SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

February 16, 2012 17:13 ET

SEACOR Holdings Announces Results for the Fourth Quarter and Year Ended December 31, 2011

FORT LAUDERDALE, FL--(Marketwire - Feb 16, 2012) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the fourth quarter and year ended December 31, 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2011 was $17.0 million, or $0.80 per diluted share, on operating revenues of $561.8 million. For the year ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $41.1 million, or $1.91 per diluted share, on operating revenues of $2,141.9 million.

For the preceding quarter ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $3.8 million, or $0.18 per diluted share, on operating revenues of $571.4 million. A comparison of results for the quarter ended December 31, 2011 with the preceding quarter ended September 30, 2011 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million. For the year ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $244.7 million, or $11.25 per diluted share, on operating revenues of $2,649.4 million. The Company's results for the year ended December 31, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010.

Highlights for the Quarter

Offshore Marine Services - Operating income was $16.1 million on operating revenues of $109.8 million compared with operating income of $7.6 million on operating revenues of $93.3 million in the preceding quarter. Fourth quarter results included $1.4 million in gains on asset dispositions compared with $5.2 million in gains in the preceding quarter. In the fourth quarter, the total number of days available for charter decreased by 56 days, or 0.5%; overall utilization increased from 72.4% to 79.7%; and overall average day rates increased by 7.7% from $11,318 per day to $12,187 per day.

In the U.S. Gulf of Mexico, operating income before gains on asset dispositions was $8.4 million higher in the fourth quarter. Firmer market conditions contributed to a $13.3 million increase in time charter revenues, which was partially offset by higher operating expenses as activity levels increased. Utilization was 70.3% compared with 53.5% in the preceding quarter and average day rates increased from $10,631 per day to $12,523 per day. As of December 31, 2011, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico compared with seven as of September 30, 2011.

In international regions, operating income before gains on asset dispositions was $3.9 million higher in the fourth quarter. Time charter revenues were $2.2 million higher primarily due to an increase in average day rates from $11,612 per day to $11,999 per day. Utilization was 86.2% compared with 85.2% in the preceding quarter. Operating expenses were $2.2 million lower primarily due to reduced drydocking and mobilization expenditures.

Administrative and general expenses were $3.0 million higher in the fourth quarter primarily due to legal fees associated with the fourth quarter acquisition of a controlling interest in a European operator of wind farm utility vessels and higher wage and benefit costs.

Equity in earnings was lower in the fourth quarter primarily due to an $8.4 million gain, net of tax, recognized in the preceding quarter upon Offshore Marine Services' Mexican joint venture issuing an additional equity interest to an unrelated third party.

Aviation Services - Operating income was $1.5 million on operating revenues of $61.7 million compared with operating income of $15.1 million on operating revenues of $71.8 million in the preceding quarter. Fourth quarter results included $1.9 million in gains on asset dispositions compared with $4.9 million in gains in the preceding quarter.

Operating revenues were $10.1 million lower in the fourth quarter primarily due to the end of seasonal activities in Alaska and a reduction in the number of helicopters operating under contract-leases. Operating expenses were $4.6 million lower in the fourth quarter primarily due to the end of seasonal activities, performance credits received under various vendor arrangements and Aviation Services' exit from a vendor maintenance agreement. Administrative and general expenses were $5.0 million higher in the fourth quarter primarily due to severance costs associated with a change in executive management.

Inland River Services - Operating income was $12.3 million on operating revenues of $51.9 million compared with operating income of $9.3 million on operating revenues of $47.9 million in the preceding quarter. Operating results improved primarily due to seasonal harvest activity and strong northbound demand for fertilizer shipments for the pooled hopper barge fleet.

Marine Transportation Services - Operating income was $3.7 million on operating revenues of $26.7 million compared with operating income of $1.7 million on operating revenues of $24.8 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 higher primarily due to lower operating expenses and less off-hire time associated with one vessel undergoing a special survey in the preceding quarter and lower insurance deductibles. Operating results for its foreign flag Roll-on/Roll-off vessels were lower primarily due to the drydocking of one vessel, charter-in expenses to cover that vessel's out-of-service time and higher legal fees.

Environmental Services - Operating income was $18.6 million on operating revenues of $59.7 million compared with operating income of $1.0 million on operating revenues of $40.4 million in the preceding quarter. The increase in operating income was primarily due to final settlements with a customer and certain subcontractors in respect of oil spill response services related to the Deepwater Horizon sinking in April 2010.

