SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Operating Revenues $ 454,926 $ 363,090 $1,655,956 $1,359,230
---------- ---------- ---------- ----------
Costs and Expenses:
Operating 291,898 230,935 1,071,116 832,403
Administrative and general 49,291 42,097 174,878 147,317
Depreciation and amortization 41,300 39,934 156,426 154,307
---------- ---------- ---------- ----------
382,489 312,966 1,402,420 1,134,027
---------- ---------- ---------- ----------
Gains on Asset Dispositions and
Impairments, Net 37,899 48,315 89,153 122,572
---------- ---------- ---------- ----------
Operating Income 110,336 98,439 342,689 347,775
---------- ---------- ---------- ----------
Other Income (Expense):
Interest income 2,610 10,219 19,788 45,173
Interest expense (13,276) (13,030) (51,901) (49,557)
Debt extinguishment gains
(losses), net 6,266 (99) 6,265 197
Marketable security gains
(losses), net (544) (1,233) 30,105 (3,391)
Derivative gains (losses), net (4,512) 5,738 (13,588) 10,835
Foreign currency gains
(losses), net (4,368) 44 (7,837) 230
Other, net 83 109 320 (11)
---------- ---------- ---------- ----------
(13,741) 1,748 (16,848) 3,476
---------- ---------- ---------- ----------
Income Before Income Tax
Expense, Minority Interest in
(Income) Loss of Subsidiaries
and Equity In Earnings of 50%
or Less Owned Companies 96,595 100,187 325,841 351,251
Income Tax Expense 28,705 41,054 113,342 130,441
---------- ---------- ---------- ----------
Income Before Minority Interest
in (Income) Loss of
Subsidiaries and Equity in
Earnings of 50% or Less Owned
Companies 67,890 59,133 212,499 220,810
Minority Interest in (Income)
Loss of Subsidiaries (124) 182 (880) (1,227)
Equity in Earnings of 50% or
Less Owned Companies 4,015 8,633 12,069 22,065
---------- ---------- ---------- ----------
Net Income $ 71,781 $ 67,948 $ 223,688 $ 241,648
========== ========== ========== ==========
Basic Earnings Per Common
Share $ 3.64 $ 2.99 $ 10.71 $ 10.26
Diluted Earnings Per Common
Share $ 3.11 $ 2.62 $ 9.25 $ 9.04
Weighted Average Common Shares
Outstanding:
Basic 19,704 22,738 20,893 23,548
Diluted 23,471 26,439 24,699 27,267
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended
-----------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
--------- --------- --------- --------- ---------
Operating Revenues $ 454,926 $ 437,608 $ 408,967 $ 354,455 $ 363,090
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 291,898 269,874 274,304 235,040 230,935
Administrative and
general 49,291 41,487 45,095 39,005 42,097
Depreciation and
amortization 41,300 39,598 37,728 37,800 39,934
--------- --------- --------- --------- ---------
382,489 350,959 357,127 311,845 312,966
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 37,899 20,074 19,274 11,906 48,315
--------- --------- --------- --------- ---------
Operating Income 110,336 106,723 71,114 54,516 98,439
--------- --------- --------- --------- ---------
Other Income
(Expense):
Interest income 2,610 4,329 5,373 7,476 10,219
Interest expense (13,276) (14,404) (12,673) (11,548) (13,030)
Debt extinguishment
gains (losses),
net 6,266 -- (1) -- (99)
Marketable security
gains (losses), net (544) 35,950 383 (5,684) (1,233)
Derivative gains
(losses), net (4,512) (8,430) (7,113) 6,467 5,738
Foreign currency
gains (losses),
net (4,368) (6,683) 604 2,610 44
Other, net 83 (89) 162 164 109
--------- --------- --------- --------- ---------
(13,741) 10,673 (13,265) (515) 1,748
--------- --------- --------- --------- ---------
Income Before Income
Tax Expense,
Minority Interest
in (Income) Loss of
Subsidiaries and
Equity In Earnings
of 50% or Less
Owned Companies 96,595 117,396 57,849 54,001 100,187
Income Tax Expense 28,705 43,551 20,616 20,470 41,054
--------- --------- --------- --------- ---------
Income Before
Minority Interest
