8-K 1 a05-8882_18k.htm 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported)   May 5, 2005

 

SEACOR Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

1-12289

 

13-3542736

(Commission File Number)

 

(IRS Employer Identification No.)

 

11200 Richmond, Suite 400

 

 

Houston, Texas

 

77082

(Address of Principal Executive Offices)

 

(Zip Code)

 

(281) 899-4800

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

ý            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

ý            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

Item 2.02                                             Results of Operations and Financial Condition.

 

On May 5, 2005, SEACOR Holdings issued a press release announcing certain financial and operating results for the three month period ended March 31, 2005:

 

 

 

PRESS RELEASE

 

SEACOR HOLDINGS ANNOUNCES FIRST QUARTER RESULTS

 

HOUSTON, TEXAS

May 5, 2005

 

FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) announced net earnings for the first quarter ended March 31, 2005 of $18.6 million, or $0.90 per diluted share, on operating revenues of
$165.2 million. For the comparable quarter ended March 31, 2004, net losses were $3.0 million, or $0.16 per diluted share, on operating revenues of $96.0 million.

For the immediately preceding quarter ended December 31, 2004, net earnings were $19.3 million, or
$1.03 per diluted share on operating revenues of $182.0 million.

Financial results for the first quarter ended March 31, 2005 as compared to the immediately preceding quarter ended December 31, 2004 were impacted by a variety of factors highlighted below.

•            Decreased operating revenues.  Operating revenues for the quarter were $165.2 million, a decrease of $16.8 million from the previous quarter. Decreases in operating revenues from the previous quarter were due to a decline in environmental spill response activities and seasonal declines in grain shipments, barge freight rates and poor operating conditions on the inland river system. The decreased revenues experienced by Environmental Services and Inland River Services were partially offset by increased revenue in Helicopter Services due to the acquisition of Era Aviation, Inc. (“Era”) and in Offshore Marines Services from higher rates per day worked.

•            Increased operating income.  Operating income for the quarter was $26.3 million, an increase of $2.9 million from the previous quarter. Increased offshore support vessel sale gains exceeded declines in operating results of Inland River Services, Helicopter Services and Environmental Services.

 

•            Increased interest expense.  Interest expense for the quarter was $7.6 million, an increase of $1.4 million from the previous quarter. Indebtedness increased in December 2004 with the sale of convertible debentures.

 

•            Decreased derivative income, net.  Derivative transactions, primarily consisting of foreign currency contracts, resulted in losses of $1.6 million for the quarter as compared to income of $1.8 million in the previous quarter.

 

•            Decreased foreign currency transaction gains, net.  Foreign currency transaction losses for the quarter were $0.5 million as compared to gains of $1.9 million in the previous quarter. Losses and gains resulted from the effect of currency exchange rate changes with respect to loans between SEACOR and certain of its foreign subsidiaries and other transactions denominated in currencies other than the functional currency of various subsidiaries.

 

•            Increased marketable securities sale gains, net.  Marketable securities sale transactions resulted in net gains of $6.2 million, an increase of $4.5 million from the previous quarter.

 

On December 31, 2004, the Company completed its acquisition of Era. Eighty-one helicopters and 16 fixed wing aircraft were acquired in this transaction. The fixed wing business is being actively marketed for sale. Its assets and related liabilities, $23.0 million and $6.5 million respectively, are considered “held for sale” pursuant to accounting standards. The operating results of the fixed wing business are reported as “Discontinued Operations.

 

2


 

On March 16, 2005, the Company announced its signing of a definitive merger agreement with Seabulk International, Inc. The Boards of Directors of both companies have unanimously approved the transaction. The merger is expected to close by the end of the second quarter of 2005, subject to approval by Seabulk’s stockholders of the merger and SEACOR’s stockholders of the issuance of shares of SEACOR common stock in the merger and the satisfaction of customary closing conditions, in accordance with terms of the merger agreement. On April 22, 2005, the Company was granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. With its fleet of vessels, Seabulk is a leading provider of marine support transportation services, primarily to the energy and chemical industries.

