EXHIBIT 99.1
------------
PRESS RELEASE
SEACOR HOLDINGS ANNOUNCES FIRST QUARTER RESULTS
Fort Lauderdale, Florida
April 23, 2008
FOR IMMEDIATE RELEASE --SEACOR Holdings Inc. (NYSE:CKH) announced net income for
the first quarter ended March 31, 2008 of $37.9 million, or $1.50 per diluted
share, on operating revenues of $354.5 million. For the quarter ended March 31,
2007, net income was $38.2 million, or $1.40 per diluted share, on operating
revenues of $310.8 million.
For the preceding quarter ended December 31, 2007, net income was $67.9 million,
or $2.62 per diluted share, on operating revenues of $363.1 million. Comparison
of results for the first quarter ended March 31, 2008 with the preceding quarter
ended December 31, 2007 is included in the discussion below.
HIGHLIGHTS FOR THE QUARTER
OFFSHORE MARINE SERVICES - Operating income in the first quarter was $40.6
million on operating revenues of $154.6 million compared with operating income
of $66.1 million on operating revenues of $170.4 million in the preceding
quarter. First quarter results included $7.1 million in gains on asset
dispositions compared with $22.5 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $10.2
million lower than in the preceding quarter. The decrease was primarily due to
the commencement of the regulatory repair and upgrade program of the Company's
large AHTS vessels scheduled for the first half of the year. In the first
quarter, this resulted in 87 days of out-of-service time as well as the costs of
repairs. In addition, five vessels mobilized between geographic regions
incurring mobilization expenses and off-hire time.
The number of days available for charter in the first quarter decreased by 648
or 3.8% as a result of a net decrease in fleet count and a shorter quarter.
Overall utilization increased from 75.8% to 76.7% and overall average day rates
were lower at $11,783 per day compared with $12,262 per day in the preceding
quarter.
One supply vessel and one fast support vessel were delivered in the first
quarter and both were mobilizing to term contracts internationally at the end of
the quarter. The fast support vessel is the first of the Company's new Crewzer
class, the SEACOR Cheetah.
MARINE TRANSPORTATION SERVICES - Marine Transportation Services reported
operating income in the first quarter of $6.9 million on operating revenues of
$29.0 million, compared with an operating loss of $6.5 million on operating
revenues of $31.8 million in the preceding quarter.
Operating results were positively impacted by a one-time payment of $1.5 million
related to the early termination of a charter party agreement and fewer
out-of-service days for regulatory drydockings. In addition, the Seabulk Power
and Seabulk Magnachem completed contracts to transport grain under the World
Food Program in the first quarter and were subsequently sold for scrapping.
Gains of $3.6 million realized from the sales of these vessels were partially
offset by net voyage expenses of $0.6 million.
The Seabulk America, operating under a contract of affreightment, reported an
operating loss of $0.8 million in the quarter as a result of a reduction in
cargo volumes from the Gulf of Mexico to the West Coast. The Seabulk Challenge
reported an operating loss of $2.3 million due to being off-hire for 21 days
while undergoing repairs.
1
INLAND RIVER SERVICES - Operating income in the first quarter was $8.0 million
on operating revenues of $30.1 million compared with operating income of $34.4
million on operating revenues of $33.9 million in the preceding quarter. First
quarter results included $0.7 million in gains on asset dispositions compared
with $22.7 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $4.4
million lower in the first quarter primarily due to lower spot rates for grain
and non-grain cargoes, unfavorable operating conditions and higher operating
costs. Early in the quarter, activity in the upper river systems was restricted
by ice and later in the quarter, heavy rainfall in the Midwest created high
water conditions and restrictions throughout the entire river system.
AVIATION SERVICES - Operating income in the first quarter was $1.9 million on
operating revenues of $53.8 million compared with operating income of $2.0
million on operating revenues of $51.3 million in the preceding quarter. First
quarter results included $0.4 million in gains on asset dispositions compared to
$2.0 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was $1.5
million higher in the first quarter primarily due to improved performance of the
air medical services business. Operating expenses in the Gulf of Mexico were
higher primarily due to the timing of fleet repairs and maintenance, partially
offset by additional hurricane related insurance recoveries.