Commodity Trading and Logistics - Segment profit was $1.4 million on operating revenues of $237.2 million compared with a segment loss of $7.1 million on operating revenues of $279.2 million in the preceding quarter. Operating results improved primarily due to a reduction of volatility in commodity prices and better results from the Company's alcohol manufacturing joint venture.

Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $1.7 million on operating revenues of $17.7 million compared with operating income of $2.7 million on operating revenues of $16.7 million in the preceding quarter. The reduction in operating income was primarily due to an increase in charter-in expenses at the Company's terminal operation in St. Eustatius.

Equity in losses in the fourth quarter were primarily due to losses in one of the Company's industrial air services joint ventures in Asia.

Corporate and Eliminations - Administrative and general expenses were $10.5 million compared with $6.2 million in the preceding quarter. The increase was primarily due to management bonus accruals and professional fees.

Stock Repurchases - During the fourth quarter, the Company purchased 843,400 shares of its common stock at an average price of $84.48 per share. As of December 31, 2011, 20,933,116 shares of SEACOR's common stock remained outstanding.

Capital Commitments - The Company's unfunded capital commitments as of December 31, 2011 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 $312.5 million, of which $199.3 million is payable during 2012 with the balance payable through 2014. Of the total unfunded capital commitments, $43.6 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. Subsequent to December 31, 2011, the Company committed to purchase additional equipment for $49.2 million. As of December 31, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $815.8 million.

SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company'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 Year Ended
December 31, December 31,
2011 2010 2011 2010
Operating Revenues $ 561,808 $ 580,384 $ 2,141,942 $ 2,649,368
Costs and Expenses:
Operating 433,332 449,961 1,708,187 1,930,227
Administrative and general 55,099 54,892 187,547 192,518
Depreciation and amortization 37,017 39,173 156,824 163,490
525,448 544,026 2,052,558 2,286,235
Gains on Asset Dispositions and Impairments, Net 5,431 3,285 33,950 45,238
Operating Income 41,791 39,643 123,334 408,371
Other Income (Expense):
Interest income 1,157 3,094 13,756 8,882
Interest expense (10,027 ) (10,088 ) (41,245 ) (43,950 )
Debt extinguishment losses, net -- (1,092 ) (99 ) (1,460 )
Marketable security gains (losses), net (4,803 ) 1,340 (7,893 ) (2,159 )
Derivative gains (losses), net (262 ) 6,502 (36,135 ) 6,205
Foreign currency gains (losses), net (2,545 ) (3,511 ) 816 (6,127 )
Other, net 1,133 3,061 860 3,717
(15,347 ) (694 ) (69,940 ) (34,892 )
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies 26,444 38,949 53,394 373,479
Income Tax Expense 8,533 13,250 21,185 140,674
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies 17,911 25,699 32,209 232,805
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (659 ) 1,501 9,941 13,179
Net Income 17,252 27,200 42,150 245,984
Net Income attributable to Noncontrolling Interests in Subsidiaries 212 97 1,094 1,260
Net Income attributable to SEACOR Holdings Inc. $ 17,040 $ 27,103 $ 41,056 $ 244,724
Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.81 $ 1.30 $ 1.94 $ 11.43
Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.80 $ 1.27 $ 1.91 $ 11.25
Weighted Average Common Shares Outstanding:
Basic 21,004,776 20,843,159 21,119,461 21,402,441
Diluted 21,353,631 21,306,355 21,466,843 21,757,217
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. $ -- $ 15.00 $ -- $ 15.00
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended
Dec. 31, 2011 Sep. 30, 2011 Jun. 30, 2011 Mar. 31, 2011 Dec. 31, 2010
Operating Revenues $ 561,808 $ 571,424 $ 536,446 $ 472,264 $ 580,384
Costs and Expenses:
Operating 433,332 475,173 428,671 371,011 449,961
Administrative and general 55,099 40,117 45,937 46,394 54,892
Depreciation and amortization 37,017 38,678 41,070 40,059 39,173
525,448 553,968 515,678 457,464 544,026
Gains on Asset Dispositions and Impairments, Net 5,431 10,982 10,282 7,255 3,285
Operating Income 41,791 28,438 31,050 22,055 39,643
Other Income (Expense):
Interest income 1,157 5,554 3,307 3,738 3,094
Interest expense (10,027 ) (10,712 ) (10,465 ) (10,041 ) (10,088 )
Debt extinguishment losses, net -- (51 ) -- (48 ) (1,092 )
Marketable security gains (losses), net (4,803 ) 130 (4,754 ) 1,534 1,340
Derivative gains (losses), net (262 ) (25,954 ) (6,601 ) (3,318 ) 6,502
Foreign currency gains (losses), net (2,545 ) (3,218 ) 1,520 5,059 (3,511 )
Other, net 1,133 (39 ) (56 ) (178 ) 3,061
(15,347 ) (34,290 ) (17,049 ) (3,254 ) (694 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies 26,444 (5,852 ) 14,001 18,801 38,949
Income Tax Expense (Benefit) 8,533 (352 ) 5,638 7,366 13,250
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies 17,911 (5,500 ) 8,363 11,435 25,699
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (659 ) 9,562 1,004 34 1,501
Net Income 17,252 4,062 9,367 11,469 27,200
Net Income attributable to Noncontrolling Interests in Subsidiaries 212 247 336 299 97
Net Income attributable to SEACOR Holdings Inc. $ 17,040 $ 3,815 $ 9,031 $ 11,170 $ 27,103
Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.81 $ 0.18 $ 0.43 $ 0.53 $ 1.30
Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.80 $ 0.18 $ 0.42 $ 0.52 $ 1.27
Weighted Average Common Shares of Outstanding:
Basic 21,005 21,202 21,166 21,105 20,843
Diluted 21,354 21,565 21,518 21,439 21,306
Common Shares Outstanding at Period End 20,933 21,715 21,679 21,652 21,400
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. $ -- $ -- $ -- $ -- $ 15.00
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
Dec. 31, 2011 Sep. 30, 2011 Jun. 30, 2011 Mar. 31, 2011 Dec. 31, 2010
Offshore Marine Services
Operating Revenues $ 109,781 $ 93,277 $ 93,386 $ 80,344 $ 100,631
Costs and Expenses:
Operating 69,484 68,457 68,242 63,020 76,607
Administrative and general 13,666 10,687 11,078 11,770 13,037
Depreciation and amortization 11,954 11,785 12,205 12,533 12,279
95,104 90,929 91,525 87,323 101,923
Gains on Asset Dispositions 1,449 5,241 3,607 4,364 2,142
