Date of Report (Date of Earliest Event Reported): | July 26, 2012 |
Delaware | 1-12289 | 13-3542736 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2200 Eller Drive, Fort Lauderdale, Florida | 33316 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: | (954) 523-2200 |
Item 9.01 | Financial Statements and Exhibits |
(c) | Exhibits |
Exhibit No. | Description | |
99.1 | Press Release of SEACOR Holdings Inc., dated July 26, 2012, setting forth its second quarter 2012 earnings. |
SEACOR Holdings Inc. | ||||
July 26, 2012 | By: | Richard J. Ryan | ||
Name: Richard J. Ryan | ||||
Title: Senior Vice President and Chief Financial Officer |
Exhibit No. | Description |
99.1 | Press Release of SEACOR Holdings Inc., dated July 26, 2012, setting forth its second quarter 2012 earnings. |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
Operating Revenues | $ | 494,422 | $ | 509,283 | $ | 992,307 | $ | 947,294 | |||||||||
Costs and Expenses: | |||||||||||||||||
Operating | 403,210 | 409,365 | 787,322 | 751,108 | |||||||||||||
Administrative and general | 45,120 | 39,170 | 91,298 | 80,824 | |||||||||||||
Depreciation and amortization | 43,685 | 39,330 | 83,012 | 77,660 | |||||||||||||
492,015 | 487,865 | 961,632 | 909,592 | ||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 4,419 | 10,301 | 9,961 | 17,556 | |||||||||||||
Operating Income | 6,826 | 31,719 | 40,636 | 55,258 | |||||||||||||
Other Income (Expense): | |||||||||||||||||
Interest income | 7,641 | 3,297 | 10,617 | 7,029 | |||||||||||||
Interest expense | (12,413 | ) | (10,465 | ) | (24,437 | ) | (20,505 | ) | |||||||||
Debt extinguishment losses, net | — | — | (160 | ) | (48 | ) | |||||||||||
Marketable security gains (losses), net | 11,596 | (4,754 | ) | 14,954 | (3,220 | ) | |||||||||||
Derivative gains (losses), net | 3,487 | (6,601 | ) | (632 | ) | (9,919 | ) | ||||||||||
Foreign currency gains (losses), net | (992 | ) | 1,416 | 1,560 | 6,475 | ||||||||||||
Other, net | 443 | (56 | ) | 389 | (234 | ) | |||||||||||
9,762 | (17,163 | ) | 2,291 | (20,422 | ) | ||||||||||||
Income from Continuing Operations Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies | 16,588 | 14,556 | 42,927 | 34,836 | |||||||||||||
Income Tax Expense | 5,975 | 5,877 | 16,583 | 13,550 | |||||||||||||
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | 10,613 | 8,679 | 26,344 | 21,286 | |||||||||||||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 1,051 | 872 | 2,293 | 914 | |||||||||||||
Income from Continuing Operations | 11,664 | 9,551 | 28,637 | 22,200 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | (365 | ) | (184 | ) | 19,035 | (1,364 | ) | ||||||||||
Net Income | 11,299 | 9,367 | 47,672 | 20,836 | |||||||||||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | 50 | 336 | (65 | ) | 635 | ||||||||||||
Net Income attributable to SEACOR Holdings Inc. | $ | 11,249 | $ | 9,031 | $ | 47,737 | $ | 20,201 | |||||||||
Net Income (Loss) attributable to SEACOR Holdings Inc.: | |||||||||||||||||
Continuing operations | $ | 11,614 | $ | 9,215 | $ | 28,702 | $ | 21,565 | |||||||||