During the quarter, the Company purchased additional dry cargo covered hopper barges, chemical tank barges and an offshore support vessel for aggregate consideration of $17.9 million. At March 31, 2005, capital commitments for offshore support vessels, dry cargo covered hopper barges, chemical tank barges, helicopters and other equipment aggregated $356 million. In addition, the Company placed revocable orders for additional helicopters.

During the quarter, the Company acquired 84,647 shares of its common stock for treasury. At March 31, 2005, $37.7 million of authority remains available for future purchases of the Company’s common stock and its
5-7/8% and 7.2% notes.

At March 31, 2005, the Company’s cash, marketable securities and construction reserve funds totaled $615.2 million, an increase of $119.8 million from the prior quarter. At March 31, 2005, the Company’s long-term debt totaled $582.4 million.

 

SEACOR and its subsidiaries are engaged in the operation of a diversified fleet of offshore support vessels that service oil and gas exploration and development activities in the U.S. Gulf of Mexico, the North Sea, West Africa, Asia, Latin America and other international regions. Other business activities primarily include Environmental Services, Inland River Services and Helicopter Services.

Additional Information About the Seabulk Transaction

In connection with the proposed merger, SEACOR has filed with the SEC a Registration Statement on Form S-4 that includes a joint proxy statement of SEACOR and Seabulk that also constitutes a prospectus of SEACOR.  SEACOR and Seabulk will mail the joint proxy statement/prospectus to their stockholders.  Investors and security holders are urged to read the join proxy statement/prospectus regarding the proposed merger when it becomes available because it will contain important information.  You may obtain a free copy of the joint statement/prospectus (when available) and other related documents filed by SEACOR and Seabulk with the SEC at the SEC's website at www.sec.gov.  The joint proxy statement/prospectus and the other documents may also be obtained for free by accessing SEACOR's website at www.seacorholdings.com or by accessing Seabulk's website at www.seabulkinternational.com.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor there be any sale of securities in any jurisdiction in which such solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Participants in the Solicitation

SEACOR and Seabulk and their respective directors, executive officers and certain other persons may be deemed to be participants in the solicitation of proxies from their respective stockholders in connection with the proposed transactions. Information regarding such persons and a description of their direct and indirect interests, by security holdings or otherwise are contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC.  You can obtain free copies of these documents from SEACOR and SEABULK using the contact information above.

This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: the cyclical nature of the oil and gas industry, the operation of Offshore Marine Services and Helicopter Services in a highly competitive environment, changes in foreign political, military and economic conditions, the dependence of Offshore Marine Services and Helicopter Services on several customers, industry fleet capacity, the ongoing need to replace aging vessels, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company’s Common Stock, safety record requirements related to Offshore Marine Services and Helicopter Services, changes in foreign and domestic oil and gas exploration and production activity, vessel and helicopter related risks of Offshore Marine Services and Helicopter Services, effects of adverse weather conditions and seasonality of Helicopter Services, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and our ability to comply with such regulation and other governmental regulation, changes in NRC’s OSRO classification, effects of adverse weather and river conditions and seasonality on inland river operations, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges,  liability in connection with providing spill response services, the effect of international economic and political factors in inland river operations, the intense competition faced by Inland River Services, adequacy of insurance coverage, currency exchange fluctuations, the attraction and retention of qualified personnel by the Company and various other matters, many of which are beyond the Company’s control and other factors. The words “estimate,” “project,” “intend,” “believe,” “plan” and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned under “Forward-Looking Statements” in Item 7 of our Form 10-K and SEACOR’s periodic reporting on Form 10-Q and Form 8-K (if any), which we incorporate by reference.

For additional information, contact Randall Blank, Executive Vice President and Chief Financial Officer, at (281) 899-4800 or (212) 307-6633 or visit SEACOR’s website at www.seacorholdings.com.

