FOR IMMEDIATE RELEASE —SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the first quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2011 was $11.2 million, or $0.52 per diluted share, on operating revenues of $472.3 million.
For the preceding quarter ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million.
For the 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.
Highlights for the Quarter
Offshore Marine Services– Offshore Marine Services reported an operating loss of $2.6 million on operating revenues of $80.3 million compared with operating income of $0.9 million on operating revenues of $100.6 million in the preceding quarter. First quarter results included $4.4 million in gains on asset dispositions compared with $2.1 million in gains in the preceding quarter.
In the U.S. Gulf of Mexico, operating income was $3.0 million lower than the preceding quarter primarily due to continued soft market conditions attributable to the ongoing slow down in the issuance of drilling permits by the Bureau of Ocean Energy Management. In the first quarter, utilization was 40.5% compared with 50.4% in the preceding quarter. Average day rates decreased from $11,669 per day to $9,898 per day. The number of days available for hire decreased by 819, or 16%, due to net fleet dispositions including the return of six vessels to leasing companies during the preceding quarter. As of March 31, 2011, the Company had twelve vessels cold-stacked in the U.S. Gulf of Mexico, compared with 13 as of December 31, 2010.
Operating income associated with international operations was $0.5 million lower than the preceding quarter primarily due to net fleet dispositions and increased drydocking and repair activity in the North Sea. These reductions were partially offset by lower labor costs following the recognition in the preceding quarter of a $7.8 million charge for the Company’s share of a funding deficit arising from the March 2009 actuarial valuation of the United Kingdom Merchant Navy Officers’ Pension Fund.
In the first quarter, the total number of days available for charter decreased by 918, or 7.8%, primarily due to net fleet dispositions, overall utilization decreased from 68.5% to 65.1% and overall average day rates decreased by 4.9% from $10,646 per day to $10,123 per day.
Aviation Services– Operating income was $5.9 million on operating revenues of $56.2 million compared with an operating loss of $0.1 million on operating revenues of $55.5 million in the preceding quarter. First quarter results included $2.2 million in gains on asset dispositions compared with $0.1 million in losses in the preceding quarter.
Operating expenses were $3.7 million lower in the first quarter primarily due to the receipt of insurance proceeds related to hurricane damages sustained in 2005, an insurance credit for good experience and the termination of a power by hour maintenance contract.
Inland River Services- Operating income was $11.0 million on operating revenues of $46.5 million compared with operating income of $14.9 million on operating revenues of $52.3 million in the preceding quarter. Freight rates remained relatively firm in the first quarter but results were affected by difficult weather-related operating conditions and higher fuel prices.
Marine Transportation Services– Operating income was $1.9 million on operating revenues of $17.3 million compared with operating income of $1.4 million on operating revenues of $16.9 million in the preceding quarter. The improvement in operating income was primarily due to a reduction in out-of-service time for one vessel and lower insurance and legal expenses.
Environmental Services– Operating income was $9.3 million on operating revenues of $63.1 million compared with operating income of $38.0 million on operating revenues of $163.4 million in the preceding quarter. The reduction in operating income reflects the winding-down of activities associated with theDeepwater Horizonoil spill response.
Commodity Trading and Logistics- Commodity Trading and Logistics reported a segment loss in the first quarter of $0.4 million on operating revenues of $194.0 million compared with a segment loss of $4.2 million on operating revenues of $178.9 million in the preceding quarter.
Other– Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.5 million on operating revenues of $17.5 million compared with an operating loss of $0.8 million on operating revenues of $16.4 million in the preceding quarter. The improvement in operating income was primarily due to increased harbor activity at most ports and lower drydocking and repair costs.
Corporate and Eliminations –Administrative and general expenses were $10.7 million compared with $18.0 million in the preceding quarter. The reduction reflects expenses recorded in the preceding quarter for management bonus accruals, the acceleration of restricted stock awards and amounts designated for a foundation formed following theDeepwater Horizonoil spill to support environmental research and other causes relevant to the Company’s business. Derivative income, net, of $1.1 million was primarily due to gains on exchange traded commodity option and future contracts.
Marketable Securities- Marketable security gains, net, of $1.5 million were primarily the result of gains on long equity positions partially offset by losses on short equity positions.
