SEACOR HOLDINGS ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2012
Fort Lauderdale, Florida April 24, 2012
FOR IMMEDIATE RELEASE —SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the first quarter ended March 31, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2012 was $36.5 million, or $1.75 per diluted share, including net income from discontinued operations of $19.4 million, or $0.93 per diluted share. During the first quarter, the Company disposed of certain companies and assets that were part of its Environmental Services business segment for a net sales price of $99.9 million. Operating results for all periods presented have been restated to reflect results for the part of the business that was sold as income (loss) from discontinued operations, net of tax.
For the preceding quarter ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $17.0 million, or $0.80 per diluted share, including net income from discontinued operations of $9.7 million, or $0.45 per diluted share. A comparison of results for the quarter ended March 31, 2012 with the preceding quarter ended December 31, 2011 is included in the “Highlights for the Quarter” discussion below.
For the quarter ended March 31, 2011, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.52 per diluted share, including a net loss from discontinued operations of $1.2 million, or $0.06 per diluted share.
Highlights for the Quarter
Offshore Marine Services– Operating income was $22.9 million on operating revenues of $121.1 million compared with operating income of $16.1 million on operating revenues of $109.8 million in the preceding quarter. First quarter results included $1.8 million in gains on asset dispositions compared with $1.4 million in gains in the preceding quarter. First quarter results also included the contribution of the Company’s fleet of wind farm utility vessels acquired in December 2011. During the first quarter, these vessels contributed operating revenues of $6.0 million with an average day rate of $2,431 per day and a utilization rate of 86.0%.
In the first quarter, excluding the contribution of wind farm utility vessels, the total number of days available for charter decreased by 259 days, or 2.5%; utilization increased from 79.7% to 80.6%; and average day rates increased by 8.1% from $12,187 per day to $13,174 per day.
In the U.S. Gulf of Mexico, operating income was $8.4 million higher in the first quarter primarily due to an increase in revenues from rig moving activity. Utilization was 73.1% compared with 70.3% in the preceding quarter and average day rates increased from $12,523 per day to $14,964 per day. As of March 31, 2012, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico, the same as of December 31, 2011.
In international regions, excluding the wind farm utility vessels, operating income was $1.8 million lower in the first quarter. Time charter revenues were $0.6 million lower primarily due to fewer days available and a decrease in utilization, which was 85.6% compared with 86.2% in the preceding quarter. Average day rates increased from $11,999 per day to $12,149 per day. Other revenues were $1.8 million lower primarily due a decrease in mobilization and other marine services. Operating expenses were $1.2 million higher primarily due to increased drydocking activity.
Administrative and general expenses were $1.8 million lower in the first quarter primarily due to lower wage and benefit costs and a reduction in legal expenses.
Equity in earnings increased by $2.3 million in the first quarter primarily due to the commencement of a long-term charter for a vessel in one of Offshore Marine Services’ joint ventures in November 2011.
Aviation Services– Operating income was $3.8 million on operating revenues of $61.1 million compared with operating income of $1.5 million on operating revenues of $61.7 million in the preceding quarter. During the first quarter, Aviation Services deferred $2.8 million of contract-leasing revenues from its Brazilian joint venture and recognized an impairment charge of $5.9 million, net of tax, on its investment. These adjustments resulted from difficulties experienced by the joint venture following one of its customers’ cancellation of certain contracts for a number of AW139 aircraft under contract-lease from Aviation Services.
In the U.S. Gulf of Mexico, operating revenues were $3.2 million higher primarily due to contracts for newly delivered aircraft, an increase in activity with existing customers and additional charter activity. This increase was offset by $1.1 million of revenue reductions in Alaska following the conclusion of seasonal firefighting contracts and the temporary postponement of a contract that is scheduled to resume later in 2012.
Operating expenses were $1.4 million lower in the first quarter primarily due to the recognition of vendor credits, partially offset by higher insurance premiums due to the addition of new aircraft, increased activity and additional maintenance expense due to the timing of repairs.
Administrative and general expenses were $2.1 million lower in the first quarter primarily due to severance costs associated with a change in executive management in the preceding quarter, partially offset by the recognition in the first quarter of previously deferred legal and professional expenses.
