EXHIBIT 99.1
PRESS RELEASE
SEACOR HOLDINGS ANNOUNCES SECOND QUARTER RESULTS
Fort Lauderdale, Florida
July 22, 2010
FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the second quarter of 2010. Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2010 was $64.1 million, or $2.93 per diluted share, on operating revenues of $694.6 million. For the six months ended June 30, 2010, net income attributable to SEACOR Holdings Inc. was $67.7 million, or $3.05 per diluted share, on operating revenues of $1,089.2 million.
For the 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. For the six months ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $95.3 million, or $4.27 per diluted share, on operating revenues of $788.7 million.
For the preceding quarter ended March 31, 2010, net income attributable to SEACOR Holdings Inc. was $3.6 million, or $0.16 per diluted share, on operating revenues of $394.6 million. Comparison of results for the quarter ended June 30, 2010 with the preceding quarter ended March 31, 2010 is included in the discussion below.
Highlights for the Quarter
Deepwater Horizon Oil Spill Response – The Company’s operating results for the second quarter were impacted by oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April. Four of the Company’s business units have been and continue to be actively engaged in this response. Environmental Services, through its subsidiary National Response Corporation, is providing vessels, equipment and people to support clean-up activities both on-shore and at sea. In addition, another subsidiary, O’Brien’s Response Management Inc., is providing professional assistance, consulting services and software systems in support of incident management activities at various strategic locations, and is also assisting in the provision of manpower for clean-up operations throughout the region.
Offshore Marine Services currently has vessels engaged in a variety of duties including vessel decontamination, skimming, lightering, offshore traffic control and accommodation. Offshore Marine Services is also providing technical and video equipment on vessels engaged in the response to allow for instant tracking of assets and surveillance of operations. Aviation Services currently has helicopters providing air support for United States Coast Guard observers undertaking oil spotting and assessment missions and, on an “as needed” basis, transportation for various other officials requiring overflights to assess the response and recovery efforts. Aviation Services is also providing a flight tracking system to monitor the movement of all marine and aviation assets involved in the response. Harbor and Offshore Towing Services has tugs engaged in the decontamination of vessels transiting the region.
Offshore Marine Services - Operating income in the second quarter was $42.9 million on operating revenues of $147.1 million compared with operating income of $20.1 million on operating revenues of $107.2 million in the preceding quarter. Second quarter results included $2.0 million in gains on asset dispositions compared with $12.7 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $33.4 million higher in the second quarter.
Overall operating revenues were $39.9 million higher in the second quarter. Time charter revenues increased by $32.3 million, of which $27.6 million was due to incremental charters in support of the Deepwater Horizon oil spill response. In addition, time charter revenues for the Company’s Anchor Handling Towing Supply vessels in the U.S. Gulf of Mexico improved by $7.4 million primarily due to
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increased spot market activity. Other operating revenues were $7.6 million higher in the second quarter primarily due to the provision of other equipment and services associated with the Deepwater Horizon oil spill response and increased vessel brokerage activity, mainly in West Africa.
As of June 10, 2010, the Company had deferred $18.5 million of vessel charter hire scheduled to be paid through the conveyance of a limited net profit interest in developmental oil and gas producing properties owned by a customer. Of this amount, $2.9 million was deferred in the second quarter. The Company expects to defer an additional $3.5 million of vessel charter hire under this arrangement through August 2010. The customer has provided payout estimates, which are contingent upon production, indicating the Company will receive payments of $10.8 million in 2010 and $11.2 million in 2011. Production from the properties commenced in April 2010 and the first payment of $0.1 million was received in June 2010 and recognized as revenue. The Company will recognize revenues as cash is received or earlier should future payments become determinable.
Operating expenses were $6.2 million higher in the second quarter primarily due to incremental expenditure associated with the Deepwater Horizon oil spill response, increased brokerage activity and higher repair and maintenance costs. Operating expenses in the first quarter included a $3.3 million accrual for the settlement of litigation, which is pending court approval.
The number of days available for charter in the second quarter decreased by eight, or 0.1%. Overall utilization increased from 71.5% to 77.4% and overall average day rates, based on time charter revenues recognized, increased by 22.6% from $11,339 per day to $13,906 per day. As of June 30, 2010, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico compared with 14 as of March 31, 2010.
