $1.75 per diluted share, including net income from discontinued operations of $19.4 million, or $0.93 per diluted share. A comparison of results for the quarter ended June 30, 2012 with the preceding quarter ended March 31, 2012 is included in the “Highlights for the Quarter” discussion below.
For the quarter ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $9.0 million, or $0.42 per diluted share, including a net loss from discontinued operations of $0.2 million, or $0.01 per diluted share. For the six months ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $20.2 million, or $0.94 per diluted share, including a net loss from discontinued operations of $1.4 million, or $0.06 per diluted share.
Highlights for the Quarter
Offshore Marine Services – Operating income was $0.8 million on operating revenues of $123.3 million compared with operating income of $22.9 million on operating revenues of $121.1 million in the preceding quarter. Second quarter results included $0.6 million in gains on asset dispositions compared with $1.8 million in gains in the preceding quarter.
In the U.S. Gulf of Mexico, second quarter results included the results of the Company's fleet of liftboats acquired on March 30, 2012. During the second quarter, these vessels contributed operating revenues of $21.9 million and operating income of $3.4 million with an average day rate of $17,454 per day and a utilization rate of 69.7%. Excluding liftboats, operating income was $18.2 million lower in the second quarter. Time charter revenues were $14.3 million lower primarily due to a decrease in rig moving activity for the Company's large anchor handling towing supply vessels. Utilization was 71.8% compared with 73.1% in the preceding quarter and average day rates decreased from $14,964 per day to $10,649 per day. As of June 30, 2012, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico, compared with four as of March 31, 2012.
In international regions, operating income was $7.7 million lower in the second quarter. Time charter revenues were $3.9 million lower primarily due to reduced spot market activity and increased drydocking activity and upgrade downtime in Brazil. Excluding the Company's fleet of wind farm utility vessels, utilization was 83.3% compared with 85.6% in the preceding quarter and average day rates decreased from $12,149 per day to $11,631 per day. Operating expenses were $4.7 million higher primarily due to increased drydocking activity and the cost of vessel mobilizations between geographic regions.
In the second quarter, the total number of days available for charter for the Company's fleet, excluding the wind farm utility vessels, increased by 1,429 days, or 14%, primarily due to the liftboat acquisition. Overall utilization decreased from 80.6% to 77.4% and overall average day rates decreased by 8% from $13,174 per day to $12,068 per day. Time charter operating data by vessel class is presented in the table included herein. During the second quarter, drydocking and mobilization costs were $10.8 million and $1.2 million, respectively. In the preceding quarter, drydocking and mobilization costs were $5.3 million and $0.6 million, respectively.
Administrative and general expenses were $1.3 million higher in the second quarter primarily due to compensation costs for personnel added as a result of the liftboat acquisition. Depreciation and amortization expenses were $15.9 million in the second quarter, an increase of $3.0 million primarily due to depreciation on vessels and equipment added as a result of the liftboat acquisition.
Aviation Services – Operating income was $7.4 million on operating revenues of $63.0 million compared with operating income of $3.8 million on operating revenues of $61.1 million in the preceding quarter. Second quarter results included $1.1 million in gains on asset dispositions compared with $1.8 million in gains in the preceding quarter.
Operating revenues were $1.9 million higher primarily due to additional aircraft on contract and increased flight hours in the U.S. Gulf of Mexico and the start of seasonal activities in Alaska. Operating revenues from contract-leasing activities were lower due to the deferral of revenues from two customers as a result of the customers' short-term liquidity issues. Operating revenues from air medical services were lower due to the conclusion of a long-term hospital contract.
Operating expenses were lower in the second quarter primarily due to the recognition of $4.9 million in power-by-hour credits, partially offset by higher wage and benefit and fuel costs related to increased activity levels as described above.
Administrative and general expenses were $2.5 million lower in the second quarter primarily due to the recognition in the first quarter of previously deferred legal and professional expenses associated with a contemplated public offering. Depreciation and amortization expenses were $10.5 million in the second quarter, an increase of $0.8 million primarily due to net fleet additions.
Inland River Services - Operating income was $5.7 million on operating revenues of $53.3 million compared with operating income of $9.2 million on operating revenues of $53.5 million in the preceding quarter. Second quarter results included $0.9 million in gains on asset dispositions compared with $1.9 million in gains in the preceding quarter. Operating results for the pooled hopper barge fleet were lower in the second quarter primarily due to poor river conditions and continuing weak demand for barge freight primarily on grain exports.
Marine Transportation Services – Operating income was $0.5 million on operating revenues of $25.8 million compared with operating income of $2.4 million on operating revenues of $26.3 million in the preceding quarter. Operating results for the U.S.-flag product tanker fleet were lower in the second quarter primarily due to 21 days of out-of-service time and $1.6 million of expenses related to topside repairs on the Seabulk Arctic. Operating results for the foreign flag Roll-on/Roll-off vessels were lower primarily due to higher port charges and legal fees.
Emergency and Crisis Services – As noted above, the Company sold part of its Environmental Services business segment in March 2012. The remaining business within the segment, renamed Emergency and Crisis Services, reported an operating loss of $2.1 million on operating revenues of $8.4 million compared with an operating loss of $0.4 million on operating revenues of $10.2 million in the preceding quarter. The reduction in operating income was primarily due to higher legal and administrative costs, including an investment in marketing and business development activities, and a reduction in activity associated with the Deepwater Horizon incident and debris monitoring.
Commodity Trading and Logistics – Segment profit was $3.0 million on operating revenues of $206.7 million compared with segment profit of $5.6 million on operating revenues of $209.7 million in the preceding quarter. Segment results in the preceding quarter included the recognition of a $6.0 million gain, net of tax, arising from the Company’s acquisition of a controlling interest in its alcohol manufacturing joint venture. Results from this joint venture were consolidated effective February 1, 2012. Excluding this gain, segment profit was higher in the second quarter primarily due to improved results from merchandising and trading activities.
Other – Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.0 million on operating revenues of $17.6 million compared with operating income of $3.2 million on operating revenues of $19.9 million in the preceding quarter. Second quarter results included $1.9 million in gains on asset dispositions relating to the sale of two harbor tugs. Operating results were lower in the second quarter primarily due to decreased port traffic and the conclusion of a short-term contract on the U.S. West Coast.
