Exhibit 99.1
 | PRESS RELEASE |
SEACOR HOLDINGS ANNOUNCES FIRST QUARTER RESULTS
Fort Lauderdale, Florida
April 22, 2009
FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) announced net income attributable to its stockholders for the first quarter ended March 31, 2009 of $53.0 million, or $2.36 per diluted share, on operating revenues of $399.5 million.
For the quarter ended March 31, 2008, net income attributable to SEACOR Holdings Inc. was $36.6 million (see explanation below on the retrospective application of FSP APB 14-1), or $1.50 per diluted share, on operating revenues of $354.5 million.
For the preceding quarter ended December 31, 2008, net income attributable to SEACOR Holdings Inc. was $70.5 million (see explanation below on the retrospective application of FSP APB 14-1), or $3.11 per diluted share, on operating revenues of $454.9 million. Comparison of results for the first quarter ended March 31, 2009 with the preceding quarter ended December 31, 2008 is included in the discussion below.
Highlights for the Quarter
Offshore Marine Services – Operating income in the first quarter was $76.5 million on operating revenues of $164.8 million compared with operating income of $97.2 million on operating revenues of $186.0 million in the preceding quarter. First quarter results included $14.4 million in gains on asset dispositions compared with $34.2 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $1.0 million lower in the first quarter.
Overall operating revenues were $21.2 million lower in the first quarter primarily due to net fleet dispositions, a shorter quarter, a reduction in rig moving activity in the U.S. Gulf of Mexico and lower overall utilization primarily due to cold-stacking eighteen vessels in the U.S. Gulf of Mexico. The number of days available for charter in the first quarter decreased by 919, or 6%. Overall utilization decreased from 87.5% to 80.9% and overall average day rates increased to $12,777 per day from $12,402 per day in the preceding quarter.
Operating expenses were $14.6 million lower in the first quarter primarily due to net fleet dispositions, the impact of cold-stacking vessels, reduced regulatory drydocking and mobilization activity and lower insurance expense. Administrative and general expenses were lower primarily due to cost reductions following the restructuring of the international group and a reduction in the provision for doubtful accounts following the collection of outstanding receivable balances.
Marine Transportation Services – Operating income in the first quarter was $0.6 million on operating revenues of $26.5 million compared with operating income of $2.1 million on operating revenues of $28.8 million in the preceding quarter.
The reduction in operating income was primarily due to 24 days of out-of-service time during the first quarter for the Seabulk Energy while undergoing a regulatory drydocking. Operating income improved for the Seabulk Pride, which worked the entire first quarter following its return to service on October 21, 2008 after undergoing a regulatory drydocking. In addition, fuel expenses were lower due to a reduction in spot market activity and lower prices.
Inland River Services – Operating income in the first quarter was $12.9 million on operating revenues of $37.0 million compared with operating income of $20.4 million on operating revenues of $44.0 million in the preceding quarter. First quarter results included $2.3 million in gains on asset dispositions compared with $4.1 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $5.6 million lower in the first quarter primarily due to weaker demand for non-grain shipments. Operating income improved for towboats and liquid tank barges primarily due to the addition of new equipment.
Aviation Services – Operating income in the first quarter was $6.3 million on operating revenues of $59.4 million compared with an operating loss of $3.2 million on operating revenues of $57.6 million in the preceding quarter.
The improvement in operating income was primarily due to increased activity in the U.S. Gulf of Mexico and a decrease in operating expenses due to lower fuel prices, the timing of repairs and maintenance and a reduction in hurricane related clean-up activities. In addition, operating results improved in the air medical services business. Administrative and general expenses were lower primarily due to a reduction in the provision for doubtful accounts following the recovery of a receivable balance from a major Alaska-based customer and depreciation was lower as certain assets acquired in a 2004 acquisition reached the end of their depreciable lives.