 

3


 

SEACOR Holdings Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2005

 

2004

 

 

 

 

 

 

 

Operating Revenues

 

$

165,185

 

$

95,974

 

Costs and Expenses:

 

 

 

 

 

Operating expenses

 

115,601

 

75,030

 

Administrative and general

 

18,495

 

15,076

 

Depreciation and amortization

 

18,282

 

13,961

 

 

 

152,378

 

104,067

 

Gains on Asset Sales

 

13,516

 

3,638

 

Operating Income (Loss)

 

26,323

 

(4,455

)

Other Income (Expense):

 

 

 

 

 

Interest income

 

3,679

 

1,379

 

Interest expense

 

(7,591

)

(5,378

)

Derivative income (loss), net

 

(1,590

)

79

 

Foreign currency transaction gains (losses), net

 

(549

)

466

 

Marketable securities sale gains, net

 

6,234

 

2,749

 

Other, net

 

200

 

119

 

 

 

383

 

(586

)

Income (Loss) Before Income Tax Expense (Benefit), Minority Interest and Equity in Earnings of 50% or Less Owned Companies

 

26,706

 

(5,041

)

Income Tax Expense (Benefit)

 

9,740

 

(1,502

)

Income (Loss) Before Minority Interest and Equity in Earnings of 50% or Less Owned Companies

 

16,966

 

(3,539

)

Minority Interest in Net Loss of Subsidiaries

 

34

 

5

 

Equity in Earnings of 50% or Less Owned Companies

 

1,617

 

570

 

Income (Loss) from Continuing Operations

 

18,617

 

(2,964

)

Loss from Discontinued Operations, Net of Income Taxes

 

(26

)

—

 

Net Income (Loss)

 

$

18,591

 

$

(2,964

)

Earnings (Loss) Per Common Share:

 

 

 

 

 

Basic -

 

 

 

 

 

Income (Loss) from Continuing Operations

 

$

1.02

 

$

(0.16

)

Loss from Discontinued Operations

 

—

 

—

 

Net Income (Loss)

 

$

1.02

 

$

(0.16

)

Diluted(1) -

 

 

 

 

 

Income (Loss) from Continuing Operations

 

 

 

 

 

Loss from Discontinued Operations

 

$

0.90

 

$

(0.16

)

Net Income (Loss)

 

—

 

—

 

 

 

$

0.90

 

$

(0.16

)

Weighted Average Common Shares Outstanding:

 

 

 

 

 

Basic

 

18,249

 

18,468

 

Diluted(1)

 

21,908

 

18,468

 

 

(1)          Outstanding stock options and restricted stock have been excluded from the computation of diluted loss per common share and diluted weghted average common shares for the three month period ended March 31, 2004 as the effect was anti-dilutive.

 

4


 

SEACOR Holdings Inc. and Subsidiaries

Supplemental Data

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

 

 

Mar. 31,

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

 

 

2005

 

2004

 

2004

 

2004

 

2004

 

Statements of Operations:

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

165,185

 

$

181,997

 

$

116,486

 

$

97,403

 

$

95,974

 

Cost and Expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

115,601

 

126,240

 

79,134

 

73,759

 

75,030

 

Administrative and general

 

18,495

 

17,592

 

14,900

 

13,857

 

15,076

 

Depreciation and amortization

 

18,282

 

15,365

 

14,352

 

14,156

 

13,961

 

 

 

152,378

 

159,197

 

108,386

 

101,772

 

104,067

 

Gains (Losses) on Asset Sales

 

13,516

 

598

 

(119

)

6,117

 

3,638

 

Operating Income (Loss)

 

26,323

 

23,398

 

7,981

 

1,748

 

(4,455

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

3,679

 

3,200

 

2,180

 

1,663

 

1,379

 

Interest expense

 

(7,591

)

(6,154

)

(5,565

)

(5,388

)

(5,378

)

Derivative income (loss), net

 

(1,590

)

1,787

 

(140

)

(560

)

79

 

Foreign currency transaction gains (losses), net

 

(549

)

1,944

 

(184

)

(689

)

466

 

Marketable securities sale gains (losses), net

 

6,234

 

1,689

 

(756

)

2,753

 

2,749

 

Other, net

 

200

 

108

 

79

 

233

 

119

 

 

 

383

 