Marine Transportation Services – Marine Transportation Services reported operating income in the second quarter of $3.3 million on operating revenues of $21.3 million compared with an operating loss of $2.8 million on operating revenues of $19.5 million in the preceding quarter. The increase in operating income was primarily due to a reduction in out-of-service time and expenses incurred for drydockings. During the first quarter, two of the Company’s tankers underwent regulatory drydockings, one of which was completed during the quarter and the other being completed in April. A third tanker had a 5-day handover drydocking in January before commencing a long-term bareboat charter. The remaining drydocking program for 2010 consists of two drydockings in the third quarter; one regulatory and the other a short handover for a tanker prior to commencing a long-term bareboat charter. As of June 30, 2010, three of the Company’s eight tankers were operating under long-term bareboat charters, four were operating under time charters and one was operating in the spot market.
Inland River Services - Operating income in the second quarter was $6.4 million on operating revenues of $34.6 million compared with operating income of $7.8 million on operating revenues of $33.4 million in the preceding quarter.
The decrease in operating income was primarily due to a reduction in loadings early in the quarter resulting in idling a portion of the dry cargo barge fleet. As freight rates improved during May in response to higher demand, the idled barges returned to service and operating expenses increased due to repositioning the dry cargo barge fleet and longer trips.
Aviation Services - Operating income in the second quarter was $5.5 million on operating revenues of $62.4 million compared with operating income of $2.5 million on operating revenues of $50.3 million in the preceding quarter.
Operating revenues were higher primarily due to more flight hours in support of offshore oil and gas activities in the U.S. Gulf of Mexico and Alaska, incremental work in support of the Deepwater Horizon oil spill response, increased air medical services activity and the start up of seasonal flightseeing and firefighting operations in Alaska. Revenues from leasing activities improved due to the start up of a new contract in Southeast Asia, and more aircraft, flight hours and maintenance support in South America. Operating expenses were generally in line with the increased activity levels.
Environmental Services – Operating income in the second quarter was $78.9 million on operating revenues of $214.6 million compared with an operating loss of $0.2 million on operating revenues of
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$28.2 million in the preceding quarter. The improvement in operating results was primarily due to the impact of activities associated with the Deepwater Horizon oil spill response.
Commodity Trading and Logistics - Commodity Trading and Logistics reported a segment profit in the second quarter of $0.5 million on operating revenues of $203.1 million compared with a segment loss of $4.6 million on operating revenues of $143.0 million in the preceding quarter. Results from energy trading activities, including the Company’s equity interest in its alcohol manufacturing facility joint venture, improved by $4.6 million compared with the preceding quarter. Results from sugar trading activities also improved while results from rice trading activities were consistent with the preceding quarter.
Harbor and Offshore Towing Services - Operating income in the second quarter was $4.9 million on operating revenues of $19.0 million compared with operating income of $2.7 million on operating revenues of $17.4 million in the preceding quarter. The improvement in operating revenues was primarily due to activities associated with the Deepwater Horizon oil spill response. Operating income also benefited from gains realized on the sale of an ocean liquid tank barge.
Interest Expense – Interest expense in the second quarter was lower primarily due to the redemption of certain of the Company’s Title XI Bonds in the second quarter.
Marketable Securities - Marketable security losses were $5.4 million in the second quarter compared with gains of $2.0 million in the preceding quarter. The losses in the second quarter were primarily the result of losses on long equity positions.
Derivatives – Derivative losses, net were $4.7 million in the second quarter primarily on foreign currency option and futures contracts and U.S. Treasury Note and Bond futures and option contracts.
Foreign Currency Losses, net – Foreign currency losses, net were $7.5 million in the second quarter primarily due to the weakening of the euro against the U.S. dollar.
Stock Repurchases – During the second quarter, the Company purchased 1,366,200 shares of its common stock at an average price of $73.25 per share. At the end of the quarter, 21,218,284 shares of SEACOR’s common stock remained outstanding.
Title XI Debt – On April 30, 2010, the Company redeemed all of the outstanding bonds on two of the Company’s double-hull product tankers for $63.0 million, including a make whole premium.
Capital Commitments - The Company's unfunded capital commitments as of June 30, 2010 consisted primarily of offshore support vessels, helicopters, an aircraft, an interest in a dry-bulk articulated tug-barge, a harbor and offshore tug and other equipment, and totaled $247.0 million, of which $115.9 million is payable during 2010 and the balance payable through 2013. Of the total unfunded capital commitments, $2.8 million may be terminated without further liability. As of June 30, 2010, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $721.6 million.
