Exhibit 99.1
 | PRESS RELEASE |
SEACOR HOLDINGS ANNOUNCES THIRD QUARTER RESULTS
Fort Lauderdale, Florida
October 21, 2009
FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the third quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2009 was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. For the nine months ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $121.6 million, or $5.53 per diluted share, on operating revenues of $1,234.8 million.
For the quarter ended September 30, 2008, net income attributable to SEACOR Holdings Inc. was $74.3 million, or $3.20 per diluted share, on operating revenues of $437.6 million. For the nine months ended September 30, 2008, net income attributable to SEACOR Holdings Inc. was $148.1 million, or $6.19 per diluted share, on operating revenues of $1,201.0 million. See explanation below on the retrospective application of ASC 470-20.
For the preceding quarter ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $42.3 million, or $1.91 per diluted share, on operating revenues of $389.2 million. Comparison of results for the quarter ended September 30, 2009 with the preceding quarter ended June 30, 2009 is included in the discussion below.
Highlights for the Quarter
Offshore Marine Services – Operating income in the third quarter was $30.0 million on operating revenues of $129.8 million compared with operating income of $40.5 million on operating revenues of $146.5 million in the preceding quarter. Third quarter results included $3.9 million in gains on asset dispositions compared with $0.4 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $14.0 million lower in the third quarter.
Overall operating revenues were $16.6 million lower in the third quarter reflecting continuing soft market conditions, particularly in the U.S. Gulf of Mexico where the Company had 26 vessels cold-stacked as of September 30, 2009. As of September 30, 2009, $12.6 million of vessel charter hire billed to three customers has been deferred due to uncertainty of collection. The Company’s policy is to recognize the deferred amounts as operating revenues if and when collection is reasonably assured. Overall operating expenses were $4.6 million lower in the third quarter primarily due to decreased repair and maintenance costs and reductions in operating expenses due to the effect of cold-stacking vessels, partially offset by higher mobilization costs. Administrative and general expenses increased primarily due to higher legal, audit and professional fees.
The number of days available for charter in the third quarter decreased by 311, or 2.2%. Overall utilization decreased from 75.0% to 67.4% and overall average day rates, based on time charter revenues recognized, decreased by 1.3% from $12,030 per day to $11,880 per day.
Marine Transportation Services – Operating income in the third quarter was $1.4 million on operating revenues of $21.7 million compared with operating income of $3.4 million on operating revenues of $24.1 million in the preceding quarter.
The decrease in operating income was primarily due to the temporary lay-up of the Seabulk Trader for 53 days during the third quarter and lower utilization and higher repair and maintenance costs for the Seabulk America, which operated in the spot market. Operating income was higher for the Seabulk Challenge, due to higher utilization and lower drydocking costs.
Inland River Services – Operating income in the third quarter was $7.8 million on operating revenues of $34.3 million compared with operating income of $5.7 million on operating revenues of $30.2 million in the preceding quarter. Third quarter results included $0.8 million in gains on asset dispositions compared with $0.4 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $1.6 million higher in the third quarter primarily due to higher freight rates and increased activity on the lower Mississippi River in support of the beginning of the harvest season.
Aviation Services – Operating income in the third quarter was $10.3 million on operating revenues of $64.3 million compared with operating income of $4.6 million on operating revenues of $57.7 million in the preceding quarter. Third quarter results include $1.1 million in net gains on asset dispositions and impairments compared with net losses on asset dispositions and impairments of $1.1 million in the preceding quarter.
Excluding the impact of asset dispositions and impairments, operating income was $3.6 million higher in the third quarter. The improvement was primarily due to newly delivered aircraft placed on international leases, additional contracts in the U.S. Gulf of Mexico and Alaska as well as seasonal flightseeing and firefighting activity. Depreciation expense increased as new assets were placed in service.
