FORT LAUDERDALE, FL -- (Marketwire) -- 10/30/12 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the third quarter ended September 30, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2012 was $16.1 million, or $0.78 per diluted share. For the nine months ended September 30, 2012, net income attributable to SEACOR Holdings Inc. was $63.8 million, or $3.06 per diluted share, including net income from discontinued operations of $19.0 million, or $0.91 per diluted share.
On March 16, 2012, 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 and a gain of $20.8 million, net of tax, or $1.00 per diluted share. Operating results for all periods presented have been restated to reflect income (loss) from discontinued operations, net of tax, for the part of the business that was sold.
For the preceding quarter ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.54 per diluted share, including a net loss from discontinued operations of $0.4 million, or $0.02 per diluted share. A comparison of results for the quarter ended September 30, 2012 with the preceding quarter ended June 30, 2012 is included in the "Highlights for the Quarter" discussion below.
For the quarter ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $3.8 million, or $0.18 per diluted share, including a net loss from discontinued operations of $0.8 million, or $0.03 per diluted share. For the nine months ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $24.0 million, or $1.12 per diluted share, including a net loss from discontinued operations of $2.1 million, or $0.10 per diluted share.
Highlights for the Quarter
Offshore Marine Services - Operating income was $21.2 million on operating revenues of $134.3 million compared with operating income of $0.8 million on operating revenues of $123.3 million in the preceding quarter.
In the U.S. Gulf of Mexico, operating income was $13.3 million higher in the third quarter, of which $9.1 million was due to an increased contribution from the Company's liftboat fleet and $4.6 million was due to gains on asset dispositions, of which $4.1 million had been deferred in prior periods. The liftboat fleet contributed an additional $6.8 million of time charter revenues primarily due to reduced drydocking activity and the positive impact of seasonal market conditions. Time charter revenues for the other vessel classes declined by $0.8 million in total during the current quarter. In overall terms including liftboats, fleet utilization was 77.3% compared with 71.1% in the preceding quarter and average day rates increased from $12,610 per day to $13,394 per day. During the quarter, the Company cold-stacked three anchor handling towing supply vessels. As of June 30, 2012, the Company had no vessels in cold-stack. Operating expenses were $3.0 million lower primarily due to reduced drydocking activity.
In international regions, operating income was $7.1 million higher in the third quarter, including higher gains on asset dispositions of $1.4 million. Time charter revenues were $5.0 million higher primarily due to a seasonal time charter in Asia and reduced drydocking activity during the third quarter. Excluding the Company's fleet of wind farm utility vessels, utilization was 86.3% compared with 83.3% in the preceding quarter and average day rates increased from $11,631 per day to $12,162 per day. Operating expenses were $2.2 million lower primarily due to decreased drydocking activity and the cost of vessel mobilizations between geographic regions during the preceding quarter.
In the third quarter, the total number of days available for charter for the Company's fleet, excluding the wind farm utility vessels, decreased by 197 days, or 2% primarily due to net fleet dispositions. Overall utilization increased from 77.4% to 82.0% and overall average day rates increased by 5% from $12,068 per day to $12,718 per day. Time charter operating data by vessel class is presented in the table included herein. During the third quarter, drydocking costs were $4.3 million compared with $10.8 million in the preceding quarter.
Administrative and general expenses were $1.6 million higher in the third quarter primarily due to increased management bonus accruals and higher legal expenses, and an allowance for doubtful accounts provided in connection with a customer bankruptcy.
Aviation Services - Operating income was $11.1 million on operating revenues of $78.0 million compared with operating income of $7.4 million on operating revenues of $63.0 million in the preceding quarter. Third quarter results included $0.6 million in gains on asset dispositions compared with $1.1 million in gains in the preceding quarter.
Operating revenues were $15.0 million higher primarily due to the recognition of $6.2 million of previously deferred revenues, additional charter flights in response to hurricane activity in the U.S. Gulf of Mexico, additional helicopters placed on contract and seasonal activity in Alaska.
Operating expenses were $7.2 million higher in the third quarter primarily due to the recognition of $4.9 million in power-by-hour credits in the preceding quarter and higher fuel, insurance and other operating costs in line with increased activity levels.