Corporate and Eliminations – Administrative and general expenses were $7.5 million compared with $9.0 million in the preceding quarter. The decrease was primarily due to lower management bonus accruals.
Stock Repurchases - During the second quarter, the Company purchased 199,766 shares of its common stock at an average price of $87.22 per share. As of June 30, 2012, 20,947,558 shares of SEACOR's common stock remained outstanding.
Equipment Acquisitions – During the six months ended June 30, 2012, capital expenditures were $186.5 million. Equipment deliveries during that period included one offshore support vessel, one wind farm utility vessel, three inland river dry cargo barges, two liquid tank barges, one inland river towboat and 13 helicopters.
Capital Commitments – The Company's unfunded capital commitments as of June 30, 2012 were $377.6 million and consisted of: eleven offshore support vessels for $148.7 million; an interest in a jack-up drilling rig for $31.2 million; twelve helicopters for $139.3 million; seven inland river tank barges for $16.2 million; an interest in a river grain terminal for $1.3 million; four harbor tugs for $28.5 million; and other equipment and improvements for $12.4 million. Of these commitments, $110.2 million is payable during 2012 with the balance payable through 2016 and $123.0 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. Subsequent to June 30, 2012, the Company committed to purchase three inland river towboats for $11.4 million and notified the lessee of its intent to purchase three harbor tugs currently operating under capital leases for $3.9 million. As of June 30, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $544.6 million.
* * * * *
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, aviation, inland river, marine transportation, crisis and emergency management preparedness and response solutions, 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. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
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: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the “Moratoriums”), weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company’s businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing emergency response services, including the Company’s involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, 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, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, 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, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, dependence of emergency response revenue on the number and size of events and upon continuing government regulation in this area and Emergency and Crisis Services' ability to comply with such regulation and other governmental regulation, liability in connection with providing emergency 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 foregoing 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 | | Six Months Ended | |
| | | June 30, | | June 30, | |
| | | 2012 | | 2011 | | 2012 | | 2011 | |
| Operating Revenues | | $ | 494,422 |
| | $ | 509,283 |
| | $ | 992,307 |
| | $ | 947,294 |
| |
| Costs and Expenses: | | | | | | | | | |
| Operating | | 403,210 |
| | 409,365 |
| | 787,322 |
| | 751,108 |
| |
| Administrative and general | | 45,120 |
| | 39,170 |
| | 91,298 |
| | 80,824 |
| |
| Depreciation and amortization | | 43,685 |
| | 39,330 |
| | 83,012 |
| | 77,660 |
| |
| | | 492,015 |
| | 487,865 |
| | 961,632 |
| | 909,592 |
| |
| Gains on Asset Dispositions and Impairments, Net | | 4,419 |
| | 10,301 |
| | 9,961 |
| | 17,556 |
| |
| | | | | | | | | | |
| Operating Income | | 6,826 |
| | 31,719 |
| | 40,636 |
| | 55,258 |
| |
| | | | | | | | | | |
| Other Income (Expense): | | | | | | | | | |
| Interest income | | 7,641 |
| | 3,297 |
| | 10,617 |
| | 7,029 |
| |
| Interest expense | | (12,413 | ) | | (10,465 | ) | | (24,437 | ) | | (20,505 | ) | |
| Debt extinguishment losses, net | | — |
| | — |
| | (160 | ) | | (48 | ) | |
| Marketable security gains (losses), net | | 11,596 |
| | (4,754 | ) | | 14,954 |
| | (3,220 | ) | |
| Derivative gains (losses), net | | 3,487 |
| | (6,601 | ) | | (632 | ) | | (9,919 | ) | |
| Foreign currency gains (losses), net | | (992 | ) | | 1,416 |
| | 1,560 |
| | 6,475 |
| |
| Other, net | | 443 |
| | (56 | ) | | 389 |
| | (234 | ) | |
| | | 9,762 |
| | (17,163 | ) | | 2,291 |
