FORT LAUDERDALE, FL--(Marketwire - April 24, 2012) - SEACOR Holdings Inc. (
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 the Seabulk 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 the Deepwater Horizon incident 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. Of the 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's Form 10-K and SEACOR's periodic reporting on Form 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 at www.seacorholdings.com.
| 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 | |||||||
| 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 | ||||||||||||||||
| 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 | |||||||||||
| 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 | ) | |||||||||
| 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 |
|||||||||||||||||
| 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 | ) | |||||||||||
| SEACOR HOLDINGS INC. | ||||||||||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||
| (in thousands, unaudited) | ||||||||||||||||||||||
| Mar. 31, 2012 |
Dec. 31, 2011 |
Sep. 30, 2011 |
Jun. 30, 2011 |
Mar. 31, 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 | |||||||||||||
| 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 | ||||||
Contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com