Environmental Services – Operating income in the third quarter was $2.7 million on operating revenues of $33.8 million compared with operating income of $1.8 million on operating revenues of $33.2 million in the preceding quarter. The improvement in operating income was primarily due to an increase in retainer and standby services and higher margins on project activities.
Commodity Trading – Commodity Trading reported an operating loss in the third quarter of $3.8 million on operating revenues of $150.9 million compared with operating income of $3.2 million on operating revenues of $85.9 million in the preceding quarter. Derivative gains were $1.7 million in the third quarter compared with gains of $0.6 million in the preceding quarter. Overall losses in the third quarter, including the impact of derivative transactions, were primarily attributable to provisions for doubtful accounts.
Harbor and Offshore Towing Services – Operating income in the third quarter was $2.0 million on operating revenues of $15.6 million compared with operating income of $3.2 million on operating revenues of $16.2 million in the preceding quarter. The reduction in operating income was primarily due to fewer harbor jobs and higher drydocking and mobilization expenditures.
Debt Extinguishment – During the third quarter, the Company recorded gains of $2.8 million on the purchase of $17.4 million in principal amount of its 5.875% Senior Notes and the call of $81.7 million in principal amount of its 9.5% Senior Notes. The gains in the third quarter were primarily the result of calling the Company’s 9.5% Senior Notes.
Marketable Securities– Marketable security gains were $6.9 million in the third quarter compared with gains of $11.8 million in the preceding quarter.
Derivatives – Derivative gains were $2.3 million in the third quarter compared with gains of $3.8 million in the preceding quarter.
Foreign Currencies – Foreign currency losses were $0.9 million in the third quarter compared with gains of $6.8 million in the preceding quarter. The gains in the preceding quarter were primarily due to a weakening of the U.S. dollar against foreign currencies underlying certain of the Company’s cash positions and intercompany notes receivable.
Debt Issuance – During the third quarter, the Company issued $250.0 million of 7.375% Senior Notes due 2019 and drew $33.5 million on its revolving credit facility. On October 2, 2009, the Company repaid $33.5 million on its revolving credit facility.
2
Capital Commitments – The Company’s unfunded capital commitments as of September 30, 2009 consisted primarily of offshore marine vessels, helicopters, inland river dry cargo barges and an inland river towboat and totaled $123.1 million, of which $53.1 million is payable during 2009 and the balance payable through 2011. Of the total unfunded capital commitments, $20.7 million may be terminated without further liability other than the payment of liquidated damages of $3.0 million in the aggregate. As of September 30, 2009, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $993.2 million.
ASC 470-20 – Effective January 1, 2009, the Company adopted Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options, which includes the rules formerly referred to as 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). ASC 470-20 requires issuers of convertible debt to account separately for the liability and equity components in a manner that reflects the issuers’ 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 ASC 470-20, the Company recorded the impact on a retrospective basis for all relevant periods and adjusted previously reported equity as of December 31, 2008 by increasing additional paid-in capital $33.9 million and reducing retained earnings $18.9 million. Previously reported diluted earnings per common share remained unchanged.