Operating Income (Loss) 16,126 7,589 5,468 (2,615 ) 850
Other Income (Expense):
Foreign currency gains (losses), net (1,290 ) (2,129 ) (408 ) 725 (154 )
Other, net 272 6 -- -- 1
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (500 ) 8,754 200 735 3,042
Segment Profit (Loss) $ 14,608 $ 14,220 $ 5,260 $ (1,155 ) $ 3,739
Aviation Services
Operating Revenues $ 61,696 $ 71,804 $ 68,493 $ 56,155 $ 55,522
Costs and Expenses:
Operating 41,084 45,701 42,457 33,465 37,174
Administrative and general 11,803 6,841 6,229 7,020 7,042
Depreciation and amortization 9,210 9,093 12,390 11,919 11,287
62,097 61,635 61,076 52,404 55,503
Gains (Losses) on Asset Dispositions and Impairments, Net 1,912 4,894 6,172 2,194 (117 )
Operating Income (Loss) 1,511 15,063 13,589 5,945 (98 )
Other Income (Expense):
Derivative gains (losses), net (18 ) (807 ) (811 ) 310 (27 )
Foreign currency gains (losses), net (80 ) (95 ) 338 353 166
Other, net 9 -- -- -- --
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (979 ) 106 1,054 (99 ) (83 )
Segment Profit (Loss) $ 443 $ 14,267 $ 14,170 $ 6,509 $ (42 )
Inland River Services
Operating Revenues $ 51,871 $ 47,875 $ 41,442 $ 46,469 $ 52,284
Costs and Expenses:
Operating 31,702 31,196 28,717 27,884 29,542
Administrative and general 3,270 2,206 3,166 2,697 3,114
Depreciation and amortization 5,617 6,464 5,791 5,622 5,472
40,589 39,866 37,674 36,203 38,128
Gains (Losses) on Asset Dispositions 986 1,303 (22 ) 697 697
Operating Income 12,268 9,312 3,746 10,963 14,853
Other Income (Expense):
Other, net -- -- 3 1 2,227
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 955 2,771 666 (256 ) (521 )
Segment Profit $ 13,223 $ 12,083 $ 4,415 $ 10,708 $ 16,559
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Dec. 31, 2011 Sep. 30, 2011 Jun. 30, 2011 Mar. 31, 2011 Dec. 31, 2010
Marine Transportation Services
Operating Revenues $ 26,705 $ 24,783 $ 24,336 $ 17,312 $ 16,908
Costs and Expenses:
Operating 15,338 15,194 13,584 8,979 8,174
Administrative and general 3,257 2,044 2,146 1,417 2,040
Depreciation and amortization 5,540 5,833 5,728 4,978 5,309
24,135 23,071 21,458 15,374 15,523
Gains on Asset Dispositions 1,125 -- -- -- --
Operating Income 3,695 1,712 2,878 1,938 1,385
Other Income (Expense):
Foreign currency gains (losses), net (15 ) (18 ) 6 16 (13 )
Other, net 87 131 56 -- --
Equity in Losses of 50% or Less Owned Companies, Net of Tax (74 ) -- -- -- --
Segment Profit $ 3,693 $ 1,825 $ 2,940 $ 1,954 $ 1,372
Environmental Services
Operating Revenues $ 59,669 $ 40,415 $ 48,466 $ 63,086 $ 163,380
Costs and Expenses:
Operating 31,435 28,872 31,662 44,044 116,346
Administrative and general 7,450 7,691 10,322 7,551 7,485
Depreciation and amortization 2,108 2,896 2,238 2,231 2,065
40,993 39,459 44,222 53,826 125,896
Gains (Losses) on Asset Dispositions (38 ) 3 (19 ) -- 563
Operating Income 18,638 959 4,225 9,260 38,047
Other Income (Expense):
Foreign currency gains (losses), net 41 (75 ) 97 (51 ) (115 )
Other, net -- -- 2 -- 1
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (84 ) (93 ) 132 (8 ) 58
Segment Profit $ 18,595 $ 791 $ 4,456 $ 9,201 $ 37,991
Commodity Trading and Logistics
Operating Revenues $ 237,177 $ 279,178 $ 245,321 $ 194,012 $ 178,944
Costs and Expenses:
Operating 236,664 279,180 237,644 187,018 173,922
Administrative and general 1,598 1,944 2,202 2,660 1,184
Depreciation and amortization 20 12 12 13 13
238,282 281,136 239,858 189,691 175,119
Operating Income (Loss) (1,105 ) (1,958 ) 5,463 4,321 3,825
Other Income (Expense):
Derivative gains (losses), net 1,251 (3,063 ) 828 (4,750 ) (8,192 )
Foreign currency gains (losses), net (28 ) 153 (16 ) (5 ) 26
Other, net (167 ) -- -- -- 781
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,452 (2,267 ) (1,051 ) 51 (611 )
Segment Profit (Loss) $ 1,403 $ (7,135 ) $ 5,224 $ (383 ) $ (4,171 )
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Dec. 31,
2011
Sep. 30,
2011
Jun. 30,
2011
Mar. 31,
2011
Dec. 31,
2010
Other
Operating Revenues $ 17,730 $ 16,741 $ 17,921 $ 17,536 $ 16,395
Costs and Expenses:
Operating 10,274 9,117 9,158 9,142 11,872
Administrative and general 3,589 2,523 3,210 2,620 3,031
Depreciation and amortization 2,119 2,129 2,237 2,289 2,289
15,982 13,769 14,605 14,051 17,192
Gains (Losses) on Asset Dispositions (3 ) (315 ) 544 -- --
Operating Income (Loss) 1,745 2,657 3,860 3,485 (797 )
Other Income (Expense):
Foreign currency gains (losses), net -- (75 ) (24 ) 1 (17 )
Other, net 983 (1 ) -- (1 ) 10
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (1,429 ) 291 3 (389 ) (384 )