Administrative and general expenses were $3.1 million higher in the third quarter primarily due to an allowance for doubtful accounts provided in connection with a customer bankruptcy. Depreciation and amortization expenses were $10.9 million in the third quarter, an increase of $0.4 million primarily due to net fleet additions.
Inland River Services - Operating income was $7.7 million on operating revenues of $53.3 million compared with operating income of $5.7 million on operating revenues of $53.3 million in the preceding quarter. Third quarter results included $3.5 million in gains on asset dispositions compared with $0.9 million in gains in the preceding quarter. Operating conditions for the pooled hopper barge fleet continued to be difficult in the third quarter primarily due to poor river conditions and continuing weak demand for barge freight primarily for grain exports. During the third quarter, Inland River Services recognized $2.2 million of equity in losses of 50% or less owned companies, net of tax, primarily from its Argentinian joint venture as a result of difficult operating conditions and provisions for uncertain insurance recoveries related to facility damage sustained in 2011.
Marine Transportation Services - Operating income was $2.0 million on operating revenues of $27.4 million compared with operating income of $0.5 million on operating revenues of $25.8 million in the preceding quarter. Operating results for Marine Transportation Services' U.S.-flag product tanker fleet were $2.3 million higher in the third quarter primarily due to less out-of-service time and lower repair and maintenance expenses. Operating results for its foreign flag Roll-on/Roll-off vessels were $0.8 million lower primarily due to the settlement of a legal dispute.
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 $1.3 million on operating revenues of $9.3 million compared with an operating loss of $2.1 million on operating revenues of $8.4 million in the preceding quarter. The improvement in operating results was primarily due to higher exercise and training activities.
Commodity Trading and Logistics - Segment profit was $0.1 million on operating revenues of $145.7 million compared with segment profit of $3.0 million on operating revenues of $206.7 million in the preceding quarter. Segment profit decreased in the third quarter primarily due to lower results from merchandising and trading activities.
Other - Other reported a segment profit of $6.6 million on operating revenues of $18.0 million compared with segment profit of $2.6 million on operating revenues of $17.6 million in the preceding quarter. Third quarter results included a termination payment of $7.0 million received from one of Harbor and Offshore Towing Services customers following the cancellation of a long-term charter, partially offset by a $1.2 million impairment charge for an aircraft included in the Company's lending and leasing activities.
Corporate and Eliminations - Administrative and general expenses were $8.4 million compared with $7.5 million in the preceding quarter. The increase was primarily due to professional fees incurred in connection with the Company's recently announced intention to spinoff of its Aviation Services business segment.
Stock Repurchases - During the third quarter, the Company purchased 130,368 shares of its common stock at an average price of $86.61 per share. As of September 30, 2012, 20,850,751 shares of SEACOR's common stock remained outstanding.
5.875% Senior Notes due 2012 - On September 28, 2012, the Company made an irrevocable deposit of $171.0 million to its trustee for the extinguishment of the Company's 5.875% Senior Notes at their scheduled maturity on October 1, 2012. As of September 30, 2012, the irrevocable deposit held by the trustee was included in restricted cash.
Equipment Acquisitions - During the nine months ended September 30, 2012, capital expenditures were $257.0 million. Equipment deliveries during that period included two offshore support vessel, one wind farm utility vessel, three inland river dry cargo barges, four liquid tank barges, two inland river towboats and seventeen helicopters.
Capital Commitments - The Company's unfunded capital commitments as of September 30, 2012 were $365.0 million and consisted of: twelve offshore support vessels for $131.4 million; an interest in a jack-up drilling rig for $30.3 million; twelve helicopters for $138.3 million; seven inland river tank barges for $15.1 million; three inland river towboats for $9.4 million; four harbor tugs for $23.0 million; and other equipment and improvements for $14.9 million. In addition, the Company notified the lessee of its intent to purchase two harbor tugs currently operating under capital leases for $2.6 million. Of these commitments, $58.6 million is payable during 2012 with the balance payable through 2016 and $125.0 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. As of September 30, 2012, the Company held balances of cash, cash equivalents, restricted cash (excluding an irrevocable deposit held by the Company's trustee of $171.0 million), marketable securities, construction reserve funds and Title XI reserve funds totaling $430.4 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, crisis and emergency management preparedness and response solutions, 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. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
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 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 a lack of liquidity 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, dependence of emergency response revenue on the number and size of events 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 emergency 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, the ability to complete the previously announced intention to spinoff the Aviation Services business, the ability to realize the expected benefits of the intended spinoff of the Aviation Services business 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.