Inland River Services- Operating income was $9.2 million on operating revenues of $53.5 million compared with operating income of $12.3 million on operating revenues of $51.9 million in the preceding quarter. Results for the first quarter included the contribution of Lewis & Clark, acquired in December 2011, which contributed operating revenues of $8.5 million. Operating results for the pooled hopper barge fleet were lower in the first quarter primarily due to poor river conditions and weak demand for barge freight resulting in idling a portion of the fleet.
Marine Transportation Services– Operating income was $2.4 million on operating revenues of $26.3 million compared with operating income of $3.7 million on operating revenues of $26.7 million in the preceding quarter. Fourth quarter results included $1.1 million in gains on asset dispositions following the sale of theSeabulk America. Operating results for Marine Transportation Services’ U.S.-flag product tanker fleet were lower primarily due to increases in insurance deductibles and higher repair and maintenance costs. Operating results for its foreign flag Roll-on/Roll-off vessels were higher primarily due to reduced legal fees.
Emergency and Crisis Services– As noted above, the Company sold part of its Environmental Services business segment in March 2012. The remaining business within the segment, renamed Emergency and Crisis Services, reported an operating loss of $0.4 million on operating revenues of $10.2 million compared with operating income of $3.1 million on operating revenues of $16.8 million in the preceding quarter. The reduction in operating income was primarily due to a reduction in debris activity, continuing reduction in activity associated with theDeepwater Horizonincident and seasonal reductions in professional services.
Commodity Trading and Logistics– Segment profit was $5.6 million on operating revenues of $209.7 million compared with segment profit of $1.4 million on operating revenues of $237.2 million in the preceding quarter. Segment results improved primarily due to the recognition of a gain of $6.0 million, net of tax, arising from Company’s acquisition of a controlling interest in its alcohol manufacturing joint venture. Results from this joint venture were consolidated effective February 1, 2012.
Other– Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.2 million on operating revenues of $19.9 million compared with operating income of $1.7 million on operating revenues of $17.7 million in the preceding quarter. The increase in operating income was primarily due to increased traffic and the addition of bareboat charter revenues for one tug contracted to a third party in Port Arthur, a decrease in charter-in expenses at the Company’s terminal operation in St. Eustatius, and lower wage and benefit costs and professional fees. Corporate and Eliminations –Administrative and general expenses were $9.0 million compared with $10.5 million in the preceding quarter. The decrease was primarily due to lower management bonus accruals and reduced professional fees.
Interest Expense –In the first quarter, interest expense was $12.0 million compared with $10.0 million in the preceding quarter. The increase was primarily due to interest expense on borrowings from Era Group Inc.’s $350.0 million senior secured revolving credit facility entered into on December 22, 2011.
Debt Repurchases– During the first quarter, the Company purchased $5.5 million, in principal amount, of its 5.875% Senior Notes due 2012 for $5.7 million, resulting in debt extinguishment losses of $0.2 million.
Capital Commitments– The Company’s unfunded capital commitments as of March 31, 2012 consisted primarily of offshore support vessels, helicopters, inland river tank barges, harbor tugs, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $343.0 million, of which $157.7 million is payable during 2012 with the balance payable through 2016.Ofthe total unfunded capital commitments, $44.9 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. As of March 31, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $636.4 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; emergency and crisis; 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.
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 Emergency and Crisis Services’ ability to comply with such regulation and other governmental regulation, 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 and Form 8-K (if any), which are incorporated by reference.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website atwww.seacorholdings.com.