2,574

 

(4,386

)

(1,988

)

(586

)

Income (Loss) Before Taxes, Minority Interest and Equity in Earnings of 50% or Less Owned Companies

 

26,706

 

25,972

 

3,595

 

(240

)

(5,041

)

Income Tax Expense (Benefit)

 

9,740

 

8,395

 

1,511

 

169

 

(1,502

)

Income (Loss) Before Minority Interest and Equity in Earnings of 50% or Less Owned Companies

 

16,966

 

17,577

 

2,084

 

(409

)

(3,539

)

Minority Interest in Net (Income) Loss of Subsidiaries

 

34

 

(289

)

(108

)

(91

)

5

 

Equity in Earnings of 50% or Less Owned Companies

 

1,617

 

2,028

 

1,388

 

673

 

570

 

Income (Loss) from Continuing Operations

 

18,617

 

19,316

 

3,364

 

173

 

(2,964

)

Loss from Discontinued Operations, Net of Taxes

 

(26

)

—

 

—

 

—

 

—

 

Net Income (Loss)

 

$

18,591

 

$

19,316

 

$

3,364

 

$

173

 

$

(2,964

)

Earnings (Loss) Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

Basic -

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) from Continuing Operations

 

$

1.02

 

$

1.06

 

$

0.18

 

$

0.01

 

$

(0.16

)

Loss from Discontinued Operations

 

—

 

—

 

—

 

—

 

—

 

Net Income (Loss)

 

$

1.02

 

$

1.06

 

$

0.18

 

$

0.01

 

$

(0.16

)

Diluted(1) -

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) from Continuing Operations

 

$

0.90

 

$

1.03

 

$

0.18

 

$

0.01

 

$

(0.16

)

Loss from Discontinued Operations

 

—

 

—

 

—

 

—

 

—

 

Net Income (Loss)

 

$

0.90

 

$

1.03

 

$

0.18

 

$

0.01

 

$

(0.16

)

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

18,249

 

18,203

 

18,211

 

18,347

 

18,468

 

Diluted(1)

 

21,908

 

18,973

 

18,357

 

18,476

 

18,468

 

Common Shares Outstanding at Period End

 

18,442

 

18,307

 

18,292

 

18,313

 

18,533

 

 

(1)           Outstanding stock options and restricted stock have been excluded from the computation of diluted loss per common share and diluted weighted average common shares for the three month period ended March 31, 2004 as the effect was anti-dilutive.

 

5


 

SEACOR Holdings Inc. and Subsidiaries

Supplemental Data

(unaudited)

 

 

 

Three Months Ended

 

 

 

Mar. 31,

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

 

 

2005

 

2004

 

2004

 

2004

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data, at period end (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Cash, Securities and Construction Reserve Funds

 

$

615,153

 

$

495,387

 

$

440,091

 

$

441,805

 

$

441,502

 

Total Assets

 

1,778,953

 

1,766,009

 

1,456,536

 

1,394,902

 

1,401,426

 

Total Long-term Debt

 

582,416

 

582,367

 

382,319

 

342,271

 

332,225

 

Stockholders’ Equity

 

811,932

 

793,757

 

766,763

 

757,886

 

766,529

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues by Segment (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Offshore Marine Services

 

$

80,350

 

$

80,841

 

$

72,825

 

$

67,039

 

$

66,016

 

Environmental Services

 

35,893

 

62,824

 

21,144

 

14,654

 

16,392

 

Inland River Services

 

25,530

 

31,878

 

16,076

 

10,038

 

8,576

 

Helicopter Services

 

21,599

 

7,188

 

7,485

 

6,680

 

5,827

 

Intersegment Eliminations and Other

 

1,813

 

(734

)

(1,044

)

(1,008

)

(837

)

 

 

$

165,185

 

$

181,997

 

$

116,486

 

$

97,403

 

$

95,974

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss) by Segment (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Offshore Marine Services

 

$

22,252

 

$

9,870

 

$

6,360

 

$

4,677

 

$

(1,525

)

Environmental Services

 

4,564

 