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
Operating Revenues $ 462,058 $ 545,089 $ 1,454,365 $ 1,492,383
----------- ----------- ----------- -----------
Costs and Expenses:
Operating 340,947 455,442 1,128,269 1,206,550
Administrative and
general 50,460 35,387 141,758 116,211
Depreciation and
amortization 45,285 36,437 128,297 114,097
----------- ----------- ----------- -----------
436,692 527,266 1,398,324 1,436,858
----------- ----------- ----------- -----------
Gains on Asset
Dispositions and
Impairments, Net 9,677 10,986 19,638 28,542
----------- ----------- ----------- -----------
Operating Income 35,043 28,809 75,679 84,067
----------- ----------- ----------- -----------
Other Income (Expense):
Interest income 4,144 5,462 14,761 12,491
Interest expense (12,679) (10,711) (37,116) (31,216)
Debt extinguishment
losses, net -- (51) (160) (99)
Marketable security
gains (losses), net (1,730) 130 13,224 (3,090)
Derivative losses, net (4,649) (25,954) (5,281) (35,873)
Foreign currency gains
(losses), net 632 (3,126) 2,192 3,349
Other, net 7,098 (39) 7,487 (273)
----------- ----------- ----------- -----------
(7,184) (34,289) (4,893) (54,711)
----------- ----------- ----------- -----------
Income (Loss) from
Continuing Operations
Before Income Tax
Expense (Benefit) and
Equity In Earnings
(Losses) of 50% or Less
Owned Companies 27,859 (5,480) 70,786 29,356
Income Tax Expense
(Benefit) 11,277 (669) 27,860 12,881
----------- ----------- ----------- -----------
Income (Loss) from
Continuing Operations
Before Equity in
Earnings (Losses) of
50% or Less Owned
Companies 16,582 (4,811) 42,926 16,475
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (1,078) 9,655 1,215 10,569
----------- ----------- ----------- -----------
Income from Continuing
Operations 15,504 4,844 44,141 27,044
Income (Loss) from
Discontinued
Operations, Net of Tax -- (782) 19,035 (2,146)
----------- ----------- ----------- -----------
Net Income 15,504 4,062 63,176 24,898
Net Income (Loss)
attributable to
Noncontrolling
Interests in
Subsidiaries (598) 247 (663) 882
----------- ----------- ----------- -----------
Net Income attributable
to SEACOR Holdings Inc. $ 16,102 $ 3,815 $ 63,839 $ 24,016
=========== =========== =========== ===========
Net Income (Loss)
attributable to SEACOR
Holdings Inc.:
Continuing operations $ 16,102 $ 4,597 $ 44,804 $ 26,162
Discontinued
operations -- (782) 19,035 (2,146)
----------- ----------- ----------- -----------
$ 16,102 $ 3,815 $ 63,839 $ 24,016
=========== =========== =========== ===========
Basic Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc.:
Continuing operations $ 0.79 $ 0.22 $ 2.18 $ 1.24
Discontinued
operations -- (0.04) 0.93 (0.10)
----------- ----------- ----------- -----------
$ 0.79 $ 0.18 $ 3.11 $ 1.14
=========== =========== =========== ===========
Diluted Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc.:
Continuing operations $ 0.78 $ 0.21 $ 2.15 $ 1.22
Discontinued
operations -- (0.03) 0.91 (0.10)
----------- ----------- ----------- -----------
$ 0.78 $ 0.18 $ 3.06 $ 1.12
=========== =========== =========== ===========
Weighted Average Common
Shares Outstanding:
Basic 20,432,997 21,202,480 20,512,118 21,158,110
Diluted 20,740,456 21,565,149 20,838,468 21,508,457
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2012 2012 2012 2011 2011
--------- --------- --------- --------- ---------
Operating Revenues $ 462,058 $ 494,422 $ 497,885 $ 518,954 $ 545,089
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 340,947 403,210 384,112 412,042 455,442
Administrative and
general 50,460 45,120 46,178 50,731 35,387