Foreign Currency– Foreign currency gains, net, of $5.1 million were primarily due to the strengthening of the euro against the U.S. dollar.
Capital Commitments– The Company’s unfunded capital commitments as of March 31, 2011 consisted primarily of offshore support vessels, helicopters, an interest in a dry-bulk articulated tug-barge, an interest in a river grain terminal and other equipment. These commitments totaled $244.6 million, of which $164.8 million is payable during the remainder of 2011 with the balance payable through 2013.Ofthe total unfunded capital commitments, $2.8 million may be terminated without further liability. Subsequent to March 31, 2011, the Company committed to purchase additional equipment for $2.5 million. As of March 31, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $910.0 million.
* * * * *
SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, 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.
1
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 foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words “estimate,” “project,” “intend,” “believe,” “plan” and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company’s businesses, particularly those mentioned under “Forward-Looking Statements” in Item 7 on the Company’sForm 10-K and SEACOR’s periodic reporting onForm 10-Q andForm 8-K (if any), which are incorporated by reference.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website atwww.seacorholdings.com.
2
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited)
Three Months Ended
March 31,
2011
2010
Operating Revenues
$
472,264
$
394,575
Costs and Expenses:
Operating
371,011
312,305
Administrative and general
46,394
40,891
Depreciation and amortization
40,059
41,397
457,464
394,593
Gains on Asset Dispositions and Impairments, Net
7,255
13,659
Operating Income
22,055
13,641
Other Income (Expense):
Interest income
3,738
1,363
Interest expense
(10,041
)
(12,324
)
Debt extinguishment losses
(48
)
(4
)
Marketable security gains, net
1,534
1,961
Derivative gains (losses), net
(3,318
)
2,776
Foreign currency gains (losses), net
5,059
(2,701
)
Other, net
(178
)
600
(3,254
)
(8,329
)
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies
18,801
5,312
Income Tax Expense
7,366
2,316
Income Before Equity in Earnings of 50% or Less Owned Companies
11,435
2,996
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
34
869
Net Income
11,469
3,865
Net Income attributable to Noncontrolling Interests in Subsidiaries
299
264
Net Income attributable to SEACOR Holdings Inc.
$
11,170
$
3,601
Basic Earnings Per Common Share of SEACOR Holdings Inc.
$
0.53
$
0.16
Diluted Earnings Per Common Share of SEACOR Holdings Inc.
$
0.52
$
0.16
Weighted Average Common Shares of Outstanding:
Basic
21,104,739
22,269,771
Diluted
21,439,424
22,474,651
3
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited)
Three Months Ended
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Operating Revenues
$
472,264
$
580,384
$
979,833
$
694,576
$
394,575
Costs and Expenses:
Operating
371,011
449,961
683,219
484,742
312,305
Administrative and general
46,394
54,892
50,627
46,108
40,891
Depreciation and amortization
40,059
39,173
41,312
41,608
41,397
457,464
544,026
775,158
572,458
394,593
Gains on Asset Dispositions and Impairments, Net
7,255
3,285
23,896
4,398
13,659
Operating Income
22,055
39,643
228,571
126,516
13,641
Other Income (Expense):
Interest income
3,738
3,094
2,562
1,863
1,363
Interest expense
(10,041
)
(10,088
)
(10,274
)
(11,264
)
(12,324
)
Debt extinguishment losses, net
(48
)
(1,092
)
—
(364
)
(4
)
Marketable security gains (losses), net
1,534
1,340
(54
)
(5,406
)
1,961
Derivative gains (losses), net
(3,318
)
6,502
1,648
(4,721
)
2,776
Foreign currency gains (losses), net
5,059
(3,511
)
7,585
(7,500
)
(2,701
)
Other, net
(178
)
3,061
10
46
600
(3,254
)
(694
)
1,477
(27,346
)
(8,329
)
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies
18,801
38,949
230,048
99,170
5,312
Income Tax Expense
7,366
13,250
87,709
37,399
2,316
Income Before Equity in Earnings of 50% or Less Owned Companies
11,435
25,699
142,339
61,771
2,996
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
34
1,501
7,933
2,876
869
Net Income
11,469
27,200
150,272
64,647
3,865
Net Income attributable to Noncontrolling Interests in Subsidiaries
299
97
334
565
264
Net Income attributable to SEACOR Holdings Inc.