Environmental Services – Operating income in the first quarter was $1.2 million on operating revenues of $34.2 million compared with operating income of $5.5 million on operating revenues of $45.4 million in the preceding quarter. The decrease in operating income was primarily due to a reduction in emergency response activity.
Commodity Trading – Operating income in the first quarter was $0.8 million on operating revenues of $64.5 million compared with an operating loss of $3.8 million on operating revenues of $79.9 million in the preceding quarter. Operating results in the first quarter improved due to lower insurance expenses and lower wage and benefit costs.
Harbor and Offshore Towing Services – Operating income in the first quarter was $1.7 million on operating revenues of $16.3 million compared with operating income of $2.4 million on operating revenues of $16.8 million in the preceding quarter. The decrease in operating results was primarily due to generally lower activity levels.
Interest Income – Interest income was $1.0 million in the first quarter compared with $2.6 million in the preceding quarter. The decrease was primarily due to lower interest rates.
Interest Expense – Interest expense was $14.3 million in the first quarter compared with $15.3 million in the preceding quarter. The decrease in interest expense was primarily due to the Company’s first quarter purchases of $16.9 million in principal amount of its Senior Notes and Convertible Debentures partially offset by its drawdown of $25.0 million on its unsecured revolving credit facility, resulting in a lower overall interest rate. The impact of adopting FSP APB 14-1, as described below, was an additional $2.1 million of pre-tax, non-cash interest expense in the first quarter and an additional $2.0 million of pre-tax, non-cash interest expense in the preceding quarter.
Debt Extinguishment – During the first quarter, the Company recorded gains of $1.4 million on the purchases of $16.9 million in principal amount of its Senior Notes and Convertible Debentures compared with gains of $6.3 million on the purchases of $101.8 million in principal amount of its Senior Notes in the preceding quarter. The gains resulted from the purchase of these notes at average prices below par and the recognition of unamortized net premiums.
Marketable Securities– Marketable security losses were $4.0 million in the first quarter compared with losses of $0.5 million in the preceding quarter.
Derivatives – Derivative gains were $3.6 million in the first quarter compared with losses of $4.5 million in the preceding quarter. The gains in the first quarter were primarily due to gains on equity index and option positions and commodity futures contracts.
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Foreign Currencies – Foreign currency gains were $0.7 million in the first quarter compared with losses of $4.4 million in the preceding quarter. Losses in the preceding quarter were primarily due to the strengthening of the U.S. dollar versus the pound sterling.
Equity in Earnings of 50% or Less Owned Companies – Equity in earnings from joint ventures was $3.5 million in the first quarter compared with equity in earnings of $4.0 million in the preceding quarter.
Capital Commitments – The Company’s unfunded capital commitments as of March 31, 2009, consisted primarily of offshore marine vessels, helicopters, ocean liquid tank barges and inland river towboats and totaled $124.6 million, of which $87.0 million is payable during 2009 and the balance payable through 2010. Of the total unfunded capital commitments, $22.9 million may be terminated without further liability other than the payment of liquidated damages of $3.1 million in the aggregate. Subsequent to the end of the quarter, the Company committed to purchase additional equipment for $8.0 million. As of March 31, 2009, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $749.2 million.
FSP APB 14-1 – Effective January 1, 2009, the Company adopted Financial Accounting Standards Board Staff Position, Accounting Principles Board 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (“FSP APB 14-1”). FSP APB 14-1 requires issuers of convertible debt to account separately for the liability and equity components in a manner that reflects the entity’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 adopting FSP APB 14-1, the Company recorded the impact on a retrospective basis for all relevant periods and adjusted previously reported retained earnings as of December 31, 2008 to $1.403 billion from $1.422 billion. Previously reported diluted earnings per common share remained unchanged.
* * * * *
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SEACOR Holdings 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, inland river, aviation, environmental, commodity trading 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 retrofitted double-hull tankers, Seabulk Trader and Seabulk Challenge, 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 are incorporated by reference.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.