* * * * *
3
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, marine transportation, 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 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 are 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 share data, unaudited)
|
| Three Months Ended |
| Nine Months Ended |
| ||||
|
| September 30, |
| September 30, |
| ||||
|
| 2009 |
| 2008 |
| 2009 |
| 2008 |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $ 446,079 |
| $437,608 |
| $ 1,234,828 |
| $ 1,201,030 |
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
Operating |
| 327,602 |
| 269,874 |
| 832,145 |
| 779,218 |
|
Administrative and general |
| 41,926 |
| 41,487 |
| 120,666 |
| 125,587 |
|
Depreciation and amortization |
| 40,272 |
| 39,598 |
| 119,364 |
| 115,126 |
|
|
| 409,800 |
| 350,959 |
| 1,072,175 |
| 1,019,931 |
|
|
|
|
|
|
|
|
|
|
|
Gains on Asset Dispositions and Impairments, Net |
| 5,783 |
| 20,074 |
| 22,528 |
| 51,254 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
| 42,062 |
| 106,723 |
| 185,181 |
| 232,353 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Interest income |
| 789 |
| 4,329 |
| 2,410 |
| 17,178 |
|
Interest expense |
| (14,267 | ) | (16,409 | ) | (42,679 | ) | (44,525 | ) |
Debt extinguishment gains (losses), net |
| 2,787 |
| — |
| 4,072 |
| (1 | ) |
Marketable security gains, net |
| 6,948 |
| 35,950 |
| 14,796 |
| 30,649 |
|
Derivative gains (losses), net |
| 2,328 |
| (8,430 | ) | 9,704 |
| (9,076 | ) |
Foreign currency gains (losses), net |
| (939 | ) | (6,683 | ) | 6,566 |
| (3,469 | ) |
Other, net |
| (57 | ) | (89 | ) | 132 |
| 237 |
|
|
| (2,411 | ) | 8,668 |
| (4,999 | ) | (9,007 | ) |
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies |
| 39,651 |
| 115,391 |
| 180,182 |
| 223,346 |
|
Income Tax Expense |
| 15,751 |
| 42,849 |
| 66,866 |
| 82,572 |
|
Income Before Equity in Earnings of 50% or Less Owned Companies |
| 23,900 |
| 72,542 |
| 113,316 |
| 140,774 |
|
Equity in Earnings of 50% or Less Owned Companies, Net of Tax |
| 2,340 |
| 2,160 |
| 9,358 |
| 8,054 |
|
Net Income |
| 26,240 |
| 74,702 |
| 122,674 |
| 148,828 |
|
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries |
| (42 | ) | 363 |
| 1,090 |
| 756 |
|
Net Income attributable to SEACOR Holdings Inc. |
| $ 26,282 |
| $ 74,339 |
| $ 121,584 |
| $ 148,072 |
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share of SEACOR Holdings Inc. |
| $ 1.32 |
| $3.68 |
| $ 6.13 |
| $ 6.95 |
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Common Share of SEACOR Holdings Inc. |
| $ 1.23 |
| $3.20 |
| $ 5.53 |
| $ 6.19 |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
| 19,867,226 |
| 20,183,310 |
| 19,824,913 |
| 21,292,625 |
|
Diluted |
| 23,458,195 |
| 23,999,260 |
| 23,374,644 |
| 25,121,290 |
|
5
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
|
| Three Months Ended |
| ||||||||||
|
| Sep. 30, 2009 |
| Jun. 30, 2009 |
| Mar. 31, 2009 |
| Dec. 31, 2008 |
| Sep. 30, 2008 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Operating Revenues |
| $ 446,079 |
| $ 389,233 |