$
11,170
$
27,103
$
149,938
$
64,082
$
3,601
Basic Earnings Per Common Share of SEACOR Holdings Inc.
$
0.53
$
1.30
$
7.21
$
2.95
$
0.16
Diluted Earnings Per Common Share of SEACOR Holdings Inc.
$
0.52
$
1.27
$
7.14
$
2.93
$
0.16
Weighted Average Common Shares of Outstanding:
Basic
21,105
20,843
20,787
21,733
22,270
Diluted
21,439
21,306
21,001
21,905
22,475
Common Shares Outstanding at Period End
21,652
21,400
21,231
21,218
22,552
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.
$
—
$
15.00
$
—
$
—
$
—
4
SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited)
Three Months Ended
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Offshore Marine Services
Operating Revenues
$
80,344
$
100,631
$
160,916
$
147,123
$
107,186
Costs and Expenses:
Operating
63,020
76,607
79,205
80,011
73,764
Administrative and general
11,770
13,037
12,378
12,931
12,449
Depreciation and amortization
12,533
12,279
12,758
13,245
13,478
87,323
101,923
104,341
106,187
99,691
Gains on Asset Dispositions and Impairments, Net
4,364
2,142
12,717
1,964
12,651
Operating Income (Loss)
(2,615
)
850
69,292
42,900
20,146
Other Income (Expense):
Foreign currency gains (losses), net
725
(154
)
977
425
374
Other, net
—
1
—
—
—
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
735
3,042
2,300
1,713
2,251
Segment Profit (Loss)
$
(1,155
)
$
3,739
$
72,569
$
45,038
$
22,771
Aviation Services
Operating Revenues
$
56,155
$
55,522
$
67,136
$
62,433
$
50,275
Costs and Expenses:
Operating
33,465
37,174
37,492
40,541
32,026
Administrative and general
7,020
7,042
7,274
6,091
5,391
Depreciation and amortization
11,919
11,287
10,889
10,728
10,447
52,404
55,503
55,655
57,360
47,864
Gains (Losses) on Asset Dispositions and Impairments, Net
2,194
(117
)
412
379
90
Operating Income (Loss)
5,945
(98
)
11,893
5,452
2,501
Other Income (Expense):
Derivative gains (losses), net
310
(27
)
(29
)
38
(100
)
Foreign currency gains (losses), net
353
166
(81
)
(1,731
)
135
Other, net
—
—
50
—
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(99
)
(83
)
663
(442
)
(275
)
Segment Profit (Loss)
$
6,509
$
(42
)
$
12,496
$
3,317
$
2,261
Inland River Services
Operating Revenues
$
46,469
$
52,284
$
41,381
$
34,596
$
33,436
Costs and Expenses:
Operating
27,884
29,542
26,535
21,547
19,554
Administrative and general
2,697
3,114
2,898
2,618
2,061
Depreciation and amortization
5,622
5,472
5,415
4,958
4,876
36,203
38,128
34,848
29,123
26,491
Gains on Asset Dispositions
697
697
29,445
899
887
Operating Income
10,963
14,853
35,978
6,372
7,832
Other Income (Expense):
Other, net
1
2,227
—
—
10
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(256
)
(521
)
3,522
805
(98
)
Segment Profit
$
10,708
$
16,559
$
39,500
$
7,177
$
7,744
5
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
Three Months Ended
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Marine Transportation Services
Operating Revenues
$
17,312
$
16,908
$
18,540
$
21,263
$
19,452
Costs and Expenses:
Operating
8,979
8,174
8,754
8,915
13,432
Administrative and general
1,417
2,040
1,087
1,038
837
Depreciation and amortization
4,978
5,309
7,320
8,008
8,008
15,374
15,523
17,161
17,961
22,277
Losses on Asset Dispositions and Impairments
—
—
(18,677
)
(11
)
—
Operating Income (Loss)
1,938
1,385
(17,298
)
3,291
(2,825
)
Other Income (Expense):
