| EXHIBIT 99.1 |
| PRESS RELEASE |
SEACOR HOLDINGS ANNOUNCES THIRD QUARTER RESULTS
Fort Lauderdale, Florida
October 22, 2008
FOR IMMEDIATE RELEASE —SEACOR Holdings Inc. (NYSE:CKH) announced net income for the third quarter ended September 30, 2008 of $75.6 million, or $3.20 per diluted share, on operating revenues of $437.6 million. For the nine months ended September 30, 2008, net income was $151.9 million, or $6.19 per diluted share, on operating revenues of $1,201.0 million.
For the quarter ended September 30, 2007, net income was $70.3 million, or $2.66 per diluted share, on operating revenues of $359.9 million. For the nine months ended September 30, 2007, net income was $173.7 million, or $6.44 per diluted share, on operating revenues of $996.1 million.
Net income for the preceding quarter ended June 30, 2008 was $38.4 million, or $1.57 per diluted share, on operating revenues of $409.0 million. Comparison of results for the third quarter ended September 30, 2008 with the preceding quarter ended June 30, 2008 is included in the discussion below.
Highlights for the Quarter
Offshore Marine Services – Operating income in the third quarter was $84.5 million on operating revenues of $196.9 million compared with operating income of $51.5 million on operating revenues of $171.2 million in the preceding quarter. Third quarter results included $13.5 million in gains on asset dispositions compared with $14.4 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income in the third quarter was $33.8 million higher than in the preceding quarter. The improvement was primarily due to an increase in time charter revenues, particularly in the U.S. Gulf of Mexico where the Company’s large AHTS vessels completed their regulatory repair and upgrade program during the quarter. Out-of-service time for these vessels was 26 days in the third quarter compared with 168 days in the preceding quarter. Operating revenues were also higher in South America where vessels, having completed mobilizations, commenced new charters. Overall operating expenses were lower primarily as a result of reduced regulatory drydocking and mobilization activity and lower insurance expense. Administrative and general expenses were lower primarily due to a reduction in international staff severance expenses, partially offset by higher expenses related to hurricane disruption in the U.S. Gulf of Mexico.
The number of days available for charter in the third quarter decreased by 735, or 4.5%, primarily as a result of a net reduction in fleet count. Overall utilization increased from 80.5% to 87.7% and overall average day rates were higher at $13,161 per day compared with $12,182 per day in the preceding quarter.
One new towing supply vessel was delivered during the third quarter.
Marine Transportation Services – Marine Transportation Services reported an operating loss in the third quarter of $4.3 million on operating revenues of $27.5 million compared with operating income of $2.4 million on operating revenues of $28.8 million in the preceding quarter.
Operating results were impacted by 117 days of out-of-service time during the third quarter for two vessels undergoing regulatory drydockings in Asia resulting in a combined operating loss of $7.4 million. The Seabulk Arctic returned to service on October 7, 2008 and the Seabulk Pride returned to service on October 21, 2008.
Inland River Services – Operating income in the third quarter was $11.6 million on operating revenues of $36.5 million compared with operating income of $7.5 million on operating revenues of $33.3 million in the preceding quarter. Third quarter results included $4.1 million in gains on asset dispositions compared with $1.5 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $1.4 million higher in the third quarter. The improvement was primarily due to higher freight rates and increased activity on the lower Mississippi River in support of the beginning of the grain harvest. Operating expenses were generally in line with the increased activity levels but were also affected by higher maintenance and repair costs for towboats and liquid tank barges.
Aviation Services – Operating income in the third quarter was $10.1 million on operating revenues of $73.5 million compared with operating income of $6.7 million on operating revenues of $63.8 million in the preceding quarter. Third quarter results included $1.3 million in gains on asset dispositions compared with $3.2 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $5.2 million higher in the third quarter. The improvement in operating income was primarily due to additional contracts in the U.S. Gulf of Mexico, incremental activity generated from Hurricanes Gustav and Ike, and seasonal flightseeing, firefighting and mineral exploration activities in Alaska. Operating expenses were generally in line with the increased activity levels but were also affected by higher maintenance costs due to the timing of component and fleet repair and maintenance, higher expenses related to hurricane disruption in the U.S. Gulf of Mexico and higher depreciation on newly acquired assets.
