FOR IMMEDIATE RELEASE —SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the third quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2011 was $3.8 million, or $0.18 per diluted share, on operating revenues of $571.4 million. For the nine months ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $24.0 million, or $1.12 per diluted share, on operating revenues of $1,580.1 million.
For the preceding quarter ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $9.0 million, or $0.42 per diluted share, on operating revenues of $536.4 million.
For the quarter ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $149.9 million, or $7.14 per diluted share, on operating revenues of $979.8 million. For the nine months ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $217.6 million, or $9.99 per diluted share, on operating revenues of $2,069.0 million. The Company’s results for its Environmental Services, Offshore Marine Services and Harbor and Offshore Towing Services business segments for the three and nine months ended September 30, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico following theDeepwater Horizonsinking in April 2010.
Highlights for the Quarter
Offshore Marine Services– Operating income was $7.6 million on operating revenues of $93.3 million compared with operating income of $5.5 million on operating revenues of $93.4 million in the preceding quarter. Third quarter results included $5.2 million in gains on asset dispositions compared with $3.6 million in gains in the preceding quarter. In the third quarter, the total number of days available for charter decreased by 458, or 4.2%; overall utilization increased from 70.7% to 72.4%; and overall average day rates increased by 1.6% from $11,142 per day to $11,318 per day.
A soft market for offshore marine equipment in the U.S. Gulf of Mexico continued to negatively impact results. Utilization was 53.5% compared with 54.6% in the preceding quarter and average day rates decreased from $12,982 per day to $10,631 per day. As of September 30, 2011, the Company had seven vessels cold-stacked in the U.S. Gulf of Mexico, unchanged from June 30, 2011.
Activity in international regions improved during the third quarter, particularly in West Africa, primarily due to the commencement of several long term charters. Utilization was 85.2% compared with 81.0% in the preceding quarter and average day rates increased from $10,354 per day to $11,612 per day.
Equity in earnings in the third quarter increased primarily due to an $8.4 million gain, net of tax, recognized upon Offshore Marine Services’ Mexican joint venture issuing an additional equity interest to an unrelated third party.
Aviation Services– Operating income was $15.1 million on operating revenues of $71.8 million compared with operating income of $13.6 million on operating revenues of $68.5 million in the preceding quarter. Third quarter results included $4.9 million in gains on asset dispositions compared with $6.2 million in gains in the preceding quarter.
Operating revenues were higher primarily due to increased activity in support of mining, firefighting and flightseeing operations in Alaska and due to a new hospital contract and increased activity in air medical services. Operating revenues from contract leasing activities were lower due to the delay in the commencement of certain international contracts. Operating expenses were higher primarily due to higher activity levels as described above and the commencement of a new power-by-hour contract. Depreciation expense was lower following a change in the estimated useful life and salvage value of aircraft.
Inland River Services- Operating income was $9.3 million on operating revenues of $47.9 million compared with operating income of $3.7 million on operating revenues of $41.4 million in the preceding quarter. Operating results improved primarily due to increased activity in the pooled hopper fleet at the beginning of the harvest season and improved operating conditions. In the preceding quarter, heavy rains in the Mid-South through the Lower Ohio Valley produced severe flood conditions resulting in difficult operating conditions with periodic river closures and restricted tow sizes.
Marine Transportation Services– Operating income was $1.7 million on operating revenues of $24.8 million compared with operating income of $2.9 million on operating revenues of $24.3 million in the preceding quarter. Operating results for Marine Transportation Services’ eight foreign flag Roll-on/Roll-off vessels were lower primarily due to operational issues and the impact of Hurricane Irene and were lower for its U.S.-flag product tanker fleet primarily due to the costs and off-hire time associated with one vessel undergoing a regulatory underwater survey.
Environmental Services– Operating income was $1.0 million on operating revenues of $40.4 million compared with operating income of $4.2 million on operating revenues of $48.5 million in the preceding quarter. The reduction in operating income was primarily due to a lower contribution from oil spill response activities related to theDeepwater Horizonsinking in April 2010 partially offset by lower wage and benefit and legal costs. Operating income in the quarter ended September 30, 2010 was $125.0 million on operating revenues of $468.2 million and reflected significant oil spill response activities in the U.S. Gulf of Mexico following theDeepwater Horizonsinking as noted above.