* * * * *
SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, marine transportation, inland river, aviation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.
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This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the “Moratoriums”), weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company’s businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company’s involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and 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, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the following should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.[Missing Graphic 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 | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| Operating Revenues | $ | 694,576 | $ | 389,233 | $ | 1,089,151 | $ | 788,749 | ||||||||
| Costs and Expenses: | ||||||||||||||||
| Operating | 484,742 | 256,131 | 797,047 | 504,543 | ||||||||||||
| Administrative and general | 46,108 | 40,058 | 86,999 | 78,740 | ||||||||||||
| Depreciation and amortization | 41,608 | 39,828 | 83,005 | 79,092 | ||||||||||||
| 572,458 | 336,017 | 967,051 | 662,375 | |||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 4,398 | (15 | ) | 18,057 | 16,745 | |||||||||||
| Operating Income | 126,516 | 53,201 | 140,157 | 143,119 | ||||||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | 1,863 | 578 | 3,226 | 1,621 | ||||||||||||
| Interest expense | (11,264 | ) | (14,075 | ) | (23,588 | ) | (28,412 | ) | ||||||||
| Debt extinguishment gains (losses), net | (364 | ) | (78 | ) | (368 | ) | 1,285 | |||||||||
| Marketable security gains (losses), net | (5,406 | ) | 11,829 | (3,445 | ) | 7,848 | ||||||||||
| Derivative gains (losses), net | (4,721 | ) | 3,765 | (1,945 | ) | 7,376 | ||||||||||
| Foreign currency gains (losses), net | (7,500 | ) | 6,847 | (10,201 | ) | 7,505 | ||||||||||
| Other, net | 46 | (1 | ) | 646 | 189 | |||||||||||
| (27,346 | ) | 8,865 | (35,675 | ) | (2,588 | ) | ||||||||||
| Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies | 99,170 | 62,066 | 104,482 | 140,531 | ||||||||||||
| Income Tax Expense | 37,399 | 22,916 | 39,715 | 51,115 | ||||||||||||
| Income Before Equity in Earnings of 50% or Less Owned Companies | 61,771 | 39,150 | 64,767 | 89,416 | ||||||||||||
| Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 2,876 | 3,491 | 3,745 | 7,018 | ||||||||||||
| Net Income | 64,647 | 42,641 | 68,512 | 96,434 | ||||||||||||
| Net Income attributable to Noncontrolling Interests in Subsidiaries | 565 | 333 | 829 | 1,132 | ||||||||||||
| Net Income attributable to SEACOR Holdings Inc. | $ | 64,082 | $ | 42,308 | 67,683 | $ | 95,302 | |||||||||
| Basic Earnings Per Common Share of SEACOR Holdings Inc. | $ | 2.95 | $ | 2.13 | $ | 3.08 | $ | 4.81 | ||||||||
| Diluted Earnings Per Common Share of SEACOR Holdings Inc. | $ | 2.93 | $ | 1.91 | $ | 3.05 | $ | 4.27 | ||||||||
| Weighted Average Common Shares Outstanding: | ||||||||||||||||
| Basic | 21,733,003 | 19,844,579 | 21,999,905 | 19,803,406 | ||||||||||||
| Diluted | 21,905,401 | 23,528,365 | 22,187,114 | 23,511,361 | ||||||||||||
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SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2010 | Mar. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2009 | Jun. 30, 2009 | ||||||||||||||||
| Operating Revenues | $ | 694,576 | $ | 394,575 | $ | 476,510 | $ | 446,079 | $ | 389,233 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 484,742 | 312,305 | 352,951 | 327,602 | 256,131 | |||||||||||||||