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SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
| | Three Months Ended
March 31, | |
| | 2009 | | 2008 | |
| | | | | |
Operating Revenues | | $ 399,516 | | $ 354,455 | |
| | | | | |
Costs and Expenses: | | | | | |
Operating | | 248,412 | | 235,040 | |
Administrative and general | | 38,682 | | 39,005 | |
Depreciation and amortization | | 39,264 | | 37,800 | |
| | 326,358 | | 311,845 | |
| | | | | |
Gains on Asset Dispositions and Impairments, Net | | 16,760 | | 11,906 | |
| | | | | |
Operating Income | | 89,918 | | 54,516 | |
| | | | | |
Other Income (Expense): | | | | | |
Interest income | | 1,043 | | 7,476 | |
Interest expense | | (14,337 | ) | (13,491 | ) |
Debt extinguishment gains, net | | 1,363 | | — | |
Marketable security losses, net | | (3,981 | ) | (5,684 | ) |
Derivative gains, net | | 3,611 | | 6,467 | |
Foreign currency gains, net | | 658 | | 2,610 | |
Other, net | | 190 | | 164 | |
| | (11,453 | ) | (2,458 | ) |
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies | | 78,465 | | 52,058 | |
Income Tax Expense | | 28,199 | | 19,790 | |
Income Before Equity in Earnings of 50% or Less Owned Companies | | 50,266 | | 32,268 | |
Equity in Earnings of 50% or Less Owned Companies | | 3,527 | | 4,579 | |
Net Income | | 53,793 | | 36,847 | |
Net Income attributable to Noncontrolling Interests in Subsidiaries | | 799 | | 202 | |
Net Income attributable to SEACOR Holdings Inc. | | $ 52,994 | | $ 36,645 | |
| | | | | |
Basic Earnings Per Common Share of SEACOR Holdings Inc. | | $ 2.68 | | $ 1.64 | |
| | | | | |
Diluted Earnings Per Common Share of SEACOR Holdings Inc. | | $ 2.36 | | $ 1.50 | |
| | | | | |
Weighted Average Common Shares of Outstanding: | | | | | |
Basic | | 19,761,776 | | 22,343,655 | |
Diluted | | 23,507,459 | | 26,011,338 | |
| | | | | | |
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SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
| | Three Months Ended | | |
| | Mar. 31, 2009 | | Dec. 31, 2008 | | Sep. 30, 2008 | | Jun. 30, 2008 | | Mar. 31, 2008 | |
| | | | | | | | | | | |
Operating Revenues | | $ 399,516 | | $ 454,926 | | $ 437,608 | | $ 408,967 | | $ 354,455 | |
| | | | | | | | | | | |
Costs and Expenses: | | | | | | | | | | | |
Operating | | 248,412 | | 291,898 | | 269,874 | | 274,304 | | 235,040 | |
Administrative and general | | 38,682 | | 49,291 | | 41,487 | | 45,095 | | 39,005 | |
Depreciation and amortization | | 39,264 | | 41,300 | | 39,598 | | 37,728 | | 37,800 | |
| | 326,358 | | 382,489 | | 350,959 | | 357,127 | | 311,845 | |
| | | | | | | | | | | |
Gains on Asset Dispositions and Impairments, Net | | 16,760 | | 37,899 | | 20,074 | | 19,274 | | 11,906 | |
| | | | | | | | | | | |
Operating Income | | 89,918 | | 110,336 | | 106,723 | | 71,114 | | 54,516 | |
| | | | | | | | | | | |
Other Income (Expense): | | | | | | | | | | | |