Discontinued operations | (365 | ) | (184 | ) | 19,035 | (1,364 | ) | ||||||||||
$ | 11,249 | $ | 9,031 | $ | 47,737 | $ | 20,201 | ||||||||||
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||
Continuing operations | $ | 0.56 | $ | 0.44 | $ | 1.40 | $ | 1.02 | |||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | 0.92 | (0.06 | ) | ||||||||||
$ | 0.55 | $ | 0.43 | $ | 2.32 | $ | 0.96 | ||||||||||
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||
Continuing operations | $ | 0.56 | $ | 0.43 | $ | 1.37 | $ | 1.00 | |||||||||
Discontinued operations | (0.02 | ) | (0.01 | ) | 0.92 | (0.06 | ) | ||||||||||
$ | 0.54 | $ | 0.42 | $ | 2.29 | $ | 0.94 | ||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||
Basic | 20,584,567 | 21,166,037 | 20,552,114 | 21,135,557 | |||||||||||||
Diluted | 20,871,380 | 21,517,725 | 20,883,570 | 21,478,759 |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | |||||||||||||||||
Operating Revenues | $ | 494,422 | $ | 497,885 | $ | 518,954 | $ | 545,089 | $ | 509,283 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 403,210 | 384,112 | 412,042 | 455,442 | 409,365 | ||||||||||||||||
Administrative and general | 45,120 | 46,178 | 50,731 | 35,387 | 39,170 | ||||||||||||||||
Depreciation and amortization | 43,685 | 39,327 | 35,395 | 36,437 | 39,330 | ||||||||||||||||
492,015 | 469,617 | 498,168 | 527,266 | 487,865 | |||||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 4,419 | 5,542 | 5,469 | 10,986 | 10,301 | ||||||||||||||||
Operating Income | 6,826 | 33,810 | 26,255 | 28,809 | 31,719 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Interest income | 7,641 | 2,976 | 1,127 | 5,462 | 3,297 | ||||||||||||||||
Interest expense | (12,413 | ) | (12,024 | ) | (10,027 | ) | (10,711 | ) | (10,465 | ) | |||||||||||
Debt extinguishment losses, net | — | (160 | ) | — | (51 | ) | — | ||||||||||||||
Marketable security gains (losses), net | 11,596 | 3,358 | (4,803 | ) | 130 | (4,754 | ) | ||||||||||||||
Derivative gains (losses), net | 3,487 | (4,119 | ) | (262 | ) | (25,954 | ) | (6,601 | ) | ||||||||||||
Foreign currency gains (losses), net | (992 | ) | 2,552 | (2,600 | ) | (3,126 | ) | 1,416 | |||||||||||||
Other, net | 443 | (54 | ) | 1,133 | (39 | ) | (56 | ) | |||||||||||||
9,762 | (7,471 | ) | (15,432 | ) | (34,289 | ) | (17,163 | ) | |||||||||||||
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies | 16,588 | 26,339 | 10,823 | (5,480 | ) | 14,556 | |||||||||||||||
Income Tax Expense (Benefit) | 5,975 | 10,608 | 2,645 | (669 | ) | 5,877 | |||||||||||||||
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 10,613 | 15,731 | 8,178 | (4,811 | ) | 8,679 | |||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,051 | 1,242 | (579 | ) | 9,655 | 872 | |||||||||||||||
Income from Continuing Operations | 11,664 | 16,973 | 7,599 | 4,844 | 9,551 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | (365 | ) | 19,400 | 9,653 | (782 | ) | (184 | ) | |||||||||||||
Net Income | 11,299 | 36,373 | 17,252 | 4,062 | 9,367 | ||||||||||||||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | 50 | (115 | ) | 212 | 247 | 336 | |||||||||||||||