1
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited)
Three Months Ended
March 31,
2012
2011
Operating Revenues
$
497,885
$
438,011
Costs and Expenses:
Operating
384,112
341,743
Administrative and general
46,178
41,654
Depreciation and amortization
39,327
38,330
469,617
421,727
Gains on Asset Dispositions and Impairments, Net
5,542
7,255
Operating Income
33,810
23,539
Other Income (Expense):
Interest income
2,976
3,732
Interest expense
(12,024
)
(10,040
)
Debt extinguishment losses, net
(160
)
(48
)
Marketable security gains, net
3,358
1,534
Derivative losses, net
(4,119
)
(3,318
)
Foreign currency gains, net
2,552
5,059
Other, net
(54
)
(178
)
(7,471
)
(3,259
)
Income from Continuing Operations Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies
26,339
20,280
Income Tax Expense
10,608
7,673
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies
15,731
12,607
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
1,242
42
Income from Continuing Operations
16,973
12,649
Income (Loss) from Discontinued Operations, Net of Tax
19,400
(1,180
)
Net Income
36,373
11,469
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries
(115
)
299
Net Income attributable to SEACOR Holdings Inc.
$
36,488
$
11,170
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations
$
17,088
$
12,350
Discontinued operations
19,400
(1,180
)
$
36,488
$
11,170
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations
$
0.83
$
0.59
Discontinued operations
0.95
(0.06
)
$
1.78
$
0.53
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations
$
0.82
$
0.58
Discontinued operations
0.93
(0.06
)
$
1.75
$
0.52
Weighted Average Common Shares Outstanding:
Basic
20,519,660
21,104,739
Diluted
20,893,210
21,439,424
2
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited)
Three Months Ended
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Operating Revenues
$
497,885
$
518,954
$
545,089
$
509,283
$
438,011
Costs and Expenses:
Operating
384,112
412,042
455,442
409,365
341,743
Administrative and general
46,178
50,731
35,387
39,170
41,654
Depreciation and amortization
39,327
35,395
36,437
39,330
38,330
469,617
498,168
527,266
487,865
421,727
Gains on Asset Dispositions and Impairments, Net
5,542
5,469
10,986
10,301
7,255
Operating Income
33,810
26,255
28,809
31,719
23,539
Other Income (Expense):
Interest income
2,976
1,127
5,462
3,297
3,732
Interest expense
(12,024
)
(10,027
)
(10,711
)
(10,465
)
(10,040
)
Debt extinguishment losses, net
(160
)
—
(51
)
—
(48
)
Marketable security gains (losses), net
3,358
(4,803
)
130
(4,754
)
1,534
Derivative losses, net
(4,119
)
(262
)
(25,954
)
(6,601
)
(3,318
)
Foreign currency gains (losses), net
2,552
(2,600
)
(3,126
)
1,416
5,059
Other, net
(54
)
1,133
(39
)
(56
)
(178
)
(7,471
)
(15,432
)
(34,289
)
(17,163
)
(3,259
)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies
26,339
10,823
(5,480
)
14,556
20,280
Income Tax Expense (Benefit)
10,608
2,645
(669
)
5,877
7,673
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
15,731
8,178
(4,811
)
8,679
12,607
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
1,242
(579
)
9,655
872
42
Income from Continuing Operations
16,973
7,599
4,844
9,551
12,649
Income (Loss) from Discontinued Operations, Net of Tax
19,400
9,653
(782
)
(184
)
(1,180
)
Net Income
36,373
17,252
4,062
9,367
11,469
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries
(115
)
212
247
336
299
Net Income attributable to SEACOR Holdings Inc.