| $399,516 |
| $ 454,926 |
| $437,608 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| ||
Operating |
| 327,602 |
| 256,131 |
| 248,412 |
| 291,898 |
| 269,874 |
| ||
Administrative and general |
| 41,926 |
| 40,058 |
| 38,682 |
| 49,291 |
| 41,487 |
| ||
Depreciation and amortization |
| 40,272 |
| 39,828 |
| 39,264 |
| 41,300 |
| 39,598 |
| ||
|
| 409,800 |
| 336,017 |
| 326,358 |
| 382,489 |
| 350,959 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Gains (Losses) on Asset Dispositions and Impairments, Net |
| 5,783 |
| (15 | ) | 16,760 |
| 37,899 |
| 20,074 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Operating Income |
| 42,062 |
| 53,201 |
| 89,918 |
| 110,336 |
| 106,723 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
| ||
Interest income |
| 789 |
| 578 |
| 1,043 |
| 2,610 |
| 4,329 |
| ||
Interest expense |
| (14,267 | ) | (14,075 | ) | (14,337 | ) | (15,291 | ) | (16,409 | ) | ||
Debt extinguishment gains (losses), net |
| 2,787 |
| (78 | ) | 1,363 |
| 6,266 |
| — |
| ||
Marketable security gains (losses), net |
| 6,948 |
| 11,829 |
| (3,981 | ) | (544 | ) | 35,950 |
| ||
Derivative gains (losses), net |
| 2,328 |
| 3,765 |
| 3,611 |
| (4,512 | ) | (8,430 | ) | ||
Foreign currency gains (losses), net |
| (939 | ) | 6,847 |
| 658 |
| (4,368 | ) | (6,683 | ) | ||
Other, net |
| (57 | ) | (1 | ) | 190 |
| 83 |
| (89 | ) | ||
|
| (2,411 | ) | 8,865 |
| (11,453 | ) | (15,756 | ) | 8,668 |
| ||
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies |
| 39,651 |
| 62,066 |
| 78,465 |
| 94,580 |
| 115,391 |
| ||
Income Tax Expense |
| 15,751 |
| 22,916 |
| 28,199 |
| 28,000 |
| 42,849 |
| ||
Income Before Equity in Earnings of 50% or Less Owned Companies |
| 23,900 |
| 39,150 |
| 50,266 |
| 66,580 |
| 72,542 |
| ||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax |
| 2,340 |
| 3,491 |
| 3,527 |
| 4,015 |
| 2,160 |
| ||
Net Income |
| 26,420 |
| 42,641 |
| 53,793 |
| 70,595 |
| 74,702 |
| ||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries |
| (42 | ) | 333 |
| 799 |
| 124 |
| 363 |
| ||
Net Income attributable to SEACOR Holdings Inc. |
| $26,282 |
| $42,308 |
| $ 52,994 |
| $ 70,471 |
| $ 74,339 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Basic Earnings Per Common Share of SEACOR Holdings Inc. |
| $ 1.32 |
| $ 2.13 |
| $2.68 |
| $3.58 |
| $ 3.68 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Diluted Earnings Per Common Share of SEACOR Holdings Inc. |
| $ 1.23 |
| $ 1.91 |
| $2.36 |
| $3.11 |
| $ 3.20 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Weighted Average Common Shares of Outstanding: |
|
|
|
|
|
|
|
|
|
|
| ||
Basic |
| 19,867 |
| 19,845 |
| 19,762 |
| 19,704 |
| 20,183 |
| ||
Diluted |
| 23,458 |
| 23,528 |
| 23,507 |
| 23,471 |
| 23,999 |
| ||
Common Shares Outstanding at Period End |
| 20,230 |
| 20,201 |
| 20,191 |
| 20,018 |
| 19,976 |
| ||
6
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
|
| Three Months Ended |
| ||||||||
|
| Sep. 30, 2009 |
| Jun. 30, 2009 |
| Mar. 31, 2009 |
| Dec. 31, 2008 |