Interest income | | 1,043 | | 2,610 | | 4,329 | | 5,373 | | 7,476 | |
Interest expense | | (14,337 | ) | (15,291 | ) | (16,409 | ) | (14,625 | ) | (13,491 | ) |
Debt extinguishment gains (losses), net | | 1,363 | | 6,266 | | — | | (1 | ) | — | |
Marketable security gains (losses), net | | (3,981 | ) | (544 | ) | 35,950 | | 383 | | (5,684 | ) |
Derivative gains (losses), net | | 3,611 | | (4,512 | ) | (8,430 | ) | (7,113 | ) | 6,467 | |
Foreign currency gains (losses), net | | 658 | | (4,368 | ) | (6,683 | ) | 604 | | 2,610 | |
Other, net | | 190 | | 83 | | (89 | ) | 162 | | 164 | |
| | (11,453 | ) | (15,756 | ) | 8,668 | | (15,217 | ) | (2,458 | ) |
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies | | 78,465 | | 94,580 | | 115,391 | | 55,897 | | 52,058 | |
Income Tax Expense | | 28,199 | | 28,000 | | 42,849 | | 19,933 | | 19,790 | |
Income Before Equity in Earnings of 50% or Less Owned Companies | | 50,266 | | 66,580 | | 72,542 | | 35,964 | | 32,268 | |
Equity in Earnings of 50% or Less Owned Companies | | 3,527 | | 4,015 | | 2,160 | | 1,315 | | 4,579 | |
Net Income | | 53,793 | | 70,595 | | 74,702 | | 37,279 | | 36,847 | |
Net Income attributable to Noncontrolling Interests in Subsidiaries | | 799 | | 124 | | 363 | | 191 | | 202 | |
Net Income attributable to SEACOR Holdings Inc. | | $ 52,994 | | $ 70,471 | | $ 74,339 | | $ 37,088 | | $ 36,645 | |
| | | | | | | | | | | |
Basic Earnings Per Common Share of SEACOR Holdings Inc. | | $ 2.68 | | $ 3.58 | | $ 3.68 | | $ 1.74 | | $ 1.64 | |
| | | | | | | | | | | |
Diluted Earnings Per Common Share of SEACOR Holdings Inc. | | $ 2.36 | | $ 3.11 | | $ 3.20 | | $ 1.57 | | $ 1.50 | |
| | | | | | | | | | | |
Weighted Average Common Shares of Outstanding: | | | | | | | | | | | |
Basic | | 19,762 | | 19,704 | | 20,183 | | 21,363 | | 22,344 | |
Diluted | | 23,507 | | 23,471 | | 23,999 | | 25,171 | | 26,011 | |
Common Shares Outstanding at Period End | | 20,191 | | 20,018 | | 19,976 | | 21,117 | | 22,223 | |
| | | | | | | | | | | | | | |
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SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
| | Three Months Ended | | |
| | Mar. 31, 2009 | | Dec. 31, 2008 | | Sep. 30, 2008 | | Jun. 30, 2008 | | Mar. 31, 2008 | | |
| | | | | | | | | | | | |
Offshore Marine Services | | | | | | | | | | | | |
Operating Revenues | | $ 164,783 | | $ 185,956 | | $ 196,911 | | $ 171,214 | | $ 154,647 | | |
Costs and Expenses: | | | | | | | | | | | | |
Operating | | 78,839 | | 93,443 | | 97,790 | | 104,599 | | 94,270 | | |
Administrative and general | | 10,198 | | 15,344 | | 14,473 | | 15,801 | | 12,804 | | |
Depreciation and amortization | | 13,689 | | 14,146 | | 13,689 | | 13,674 | | 14,125 | | |
| | 102,726 | | 122,933 | | 125,952 | | 134,074 | | 121,199 | | |
| | | | | | | | | | | | |
Gains on Asset Dispositions and Impairments, Net | | 14,446 | | 34,200 | | 13,516 | | 14,352 | | 7,138 | | |