ENVIRONMENTAL SERVICES - Operating income in the first quarter was $4.8 million
on operating revenues of $42.5 million compared with operating income of $10.0
million on operating revenues of $55.9 million in the preceding quarter. The
decrease in operating income was largely due to a reduction in spill response
activity compared with the preceding quarter.
OTHER - During the first quarter, SEACOR's commodity merchandising group, which
focuses on renewable fuels and rice, contributed operating income of $1.2
million on operating revenues of $28.7 million compared with an operating loss
of $0.9 million on operating revenues of $6.3 million in the preceding quarter.
Operating income from Harbor and Offshore Towing Services in the first quarter
was $1.1 million on operating revenues of $16.3 million compared with operating
income of $1.8 million on operating revenues of $13.5 million in the preceding
quarter. Operating results in the first quarter were affected by higher
drydocking and fuel costs and the cost of providing third-party equipment to
support the start-up of a new terminal operation in St. Eustatius.
DERIVATIVES - Derivative gains were $6.5 million in the first quarter compared
with gains of $5.7 million in the preceding quarter.
FOREIGN CURRENCIES - Foreign currency gains of $2.6 million in the current
quarter were primarily due to the translation of certain Euro denominated
investments.
MARKETABLE SECURITIES - Marketable security losses were $5.7 million in the
first quarter compared with losses of $1.2 million in the preceding quarter.
EQUITY IN EARNINGS OF 50% OR LESS OWNED COMPANIES - Equity in earnings from
joint ventures was $4.6 million in the first quarter compared with equity in
earnings of $8.6 million in the preceding quarter. During the first quarter, the
Company realized a gain of $1.9 million, net of tax, arising from the sale of a
vessel in one of its offshore marine services joint ventures. During the
preceding quarter, the Company disposed of its interest in certain South
American offshore marine services joint ventures, resulting in earnings of $5.0
million, net of tax.
STOCK AND DEBT REPURCHASES - The Company also announced today that its Board of
Directors has increased its authorization for repurchases of SEACOR's common
stock and its 2.875% convertible senior debentures due 2024 by $70.9 million for
a total authorized expenditure of up to $150 million for the purchase of such
securities. In addition, SEACOR may purchase, separate from such authorization,
any or all of its 7.2% senior notes due 2009, its 5 7/8% senior notes due 2012,
and the 9 1/2% senior notes due 2013 of Seabulk International, Inc., a
wholly-owned subsidiary. The repurchase of securities may be conducted from time
to time through open market purchases, privately negotiated transactions or
otherwise depending on market conditions.
2
During the first quarter, the Company purchased 545,400 shares of its common
stock at an average price of $84.16 per share. At the end of the quarter,
22,222,989 shares of SEACOR's common stock remained outstanding.
CAPITAL COMMITMENTS - The Company's unfunded capital commitments as of March 31,
2008, consisted primarily of marine service vessels, harbor tugs, helicopters,
and barges and totaled $410.5 million, of which $273.5 million is payable during
the remainder of 2008 and the balance payable through 2010. Of these
commitments, approximately $65.1 million may be terminated without further
liability other than the payment of liquidated damages of $5.2 million in the
aggregate. As of March 31, 2008, the Company held balances of Cash, Cash
Equivalents, Restricted Cash, Securities, Construction Reserve Funds and Title
XI Reserve Funds totaling $973.3 million.
* * * * *
3
SEACOR is a global provider of marine support and transportation services,
primarily to the energy and chemical industries. SEACOR and its subsidiaries
provide customers with a full suite of marine-related services including
offshore services, U.S. coastwise shipping, inland river services, aviation
services, environmental services, and offshore and harbor towing services.
SEACOR is focused on providing highly responsive local service, combined with
the highest safety standards, innovative technology, modern efficient equipment,
and dedicated, professional employees.