| Sep. 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Offshore Marine Services |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $ 129,839 |
| $ 146,466 |
| $ 164,783 |
| $ 185,956 |
| $ 196,911 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Operating |
| 76,982 |
| 81,609 |
| 78,839 |
| 93,443 |
| 97,790 |
|
Administrative and general |
| 13,128 |
| 10,935 |
| 10,198 |
| 15,344 |
| 14,473 |
|
Depreciation and amortization |
| 13,608 |
| 13,802 |
| 13,689 |
| 14,146 |
| 13,689 |
|
|
| 103,718 |
| 106,346 |
| 102,726 |
| 122,933 |
| 125,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on Asset Dispositions and Impairments, Net |
| 3,852 |
| 361 |
| 14,446 |
| 34,200 |
| 13,516 |
|
Operating Income |
| $29,973 |
| $40,481 |
| $76,503 |
| $97,223 |
| $84,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marine Transportation Services |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $21,737 |
| $24,095 |
| $26,537 |
| $28,776 |
| $27,535 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Operating |
| 11,420 |
| 11,792 |
| 16,771 |
| 16,874 |
| 22,391 |
|
Administrative and general |
| 953 |
| 942 |
| 1,184 |
| 1,771 |
| 1,486 |
|
Depreciation and amortization |
| 8,003 |
| 7,999 |
| 7,999 |
| 7,997 |
| 7,997 |
|
|
| 20,376 |
| 20,733 |
| 25,954 |
| 26,642 |
| 31,874 |
|
Operating Income (Loss) |
| $ 1,361 |
| $ 3,362 |
| $ 583 |
| $ 2,134 |
| $(4,339 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
Inland River Services |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $34,314 |
| $30,163 |
| $37,014 |
| $44,038 |
| $36,517 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Operating |
| 20,144 |
| 17,839 |
| 19,409 |
| 21,304 |
| 23,079 |
|
Administrative and general |
| 2,443 |
| 2,048 |
| 2,136 |
| 2,048 |
| 1,800 |
|
Depreciation and amortization |
| 4,785 |
| 4,950 |
| 4,866 |
| 4,440 |
| 4,146 |
|
|
| 27,372 |
| 24,837 |
| 26,411 |
| 27,792 |
| 29,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on Asset Dispositions |
| 813 |
| 396 |
| 2,261 |
| 4,138 |
| 4,073 |
|
Operating Income |
| $ 7,755 |
| $ 5,722 |
| $12,864 |
| $20,384 |
| $11,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aviation Services |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $64,259 |
| $57,700 |
| $59,385 |
| $57,557 |
| $73,483 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Operating |
| 39,659 |
| 37,312 |
| 40,317 |
| 44,931 |
| 49,991 |
|
Administrative and general |
| 5,624 |
| 5,649 |
| 4,151 |
| 5,432 |
| 5,174 |
|
Depreciation and amortization |
| 9,706 |
| 9,070 |
| 8,706 |
| 10,379 |
| 9,571 |
|
|
| 54,989 |
| 52,031 |
| 53,174 |
| 60,742 |
| 64,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) on Asset Dispositions and Impairments, Net |
| 1,062 |
| (1,104 | ) | 45 |
| (26 | ) | 1,307 |
|
Operating Income (Loss) |
| $10,332 |
| $ 4,565 |
| $ 6,256 |
| $ (3,211 | ) | $10,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Services |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $33,827 |
| $33,175 |
| $34,234 |
| $45,360 |
| $42,177 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Operating |
| 23,206 |
