SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months
Ended
March 31,
----------------------
2009 2008
---------- ----------
Operating Revenues $ 399,516 $ 354,455
---------- ----------
Costs and Expenses:
Operating 248,412 235,040
Administrative and general 38,682 39,005
Depreciation and amortization 39,264 37,800
---------- ----------
326,358 311,845
---------- ----------
Gains on Asset Dispositions and Impairments, Net 16,760 11,906
---------- ----------
Operating Income 89,918 54,516
---------- ----------
Other Income (Expense):
Interest income 1,043 7,476
Interest expense (14,337) (13,491)
Debt extinguishment gains, net 1,363 --
Marketable security losses, net (3,981) (5,684)
Derivative gains, net 3,611 6,467
Foreign currency gains, net 658 2,610
Other, net 190 164
---------- ----------
(11,453) (2,458)
---------- ----------
Income Before Income Tax Expense and Equity In
Earnings of 50% or Less Owned Companies 78,465 52,058
Income Tax Expense 28,199 19,790
---------- ----------
Income Before Equity in Earnings of 50% or Less
Owned Companies 50,266 32,268
Equity in Earnings of 50% or Less Owned Companies 3,527 4,579
---------- ----------
Net Income 53,793 36,847
Net Income attributable to Noncontrolling Interests
in Subsidiaries 799 202
---------- ----------
Net Income attributable to SEACOR Holdings Inc. $ 52,994 $ 36,645
========== ==========
Basic Earnings Per Common Share of SEACOR Holdings
Inc. $ 2.68 $ 1.64
Diluted Earnings Per Common Share of SEACOR
Holdings Inc. $ 2.36 $ 1.50
Weighted Average Common Shares of Outstanding:
Basic 19,761,776 22,343,655
Diluted 23,507,459 26,011,338
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended
----------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2009 2008 2008 2008 2008
--------- --------- --------- --------- ---------
Operating Revenues $ 399,516 $ 454,926 $ 437,608 $ 408,967 $ 354,455
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 248,412 291,898 269,874 274,304 235,040
Administrative and
general 38,682 49,291 41,487 45,095 39,005
Depreciation and
amortization 39,264 41,300 39,598 37,728 37,800
--------- --------- --------- --------- ---------
326,358 382,489 350,959 357,127 311,845
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 16,760 37,899 20,074 19,274 11,906
--------- --------- --------- --------- ---------
Operating Income 89,918 110,336 106,723 71,114 54,516
--------- --------- --------- --------- ---------
Other Income
(Expense):
Interest income 1,043 2,610 4,329 5,373 7,476
Interest expense (14,337) (15,291) (16,409) (14,625) (13,491)
Debt extinguishment
gains (losses),
net 1,363 6,266 -- (1) --
Marketable security
gains (losses),
net (3,981) (544) 35,950 383 (5,684)
Derivative gains
(losses), net 3,611 (4,512) (8,430) (7,113) 6,467
Foreign currency
gains (losses),
net 658 (4,368) (6,683) 604 2,610
Other, net 190 83 (89) 162 164
--------- --------- --------- --------- ---------
(11,453) (15,756) 8,668 (15,217) (2,458)
--------- --------- --------- --------- ---------
Income Before Income
Tax Expense and
Equity In Earnings
of 50% or Less Owned
Companies 78,465 94,580 115,391 55,897 52,058
Income Tax Expense 28,199 28,000 42,849 19,933 19,790
--------- --------- --------- --------- ---------
Income Before Equity
in Earnings of 50%
or Less Owned
Companies 50,266 66,580 72,542 35,964 32,268
Equity in Earnings of
50% or Less Owned
Companies 3,527 4,015 2,160 1,315 4,579
--------- --------- --------- --------- ---------
Net Income 53,793 70,595 74,702 37,279 36,847
Net Income
attributable to
Noncontrolling
Interests in
Subsidiaries 799 124 363 191 202
--------- --------- --------- --------- ---------
Net Income
attributable to
SEACOR Holdings Inc. $ 52,994 $ 70,471 $ 74,339 $ 37,088 $ 36,645
========= ========= ========= ========= =========
Basic Earnings Per
Common Share of
SEACOR Holdings Inc. $ 2.68 $ 3.58 $ 3.68 $ 1.74 $ 1.64
