SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
Operating Revenues $ 446,079 $ 437,608 $ 1,234,828 $ 1,201,030
----------- ----------- ----------- -----------
Costs and Expenses:
Operating 327,602 269,874 832,145 779,218
Administrative and
general 41,926 41,487 120,666 125,587
Depreciation and
amortization 40,272 39,598 119,364 115,126
----------- ----------- ----------- -----------
409,800 350,959 1,072,175 1,019,931
----------- ----------- ----------- -----------
Gains on Asset
Dispositions and
Impairments, Net 5,783 20,074 22,528 51,254
----------- ----------- ----------- -----------
Operating Income 42,062 106,723 185,181 232,353
----------- ----------- ----------- -----------
Other Income (Expense):
Interest income 789 4,329 2,410 17,178
Interest expense (14,267) (16,409) (42,679) (44,525)
Debt extinguishment
gains (losses), net 2,787 -- 4,072 (1)
Marketable security
gains, net 6,948 35,950 14,796 30,649
Derivative gains
(losses), net 2,328 (8,430) 9,704 (9,076)
Foreign currency
gains (losses), net (939) (6,683) 6,566 (3,469)
Other, net (57) (89) 132 237
----------- ----------- ----------- -----------
(2,411) 8,668 (4,999) (9,007)
----------- ----------- ----------- -----------
Income Before Income
Tax Expense and Equity
In Earnings of 50% or
Less Owned Companies 39,651 115,391 180,182 223,346
Income Tax Expense 15,751 42,849 66,866 82,572
----------- ----------- ----------- -----------
Income Before Equity in
Earnings of 50% or
Less Owned Companies 23,900 72,542 113,316 140,774
Equity in Earnings of
50% or Less Owned
Companies, Net of Tax 2,340 2,160 9,358 8,054
----------- ----------- ----------- -----------
Net Income 26,240 74,702 122,674 148,828
Net Income (Loss)
attributable to
Noncontrolling
Interests in
Subsidiaries (42) 363 1,090 756
----------- ----------- ----------- -----------
Net Income attributable
to SEACOR Holdings
Inc. $ 26,282 $ 74,339 $ 121,584 $ 148,072
=========== =========== =========== ===========
Basic Earnings Per
Common Share of SEACOR
Holdings Inc. $ 1.32 $ 3.68 $ 6.13 $ 6.95
Diluted Earnings Per
Common Share of SEACOR
Holdings Inc. $ 1.23 $ 3.20 $ 5.53 $ 6.19
Weighted Average Common
Shares Outstanding:
Basic 19,867,226 20,183,310 19,824,913 21,292,625
Diluted 23,458,195 23,999,260 23,374,644 25,121,290
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,
2009 2009 2009 2008 2008
--------- --------- --------- --------- ---------
Operating Revenues $ 446,079 $ 389,233 $ 399,516 $ 454,926 $ 437,608
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 327,602 256,131 248,412 291,898 269,874
Administrative and
general 41,926 40,058 38,682 49,291 41,487
Depreciation and
amortization 40,272 39,828 39,264 41,300 39,598
--------- --------- --------- --------- ---------
409,800 336,017 326,358 382,489 350,959
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions
and Impairments, Net 5,783 (15) 16,760 37,899 20,074
--------- --------- --------- --------- ---------
Operating Income 42,062 53,201 89,918 110,336 106,723
--------- --------- --------- --------- ---------
Other Income
(Expense):
Interest income 789 578 1,043 2,610 4,329
Interest expense (14,267) (14,075) (14,337) (15,291) (16,409)
Debt extinguishment
gains (losses), net 2,787 (78) 1,363 6,266 --
Marketable
security gains
(losses), net 6,948 11,829 (3,981) (544) 35,950
Derivative gains
(losses), net 2,328 3,765 3,611 (4,512) (8,430)
Foreign currency
gains (losses), net (939) 6,847 658 (4,368) (6,683)
Other, net (57) (1) 190 83 (89)
--------- --------- --------- --------- ---------
(2,411) 8,865 (11,453) (15,756) 8,668
--------- --------- --------- --------- ---------
Income Before Income
Tax Expense and
Equity In Earnings
of 50% or Less
Owned Companies 39,651 62,066 78,465 94,580 115,391
Income Tax Expense 15,751 22,916 28,199 28,000 42,849
--------- --------- --------- --------- ---------
Income Before Equity
in Earnings of 50%
or Less Owned
Companies 23,900 39,150 50,266 66,580 72,542
Equity in Earnings
of 50% or Less
Owned Companies,