Operating Income | | $ 76,503 | | $ 97,223 | | $ 84,475 | | $ 51,492 | | $ 40,586 | |
| | | | | | | | | | | | |
Marine Transportation Services | | | | | | | | | | | | |
Operating Revenues | | $ 26,537 | | $ 28,776 | | $ 27,535 | | $ 28,764 | | $ 28,953 | | |
Costs and Expenses: | | | | | | | | | | | | |
Operating | | 16,771 | | 16,874 | | 22,391 | | 16,762 | | 16,219 | | |
Administrative and general | | 1,184 | | 1,771 | | 1,486 | | 1,607 | | 1,438 | | |
Depreciation and amortization | | 7,999 | | 7,997 | | 7,997 | | 8,039 | | 7,980 | | |
| | 25,954 | | 26,642 | | 31,874 | | 26,408 | | 25,637 | | |
| | | | | | | | | | | | |
Gains on Asset Dispositions | | — | | — | | — | | — | | 3,629 | | |
Operating Income (Loss) | | $ 583 | | $ 2,134 | | $ (4,339 | ) | $ 2,356 | | $ 6,945 | | |
| | | | | | | | | | | | |
Inland River Services | | | | | | | | | | | | |
Operating Revenues | | $ 37,014 | | $ 44,038 | | $ 36,517 | | $ 33,322 | | $ 30,145 | |
Costs and Expenses: | | | | | | | | | | | | |
Operating | | 19,409 | | 21,304 | | 23,079 | | 21,310 | | 16,726 | | |
Administrative and general | | 2,136 | | 2,048 | | 1,800 | | 1,916 | | 2,123 | | |
Depreciation and amortization | | 4,866 | | 4,440 | | 4,146 | | 4,032 | | 3,964 | | |
| | 26,411 | | 27,792 | | 29,025 | | 27,258 | | 22,813 | | |
| | | | | | | | | | | | |
Gains on Asset Dispositions | | 2,261 | | 4,138 | | 4,073 | | 1,472 | | 711 | | |
Operating Income | | $ 12,864 | | $ 20,384 | | $ 11,565 | | $ 7,536 | | $ 8,043 | |
| | | | | | | | | | | | |
Aviation Services | | | | | | | | | | | | |
Operating Revenues | | $ 59,385 | | $ 57,557 | | $ 73,483 | | $ 63,795 | | $ 53,792 | |
Costs and Expenses: | | | | | | | | | | | | |
Operating | | 40,317 | | 44,931 | | 49,991 | | 46,697 | | 39,871 | | |
Administrative and general | | 4,151 | | 5,432 | | 5,174 | | 4,895 | | 4,629 | | |
Depreciation and amortization | | 8,706 | | 10,379 | | 9,571 | | 8,672 | | 7,789 | | |
| | 53,174 | | 60,742 | | 64,736 | | 60,264 | | 52,289 | | |
| | | | | | | | | | | | |
Gains (Losses) on Asset Dispositions and Impairments, Net | | 45 | | (26 | ) | 1,307 | | 3,208 | | 394 | | |
Operating Income (Loss) | | $ 6,256 | | $ (3,211 | ) | $ 10,054 | | $ 6,739 | | $ 1,897 | | |
| | | | | | | | | | | | |
Environmental Services | | | | | | | | | | | | |
Operating Revenues | | $ 34,234 | | $ 45,360 | | $ 42,177 | | $ 37,984 | | $ 42,509 | | |
Costs and Expenses: | | | | | | | | | | | | |
Operating | | 24,077 | | 30,253 | | 29,904 | | 26,571 | | 30,598 | | |
Administrative and general | | 7,241 | | 7,471 | | 5,924 | | 8,423 | | 5,709 | | |
Depreciation and amortization | | 1,754 | | 2,161 | | 2,033 | | 1,414 | | 1,445 | | |
| | 33,072 | | 39,885 | | 37,861 | | 36,408 | | 37,752 | | |
| | | | | | | | | | | | |
Gains on Asset Dispositions | | 8 | | 5 | | — | | 84 | | 35 | | |
Operating Income | | $ 1,170 | | $ 5,480 | | $ 4,316 | | $ 1,660 | | $ 4,792 | |