| | (20,422 | ) | |
Income from Continuing Operations Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies | | 16,588 |
| | 14,556 |
| | 42,927 |
| | 34,836 |
| |
| Income Tax Expense | | 5,975 |
| | 5,877 |
| | 16,583 |
| | 13,550 |
| |
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | | 10,613 |
| | 8,679 |
| | 26,344 |
| | 21,286 |
| |
| Equity in Earnings of 50% or Less Owned Companies, Net of Tax | | 1,051 |
| | 872 |
| | 2,293 |
| | 914 |
| |
| Income from Continuing Operations | | 11,664 |
| | 9,551 |
| | 28,637 |
| | 22,200 |
| |
| Income (Loss) from Discontinued Operations, Net of Tax | | (365 | ) | | (184 | ) | | 19,035 |
| | (1,364 | ) | |
| Net Income | | 11,299 |
| | 9,367 |
| | 47,672 |
| | 20,836 |
| |
| Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | | 50 |
| | 336 |
| | (65 | ) | | 635 |
| |
| Net Income attributable to SEACOR Holdings Inc. | | $ | 11,249 |
| | $ | 9,031 |
| | $ | 47,737 |
| | $ | 20,201 |
| |
| | | | | | | | | | |
| Net Income (Loss) attributable to SEACOR Holdings Inc.: | | | | | | | | | |
| Continuing operations | | $ | 11,614 |
| | $ | 9,215 |
| | $ | 28,702 |
| | $ | 21,565 |
| |
| Discontinued operations | | (365 | ) | | (184 | ) | | 19,035 |
| | (1,364 | ) | |
| | | $ | 11,249 |
| | $ | 9,031 |
| | $ | 47,737 |
| | $ | 20,201 |
| |
| Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | | | | | | | | | |
| Continuing operations | | $ | 0.56 |
| | $ | 0.44 |
| | $ | 1.40 |
| | $ | 1.02 |
| |
| Discontinued operations | | (0.01 | ) | | (0.01 | ) | | 0.92 |
| | (0.06 | ) | |
| | | $ | 0.55 |
| | $ | 0.43 |
| | $ | 2.32 |
| | $ | 0.96 |
| |
| Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | | | | | | | | | |
| Continuing operations | | $ | 0.56 |
| | $ | 0.43 |
| | $ | 1.37 |
| | $ | 1.00 |
| |
| Discontinued operations | | (0.02 | ) | | (0.01 | ) | | 0.92 |
| | (0.06 | ) | |
| | | $ | 0.54 |
| | $ | 0.42 |
| | $ | 2.29 |
| | $ | 0.94 |
| |
| Weighted Average Common Shares Outstanding: | | | | | | | | | |
| Basic | | 20,584,567 |
| | 21,166,037 |
| | 20,552,114 |
| | 21,135,557 |
| |
| Diluted | | 20,871,380 |
| | 21,517,725 |
| | 20,883,570 |
| | 21,478,759 |
| |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | Jun. 30, 2012 | | Mar. 31, 2012 | | Dec. 31, 2011 | | Sep. 30, 2011 | | Jun. 30, 2011 | |
| Operating Revenues | | $ | 494,422 |
| | $ | 497,885 |
| | $ | 518,954 |
| | $ | 545,089 |
| | $ | 509,283 |
| |
| Costs and Expenses: | | | | | | | | | | | |
| Operating | | 403,210 |
| | 384,112 |
| | 412,042 |
| | 455,442 |
| | 409,365 |
| |
| Administrative and general | | 45,120 |
| | 46,178 |
| | 50,731 |
| | 35,387 |
| | 39,170 |
| |
| Depreciation and amortization | | 43,685 |
| | 39,327 |
| | 35,395 |
| | 36,437 |
| | 39,330 |
| |
| | | 492,015 |
| | 469,617 |
| | 498,168 |
| | 527,266 |
| | 487,865 |
| |
| Gains on Asset Dispositions and Impairments, Net | | 4,419 |
| | 5,542 |
| | 5,469 |
| | 10,986 |
| | 10,301 |
| |
| Operating Income | | 6,826 |
| | 33,810 |
| | 26,255 |
| | 28,809 |
| | 31,719 |
| |
| Other Income (Expense): | | | | | | | | | | | |
| Interest income | | 7,641 |
| | 2,976 |
| | 1,127 |
| | 5,462 |
| | 3,297 |
| |
| Interest expense | | (12,413 | ) | | (12,024 | ) | | (10,027 | ) | | (10,711 | ) | | (10,465 | ) | |
| Debt extinguishment losses, net | | — |
| | (160 | ) | | — |
| | (51 | ) | | — |
| |
| Marketable security gains (losses), net | | 11,596 |
| | 3,358 |
| | (4,803 | ) | | 130 |
| | (4,754 | ) | |
| Derivative gains (losses), net | | 3,487 |
| | (4,119 | ) | | (262 | ) | | (25,954 | ) | | (6,601 | ) | |
| Foreign currency gains (losses), net | | (992 | ) | | 2,552 |
| | (2,600 | ) | | (3,126 | ) | | 1,416 |
| |
| Other, net | | 443 |
| | (54 | ) | | 1,133 |
| | (39 | ) | | (56 | ) | |
| | | 9,762 |
| | (7,471 | ) | | (15,432 | ) | | (34,289 | ) | | (17,163 | ) | |
| Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies | | 16,588 |
| | 26,339 |
| | 10,823 |
| | (5,480 | ) | | 14,556 |
| |
| Income Tax Expense (Benefit) | | 5,975 |
| | 10,608 |
| | 2,645 |
| | (669 | ) | | 5,877 |
| |
| Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies | | 10,613 |
| | 15,731 |
| | 8,178 |
| | (4,811 | ) | | 8,679 |
| |
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | | 1,051 |
| | 1,242 |
| | (579 | ) | | 9,655 |
| | 872 |
| |
| Income from Continuing Operations | | 11,664 |
| | 16,973 |
| | 7,599 |
| | 4,844 |
| | 9,551 |
| |
| Income (Loss) from Discontinued Operations, Net of Tax | | (365 | ) | | 19,400 |