Environmental Services – Operating income in the third quarter was $4.3 million on operating revenues of $42.2 million compared with operating income of $1.7 million on operating revenues of $38.0 million in the preceding quarter. The improvement in operating income was largely due to an increase in response service activity related to Hurricane Gustav.
Commodity Trading – SEACOR’s commodity trading group currently focuses on renewable fuels and rice. Operating income in the third quarter was $5.2 million on operating revenues of $44.3 millioncompared with operating income of $6.8 million on operating revenues of $55.4 million in the preceding quarter. Operating income from renewable fuel and rice product sales were lower in the third quarter partially offset by higher freight and rental revenues.
Harbor and Offshore Towing Services – Operating income in the third quarter was $3.1 million on operating revenues of $19.5 million compared with operating income of $3.1 million on operating revenues of $19.9 million in the preceding quarter.
Interest Income – Interest income was $4.3 million in the third quarter compared with $5.4 million in the preceding quarter. The decrease was primarily due to lower invested cash balances partially offset by higher interest income on the Company’s bond investments.
Interest Expense – Interest expense was $14.4 million in the third quarter compared with $12.7 million in the prior quarter. The increase was primarily due to lower capitalized interest, higher interest expense on capital lease obligations and interest on foreign tax settlements.
Derivatives – Derivative losses were $8.4 million in the third quarter compared with losses of $7.1 million in the preceding quarter. The losses in the third quarter were primarily due to losses on foreign currency forward exchange, option and future contracts partially offset by gains on equity index and options.
Foreign Currencies – Foreign currency losses were $6.7 million in the third quarter compared with gains of $0.6 million in the preceding quarter. The losses in the third quarter were primarily due to the strengthening of the US dollar versus the pound sterling.
2
Marketable Securities– Marketable security gains were $36.0 million in the third quarter compared with gains of $0.4 million in the preceding quarter. In addition, the Company reported other comprehensive losses relating to its available-for-sale marketable securities of $2.1 million, net of tax, in stockholders’ equity during the third quarter.
Equity in Earnings of 50% or Less Owned Companies – Equity in earnings from joint ventures was $2.2 million in the third quarter compared with equity in earnings of $1.3 million in the preceding quarter. The increase was primarily due to an overall improvement in the operating results of the Company’s Offshore Marine Services’ joint ventures. This increase was partially offset by a $1.3 million loss, net of tax, recognized by the Company resulting from an impairment charge on prime broker exposure recorded in one of its Inland River Services’ joint ventures.
Stock and Debt Repurchases – During the third quarter, the Company purchased 1,166,000 shares of its common stock at an average price of $83.43 per share. At the end of the quarter, 19,975,727 shares of SEACOR’s common stock remained outstanding.
Capital Commitments – The Company’s unfunded capital commitments as of September 30, 2008, consisted primarily of offshore marine vessels, helicopters, inland river barges and inland river towboats and totaled $276.2 million, of which $114.2 million is payable during the remainder of 2008 and the balance payable through 2010. Of the total unfunded capital commitments, $35.1 million may be terminated without further liability other than the payment of liquidated damages of $3.4 million in the aggregate. As of September 30, 2008, the Company held balances of cash, cash equivalents, restricted cash, available-for-sale marketable securities, construction reserve funds and title XI reserve funds totaling $688.3 million.
* * * * *
3
SEACOR is a global provider of marine support and transportation services, primarily to the energy and chemical industries. SEACOR and its subsidiaries provide customers with a full suite of marine-related services including offshore services, U.S. coastwise shipping, inland river services, aviation services, environmental services, and offshore and harbor towing services. SEACOR is focused on providing highly responsive local service, combined with the highest safety standards, innovative technology, modern efficient equipment, and dedicated, professional employees.
This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: the unprecedented decline in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, loss of U.S. coastwise endorsement for the Seabulk Trader and Seabulk Challenge, retrofitted double-hull tankers, if the Company is unsuccessful in litigation instructing the U.S. Coast Guard to revoke their coastwise charters, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, increased competition if the Jones Act is repealed, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the following should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which is incorporated by reference.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.