Depreciation and
amortization 45,285 43,685 39,327 35,395 36,437
--------- --------- --------- --------- ---------
436,692 492,015 469,617 498,168 527,266
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 9,677 4,419 5,542 5,469 10,986
--------- --------- --------- --------- ---------
Operating Income 35,043 6,826 33,810 26,255 28,809
--------- --------- --------- --------- ---------
Other Income
(Expense):
Interest income 4,144 7,641 2,976 1,127 5,462
Interest expense (12,679) (12,413) (12,024) (10,027) (10,711)
Debt extinguishment
losses, net -- -- (160) -- (51)
Marketable security
gains (losses),
net (1,730) 11,596 3,358 (4,803) 130
Derivative gains
(losses), net (4,649) 3,487 (4,119) (262) (25,954)
Foreign currency
gains (losses),
net 632 (992) 2,552 (2,600) (3,126)
Other, net 7,098 443 (54) 1,133 (39)
--------- --------- --------- --------- ---------
(7,184) 9,762 (7,471) (15,432) (34,289)
--------- --------- --------- --------- ---------
Income (Loss) from
Continuing
Operations Before
Income Tax Expense
(Benefit) and Equity
In Earnings (Losses)
of 50% or Less Owned
Companies 27,859 16,588 26,339 10,823 (5,480)
Income Tax Expense
(Benefit) 11,277 5,975 10,608 2,645 (669)
--------- --------- --------- --------- ---------
Income (Loss) from
Continuing
Operations Before
Equity in Earnings
(Losses) of 50% or
Less Owned Companies 16,582 10,613 15,731 8,178 (4,811)
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (1,078) 1,051 1,242 (579) 9,655
--------- --------- --------- --------- ---------
Income from
Continuing
Operations 15,504 11,664 16,973 7,599 4,844
Income (Loss) from
Discontinued
Operations, Net of
Tax -- (365) 19,400 9,653 (782)
--------- --------- --------- --------- ---------
Net Income 15,504 11,299 36,373 17,252 4,062
Net Income (Loss)
attributable to
Noncontrolling
Interests in
Subsidiaries (598) 50 (115) 212 247
--------- --------- --------- --------- ---------
Net Income
attributable to
SEACOR Holdings Inc. $ 16,102 $ 11,249 $ 36,488 $ 17,040 $ 3,815
========= ========= ========= ========= =========
Net Income (Loss)
attributable to
SEACOR Holdings
Inc.:
Continuing
operations $ 16,102 $ 11,614 $ 17,088 $ 7,387 $ 4,597
Discontinued
operations -- (365) 19,400 9,653 (782)
--------- --------- --------- --------- ---------
$ 16,102 $ 11,249 $ 36,488 $ 17,040 $ 3,815
========= ========= ========= ========= =========
Basic Earnings (Loss)
Per Common Share of
SEACOR Holdings
Inc.:
Continuing
operations $ 0.79 $ 0.56 $ 0.83 $ 0.35 $ 0.22
Discontinued
operations -- (0.01) 0.95 0.46 (0.04)
--------- --------- --------- --------- ---------
$ 0.79 $ 0.55 $ 1.78 $ 0.81 $ 0.18
========= ========= ========= ========= =========
Diluted Earnings
(Loss) Per Common
Share of SEACOR
Holdings Inc.:
Continuing
operations $ 0.78 $ 0.56 $ 0.82 $ 0.35 $ 0.21
Discontinued
operations -- (0.02) 0.93 0.45 (0.03)
--------- --------- --------- --------- ---------
$ 0.78 $ 0.54 $ 1.75 $ 0.80 $ 0.18
========= ========= ========= ========= =========
Weighted Average
Common Shares of
Outstanding:
Basic 20,433 20,585 20,520 21,005 21,202
Diluted 20,740 20,871 20,893 21,354 21,565
Common Shares
Outstanding at
Period End 20,851 20,948 21,114 20,933 21,715
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2012 2012 2012 2011 2011
--------- --------- --------- --------- ---------
Offshore Marine
Services
Operating Revenues $ 134,322 $ 123,276 $ 121,086 $ 109,781 $ 93,277
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 88,842 94,084 75,340 69,484 68,457
Administrative and
general 14,795 13,146 11,856 13,666 10,687
Depreciation and
amortization 16,051 15,859 12,882 11,954 11,785