| Administrative and general | 46,108 | 40,891 | 41,332 | 41,926 | 40,058 | |||||||||||||||
| Depreciation and amortization | 41,608 | 41,397 | 40,728 | 40,272 | 39,828 | |||||||||||||||
| 572,458 | 394,593 | 435,011 | 409,800 | 336,017 | ||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 4,398 | 13,659 | 5,147 | 5,783 | (15 | ) | ||||||||||||||
| Operating Income | 126,516 | 13,641 | 46,646 | 42,062 | 53,201 | |||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | 1,863 | 1,363 | 2,056 | 789 | 578 | |||||||||||||||
| Interest expense | (11,264 | ) | (12,324 | ) | (16,364 | ) | (14,267 | ) | (14,075 | ) | ||||||||||
| Debt extinguishment gains (losses), net | (364 | ) | (4 | ) | (9,659 | ) | 2,787 | (78 | ) | |||||||||||
| Marketable security gains (losses), net | (5,406 | ) | 1,961 | 9,263 | 6,948 | 11,829 | ||||||||||||||
| Derivative gains (losses), net | (4,721 | ) | 2,776 | 1,257 | 2,328 | 3,765 | ||||||||||||||
| Foreign currency gains (losses), net | (7,500 | ) | (2,701 | ) | 1,521 | (939 | ) | 6,847 | ||||||||||||
| Other, net | 46 | 600 | 112 | (57 | ) | (1 | ) | |||||||||||||
| (27,346 | ) | (8,329 | ) | (11,814 | ) | (2,411 | ) | 8,865 | ||||||||||||
| Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies | 99,170 | 5,312 | 34,832 | 39,651 | 62,066 | |||||||||||||||
| Income Tax Expense | 37,399 | 2,316 | 15,626 | 15,751 | 22,916 | |||||||||||||||
| Income Before Equity in Earnings of 50% or Less Owned Companies | 61,771 | 2,996 | 19,206 | 23,900 | 39,150 | |||||||||||||||
| Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 2,876 | 869 | 3,223 | 2,340 | 3,491 | |||||||||||||||
| Net Income | 64,647 | 3,865 | 22,429 | 26,240 | 42,641 | |||||||||||||||
| Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | 565 | 264 | 203 | (42 | ) | 333 | ||||||||||||||
| Net Income attributable to SEACOR Holdings Inc. | $ | 64,082 | $ | 3,601 | $ | 22,226 | $ | 26,282 | $ | 42,308 | ||||||||||
Basic Earnings Per Common Share of SEACOR Holdings Inc. | $ | 2.95 | $ | 0.16 | $ | 1.09 | $ | 1.32 | $ | 2.13 | ||||||||||
Diluted Earnings Per Common Share of SEACOR Holdings Inc. | $ | 2.93 | $ | 0.16 | $ | 1.04 | $ | 1.23 | $ | 1.91 | ||||||||||
| Weighted Average Common Shares of Outstanding: | ||||||||||||||||||||
| Basic | 21,733 | 22,270 | 20,324 | 19,867 | 19,845 | |||||||||||||||
| Diluted | 21,905 | 22,475 | 23,417 | 23,458 | 23,528 | |||||||||||||||
| Common Shares Outstanding at Period End | 21,218 | 22,552 | 22,613 | 20,230 | 20,201 | |||||||||||||||
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SEACOR HOLDINGS INC.
SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2010 | Mar. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2009 | Jun. 30, 2009 | ||||||||||||||||
| Offshore Marine Services | ||||||||||||||||||||
| Operating Revenues | $ | 147,123 | $ | 107,186 | $ | 121,203 | $ | 129,839 | $ | 146,466 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 80,011 | 73,764 | 72,205 | 76,982 | 81,609 | |||||||||||||||
| Administrative and general | 12,931 | 12,449 | 12,770 | 13,128 | 10,935 | |||||||||||||||
| Depreciation and amortization | 13,245 | 13,478 | 13,770 | 13,608 | 13,802 | |||||||||||||||
| 106,187 | 99,691 | 98,745 | 103,718 | 106,346 | ||||||||||||||||
| Gains on Asset Dispositions and Impairments, Net | 1,964 | 12,651 | 3,831 | 3,852 | 361 | |||||||||||||||
| Operating Income | 42,900 | 20,146 | 26,289 | 29,973 | 40,481 | |||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Derivative losses, net | — | — | (157 | ) | — | (18 | ) | |||||||||||||