| 23,656 |
| 24,077 |
| 30,253 |
| 29,904 |
|
Administrative and general |
| 6,090 |
| 5,966 |
| 7,241 |
| 7,471 |
| 5,924 |
|
Depreciation and amortization |
| 1,846 |
| 1,739 |
| 1,754 |
| 2,161 |
| 2,033 |
|
|
| 31,142 |
| 31,361 |
| 33,072 |
| 39,885 |
| 37,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) on Asset Dispositions |
| (1 | ) | 4 |
| 8 |
| 5 |
| — |
|
Operating Income |
| $ 2,684 |
| $ 1,818 |
| $ 1,170 |
| $ 5,480 |
| $ 4,316 |
|
7
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
|
| Three Months Ended |
| ||||||||
|
| Sep 30, 2009 |
| Jun. 30, 2009 |
| Mar. 31, 2009 |
| Dec. 31, 2008 |
| Sep 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Trading |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $ 150,866 |
| $85,852 |
| $64,503 |
| $ 79,881 |
| $ 44,290 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Operating |
| 150,983 |
| 79,165 |
| 61,871 |
| 78,425 |
| 37,746 |
|
Administrative and general |
| 3,705 |
| 3,468 |
| 1,839 |
| 5,231 |
| 1,358 |
|
Depreciation and amortization |
| 7 |
| 2 |
| — |
| — |
| — |
|
|
| 154,695 |
| 82,635 |
| 63,710 |
| 83,656 |
| 39,104 |
|
Operating Income (Loss) |
| $ (3,829 | ) | $ 3,217 |
| $ 793 |
| $(3,775 | ) | $ 5,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Harbor and Offshore Towing Services |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $15,574 |
| $16,241 |
| $16,346 |
| $16,792 |
| $ 19,529 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Operating |
| 9,544 |
| 9,214 |
| 10,704 |
| 9,812 |
| 11,941 |
|
Administrative and general |
| 2,035 |
| 2,228 |
| 2,020 |
| 2,654 |
| 2,571 |
|
Depreciation and amortization |
| 2,049 |
| 1,973 |
| 1,952 |
| 1,940 |
| 1,884 |
|
|
| 13,628 |
| 13,415 |
| 14,676 |
| 14,406 |
| 16,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) on Asset Dispositions |
| 58 |
| 330 |
| — |
| (5 | ) | — |
|
Operating Income |
| $ 2,004 |
| $ 3,156 |
| $ 1,670 |
| $ 2,381 |
| $ 3,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $ — |
| $ — |
| $ — |
| $ — |
| $270 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Operating |
| — |
| — |
| — |
| — |
| — |
|
Administrative and general |
| 343 |
| 379 |
| 206 |
| 122 |
| 117 |
|
Depreciation and amortization |
| — |
| — |
| — |
| — |
| 3 |
|
|
| 343 |
| 379 |
| 206 |
| 122 |
| 120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) on Asset Dispositions |
| — |
| — |
| — |
| (16 | ) | 1,178 |
|
Operating Income (Loss) |
| $ (343 | ) | $ (379 | ) | $ (206 | ) | $ (138 | ) | $ 1,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Eliminations |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues |
| $ (4,337 | ) | $ (4,459 | ) | $ (3,286 | ) | $ (3,434 | ) | $(3,104 | ) |
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Operating |
| (4,336 | ) | (4,456 | ) | (3,576 | ) | (3,144 | ) | (2,968 | ) |
Administrative and general |
| 7,605 |
| 8,443 |
| 9,707 |
| 9,218 |
| 8,584 |
|
Depreciation and amortization |
| 268 |
| 293 |
| 298 |
| 237 |
| 275 |
|
|
| 3,537 |
| 4,280 |
| 6,429 |
| 6,311 |