Net Income attributable to SEACOR Holdings Inc. | $ | 11,249 | $ | 36,488 | $ | 17,040 | $ | 3,815 | $ | 9,031 | |||||||||||
Net Income (Loss) attributable to SEACOR Holdings Inc.: | |||||||||||||||||||||
Continuing operations | $ | 11,614 | $ | 17,088 | $ | 7,387 | $ | 4,597 | $ | 9,215 | |||||||||||
Discontinued operations | (365 | ) | 19,400 | 9,653 | (782 | ) | (184 | ) | |||||||||||||
$ | 11,249 | $ | 36,488 | $ | 17,040 | $ | 3,815 | $ | 9,031 | ||||||||||||
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||||||
Continuing operations | $ | 0.56 | $ | 0.83 | $ | 0.35 | $ | 0.22 | $ | 0.44 | |||||||||||
Discontinued operations | (0.01 | ) | 0.95 | 0.46 | (0.04 | ) | (0.01 | ) | |||||||||||||
$ | 0.55 | $ | 1.78 | $ | 0.81 | $ | 0.18 | $ | 0.43 | ||||||||||||
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||||||
Continuing operations | $ | 0.56 | $ | 0.82 | $ | 0.35 | $ | 0.21 | $ | 0.43 | |||||||||||
Discontinued operations | (0.02 | ) | 0.93 | 0.45 | (0.03 | ) | (0.01 | ) | |||||||||||||
$ | 0.54 | $ | 1.75 | $ | 0.80 | $ | 0.18 | $ | 0.42 | ||||||||||||
Weighted Average Common Shares of Outstanding: | |||||||||||||||||||||
Basic | 20,585 | 20,520 | 21,005 | 21,202 | 21,166 | ||||||||||||||||
Diluted | 20,871 | 20,893 | 21,354 | 21,565 | 21,518 | ||||||||||||||||
Common Shares Outstanding at Period End | 20,948 | 21,114 | 20,933 | 21,715 | 21,679 |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | |||||||||||||||||
Offshore Marine Services | |||||||||||||||||||||
Operating Revenues | $ | 123,276 | $ | 121,086 | $ | 109,781 | $ | 93,277 | $ | 93,386 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 94,084 | 75,340 | 69,484 | 68,457 | 68,242 | ||||||||||||||||
Administrative and general | 13,146 | 11,856 | 13,666 | 10,687 | 11,078 | ||||||||||||||||
Depreciation and amortization | 15,859 | 12,882 | 11,954 | 11,785 | 12,205 | ||||||||||||||||
123,089 | 100,078 | 95,104 | 90,929 | 91,525 | |||||||||||||||||
Gains on Asset Dispositions | 624 | 1,845 | 1,449 | 5,241 | 3,607 | ||||||||||||||||
Operating Income | 811 | 22,853 | 16,126 | 7,589 | 5,468 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | (354 | ) | 1,123 | (1,290 | ) | (2,129 | ) | (408 | ) | ||||||||||||
Other, net | 11 | — | 272 | 6 | — | ||||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,001 | 1,829 | (500 | ) | 8,754 | 200 | |||||||||||||||
Segment Profit | $ | 1,469 | $ | 25,805 | $ | 14,608 | $ | 14,220 | $ | 5,260 | |||||||||||
Aviation Services | |||||||||||||||||||||
Operating Revenues | $ | 62,985 | $ | 61,052 | $ | 61,696 | $ | 71,804 | $ | 68,493 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 39,002 | 39,676 | 41,084 | 45,701 | 42,457 | ||||||||||||||||
Administrative and general | 7,195 | 9,677 | 11,803 | 6,841 | 6,229 | ||||||||||||||||
Depreciation and amortization | 10,464 | 9,630 | 9,210 | 9,093 | 12,390 | ||||||||||||||||
56,661 | 58,983 | 62,097 | 61,635 | 61,076 | |||||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 1,077 | 1,765 | 1,912 | 4,894 | 6,172 | ||||||||||||||||
Operating Income | 7,401 | 3,834 | 1,511 | 15,063 | 13,589 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Derivative losses, net | (180 | ) | (124 | ) | (18 | ) | (807 | ) | (811 | ) | |||||||||||