Net of Tax 2,340 3,491 3,527 4,015 2,160
--------- --------- --------- --------- ---------
Net Income 26,420 42,641 53,793 70,595 74,702
Net Income (Loss)
attributable to
Noncontrolling
Interests in
Subsidiaries (42) 333 799 124 363
--------- --------- --------- --------- ---------
Net Income
attributable to
SEACOR Holdings
Inc. 26,282 $ 42,308 $ 52,994 $ 70,471 $ 74,339
========= ========= ========= ========= =========
Basic Earnings Per
Common Share of
SEACOR Holdings
Inc. $ 1.32 $ 2.13 $ 2.68 $ 3.58 $ 3.68
Diluted Earnings
Per Common Share
of SEACOR Holdings
Inc. $ 1.23 $ 1.91 $ 2.36 $ 3.11 $ 3.20
Weighted Average
Common Shares of
Outstanding:
Basic 19,867 19,845 19,762 19,704 20,183
Diluted 23,458 23,528 23,507 23,471 23,999
Common Shares
Outstanding at
Period End 20,230 20,201 20,191 20,018 19,976
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2009 2009 2009 2008 2008
--------- --------- ---------- --------- ---------
Offshore Marine
Services
Operating Revenues $ 129,839 $ 146,466 $ 164,783 $ 185,956 $ 196,911
--------- --------- ---------- --------- ---------
Costs and Expenses:
Operating 76,982 81,609 78,839 93,443 97,790
Administrative and
general 13,128 10,935 10,198 15,344 14,473
Depreciation and
amortization 13,608 13,802 13,689 14,146 13,689
--------- --------- ---------- --------- ---------
103,718 106,346 102,726 122,933 125,952
--------- --------- ---------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 3,852 361 14,446 34,200 13,516
--------- --------- ---------- --------- ---------
Operating Income $ 29,973 $ 40,481 $ 76,503 $ 97,223 $ 84,475
========= ========= ========== ========= =========
Marine Transportation
Services
Operating Revenues $ 21,737 $ 24,095 $ 26,537 $ 28,776 $ 27,535
--------- --------- ---------- --------- ---------
Costs and Expenses:
Operating 11,420 11,792 16,771 16,874 22,391
Administrative and
general 953 942 1,184 1,771 1,486
Depreciation and
amortization 8,003 7,999 7,999 7,997 7,997
--------- --------- ---------- --------- ---------
20,376 20,733 25,954 26,642 31,874
--------- --------- ---------- --------- ---------
Operating Income
(Loss) $ 1,361 $ 3,362 $ 583 $ 2,134 $ (4,339)
========= ========= ========== ========= =========
Inland River
Services
Operating Revenues $ 34,314 $ 30,163 $ 37,014 $ 44,038 $ 36,517
--------- --------- ---------- --------- ---------
Costs and Expenses:
Operating 20,144 17,839 19,409 21,304 23,079
Administrative and
general 2,443 2,048 2,136 2,048 1,800
Depreciation and
amortization 4,785 4,950 4,866 4,440 4,146
--------- --------- ---------- --------- ---------
27,372 24,837 26,411 27,792 29,025
--------- --------- ---------- --------- ---------
Gains on Asset
Dispositions 813 396 2,261 4,138 4,073
--------- --------- ---------- --------- ---------
Operating Income $ 7,755 $ 5,722 $ 12,864 $ 20,384 $ 11,565
========= ========= ========== ========= =========
Aviation Services
Operating Revenues $ 64,259 $ 57,700 $ 59,385 $ 57,557 $ 73,483
--------- --------- ---------- --------- ---------
Costs and Expenses:
Operating 39,659 37,312 40,317 44,931 49,991
Administrative and
general 5,624 5,649 4,151 5,432 5,174
Depreciation and
amortization 9,706 9,070 8,706 10,379 9,571
--------- --------- ---------- --------- ---------
54,989 52,031 53,174 60,742 64,736
--------- --------- ---------- --------- ---------
Gains (Losses) on
Asset Dispositions
and Impairments, Net 1,062 (1,104) 45 (26) 1,307
--------- --------- ---------- --------- ---------
Operating Income
(Loss) $ 10,332 $ 4,565 $ 6,256 $ (3,211) $ 10,054
========= ========= ========== ========= =========
Environmental
Services
Operating Revenues $ 33,827 $ 33,175 $ 34,234 $ 45,360 $ 42,177
--------- --------- ---------- --------- ---------
Costs and Expenses:
Operating 23,206 23,656 24,077 30,253 29,904
Administrative and
general 6,090 5,966 7,241 7,471 5,924
Depreciation and
amortization 1,846 1,739 1,754 2,161 2,033
--------- --------- ---------- --------- ---------
31,142 31,361 33,072 39,885 37,861