--------- --------- --------- --------- ---------
119,688 123,089 100,078 95,104 90,929
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions 6,585 624 1,845 1,449 5,241
--------- --------- --------- --------- ---------
Operating Income 21,219 811 22,853 16,126 7,589
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses),
net 717 (354) 1,123 (1,290) (2,129)
Other, net -- 11 -- 272 6
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax 1,238 1,001 1,829 (500) 8,754
--------- --------- --------- --------- ---------
Segment Profit $ 23,174 $ 1,469 $ 25,805 $ 14,608 $ 14,220
========= ========= ========= ========= =========
Aviation Services
Operating Revenues $ 77,989 $ 62,985 $ 61,052 $ 61,696 $ 71,804
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 46,235 39,002 39,676 41,084 45,701
Administrative and
general 10,338 7,195 9,677 11,803 6,841
Depreciation and
amortization 10,937 10,464 9,630 9,210 9,093
--------- --------- --------- --------- ---------
67,510 56,661 58,983 62,097 61,635
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 613 1,077 1,765 1,912 4,894
--------- --------- --------- --------- ---------
Operating Income 11,092 7,401 3,834 1,511 15,063
--------- --------- --------- --------- ---------
Other Income
(Expense):
Derivative losses,
net (188) (180) (124) (18) (807)
Foreign currency
gains (losses),
net (272) (12) 917 (80) (95)
Other, net -- -- 30 9 --
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax 219 756 (6,419) (979) 106
--------- --------- --------- --------- ---------
Segment Profit (Loss) $ 10,851 $ 7,965 $ (1,762) $ 443 $ 14,267
========= ========= ========= ========= =========
Inland River Services
Operating Revenues $ 53,293 $ 53,302 $ 53,490 $ 51,871 $ 47,875
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 38,320 37,463 35,183 31,702 31,196
Administrative and
general 3,480 3,773 3,982 3,270 2,206
Depreciation and
amortization 7,335 7,244 7,007 5,617 6,464
--------- --------- --------- --------- ---------
49,135 48,480 46,172 40,589 39,866
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions 3,503 858 1,927 986 1,303
--------- --------- --------- --------- ---------
Operating Income 7,661 5,680 9,245 12,268 9,312
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses),
net 33 (71) (22) -- --
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (2,227) 439 250 955 2,771
--------- --------- --------- --------- ---------
Segment Profit $ 5,467 $ 6,048 $ 9,473 $ 13,223 $ 12,083
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2012 2012 2012 2011 2011
--------- --------- --------- --------- ---------
Marine Transportation
Services
Operating Revenues $ 27,354 $ 25,792 $ 26,283 $ 26,705 $ 24,783
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 15,584 16,722 15,758 15,338 15,194
Administrative and
general 4,301 2,934 2,475 3,257 2,044
Depreciation and
amortization 5,639 5,666 5,651 5,540 5,833
--------- --------- --------- --------- ---------
25,524 25,322 23,884 24,135 23,071
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions 145 -- -- 1,125 --
--------- --------- --------- --------- ---------
Operating Income 1,975 470 2,399 3,695 1,712
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses),
net 10 (3) 9 (15) (18)
Other, net 4 49 30 87 131
Equity in Losses of
50% or Less Owned
Companies, Net of
Tax (551) (774) (217) (74) --
--------- --------- --------- --------- ---------
Segment Profit (Loss) $ 1,438 $ (258) $ 2,221 $ 3,693 $ 1,825
========= ========= ========= ========= =========
Emergency and Crisis
Services
Operating Revenues $ 9,267 $ 8,439 $ 10,215 $ 16,763 $ 14,080