Diluted Earnings Per
Common Share of
SEACOR Holdings Inc. $ 2.36 $ 3.11 $ 3.20 $ 1.57 $ 1.50
Weighted Average
Common Shares of
Outstanding:
Basic 19,762 19,704 20,183 21,363 22,344
Diluted 23,507 23,471 23,999 25,171 26,011
Common Shares
Outstanding at
Period End 20,191 20,018 19,976 21,117 22,223
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
Three Months Ended
---------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2009 2008 2008 2008 2008
--------- --------- --------- --------- ---------
Offshore Marine Services
Operating Revenues $ 164,783 $ 185,956 $ 196,911 $ 171,214 $ 154,647
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 78,839 93,443 97,790 104,599 94,270
Administrative and
general 10,198 15,344 14,473 15,801 12,804
Depreciation and
amortization 13,689 14,146 13,689 13,674 14,125
--------- --------- --------- --------- ---------
102,726 122,933 125,952 134,074 121,199
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 14,446 34,200 13,516 14,352 7,138
--------- --------- --------- --------- ---------
Operating Income $ 76,503 $ 97,223 $ 84,475 $ 51,492 $ 40,586
========= ========= ========= ========= =========
Marine Transportation
Services
Operating Revenues $ 26,537 $ 28,776 $ 27,535 $ 28,764 $ 28,953
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 16,771 16,874 22,391 16,762 16,219
Administrative and
general 1,184 1,771 1,486 1,607 1,438
Depreciation and
amortization 7,999 7,997 7,997 8,039 7,980
--------- --------- --------- --------- ---------
25,954 26,642 31,874 26,408 25,637
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions -- -- -- -- 3,629
--------- --------- --------- --------- ---------
Operating Income (Loss) $ 583 $ 2,134 $ (4,339) $ 2,356 $ 6,945
========= ========= ========= ========= =========
Inland River Services
Operating Revenues $ 37,014 $ 44,038 $ 36,517 $ 33,322 $ 30,145
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 19,409 21,304 23,079 21,310 16,726
Administrative and
general 2,136 2,048 1,800 1,916 2,123
Depreciation and
amortization 4,866 4,440 4,146 4,032 3,964
--------- --------- --------- --------- ---------
26,411 27,792 29,025 27,258 22,813
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions 2,261 4,138 4,073 1,472 711
--------- --------- --------- --------- ---------
Operating Income $ 12,864 $ 20,384 $ 11,565 $ 7,536 $ 8,043
========= ========= ========= ========= =========
Aviation Services
Operating Revenues $ 59,385 $ 57,557 $ 73,483 $ 63,795 $ 53,792
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 40,317 44,931 49,991 46,697 39,871
Administrative and
general 4,151 5,432 5,174 4,895 4,629
Depreciation and
amortization 8,706 10,379 9,571 8,672 7,789
--------- --------- --------- --------- ---------
53,174 60,742 64,736 60,264 52,289
--------- --------- --------- --------- ---------
Gains (Losses) on Asset
Dispositions and
Impairments, Net 45 (26) 1,307 3,208 394
--------- --------- --------- --------- ---------
Operating Income (Loss) $ 6,256 $ (3,211) $ 10,054 $ 6,739 $ 1,897
========= ========= ========= ========= =========
Environmental Services
Operating Revenues $ 34,234 $ 45,360 $ 42,177 $ 37,984 $ 42,509
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 24,077 30,253 29,904 26,571 30,598
Administrative and
general 7,241 7,471 5,924 8,423 5,709
Depreciation and
amortization 1,754 2,161 2,033 1,414 1,445
--------- --------- --------- --------- ---------
33,072 39,885 37,861 36,408 37,752
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions 8 5 -- 84 35
--------- --------- --------- --------- ---------
Operating Income $ 1,170 $ 5,480 $ 4,316 $ 1,660 $ 4,792
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
Three Months Ended
--------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2009 2008 2008 2008 2008
--------- --------- -------- -------- --------