| | 9,653 |
| | (782 | ) | | (184 | ) | |
| Net Income | | 11,299 |
| | 36,373 |
| | 17,252 |
| | 4,062 |
| | 9,367 |
| |
| Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | | 50 |
| | (115 | ) | | 212 |
| | 247 |
| | 336 |
| |
| Net Income attributable to SEACOR Holdings Inc. | | $ | 11,249 |
| | $ | 36,488 |
| | $ | 17,040 |
| | $ | 3,815 |
| | $ | 9,031 |
| |
| | | | | | | | | | | | |
| Net Income (Loss) attributable to SEACOR Holdings Inc.: | | | | | | | | | |
| Continuing operations | | $ | 11,614 |
| | $ | 17,088 |
| | $ | 7,387 |
| | $ | 4,597 |
| | $ | 9,215 |
| |
| Discontinued operations | | (365 | ) | | 19,400 |
| | 9,653 |
| | (782 | ) | | (184 | ) | |
| | | $ | 11,249 |
| | $ | 36,488 |
| | $ | 17,040 |
| | $ | 3,815 |
| | $ | 9,031 |
| |
| Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | | | | | | | | | |
| Continuing operations | | $ | 0.56 |
| | $ | 0.83 |
| | $ | 0.35 |
| | $ | 0.22 |
| | $ | 0.44 |
| |
| Discontinued operations | | (0.01 | ) | | 0.95 |
| | 0.46 |
| | (0.04 | ) | | (0.01 | ) | |
| | | $ | 0.55 |
| | $ | 1.78 |
| | $ | 0.81 |
| | $ | 0.18 |
| | $ | 0.43 |
| |
| Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | | | | | | | | | |
| Continuing operations | | $ | 0.56 |
| | $ | 0.82 |
| | $ | 0.35 |
| | $ | 0.21 |
| | $ | 0.43 |
| |
| Discontinued operations | | (0.02 | ) | | 0.93 |
| | 0.45 |
| | (0.03 | ) | | (0.01 | ) | |
| | | $ | 0.54 |
| | $ | 1.75 |
| | $ | 0.80 |
| | $ | 0.18 |
| | $ | 0.42 |
| |
| Weighted Average Common Shares of Outstanding: | | | | | | | | | | | |
| Basic | | 20,585 |
| | 20,520 |
| | 21,005 |
| | 21,202 |
| | 21,166 |
| |
| Diluted | | 20,871 |
| | 20,893 |
| | 21,354 |
| | 21,565 |
| | 21,518 |
| |
| Common Shares Outstanding at Period End | | 20,948 |
| | 21,114 |
| | 20,933 |
| | 21,715 |
| | 21,679 |
| |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | Jun. 30, 2012 | | Mar. 31, 2012 | | Dec. 31, 2011 | | Sep. 30, 2011 | | Jun. 30, 2011 | |
| Offshore Marine Services | | | | | | | | | | | |
| Operating Revenues | | $ | 123,276 |
| | $ | 121,086 |
| | $ | 109,781 |
| | $ | 93,277 |
| | $ | 93,386 |
| |
| Costs and Expenses: | | | | | | | | | | | |
| Operating | | 94,084 |
| | 75,340 |
| | 69,484 |
| | 68,457 |
| | 68,242 |
| |
| Administrative and general | | 13,146 |
| | 11,856 |
| | 13,666 |
| | 10,687 |
| | 11,078 |
| |
| Depreciation and amortization | | 15,859 |
| | 12,882 |
| | 11,954 |
| | 11,785 |
| | 12,205 |
| |
| | | 123,089 |
| | 100,078 |
| | 95,104 |
| | 90,929 |
| | 91,525 |
| |
| Gains on Asset Dispositions | | 624 |
| | 1,845 |
| | 1,449 |
| | 5,241 |
| | 3,607 |
| |
| Operating Income | | 811 |
| | 22,853 |
| | 16,126 |
| | 7,589 |
| | 5,468 |
| |
| Other Income (Expense): | | | | | | | | | | | |
| Foreign currency gains (losses), net | | (354 | ) | | 1,123 |
| | (1,290 | ) | | (2,129 | ) | | (408 | ) | |
| Other, net | | 11 |
| | — |
| | 272 |
| | 6 |
| | — |
| |
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | | 1,001 |
| | 1,829 |
| | (500 | ) | | 8,754 |
| | 200 |
| |
| Segment Profit | | $ | 1,469 |
| | $ | 25,805 |
| | $ | 14,608 |
| | $ | 14,220 |
| | $ | 5,260 |
| |
| | | | | | | | | | | | |
| Aviation Services | | | | | | | | | | | |
| Operating Revenues | | $ | 62,985 |
| | $ | 61,052 |
| | $ | 61,696 |
| | $ | 71,804 |
| | $ | 68,493 |
| |
| Costs and Expenses: | | | | | | | | | | | |
| Operating | | 39,002 |
| | 39,676 |
| | 41,084 |
| | 45,701 |
| | 42,457 |
| |
| Administrative and general | | 7,195 |
| | 9,677 |
| | 11,803 |
| | 6,841 |
| | 6,229 |
| |
| Depreciation and amortization | | 10,464 |
| | 9,630 |
| | 9,210 |
| | 9,093 |
| | 12,390 |
| |
| | | 56,661 |
| | 58,983 |
| | 62,097 |
| | 61,635 |
| | 61,076 |
| |
| Gains on Asset Dispositions and Impairments, Net | | 1,077 |
| | 1,765 |
| | 1,912 |
| | 4,894 |
| | 6,172 |
| |
| Operating Income | | 7,401 |
| | 3,834 |
| | 1,511 |
| | 15,063 |
| | 13,589 |
| |
| Other Income (Expense): | | | | | | | | | | | |
| Derivative losses, net | | (180 | ) | | (124 | ) | | (18 | ) | | (807 | ) | | (811 | ) | |
| Foreign currency gains (losses), net | | (12 | ) | | 917 |
| | (80 | ) | | (95 | ) | | 338 |
| |
| Other, net | | — |
| | 30 |
| | 9 |
| | — |
| | — |
| |
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | | 756 |
| | (6,419 | ) | | (979 | ) | | 106 |
| | 1,054 |
| |
| Segment Profit (Loss) | | $ | 7,965 |
| | $ | (1,762 | ) | | $ | 443 |