Foreign currency gains (losses), net
16
(13
)
61
(41
)
15
Segment Profit (Loss)
$
1,954
$
1,372
$
(17,237
)
$
3,250
$
(2,810
)
Environmental Services
Operating Revenues
$
63,086
$
163,380
$
468,226
$
214,629
$
28,158
Costs and Expenses:
Operating
44,044
116,346
329,497
127,108
20,337
Administrative and general
7,551
7,485
11,508
6,525
6,037
Depreciation and amortization
2,231
2,065
2,249
2,099
1,983
53,826
125,896
343,254
135,732
28,357
Gains (Losses) on Asset Dispositions
—
563
—
(36
)
(17
)
Operating Income (Loss)
9,260
38,047
124,972
78,861
(216
)
Other Income (Expense):
Foreign currency gains (losses), net
(51
)
(115
)
3
(23
)
30
Other, net
—
1
—
—
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(8
)
58
533
54
38
Segment Profit (Loss)
$
9,201
$
37,991
$
125,508
$
78,892
$
(148
)
Commodity Trading and Logistics
Operating Revenues
$
194,012
$
178,944
$
216,896
$
203,064
$
142,992
Costs and Expenses:
Operating
187,018
173,922
204,467
203,374
147,372
Administrative and general
2,660
1,184
3,716
3,791
2,744
Depreciation and amortization
13
13
13
15
20
189,691
175,119
208,196
207,180
150,136
Operating Income (Loss)
4,321
3,825
8,700
(4,116
)
(7,144
)
Other Income (Expense):
Derivative gains (losses), net
(4,750
)
(8,192
)
(5,307
)
4,611
4,308
Foreign currency gains (losses), net
(5
)
26
190
(30
)
(717
)
Other, net
—
781
—
6
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
51
(611
)
1,042
(13
)
(1,022
)
Segment Profit (Loss)
$
(383
)
$
(4,171
)
$
4,625
$
458
$
(4,575
)
6
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
Three Months Ended
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
2011
2010
2010
2010
2010
Other
Operating Revenues
$
17,536
$
16,395
$
20,031
$
18,969
$
17,440
Costs and Expenses:
Operating
9,142
11,872
10,559
10,895
10,039
Administrative and general
2,620
3,031
2,803
2,793
2,845
Depreciation and amortization
2,289
2,289
2,224
2,107
2,183
14,051
17,192
15,586
15,795
15,067
Gains on Asset Dispositions
—
—
—
1,203
—
Operating Income (Loss)
3,485
(797
)
4,445
4,377
2,373
Other Income (Expense):
Foreign currency gains (losses), net
1
(17
)
34
(15
)
(18
)
Other, net
(1
)
10
—
34
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(389
)
(384
)
(127
)
759
(25
)
Segment Profit (Loss)
$
3,096
$
(1,188
)
$
4,352
$
5,155
$
2,330
Corporate and Eliminations
Operating Revenues
$
(2,650
)
$
(3,680
)
$
(13,293
)
$
(7,501
)
$
(4,364
)
Costs and Expenses:
Operating
(2,541
)
(3,676
)
(13,290
)
(7,649
)
(4,219
)
Administrative and general
10,659
17,959
8,963
10,321
8,527
Depreciation and amortization
474
459
444
448
402
8,592
14,742
(3,883
)
3,120
4,710
Gains (Losses) on Asset Dispositions
—
—
(1
)
—
48
Operating Loss
$
(11,242
)
$
(18,422
)
$
(9,411
)
$
(10,621
)
$
(9,026
)
Other Income (Expense):
Derivative gains (losses), net
$
1,122
$
14,721
$
6,984
$
(9,370
)
$
(1,432
)
Foreign currency gains (losses), net
4,020
(3,404
)
6,401
(6,085
)
(2,520
)
Other, net
(178
)
41
(40
)
6
590
7
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
2011
2010
2010
2010
2010
ASSETS
Current Assets:
Cash and cash equivalents
$
409,716
$
370,028
$
662,278
$
398,498
$
452,161
Restricted cash
19,545
12,651
14,823
9,421
35,924
Marketable securities
149,026
147,409
103,150
86,457
63,171
Receivables:
Trade, net of allowance for doubtful accounts
324,218
450,912