Commodity Trading and Logistics– Commodity Trading and Logistics reported a segment loss of $7.1 million on operating revenues of $279.2 million compared with a segment profit of $5.2 million on operating revenues of $245.3 million in the preceding quarter. Operating results in the third quarter were negatively impacted by volatile commodity prices and equity losses of $2.3 million from the Company’s alcohol manufacturing joint venture.
Other– Other, primarily Harbor and Offshore Towing Services, reported operating income of $2.7 million on operating revenues of $16.7 million compared with operating income of $3.9 million on operating revenues of $17.9 million in the preceding quarter. The reduction in operating income was primarily due to a reduction in harbor activity and higher drydock costs for equipment used in the terminal operation in St. Eustatius.
Corporate and Eliminations –Administrative and general expenses were $6.2 million compared with $7.6 million in the preceding quarter. The reduction was primarily due to lower management bonus accruals, professional fees and public reporting costs. Derivative losses of $22.1 million were primarily due to market value changes on the Company’s treasury rate-lock agreement and treasury future contracts.
Capital Commitments– The Company’s unfunded capital commitments as of September 30, 2011 consisted primarily of offshore support vessels, helicopters, inland river tank barges, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $302.0 million, of which $102.0 million is payable during the remainder of 2011 with the balance payable through 2013.Ofthe total unfunded capital commitments, $45.7 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. Subsequent to September 30, 2011, the Company committed to purchase additional equipment for $30.0 million. As of September 30, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $707.3 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, 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, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, 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
Nine Months Ended
September 30,
September 30,
2011
2010
2011
2010
Operating Revenues
$
571,424
$
979,833
$
1,580,134
$
2,068,984
Costs and Expenses:
Operating
475,173
683,219
1,274,855
1,480,266
Administrative and general
40,117
50,627
132,448
137,626
Depreciation and amortization
38,678
41,312
119,807
124,317
553,968
775,158
1,527,110
1,742,209
Gains on Asset Dispositions and Impairments, Net
10,982
23,896
28,519
41,953
Operating Income
28,438
228,571
81,543
368,728
Other Income (Expense):
Interest income
5,554
2,562
12,599
5,788
Interest expense
(10,712
)
(10,274
)
(31,218
)
(33,862
)
Debt extinguishment losses, net
(51
)
—
(99
)
(368
)
Marketable security gains (losses), net
130
(54
)
(3,090
)
(3,499
)
Derivative gains (losses), net
(25,954
)
1,648
(35,873
)
(297
)
Foreign currency gains (losses), net
(3,218
)
7,585
3,361
(2,616
)
Other, net
(39
)
10
(273
)
656
(34,290
)
1,477
(54,593
)
(34,198
)
Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings of 50% or Less Owned Companies
(5,852
)
230,048
26,950
334,530
Income Tax Expense (Benefit)
(352
)
87,709
12,652
127,424
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies
(5,500
)
142,339
14,298
207,106
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
9,562
7,933
10,600
11,678
Net Income
4,062
150,272
24,898
218,784
Net Income attributable to Noncontrolling Interests in Subsidiaries
247
334
882
1,163
Net Income attributable to SEACOR Holdings Inc.
$
3,815
$
149,938
$
24,016
$
217,621
Basic Earnings Per Common Share of SEACOR Holdings Inc.
$
0.18
$
7.21
$
1.14
$
10.08
Diluted Earnings Per Common Share of SEACOR Holdings Inc.
$
0.18
$
7.14
$
1.12
$
9.99
Weighted Average Common Shares Outstanding:
Basic
21,202,480
20,786,721
21,158,110
21,590,917
Diluted
21,565,149
21,000,565
21,508,457
21,785,292
3
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited)
Three Months Ended
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Operating Revenues
$
571,424
$
536,446
$
472,264
$
580,384
$
979,833
Costs and Expenses:
Operating
475,173
428,671
371,011
449,961
683,219
Administrative and general
40,117
45,937
46,394
54,892
50,627
Depreciation and amortization
38,678
41,070
40,059
39,173
41,312
553,968
515,678
457,464
544,026
775,158
Gains on Asset Dispositions and Impairments, Net
10,982
10,282
7,255
3,285
23,896
Operating Income
28,438
31,050
22,055
39,643
228,571
Other Income (Expense):
Interest income
5,554
3,307
3,738
3,094
2,562
Interest expense
(10,712
)
(10,465
)
(10,041
)
(10,088
)
(10,274
)
Debt extinguishment losses, net
(51
)
—
(48
)
(1,092
)
—
Marketable security gains (losses), net
130
(4,754
)
1,534
1,340
(54
)
Derivative gains (losses), net
(25,954
)
(6,601
)
(3,318
)
6,502
1,648
Foreign currency gains (losses), net
(3,218
)
1,520
5,059
(3,511
)
7,585
Other, net
(39
)
(56
)
(178
)
3,061
10
(34,290
)
(17,049
)
(3,254
)
(694
)
1,477
Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings of 50% or Less Owned Companies
(5,852
)
14,001
18,801
38,949
230,048
Income Tax Expense (Benefit)
(352
)
5,638
7,366
13,250
87,709
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies
(5,500
)
8,363
11,435
25,699
142,339
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
9,562
1,004
34
1,501
7,933
Net Income
4,062
9,367
11,469
27,200
150,272
Net Income attributable to Noncontrolling Interests in Subsidiaries
247
336
299
97
334
Net Income attributable to SEACOR Holdings Inc.