| | $ | 14,267 |
| | $ | 14,170 |
| |
| | | | | | | | | | | | |
| Inland River Services | | | | | | | | | | | |
| Operating Revenues | | $ | 53,302 |
| | $ | 53,490 |
| | $ | 51,871 |
| | $ | 47,875 |
| | $ | 41,442 |
| |
| Costs and Expenses: | | | | | | | | | | | |
| Operating | | 37,463 |
| | 35,183 |
| | 31,702 |
| | 31,196 |
| | 28,717 |
| |
| Administrative and general | | 3,773 |
| | 3,982 |
| | 3,270 |
| | 2,206 |
| | 3,166 |
| |
| Depreciation and amortization | | 7,244 |
| | 7,007 |
| | 5,617 |
| | 6,464 |
| | 5,791 |
| |
| | | 48,480 |
| | 46,172 |
| | 40,589 |
| | 39,866 |
| | 37,674 |
| |
| Gains (Losses) on Asset Dispositions | | 858 |
| | 1,927 |
| | 986 |
| | 1,303 |
| | (22 | ) | |
| Operating Income | | 5,680 |
| | 9,245 |
| | 12,268 |
| | 9,312 |
| | 3,746 |
| |
| Other Income (Expense): | | | | | | | | | | | |
| Foreign currency losses, net | | (71 | ) | | (22 | ) | | — |
| | — |
| | — |
| |
| Other, net | | — |
| | — |
| | — |
| | — |
| | 3 |
| |
| Equity in Earnings of 50% or Less Owned Companies, Net of Tax | | 439 |
| | 250 |
| | 955 |
| | 2,771 |
| | 666 |
| |
| Segment Profit | | $ | 6,048 |
| | $ | 9,473 |
| | $ | 13,223 |
| | $ | 12,083 |
| | $ | 4,415 |
| |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | Jun. 30, 2012 | | Mar. 31, 2012 | | Dec. 31, 2011 | | Sep. 30, 2011 | | Jun. 30, 2011 | |
| Marine Transportation Services | | | | | | | | | | | |
| Operating Revenues | | $ | 25,792 |
| | $ | 26,283 |
| | $ | 26,705 |
| | $ | 24,783 |
| | $ | 24,336 |
| |
| Costs and Expenses: | | | | | | | | | | | |
| Operating | | 16,722 |
| | 15,758 |
| | 15,338 |
| | 15,194 |
| | 13,584 |
| |
| Administrative and general | | 2,934 |
| | 2,475 |
| | 3,257 |
| | 2,044 |
| | 2,146 |
| |
| Depreciation and amortization | | 5,666 |
| | 5,651 |
| | 5,540 |
| | 5,833 |
| | 5,728 |
| |
| | | 25,322 |
| | 23,884 |
| | 24,135 |
| | 23,071 |
| | 21,458 |
| |
| Gains on Asset Dispositions | | — |
| | — |
| | 1,125 |
| | — |
| | — |
| |
| Operating Income | | 470 |
| | 2,399 |
| | 3,695 |
| | 1,712 |
| | 2,878 |
| |
| Other Income (Expense): | | | | | | | | | | | |
| Foreign currency gains (losses), net | | (3 | ) | | 9 |
| | (15 | ) | | (18 | ) | | 6 |
| |
| Other, net | | 49 |
| | 30 |
| | 87 |
| | 131 |
| | 56 |
| |
| Equity in Losses of 50% or Less Owned Companies, Net of Tax | | (774 | ) | | (217 | ) | | (74 | ) | | — |
| | — |
| |
| Segment Profit (Loss) | | $ | (258 | ) | | $ | 2,221 |
| | $ | 3,693 |
| | $ | 1,825 |
| | $ | 2,940 |
| |
| | | | | | | | | | | | |
| Emergency and Crisis Services | | | | | | | | | | | |
| Operating Revenues | | $ | 8,439 |
| | $ | 10,215 |
| | $ | 16,763 |
| | $ | 14,080 |
| | $ | 21,275 |
| |
| Costs and Expenses: | | | | | | | | | | | |
| Operating | | 5,808 |
| | 6,873 |
| | 10,145 |
| | 9,141 |
| | 12,328 |
| |
| Administrative and general | | 4,211 |
| | 3,254 |
| | 3,030 |
| | 2,961 |
| | 3,555 |
| |
| Depreciation and amortization | | 491 |
| | 484 |
| | 486 |
| | 655 |
| | 498 |
| |
| | | 10,510 |
| | 10,611 |
| | 13,661 |
| | 12,757 |
| | 16,381 |
| |
| Gains on Asset Dispositions | | — |
| | 5 |
| | — |
| | 7 |
| | — |
| |
| Operating Income (Loss) | | (2,071 | ) | | (391 | ) | | 3,102 |
| | 1,330 |
| | 4,894 |
| |
| Other Income (Expense): | | | | | | | | | | | |
| Foreign currency gains (losses), net | | (20 | ) | | 14 |
| | (14 | ) | | 17 |
| | (7 | ) | |
| Other, net | | — |
| | — |
| | — |
| | — |
| | 2 |
| |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | | 147 |
| | 67 |
| | (4 | ) | | — |
| | — |
| |
| Segment Profit (Loss) | | $ | (1,944 | ) | | $ | (310 | ) | | $ | 3,084 |
| | $ | 1,347 |
| | $ | 4,889 |
| |
| | | | | | | | | | | | |
| Commodity Trading and Logistics | | | | | | | | | | | |
| Operating Revenues | | $ | 206,745 |
| | $ | 209,696 |
| | $ | 237,177 |
| | $ | 279,178 |
| | $ | 245,321 |
| |
| Costs and Expenses: | | | | | | | | | | | |
| Operating | | 202,126 |
| | 203,233 |
| | 236,664 |
| | 279,180 |
| | 237,644 |
| |
| Administrative and general | | 3,411 |
| | 3,141 |
| | 1,598 |
| | 1,944 |
| | 2,202 |
| |
| Depreciation and amortization | | 1,591 |
| | 1,060 |
| | 20 |
| | 12 |
| | 12 |
| |
| | | 207,128 |
| | 207,434 |
| | 238,282 |
| | 281,136 |
| | 239,858 |
| |
| Operating Income (Loss) | | (383 | ) | | 2,262 |
| | (1,105 | ) | | (1,958 | ) | | 5,463 |
| |
| Other Income (Expense): | | | | | | | | | | | |
| Derivative gains (losses), net | | 3,393 |
| | (2,939 | ) | | 1,251 |