| | | | | | | | | | | | | | | |
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SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
| | Three Months Ended | |
| | Mar. 31, 2009 | | Dec. 31, 2008 | | Sep. 30, 2008 | | Jun. 30, 2008 | | Mar. 31, 2008 | |
| | | | | | | | | | | |
Commodity Trading | | | | | | | | | | | |
Operating Revenues | | $ 64,503 | | $ 79,881 | | $ 44,290 | | $ 55,419 | | $ 28,674 | |
Costs and Expenses: | | | | | | | | | | | |
Operating | | 61,871 | | 78,425 | | 37,746 | | 46,977 | | 26,757 | |
Administrative and general | | 1,839 | | 5,231 | | 1,358 | | 1,644 | | 727 | |
Depreciation and amortization | | — | | — | | — | | — | | — | |
| | 63,710 | | 83,656 | | 39,104 | | 48,621 | | 27,484 | |
| | | | | | | | | | | |
Gains on Asset Dispositions | | — | | — | | — | | — | | — | |
Operating Income (Loss) | | $ 793 | | $ (3,775 | ) | $ 5,186 | | $ 6,798 | | $ 1,190 | |
| | | | | | | | | | | |
Harbor and Offshore Towing Services | | | | | | | | | | | |
Operating Revenues | | $ 16,346 | | $ 16,792 | | $ 19,529 | | $ 19,929 | | $ 16,257 | |
Costs and Expenses: | | | | | | | | | | | |
Operating | | 10,704 | | 9,812 | | 11,941 | | 12,959 | | 11,109 | |
Administrative and general | | 2,020 | | 2,654 | | 2,571 | | 2,398 | | 1,771 | |
Depreciation and amortization | | 1,952 | | 1,940 | | 1,884 | | 1,648 | | 2,267 | |
| | 14,676 | | 14,406 | | 16,396 | | 17,005 | | 15,147 | |
| | | | | | | | | | | |
Gains (Losses) on Asset Dispositions | | — | | (5 | ) | — | | 158 | | — | |
Operating Income | | $ 1,670 | | $ 2,381 | | $ 3,133 | | $ 3,082 | | $ 1,110 | |
| | | | | | | | | | | |
Other | | | | | | | | | | | |
Operating Revenues | | $ — | | $ — | | $ 270 | | $ 104 | | $ — | |
Costs and Expenses: | | | | | | | | | | | |
Operating | | — | | — | | — | | — | | — | |
Administrative and general | | 206 | | 122 | | 117 | | 131 | | 202 | |
Depreciation and amortization | | — | | — | | 3 | | 8 | | — | |
| | 206 | | 122 | | 120 | | 139 | | 202 | |
| | | | | | | | | | | |
Gains (Losses) on Asset Dispositions | | — | | (16 | ) | 1,178 | | — | | — | |
Operating Income (Loss) | | $ (206 | ) | $ (138 | ) | $ 1,328 | | $ (35 | ) | $ (202 | ) |
| | | | | | | | | | | |
Corporate and Eliminations | | | | | | | | | | | |
Operating Revenues | | $ (3,286 | ) | $ (3,434 | ) | $ (3,104 | ) | $ (1,564 | ) | $ (522 | ) |
Costs and Expenses: | | | | | | | | | | | |
Operating | | (3,576 | ) | (3,144 | ) | (2,968 | ) | (1,571 | ) | (510 | ) |
Administrative and general | | 9,707 | | 9,218 | | 8,584 | | 8,280 | | 9,602 | |
Depreciation and amortization | | 298 | | 237 | | 275 | | 241 | | 230 | |
| | 6,429 | | 6,311 | | 5,891 | | 6,950 | | 9,322 | |
| | | | | | | | | | | |
Losses on Asset Dispositions and Impairments, Net | | — | | (397 | ) | — | | — | | (1 | ) |
Operating Loss | | $ (9,715 | ) | $ (10,142 | ) | $ (8,995 | ) | $ (8,514 | ) | $ (9,845 | ) |