$
3,815
$
9,031
$
11,170
$
27,103
$
149,938
Basic Earnings Per Common Share of SEACOR Holdings Inc.
$
0.18
$
0.43
$
0.53
$
1.30
$
7.21
Diluted Earnings Per Common Share of SEACOR Holdings Inc.
$
0.18
$
0.42
$
0.52
$
1.27
$
7.14
Weighted Average Common Shares of Outstanding:
Basic
21,202
21,166
21,105
20,843
20,787
Diluted
21,565
21,518
21,439
21,306
21,001
Common Shares Outstanding at Period End
21,715
21,679
21,652
21,400
21,231
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
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Offshore Marine Services
Operating Revenues
$
93,277
$
93,386
$
80,344
$
100,631
$
160,916
Costs and Expenses:
Operating
68,457
68,242
63,020
76,607
79,205
Administrative and general
10,687
11,078
11,770
13,037
12,378
Depreciation and amortization
11,785
12,205
12,533
12,279
12,758
90,929
91,525
87,323
101,923
104,341
Gains on Asset Dispositions
5,241
3,607
4,364
2,142
12,717
Operating Income (Loss)
7,589
5,468
(2,615
)
850
69,292
Other Income (Expense):
Foreign currency gains (losses), net
(2,129
)
(408
)
725
(154
)
977
Other, net
6
—
—
1
—
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
8,754
200
735
3,042
2,300
Segment Profit (Loss)
$
14,220
$
5,260
$
(1,155
)
$
3,739
$
72,569
Aviation Services
Operating Revenues
$
71,804
$
68,493
$
56,155
$
55,522
$
67,136
Costs and Expenses:
Operating
45,701
42,457
33,465
37,174
37,492
Administrative and general
6,841
6,229
7,020
7,042
7,274
Depreciation and amortization
9,093
12,390
11,919
11,287
10,889
61,635
61,076
52,404
55,503
55,655
Gains (Losses) on Asset Dispositions and Impairments, Net
4,894
6,172
2,194
(117
)
412
Operating Income (Loss)
15,063
13,589
5,945
(98
)
11,893
Other Income (Expense):
Derivative gains (losses), net
(807
)
(811
)
310
(27
)
(29
)
Foreign currency gains (losses), net
(95
)
338
353
166
(81
)
Other, net
—
—
—
—
50
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
106
1,054
(99
)
(83
)
663
Segment Profit (Loss)
$
14,267
$
14,170
$
6,509
$
(42
)
$
12,496
Inland River Services
Operating Revenues
$
47,875
$
41,442
$
46,469
$
52,284
$
41,381
Costs and Expenses:
Operating
31,196
28,717
27,884
29,542
26,535
Administrative and general
2,206
3,166
2,697
3,114
2,898
Depreciation and amortization
6,464
5,791
5,622
5,472
5,415
39,866
37,674
36,203
38,128
34,848
Gains (Losses) on Asset Dispositions
1,303
(22
)
697
697
29,445
Operating Income
9,312
3,746
10,963
14,853
35,978
Other Income (Expense):
Other, net
—
3
1
2,227
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
2,771
666
(256
)
(521
)
3,522
Segment Profit
$
12,083
$
4,415
$
10,708
$
16,559
$
39,500
5
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
Three Months Ended
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Marine Transportation Services
Operating Revenues
$
24,783
$
24,336
$
17,312
$
16,908
$
18,540
Costs and Expenses:
Operating
15,194
13,584
8,979
8,174
8,754
Administrative and general
2,044
2,146
1,417
2,040
1,087
Depreciation and amortization
5,833
5,728
4,978
5,309
7,320
23,071
21,458
15,374
15,523
17,161
Losses on Asset Impairments
—
—
—
—
(18,677
)
Operating Income (Loss)
1,712
2,878
1,938
1,385
(17,298
)
Other Income (Expense):
Foreign currency gains (losses), net
(18
)
6
16
(13
)
61
Other, net
131
56
—
—
—
Segment Profit (Loss)
$
1,825
$
2,940
$
1,954
$
1,372