in (Income) Loss of
Subsidiaries and
Equity in Earnings
of 50% or Less
Owned Companies 67,890 73,845 37,233 33,531 59,133
Minority Interest in
(Income) Loss of
Subsidiaries (124) (363) (191) (202) 182
Equity in Earnings
of 50% or Less
Owned Companies 4,015 2,160 1,315 4,579 8,633
--------- --------- --------- --------- ---------
Net Income $ 71,781 $ 75,642 $ 38,357 $ 37,908 $ 67,948
========= ========= ========= ========= =========
Basic Earnings Per
Common Share $ 3.64 $ 3.75 $ 1.80 $ 1.70 $ 2.99
Diluted Earnings Per
Common Share $ 3.11 $ 3.20 $ 1.57 $ 1.50 $ 2.62
Weighted Average
Common Shares
Outstanding:
Basic 19,704 20,183 21,363 22,344 22,738
Diluted 23,471 23,999 25,171 26,011 26,439
Common Shares
Outstanding at
Period End 20,018 19,976 21,117 22,223 22,575
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
-------- -------- --------- --------- --------
Offshore Marine Services
Operating Revenues $185,956 $196,911 $ 171,214 $ 154,647 $170,430
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 93,443 97,790 104,599 94,270 97,534
Administrative and
general 15,344 14,473 15,801 12,804 13,855
Depreciation and
amortization 14,146 13,689 13,674 14,125 15,415
-------- -------- --------- --------- --------
122,933 125,952 134,074 121,199 126,804
-------- -------- --------- --------- --------
Gains on Asset
Dispositions and
Impairments, Net 34,200 13,516 14,352 7,138 22,472
-------- -------- --------- --------- --------
Operating Income $ 97,223 $ 84,475 $ 51,492 $ 40,586 $ 66,098
======== ======== ========= ========= ========
Marine Transportation
Services
Operating Revenues $ 28,776 $ 27,535 $ 28,764 $ 28,953 $ 31,827
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 16,874 22,391 16,762 16,219 27,781
Administrative and
general 1,771 1,486 1,607 1,438 1,737
Depreciation and
amortization 7,997 7,997 8,039 7,980 8,764
-------- -------- --------- --------- --------
26,642 31,874 26,408 25,637 38,282
-------- -------- --------- --------- --------
Gains on Asset
Dispositions -- -- -- 3,629 --
-------- -------- --------- --------- --------
Operating Income (Loss) $ 2,134 $ (4,339) $ 2,356 $ 6,945 $ (6,455)
======== ======== ========= ========= ========
Inland River Services
Operating Revenues $ 44,038 $ 36,517 $ 33,322 $ 30,145 $ 33,850
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 21,304 23,079 21,310 16,726 15,863
Administrative and
general 2,048 1,800 1,916 2,123 2,076
Depreciation and
amortization 4,440 4,146 4,032 3,964 4,220
-------- -------- --------- --------- --------
27,792 29,025 27,258 22,813 22,159
-------- -------- --------- --------- --------
Gains on Asset
Dispositions 4,138 4,073 1,472 711 22,726
-------- -------- --------- --------- --------
Operating Income $ 20,384 $ 11,565 $ 7,536 $ 8,043 $ 34,417
======== ======== ========= ========= ========
Aviation Services
Operating Revenues $ 57,557 $ 73,483 $ 63,795 $ 53,792 $ 51,296
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 44,931 49,991 46,697 39,871 38,156
Administrative and
general 5,432 5,174 4,895 4,629 5,315
Depreciation and
amortization 10,379 9,571 8,672 7,789 7,866
-------- -------- --------- --------- --------
60,742 64,736 60,264 52,289 51,337
-------- -------- --------- --------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (26) 1,307 3,208 394 1,996
-------- -------- --------- --------- --------
Operating Income (Loss) $ (3,211) $ 10,054 $ 6,739 $ 1,897 $ 1,955
======== ======== ========= ========= ========
Environmental Services
Operating Revenues $ 45,360 $ 42,177 $ 37,984 $ 42,509 $ 55,879
-------- -------- --------- --------- --------
Costs and Expenses:
Operating 30,253 29,904 26,571 30,598 36,623
Administrative and
general 7,471 5,924 8,423 5,709 7,755
Depreciation and
amortization 2,161 2,033 1,414 1,445 1,748