$
36,488
$
17,040
$
3,815
$
9,031
$
11,170
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations
$
17,088
$
7,387
$
4,597
$
9,215
$
12,350
Discontinued operations
19,400
9,653
(782
)
(184
)
(1,180
)
$
36,488
$
17,040
$
3,815
$
9,031
$
11,170
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations
$
0.83
$
0.35
$
0.22
$
0.44
$
0.59
Discontinued operations
0.95
0.46
(0.04
)
(0.01
)
(0.06
)
$
1.78
$
0.81
$
0.18
$
0.43
$
0.53
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations
$
0.82
$
0.35
$
0.21
$
0.43
$
0.58
Discontinued operations
0.93
0.45
(0.03
)
(0.01
)
(0.06
)
$
1.75
$
0.80
$
0.18
$
0.42
$
0.52
Weighted Average Common Shares of Outstanding:
Basic
20,520
21,005
21,202
21,166
21,105
Diluted
20,893
21,354
21,565
21,518
21,439
Common Shares Outstanding at Period End
21,114
20,933
21,715
21,679
21,652
3
SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited)
Three Months Ended
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Offshore Marine Services
Operating Revenues
$
121,086
$
109,781
$
93,277
$
93,386
$
80,344
Costs and Expenses:
Operating
75,340
69,484
68,457
68,242
63,020
Administrative and general
11,856
13,666
10,687
11,078
11,770
Depreciation and amortization
12,882
11,954
11,785
12,205
12,533
100,078
95,104
90,929
91,525
87,323
Gains on Asset Dispositions
1,845
1,449
5,241
3,607
4,364
Operating Income (Loss)
22,853
16,126
7,589
5,468
(2,615
)
Other Income (Expense):
Foreign currency gains (losses), net
1,123
(1,290
)
(2,129
)
(408
)
725
Other, net
—
272
6
—
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
1,829
(500
)
8,754
200
735
Segment Profit (Loss)
$
25,805
$
14,608
$
14,220
$
5,260
$
(1,155
)
Aviation Services
Operating Revenues
$
61,052
$
61,696
$
71,804
$
68,493
$
56,155
Costs and Expenses:
Operating
39,676
41,084
45,701
42,457
33,465
Administrative and general
9,677
11,803
6,841
6,229
7,020
Depreciation and amortization
9,630
9,210
9,093
12,390
11,919
58,983
62,097
61,635
61,076
52,404
Gains on Asset Dispositions and Impairments, Net
1,765
1,912
4,894
6,172
2,194
Operating Income
3,834
1,511
15,063
13,589
5,945
Other Income (Expense):
Derivative gains (losses), net
(124
)
(18
)
(807
)
(811
)
310
Foreign currency gains (losses), net
917
(80
)
(95
)
338
353
Other, net
30
9
—
—
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(6,419
)
(979
)
106
1,054
(99
)
Segment Profit (Loss)
$
(1,762
)
$
443
$
14,267
$
14,170
$
6,509
Inland River Services
Operating Revenues
$
53,490
$
51,871
$
47,875
$
41,442
$
46,469
Costs and Expenses:
Operating
35,183
31,702
31,196
28,717
27,884
Administrative and general
3,982
3,270
2,206
3,166
2,697
Depreciation and amortization
7,007
5,617
6,464
5,791
5,622
46,172
40,589
39,866
37,674
36,203
Gains (Losses) on Asset Dispositions
1,927
986
1,303
(22
)
697
Operating Income
9,245
12,268
9,312
3,746
10,963
Other Income (Expense):
Foreign currency losses, net
(22
)
—
—
—
—
Other, net
—
—
—
3
1
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
250
955
2,771
666
(256
)
Segment Profit
$
9,473
$
13,223
$
12,083
$
4,415
$
10,708
4
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
Three Months Ended
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Marine Transportation Services
Operating Revenues
$
26,283
$
26,705
$
24,783
$
24,336
$
17,312
Costs and Expenses:
Operating
15,758
15,338
15,194
13,584
8,979
Administrative and general
2,475
3,257
2,044
2,146
1,417
Depreciation and amortization
5,651
5,540
5,833
5,728
4,978
23,884
24,135
23,071
21,458
15,374
Gains on Asset Dispositions
—
1,125
