SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months Ended
March 31,
----------------------
2010 2009
---------- ----------
Operating Revenues $ 394,575 $ 399,516
---------- ----------
Costs and Expenses:
Operating 312,305 248,412
Administrative and general 40,891 38,682
Depreciation and amortization 41,397 39,264
---------- ----------
394,593 326,358
---------- ----------
Gains on Asset Dispositions 13,659 16,760
---------- ----------
Operating Income 13,641 89,918
---------- ----------
Other Income (Expense):
Interest income 1,363 1,043
Interest expense (12,324) (14,337)
Debt extinguishment gains (losses), net (4) 1,363
Marketable security gains (losses), net 1,961 (3,981)
Derivative gains, net 2,776 3,611
Foreign currency gains (losses), net (2,701) 658
Other, net 600 190
---------- ----------
(8,329) (11,453)
---------- ----------
Income Before Income Tax Expense and Equity In
Earnings of 50% or Less Owned Companies 5,312 78,465
Income Tax Expense 2,316 28,199
---------- ----------
Income Before Equity in Earnings of 50% or Less
Owned Companies 2,996 50,266
Equity in Earnings of 50% or Less Owned Companies,
Net of Tax 869 3,527
---------- ----------
Net Income 3,865 53,793
Net Income attributable to Noncontrolling Interests
in Subsidiaries 264 799
---------- ----------
Net Income attributable to SEACOR Holdings Inc. $ 3,601 $ 52,994
========== ==========
Basic Earnings Per Common Share of SEACOR
Holdings Inc. $ 0.16 $ 2.68
Diluted Earnings Per Common Share of SEACOR
Holdings Inc. $ 0.16 $ 2.36
Weighted Average Common Shares of Outstanding:
Basic 22,269,771 19,761,776
Diluted 22,474,651 23,507,459
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,
2010 2009 2009 2009 2009
--------- --------- --------- --------- ---------
Operating Revenues $ 394,575 $ 476,510 $ 446,079 $ 389,233 $ 399,516
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 312,305 352,951 327,602 256,131 248,412
Administrative
and general 40,891 41,332 41,926 40,058 38,682
Depreciation and
amortization 41,397 40,728 40,272 39,828 39,264
--------- --------- --------- --------- ---------
394,593 435,011 409,800 336,017 326,358
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions
and Impairments,
Net 13,659 5,147 5,783 (15) 16,760
--------- --------- --------- --------- ---------
Operating Income 13,641 46,646 42,062 53,201 89,918
--------- --------- --------- --------- ---------
Other Income
(Expense):
Interest income 1,363 2,056 789 578 1,043
Interest expense (12,324) (16,364) (14,267) (14,075) (14,337)
Debt extinguishment
gains (losses), net (4) (9,659) 2,787 (78) 1,363
Marketable security
gains (losses), net 1,961 9,263 6,948 11,829 (3,981)
Derivative gains,
net 2,776 1,257 2,328 3,765 3,611
Foreign currency
gains (losses),
net (2,701) 1,521 (939) 6,847 658
Other, net 600 112 (57) (1) 190
--------- --------- --------- --------- ---------
(8,329) (11,814) (2,411) 8,865 (11,453)
--------- --------- --------- --------- ---------
Income Before Income
Tax Expense and
Equity In Earnings
of 50% or Less
Owned Companies 5,312 34,832 39,651 62,066 78,465
Income Tax Expense 2,316 15,626 15,751 22,916 28,199
--------- --------- --------- --------- ---------
Income Before Equity
in Earnings of 50%
or Less Owned
Companies 2,996 19,206 23,900 39,150 50,266
Equity in Earnings
of 50% or Less
Owned Companies,
Net of Tax 869 3,223 2,340 3,491 3,527
--------- --------- --------- --------- ---------
Net Income 3,865 22,429 26,240 42,641 53,793
Net Income (Loss)
attributable to
Noncontrolling
Interests in
Subsidiaries 264 203 (42) 333 799
--------- --------- --------- --------- ---------
Net Income
attributable to
SEACOR Holdings
Inc. $ 3,601 $ 22,226 $ 26,282 $ 42,308 $ 52,994
========= ========= ========= ========= =========
Basic Earnings Per
Common Share of
SEACOR Holdings
Inc. $ 0.16 $ 1.09 $ 1.32 $ 2.13 $ 2.68
Diluted Earnings
Per Common Share of
SEACOR Holdings
Inc. $ 0.16 $ 1.04 $ 1.23 $ 1.91 $ 2.36
Weighted Average
Common Shares of
Outstanding:
Basic 22,270 20,324 19,867 19,845 19,762
Diluted 22,475 23,417 23,458 23,528 23,507
Common Shares
Outstanding at
Period End 22,552 22,613 20,230 20,201 20,191
SEACOR HOLDINGS INC.
SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2010 2009 2009 2009 2009
--------- --------- --------- --------- ---------
Offshore Marine
Services
Operating Revenues $ 107,186 $ 121,203 $ 129,839 $ 146,466 $ 164,783
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 73,764 72,205 76,982 81,609 78,839
Administrative
and general 12,449 12,770 13,128 10,935 10,198
Depreciation and
amortization 13,478 13,770 13,608 13,802 13,689
--------- --------- --------- --------- ---------
99,691 98,745 103,718 106,346 102,726
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 12,651 3,831 3,852 361 14,446
--------- --------- --------- --------- ---------
Operating Income 20,146 26,289 29,973 40,481 76,503
--------- --------- --------- --------- ---------
Other Income
(Expense):
Derivative losses,
net -- (157) -- (18) --
Foreign currency
gains (losses),
net 374 1,781 (1,174) 479 1,365
Other, net -- -- 14 (4) 172
Equity in Earnings
of 50% or Less
Owned Companies,
Net of Tax 2,251 1,774 2,322 3,380 2,391
--------- --------- --------- --------- ---------
Segment Profit $ 22,771 $ 29,687 $ 31,135 $ 44,318 $ 80,431
========= ========= ========= ========= =========
Marine
Transportation
Services
Operating Revenues $ 19,452 $ 20,497 $ 21,737 $ 24,095 $ 26,537
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 13,432 10,585 11,420 11,792 16,771
Administrative
and general 837 1,043 953 942 1,184
Depreciation and
amortization 8,008 8,005 8,003 7,999 7,999
--------- --------- --------- --------- ---------
22,277 19,633 20,376 20,733 25,954
--------- --------- --------- --------- ---------
Operating Income
(Loss) (2,825) 864 1,361 3,362 583
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses),
net 15 1 7 25 (34)
--------- --------- --------- --------- ---------
Segment Profit
(Loss) $ (2,810) $ 865 $ 1,368 $ 3,387 $ 549
========= ========= ========= ========= =========
Inland River
Services
Operating Revenues $ 33,436 $ 53,607 $ 34,314 $ 30,163 $ 37,014
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 19,554 32,052 20,144 17,839 19,409
Administrative
and general 2,061 2,137 2,443 2,048 2,136
Depreciation and
amortization 4,876 4,756 4,785 4,950 4,866
--------- --------- --------- --------- ---------
26,491 38,945 27,372 24,837 26,411
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions 887 1,236 813 396 2,261
--------- --------- --------- --------- ---------
Operating Income 7,832 15,898 7,755 5,722 12,864
--------- --------- --------- --------- ---------
Other Income
(Expense):
Other, net 10 -- -- -- --
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (98) 1,868 140 702 1,172
--------- --------- --------- --------- ---------
Segment Profit $ 7,744 $ 17,766 $ 7,895 $ 6,424 $ 14,036
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2010 2009 2009 2009 2009
--------- --------- --------- --------- ---------
Aviation Services
Operating Revenues $ 50,275 $ 54,323 $ 64,259 $ 57,700 $ 59,385
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 32,026 30,667 39,659 37,312 40,317
Administrative
and general 5,391 5,972 5,624 5,649 4,151
Depreciation and
amortization 10,447 9,876 9,706 9,070 8,706
--------- --------- --------- --------- ---------
47,864 46,515 54,989 52,031 53,174
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions
and Impairments,
Net 90 313 1,062 (1,104) 45
--------- --------- --------- --------- ---------
Operating Income 2,501 8,121 10,332 4,565 6,256
--------- --------- --------- --------- ---------
Other Income
(Expense):
Derivative gains
(losses), net (100) 33 (80) (78) 391
Foreign currency
gains (losses),
net 135 (223) 296 937 429
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (275) (297) (186) 270 (274)
--------- --------- --------- --------- ---------
Segment Profit $ 2,261 $ 7,634 $ 10,362 $ 5,694 $ 6,802
========= ========= ========= ========= =========
Environmental
Services
Operating Revenues $ 28,158 $ 44,531 $ 33,827 $ 33,175 $ 34,234
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 20,337 32,822 23,206 23,656 24,077
Administrative
and general 6,037 6,155 6,090 5,966 7,241
Depreciation and
amortization 1,983 1,811 1,846 1,739 1,754
--------- --------- --------- --------- ---------
28,357 40,788 31,142 31,361 33,072
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions (17) (208) (1) 4 8
--------- --------- --------- --------- ---------