Foreign currency gains (losses), net | (12 | ) | 917 | (80 | ) | (95 | ) | 338 | |||||||||||||
Other, net | — | 30 | 9 | — | — | ||||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 756 | (6,419 | ) | (979 | ) | 106 | 1,054 | ||||||||||||||
Segment Profit (Loss) | $ | 7,965 | $ | (1,762 | ) | $ | 443 | $ | 14,267 | $ | 14,170 | ||||||||||
Inland River Services | |||||||||||||||||||||
Operating Revenues | $ | 53,302 | $ | 53,490 | $ | 51,871 | $ | 47,875 | $ | 41,442 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 37,463 | 35,183 | 31,702 | 31,196 | 28,717 | ||||||||||||||||
Administrative and general | 3,773 | 3,982 | 3,270 | 2,206 | 3,166 | ||||||||||||||||
Depreciation and amortization | 7,244 | 7,007 | 5,617 | 6,464 | 5,791 | ||||||||||||||||
48,480 | 46,172 | 40,589 | 39,866 | 37,674 | |||||||||||||||||
Gains (Losses) on Asset Dispositions | 858 | 1,927 | 986 | 1,303 | (22 | ) | |||||||||||||||
Operating Income | 5,680 | 9,245 | 12,268 | 9,312 | 3,746 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency losses, net | (71 | ) | (22 | ) | — | — | — | ||||||||||||||
Other, net | — | — | — | — | 3 | ||||||||||||||||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 439 | 250 | 955 | 2,771 | 666 | ||||||||||||||||
Segment Profit | $ | 6,048 | $ | 9,473 | $ | 13,223 | $ | 12,083 | $ | 4,415 |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | |||||||||||||||||
Marine Transportation Services | |||||||||||||||||||||
Operating Revenues | $ | 25,792 | $ | 26,283 | $ | 26,705 | $ | 24,783 | $ | 24,336 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 16,722 | 15,758 | 15,338 | 15,194 | 13,584 | ||||||||||||||||
Administrative and general | 2,934 | 2,475 | 3,257 | 2,044 | 2,146 | ||||||||||||||||
Depreciation and amortization | 5,666 | 5,651 | 5,540 | 5,833 | 5,728 | ||||||||||||||||
25,322 | 23,884 | 24,135 | 23,071 | 21,458 | |||||||||||||||||
Gains on Asset Dispositions | — | — | 1,125 | — | — | ||||||||||||||||
Operating Income | 470 | 2,399 | 3,695 | 1,712 | 2,878 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | (3 | ) | 9 | (15 | ) | (18 | ) | 6 | |||||||||||||
Other, net | 49 | 30 | 87 | 131 | 56 | ||||||||||||||||
Equity in Losses of 50% or Less Owned Companies, Net of Tax | (774 | ) | (217 | ) | (74 | ) | — | — | |||||||||||||
Segment Profit (Loss) | $ | (258 | ) | $ | 2,221 | $ | 3,693 | $ | 1,825 | $ | 2,940 | ||||||||||
Emergency and Crisis Services | |||||||||||||||||||||
Operating Revenues | $ | 8,439 | $ | 10,215 | $ | 16,763 | $ | 14,080 | $ | 21,275 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 5,808 | 6,873 | 10,145 | 9,141 | 12,328 | ||||||||||||||||
Administrative and general | 4,211 | 3,254 | 3,030 | 2,961 | 3,555 | ||||||||||||||||
Depreciation and amortization | 491 | 484 | 486 | 655 | 498 | ||||||||||||||||
10,510 | 10,611 | 13,661 | 12,757 | 16,381 | |||||||||||||||||
Gains on Asset Dispositions | — | 5 | — | 7 | — | ||||||||||||||||