| Foreign currency gains (losses), net | 425 | 374 | 1,781 | (1,174 | ) | 479 | ||||||||||||||
| Other, net | — | — | — | 14 | (4 | ) | ||||||||||||||
| Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 1,713 | 2,251 | 1,774 | 2,322 | 3,380 | |||||||||||||||
| Segment Profit | $ | 45,038 | $ | 22,771 | $ | 29,687 | $ | 31,135 | $ | 44,318 | ||||||||||
| Marine Transportation Services | ||||||||||||||||||||
| Operating Revenues | $ | 21,263 | $ | 19,452 | $ | 20,497 | $ | 21,737 | $ | 24,095 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 8,915 | 13,432 | 10,585 | 11,420 | 11,792 | |||||||||||||||
| Administrative and general | 1,038 | 837 | 1,043 | 953 | 942 | |||||||||||||||
| Depreciation and amortization | 8,008 | 8,008 | 8,005 | 8,003 | 7,999 | |||||||||||||||
| 17,961 | 22,277 | 19,633 | 20,376 | 20,733 | ||||||||||||||||
| Losses on Asset Dispositions | (11 | ) | — | — | — | — | ||||||||||||||
| Operating Income (Loss) | 3,291 | (2,825 | ) | 864 | 1,361 | 3,362 | ||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Foreign currency gains (losses), net | (41 | ) | 15 | 1 | 7 | 25 | ||||||||||||||
| Segment Profit (Loss) | $ | 3,250 | $ | (2,810 | ) | $ | 865 | $ | 1,368 | $ | 3,387 | |||||||||
| Inland River Services | ||||||||||||||||||||
| Operating Revenues | $ | 34,596 | $ | 33,436 | $ | 53,607 | $ | 34,314 | $ | 30,163 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 21,547 | 19,554 | 32,052 | 20,144 | 17,839 | |||||||||||||||
| Administrative and general | 2,618 | 2,061 | 2,137 | 2,443 | 2,048 | |||||||||||||||
| Depreciation and amortization | 4,958 | 4,876 | 4,756 | 4,785 | 4,950 | |||||||||||||||
| 29,123 | 26,491 | 38,945 | 27,372 | 24,837 | ||||||||||||||||
| Gains on Asset Dispositions | 899 | 887 | 1,236 | 813 | 396 | |||||||||||||||
| Operating Income | 6,372 | 7,832 | 15,898 | 7,755 | 5,722 | |||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Other, net | — | 10 | — | — | — | |||||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 805 | (98 | ) | 1,868 | 140 | 702 | ||||||||||||||
| Segment Profit | $ | 7,177 | $ | 7,744 | $ | 17,766 | $ | 7,895 | $ | 6,424 | ||||||||||
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SEACOR HOLDINGS INC.
SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2010 | Mar. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2009 | Jun. 30, 2009 | ||||||||||||||||
| Aviation Services | ||||||||||||||||||||
| Operating Revenues | $ | 62,433 | $ | 50,275 | $ | 54,323 | $ | 64,259 | $ | 57,700 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 40,541 | 32,026 | 30,667 | 39,659 | 37,312 | |||||||||||||||
| Administrative and general | 6,091 | 5,391 | 5,972 | 5,624 | 5,649 | |||||||||||||||
| Depreciation and amortization | 10,728 | 10,447 | 9,876 | 9,706 | 9,070 | |||||||||||||||
| 57,360 | 47,864 | 46,515 | 54,989 | 52,031 | ||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 379 | 90 | 313 | 1,062 | (1,104 | ) | ||||||||||||||
| Operating Income | 5,452 | 2,501 | 8,121 | 10,332 | 4,565 | |||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Derivative gains (losses), net | 38 | (100 | ) | 33 | (80 | ) | (78 | ) | ||||||||||||
| Foreign currency gains (losses), net | (1,731 | ) | 135 | (223 | ) | 296 | 937 | |||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (442 | ) | (275 | ) | (297 | ) | (186 | ) | 270 | |||||||||||
| Segment Profit | $ | 3,317 | $ | 2,261 | $ | 7,634 | $ | 10,362 | $ | 5,694 | ||||||||||
| Environmental Services | ||||||||||||||||||||