4
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
|
| Three Months Ended |
| Nine Months Ended |
| |||||||||
|
| 2008 |
| 2007 |
| 2008 |
| 2007 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Operating Revenues |
| $ | 437,608 |
| $ | 359,923 |
| $ | 1,201,030 |
| $ | 996,140 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
| |||||
Operating |
| 269,874 |
| 213,992 |
| 779,218 |
| 601,468 |
| |||||
Administrative and general |
| 41,487 |
| 36,883 |
| 125,587 |
| 105,220 |
| |||||
Depreciation and amortization |
| 39,598 |
| 37,443 |
| 115,126 |
| 114,373 |
| |||||
|
| 350,959 |
| 288,318 |
| 1,019,931 |
| 821,061 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Gains on Asset Dispositions and Impairments, Net |
| 20,074 |
| 19,560 |
| 51,254 |
| 74,257 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Operating Income |
| 106,723 |
| 91,165 |
| 232,353 |
| 249,336 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Other Income (Expense): |
|
|
|
|
|
|
|
|
| |||||
Interest income |
| 4,329 |
| 11,274 |
| 17,178 |
| 34,954 |
| |||||
Interest expense |
| (14,404 | ) | (10,855 | ) | (38,626 | ) | (36,231 | ) | |||||
Derivative gains (losses), net |
| (8,430 | ) | 5,221 |
| (9,076 | ) | 5,097 |
| |||||
Foreign currency gains (losses), net |
| (6,683 | ) | 316 |
| (3,469 | ) | 186 |
| |||||
Marketable security gains (losses), net |
| 35,950 |
| 11,960 |
| 30,649 |
| (2,158 | ) | |||||
Other, net |
| (89 | ) | (716 | ) | 237 |
| (120 | ) | |||||
|
| 10,673 |
| 17,200 |
| (3,107 | ) | 1,728 |
| |||||
Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies |
| 117,396 |
| 108,365 |
| 229,246 |
| 251,064 |
| |||||
Income Tax Expense |
| 43,551 |
| 40,339 |
| 84,637 |
| 89,387 |
| |||||
Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies |
| 73,845 |
| 68,026 |
| 144,609 |
| 161,677 |
| |||||
Minority Interest in Income of Subsidiaries |
| (363 | ) | (927 | ) | (756 | ) | (1,409 | ) | |||||
Equity in Earnings of 50% or Less Owned Companies |
| 2,160 |
| 3,183 |
| 8,054 |
| 13,432 |
| |||||
Net Income |
| $ | 75,642 |
| $ | 70,282 |
| $ | 151,907 |
| $ | 173,700 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Basic Earnings Per Common Share |
| $ | 3.75 |
| $ | 3.02 |
| $ | 7.13 |
| $ | 7.29 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Diluted Earnings Per Common Share |
| $ | 3.20 |
| $ | 2.66 |
| $ | 6.19 |
| $ | 6.44 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
| |||||
Basic |
| 20,183 |
| 23,234 |
| 21,293 |
| 23,821 |
| |||||
Diluted |
| 23,999 |
| 26,905 |
| 25,121 |
| 27,525 |
| |||||
5
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
|
| Three Months Ended |
| ||||||||||||||||
|
| Sep. 30, 2008 |
| Jun. 30, 2008 |
| Mar. 31, 2008 |
| Dec. 31, 2007 |
| Sep. 30, 2007 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Operating Revenues |
| $ | 437,608 |
| $ | 408,967 |
| $ | 354,455 |
| $ | 363,090 |
| $ | 359,923 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Operating |
| 269,874 |
| 274,304 |
| 235,040 |
| 230,935 |
| 213,992 |
| ||||||||
Administrative and general |
| 41,487 |
| 45,095 |
| 39,005 |
| 42,097 |
| 36,883 |
| ||||||||
Depreciation and amortization |
| 39,598 |
| 37,728 |
| 37,800 |
| 39,934 |
| 37,443 |
| ||||||||
|
| 350,959 |