Operating Income (Loss) | (2,071 | ) | (391 | ) | 3,102 | 1,330 | 4,894 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | (20 | ) | 14 | (14 | ) | 17 | (7 | ) | |||||||||||||
Other, net | — | — | — | — | 2 | ||||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 147 | 67 | (4 | ) | — | — | |||||||||||||||
Segment Profit (Loss) | $ | (1,944 | ) | $ | (310 | ) | $ | 3,084 | $ | 1,347 | $ | 4,889 | |||||||||
Commodity Trading and Logistics | |||||||||||||||||||||
Operating Revenues | $ | 206,745 | $ | 209,696 | $ | 237,177 | $ | 279,178 | $ | 245,321 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 202,126 | 203,233 | 236,664 | 279,180 | 237,644 | ||||||||||||||||
Administrative and general | 3,411 | 3,141 | 1,598 | 1,944 | 2,202 | ||||||||||||||||
Depreciation and amortization | 1,591 | 1,060 | 20 | 12 | 12 | ||||||||||||||||
207,128 | 207,434 | 238,282 | 281,136 | 239,858 | |||||||||||||||||
Operating Income (Loss) | (383 | ) | 2,262 | (1,105 | ) | (1,958 | ) | 5,463 | |||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Derivative gains (losses), net | 3,393 | (2,939 | ) | 1,251 | (3,063 | ) | 828 | ||||||||||||||
Foreign currency gains (losses), net | (14 | ) | 79 | (28 | ) | 153 | (16 | ) | |||||||||||||
Other, net | — | — | (167 | ) | — | — | |||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | — | 6,154 | 1,452 | (2,267 | ) | (1,051 | ) | ||||||||||||||
Segment Profit (Loss) | $ | 2,996 | $ | 5,556 | $ | 1,403 | $ | (7,135 | ) | $ | 5,224 |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | |||||||||||||||||
Other | |||||||||||||||||||||
Operating Revenues | $ | 17,555 | $ | 19,944 | $ | 17,730 | $ | 16,741 | $ | 17,921 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 11,562 | 11,814 | 10,274 | 9,117 | 9,158 | ||||||||||||||||
Administrative and general | 2,996 | 2,817 | 3,589 | 2,523 | 3,210 | ||||||||||||||||
Depreciation and amortization | 1,904 | 2,158 | 2,119 | 2,129 | 2,237 | ||||||||||||||||
16,462 | 16,789 | 15,982 | 13,769 | 14,605 | |||||||||||||||||
Gains (Losses) on Asset Dispositions | 1,860 | — | (3 | ) | (315 | ) | 544 | ||||||||||||||
Operating Income | 2,953 | 3,155 | 1,745 | 2,657 | 3,860 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency losses, net | (7 | ) | (16 | ) | — | (75 | ) | (24 | ) | ||||||||||||
Other, net | 208 | — | 983 | (1 | ) | — | |||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (518 | ) | (422 | ) | (1,429 | ) | 291 | 3 | |||||||||||||
Segment Profit | $ | 2,636 | $ | 2,717 | $ | 1,299 | $ | 2,872 | $ | 3,839 | |||||||||||
Corporate and Eliminations | |||||||||||||||||||||
Operating Revenues | $ | (3,672 | ) | $ | (3,881 | ) | $ | (2,769 | ) | $ | (2,649 | ) | $ | (2,891 | ) | ||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | (3,557 | ) | (3,765 | ) | (2,649 | ) | (2,544 | ) | (2,765 | ) | |||||||||||
Administrative and general | 7,454 | 8,976 | 10,518 | 6,181 | 7,584 | ||||||||||||||||
Depreciation and amortization | 466 | 455 | 449 | 466 | 469 | ||||||||||||||||
4,363 | 5,666 | 8,318 | 4,103 | 5,288 | |||||||||||||||||
Losses on Asset Dispositions and Impairments | — | — | (144 | ) | — | ||||||||||||||||
Operating Loss | $ | (8,035 | ) | $ | (9,547 | ) | $ | (11,087 | ) | $ | (6,896 | ) | $ | (8,179 | ) | ||||||