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CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
| | Mar. 31, 2009 | | Dec. 31, 2008 | | Sep. 30, 2008 | | Jun. 30, 2008 | | Mar. 31, 2008 | |
ASSETS | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | |
Cash and cash equivalents | | $ 376,720 | | $ 275,442 | | $ 326,143 | | $ 422,569 | | $ 444,787 | | |
Restricted cash | | 23,984 | | 20,787 | | 23,659 | | 30,072 | | 39,152 | |
Marketable securities | | 50,785 | | 53,817 | | 72,862 | | 97,920 | | 75,669 | |
Receivables: | | | | | | | | | | | |
Trade, net of allowance for doubtful accounts | | 262,170 | | 277,350 | | 294,330 | | 272,291 | | 250,789 | |
Other | | 41,515 | | 40,141 | | 57,892 | | 54,520 | | 72,073 | |
Inventories | | 62,065 | | 66,278 | | 50,234 | | 42,063 | | 35,021 | |
Deferred income taxes | | 5,164 | | 5,164 | | 9,929 | | 9,929 | | 9,929 | |
Prepaid expenses and other | | 11,286 | | 10,499 | | 8,943 | | 12,067 | | 9,196 | |
Total current assets | | 833,689 | | 749,478 | | 843,992 | | 941,431 | | 936,616 | |
Property and Equipment | | 2,761,837 | | 2,741,322 | | 2,706,500 | | 2,665,956 | | 2,511,118 | |
Accumulated depreciation | | (649,971 | ) | (601,806 | ) | (596,017 | ) | (578,100 | ) | (554,838 | ) |
Net property and equipment | | 2,111,866 | | 2,139,516 | | 2,110,483 | | 2,087,856 | | 1,956,280 | |
Investments, at Equity, and Receivables from 50% or Less Owned Companies | | 158,066 | | 150,062 | | 143,190 | | 115,701 | | 117,409 | |
Construction Reserve Funds & Title XI Reserve Funds | | 297,681 | | 305,757 | | 265,586 | | 270,357 | | 413,681 | |
Goodwill | | 52,919 | | 51,496 | | 61,401 | | 63,101 | | 62,020 | |
Intangible Assets | | 27,230 | | 28,478 | | 29,707 | | 28,079 | | 29,292 | |
Other Assets, net of allowance for doubtful accounts | | 36,086 | | 34,867 | | 30,606 | | 39,430 | | 33,845 | |
| | $3,517,537 | | $3,459,654 | | $3,484,965 | | $3,545,955 | | $3,549,143 | | |
| | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | |
Current portion of long-term debt | | $ 12,301 | | $ 33,671 | | $ 10,301 | | $ 10,385 | | $ 11,414 | |
Current portion of capital lease obligations | | 921 | | 907 | | 15,074 | | 33,682 | | 864 | |
Accounts payable and accrued expenses | | 104,023 | | 102,798 | | 105,496 | | 101,942 | | 93,079 | |
Other current liabilities | | 145,421 | | 139,425 | | 226,395 | | 273,185 | | 254,522 | |
Total current liabilities | | 262,666 | | 276,801 | | 357,266 | | 419,194 | | 359,879 | |
Long-Term Debt | | 910,156 | | 895,689 | | 904,072 | | 898,265 | | 897,005 | |
Capital Lease Obligations | | 7,426 | | 7,685 | | 7,940 | | 8,192 | | 8,439 | |
Deferred Income Taxes | | 530,825 | | 515,455 | | 520,871 | | 501,602 | | 503,855 | |
Deferred Gains and Other Liabilities | | 111,714 | | 121,796 | | 126,281 | | 127,217 | | 131,259 | |
Total liabilities | | 1,822,787 | | 1,817,426 | | 1,916,430 | | 1,954,470 | | 1,900,437 | |