7,473

 

2,742

 

816

 

954

 

Inland River Services

 

7,664

 

11,795

 

3,153

 

932

 

1,016

 

Helicopter Services

 

(4,395

)

(668

)

(475

)

(1,308

)

(1,893

)

Corporate Expenses and Other

 

(3,762

)

(5,072

)

(3,799

)

(3,369

)

(3,007

)

 

 

$

26,323

 

$

23,398

 

$

7,981

 

$

1,748

 

$

(4,455

)

 

 

 

 

 

 

 

 

 

 

 

 

Offshore Marine Vessels - Available Days(1):

 

 

 

 

 

 

 

 

 

 

 

Anchor Handling Towing Supply -

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

470

 

276

 

276

 

273

 

304

 

Foreign

 

704

 

736

 

759

 

741

 

724

 

Supply -

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

548

 

644

 

644

 

731

 

790

 

Foreign

 

620

 

738

 

828

 

910

 

910

 

Towing -

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

360

 

276

 

275

 

182

 

273

 

Foreign

 

810

 

748

 

736

 

837

 

1,026

 

Crew

 

6,783

 

6,446

 

6,024

 

5,921

 

6,188

 

Mini-supply

 

2,464

 

2,576

 

2,619

 

2,708

 

2,730

 

Other

 

90

 

92

 

50

 

—

 

91

 

Standby Safety

 

1,890

 

1,932

 

1,932

 

1,911

 

1,911

 

 

 

14,739

 

14,464

 

14,143

 

14,214

 

14,947

 

 

(1)      Excludes vessels that are bareboat chartered-out, vessels owned by corporations that participate in pooling arrangements with the Company, minority owned joint venture vessels and managed vessels.

 

6


 

 

SEACOR Holdings Inc. and Subsidiaries

Supplemental Data

(unaudited)

 

 

 

 

Three Months Ended

 

 

 

Mar. 31,

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

 

 

2005

 

2004

 

2004

 

2004

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

Offshore Marine Vessels - Rates Per Day Worked(1) (2):

 

 

 

 

 

 

 

 

 

 

 

Anchor Handling Towing Supply -

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

20,226

 

$

18,815

 

$

22,009

 

$

19,115

 

$

15,888

 

Foreign

 

10,848

 

9,964

 

9,534

 

9,539

 

8,524

 

Supply -

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

7,924

 

7,769

 

6,720

 

5,994

 

6,300

 

Foreign

 

13,789

 

16,124

 

10,095

 

9,729

 

9,067

 

Towing -

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

9,061

 

8,209

 

6,118

 

6,040

 

6,055

 

Foreign

 

6,959

 

7,096

 

6,769

 

6,775

 

6,586

 

Crew

 

3,996

 

3,745

 

3,458

 

3,314

 

3,297

 

Mini-supply

 

3,111

 

3,051

 

2,937

 

2,932

 

2,976

 

Other

 

17,000

 

14,000

 

14,000

 

—

 

—

 

Standby Safety

 

8,229

 

8,127

 

7,839

 

7,719

 

7,694

 

 

 

 

 

 

 

 

 

 

 

 

 

Offshore Marine Vessels - Utilization(2):

 

 

 

 

 

 

 

 

 

 

 

Anchor Handling Towing Supply -

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

91.3

%

98.0

%

85.2

%

68.3

%

68.2

%

Foreign

 

73.2

%

82.3

%

90.4

%

63.9

%

61.5

%

Supply -

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

74.5

%

73.8

%

68.9

%

76.1

%

71.7

%

Foreign

 

68.8

%

75.2

%

86.9

%

72.8

%

73.4

%

Towing -

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

83.9

%

97.9

%

64.3

%

91.8

%

56.7

%

Foreign

 

90.5

%

78.8

%

61.7

%

61.8

%

67.4

%

Crew

 

86.1

%

91.6

%

93.5

%

89.0

%

82.8

%

Mini-supply

 

78.0

%

88.7

%

90.9

%

86.7

%

81.7

%

Other

 

33.3

%

64.9

%

50.0

%

—

 