| 357,127 |
| 311,845 |
| 312,966 |
| 288,318 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Gains on Asset Dispositions and Impairments, Net |
| 20,074 |
| 19,274 |
| 11,906 |
| 48,315 |
| 19,560 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Operating Income |
| 106,723 |
| 71,114 |
| 54,516 |
| 98,439 |
| 91,165 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Interest income |
| 4,329 |
| 5,373 |
| 7,476 |
| 10,219 |
| 11,274 |
| ||||||||
Interest expense |
| (14,404 | ) | (12,674 | ) | (11,548 | ) | (13,129 | ) | (10,855 | ) | ||||||||
Derivative gains (losses), net |
| (8,430 | ) | (7,113 | ) | 6,467 |
| 5,738 |
| 5,221 |
| ||||||||
Foreign currency gains (losses), net |
| (6,683 | ) | 604 |
| 2,610 |
| 44 |
| 316 |
| ||||||||
Marketable security gains (losses), net |
| 35,950 |
| 383 |
| (5,684 | ) | (1,233 | ) | 11,960 |
| ||||||||
Other, net |
| (89 | ) | 162 |
| 164 |
| 109 |
| (716 | ) | ||||||||
|
| 10,673 |
| (13,265 | ) | (515 | ) | 1,748 |
| 17,200 |
| ||||||||
Income Before Income Tax Expense, Minority Interest in (Income) Loss of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies |
| 117,396 |
| 57,849 |
| 54,001 |
| 100,187 |
| 108,365 |
| ||||||||
Income Tax Expense |
| 43,551 |
| 20,616 |
| 20,470 |
| 41,054 |
| 40,339 |
| ||||||||
Income Before Minority Interest in (Income) Loss of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies |
| 73,845 |
| 37,233 |
| 33,531 |
| 59,133 |
| 68,026 |
| ||||||||
Minority Interest in (Income) Loss of Subsidiaries |
| (363 | ) | (191 | ) | (202 | ) | 182 |
| (927 | ) | ||||||||
Equity in Earnings of 50% or Less Owned Companies |
| 2,160 |
| 1,315 |
| 4,579 |
| 8,633 |
| 3,183 |
| ||||||||
Net Income |
| $ | 75,642 |
| $ | 38,357 |
| $ | 37,908 |
| $ | 67,948 |
| $ | 70,282 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Basic Earnings Per Common Share |
| $ | 3.75 |
| $ | 1.80 |
| $ | 1.70 |
| $ | 2.99 |
| $ | 3.02 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Diluted Earnings Per Common Share |
| $ | 3.20 |
| $ | 1.57 |
| $ | 1.50 |
| $ | 2.62 |
| $ | 2.66 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Basic |
| 20,183 |
| 21,363 |
| 22,344 |
| 22,738 |
| 23,234 |
| ||||||||
Diluted |
| 23,999 |
| 25,171 |
| 26,011 |
| 26,439 |
| 26,905 |
| ||||||||
Common Shares Outstanding at Period End |
| 19,976 |
| 21,117 |
| 22,223 |
| 22,575 |
| 23,157 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
6
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
|
| Three Months Ended |
|
| |||||||||||||||||||||||||
|
| Sep. 30, 2008 |
| Jun. 30, 2008 |
| Mar. 31, 2008 |
| Dec. 31, 2007 |
| Sep. 30, 2007 |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Offshore Marine Services |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating Revenues |
| $ | 196,911 |
| $ | 171,214 |
| $ | 154,647 |
| $ | 170,430 |
| $ | 179,618 |
|
| ||||||||||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating |
| 97,790 |
| 104,599 |
| 94,270 |
| 97,534 |
| 95,345 |
| ||||||||||||||||||
Administrative and general |
| 14,473 |
| 15,801 |
| 12,804 |
| 13,855 |
| 13,137 |
| ||||||||||||||||||
Depreciation and amortization |
| 13,689 |
| 13,674 |
| 14,125 |
| 15,415 |
| 14,069 |
| ||||||||||||||||||
|
| 125,952 |
| 134,074 |
| 121,199 |