--------- --------- ---------- --------- ---------
Gains (Losses) on
Asset Dispositions (1) 4 8 5 --
--------- --------- ---------- --------- ---------
Operating Income $ 2,684 $ 1,818 $ 1,170 $ 5,480 $ 4,316
========= ========= ========== ========= =========
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2009 2009 2009 2008 2008
----------- ----------- ----------- ----------- ----------
Commodity
Trading
Operating
Revenues $ 150,866 $ 85,852 $ 64,503 $ 79,881 $ 44,290
----------- ----------- ----------- ----------- ----------
Costs and
Expenses:
Operating 150,983 79,165 61,871 78,425 37,746
Administrative
and general 3,705 3,468 1,839 5,231 1,358
Depreciation
and
amortization 7 2 -- -- --
----------- ----------- ----------- ----------- ----------
154,695 82,635 63,710 83,656 39,104
----------- ----------- ----------- ----------- ----------
Operating
Income (Loss) $ (3,829)$ 3,217 $ 793 $ (3,775)$ 5,186
=========== =========== =========== =========== ==========
Harbor and
Offshore
Towing
Services
Operating
Revenues $ 15,574 $ 16,241 $ 16,346 $ 16,792 $ 19,529
----------- ----------- ----------- ----------- ----------
Costs and
Expenses:
Operating 9,544 9,214 10,704 9,812 11,941
Administrative
and general 2,035 2,228 2,020 2,654 2,571
Depreciation
and
amortization 2,049 1,973 1,952 1,940 1,884
----------- ----------- ----------- ----------- ----------
13,628 13,415 14,676 14,406 16,396
----------- ----------- ----------- ----------- ----------
Gains (Losses)
on Asset
Dispositions 58 330 -- (5) --
----------- ----------- ----------- ----------- ----------
Operating
Income $ 2,004 $ 3,156 $ 1,670 $ 2,381 $ 3,133
=========== =========== =========== =========== ==========
Other
Operating
Revenues $ -- $ -- $ -- $ -- $ 270
----------- ----------- ----------- ----------- ----------
Costs and
Expenses:
Operating -- -- -- -- --
Administrative
and general 343 379 206 122 117
Depreciation
and
amortization -- -- -- -- 3
----------- ----------- ----------- ----------- ----------
343 379 206 122 120
----------- ----------- ----------- ----------- ----------
Gains (Losses)
on Asset
Dispositions -- -- -- (16) 1,178
----------- ----------- ----------- ----------- ----------
Operating
Income (Loss) $ (343)$ (379)$ (206)$ (138)$ 1,328
=========== =========== =========== =========== ==========
Corporate and
Eliminations
Operating
Revenues $ (4,337)$ (4,459)$ (3,286)$ (3,434)$ (3,104)
----------- ----------- ----------- ----------- ----------
Costs and
Expenses:
Operating (4,336) (4,456) (3,576) (3,144) (2,968)
Administrative
and general 7,605 8,443 9,707 9,218 8,584
Depreciation
and
amortization 268 293 298 237 275
----------- ----------- ----------- ----------- ----------
3,537 4,280 6,429 6,311 5,891
----------- ----------- ----------- ----------- ----------
Losses on Asset
Dispositions
and
Impairments,
Net (1) (2) -- (397) --
----------- ----------- ----------- ----------- ----------
Operating Loss $ (7,875)$ (8,741)$ (9,715)$ (10,142)$ (8,995)
=========== =========== =========== =========== ==========
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 620,045 $ 415,626 $ 376,720 $ 275,442 $ 326,143
Restricted cash 29,353 20,838 23,984 20,787 23,659
Marketable
securities 52,897 47,305 50,785 53,817 72,862
Receivables:
Trade, net of
allowance for
doubtful
accounts 266,537 251,111 262,170 277,350 294,330
Other 74,378 60,373 41,515 40,141 57,892
Inventories 52,502 68,082 62,065 66,278 50,234
Deferred income
taxes 5,164 5,164 5,164 5,164 9,929
Prepaid expenses
and other 21,121 14,734 11,286 10,499 8,943
---------- ---------- ---------- ---------- ----------
Total current
assets 1,121,997 883,233 833,689 749,478 843,992
---------- ---------- ---------- ---------- ----------
Property and
Equipment 2,794,067 2,801,446 2,761,837 2,741,322 2,706,500
Accumulated
depreciation (718,749) (692,084) (649,971) (601,806) (596,017)
---------- ---------- ---------- ---------- ----------
Net property and
equipment 2,075,318 2,109,362 2,111,866 2,139,516 2,110,483