Equity: | | | | | | | | | | | |
SEACOR Holdings Inc. stockholders equity: | | | | | | | | | | | |
Preferred stock | | — | | — | | — | | — | | — | |
Common stock | | 325 | | 324 | | 323 | | 323 | | 323 | |
Additional paid-in capital | | 959,092 | | 956,457 | | 951,109 | | 947,791 | | 944,760 | |
Retained earnings | | 1,455,765 | | 1,402,771 | | 1,332,300 | | 1,257,961 | | 1,220,873 | |
Shares held in treasury, at cost | | (723,154 | ) | (724,357 | ) | (724,165 | ) | (628,041 | ) | (531,236 | ) |
Accumulated other comprehensive income (loss) | | (5,614 | ) | (5,045 | ) | (2,977 | ) | 1,470 | | 1,779 | |
| | 1,686,414 | | 1,630,150 | | 1,556,590 | | 1,579,504 | | 1,636,499 | | |
Noncontrolling interests in subsidiaries | | 8,336 | | 12,078 | | 11,945 | | 11,981 | | 12,207 | | |
Total equity | | 1,694,750 | | 1,642,228 | | 1,568,535 | | 1,591,485 | | 1,648,706 | | |
| | $3,517,537 | | $3,459,654 | | $3,484,965 | | $3,545,955 | | $3,549,143 | | |
9
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
| | | |
| | Mar. 31, 2009 | | Dec. 31, 2008 | | Sep. 30, 2008 | | Jun. 30, 2008 | | Mar. 31, 2008 | |
| | | | | | | | | | | |
Offshore Marine Services | | | | | | | | | | | |
Anchor handling towing supply | | 21 | | 20 | | 20 | | 20 | | 20 | |
Crew | | 71 | | 75 | | 77 | | 76 | | 77 | |
Mini-supply | | 15 | | 16 | | 19 | | 20 | | 21 | |
Standby safety | | 28 | | 29 | | 29 | | 29 | | 29 | |
Supply | | 28 | | 27 | | 27 | | 28 | | 26 | |
Towing supply | | 13 | | 14 | | 15 | | 16 | | 18 | |
Specialty | | 9 | | 9 | | 10 | | 13 | | 14 | |
| | 185 | | 190 | | 197 | | 202 | | 205 | |
| | | | | | | | | | | |
Marine Transportation Services | | | | | | | | | | | |
U.S.-flag product tankers | | 8 | | 8 | | 8 | | 8 | | 8 | |
| | | | | | | | | | | |
Inland River Services | | | | | | | | | | | |
Inland river dry cargo barges-open | | 333 | | 345 | | 338 | | 318 | | 318 | |
Inland river dry cargo barges-covered | | 629 | | 632 | | 637 | | 659 | | 665 | |
Inland river liquid tank barges | | 87 | | 86 | | 75 | | 75 | | 70 | |
Inland river deck barges | | 26 | | 26 | | 26 | | 26 | | 26 | |
Inland river towboats | | 23 | | 22 | | 21 | | 20 | | 20 | |
Dry-cargo vessel | | 1 | | — | | — | | — | | — | |
| | 1,099 | | 1,111 | | 1,097 | | 1,098 | | 1,099 | |
| | | | | | | | | | | |
Aviation Services | | | | | | | | | | | |
Light helicopters – single engine | | 64 | | 63 | | 62 | | 62 | | 64 | |
Light helicopters – twin engine | | 55 | | 55 | | 53 | | 55 | | 54 | |
Medium helicopters | | 63 | | 62 | | 58 | | 57 | | 55 | |
Heavy helicopters | | 6 | | 7 | | 6 | | 5 | | 3 | |
| | 188 | | 187 | | 179 | | 179 | | 176 | |
| | | | | | | | | | | |
Harbor and Offshore Towing Services | | | | | | | | | | | |
Harbor and offshore tugs | | 35 | | 35 | | 35 | | 35 | | 36 | |
Ocean liquid tank barges | | 3 | | 3 | | 3 | | 2 | | 2 | |
| | 38 | | 38 | | 38 | | 37 | | 38 | |
10