| 126,804 |
| 122,551 |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Gains on Asset Dispositions and Impairments, Net |
| 13,516 |
| 14,352 |
| 7,138 |
| 22,472 |
| 13,222 |
| ||||||||||||||||||
Operating Income |
| $ | 84,475 |
| $ | 51,492 |
| $ | 40,586 |
| $ | 66,098 |
| $ | 70,289 |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Marine Transportation Services |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating Revenues |
| $ | 27,535 |
| $ | 28,764 |
| $ | 28,953 |
| $ 31,827 |
| $ 27,730 |
|
| ||||||||||||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating |
| 22,391 |
| 16,762 |
| 16,219 |
| 27,781 |
| 19,207 |
| ||||||||||||||||||
Administrative and general |
| 1,486 |
| 1,607 |
| 1,438 |
| 1,737 |
| 1,150 |
| ||||||||||||||||||
Depreciation and amortization |
| 7,997 |
| 8,039 |
| 7,980 |
| 8,764 |
| 9,536 |
| ||||||||||||||||||
|
| 31,874 |
| 26,408 |
| 25,637 |
| 38,282 |
| 29,893 |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Gains on Asset Dispositions |
| — |
| — |
| 3,629 |
| — |
| — |
| ||||||||||||||||||
Operating Income (Loss) |
| $ | (4,339 | ) | $ | 2,356 |
| $ | 6,945 |
| $ | (6,455 | ) | $ | (2,163 | ) |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Inland River Services |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating Revenues |
| $ | 36,517 |
| $ | 33,322 |
| $ | 30,145 |
| $ | 33,850 |
| $ | 32,656 |
|
| ||||||||||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating |
| 23,079 |
| 21,310 |
| 16,726 |
| 15,863 |
| 16,234 |
| ||||||||||||||||||
Administrative and general |
| 1,800 |
| 1,916 |
| 2,123 |
| 2,076 |
| 1,753 |
| ||||||||||||||||||
Depreciation and amortization |
| 4,146 |
| 4,032 |
| 3,964 |
| 4,220 |
| 4,256 |
| ||||||||||||||||||
|
| 29,025 |
| 27,258 |
| 22,813 |
| 22,159 |
| 22,243 |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Gains on Asset Dispositions |
| 4,073 |
| 1,472 |
| 711 |
| 22,726 |
| 1,592 |
| ||||||||||||||||||
Operating Income |
| $ | 11,565 |
| $ | 7,536 |
| $ | 8,043 |
| $ | 34,417 |
| $ | 12,005 |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Aviation Services |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating Revenues |
| $ | 73,483 |
| $ | 63,795 |
| $ | 53,792 |
| $ | 51,296 |
| $ | 62,449 |
|
| ||||||||||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating |
| 49,991 |
| 46,697 |
| 39,871 |
| 38,156 |
| 41,647 |
| ||||||||||||||||||
Administrative and general |
| 5,174 |
| 4,895 |
| 4,629 |
| 5,315 |
| 4,590 |
| ||||||||||||||||||
Depreciation and amortization |
| 9,571 |
| 8,672 |
| 7,789 |
| 7,866 |
| 7,015 |
| ||||||||||||||||||
|
| 64,736 |
| 60,264 |
| 52,289 |
| 51,337 |
| 53,252 |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Gains on Asset Dispositions and Impairments, Net |
| 1,307 |
| 3,208 |
| 394 |
| 1,996 |
| 4,304 |
| ||||||||||||||||||
Operating Income |
| $ | 10,054 |
| $ | 6,739 |
| $ | 1,897 |
| $ | 1,955 |
| $ | 13,501 |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Environmental Services |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating Revenues |
| $ | 42,177 |
| $ | 37,984 |
| $ | 42,509 |
| $ | 55,879 |
| $ | 42,287 |
|
| ||||||||||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Operating |
| 29,904 |
| 26,571 |
| 30,598 |