| | (3,063 | ) | | 828 |
| |
| Foreign currency gains (losses), net | | (14 | ) | | 79 |
| | (28 | ) | | 153 |
| | (16 | ) | |
| Other, net | | — |
| | — |
| | (167 | ) | | — |
| | — |
| |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | | — |
| | 6,154 |
| | 1,452 |
| | (2,267 | ) | | (1,051 | ) | |
| Segment Profit (Loss) | | $ | 2,996 |
| | $ | 5,556 |
| | $ | 1,403 |
| | $ | (7,135 | ) | | $ | 5,224 |
| |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | Jun. 30, 2012 | | Mar. 31, 2012 | | Dec. 31, 2011 | | Sep. 30, 2011 | | Jun. 30, 2011 | |
| Other | | | | | | | | | | | |
| Operating Revenues | | $ | 17,555 |
| | $ | 19,944 |
| | $ | 17,730 |
| | $ | 16,741 |
| | $ | 17,921 |
| |
| Costs and Expenses: | | | | | | | | | | | |
| Operating | | 11,562 |
| | 11,814 |
| | 10,274 |
| | 9,117 |
| | 9,158 |
| |
| Administrative and general | | 2,996 |
| | 2,817 |
| | 3,589 |
| | 2,523 |
| | 3,210 |
| |
| Depreciation and amortization | | 1,904 |
| | 2,158 |
| | 2,119 |
| | 2,129 |
| | 2,237 |
| |
| | | 16,462 |
| | 16,789 |
| | 15,982 |
| | 13,769 |
| | 14,605 |
| |
| Gains (Losses) on Asset Dispositions | | 1,860 |
| | — |
| | (3 | ) | | (315 | ) | | 544 |
| |
| Operating Income | | 2,953 |
| | 3,155 |
| | 1,745 |
| | 2,657 |
| | 3,860 |
| |
| Other Income (Expense): | | | | | | | | | | | |
| Foreign currency losses, net | | (7 | ) | | (16 | ) | | — |
| | (75 | ) | | (24 | ) | |
| Other, net | | 208 |
| | — |
| | 983 |
| | (1 | ) | | — |
| |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | | (518 | ) | | (422 | ) | | (1,429 | ) | | 291 |
| | 3 |
| |
| Segment Profit | | $ | 2,636 |
| | $ | 2,717 |
| | $ | 1,299 |
| | $ | 2,872 |
| | $ | 3,839 |
| |
| | | | | | | | | | | | |
| Corporate and Eliminations | | | | | | | | | | | |
| Operating Revenues | | $ | (3,672 | ) | | $ | (3,881 | ) | | $ | (2,769 | ) | | $ | (2,649 | ) | | $ | (2,891 | ) | |
| Costs and Expenses: | | | | | | | | | | | |
| Operating | | (3,557 | ) | | (3,765 | ) | | (2,649 | ) | | (2,544 | ) | | (2,765 | ) | |
| Administrative and general | | 7,454 |
| | 8,976 |
| | 10,518 |
| | 6,181 |
| | 7,584 |
| |
| Depreciation and amortization | | 466 |
| | 455 |
| | 449 |
| | 466 |
| | 469 |
| |
| | | 4,363 |
| | 5,666 |
| | 8,318 |
| | 4,103 |
| | 5,288 |
| |
| Losses on Asset Dispositions and Impairments | | | | — |
| | — |
| | (144 | ) | | — |
| |
| Operating Loss | | $ | (8,035 | ) | | $ | (9,547 | ) | | $ | (11,087 | ) | | $ | (6,896 | ) | | $ | (8,179 | ) | |
| Other Income (Expense): | | | | | | | | | | | |
| Derivative gains (losses), net | | $ | 274 |
| | $ | (1,056 | ) | | $ | (1,495 | ) | | $ | (22,084 | ) | | $ | (6,618 | ) | |
| Foreign currency gains (losses), net | | (511 | ) | | 448 |
| | (1,173 | ) | | (979 | ) | | 1,527 |
| |
| Other, net | | 175 |
| | (114 | ) | | (51 | ) | | (175 | ) | | (117 | ) | |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | Jun. 30, 2012 | | Mar. 31, 2012 | | Dec. 31, 2011 | | Sep. 30, 2011 | | Jun. 30, 2011 | |
| ASSETS | | | | | | | | | | | |
| Current Assets: | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 301,026 |
| | $ | 281,977 |
| | $ | 462,188 |
| | $ | 301,603 |
| | $ | 362,825 |
| |
| Restricted cash | | 18,347 |
| | 25,958 |
| | 21,281 |
| | 19,474 |
| | 12,976 |
| |
| Marketable securities | | 32,821 |
| | 68,586 |
| | 66,898 |
| | 82,978 |
| | 105,608 |
| |
| Receivables: | | | | | | | | | | | |
| Trade, net of allowance for doubtful accounts | | 278,917 |
| | 299,484 |
| | 303,843 |
| | 280,434 |
| | 277,301 |
| |
| Other | | 66,686 |
| | 41,699 |
| | 51,793 |
| | 51,318 |
| | 47,852 |
| |
| Inventories | | 72,929 |
| | 94,329 |
| | 69,109 |
| | 70,623 |
| | 83,119 |
| |
| Deferred income taxes | | 11,123 |
| | 11,123 |
| | 11,123 |
| | 5,136 |
| | 5,136 |
| |
| Prepaid expenses and other | | 13,968 |
| | 11,384 |
| | 9,323 |
| | 13,704 |
| | 23,461 |
| |
| Discontinued operations | | 3,551 |
| | 4,019 |
| | 44,989 |
| | 48,984 |
| | 54,740 |
| |
| Total current assets | | 799,368 |
| | 838,559 |
| | 1,040,547 |
| | 874,254 |
| | 973,018 |
| |
| Property and Equipment | | 3,304,524 |
| | 3,314,759 |
| | 3,018,145 |
| | 2,900,843 |
| | 2,859,773 |
| |
| Accumulated depreciation | | (934,092 | ) | | (905,362 | ) | | (867,914 | ) | | (868,986 | ) | | (852,648 | ) | |
| Net property and equipment | | 2,370,432 |
| | 2,409,397 |
| | 2,150,231 |
| | 2,031,857 |
| | 2,007,125 |
| |