Other Income (Expense): | |||||||||||||||||||||
Derivative gains (losses), net | $ | 274 | $ | (1,056 | ) | $ | (1,495 | ) | $ | (22,084 | ) | $ | (6,618 | ) | |||||||
Foreign currency gains (losses), net | (511 | ) | 448 | (1,173 | ) | (979 | ) | 1,527 | |||||||||||||
Other, net | 175 | (114 | ) | (51 | ) | (175 | ) | (117 | ) |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) | |||||||||||||||||||||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 301,026 | $ | 281,977 | $ | 462,188 | $ | 301,603 | $ | 362,825 | |||||||||||
Restricted cash | 18,347 | 25,958 | 21,281 | 19,474 | 12,976 | ||||||||||||||||
Marketable securities | 32,821 | 68,586 | 66,898 | 82,978 | 105,608 | ||||||||||||||||
Receivables: | |||||||||||||||||||||
Trade, net of allowance for doubtful accounts | 278,917 | 299,484 | 303,843 | 280,434 | 277,301 | ||||||||||||||||
Other | 66,686 | 41,699 | 51,793 | 51,318 | 47,852 | ||||||||||||||||
Inventories | 72,929 | 94,329 | 69,109 | 70,623 | 83,119 | ||||||||||||||||
Deferred income taxes | 11,123 | 11,123 | 11,123 | 5,136 | 5,136 | ||||||||||||||||
Prepaid expenses and other | 13,968 | 11,384 | 9,323 | 13,704 | 23,461 | ||||||||||||||||
Discontinued operations | 3,551 | 4,019 | 44,989 | 48,984 | 54,740 | ||||||||||||||||
Total current assets | 799,368 | 838,559 | 1,040,547 | 874,254 | 973,018 | ||||||||||||||||
Property and Equipment | 3,304,524 | 3,314,759 | 3,018,145 | 2,900,843 | 2,859,773 | ||||||||||||||||
Accumulated depreciation | (934,092 | ) | (905,362 | ) | (867,914 | ) | (868,986 | ) | (852,648 | ) | |||||||||||
Net property and equipment | 2,370,432 | 2,409,397 | 2,150,231 | 2,031,857 | 2,007,125 | ||||||||||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 323,874 | 220,772 | 249,753 | 243,678 | 208,021 | ||||||||||||||||
Construction Reserve Funds & Title XI Reserve Funds | 192,420 | 259,926 | 259,974 | 298,345 | 314,679 | ||||||||||||||||
Goodwill | 57,054 | 57,054 | 57,054 | 54,410 | 54,454 | ||||||||||||||||
Intangible Assets, Net | 21,116 | 22,132 | 21,528 | 16,055 | 17,396 | ||||||||||||||||
Other Assets, net of allowance for doubtful accounts | 81,553 | 99,113 | 102,348 | 97,724 | 84,588 | ||||||||||||||||
Discontinued Operations | — | — | 46,699 | 45,995 | 46,479 | ||||||||||||||||
$ | 3,845,817 | $ | 3,906,953 | $ | 3,928,134 | $ | 3,662,318 | $ | 3,705,760 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 24,546 | $ | 22,078 | $ | 41,091 | $ | 23,138 | $ | 20,568 | |||||||||||
Current portion of capital lease obligations | 4,719 | 2,289 | 2,368 | 1,081 | 1,064 | ||||||||||||||||
Accounts payable and accrued expenses | 131,130 | 142,410 | 185,156 | 170,680 | 164,359 | ||||||||||||||||
Other current liabilities | 160,198 | 176,558 | 150,864 | 191,475 | 216,031 | ||||||||||||||||
Discontinued operations | (15 | ) | 650 | 22,047 | 55,093 | 64,276 | |||||||||||||||
Total current liabilities | 320,578 | 343,985 | 401,526 | 441,467 | 466,298 | ||||||||||||||||
Long-Term Debt | 940,910 | 976,872 | 995,450 | 669,573 | 690,774 | ||||||||||||||||