This release includes "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements concerning management's expectations, strategic objectives, business
prospects, anticipated economic performance and financial condition and other
similar matters involve known and unknown risks, uncertainties and other
important factors that could cause the actual results, performance or
achievements of results to differ materially from any future results,
performance or achievements discussed or implied by such forward-looking
statements. Such risks, uncertainties and other important factors include, among
others: the conditions in the global financial markets and international
economic conditions 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, the ongoing need to replace aging
vessels and aircraft, industry fleet capacity, restrictions imposed by the
Shipping Acts and Aviation Acts on the amount of foreign ownership of the
Company's Common Stock, increased competition if the Jones Act is repealed,
operational risks of Offshore Marine Services, Marine Transportation Services,
Harbor and Offshore Towing Services and Aviation Services, effects of adverse
weather conditions and seasonality on Aviation Services, 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, effects of adverse weather
and river conditions and seasonality on Inland River Services, the level of
grain export volume, the effect of fuel prices on barge towing costs,
variability in freight rates for inland river barges, the effect of
international economic and political factors in Inland River Services'
operations, adequacy of insurance coverage, the attraction and retention of
qualified personnel by the Company and various other matters and factors, many
of which are beyond the Company's control. In addition, these statements
constitute the Company's cautionary statements under the Private Securities
Litigation Reform Act of 1995. It is not possible to predict or identify all
such factors. Consequently, the following should not be considered a complete
discussion of all potential risks or uncertainties. The words "estimate,"
"project," "intend," "believe," "plan" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements speak only as of
the date of the document in which they are made. The Company disclaims any
obligation or undertaking to provide any updates or revisions to any
forward-looking statement to reflect any change in the Company's expectations or
any change in events, conditions or circumstances on which the forward-looking
statement is based. The forward-looking statements in this release should be
evaluated together with the many uncertainties that affect the Company's
businesses, particularly those mentioned under "Forward-Looking Statements" in
Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q
and Form 8-K (if any), which is incorporated by reference.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit
SEACOR's website at www.seacorholdings.com.
4
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
----------------------
2008 2007
--------- ---------
Operating Revenues $ 354,455 $ 310,763
--------- ---------
Costs and Expenses:
Operating 235,040 188,658
Administrative and general 39,005 34,400
Depreciation and amortization 37,800 38,875
--------- ---------
311,845 261,933
--------- ---------
Gains on Asset Dispositions and Impairments, Net 11,906 12,157
--------- ---------
Operating Income 54,516 60,987
--------- ---------
Other Income (Expense):
Interest income 7,476 12,224
Interest expense (11,548) (13,268)
Derivative gains, net 6,467 130
Foreign currency gains (losses), net 2,610 (590)
Marketable security losses, net (5,684) (4,688)
Other, net 164 (43)
--------- ---------
(515) (6,235)
--------- ---------
Income Before Income Tax Expense, Minority Interest in Income
of Subsidiaries and Equity In Earnings of 50% or Less Owned
Companies 54,001 54,752
Income Tax Expense 20,470 18,842
--------- ---------
Income Before Minority Interest in Income of Subsidiaries and
Equity in Earnings of 50% or Less Owned Companies 33,531 35,910
Minority Interest in Income of Subsidiaries (202) (178)