| 36,623 |
| 30,316 |
| ||||||||||||||||||
Administrative and general |
| 5,924 |
| 8,423 |
| 5,709 |
| 7,755 |
| 5,931 |
| ||||||||||||||||||
Depreciation and amortization |
| 2,033 |
| 1,414 |
| 1,445 |
| 1,748 |
| 1,096 |
| ||||||||||||||||||
|
| 37,861 |
| 36,408 |
| 37,752 |
| 46,126 |
| 37,343 |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Gains on Asset Dispositions |
| — |
| 84 |
| 35 |
| 249 |
| 75 |
| ||||||||||||||||||
Operating Income |
| $ | 4,316 |
| $ | 1,660 |
| $ | 4,792 |
| $ | 10,002 |
| $ | 5,019 |
|
| ||||||||||||
7
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
|
| Three Months Ended |
| |||||||||||||||
|
| Sep. 30, 2008 |
| Jun. 30, 2008 |
| Mar. 31, 2008 |
| Dec. 31, 2007 |
| Sep. 30, 2007 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Commodity Trading |
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Revenues |
| $ | 44,290 |
| $ | 55,419 |
| $ | 28,674 |
| $ 6,338 |
| $ 3,058 |
| ||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating |
| 37,746 |
| 46,977 |
| 26,757 |
| 6,902 |
| 2,646 |
| |||||||
Administrative and general |
| 1,358 |
| 1,644 |
| 727 |
| 365 |
| 287 |
| |||||||
Depreciation and amortization |
| — |
| — |
| — |
| — |
| — |
| |||||||
|
| 39,104 |
| 48,621 |
| 27,484 |
| 7,267 |
| 2,933 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Gains on Asset Dispositions |
| — |
| — |
| — |
| — |
| — |
| |||||||
Operating Income (Loss) |
| $ | 5,186 |
| $ | 6,798 |
| $ | 1,190 |
| $ | (929 | ) | $ | 125 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Harbor and Offshore Towing Services |
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Revenues |
| $ 19,529 |
| $ 19,929 |
| $ 16,257 |
| $ 13,461 |
| $ 12,351 |
| |||||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating |
| 11,941 |
| 12,959 |
| 11,109 |
| 8,053 |
| 8,797 |
| |||||||
Administrative and general |
| 2,571 |
| 2,398 |
| 1,771 |
| 1,882 |
| 1,769 |
| |||||||
Depreciation and amortization |
| 1,884 |
| 1,648 |
| 2,267 |
| 1,714 |
| 1,264 |
| |||||||
|
| 16,396 |
| 17,005 |
| 15,147 |
| 11,649 |
| 11,830 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Gains (Losses) on Asset Dispositions and Impairments, Net |
| — |
| 158 |
| — |
| — |
| (100 | ) | |||||||
Operating Income |
| $ 3,133 |
| $ 3,082 |
| $ 1,110 |
| $ 1,812 |
| $ 421 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Other |
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Revenues |
| $ 270 |
| $ 104 |
| $ — |
| $ — |
| $ — |
| |||||||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating |
| — |
| — |
| — |
| — |
| — |
| |||||||
Administrative and general |
| 117 |
| 131 |
| 202 |
| 509 |
| 46 |
| |||||||
Depreciation and amortization |
| 3 |
| 8 |
| — |
| — |
| — |
| |||||||
|
| 120 |
| 139 |
| 202 |
| 509 |
| 46 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Gains on Asset Dispositions |
| 1,178 |
| — |
| — |
| 873 |
| 467 |
| |||||||
Operating Income (Loss) |
| $ 1,328 |
| $ (35 | ) | $ (202 | ) | $ 364 |
| $ 421 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate and Eliminations |
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Revenues |
| $ | (3,104 | ) | $ | (1,564 | ) | $ | (522 | ) | $ | 9 |
| $ | (226 | ) | ||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating |
| (2,968 | ) | (1,571 | ) | (510 | ) | 23 |
| (200 | ) | |||||||
Administrative and general |
| 8,584 |
| 8,280 |
| 9,602 |
| 8,603 |
| 8,220 |
| |||||||
Depreciation and amortization |
| 275 |
| 241 |
| 230 |
| 207 |
| 207 |
| |||||||
|
| 5,891 |
| 6,950 |
| 9,322 |
| 8,833 |
| 8,227 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Losses on Asset Dispositions |
| — |
| — |
| (1 | ) | (1 | ) | — |
| |||||||
Operating Loss |
| $ | (8,995 | ) | $ | (8,514 | ) | $ | (9,845 | ) | $ | (8,825 | ) | $ | (8,453 | ) | ||
8
| SEACOR HOLDINGS INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
|
| Sep. 30, 2008 |
| Jun. 30, 2008 |
| Mar. 31, 2008 |
| Dec. 31, 2007 |
| Sep. 30, 2007 |
| |||
ASSETS |
|
|
|
|
|
|
|
|
|
|
| |||
Current Assets: |
|
|
|
|
|
|
|
|
|
|
| |||
Cash and cash equivalents |
| $ 326,143 |
| $ 422,569 |
| $ 444,787 |
| $ | 537,305 |
| $ | 429,020 |
|
|
Restricted cash |
| 23,659 |
| 30,072 |
| 39,152 |
| 30,624 |
| 38,371 |
| |||
Available-for-sale marketable securities |
| 72,862 |
| 97,920 |
| 75,669 |
| 28,792 |
| 18,501 |
| |||
Receivables: |
|
|
|
|
|
|
|
|
|
|
| |||
Trade, net of allowance for doubtful accounts |
| 294,330 |
| 272,291 |
| 250,789 |
| 267,564 |
| 289,796 |
| |||
Other |
| 57,892 |
| 54,520 |
| 72,073 |
| 62,975 |
| 43,838 |
| |||
Inventories |
| 50,234 |
| 42,063 |
| 35,021 |
| 30,468 |
| 28,186 |
| |||
Deferred income taxes |
| 9,929 |
| 9,929 |
| 9,929 |
| 9,929 |
| 13,206 |
| |||
Prepaid expenses and other |
| 8,943 |
| 12,067 |
| 9,196 |
| 9,756 |
| 13,689 |
| |||
Total current assets |
| 843,992 |
| 941,431 |
| 936,616 |
| 977,413 |
| 874,607 |
| |||
Property and Equipment |
| 2,706,500 |
| 2,665,956 |
| 2,511,118 |
| 2,469,735 |
| 2,470,029 |
| |||
Accumulated depreciation |
| (596,017 | ) | (578,100 | ) | (554,838 | ) | (526,583 | ) | (518,285 | ) | |||
Net property and equipment |
| 2,110,483 |
| 2,087,856 |
| 1,956,280 |
| 1,943,152 |
| 1,951,744 |
| |||
Investments, at Equity, and Receivables from 50% or Less Owned Companies |
| 143,190 |
| 115,701 |
| 117,409 |
| 109,288 |
| 120,866 |
| |||
Construction Reserve Funds & Title XI Reserve Funds |
| 265,586 |
| 270,357 |
| 413,681 |
| 405,000 |
| 390,576 |
| |||
Goodwill |
| 61,401 |
| 63,101 |
| 62,020 |
| 60,226 |
| 56,271 |
| |||
Intangible Assets |
| 29,707 |
| 28,079 |
| 29,292 |
| 30,500 |
| 33,756 |
| |||
Other Assets, net of allowance for doubtful accounts |
| 33,067 |
| 41,806 |
| 36,136 |
| 43,072 |
| 32,610 |
| |||
|
| $ 3,487,426 |
| $ 3,548,331 |
| $ 3,551,434 |
| $ | 3,568,651 |
| $ | 3,460,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| |||||
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Current portion of long-term debt |
| $ 10,301 |
| $ 10,385 |
| $ 11,414 |
| $ 9,648 |
| $ 9,429 |
| |||
Current portion of capital lease obligations |
| 15,074 |
| 33,682 |
| 864 |
| 851 |
| 19,140 |
| |||
Accounts payable and accrued expenses |
| 105,496 |
| 101,942 |
| 93,079 |
| 119,321 |
| 97,134 |
| |||
Other current liabilities |
| 226,395 |
| 273,185 |
| 254,522 |
| 258,940 |
| 280,250 |
| |||
Total current liabilities |
| 357,266 |
| 419,194 |
| 359,879 |
| 388,760 |
| 405,953 |
| |||
Long-Term Debt |
| 931,588 |
| 927,701 |
| 928,308 |
| 929,114 |
| 933,188 |
| |||
Capital Lease Obligations |