—
—
—
Operating Income
2,399
3,695
1,712
2,878
1,938
Other Income (Expense):
Foreign currency gains (losses), net
9
(15
)
(18
)
6
16
Other, net
30
87
131
56
—
Equity in Losses of 50% or Less Owned Companies, Net of Tax
(217
)
(74
)
—
—
—
Segment Profit
$
2,221
$
3,693
$
1,825
$
2,940
$
1,954
Emergency and Crisis Services
Operating Revenues
$
10,215
$
16,763
$
14,080
$
21,275
$
28,833
Costs and Expenses:
Operating
6,873
10,145
9,141
12,328
14,776
Administrative and general
3,254
3,030
2,961
3,555
2,811
Depreciation and amortization
484
486
655
498
502
10,611
13,661
12,757
16,381
18,089
Gains on Asset Dispositions
5
—
7
—
—
Operating Income (Loss)
(391
)
3,102
1,330
4,894
10,744
Other Income (Expense):
Foreign currency gains (losses), net
14
(14
)
17
(7
)
(51
)
Other, net
—
—
—
2
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
67
(4
)
—
—
—
Segment Profit (Loss)
$
(310
)
$
3,084
$
1,347
$
4,889
$
10,693
Commodity Trading and Logistics
Operating Revenues
$
209,696
$
237,177
$
279,178
$
245,321
$
194,012
Costs and Expenses:
Operating
203,233
236,664
279,180
237,644
187,018
Administrative and general
3,141
1,598
1,944
2,202
2,660
Depreciation and amortization
1,060
20
12
12
13
207,434
238,282
281,136
239,858
189,691
Operating Income (Loss)
2,262
(1,105
)
(1,958
)
5,463
4,321
Other Income (Expense):
Derivative gains (losses), net
(2,939
)
1,251
(3,063
)
828
(4,750
)
Foreign currency gains (losses), net
79
(28
)
153
(16
)
(5
)
Other, net
—
(167
)
—
—
—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
6,154
1,452
(2,267
)
(1,051
)
51
Segment Profit (Loss)
$
5,556
$
1,403
$
(7,135
)
$
5,224
$
(383
)
5
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
Three Months Ended
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
2012
2011
2011
2011
2011
Other
Operating Revenues
$
19,944
$
17,730
$
16,741
$
17,921
$
17,536
Costs and Expenses:
Operating
11,814
10,274
9,117
9,158
9,142
Administrative and general
2,817
3,589
2,523
3,210
2,620
Depreciation and amortization
2,158
2,119
2,129
2,237
2,289
16,789
15,982
13,769
14,605
14,051
Gains (Losses) on Asset Dispositions
—
(3
)
(315
)
544
—
Operating Income
3,155
1,745
2,657
3,860
3,485
Other Income (Expense):
Foreign currency gains (losses), net
(16
)
—
(75
)
(24
)
1
Other, net
—
983
(1
)
—
(1
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(422
)
(1,429
)
291
3
(389
)
Segment Profit
$
2,717
$
1,299
$
2,872
$
3,839
$
3,096
Corporate and Eliminations
Operating Revenues
$
(3,881
)
$
(2,769
)
$
(2,649
)
$
(2,891
)
$
(2,650
)
Costs and Expenses:
Operating
(3,765
)
(2,649
)
(2,544
)
(2,765
)
(2,541
)
Administrative and general
8,976
10,518
6,181
7,584
10,659
Depreciation and amortization
455
449
466
469
474
5,666
8,318
4,103
5,288
8,592
Losses on Asset Dispositions and Impairments
—
—
(144
)
—
—
Operating Loss
$
(9,547
)
$
(11,087
)
$
(6,896
)
$
(8,179
)
$
(11,242
)
Other Income (Expense):
Derivative gains (losses), net
$
(1,056
)
$
(1,495
)
$
(22,084
)
$
(6,618
)
$
1,122
Foreign currency gains (losses), net
448
(1,173
)
(979
)
1,527
4,020
Other, net
(114
)
(51
)
(175
)
(117
)
(178
)
6
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
2012
2011
2011
2011
2011
ASSETS
Current Assets:
Cash and cash equivalents
$
281,977
$
462,188
$
301,603
$
362,825
$
405,818
Restricted cash
25,958
21,281
19,474
12,976
19,545
Marketable securities
68,586
66,898
82,978
105,608
149,026
Receivables:
Trade, net of allowance for doubtful accounts
299,484
303,843
280,434
277,301
227,639
Other
41,699
51,793
51,318
47,852
54,669
Inventories