Capital Lease Obligations | 117 | 2,848 | 3,068 | 4,598 | 4,901 | ||||||||||||||||
Deferred Income Taxes | 582,780 | 576,195 | 566,920 | 560,484 | 557,013 | ||||||||||||||||
Deferred Gains and Other Liabilities | 132,248 | 135,695 | 143,390 | 137,783 | 145,815 | ||||||||||||||||
Discontinued Operations | — | — | 9,717 | 5,780 | 5,502 | ||||||||||||||||
Total liabilities | 1,976,633 | 2,035,595 | 2,120,071 | 1,819,685 | 1,870,303 | ||||||||||||||||
Equity: | |||||||||||||||||||||
SEACOR Holdings Inc. stockholders’ equity: | |||||||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||||||
Common stock | 366 | 366 | 364 | 364 | 363 | ||||||||||||||||
Additional paid-in capital | 1,271,617 | 1,265,708 | 1,256,209 | 1,245,436 | 1,239,502 | ||||||||||||||||
Retained earnings | 1,560,416 | 1,549,167 | 1,512,679 | 1,495,639 | 1,491,824 | ||||||||||||||||
Shares held in treasury, at cost | (987,485 | ) | (970,023 | ) | (971,687 | ) | (900,225 | ) | (901,460 | ) | |||||||||||
Accumulated other comprehensive loss, net of tax | (5,831 | ) | (5,369 | ) | (7,958 | ) | (9,644 | ) | (6,843 | ) | |||||||||||
1,839,083 | 1,839,849 | 1,789,607 | 1,831,570 | 1,823,386 | |||||||||||||||||
Noncontrolling interests in subsidiaries | 30,101 | 31,509 | 18,456 | 11,063 | 12,071 | ||||||||||||||||
Total equity | 1,869,184 | 1,871,358 | 1,808,063 | 1,842,633 | 1,835,457 | ||||||||||||||||
$ | 3,845,817 | $ | 3,906,953 | $ | 3,928,134 | $ | 3,662,318 | $ | 3,705,760 |
SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) | ||||||||||||||||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | ||||||||||||
Offshore Marine Services | ||||||||||||||||
Anchor handling towing supply | 19 | 19 | 19 | 19 | 19 | |||||||||||
Crew | 48 | 48 | 49 | 50 | 52 | |||||||||||
Mini-supply | 9 | 9 | 8 | 8 | 8 | |||||||||||
Standby safety | 25 | 26 | 26 | 27 | 26 | |||||||||||
Supply | 28 | 28 | 30 | 29 | 28 | |||||||||||
Towing supply | 3 | 5 | 5 | 5 | 6 | |||||||||||
Liftboats | 20 | 20 | 2 | 2 | 2 | |||||||||||
Specialty | 9 | 9 | 9 | 9 | 9 | |||||||||||
Wind farm utility | 30 | 30 | 29 | — | — | |||||||||||
191 | 194 | 177 | 149 | 150 | ||||||||||||
Aviation Services | ||||||||||||||||
Light helicopters – single engine | 59 | 58 | 58 | 60 | 61 | |||||||||||
Light helicopters – twin engine | 44 | 46 | 45 | 45 | 44 | |||||||||||
Medium helicopters | 68 | 66 | 65 | 65 | 65 | |||||||||||
Heavy helicopters | 9 | 8 | 7 | 7 | 7 | |||||||||||
180 | 178 | 175 | 177 | 177 | ||||||||||||
Inland River Services | ||||||||||||||||
Inland river dry-cargo barges | 1,453 | 1,479 | 1,496 | 1,489 | 1,492 | |||||||||||
Inland river liquid tank barges | 78 | 77 | 77 | 79 | 80 | |||||||||||
Inland river deck barges | 20 | 20 | 20 | 20 | 26 | |||||||||||
Inland river towboats | 31 | 30 | 31 | 31 | 31 | |||||||||||
Dry-cargo vessel | 1 | 1 | 1 | 1 | 1 | |||||||||||
1,583 | 1,607 | 1,625 | 1,620 | 1,630 | ||||||||||||
Marine Transportation Services | ||||||||||||||||
U.S.-flag product tankers | 7 | 7 | 7 | 8 | 8 | |||||||||||
Foreign flag RORO vessels | 8 | 8 | 8 | 8 | 8 | |||||||||||
U.S.-flag deck barges | 5 | — | — | — | — | |||||||||||