| Operating Revenues | $ | 214,629 | $ | 28,158 | $ | 44,531 | $ | 33,827 | $ | 33,175 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 127,108 | 20,337 | 32,822 | 23,206 | 23,656 | |||||||||||||||
| Administrative and general | 6,525 | 6,037 | 6,155 | 6,090 | 5,966 | |||||||||||||||
| Depreciation and amortization | 2,099 | 1,983 | 1,811 | 1,846 | 1,739 | |||||||||||||||
| 135,732 | 28,357 | 40,788 | 31,142 | 31,361 | ||||||||||||||||
| Gains (Losses) on Asset Dispositions | (36 | ) | (17 | ) | (208 | ) | (1 | ) | 4 | |||||||||||
| Operating Income (Loss) | 78,861 | (216 | ) | 3,535 | 2,684 | 1,818 | ||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Foreign currency gains (losses), net | (23 | ) | 30 | (11 | ) | — | 53 | |||||||||||||
| Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 54 | 38 | 90 | 34 | 15 | |||||||||||||||
| Segment Profit (Loss) | $ | 78,892 | $ | (148 | ) | $ | 3,614 | $ | 2,718 | $ | 1,886 | |||||||||
| Commodity Trading and Logistics | ||||||||||||||||||||
| Operating Revenues | $ | 203,064 | $ | 142,992 | $ | 171,354 | $ | 150,866 | $ | 85,852 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 203,374 | 147,372 | 168,694 | 150,983 | 79,165 | |||||||||||||||
| Administrative and general | 3,791 | 2,744 | 3,632 | 3,705 | 3,468 | |||||||||||||||
| Depreciation and amortization | 15 | 20 | 20 | 7 | 2 | |||||||||||||||
| 207,180 | 150,136 | 172,346 | 154,695 | 82,635 | ||||||||||||||||
| Operating Income (Loss) | (4,116 | ) | (7,144 | ) | (992 | ) | (3,829 | ) | 3,217 | |||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Derivative gains, net | 4,611 | 4,308 | 802 | 1,689 | 588 | |||||||||||||||
| Foreign currency gains (losses), net | (30 | ) | (717 | ) | 49 | 177 | 289 | |||||||||||||
| Other, net | 6 | — | (1 | ) | — | 26 | ||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (13 | ) | (1,022 | ) | (282 | ) | — | 32 | ||||||||||||
| Segment Profit (Loss) | $ | 458 | $ | (4,575 | ) | $ | (424 | ) | $ | (1,963 | ) | $ | 4,152 | |||||||
8
SEACOR HOLDINGS INC.
SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
| Three Months Ended | ||||||||||||||||||||
Jun. 30, 2010 | Mar. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2009 | Jun. 30, 2009 | ||||||||||||||||
| Harbor and Offshore Towing Services | ||||||||||||||||||||
| Operating Revenues | $ | 18,987 | $ | 17,440 | $ | 16,153 | $ | 15,574 | $ | 16,241 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 10,895 | 10,039 | 11,110 | 9,544 | 9,214 | |||||||||||||||
| Administrative and general | 2,279 | 2,497 | 2,698 | 2,035 | 2,228 | |||||||||||||||
| Depreciation and amortization | 2,107 | 2,183 | 2,197 | 2,049 | 1,973 | |||||||||||||||
| 15,281 | 14,719 | 16,005 | 13,628 | 13,415 | ||||||||||||||||
| Gains (Losses) on Asset Dispositions | 1,203 | — | (25 | ) | 58 | 330 | ||||||||||||||
| Operating Income | 4,909 | 2,721 | 123 | 2,004 | 3,156 | |||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Foreign currency gains (losses), net | 3 | (12 | ) | (2 | ) | 12 | 128 | |||||||||||||
| Other, net | 34 | — | — | — | — | |||||||||||||||
| Segment Profit | $ | 4,946 | $ | 2,709 | $ | 121 | $ | 2,016 | $ | 3,284 | ||||||||||
| Other | ||||||||||||||||||||
| Operating Revenues | $ | (18 | ) | $ | — | $ | 40 | $ | — | $ | — | |||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | — | — | — | — | — | |||||||||||||||
| Administrative and general | 514 | 348 | 513 | 343 | 379 | |||||||||||||||
| Depreciation and amortization | — | — | 1 | — | — | |||||||||||||||
| 514 | 348 | 514 | 343 | 379 | ||||||||||||||||