Operating Income
(Loss) (216) 3,535 2,684 1,818 1,170
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses),
net 30 (11) -- 53 (33)
Equity in Earnings
of 50% or Less
Owned Companies,
Net of Tax 38 90 34 15 86
--------- --------- --------- --------- ---------
Segment Profit
(Loss) $ (148) $ 3,614 $ 2,718 $ 1,886 $ 1,223
========= ========= ========= ========= =========
Commodity Trading
and Logistics
Operating Revenues $ 142,992 $ 171,354 $ 150,866 $ 85,852 $ 64,503
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 147,372 168,694 150,983 79,165 61,871
Administrative
and general 2,744 3,632 3,705 3,468 1,839
Depreciation and
amortization 20 20 7 2 --
--------- --------- --------- --------- ---------
150,136 172,346 154,695 82,635 63,710
--------- --------- --------- --------- ---------
Operating Income
(Loss) (7,144) (992) (3,829) 3,217 793
--------- --------- --------- --------- ---------
Other Income
(Expense):
Derivative
gains, net 4,308 802 1,689 588 949
Foreign currency
gains (losses),
net (717) 49 177 289 (17)
Other, net -- (1) -- 26 --
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (1,022) (282) -- 32 155
--------- --------- --------- --------- ---------
Segment Profit
(Loss) $ (4,575) $ (424) $ (1,963) $ 4,152 $ 1,880
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2010 2009 2009 2009 2009
--------- --------- --------- --------- ---------
Harbor and Offshore
Towing Services
Operating Revenues $ 17,440 $ 16,153 $ 15,574 $ 16,241 $ 16,346
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 10,039 11,110 9,544 9,214 10,704
Administrative
and general 2,497 2,698 2,035 2,228 2,020
Depreciation and
amortization 2,183 2,197 2,049 1,973 1,952
--------- --------- --------- --------- ---------
14,719 16,005 13,628 13,415 14,676
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions -- (25) 58 330 --
--------- --------- --------- --------- ---------
Operating Income 2,721 123 2,004 3,156 1,670
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses),
net (12) (2) 12 128 --
--------- --------- --------- --------- ---------
Segment Profit $ 2,709 $ 121 $ 2,016 $ 3,284 $ 1,670
========= ========= ========= ========= =========
Other
Operating Revenues $ -- $ 40 $ -- $ -- $ --
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating -- -- -- -- --
Administrative
and general 348 513 343 379 206
Depreciation and
amortization -- 1 -- -- --
--------- --------- --------- --------- ---------
348 514 343 379 206
--------- --------- --------- --------- ---------
Operating Loss (348) (474) (343) (379) (206)
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses),
net (6) (3) (2) -- 3
Other, net -- -- (1) -- (53)
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (25) 70 30 (908) (3)
--------- --------- --------- --------- ---------
Segment Loss $ (379) $ (407) $ (316) $ (1,287) $ (259)
========= ========= ========= ========= =========
Corporate and
Eliminations
Operating Revenues $ (4,364) $ (5,198) $ (4,337) $ (4,459) $ (3,286)
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating (4,219) (5,184) (4,336) (4,456) (3,576)
Administrative
and general 8,527 6,412 7,605 8,443 9,707
Depreciation and
amortization 402 292 268 293 298
--------- --------- --------- --------- ---------
4,710 1,520 3,537 4,280 6,429
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions 48 -- (1) (2) --
--------- --------- --------- --------- ---------
Operating Loss $ (9,026) $ (6,718) $ (7,875) $ (8,741) $ (9,715)
========= ========= ========= ========= =========
Other Income
(Expense):
Derivative gains
(losses), net $ (1,432) $ 579 $ 719 $ 3,273 $ 2,271
Foreign currency
gains (losses),
net (2,520) (71) (255) 4,936 (1,055)
Other, net 590 113 (70) (23) 71
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2010 2009 2009 2009 2009
---------- ---------- ---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 452,161 $ 465,904 $ 620,045 $ 415,626 $ 376,720
Restricted
cash 35,924 34,014 29,353 20,838 23,984
Marketable
securities 63,171 68,139 52,897 47,305 50,785
Receivables:
Trade, net of
allowance
for doubtful
accounts 288,074 301,143 266,537 251,111 262,170
Other 69,892 78,689 74,378 60,373 41,515
Inventories 76,453 76,949 52,502 68,082 62,065
Deferred income
taxes 3,354 3,354 5,164 5,164 5,164
Prepaid
expenses
and other 21,733 15,725 21,121 14,734 11,286
---------- ---------- ---------- ---------- ----------