-------- -------- --------- --------- --------
39,885 37,861 36,408 37,752 46,126
-------- -------- --------- --------- --------
Gains on Asset
Dispositions 5 -- 84 35 249
-------- -------- --------- --------- --------
Operating Income $ 5,480 $ 4,316 $ 1,660 $ 4,792 $ 10,002
======== ======== ========= ========= ========
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
--------- --------- --------- --------- ---------
Commodity Trading
Operating Revenues $ 79,881 $ 44,290 $ 55,419 $ 28,674 $ 6,338
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 78,425 37,746 46,977 26,757 6,902
Administrative and
general 5,231 1,358 1,644 727 365
Depreciation and
amortization -- -- -- -- --
--------- --------- --------- --------- ---------
83,656 39,104 48,621 27,484 7,267
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions -- -- -- -- --
--------- --------- --------- --------- ---------
Operating Income
(Loss) $ (3,775) $ 5,186 $ 6,798 $ 1,190 $ (929)
========= ========= ========= ========= =========
Harbor and Offshore
Towing Services
Operating Revenues $ 16,792 $ 19,529 $ 19,929 $ 16,257 $ 13,461
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 9,812 11,941 12,959 11,109 8,053
Administrative and
general 2,654 2,571 2,398 1,771 1,882
Depreciation and
amortization 1,940 1,884 1,648 2,267 1,714
--------- --------- --------- --------- ---------
14,406 16,396 17,005 15,147 11,649
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions (5) -- 158 -- --
--------- --------- --------- --------- ---------
Operating Income $ 2,381 $ 3,133 $ 3,082 $ 1,110 $ 1,812
========= ========= ========= ========= =========
Other
Operating Revenues $ -- $ 270 $ 104 $ -- $ --
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating -- -- -- -- --
Administrative and
general 122 117 131 202 509
Depreciation and
amortization -- 3 8 -- --
--------- --------- --------- --------- ---------
122 120 139 202 509
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions (16) 1,178 -- -- 873
--------- --------- --------- --------- ---------
Operating Income
(Loss) $ (138) $ 1,328 $ (35) $ (202) $ 364
========= ========= ========= ========= =========
Corporate and
Eliminations
Operating Revenues $ (3,434) $ (3,104) $ (1,564) $ (522) $ 9
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating (3,144) (2,968) (1,571) (510) 23
Administrative and
general 9,218 8,584 8,280 9,602 8,603
Depreciation and
amortization 237 275 241 230 207
--------- --------- --------- --------- ---------
6,311 5,891 6,950 9,322 8,833
--------- --------- --------- --------- ---------
Losses on Asset
Dispositions and
Impairments, Net (397) -- -- (1) (1)
--------- --------- --------- --------- ---------
Operating Loss $ (10,142) $ (8,995) $ (8,514) $ (9,845) $ (8,825)
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
--------- ---------- ---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 275,442 $ 326,143 $ 422,569 $ 444,787 $ 537,305
Restricted
cash 20,787 23,659 30,072 39,152 30,624
Marketable
securities 53,817 72,862 97,920 75,669 28,792
Receivables:
Trade, net of
allowance for
doubtful
accounts 277,350 294,330 272,291 250,789 267,564
Other 40,141 57,892 54,520 72,073 62,975
Inventories 66,278 50,234 42,063 35,021 30,468
Deferred income
taxes 5,164 9,929 9,929 9,929 9,929
Prepaid expenses
and other 10,499 8,943 12,067 9,196 9,756
---------- ---------- ---------- ---------- ----------
Total current
assets 749,478 843,992 941,431 936,616 977,413
---------- ---------- ---------- ---------- ----------
Property and
Equipment 2,741,322 2,706,500 2,665,956 2,511,118 2,469,735
Accumulated
depreciation (601,806) (596,017) (578,100) (554,838) (526,583)
---------- ---------- ---------- ---------- ----------
Net property
and
equipment 2,139,516 2,110,483 2,087,856 1,956,280 1,943,152