| Operating Loss | (532 | ) | (348 | ) | (474 | ) | (343 | ) | (379 | ) | ||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Foreign currency losses, net | (18 | ) | (6 | ) | (3 | ) | (2 | ) | — | |||||||||||
| Other, net | — | — | — | (1 | ) | — | ||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 759 | (25 | ) | 70 | 30 | (908 | ) | |||||||||||||
| Segment Profit (Loss) | $ | 209 | $ | (379 | ) | $ | (407 | ) | $ | (316 | ) | $ | (1,287 | ) | ||||||
| Corporate and Eliminations | ||||||||||||||||||||
| Operating Revenues | $ | (7,501 | ) | $ | (4,364 | ) | $ | (5,198 | ) | $ | (4,337 | ) | $ | (4,459 | ) | |||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | (7,649 | ) | (4,219 | ) | (5,184 | ) | (4,336 | ) | (4,456 | ) | ||||||||||
| Administrative and general | 10,321 | 8,527 | 6,412 | 7,605 | 8,443 | |||||||||||||||
| Depreciation and amortization | 448 | 402 | 292 | 268 | 293 | |||||||||||||||
| 3,120 | 4,710 | 1,520 | 3,537 | 4,280 | ||||||||||||||||
| Gains (Losses) on Asset Dispositions | — | 48 | — | (1 | ) | (2 | ) | |||||||||||||
| Operating Loss | $ | (10,621 | ) | $ | (9,026 | ) | $ | (6,718 | ) | $ | (7,875 | ) | $ | (8,741 | ) | |||||
| Other Income (Expense): | ||||||||||||||||||||
| Derivative gains (losses), net | $ | (9,370 | ) | $ | (1,432 | ) | $ | 579 | $ | 719 | $ | 3,273 | ||||||||
| Foreign currency gains (losses), net | (6,085 | ) | (2,520 | ) | (71 | ) | (255 | ) | 4,936 | |||||||||||
| Other, net | 6 | 590 | 113 | (70 | ) | (23 | ) | |||||||||||||
9
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Jun. 30, 2010 | Mar. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2009 | Jun. 30, 2009 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 398,498 | $ | 452,161 | $ | 465,904 | $ | 620,045 | $ | 415,626 | ||||||||||
| Restricted cash | 9,421 | 35,924 | 34,014 | 29,353 | 20,838 | |||||||||||||||
| Marketable securities | 86,457 | 63,171 | 68,139 | 52,897 | 47,305 | |||||||||||||||
| Receivables: | ||||||||||||||||||||
| Trade, net of allowance for doubtful accounts | 449,142 | 288,074 | 301,143 | 266,537 | 251,111 | |||||||||||||||
| Other | 50,345 | 69,892 | 78,689 | 74,378 | 60,373 | |||||||||||||||
| Inventories | 74,434 | 76,453 | 76,949 | 52,502 | 68,082 | |||||||||||||||
| Deferred income taxes | 3,354 | 3,354 | 3,354 | 5,164 | 5,164 | |||||||||||||||
| Prepaid expenses and other | 24,075 | 21,733 | 15,725 | 21,121 | 14,734 | |||||||||||||||
| Total current assets | 1,095,726 | 1,010,762 | 1,043,917 | 1,121,997 | 883,233 | |||||||||||||||
| Property and Equipment | 2,896,777 | 2,886,410 | 2,833,011 | 2,794,067 | 2,801,446 | |||||||||||||||
| Accumulated depreciation | (821,641 | ) | (785,119 | ) | (754,263 | ) | (718,749 | ) | (692,084 | ) | ||||||||||
| Net property and equipment | 2,075,136 | 2,101,291 | 2,078,748 | 2,075,318 | 2,109,362 | |||||||||||||||
| Investments, at Equity, and Receivables from 50% or Less Owned Companies | 201,474 | 186,605 | 186,814 | 166,878 | 150,862 | |||||||||||||||
| Construction Reserve Funds & Title XI Reserve Funds | 227,184 | 252,672 | 289,750 | 290,871 | 265,586 | |||||||||||||||
| Goodwill | 54,653 | 54,443 | 54,571 | 53,990 | 53,581 | |||||||||||||||
| Intangible Assets | 21,195 | 22,369 | 23,554 | 24,762 | 26,018 | |||||||||||||||
| Other Assets, net of allowance for doubtful accounts | 51,522 | 55,430 | 46,265 | 49,920 | 48,053 | |||||||||||||||
| $ | 3,726,890 | $ | 3,683,572 | $ | 3,723,619 | $ | 3,783,736 | $ | 3,536,695 | |||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||