| Investments, at Equity, and Advances to 50% or Less Owned Companies | | 323,874 |
| | 220,772 |
| | 249,753 |
| | 243,678 |
| | 208,021 |
| |
| Construction Reserve Funds & Title XI Reserve Funds | | 192,420 |
| | 259,926 |
| | 259,974 |
| | 298,345 |
| | 314,679 |
| |
| Goodwill | | 57,054 |
| | 57,054 |
| | 57,054 |
| | 54,410 |
| | 54,454 |
| |
| Intangible Assets, Net | | 21,116 |
| | 22,132 |
| | 21,528 |
| | 16,055 |
| | 17,396 |
| |
| Other Assets, net of allowance for doubtful accounts | | 81,553 |
| | 99,113 |
| | 102,348 |
| | 97,724 |
| | 84,588 |
| |
| Discontinued Operations | | — |
| | — |
| | 46,699 |
| | 45,995 |
| | 46,479 |
| |
| | | $ | 3,845,817 |
| | $ | 3,906,953 |
| | $ | 3,928,134 |
| | $ | 3,662,318 |
| | $ | 3,705,760 |
| |
| | | | | | | | | | | | |
| LIABILITIES AND EQUITY | | | | | | | | | | | |
| Current Liabilities: | | | | | | | | | | | |
| Current portion of long-term debt | | $ | 24,546 |
| | $ | 22,078 |
| | $ | 41,091 |
| | $ | 23,138 |
| | $ | 20,568 |
| |
| Current portion of capital lease obligations | | 4,719 |
| | 2,289 |
| | 2,368 |
| | 1,081 |
| | 1,064 |
| |
| Accounts payable and accrued expenses | | 131,130 |
| | 142,410 |
| | 185,156 |
| | 170,680 |
| | 164,359 |
| |
| Other current liabilities | | 160,198 |
| | 176,558 |
| | 150,864 |
| | 191,475 |
| | 216,031 |
| |
| Discontinued operations | | (15 | ) | | 650 |
| | 22,047 |
| | 55,093 |
| | 64,276 |
| |
| Total current liabilities | | 320,578 |
| | 343,985 |
| | 401,526 |
| | 441,467 |
| | 466,298 |
| |
| Long-Term Debt | | 940,910 |
| | 976,872 |
| | 995,450 |
| | 669,573 |
| | 690,774 |
| |
| Capital Lease Obligations | | 117 |
| | 2,848 |
| | 3,068 |
| | 4,598 |
| | 4,901 |
| |
| Deferred Income Taxes | | 582,780 |
| | 576,195 |
| | 566,920 |
| | 560,484 |
| | 557,013 |
| |
| Deferred Gains and Other Liabilities | | 132,248 |
| | 135,695 |
| | 143,390 |
| | 137,783 |
| | 145,815 |
| |
| Discontinued Operations | | — |
| | — |
| | 9,717 |
| | 5,780 |
| | 5,502 |
| |
| Total liabilities | | 1,976,633 |
| | 2,035,595 |
| | 2,120,071 |
| | 1,819,685 |
| | 1,870,303 |
| |
| Equity: | | | | | | | | | | | |
| SEACOR Holdings Inc. stockholders’ equity: | | | | | | | | | | | |
| Preferred stock | | — |
| | — |
| | — |
| | — |
| | — |
| |
| Common stock | | 366 |
| | 366 |
| | 364 |
| | 364 |
| | 363 |
| |
| Additional paid-in capital | | 1,271,617 |
| | 1,265,708 |
| | 1,256,209 |
| | 1,245,436 |
| | 1,239,502 |
| |
| Retained earnings | | 1,560,416 |
| | 1,549,167 |
| | 1,512,679 |
| | 1,495,639 |
| | 1,491,824 |
| |
| Shares held in treasury, at cost | | (987,485 | ) | | (970,023 | ) | | (971,687 | ) | | (900,225 | ) | | (901,460 | ) | |
| Accumulated other comprehensive loss, net of tax | | (5,831 | ) | | (5,369 | ) | | (7,958 | ) | | (9,644 | ) | | (6,843 | ) | |
| | | 1,839,083 |
| | 1,839,849 |
| | 1,789,607 |
| | 1,831,570 |
| | 1,823,386 |
| |
| Noncontrolling interests in subsidiaries | | 30,101 |
| | 31,509 |
| | 18,456 |
| | 11,063 |
| | 12,071 |
| |
| Total equity | | 1,869,184 |
| | 1,871,358 |
| | 1,808,063 |
| | 1,842,633 |
| | 1,835,457 |
| |
| | | $ | 3,845,817 |
| | $ | 3,906,953 |
| | $ | 3,928,134 |
| | $ | 3,662,318 |
| | $ | 3,705,760 |
| |
SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) |
| | | | | | | | | | | | | | | | |
| | | Jun. 30, 2012 | | Mar. 31, 2012 | | Dec. 31, 2011 | | Sep. 30, 2011 | | Jun. 30, 2011 | |
| Offshore Marine Services | | | | | | | | | | | |
| Anchor handling towing supply | | 19 |
| | 19 |
| | 19 |
| | 19 |
| | 19 |
| |
| Crew | | 48 |
| | 48 |
| | 49 |
| | 50 |
| | 52 |
| |
| Mini-supply | | 9 |
| | 9 |
| | 8 |
| | 8 |
| | 8 |
| |
| Standby safety | | 25 |
| | 26 |
| | 26 |
| | 27 |
| | 26 |
| |
| Supply | | 28 |
| | 28 |
| | 30 |
| | 29 |
| | 28 |
| |
| Towing supply | | 3 |
| | 5 |
| | 5 |
| | 5 |
| | 6 |
| |
| Liftboats | | 20 |
| | 20 |
| | 2 |
| | 2 |
| | 2 |
| |
| Specialty | | 9 |
| | 9 |
| | 9 |
| | 9 |
| | 9 |
| |
| Wind farm utility | | 30 |
| | 30 |
| | 29 |
| | — |
| | — |
| |
| | | 191 |
| | 194 |
| | 177 |
| | 149 |
| | 150 |
| |
| | | | | | | | | | | | |
| Aviation Services | | | | | | | | | | | |
| Light helicopters – single engine | | 59 |
| | 58 |
| | 58 |
| | 60 |
| | 61 |
| |
| Light helicopters – twin engine | | 44 |
| | 46 |
| | 45 |
| | 45 |
| | 44 |
| |
| Medium helicopters | | 68 |
| | 66 |
| | 65 |
| | 65 |
| | 65 |
| |
| Heavy helicopters | | 9 |
| | 8 |
| | 7 |
| | 7 |
| | 7 |
| |
| | | 180 |
| | 178 |
| | 175 |