Segment Profit (Loss) $ 1,299 $ 2,872 $ 3,839 $ 3,096 $ (1,188 )
Corporate and Eliminations
Operating Revenues $ (2,821 ) $ (2,649 ) $ (2,919 ) $ (2,650 ) $ (3,680 )
Costs and Expenses:
Operating (2,649 ) (2,544 ) (2,793 ) (2,541 ) (3,676 )
Administrative and general 10,466 6,181 7,584 10,659 17,959
Depreciation and amortization 449 466 469 474 459
8,266 4,103 5,260 8,592 14,742
Losses on Asset Dispositions and Impairments -- (144 ) -- -- --
Operating Loss $ (11,087 ) $ (6,896 ) $ (8,179 ) $ (11,242 ) $ (18,422 )
Other Income (Expense):
Derivative gains (losses), net $ (1,495 ) $ (22,084 ) $ (6,618 ) $ 1,122 $ 14,721
Foreign currency gains (losses), net (1,173 ) (979 ) 1,527 4,020 (3,404 )
Other, net (51 ) (175 ) (117 ) (178 ) 41
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Dec. 31,
2011
Sep. 30,
2011
Jun. 30,
2011
Mar. 31,
2011
Dec. 31,
2010
ASSETS
Current Assets:
Cash and cash equivalents $ 467,601 $ 306,465 $ 366,813 $ 409,716 $ 370,028
Restricted cash 21,281 19,474 12,976 19,545 12,651
Marketable securities 66,898 82,978 105,608 149,026 147,409
Receivables:
Trade, net of allowance for doubtful accounts 334,863 316,633 321,244 324,218 450,912
Other 54,293 52,719 48,825 55,475 72,448
Inventories 72,660 75,906 87,131 97,405 67,498
Deferred income taxes 11,498 5,442 5,442 5,442 5,442
Prepaid expenses and other 11,453 14,637 24,979 22,794 18,414
Total current assets 1,040,547 874,254 973,018 1,083,621 1,144,802
Property and Equipment 3,105,295 2,985,583 2,942,637 2,862,386 2,803,754
Accumulated depreciation (919,223 ) (918,914 ) (900,979 ) (875,140 ) (835,032 )
Net property and equipment 2,186,072 2,066,669 2,041,658 1,987,246 1,968,722
Investments, at Equity, and Advances to 50% or Less Owned Companies 251,838 245,885 210,372 190,472 182,387
Construction Reserve Funds & Title XI Reserve Funds 259,974 298,345 314,679 331,689 323,885
Goodwill 65,067 62,424 62,467 61,864 61,779
Intangible Assets 21,826 16,427 18,448 19,810 21,169
Other Assets, net of allowance for doubtful accounts 102,810 98,314 85,118 59,996 57,645
$ 3,928,134 $ 3,662,318 $ 3,705,760 $ 3,734,698 $ 3,760,389
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 41,091 $ 23,138 $ 20,568 $ 18,106 $ 14,618
Current portion of capital lease obligations 2,368 1,081 1,064 1,047 1,030
Accounts payable and accrued expenses 202,528 208,432 212,357 275,991 322,785
Other current liabilities 155,539 208,816 232,309 205,546 197,080
Total current liabilities 401,526 441,467 466,298 500,690 535,513
Long-Term Debt 995,450 669,573 690,774 694,872 697,427
Capital Lease Obligations 3,068 4,598 4,901 5,200 5,493
Deferred Income Taxes 575,303 565,078 561,477 563,023 567,880
Deferred Gains and Other Liabilities 144,724 138,969 146,853 150,593 156,711
Total liabilities 2,120,071 1,819,685 1,870,303 1,914,378 1,963,024
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 364 364 363 363 361
Additional paid-in capital 1,256,209 1,245,436 1,239,502 1,233,250 1,225,296
Retained earnings 1,512,679 1,495,639 1,491,824 1,482,793 1,471,623
Shares held in treasury, at cost (971,687 ) (900,225 ) (901,460 ) (901,386 ) (903,004 )
Accumulated other comprehensive loss (7,958 ) (9,644 ) (6,843 ) (5,724 ) (7,039 )
1,789,607 1,831,570 1,823,386 1,809,296 1,787,237
Noncontrolling interests in subsidiaries 18,456 11,063 12,071 11,024 10,128
Total equity 1,808,063 1,842,633 1,835,457 1,820,320 1,797,365
$ 3,928,134 $ 3,662,318 $ 3,705,760 $ 3,734,698 $ 3,760,389
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Dec. 31,
2011
Sep. 30,
2011
Jun. 30,
2011
Mar. 31,
2011
Dec. 31,
2010
Offshore Marine Services
Anchor handling towing supply 19 19 19 19 20
Crew 49 50 52 52 52
Mini-supply 8 8 8 9 9
Standby safety 26 27 26 26 26
Supply 30 29 28 26 27
Towing supply 5 5 6 7 8
Specialty 11 11 11 12 12
Wind farm utility 29 -- -- -- --
177 149 150 151 154
Aviation Services
Light helicopters - single engine 58 60 61 61 60
Light helicopters - twin engine 45 45 44 44 45
Medium helicopters 65 65 65 63 62
Heavy helicopters 7 7 7 9 9
175 177 177 177 176
Inland River Services
Inland river dry-cargo barges 1,496 1,489 1,492 1,497 1,388
Inland river liquid tank barges 77 79 80 80 80
Inland river deck barges 20 20 26 26 26
Inland river towboats 31 31 31 32 32
Dry-cargo vessel 1 1 1 1 1
1,625 1,620 1,630 1,636 1,527
Marine Transportation Services
U.S.-flag product tankers 7 8 8 8 8
RORO vessels 8 8 8 -- --
15 16 16 8 8
Other
Harbor and offshore tugs 28 28 28 29 30
Ocean liquid tank barges 5 5 5 5 5
33 33 33 34 35

Contact Information