Commodity Trading
Operating Revenues $ 64,503 $ 79,881 $ 44,290 $ 55,419 $ 28,674
--------- --------- -------- -------- --------
Costs and Expenses:
Operating 61,871 78,425 37,746 46,977 26,757
Administrative and
general 1,839 5,231 1,358 1,644 727
Depreciation and
amortization -- -- -- -- --
--------- --------- -------- -------- --------
63,710 83,656 39,104 48,621 27,484
--------- --------- -------- -------- --------
Gains on Asset
Dispositions -- -- -- -- --
--------- --------- -------- -------- --------
Operating Income
(Loss) $ 793 $ (3,775) $ 5,186 $ 6,798 $ 1,190
========= ========= ======== ======== ========
Harbor and Offshore Towing
Services
Operating Revenues $ 16,346 $ 16,792 $ 19,529 $ 19,929 $ 16,257
--------- --------- -------- -------- --------
Costs and Expenses:
Operating 10,704 9,812 11,941 12,959 11,109
Administrative and
general 2,020 2,654 2,571 2,398 1,771
Depreciation and
amortization 1,952 1,940 1,884 1,648 2,267
--------- --------- -------- -------- --------
14,676 14,406 16,396 17,005 15,147
--------- --------- -------- -------- --------
Gains (Losses) on Asset
Dispositions -- (5) -- 158 --
--------- --------- -------- -------- --------
Operating Income $ 1,670 $ 2,381 $ 3,133 $ 3,082 $ 1,110
========= ========= ======== ======== ========
Other
Operating Revenues $ -- $ -- $ 270 $ 104 $ --
--------- --------- -------- -------- --------
Costs and Expenses:
Operating -- -- -- -- --
Administrative and
general 206 122 117 131 202
Depreciation and
amortization -- -- 3 8 --
--------- --------- -------- -------- --------
206 122 120 139 202
--------- --------- -------- -------- --------
Gains (Losses) on Asset
Dispositions -- (16) 1,178 -- --
--------- --------- -------- -------- --------
Operating Income
(Loss) $ (206) $ (138) $ 1,328 $ (35) $ (202)
========= ========= ======== ======== ========
Corporate and Eliminations
Operating Revenues $ (3,286) $ (3,434) $ (3,104) $ (1,564) $ (522)
--------- --------- -------- -------- --------
Costs and Expenses:
Operating (3,576) (3,144) (2,968) (1,571) (510)
Administrative and
general 9,707 9,218 8,584 8,280 9,602
Depreciation and
amortization 298 237 275 241 230
--------- --------- -------- -------- --------
6,429 6,311 5,891 6,950 9,322
--------- --------- -------- -------- --------
Losses on Asset
Dispositions and
Impairments, Net -- (397) -- -- (1)
--------- --------- -------- -------- --------
Operating Loss $ (9,715) $ (10,142) $ (8,995) $ (8,514) $ (9,845)
========= ========= ======== ======== ========
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2009 2008 2008 2008 2008
----------- ----------- ----------- ----------- -----------
ASSETS
Current
Assets:
Cash and
cash
equivalents $ 376,720 $ 275,442 $ 326,143 $ 422,569 $ 444,787
Restricted
cash 23,984 20,787 23,659 30,072 39,152
Marketable
securities 50,785 53,817 72,862 97,920 75,669
Receivables:
Trade, net
of
allowance
for
doubtful
accounts 262,170 277,350 294,330 272,291 250,789
Other 41,515 40,141 57,892 54,520 72,073
Inventories 62,065 66,278 50,234 42,063 35,021
Deferred
income
taxes 5,164 5,164 9,929 9,929 9,929
Prepaid
expenses
and other 11,286 10,499 8,943 12,067 9,196
----------- ----------- ----------- ----------- -----------
Total
current
assets 833,689 749,478 843,992 941,431 936,616
----------- ----------- ----------- ----------- -----------
Property and
Equipment 2,761,837 2,741,322 2,706,500 2,665,956 2,511,118
Accumulated
depre-
ciation (649,971) (601,806) (596,017) (578,100) (554,838)
----------- ----------- ----------- ----------- -----------
Net
property
and
equipment 2,111,866 2,139,516 2,110,483 2,087,856 1,956,280
----------- ----------- ----------- ----------- -----------
Investments,
at Equity,
and
Receivables
from 50% or
Less Owned
Companies 158,066 150,062 143,190 115,701 117,409
Construction
Reserve
Funds & Title
XI Reserve
Funds 297,681 305,757 265,586 270,357 413,681