$
(17,237
)
Environmental Services
Operating Revenues
$
40,415
$
48,466
$
63,086
$
163,380
$
468,226
Costs and Expenses:
Operating
28,872
31,662
44,044
116,346
329,497
Administrative and general
7,691
10,322
7,551
7,485
11,508
Depreciation and amortization
2,896
2,238
2,231
2,065
2,249
39,459
44,222
53,826
125,896
343,254
Gains (Losses) on Asset Dispositions
3
(19
)
—
563
—
Operating Income
959
4,225
9,260
38,047
124,972
Other Income (Expense):
Foreign currency gains (losses), net
(75
)
97
(51
)
(115
)
3
Other, net
—
2
—
1
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(93
)
132
(8
)
58
533
Segment Profit
$
791
$
4,456
$
9,201
$
37,991
$
125,508
Commodity Trading and Logistics
Operating Revenues
$
279,178
$
245,321
$
194,012
$
178,944
$
216,896
Costs and Expenses:
Operating
279,180
237,644
187,018
173,922
204,467
Administrative and general
1,944
2,202
2,660
1,184
3,716
Depreciation and amortization
12
12
13
13
13
281,136
239,858
189,691
175,119
208,196
Operating Income (Loss)
(1,958
)
5,463
4,321
3,825
8,700
Other Income (Expense):
Derivative gains (losses), net
(3,063
)
828
(4,750
)
(8,192
)
(5,307
)
Foreign currency gains (losses), net
153
(16
)
(5
)
26
190
Other, net
—
—
—
781
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(2,267
)
(1,051
)
51
(611
)
1,042
Segment Profit (Loss)
$
(7,135
)
$
5,224
$
(383
)
$
(4,171
)
$
4,625
6
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
Three Months Ended
Sep. 30,
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
2011
2011
2011
2010
2010
Other
Operating Revenues
$
16,741
$
17,921
$
17,536
$
16,395
$
20,031
Costs and Expenses:
Operating
9,117
9,158
9,142
11,872
10,559
Administrative and general
2,523
3,210
2,620
3,031
2,803
Depreciation and amortization
2,129
2,237
2,289
2,289
2,224
13,769
14,605
14,051
17,192
15,586
Gains (Losses) on Asset Dispositions
(315
)
544
—
—
—
Operating Income (Loss)
2,657
3,860
3,485
(797
)
4,445
Other Income (Expense):
Foreign currency gains (losses), net
(75
)
(24
)
1
(17
)
34
Other, net
(1
)
—
(1
)
10
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
291
3
(389
)
(384
)
(127
)
Segment Profit (Loss)
$
2,872
$
3,839
$
3,096
$
(1,188
)
$
4,352
Corporate and Eliminations
Operating Revenues
$
(2,649
)
$
(2,919
)
$
(2,650
)
$
(3,680
)
$
(13,293
)
Costs and Expenses:
Operating
(2,544
)
(2,793
)
(2,541
)
(3,676
)
(13,290
)
Administrative and general
6,181
7,584
10,659
17,959
8,963
Depreciation and amortization
466
469
474
459
444
4,103
5,260
8,592
14,742
(3,883
)
Losses on Asset Dispositions and Impairments
(144
)
—
—
—
(1
)
Operating Loss
$
(6,896
)
$
(8,179
)
$
(11,242
)
$
(18,422
)
$
(9,411
)
Other Income (Expense):
Derivative gains (losses), net
$
(22,084
)
$
(6,618
)
$
1,122
$
14,721
$
6,984
Foreign currency gains (losses), net
(979
)
1,527
4,020
(3,404
)
6,401
Other, net
(175
)
(117
)
(178
)
41
(40
)
7
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
Sep. 30,
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
2011
2011
2011
2010
2010
ASSETS
Current Assets:
Cash and cash equivalents
$
306,465
$
366,813
$
409,716
$
370,028
$
662,278
Restricted cash
19,474
12,976
19,545
12,651
14,823
Marketable securities
82,978
105,608
149,026
147,409
103,150
Receivables:
Trade, net of allowance for doubtful accounts
316,633
321,244
324,218
450,912
512,131
Other