| 5,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses on Asset Dispositions and Impairments, Net |
| (1 | ) | (2 | ) | — |
| (397 | ) | — |
|
Operating Loss |
| $ (7,875 | ) | $ (8,741 | ) | $ (9,715 | ) | $ (10,142 | ) | $(8,995 | ) |
8
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
|
| Sep. 30, 2009 |
| Jun. 30, 2009 |
| Mar. 31, 2009 |
| Dec. 31, 2008 |
| Sep. 30, 2008 |
| |
ASSETS |
|
|
|
|
|
|
|
|
|
|
| |
Current Assets: |
|
|
|
|
|
|
|
|
|
|
| |
Cash and cash equivalents |
| $ 620,045 |
| $ 415,626 |
| $ 376,720 |
| $ 275,442 |
| $326,143 |
|
|
Restricted cash |
| 29,353 |
| 20,838 |
| 23,984 |
| 20,787 |
| 23,659 |
| |
Marketable securities |
| 52,897 |
| 47,305 |
| 50,785 |
| 53,817 |
| 72,862 |
| |
Receivables: |
|
|
|
|
|
|
|
|
|
|
| |
Trade, net of allowance for doubtful accounts |
| 266,537 |
| 251,111 |
| 262,170 |
| 277,350 |
| 294,330 |
| |
Other |
| 74,378 |
| 60,373 |
| 41,515 |
| 40,141 |
| 57,892 |
| |
Inventories |
| 52,502 |
| 68,082 |
| 62,065 |
| 66,278 |
| 50,234 |
| |
Deferred income taxes |
| 5,164 |
| 5,164 |
| 5,164 |
| 5,164 |
| 9,929 |
| |
Prepaid expenses and other |
| 21,121 |
| 14,734 |
| 11,286 |
| 10,499 |
| 8,943 |
| |
Total current assets |
| 1,121,997 |
| 883,233 |
| 833,689 |
| 749,478 |
| 843,992 |
| |
Property and Equipment |
| 2,794,067 |
| 2,801,446 |
| 2,761,837 |
| 2,741,322 |
| 2,706,500 |
| |
Accumulated depreciation |
| (718,749 | ) | (692,084 | ) | (649,971 | ) | (601,806 | ) | (596,017 | ) | |
Net property and equipment |
| 2,075,318 |
| 2,109,362 |
| 2,111,866 |
| 2,139,516 |
| 2,110,483 |
| |
Investments, at Equity, and Receivables from 50% or Less Owned Companies |
| 166,878 |
| 150,862 |
| 158,066 |
| 150,062 |
| 143,190 |
| |
Construction Reserve Funds & Title XI Reserve Funds |
| 290,871 |
| 265,586 |
| 297,681 |
| 305,757 |
| 265,586 |
| |
Goodwill |
| 53,990 |
| 53,581 |
| 52,919 |
| 51,496 |
| 61,401 |
| |
Intangible Assets |
| 24,762 |
| 26,018 |
| 27,230 |
| 28,478 |
| 29,707 |
| |
Other Assets, net of allowance for doubtful accounts |
| 49,920 |
| 48,053 |
| 36,086 |
| 34,867 |
| 30,606 |
| |
|
| $ 3,783,736 |
| $ 3,536,695 |
| $ 3,517,537 |
| $ 3,459,654 |
| $ 3,484,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
| ||
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
| $23,765 |
| $11,834 |
| $12,301 |
| $ 33,671 |
| $10,301 |
| |
Current portion of capital lease obligations |
| 951 |
| 921 |
| 921 |
| 907 |
| 15,074 |
| |
Accounts payable and accrued expenses |
| 105,981 |
| 93,908 |
| 104,023 |
| 102,798 |
| 105,496 |
| |
Other current liabilities |
| 156,800 |
| 157,030 |
| 145,421 |
| 139,425 |
| 226,395 |
| |
Total current liabilities |
| 287,497 |
| 263,693 |
| 262,666 |
| 276,801 |
| 357,266 |
| |
Long-Term Debt |
| 1,027,496 |
| 861,096 |
| 910,156 |
| 895,689 |
| 904,072 |
| |
Capital Lease Obligations |
| 6,895 |
| 7,178 |
| 7,426 |
| 7,685 |
| 7,940 |
| |
Deferred Income Taxes |
| 565,321 |
| 543,075 |
| 530,825 |
| 515,455 |
| 520,871 |
| |
Deferred Gains and Other Liabilities |
| 122,041 |
| 111,939 |
| 111,714 |
| 121,796 |
| 126,281 |
| |
Total liabilities |