Equity in Earnings of 50% or Less Owned Companies 4,579 2,420
--------- ---------
Net Income $ 37,908 $ 38,152
========= =========
Basic Earnings Per Common Share $ 1.70 $ 1.57
Diluted Earnings Per Common Share $ 1.50 $ 1.40
Weighted Average Common Shares Outstanding:
Basic 22,344 24,354
Diluted 26,011 28,077
5
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
THREE MONTHS ENDED
-------------------------------------------------------------
MAR. 31, DEC. 31, SEP.30, JUN. 30, MAR. 31,
2008 2007 2007 2007 2007
--------- --------- --------- --------- ---------
Operating Revenues $ 354,455 $ 363,090 $ 359,923 $ 325,454 $ 310,763
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 235,040 230,935 213,992 198,818 188,658
Administrative and general 39,005 42,097 36,883 33,937 34,400
Depreciation and amortization 37,800 39,934 37,443 38,055 38,875
--------- --------- --------- --------- ---------
311,845 312,966 288,318 270,810 261,933
--------- --------- --------- --------- ---------
Gains on Asset Dispositions and Impairments, Net 11,906 48,315 19,560 42,540 12,157
--------- --------- --------- --------- ---------
Operating Income 54,516 98,439 91,165 97,184 60,987
--------- --------- --------- --------- ---------
Other Income (Expense):
Interest income 7,476 10,219 11,274 11,456 12,224
Interest expense (11,548) (13,129) (10,855) (12,108) (13,268)
Derivative gains (losses), net 6,467 5,738 5,221 (254) 130
Foreign currency gains (losses), net 2,610 44 316 460 (590)
Marketable security gains (losses), net (5,684) (1,233) 11,960 (9,430) (4,688)
Other, net 164 109 (716) 639 (43)
--------- --------- --------- --------- ---------
(515) 1,748 17,200 (9,237) (6,235)
--------- --------- --------- --------- ---------
Income Before Income Tax Expense, Minority Interest
in (Income) Loss of Subsidiaries and Equity In
Earnings of 50% or Less Owned Companies 54,001 100,187 108,365 87,947 54,752
Income Tax Expense 20,470 41,054 40,339 30,206 18,842
--------- --------- --------- --------- ---------
Income Before Minority Interest in (Income) Loss of
Subsidiaries and Equity in Earnings of 50% or 33,531 59,133 68,026 57,741 35,910
Less Owned Companies
Minority Interest in (Income) Loss of Subsidiaries (202) 182 (927) (304) (178)
Equity in Earnings of 50% or Less Owned Companies 4,579 8,633 3,183 7,829 2,420
--------- --------- --------- --------- ---------
Net Income $ 37,908 $ 67,948 $ 70,282 $ 65,266 $ 38,152
========= ========= ========= ========= =========
Basic Earnings Per Common Share $ 1.70 $ 2.99 $ 3.02 $ 2.73 $ 1.57
Diluted Earnings Per Common Share $ 1.50 $ 2.62 $ 2.66 $ 2.41 $ 1.40
Weighted Average Common Shares Outstanding:
Basic 22,344 22,738 23,234 23,866 24,354
Diluted 26,011 26,439 26,905 27,582 28,077
Common Shares Outstanding at Period End 22,223 22,575 23,157 23,895 24,181
6
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS
(IN THOUSANDS, UNAUDITED)
THREE MONTHS ENDED
------------------------------------------------------------
MAR. 31, DEC. 31, SEP. 30, JUN. 30, MAR. 31,
2008 2007 2007 2007 2007
--------- --------- --------- --------- ---------
OFFSHORE MARINE SERVICES
Operating Revenues $ 154,647 $ 170,430 $ 179,618 $ 171,442 $ 170,928
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 94,270 97,534 95,345 88,596 92,999
Administrative and general 12,804 13,855 13,137 11,893 13,023
Depreciation and amortization 14,125 15,415 14,069 14,515 16,524
--------- --------- --------- --------- ---------
121,199 126,804 122,551 115,004 122,546
--------- --------- --------- --------- ---------
Gains on Asset Dispositions and Impairments, Net 7,138 22,472 13,222 38,546 8,294
--------- --------- --------- --------- ---------
Operating Income $ 40,586 $ 66,098 $ 70,289 $ 94,984 $ 56,676
========= ========= ========= ========= =========
MARINE TRANSPORTATION SERVICES
Operating Revenues $ 28,953 $ 31,827 $ 27,730 $ 25,924 $ 30,556
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 16,219 27,781 19,207 22,865 20,849
Administrative and general 1,438 1,737 1,150 1,236 1,186
Depreciation and amortization 7,980 8,764 9,536 9,790 10,158
--------- --------- --------- --------- ---------