Goodwill 52,919 51,496 61,401 63,101 62,020
Intangible
Assets 27,230 28,478 29,707 28,079 29,292
Other Assets,
net of
allowance
for doubtful
accounts 36,086 34,867 30,606 39,430 33,845
----------- ----------- ----------- ----------- -----------
$ 3,517,537 $ 3,459,654 $ 3,484,965 $ 3,545,955 $ 3,549,143
=========== =========== =========== =========== ===========
LIABILITIES
AND EQUITY
Current
Liabilities:
Current
portion of
long-term
debt $ 12,301 $ 33,671 $ 10,301 $ 10,385 $ 11,414
Current
portion of
capital
lease
obligations 921 907 15,074 33,682 864
Accounts
payable
and
accrued
expenses 104,023 102,798 105,496 101,942 93,079
Other
current
liabilities 145,421 139,425 226,395 273,185 254,522
----------- ----------- ----------- ----------- -----------
Total
current
liabilities 262,666 276,801 357,266 419,194 359,879
----------- ----------- ----------- ----------- -----------
Long-Term
Debt 910,156 895,689 904,072 898,265 897,005
Capital Lease
Obligations 7,426 7,685 7,940 8,192 8,439
Deferred
Income Taxes 530,825 515,455 520,871 501,602 503,855
Deferred
Gains and
Other
Liabilities 111,714 121,796 126,281 127,217 131,259
----------- ----------- ----------- ----------- -----------
Total
liabilities 1,822,787 1,817,426 1,916,430 1,954,470 1,900,437
----------- ----------- ----------- ----------- -----------
Equity:
SEACOR
Holdings
Inc.
stockholders
equity:
Preferred
stock -- -- -- -- --
Common
stock 325 324 323 323 323
Additional
paid-in
capital 959,092 956,457 951,109 947,791 944,760
Retained
earnings 1,455,765 1,402,771 1,332,300 1,257,961 1,220,873
Shares
held in
treasury,
at cost (723,154) (724,357) (724,165) (628,041) (531,236)
Accumulated
other
comprehensive
income
(loss) (5,614) (5,045) (2,977) 1,470 1,779
----------- ----------- ----------- ----------- -----------
1,686,414 1,630,150 1,556,590 1,579,504 1,636,499
Noncontrolling
interests in
subsidiaries 8,336 12,078 11,945 11,981 12,207
----------- ----------- ----------- ----------- -----------
Total
equity 1,694,750 1,642,228 1,568,535 1,591,485 1,648,706
----------- ----------- ----------- ----------- -----------
$ 3,517,537 $ 3,459,654 $ 3,484,965 $ 3,545,955 $ 3,549,143
=========== =========== =========== =========== ===========
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2009 2008 2008 2008 2008
-------- -------- --------- -------- --------
Offshore Marine Services
Anchor handling towing
supply 21 20 20 20 20
Crew 71 75 77 76 77
Mini-supply 15 16 19 20 21
Standby safety 28 29 29 29 29
Supply 28 27 27 28 26
Towing supply 13 14 15 16 18
Specialty 9 9 10 13 14
-------- -------- --------- -------- --------
185 190 197 202 205
======== ======== ========= ======== ========
Marine Transportation
Services
U.S.-flag product tankers 8 8 8 8 8
======== ======== ========= ======== ========
Inland River Services
Inland river dry cargo
barges-open 333 345 338 318 318
Inland river dry cargo
barges-covered 629 632 637 659 665
Inland river liquid tank
barges 87 86 75 75 70
Inland river deck barges 26 26 26 26 26
Inland river towboats 23 22 21 20 20
Dry-cargo vessel 1 -- -- -- --
-------- -------- --------- -------- --------
1,099 1,111 1,097 1,098 1,099
======== ======== ========= ======== ========
Aviation Services
Light helicopters -
single engine 64 63 62 62 64
Light helicopters -
twin engine 55 55 53 55 54
Medium helicopters 63 62 58 57 55
Heavy helicopters 6 7 6 5 3
-------- -------- --------- -------- --------
188 187 179 179 176
======== ======== ========= ======== ========
Harbor and Offshore
Towing Services
Harbor and offshore tugs 35 35 35 35 36
Ocean liquid tank barges 3 3 3 2 2
-------- -------- --------- -------- --------
38 38 38 37 38
======== ======== ========= ======== ========
Contact Information: For additional information, contact: Molly Hottinger (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com