| 2,009,250 |
| 1,786,981 |
| 1,822,787 |
| 1,817,426 |
| 1,916,430 |
| |
Equity: |
|
|
|
|
|
|
|
|
|
|
| |
SEACOR Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
| |
Preferred stock |
| — |
| — |
| — |
| — |
| — |
| |
Common stock |
| 326 |
| 326 |
| 325 |
| 324 |
| 323 |
| |
Additional paid-in capital |
| 966,895 |
| 962,990 |
| 959,092 |
| 956,457 |
| 951,109 |
| |
Retained earnings |
| 1,524,355 |
| 1,498,073 |
| 1,455,765 |
| 1,402,771 |
| 1,332,300 |
| |
Shares held in treasury, at cost |
| (722,569 | ) | (723,650 | ) | (723,154 | ) | (724,357 | ) | (724,165 | ) | |
Accumulated other comprehensive income (loss) |
| (3,577 | ) | 2,318 |
| (5,614 | ) | (5,045 | ) | (2,977 | ) | |
|
| 1,765,430 |
| 1,740,057 |
| 1,686,414 |
| 1,630,150 |
| 1,556,590 |
|
|
Noncontrolling interests in subsidiaries |
| 9,056 |
| 9,657 |
| 8,336 |
| 12,078 |
| 11,945 |
|
|
Total equity |
| 1,774,486 |
| 1,749,714 |
| 1,694,750 |
| 1,642,228 |
| 1,568,535 |
|
|
|
| $ 3,783,736 |
| $ 3,536,695 |
| $ 3,517,537 |
| $ 3,459,654 |
| $3,484,965 |
|
|
9
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
|
|
|
| ||||||||
|
| Sep. 30, 2009 |
| Jun. 30, 2009 |
| Mar. 31, 2009 |
| Dec. 31, 2008 |
| Sep. 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Offshore Marine Services |
|
|
|
|
|
|
|
|
|
|
|
Anchor handling towing supply |
| 21 |
| 21 |
| 21 |
| 20 |
| 20 |
|
Crew |
| 68 |
| 68 |
| 71 |
| 75 |
| 77 |
|
Mini-supply |
| 11 |
| 12 |
| 15 |
| 16 |
| 19 |
|
Standby safety |
| 24 |
| 24 |
| 28 |
| 29 |
| 29 |
|
Supply |
| 27 |
| 28 |
| 28 |
| 27 |
| 27 |
|
Towing supply |
| 13 |
| 13 |
| 13 |
| 14 |
| 15 |
|
Specialty |
| 9 |
| 9 |
| 9 |
| 9 |
| 10 |
|
|
| 173 |
| 175 |
| 185 |
| 190 |
| 197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marine Transportation Services |
|
|
|
|
|
|
|
|
|
|
|
U.S.-flag product tankers |
| 8 |
| 8 |
| 8 |
| 8 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Inland River Services |
|
|
|
|
|
|
|
|
|
|
|
Inland river dry cargo barges-open |
| 303 |
| 333 |
| 333 |
| 345 |
| 338 |
|
Inland river dry cargo barges-covered |
| 1,082 |
| 626 |
| 629 |
| 632 |
| 637 |
|
Inland river liquid tank barges |
| 87 |
| 87 |
| 87 |
| 86 |
| 75 |
|
Inland river deck barges |
| 26 |
| 26 |
| 26 |
| 26 |
| 26 |
|
Inland river towboats |
| 28 |
| 23 |
| 23 |
| 22 |
| 21 |
|
Dry-cargo vessel |
| 1 |
| 1 |
| 1 |
| — |
| — |
|
|
| 1,527 |
| 1,096 |
| 1,099 |
| 1,111 |
| 1,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aviation Services |
|
|
|
|
|
|
|
|
|
|
|
Light helicopters – single engine |
| 60 |
| 60 |
| 64 |
| 63 |
| 62 |
|
Light helicopters – twin engine |
| 50 |
| 50 |
| 55 |
| 55 |
| 53 |
|
Medium helicopters |
| 58 |
| 61 |
| 63 |
| 62 |
| 58 |
|
Heavy helicopters |
| 9 |
| 8 |
| 6 |
| 7 |
| 6 |
|
|
| 177 |
| 179 |
| 188 |
| 187 |
| 179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Harbor and Offshore Towing Services |
|
|
|
|
|
|
|
|
|
|
|
Harbor and offshore tugs |
| 31 |
| 33 |
| 35 |
| 35 |
| 35 |
|
Ocean liquid tank barges |
| 6 |
| 3 |
| 3 |
| 3 |
| 3 |
|
|
| 37 |
| 36 |
| 38 |
| 38 |
| 38 |
|
10