| | 177 |
| | 177 |
| |
| | | | | | | | | | | | |
| Inland River Services | | | | | | | | | | | |
| Inland river dry-cargo barges | | 1,453 |
| | 1,479 |
| | 1,496 |
| | 1,489 |
| | 1,492 |
| |
| Inland river liquid tank barges | | 78 |
| | 77 |
| | 77 |
| | 79 |
| | 80 |
| |
| Inland river deck barges | | 20 |
| | 20 |
| | 20 |
| | 20 |
| | 26 |
| |
| Inland river towboats | | 31 |
| | 30 |
| | 31 |
| | 31 |
| | 31 |
| |
| Dry-cargo vessel | | 1 |
| | 1 |
| | 1 |
| | 1 |
| | 1 |
| |
| | | 1,583 |
| | 1,607 |
| | 1,625 |
| | 1,620 |
| | 1,630 |
| |
| | | | | | | | | | | | |
| Marine Transportation Services | | | | | | | | | | | |
| U.S.-flag product tankers | | 7 |
| | 7 |
| | 7 |
| | 8 |
| | 8 |
| |
| Foreign flag RORO vessels | | 8 |
| | 8 |
| | 8 |
| | 8 |
| | 8 |
| |
| U.S.-flag deck barges | | 5 |
| | — |
| | — |
| | — |
| | — |
| |
| U.S.-flag RORO barges | | 2 |
| | — |
| | — |
| | — |
| | — |
| |
| U.S.-flag Articulated tug-barge | | 1 |
| | — |
| | — |
| | — |
| | — |
| |
| | | 23 |
| | 15 |
| | 15 |
| | 16 |
| | 16 |
| |
| | | | | | | | | | | | |
| Other | | | | | | | | | | | |
| Harbor and offshore tugs | | 27 |
| | 28 |
| | 28 |
| | 28 |
| | 28 |
| |
| Ocean liquid tank barges | | 5 |
| | 5 |
| | 5 |
| | 5 |
| | 5 |
| |
| | | 32 |
| | 33 |
| | 33 |
| | 33 |
| | 33 |
| |
SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | Jun. 30, 2012 | | Mar. 31, 2012 | | Dec. 31, 2011 | | Sep. 30, 2011 | | Jun. 30, 2011 | |
| Rates Per Day Worked: | | | | | | | | | | | |
| Anchor handling towing supply | | $ | 24,541 |
| | $ | 30,928 |
| | $ | 27,187 |
| | $ | 27,287 |
| | $ | 32,179 |
| |
| Crew | | 7,134 |
| | 7,803 |
| | 7,166 |
| | 6,728 |
| | 6,334 |
| |
| Mini-supply | | 7,424 |
| | 7,409 |
| | 7,948 |
| | 7,535 |
| | 7,494 |
| |
| Standby safety | | 9,679 |
| | 9,230 |
| | 9,254 |
| | 9,302 |
| | 9,180 |
| |
| Supply | | 14,354 |
| | 16,662 |
| | 15,755 |
| | 15,459 |
| | 13,561 |
| |
| Towing supply | | 9,269 |
| | 9,301 |
| | 8,497 |
| | 8,809 |
| | 8,484 |
| |
| Specialty | | 14,557 |
| | 12,964 |
| | 17,845 |
| | 16,172 |
| | 9,351 |
| |
| Liftboats | | 17,454 |
| | — |
| | — |
| | — |
| | — |
| |
Overall Average Rates Per Day Worked (excluding wind farm utility) | | 12,068 |
| | 13,174 |
| | 12,187 |
| | 11,318 |
| | 11,142 |
| |
| Wind farm utility | | 2,802 |
| | 2,431 |
| | — |
| | — |
| | — |
| |
Overall Average Rates Per Day Worked (including wind Farm utility) | | 10,019 |
| | 10,839 |
| | 12,187 |
| | 11,318 |
| | 11,142 |
| |
| | | | | | | | | | | | |
| Utilization: | | | | | | | | | | | |
| Anchor handling towing supply | | 63 | % | | 77 | % | | 70 | % | | 52 | % | | 53 | % | |
| Crew | | 84 | % | | 79 | % | | 78 | % | | 75 | % | | 70 | % | |
| Mini-supply | | 98 | % | | 98 | % | | 96 | % | | 87 | % | | 77 | % | |
| Standby safety | | 87 | % | | 86 | % | | 90 | % | | 88 | % | | 89 | % | |
| Supply | | 75 | % | | 84 | % | | 82 | % | | 70 | % | | 74 | % | |
| Towing supply | | 51 | % | | 48 | % | | 44 | % | | 43 | % | | 33 | % | |
| Specialty | | 45 | % | | 62 | % | | 70 | % | | 48 | % | | 63 | % | |
| Liftboats | | 70 | % | | — | % | | — | % | | — | % | | — | % | |
| Overall Fleet Utilization (excluding wind farm utility) | | 77 | % | | 81 | % | | 80 | % | | 72 | % | | 71 | % | |
| Wind farm utility | | 93 | % | | 86 | % | | — | % | | — | % | | — | % | |
| Overall Fleet Utilization (including wind farm utility) | | 80 | % | | 82 | % | | 80 | % | | 72 | % | | 71 | % | |
| | | | | | | | | | | | |
| Available Days: | | | | | | | | | | | |
| Anchor handling towing supply | | 1,547 |
| | 1,547 |
| | 1,564 |
| | 1,564 |
| | 1,547 |
| |
| Crew | | 3,276 |
| | 3,363 |
| | 3,418 |
| | 3,487 |
| | 3,933 |
| |
| Mini-supply | | 637 |
| | 637 |
| | 644 |
| | 644 |
| | 728 |
| |
| Standby safety | | 2,195 |
| | 2,275 |
| | 2,355 |
| | 2,392 |
| | 2,291 |
| |
| Supply | | 1,649 |
| | 1,705 |
| | 1,798 |
| | 1,748 |
| | 1,591 |
| |
| Towing supply | | 360 |
| | 364 |
| | 368 |
| | 368 |
| | 494 |
| |
| Specialty | | 273 |
| | 273 |
| | 276 |
| | 276 |
| | 353 |
| |
| Liftboats | | 1,656 |
| | — |
| | — |
| | — |
| | — |
| |
| Overall Fleet Available Days (excluding wind farm utility) | | 11,593 |
| | 10,164 |
| | 10,423 |
| | 10,479 |
| | 10,937 |
| |
| Wind farm utility | | 2,730 |
| | 2,647 |
| | — |
| | — |
| | — |
| |
| Overall Fleet Available Days (including wind farm utility) | | 14,323 |
| | 12,811 |
| | 10,423 |
| | 10,479 |
| | 10,937 |
| |