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 5,871 5,808 6,873 10,145 9,141
Administrative and
general 4,256 4,211 3,254 3,030 2,961
Depreciation and
amortization 483 491 484 486 655
--------- --------- --------- --------- ---------
10,610 10,510 10,611 13,661 12,757
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions -- -- 5 -- 7
--------- --------- --------- --------- ---------
Operating Income
(Loss) (1,343) (2,071) (391) 3,102 1,330
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses),
net 26 (20) 14 (14) 17
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax 72 147 67 (4) --
--------- --------- --------- --------- ---------
Segment Profit (Loss) $ (1,245) $ (1,944) $ (310) $ 3,084 $ 1,347
========= ========= ========= ========= =========
Commodity Trading and
Logistics
Operating Revenues $ 145,725 $ 206,745 $ 209,696 $ 237,177 $ 279,178
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 137,281 202,126 203,233 236,664 279,180
Administrative and
general 2,236 3,411 3,141 1,598 1,944
Depreciation and
amortization 1,641 1,591 1,060 20 12
--------- --------- --------- --------- ---------
141,158 207,128 207,434 238,282 281,136
--------- --------- --------- --------- ---------
Operating Income
(Loss) 4,567 (383) 2,262 (1,105) (1,958)
--------- --------- --------- --------- ---------
Other Income
(Expense):
Derivative gains
(losses), net (4,304) 3,393 (2,939) 1,251 (3,063)
Foreign currency
gains (losses),
net (183) (14) 79 (28) 153
Other, net -- -- -- (167) --
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (1) -- 6,154 1,452 (2,267)
--------- --------- --------- --------- ---------
Segment Profit (Loss) $ 79 $ 2,996 $ 5,556 $ 1,403 $ (7,135)
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2012 2012 2012 2011 2011
--------- --------- --------- --------- ---------
Other
Operating Revenues $ 17,986 $ 17,555 $ 19,944 $ 17,730 $ 16,741
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 12,543 11,562 11,814 10,274 9,117
Administrative and
general 2,655 2,996 2,817 3,589 2,523
Depreciation and
amortization 2,345 1,904 2,158 2,119 2,129
--------- --------- --------- --------- ---------
17,543 16,462 16,789 15,982 13,769
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions
and Impairments, Net (1,169) 1,860 -- (3) (315)
--------- --------- --------- --------- ---------
Operating Income
(Loss) (726) 2,953 3,155 1,745 2,657
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses),
net 6 (7) (16) -- (75)
Other, net 7,141 208 -- 983 (1)
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax 172 (518) (422) (1,429) 291
--------- --------- --------- --------- ---------
Segment Profit $ 6,593 $ 2,636 $ 2,717 $ 1,299 $ 2,872
========= ========= ========= ========= =========
Corporate and
Eliminations
Operating Revenues $ (3,878) $ (3,672) $ (3,881) $ (2,769) $ (2,649)
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating (3,729) (3,557) (3,765) (2,649) (2,544)
Administrative and
general 8,399 7,454 8,976 10,518 6,181
Depreciation and
amortization 854 466 455 449 466
--------- --------- --------- --------- ---------
5,524 4,363 5,666 8,318 4,103
--------- --------- --------- --------- ---------
Losses on Asset
Impairments -- -- -- -- (144)
--------- --------- --------- --------- ---------
Operating Loss $ (9,402) $ (8,035) $ (9,547) $ (11,087) $ (6,896)
========= ========= ========= ========= =========
Other Income
(Expense):
Derivative gains
(losses), net $ (157) $ 274 $ (1,056) $ (1,495) $ (22,084)
Foreign currency
gains (losses),
net 295 (511) 448 (1,173) (979)
Other, net (47) 175 (114) (51) (175)