25,637 38,282 29,893 33,891 32,193
--------- --------- --------- --------- ---------
Gains on Asset Dispositions 3,629 -- -- -- --
--------- --------- --------- --------- ---------
Operating Income (Loss) $ 6,945 $ (6,455) $ (2,163) $ (7,967) $ (1,637)
========= ========= ========= ========= =========
INLAND RIVER SERVICES
Operating Revenues $ 30,145 $ 33,850 $ 32,656 $ 28,020 $ 26,722
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 16,726 15,863 16,234 13,056 12,305
Administrative and general 2,123 2,076 1,753 2,101 877
Depreciation and amortization 3,964 4,220 4,256 4,332 3,499
--------- --------- --------- --------- ---------
22,813 22,159 22,243 19,489 16,681
--------- --------- --------- --------- ---------
Gains on Asset Dispositions 711 22,726 1,592 2,622 3,622
--------- --------- --------- --------- ---------
Operating Income $ 8,043 $ 34,417 $ 12,005 $ 11,153 $ 13,663
========= ========= ========= ========= =========
AVIATION SERVICES
Operating Revenues $ 53,792 $ 51,296 $ 62,449 $ 55,861 $ 45,433
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 39,871 38,156 41,647 41,212 36,225
Administrative and general 4,629 5,315 4,590 4,439 4,521
Depreciation and amortization 7,789 7,866 7,015 6,601 6,079
--------- --------- --------- --------- ---------
52,289 51,337 53,252 52,252 46,825
--------- --------- --------- --------- ---------
Gains on Asset Dispositions 394 1,996 4,304 1,505 227
--------- --------- --------- --------- ---------
Operating Income (Loss) $ 1,897 $ 1,955 $ 13,501 $ 5,114 $ (1,165)
========= ========= ========= ========= =========
ENVIRONMENTAL SERVICES
Operating Revenues $ 42,509 $ 55,879 $ 42,287 $ 32,168 $ 26,492
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 30,598 36,623 30,316 23,605 20,753
Administrative and general 5,709 7,755 5,931 4,323 5,301
Depreciation and amortization 1,445 1,748 1,096 1,100 909
--------- --------- --------- --------- ---------
37,752 46,126 37,343 29,028 26,963
--------- --------- --------- --------- ---------
Gains (Losses) on Asset Dispositions 35 249 75 (133) (16)
--------- --------- --------- --------- ---------
Operating Income (Loss) $ 4,792 $ 10,002 $ 5,019 $ 3,007 $ (487)
========= ========= ========= ========= =========
7
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS (CONTINUED)
(IN THOUSANDS, UNAUDITED)
THREE MONTHS ENDED
--------------------------------------------------------
MAR. 31, DEC. 31, SEP. 30, JUN. 30, MAR. 31,
2008 2007 2007 2007 2007
-------- -------- -------- -------- --------
HARBOR AND OFFSHORE TOWING SERVICES
Operating Revenues $ 16,257 $ 13,461 $ 12,351 $ 12,538 $ 11,682
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 11,109 8,053 8,797 10,003 6,568
Administrative and general 1,771 1,882 1,769 1,999 2,182
Depreciation and amortization 2,267 1,714 1,264 1,264 1,264
-------- -------- -------- -------- --------
15,147 11,649 11,830 13,266 10,014
-------- -------- -------- -------- --------
Gains (Losses) on Asset Dispositions and
Impairments, Net -- -- (100) -- 30
-------- -------- -------- -------- --------
Operating Income $ 1,110 $ 1,812 $ 421 $ (728) $ 1,698
======== ======== ======== ======== ========
COMMODITY TRADING
Operating Revenues $ 28,674 $ 6,338 $ 3,058 $ 204 $ --
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 26,757 6,902 2,646 174 9
Administrative and general 727 365 287 200 3
Depreciation and amortization -- -- -- -- --
-------- -------- -------- -------- --------
27,484 7,267 2,933 374 12
-------- -------- -------- -------- --------
Gains on Asset Dispositions -- -- -- -- --
-------- -------- -------- -------- --------
Operating Income (Loss) $ 1,190 $ (929) $ 125 $ (170) $ (12)
======== ======== ======== ======== ========
OTHER
- -----
Operating Revenues $ -- $ -- $ -- $ -- $ --
-------- -------- -------- -------- --------
Costs and Expenses:
Operating -- -- -- -- --
Administrative and general 202 509 46 7 --
Depreciation and amortization -- -- -- -- --
-------- -------- -------- -------- --------
202 509 46 7 --
-------- -------- -------- -------- --------
Gains on Asset Dispositions -- 873 467 -- --
-------- -------- -------- -------- --------