| 7,940 |
| 8,192 |
| 8,439 |
| 8,642 |
| 9,000 |
| |||
Deferred Income Taxes |
| 512,102 |
| 492,131 |
| 493,701 |
| 480,447 |
| 386,384 |
| |||
Deferred Gains and Other Liabilities |
| 126,281 |
| 127,217 |
| 131,259 |
| 130,311 |
| 112,731 |
| |||
Minority Interest in Subsidiaries |
| 11,945 |
| 11,981 |
| 12,207 |
| 9,558 |
| 8,803 |
| |||
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
| |||
Preferred stock |
| — |
| — |
| — |
| — |
| — |
| |||
Common stock |
| 323 |
| 323 |
| 323 |
| 322 |
| 321 |
| |||
Additional paid-in capital |
| 917,192 |
| 913,874 |
| 910,843 |
| 905,702 |
| 902,120 |
| |||
Retained earnings |
| 1,349,931 |
| 1,274,289 |
| 1,235,932 |
| 1,198,024 |
| 1,130,076 |
| |||
Shares held in treasury, at cost |
| (724,165 | ) | (628,041 | ) | (531,236 | ) | (486,505 | ) | (431,550 | ) | |||
Accumulated other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
| |||
Cumulative translation adjustments |
| 27 |
| 2,344 |
| 2,337 |
| 1,938 |
| 1,712 |
| |||
Unrealized gain (loss) on available-for-sale marketable securities |
| (3,004 | ) | (874 | ) | (558 | ) | 2,338 |
| 1,692 |
| |||
Total stockholders’ equity |
| 1,540,304 |
| 1,561,915 |
| 1,617,641 |
| 1,621,819 |
| 1,604,371 |
| |||
|
| $ 3,487,426 |
| $ 3,548,331 |
| $ 3,551,434 |
| $ | 3,568,651 |
| $ | 3,460,430 |
|
|
9
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
|
| Sep. 30, 2008 |
| Jun. 30, 2008 |
| Mar. 31, 2008 |
| Dec. 31, 2007 |
| Sep. 30, 2007 | |||
|
|
|
|
|
|
|
|
|
|
| |||
Offshore Marine Services |
|
|
|
|
|
|
|
|
|
| |||
Anchor handling towing supply |
| 20 |
| 20 |
| 20 |
|
| 20 |
|
| 21 | |
Crew |
| 77 |
| 76 |
| 77 |
| 77 |
| 80 | |||
Mini-supply |
| 19 |
| 20 |
| 21 |
| 21 |
| 22 | |||
Standby safety |
| 29 |
| 29 |
| 29 |
| 29 |
| 28 | |||
Supply |
| 27 |
| 28 |
| 26 |
| 25 |
| 24 | |||
Towing supply |
| 15 |
| 16 |
| 18 |
| 21 |
| 30 | |||
Specialty |
| 10 |
| 13 |
| 14 |
| 13 |
| 12 | |||
|
| 197 |
| 202 |
| 205 |
| 206 |
| 217 | |||
|
|
|
|
|
|
|
|
|
|
| |||
Marine Transportation Services |
|
|
|
|
|
|
|
|
|
| |||
U.S.-flag product tankers |
| 8 |
| 8 |
| 8 |
| 10 |
| 10 | |||
|
|
|
|
|
|
|
|
|
|
| |||
Inland River Services |
|
|
|
|
|
|
|
|
|
| |||
Inland river dry cargo barges-open |
| 338 |
| 318 |
| 318 |
| 318 |
| 372 | |||
Inland river dry cargo barges-covered |
| 643 |
| 665 |
| 671 |
| 667 |
| 718 | |||
Inland river liquid tank barges |
| 75 |
| 75 |
| 70 |
| 73 |
| 77 | |||
Inland river deck barges |
| 26 |
| 26 |
| 26 |
| 26 |
| 25 | |||
Inland river towboats |
| 21 |
| 20 |
| 20 |
| 17 |
| 17 | |||
|
| 1,103 |
| 1,104 |
| 1,105 |
| 1,101 |
| 1,209 | |||
|
|
|
|
|
|
|
|
|
|
| |||
Aviation Services |
|
|
|
|
|
|
|
|
|
| |||
Light helicopters – single engine |
| 62 |
| 62 |
| 64 |
| 61 |
| 65 | |||
Light helicopters – twin engine |
| 53 |
| 55 |
| 54 |
| 53 |
| 53 | |||
Medium helicopters |
| 58 |
| 57 |
| 55 |
| 54 |
| 52 | |||
Heavy helicopters |
| 6 |
| 5 |
| 3 |
| 3 |
| 3 | |||
|
| 179 |
| 179 |
| 176 |
| 171 |
| 173 | |||
|
|
|
|
|
|
|
|
|
|
| |||
Harbor and Offshore Towing Services |
|
|
|
|
|
|
|
|
|
|
| ||
Harbor and offshore tugs |
| 35 |
| 35 |
| 36 |
| 30 |
| 29 | |||
Ocean liquid tank barges |
| 3 |
| 2 |
| 2 |
| — |
| — | |||
|
| 38 |
| 37 |
| 38 |
| 30 |
| 29 | |||
10