512,131
449,142
288,074
Other
55,475
72,448
44,550
50,345
69,892
Inventories
97,405
67,498
66,024
74,434
76,453
Deferred income taxes
5,442
5,442
3,354
3,354
3,354
Prepaid expenses and other
22,794
18,414
17,570
24,075
21,733
Total current assets
1,083,621
1,144,802
1,423,880
1,095,726
1,010,762
Property and Equipment
2,862,386
2,803,754
2,899,150
2,896,777
2,886,410
Accumulated depreciation
(875,140
)
(835,032
)
(850,428
)
(821,641
)
(785,119
)
Net property and equipment
1,987,246
1,968,722
2,048,722
2,075,136
2,101,291
Investments, at Equity, and Receivables from 50% or Less Owned Companies
190,472
182,387
148,334
201,474
186,605
Construction Reserve Funds & Title XI Reserve Funds
331,689
323,885
272,259
227,184
252,672
Goodwill
61,864
61,779
54,764
54,653
54,443
Intangible Assets
19,810
21,169
21,627
21,195
22,369
Other Assets, net of allowance for doubtful accounts
59,996
57,645
52,846
51,522
55,430
$
3,734,698
$
3,760,389
$
4,022,432
$
3,726,890
$
3,683,572
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt
$
18,106
$
14,618
$
13,809
$
14,154
$
22,731
Current portion of capital lease obligations
1,047
1,030
1,014
998
982
Accounts payable and accrued expenses
275,991
322,785
336,968
223,277
98,984
Other current liabilities
205,546
197,080
237,738
209,571
178,112
Total current liabilities
500,690
535,513
589,529
448,000
300,809
Long-Term Debt
694,872
697,427
681,268
682,134
747,787
Capital Lease Obligations
5,200
5,493
5,783
6,067
6,348
Deferred Income Taxes
563,023
567,880
586,466
572,985
574,390
Deferred Gains and Other Liabilities
150,593
156,711
88,130
96,510
100,835
Total liabilities
1,914,378
1,963,024
1,951,176
1,805,696
1,730,169
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock
—
—
—
—
—
Common stock
363
361
358
358
357
Additional paid-in capital
1,233,250
1,225,296
1,196,445
1,191,943
1,186,871
Retained earnings
1,482,793
1,471,623
1,764,202
1,614,264
1,550,182
Shares held in treasury, at cost
(901,386
)
(903,004
)
(891,887
)
(887,129
)
(786,992
)
Accumulated other comprehensive loss
(5,724
)
(7,039
)
(7,568
)
(7,839
)
(5,862
)
1,809,296
1,787,237
2,061,550
1,911,597
1,944,556
Noncontrolling interests in subsidiaries
11,024
10,128
9,706
9,597
8,847
Total equity
1,820,320
1,797,365
2,071,256
1,921,194
1,953,403
$
3,734,698
$
3,760,389
$
4,022,432
$
3,726,890
$
3,683,572
8
SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Offshore Marine Services
Anchor handling towing supply
19
20
20
20
20
Crew
52
52
54
57
57
Mini-supply
9
9
12
12
11
Standby safety
26
26
26
26
25
Supply
26
27
27
27
26
Towing supply
7
8
8
9
10
Specialty
12
12
12
12
12
151
154
159
163
161
Aviation Services
Light helicopters – single engine
61
60
60
60
60
Light helicopters – twin engine
44
45
45
46
48
Medium helicopters
63
62
59
59
59
Heavy helicopters
9
9
9
9
9
177
176
173
174
176
Inland River Services
Inland river dry-cargo barges
1,497
1,388
1,394
1,449
1,419
Inland river liquid tank barges
80
80
86
87
87
Inland river deck barges
26
26
26
26
26
Inland river towboats
32
32
32
29
29
Dry-cargo vessel
1
1
1
1
1
1,636
1,527
1,539
1,592
1,562
Marine Transportation Services
U.S.-flag product tankers
8
8
8
8
8
Other
Harbor and offshore tugs
29
30
31
31
31
Ocean liquid tank barges
5
5
5
5
6
34
35
36
36
37
9
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