Operating Income (Loss) $ (202) $ 364 $ 421 $ (7) $ --
======== ======== ======== ======== ========
CORPORATE AND ELIMINATIONS
Operating Revenues $ (522) $ 9 $ (226) $ (703) $ (1,050)
-------- -------- -------- -------- --------
Costs and Expenses:
Operating (510) 23 (200) (693) (1,050)
Administrative and general 9,602 8,603 8,220 7,739 7,307
Depreciation and amortization 230 207 207 453 442
-------- -------- -------- -------- --------
9,322 8,833 8,227 7,499 6,699
-------- -------- -------- -------- --------
Losses on Asset Dispositions (1) (1) -- -- --
-------- -------- -------- -------- --------
Operating Loss $ (9,845) $ (8,825) $ (8,453) $ (8,202) $ (7,749)
======== ======== ======== ======== ========
8
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, UNAUDITED)
MAR. 31, DEC. 31, SEP. 30, JUN. 30, MAR. 31,
2008 2007 2007 2007 2007
----------- ----------- ----------- ----------- -----------
ASSETS
Current Assets:
Cash and cash equivalents $ 444,787 $ 537,305 $ 429,020 $ 503,288 $ 385,187
Restricted cash 39,152 30,624 38,371 54,680 53,822
Available-for-sale marketable securities 75,669 28,792 18,501 19,184 21,910
Receivables:
Trade, net of allowance for doubtful
accounts 250,789 267,564 289,796 263,211 258,069
Other 72,073 62,975 43,838 28,948 42,778
Inventories 35,021 30,468 28,186 28,471 25,996
Deferred income taxes 9,929 9,929 13,206 13,256 13,256
Prepaid expenses and other 9,196 9,756 13,689 13,754 14,516
----------- ----------- ----------- ----------- -----------
Total current assets 936,616 977,413 874,607 924,792 815,534
----------- ----------- ----------- ----------- -----------
Property and Equipment 2,511,118 2,469,735 2,470,029 2,345,711 2,352,933
Accumulated depreciation (554,838) (526,583) (518,285) (490,070) (470,202)
----------- ----------- ----------- ----------- -----------
Net property and equipment 1,956,280 1,943,152 1,951,744 1,855,641 1,882,731
----------- ----------- ----------- ----------- -----------
Investments, at Equity, and Receivables from 50% 117,409 109,288 120,866 136,331 99,284
or Less Owned Companies
Construction Reserve Funds & Title XI Reserve
Funds 413,681 405,000 390,576 344,465 355,009
Goodwill 62,020 60,226 56,271 49,040 49,104
Intangible Assets 29,292 30,500 33,756 32,830 33,984
Other Assets, net of allowance for doubtful
accounts 36,136 43,072 32,610 28,699 35,401
----------- ----------- ----------- ----------- -----------
$ 3,551,434 $ 3,568,651 $ 3,460,430 $ 3,371,798 $ 3,271,047
=========== =========== =========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 11,414 $ 9,648 $ 9,429 $ 9,429 $ 9,218
Current portion of capital lease obligations 864 851 19,140 2,978 2,518
Accounts payable and accrued expenses 93,079 119,321 97,134 86,118 88,064
Other current liabilities 254,522 258,940 280,250 254,778 214,212
----------- ----------- ----------- ----------- -----------
Total current liabilities 359,879 388,760 405,953 353,303 314,012
----------- ----------- ----------- ----------- -----------
Long-Term Debt 928,308 929,114 933,188 934,489 939,601
Capital Lease Obligations 8,439 8,642 9,000 9,269 19,406
Deferred Income Taxes 493,701 480,447 386,384 373,931 364,289
Deferred Gains and Other Liabilities 131,259 130,311 112,731 96,470 73,062
Minority Interest in Subsidiaries 12,207 9,558 8,803 7,193 6,444
Stockholders' Equity:
Preferred stock -- -- -- -- --
Common stock 323 322 321 321 321
Additional paid-in capital 910,843 905,702 902,120 899,016 895,530
Retained earnings 1,235,932 1,198,024 1,130,076 1,059,794 994,528
Shares held in treasury, at cost (531,236) (486,505) (431,550) (366,365) (338,689)
Accumulated other comprehensive income:
Cumulative translation adjustments 2,337 1,938 1,712 1,428 1,039
Unrealized gain (loss) on
available-for-sale marketable securities (558) 2,338 1,692 2,949 1,504
----------- ----------- ----------- ----------- -----------
Total stockholders' equity 1,617,641 1,621,819 1,604,371 1,597,143 1,554,233
----------- ----------- ----------- ----------- -----------
$ 3,551,434 $ 3,568,651 $ 3,460,430 $ 3,371,798 $ 3,271,047
=========== =========== =========== =========== ===========