| Current portion of long-term debt | $ | 14,154 | $ | 22,731 | $ | 36,436 | $ | 23,765 | $ | 11,834 | ||||||||||
| Current portion of capital lease obligations | 998 | 982 | 966 | 951 | 921 | |||||||||||||||
| Accounts payable and accrued expenses | 223,277 | 98,984 | 135,425 | 105,981 | 93,908 | |||||||||||||||
| Other current liabilities | 209,571 | 178,112 | 142,285 | 156,800 | 157,030 | |||||||||||||||
| Total current liabilities | 448,000 | 300,809 | 315,112 | 287,497 | 263,693 | |||||||||||||||
| Long-Term Debt | 682,134 | 747,787 | 748,704 | 1,027,496 | 861,096 | |||||||||||||||
| Capital Lease Obligations | 6,067 | 6,348 | 6,624 | 6,895 | 7,178 | |||||||||||||||
| Deferred Income Taxes | 572,985 | 574,390 | 575,440 | 565,321 | 543,075 | |||||||||||||||
| Deferred Gains and Other Liabilities | 96,510 | 100,835 | 111,848 | 122,041 | 111,939 | |||||||||||||||
| Total liabilities | 1,805,696 | 1,730,169 | 1,757,728 | 2,009,250 | 1,786,981 | |||||||||||||||
| Equity: | ||||||||||||||||||||
| SEACOR Holdings Inc. stockholders’ equity: | ||||||||||||||||||||
| Preferred stock | — | — | — | — | — | |||||||||||||||
| Common stock | 358 | 357 | 356 | 326 | 326 | |||||||||||||||
| Additional paid-in capital | 1,191,943 | 1,186,871 | 1,182,023 | 966,895 | 962,990 | |||||||||||||||
| Retained earnings | 1,614,264 | 1,550,182 | 1,546,581 | 1,524,355 | 1,498,073 | |||||||||||||||
| Shares held in treasury, at cost | (887,129 | ) | (786,992 | ) | (768,438 | ) | (722,569 | ) | (723,650 | ) | ||||||||||
| Accumulated other comprehensive income (loss) | (7,839 | ) | (5,862 | ) | (3,260 | ) | (3,577 | ) | 2,318 | |||||||||||
| 1,911,597 | 1,944,556 | 1,957,262 | 1,765,430 | 1,740,057 | ||||||||||||||||
| Noncontrolling interests in subsidiaries | 9,597 | 8,847 | 8,629 | 9,056 | 9,657 | |||||||||||||||
| Total equity | 1,921,194 | 1,953,403 | 1,965,891 | 1,774,486 | 1,749,714 | |||||||||||||||
| $ | 3,726,890 | $ | 3,683,572 | $ | 3,723,619 | $ | 3,783,736 | $ | 3,536,695 | |||||||||||
10
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
| Jun. 30, 2010 | Mar. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2009 | Jun. 30, 2009 | |||||||
| Offshore Marine Services | |||||||||||
| Anchor handling towing supply | 20 | 20 | 23 | 21 | 21 | ||||||
| Crew | 57 | 57 | 57 | 68 | 68 | ||||||
| Mini-supply | 12 | 11 | 11 | 11 | 12 | ||||||
| Standby safety | 26 | 25 | 25 | 24 | 24 | ||||||
| Supply | 27 | 26 | 27 | 27 | 28 | ||||||
| Towing supply | 9 | 10 | 13 | 13 | 13 | ||||||
| Specialty | 12 | 12 | 9 | 9 | 9 | ||||||
| 163 | 161 | 165 | 173 | 175 | |||||||
| Marine Transportation Services | |||||||||||
| U.S.-flag product tankers | 8 | 8 | 8 | 8 | 8 | ||||||
| Inland River Services | |||||||||||
| Inland river dry-cargo barges | 1,449 | 1,419 | 1,395 | 1,385 | 959 | ||||||
| Inland river liquid tank barges | 87 | 87 | 87 | 87 | 87 | ||||||
| Inland river deck barges | 26 | 26 | 26 | 26 | 26 | ||||||
| Inland river towboats | 29 | 29 | 29 | 28 | 23 | ||||||
| Dry-cargo vessel | 1 | 1 | 1 | 1 | 1 | ||||||
| 1,592 | 1,562 | 1,538 | 1,527 | 1,096 | |||||||
| Aviation Services | |||||||||||
| Light helicopters – single engine | 60 | 60 | 60 | 60 | 60 | ||||||
| Light helicopters – twin engine | 46 | 48 | 47 | 50 | 50 | ||||||
| Medium helicopters | 59 | 59 | 59 | 58 | 61 | ||||||
| Heavy helicopters | 9 | 9 | 8 | 9 | 8 | ||||||
| 174 | 176 | 174 | 177 | 179 | |||||||
| Harbor and Offshore Towing Services | |||||||||||
| Harbor and offshore tugs | 31 | 31 | 31 | 31 | 33 | ||||||
| Ocean liquid tank barges | 5 | 6 | 6 | 6 | 3 | ||||||
| 36 | 37 | 37 | 37 | 36 | |||||||
11