52,719
48,825
55,475
72,448
44,550
Inventories
75,906
87,131
97,405
67,498
66,024
Deferred income taxes
5,442
5,442
5,442
5,442
3,354
Prepaid expenses and other
14,637
24,979
22,794
18,414
17,570
Total current assets
874,254
973,018
1,083,621
1,144,802
1,423,880
Property and Equipment
2,985,583
2,942,637
2,862,386
2,803,754
2,899,150
Accumulated depreciation
(918,914
)
(900,979
)
(875,140
)
(835,032
)
(850,428
)
Net property and equipment
2,066,669
2,041,658
1,987,246
1,968,722
2,048,722
Investments, at Equity, and Advances to 50% or Less Owned Companies
245,885
210,372
190,472
182,387
148,334
Construction Reserve Funds & Title XI Reserve Funds
298,345
314,679
331,689
323,885
272,259
Goodwill
62,424
62,467
61,864
61,779
54,764
Intangible Assets
16,427
18,448
19,810
21,169
21,627
Other Assets, net of allowance for doubtful accounts
98,314
85,118
59,996
57,645
52,846
$
3,662,318
$
3,705,760
$
3,734,698
$
3,760,389
$
4,022,432
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt
$
23,138
$
20,568
$
18,106
$
14,618
$
13,809
Current portion of capital lease obligations
1,081
1,064
1,047
1,030
1,014
Accounts payable and accrued expenses
208,432
212,357
275,991
322,785
336,968
Other current liabilities
208,816
232,309
205,546
197,080
237,738
Total current liabilities
441,467
466,298
500,690
535,513
589,529
Long-Term Debt
669,573
690,774
694,872
697,427
681,268
Capital Lease Obligations
4,598
4,901
5,200
5,493
5,783
Deferred Income Taxes
565,078
561,477
563,023
567,880
586,466
Deferred Gains and Other Liabilities
138,969
146,853
150,593
156,711
88,130
Total liabilities
1,819,685
1,870,303
1,914,378
1,963,024
1,951,176
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock
—
—
—
—
—
Common stock
364
363
363
361
358
Additional paid-in capital
1,245,436
1,239,502
1,233,250
1,225,296
1,196,445
Retained earnings
1,495,639
1,491,824
1,482,793
1,471,623
1,764,202
Shares held in treasury, at cost
(900,225
)
(901,460
)
(901,386
)
(903,004
)
(891,887
)
Accumulated other comprehensive loss
(9,644
)
(6,843
)
(5,724
)
(7,039
)
(7,568
)
1,831,570
1,823,386
1,809,296
1,787,237
2,061,550
Noncontrolling interests in subsidiaries
11,063
12,071
11,024
10,128
9,706
Total equity
1,842,633
1,835,457
1,820,320
1,797,365
2,071,256
$
3,662,318
$
3,705,760
$
3,734,698
$
3,760,389
$
4,022,432
8
SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Offshore Marine Services
Anchor handling towing supply
19
19
19
20
20
Crew
50
52
52
52
54
Mini-supply
8
8
9
9
12
Standby safety
27
26
26
26
26
Supply
29
28
26
27
27
Towing supply
5
6
7
8
8
Specialty
11
11
12
12
12
149
150
151
154
159
Aviation Services
Light helicopters – single engine
60
61
61
60
60
Light helicopters – twin engine
45
44
44
45
45
Medium helicopters
65
65
63
62
59
Heavy helicopters
7
7
9
9
9
177
177
177
176
173
Inland River Services
Inland river dry-cargo barges
1,489
1,492
1,497
1,388
1,394
Inland river liquid tank barges
79
80
80
80
86
Inland river deck barges
20
26
26
26
26
Inland river towboats
31
31
32
32
32
Dry-cargo vessel
1
1
1
1
1
1,620
1,630
1,636
1,527
1,539
Marine Transportation Services
U.S.-flag product tankers
8
8
8
8
8
RORO vessels
8
8
—
—
—
16
16
8
8
8
Other
Harbor and offshore tugs
28
28
29
30
31
Ocean liquid tank barges
5
5
5
5
5
33
33
34
35
36
9
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