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2012 2012 2012 2011 2011
---------- ---------- ---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 207,542 $ 301,026 $ 281,977 $ 462,188 $ 301,603
Restricted cash 191,782 18,347 25,958 21,281 19,474
Marketable
securities 22,134 32,821 68,586 66,898 82,978
Receivables:
Trade, net of
allowance for
doubtful
accounts 312,993 278,917 299,484 303,843 280,434
Other 69,126 66,686 41,699 51,793 51,318
Inventories 77,858 72,929 94,329 69,109 70,623
Deferred income
taxes 11,123 11,123 11,123 11,123 5,136
Prepaid expenses
and other 16,203 13,968 11,384 9,323 13,704
Discontinued
operations 3,025 3,551 4,019 44,989 48,984
---------- ---------- ---------- ---------- ----------
Total current
assets 911,786 799,368 838,559 1,040,547 874,254
---------- ---------- ---------- ---------- ----------
Property and
Equipment 3,379,826 3,304,524 3,314,759 3,018,145 2,900,843
Accumulated
depreciation (976,605) (934,092) (905,362) (867,914) (868,986)
---------- ---------- ---------- ---------- ----------
Net property and
equipment 2,403,221 2,370,432 2,409,397 2,150,231 2,031,857
---------- ---------- ---------- ---------- ----------
Investments, at
Equity, and Advances
to 50% or Less Owned
Companies 266,589 323,874 220,772 249,753 243,678
Construction Reserve
Funds & Title XI
Reserve Funds 179,932 192,420 259,926 259,974 298,345
Goodwill 57,054 57,054 57,054 57,054 54,410
Intangible Assets,
Net 19,931 21,116 22,132 21,528 16,055
Other Assets 78,723 81,553 99,113 102,348 97,724
Discontinued
Operations -- -- -- 46,699 45,995
---------- ---------- ---------- ---------- ----------
$3,917,236 $3,845,817 $3,906,953 $3,928,134 $3,662,318
========== ========== ========== ========== ==========
LIABILITIES AND
EQUITY
Current Liabilities:
Current portion of
long-term debt $ 196,326 $ 24,546 $ 22,078 $ 41,091 $ 23,138
Current portion of
capital lease
obligations 4,442 4,719 2,289 2,368 1,081
Accounts payable
and accrued
expenses 152,948 131,130 142,410 185,156 170,680
Other current
liabilities 143,255 160,198 176,558 150,864 191,475
Discontinued
operations (309) (15) 650 22,047 55,093
---------- ---------- ---------- ---------- ----------
Total current
liabilities 496,662 320,578 343,985 401,526 441,467
---------- ---------- ---------- ---------- ----------
Long-Term Debt 813,322 940,910 976,872 995,450 669,573
Capital Lease
Obligations 87 117 2,848 3,068 4,598
Deferred Income Taxes 602,195 582,780 576,195 566,920 560,484
Deferred Gains and
Other Liabilities 121,486 132,248 135,695 143,390 137,783
Discontinued
Operations -- -- -- 9,717 5,780
---------- ---------- ---------- ---------- ----------
Total liabilities 2,033,752 1,976,633 2,035,595 2,120,071 1,819,685
---------- ---------- ---------- ---------- ----------
Equity:
SEACOR Holdings
Inc. stockholders'
equity:
Preferred stock -- -- -- -- --
Common stock 366 366 366 364 364
Additional paid-
in capital 1,277,751 1,271,617 1,265,708 1,256,209 1,245,436
Retained earnings 1,576,518 1,560,416 1,549,167 1,512,679 1,495,639
Shares held in
treasury, at
cost (997,541) (987,485) (970,023) (971,687) (900,225)
Accumulated other
comprehensive
loss, net of tax (3,604) (5,831) (5,369) (7,958) (9,644)
---------- ---------- ---------- ---------- ----------
1,853,490 1,839,083 1,839,849 1,789,607 1,831,570
Noncontrolling
interests in
subsidiaries 29,994 30,101 31,509 18,456 11,063
---------- ---------- ---------- ---------- ----------
Total equity 1,883,484 1,869,184 1,871,358 1,808,063 1,842,633
---------- ---------- ---------- ---------- ----------
$3,917,236 $3,845,817 $3,906,953 $3,928,134 $3,662,318