Total
current
assets 1,010,762 1,043,917 1,121,997 883,233 833,689
---------- ---------- ---------- ---------- ----------
Property and
Equipment 2,886,410 2,833,011 2,794,067 2,801,446 2,761,837
Accumulated
depreciation (785,119) (754,263) (718,749) (692,084) (649,971)
---------- ---------- ---------- ---------- ----------
Net property
and
equipment 2,101,291 2,078,748 2,075,318 2,109,362 2,111,866
---------- ---------- ---------- ---------- ----------
Investments, at
Equity, and
Receivables
from 50% or
Less Owned
Companies 186,605 186,814 166,878 150,862 158,066
Construction
Reserve Funds
& Title XI
Reserve Funds 252,672 289,750 290,871 265,586 297,681
Goodwill 54,443 54,571 53,990 53,581 52,919
Intangible
Assets 22,369 23,554 24,762 26,018 27,230
Other Assets,
net of
allowance for
doubtful
accounts 55,430 46,265 49,920 48,053 36,086
---------- ---------- ---------- ---------- ----------
$3,683,572 $3,723,619 $3,783,736 $3,536,695 $3,517,537
========== ========== ========== ========== ==========
LIABILITIES AND EQUITY
Current
Liabilities:
Current
portion of
long-term
debt $ 22,731 $ 36,436 $ 23,765 $ 11,834 $ 12,301
Current
portion of
capital
lease
obligations 982 966 951 921 921
Accounts
payable and
accrued
expenses 98,984 135,425 105,981 93,908 104,023
Other
current
liabilities 178,112 142,285 156,800 157,030 145,421
---------- ---------- ---------- ---------- ----------
Total current
liabilities 300,809 315,112 287,497 263,693 262,666
---------- ---------- ---------- ---------- ----------
Long-Term Debt 747,787 748,704 1,027,496 861,096 910,156
Capital Lease
Obligations 6,348 6,624 6,895 7,178 7,426
Deferred Income
Taxes 574,390 575,440 565,321 543,075 530,825
Deferred Gains
and Other
Liabilities 100,835 111,848 122,041 111,939 111,714
---------- ---------- ---------- ---------- ----------
Total
liabilities 1,730,169 1,757,728 2,009,250 1,786,981 1,822,787
---------- ---------- ---------- ---------- ----------
Equity:
SEACOR
Holdings Inc.
stockholders'
equity:
Preferred
stock -- -- -- -- --
Common
stock 357 356 326 326 325
Additional
paid-in
capital 1,186,871 1,182,023 966,895 962,990 959,092
Retained
earnings 1,550,182 1,546,581 1,524,355 1,498,073 1,455,765
Shares held in
treasury,
at cost (786,992) (768,438) (722,569) (723,650) (723,154)
Accumulated
other
comprehensive
income (loss) (5,862) (3,260) (3,577) 2,318 (5,614)
---------- ---------- ---------- ---------- ----------
1,944,556 1,957,262 1,765,430 1,740,057 1,686,414
Noncontrolling
interests in
subsidiaries 8,847 8,629 9,056 9,657 8,336
---------- ---------- ---------- ---------- ----------
Total equity 1,953,403 1,965,891 1,774,486 1,749,714 1,694,750
---------- ---------- ---------- ---------- ----------
$3,683,572 $3,723,619 $3,783,736 $3,536,695 $3,517,537
========== ========== ========== ========== ==========
SEACOR HOLDINGS INC.
EQUIPMENT BY LINE OF BUSINESS
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2010 2009 2009 2009 2009
-------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply 20 23 21 21 21
Crew 57 57 68 68 71
Mini-supply 11 11 11 12 15
Standby safety 25 25 24 24 28
Supply 26 27 27 28 28
Towing supply 10 13 13 13 13
Specialty 12 9 9 9 9
-------- -------- -------- -------- --------
161 165 173 175 185
======== ======== ======== ======== ========
Marine Transportation Services
U.S.-flag product tankers 8 8 8 8 8
======== ======== ======== ======== ========
Inland River Services
Inland river dry-cargo barges 1,419 1,395 1,385 959 962
Inland river liquid tank
barges 87 87 87 87 87
Inland river deck barges 26 26 26 26 26
Inland river towboats 29 29 28 23 23
Dry-cargo vessel 1 1 1 1 1
-------- -------- -------- -------- --------
1,562 1,538 1,527 1,096 1,099
======== ======== ======== ======== ========
Aviation Services
Light helicopters - single
engine 60 60 60 60 64
Light helicopters - twin
engine 48 47 50 50 55
Medium helicopters 59 59 58 61 63
Heavy helicopters 9 8 9 8 6
-------- -------- -------- -------- --------
176 174 177 179 188
======== ======== ======== ======== ========
Harbor and Offshore Towing
Services
Harbor and offshore tugs 31 31 31 33 35
Ocean liquid tank barges 6 6 6 3 3
-------- -------- -------- -------- --------
37 37 37 36 38
======== ======== ======== ======== ========
Contact Information: Contact: Molly Hottinger (954) 627-5278 www.seacorholdings.com