---------- ---------- ---------- ---------- ----------
Investments, at
Equity, and
Receivables
from 50% or
Less Owned
Companies 150,062 143,190 115,701 117,409 109,288
Construction
Reserve Funds
& Title XI
Reserve Funds 305,757 265,586 270,357 413,681 405,000
Goodwill 51,496 61,401 63,101 62,020 60,226
Intangible
Assets 28,478 29,707 28,079 29,292 30,500
Other Assets,
net of
allowance for
doubtful
accounts 37,413 33,067 41,806 36,136 43,072
---------- ---------- ---------- ---------- ----------
$3,462,200 $3,487,426 $3,548,331 $3,551,434 $3,568,651
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Liabilities:
Current portion
of long-term
debt $ 33,671 $ 10,301 $ 10,385 $ 11,414 $ 9,648
Current portion
of capital
lease obligations 907 15,074 33,682 864 851
Accounts payable
and accrued
expenses 102,798 105,496 101,942 93,079 119,321
Other current
liabilities 139,425 226,395 273,185 254,522 258,940
---------- ---------- ---------- ---------- ----------
Total current
liabilities 276,801 357,266 419,194 359,879 388,760
---------- ---------- ---------- ---------- ----------
Long-Term Debt 921,275 931,588 927,701 928,308 929,114
Capital Lease
Obligations 7,685 7,940 8,192 8,439 8,642
Deferred Income
Taxes 507,391 512,102 492,131 493,701 480,447
Deferred Gains
and Other
Liabilities 121,796 126,281 127,217 131,259 130,311
Minority
Interest in
Subsidiaries 12,078 11,945 11,981 12,207 9,558
Stockholders'
Equity:
Preferred stock -- -- -- -- --
Common stock 324 323 323 323 322
Additional
paid-in
capital 922,540 917,192 913,874 910,843 905,702
Retained
earnings 1,421,712 1,349,931 1,274,289 1,235,932 1,198,024
Shares held in
treasury, at
cost (724,357) (724,165) (628,041) (531,236) (486,505)
Accumulated
other
comprehensive
income (loss):
Cumulative
translation
adjustments (5,045) 27 2,344 2,337 1,938
Unrealized gain
(loss) on
available-for-
sale marketable
securities -- (3,004) (874) (558) 2,338
---------- ---------- ---------- ---------- ----------
Total
stockholders'
equity 1,615,174 1,540,304 1,561,915 1,617,641 1,621,819
---------- ---------- ---------- ---------- ----------
$3,462,200 $3,487,426 $3,548,331 $3,551,434 $3,568,651
========== ========== ========== ========== ==========
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2008 2008 2008 2008 2007
--------- --------- --------- --------- ---------
Offshore Marine Services
Anchor handling towing
supply 20 20 20 20 20
Crew 75 77 76 77 77
Mini-supply 16 19 20 21 21
Standby safety 29 29 29 29 29
Supply 27 27 28 26 25
Towing supply 14 15 16 18 21
Specialty 9 10 13 14 13
--------- --------- --------- --------- ---------
190 197 202 205 206
========= ========= ========= ========= =========
Marine Transportation
Services
U.S.-flag product tankers 8 8 8 8 10
========= ========= ========= ========= =========
Inland River Services
Inland river dry cargo
barges-open 345 338 318 318 318
Inland river dry cargo
barges-covered 638 643 665 671 667
Inland river liquid tank
barges 86 75 75 70 73
Inland river deck barges 26 26 26 26 26
Inland river towboats 22 21 20 20 17
--------- --------- --------- --------- ---------
1,117 1,103 1,104 1,105 1,101
========= ========= ========= ========= =========
Aviation Services
Light helicopters -
single engine 63 62 62 64 61
Light helicopters - twin
engine 55 53 55 54 53
Medium helicopters 62 58 57 55 54
Heavy helicopters 7 6 5 3 3
--------- --------- --------- --------- ---------
187 179 179 176 171
========= ========= ========= ========= =========
Harbor and Offshore
Towing Services
Harbor and offshore tugs 35 35 35 36 30
Ocean liquid tank barges 3 3 2 2 --
--------- --------- --------- --------- ---------
38 38 37 38 30
========= ========= ========= ========= =========
Contact Information: For additional information, contact: Molly Hottinger (954) 627-5278 www.seacorholdings.com