94,329
69,109
70,623
83,119
92,523
Deferred income taxes
11,123
11,123
5,136
5,136
5,136
Prepaid expenses and other
11,384
9,323
13,704
23,461
21,355
Discontinued operations
4,019
44,989
48,984
54,740
107,910
Total current assets
838,559
1,040,547
874,254
973,018
1,083,621
Property and Equipment
3,314,759
3,018,145
2,900,843
2,859,773
2,781,655
Accumulated depreciation
(905,362
)
(867,914
)
(868,986
)
(852,648
)
(828,295
)
Net property and equipment
2,409,397
2,150,231
2,031,857
2,007,125
1,953,360
Investments, at Equity, and Advances to 50% or Less Owned Companies
220,772
249,753
243,678
208,021
188,325
Construction Reserve Funds & Title XI Reserve Funds
259,926
259,974
298,345
314,679
331,689
Goodwill
57,054
57,054
54,410
54,454
53,851
Intangible Assets
22,132
21,528
16,055
17,396
18,572
Other Assets, net of allowance for doubtful accounts
99,113
102,348
97,724
84,588
59,387
Discontinued Operations
—
46,699
45,995
46,479
45,893
$
3,906,953
$
3,928,134
$
3,662,318
$
3,705,760
$
3,734,698
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt
$
22,078
$
41,091
$
23,138
$
20,568
$
18,106
Current portion of capital lease obligations
2,289
2,368
1,081
1,064
1,047
Accounts payable and accrued expenses
142,410
185,156
170,680
164,359
189,392
Other current liabilities
176,558
150,864
191,475
216,031
191,967
Discontinued operations
650
22,047
55,093
64,276
100,178
Total current liabilities
343,985
401,526
441,467
466,298
500,690
Long-Term Debt
976,872
995,450
669,573
690,774
694,872
Capital Lease Obligations
2,848
3,068
4,598
4,901
5,200
Deferred Income Taxes
576,195
566,920
560,484
557,013
558,134
Deferred Gains and Other Liabilities
135,695
143,390
137,783
145,815
149,211
Discontinued Operations
—
9,717
5,780
5,502
6,271
Total liabilities
2,035,595
2,120,071
1,819,685
1,870,303
1,914,378
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock
—
—
—
—
—
Common stock
366
364
364
363
363
Additional paid-in capital
1,265,708
1,256,209
1,245,436
1,239,502
1,233,250
Retained earnings
1,549,167
1,512,679
1,495,639
1,491,824
1,482,793
Shares held in treasury, at cost
(970,023
)
(971,687
)
(900,225
)
(901,460
)
(901,386
)
Accumulated other comprehensive loss
(5,369
)
(7,958
)
(9,644
)
(6,843
)
(5,724
)
1,839,849
1,789,607
1,831,570
1,823,386
1,809,296
Noncontrolling interests in subsidiaries
31,509
18,456
11,063
12,071
11,024
Total equity
1,871,358
1,808,063
1,842,633
1,835,457
1,820,320
$
3,906,953
$
3,928,134
$
3,662,318
$
3,705,760
$
3,734,698
7
SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Offshore Marine Services
Anchor handling towing supply
19
19
19
19
19
Crew
48
49
50
52
52
Mini-supply
9
8
8
8
9
Standby safety
26
26
27
26
26
Supply
28
30
29
28
26
Towing supply
5
5
5
6
7
Liftboats
20
2
2
2
2
Specialty
9
9
9
9
10
Wind farm utility
30
29
—
—
—
194
177
149
150
151
Aviation Services
Light helicopters – single engine
58
58
60
61
61
Light helicopters – twin engine
46
45
45
44
44
Medium helicopters
66
65
65
65
63
Heavy helicopters
8
7
7
7
9
178
175
177
177
177
Inland River Services
Inland river dry-cargo barges
1,479
1,496
1,489
1,492
1,497
Inland river liquid tank barges
77
77
79
80
80
Inland river deck barges
20
20
20
26
26
Inland river towboats
30
31
31
31
32
Dry-cargo vessel
1
1
1
1
1
1,607
1,625
1,620
1,630
1,636
Marine Transportation Services
U.S.-flag product tankers
7
7
8
8
8
RORO vessels
8
8
8
8
—
15
15
16
16
8
Other
Harbor and offshore tugs
28
28
28
28
29
Ocean liquid tank barges
5
5
5
5
5
33
33
33
33
34
8
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