U.S.-flag RORO barges | 2 | — | — | — | — | |||||||||||
U.S.-flag Articulated tug-barge | 1 | — | — | — | — | |||||||||||
23 | 15 | 15 | 16 | 16 | ||||||||||||
Other | ||||||||||||||||
Harbor and offshore tugs | 27 | 28 | 28 | 28 | 28 | |||||||||||
Ocean liquid tank barges | 5 | 5 | 5 | 5 | 5 | |||||||||||
32 | 33 | 33 | 33 | 33 |
SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | |||||||||||||||||
Rates Per Day Worked: | |||||||||||||||||||||
Anchor handling towing supply | $ | 24,541 | $ | 30,928 | $ | 27,187 | $ | 27,287 | $ | 32,179 | |||||||||||
Crew | 7,134 | 7,803 | 7,166 | 6,728 | 6,334 | ||||||||||||||||
Mini-supply | 7,424 | 7,409 | 7,948 | 7,535 | 7,494 | ||||||||||||||||
Standby safety | 9,679 | 9,230 | 9,254 | 9,302 | 9,180 | ||||||||||||||||
Supply | 14,354 | 16,662 | 15,755 | 15,459 | 13,561 | ||||||||||||||||
Towing supply | 9,269 | 9,301 | 8,497 | 8,809 | 8,484 | ||||||||||||||||
Specialty | 14,557 | 12,964 | 17,845 | 16,172 | 9,351 | ||||||||||||||||
Liftboats | 17,454 | — | — | — | — | ||||||||||||||||
Overall Average Rates Per Day Worked (excluding wind farm utility) | 12,068 | 13,174 | 12,187 | 11,318 | 11,142 | ||||||||||||||||
Wind farm utility | 2,802 | 2,431 | — | — | — | ||||||||||||||||
Overall Average Rates Per Day Worked (including wind Farm utility) | 10,019 | 10,839 | 12,187 | 11,318 | 11,142 | ||||||||||||||||
Utilization: | |||||||||||||||||||||
Anchor handling towing supply | 63 | % | 77 | % | 70 | % | 52 | % | 53 | % | |||||||||||
Crew | 84 | % | 79 | % | 78 | % | 75 | % | 70 | % | |||||||||||
Mini-supply | 98 | % | 98 | % | 96 | % | 87 | % | 77 | % | |||||||||||
Standby safety | 87 | % | 86 | % | 90 | % | 88 | % | 89 | % | |||||||||||
Supply | 75 | % | 84 | % | 82 | % | 70 | % | 74 | % | |||||||||||
Towing supply | 51 | % | 48 | % | 44 | % | 43 | % | 33 | % | |||||||||||
Specialty | 45 | % | 62 | % | 70 | % | 48 | % | 63 | % | |||||||||||
Liftboats | 70 | % | — | % | — | % | — | % | — | % | |||||||||||
Overall Fleet Utilization (excluding wind farm utility) | 77 | % | 81 | % | 80 | % | 72 | % | 71 | % | |||||||||||
Wind farm utility | 93 | % | 86 | % | — | % | — | % | — | % | |||||||||||
Overall Fleet Utilization (including wind farm utility) | 80 | % | 82 | % | 80 | % | 72 | % | 71 | % | |||||||||||
Available Days: | |||||||||||||||||||||
Anchor handling towing supply | 1,547 | 1,547 | 1,564 | 1,564 | 1,547 | ||||||||||||||||
Crew | 3,276 | 3,363 | 3,418 | 3,487 | 3,933 | ||||||||||||||||
Mini-supply | 637 | 637 | 644 | 644 | 728 | ||||||||||||||||
Standby safety | 2,195 | 2,275 | 2,355 | 2,392 | 2,291 | ||||||||||||||||
Supply | 1,649 | 1,705 | 1,798 | 1,748 | 1,591 | ||||||||||||||||
Towing supply | 360 | 364 | 368 | 368 | 494 | ||||||||||||||||
Specialty | 273 | 273 | 276 | 276 | 353 | ||||||||||||||||
Liftboats | 1,656 | — | — | — | — | ||||||||||||||||
Overall Fleet Available Days (excluding wind farm utility) | 11,593 | 10,164 | 10,423 | 10,479 | 10,937 | ||||||||||||||||
Wind farm utility | 2,730 | 2,647 | — | — | — | ||||||||||||||||
Overall Fleet Available Days (including wind farm utility) | 14,323 | 12,811 | 10,423 | 10,479 | 10,937 |