========== ========== ========== ========== ==========
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2012 2012 2012 2011 2011
-------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply 19 19 19 19 19
Crew 48 48 48 49 50
Mini-supply 9 9 9 8 8
Standby safety 25 25 26 26 27
Supply 25 28 28 30 29
Towing supply 3 3 5 5 5
Liftboats 20 20 20 2 2
Specialty 9 9 9 9 9
Wind farm utility 30 30 30 29 --
-------- -------- -------- -------- --------
188 191 194 177 149
======== ======== ======== ======== ========
Aviation Services
Light helicopters - single
engine 59 59 58 58 60
Light helicopters - twin engine 41 44 46 45 45
Medium helicopters 69 68 66 65 65
Heavy helicopters 10 9 8 7 7
-------- -------- -------- -------- --------
179 180 178 175 177
======== ======== ======== ======== ========
Inland River Services
Inland river dry-cargo barges 1,444 1,453 1,479 1,496 1,489
Inland river liquid tank barges 80 78 77 77 79
Inland river deck barges 20 20 20 20 20
Inland river towboats 31 31 30 31 31
Dry-cargo vessel 1 1 1 1 1
-------- -------- -------- -------- --------
1,576 1,583 1,607 1,625 1,620
======== ======== ======== ======== ========
Marine Transportation Services
U.S.-flag product tankers 7 7 7 7 8
Foreign flag RORO vessels 7 8 8 8 8
U.S.-flag deck barges 5 5 -- -- --
U.S.-flag RORO barges 2 2 -- -- --
U.S.-flag Articulated tug-barge 1 1 -- -- --
-------- -------- -------- -------- --------
22 23 15 15 16
======== ======== ======== ======== ========
Other
Harbor and offshore tugs 27 27 28 28 28
Ocean liquid tank barges 5 5 5 5 5
-------- -------- -------- -------- --------
32 32 33 33 33
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2012 2012 2012 2011 2011
--------- --------- --------- --------- ---------
Rates Per Day Worked:
Anchor handling
towing supply $ 22,794 $ 24,541 $ 30,928 $ 27,187 $ 27,287
Crew 7,267 7,134 7,803 7,166 6,728
Mini-supply 7,735 7,424 7,409 7,948 7,535
Standby safety 9,806 9,679 9,230 9,254 9,302
Supply 16,567 14,354 16,662 15,755 15,459
Towing supply 8,265 9,269 9,301 8,497 8,809
Specialty 26,195 14,557 12,964 17,845 16,172
Liftboats 19,830 17,454 -- -- --
Overall Average
Rates Per Day
Worked (excluding
wind farm utility) 12,718 12,068 13,174 12,187 11,318
Wind farm utility 2,882 2,802 2,431 -- --
Overall Average
Rates Per Day
Worked 10,552 10,019 10,839 12,187 11,318
Utilization:
Anchor handling
towing supply 57% 63% 77% 70% 52%
Crew 94% 84% 79% 78% 75%
Mini-supply 88% 98% 98% 96% 87%
Standby safety 89% 87% 86% 90% 88%
Supply 77% 75% 84% 82% 70%
Towing supply 54% 51% 48% 44% 43%
Specialty 59% 45% 62% 70% 48%
Liftboats 82% 70% --% --% --%
Overall Fleet
Utilization
(excluding wind
farm utility) 82% 77% 81% 80% 72%
Wind farm utility 96% 93% 86% --% --%
Overall Fleet
Utilization 85% 80% 82% 80% 72%
Available Days:
Anchor handling
towing supply 1,564 1,547 1,547 1,564 1,564
Crew 3,233 3,276 3,363 3,418 3,487
Mini-supply 644 637 637 644 644
Standby safety 2,208 2,195 2,275 2,355 2,392
Supply 1,631 1,649 1,705 1,798 1,748
Towing supply 184 360 364 368 368
Specialty 276 273 273 276 276
Liftboats 1,656 1,656 -- -- --
--------- --------- --------- --------- ---------
Overall Fleet
Available Days
(excluding wind
farm utility) 11,396 11,593 10,164 10,423 10,479
--------- --------- --------- --------- ---------
Wind farm utility 2,760 2,730 2,647 -- --
--------- --------- --------- --------- ---------
Overall Fleet
Available Days 14,156 14,323 12,811 10,423 10,479
========= ========= ========= ========= =========
For additional information, contact
Molly Hottinger
(954) 627-5278
www.seacorholdings.com