---------- ---------- ---------- ---------- ----------
Investments, at
Equity, and
Receivables from
50% or Less Owned
Companies 166,878 150,862 158,066 150,062 143,190
Construction Reserve
Funds& Title XI
Reserve Funds 290,871 265,586 297,681 305,757 265,586
Goodwill 53,990 53,581 52,919 51,496 61,401
Intangible Assets 24,762 26,018 27,230 28,478 29,707
Other Assets, net of
allowance for
doubtful accounts 49,920 48,053 36,086 34,867 30,606
---------- ---------- ---------- ---------- ----------
$3,783,736 $3,536,695 $3,517,537 $3,459,654 $3,484,965
========== ========== ========== ========== ==========
LIABILITIES AND
EQUITY
Current Liabilities:
Current portion of
long-term debt $ 23,765 $ 11,834 $ 12,301 $ 33,671 $ 10,301
Current portion of
capital lease
obligations 951 921 921 907 15,074
Accounts payable
and accrued
expenses 105,981 93,908 104,023 102,798 105,496
Other current
liabilities 156,800 157,030 145,421 139,425 226,395
---------- ---------- ---------- ---------- ----------
Total current
liabilities 287,497 263,693 262,666 276,801 357,266
---------- ---------- ---------- ---------- ----------
Long-Term Debt 1,027,496 861,096 910,156 895,689 904,072
Capital Lease
Obligations 6,895 7,178 7,426 7,685 7,940
Deferred Income
Taxes 565,321 543,075 530,825 515,455 520,871
Deferred Gains and
Other Liabilities 122,041 111,939 111,714 121,796 126,281
---------- ---------- ---------- ---------- ----------
Total liabilities 2,009,250 1,786,981 1,822,787 1,817,426 1,916,430
---------- ---------- ---------- ---------- ----------
Equity:
SEACOR Holdings
Inc. stockholders’
equity:
Preferred stock -- -- -- -- --
Common stock 326 326 325 324 323
Additional
paid-in capital 966,895 962,990 959,092 956,457 951,109
Retained earnings 1,524,355 1,498,073 1,455,765 1,402,771 1,332,300
Shares held in
treasury, at
cost (722,569) (723,650) (723,154) (724,357) (724,165)
Accumulated other
comprehensive
income (loss) (3,577) 2,318 (5,614) (5,045) (2,977)
---------- ---------- ---------- ---------- ----------
1,765,430 1,740,057 1,686,414 1,630,150 1,556,590
Noncontrolling
interests in
subsidiaries 9,056 9,657 8,336 12,078 11,945
---------- ---------- ---------- ---------- ----------
Total equity 1,774,486 1,749,714 1,694,750 1,642,228 1,568,535
---------- ---------- ---------- ---------- ----------
$3,783,736 $3,536,695 $3,517,537 $3,459,654 $3,484,965
========== ========== ========== ========== ==========
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
Offshore Marine
Services
Anchor handling
towing supply 21 21 21 20 20
Crew 68 68 71 75 77
Mini-supply 11 12 15 16 19
Standby safety 24 24 28 29 29
Supply 27 28 28 27 27
Towing supply 13 13 13 14 15
Specialty 9 9 9 9 10
---------- ---------- ---------- ---------- ----------
173 175 185 190 197
========== ========== ========== ========== ==========
Marine
Transportation
Services
U.S.-flag product
tankers 8 8 8 8 8
========== ========== ========== ========== ==========
Inland River
Services
Inland river dry
cargo barges-open 303 333 333 345 338
Inland river dry
cargo
barges-covered 1,082 626 629 632 637
Inland river liquid
tank barges 87 87 87 86 75
Inland river deck
barges 26 26 26 26 26
Inland river
towboats 28 23 23 22 21
Dry-cargo vessel 1 1 1 -- --
---------- ---------- ---------- ---------- ----------
1,527 1,096 1,099 1,111 1,097
========== ========== ========== ========== ==========
Aviation Services
Light helicopters -
single engine 60 60 64 63 62
Light helicopters -
twin engine 50 50 55 55 53
Medium helicopters 58 61 63 62 58
Heavy helicopters 9 8 6 7 6
---------- ---------- ---------- ---------- ----------
177 179 188 187 179
========== ========== ========== ========== ==========
Harbor and Offshore
Towing Services
Harbor and offshore
tugs 31 33 35 35 35
Ocean liquid tank
barges 6 3 3 3 3
---------- ---------- ---------- ---------- ----------
37 36 38 38 38
========== ========== ========== ========== ==========
Contact Information: Contact Molly Hottinger (954) 627-5278 www.seacorholdings.com