—

 

Standby Safety

 

90.2

%

91.9

%

89.7

%

85.9

%

87.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Overall Utilization

 

83.5

%

88.4

%

88.2

%

83.2

%

78.6

%

Utilization Lost to Market Conditions

 

12.4

%

7.5

%

7.9

%

12.9

%

17.1

%

Utilization Lost to Operating Conditions

 

4.1

%

4.1

%

3.9

%

3.9

%

4.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Helicopter Flight Hours

 

9,448

 

6,453

 

7,431

 

6,714

 

5,750

 

 

(1)     Revenues for certain vessels, primarily North Sea standby safety, are earned in foreign currencies, principally British Pounds Sterling. These revenues have been converted to U.S. dollars at the weighted average exchange rate for the periods indicated.

(2)     Excludes vessels that are bareboat chartered-out, vessels owned by corporations that participate in pooling arrangements with the Company, minority owned joint venture vessels and managed vessels.

 

7


 

SEACOR Holdings Inc. and Subsidiaries

Supplementary Data

(unaudited)

 

 

 

March 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint

 

Pooled/

 

 

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

 

 

Owned

 

Leased-in

 

Ventured

 

Managed

 

Total

 

2004

 

2004

 

2004

 

2004

 

Offshore Marine Fleet Count:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operated Domestic -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchor Handling Towing Supply

 

2

 

4

 

1

 

—

 

7

 

4

 

4

 

4

 

4

 

Crew

 

38

 

19

 

1

 

—

 

58

 

58

 

54

 

49

 

53

 

Mini-supply

 

21

 

4

 

—

 

—

 

25

 

26

 

26

 

26

 

27

 

Other

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Supply

 

3

 

2

 

—

 

1

 

6

 

8

 

8

 

8

 

10

 

Towing

 

2

 

2

 

—

 

—

 

4

 

4

 

3

 

2

 

2

 

 

 

66

 

31

 

2

 

1

 

100

 

100

 

95

 

89

 

96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operated Foreign -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchor Handling Towing Supply

 

11

 

1

 

2

 

—

 

14

 

14

 

13

 

14

 

15

 

Crew

 

19

 

—

 

4

 

—

 

23

 

24

 

23

 

26

 

33

 

Mini-supply

 

3

 

—

 

1

 

—

 

4

 

4

 

4

 

5

 

5

 

Other

 

1

 

—

 

1

 

—

 

2

 

2

 

2

 

1

 

2

 

Standby Safety

 

19

 

—

 

3

 

5

 

27

 

27

 

27

 

27

 

27

 

Supply

 

3

 

1

 

4

 

—

 

8

 

12

 

13

 

14

 

15

 

Towing

 

9

 

—

 

20

 

—

 

29

 

29

 

30

 

31

 

35

 

 

 

65

 

2

 

35

 

5

 

107

 

112

 

112

 

118

 

132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide Operations -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchor Handling Towing Supply

 

13

 

5

 

3

 

—

 

21

 

18

 

17

 

18

 

19

 

Crew

 

57

 

19

 

5

 

—

 

81

 

82

 

77

 

75

 

86

 

Mini-supply

 

24

 

4

 

1

 

—

 

29

 

30

 

30

 

31

 

32

 

Other

 

1

 

—

 

1

 

—

 

2

 

2

 

2

 

1

 

2

 

Standby Safety

 

19

 

—

 

3

 

5

 

27

 

27

 

27

 

27

 

27

 

Supply

 

6

 

3

 

4

 

1

 

14

 

20

 

21

 

22

 

25

 

Towing

 

11

 

2

 

20

 

—

 

33

 

33

 

33

 

33

 

37

 

 

 

131

 

33

 

37

 

6

 

207

 

212

 

207

 

207

 

228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inland Barges, domestic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dry Cargo Hopper

 

699

 

182

 

6

 

210

 

1,097

 

1,072

 

1,029

 

911

 

792

 

Chemical Tank

 

27

 

—

 

—

 

—

 

27

 

20

 

14

 

1

 

—

 

 

 

726

 

182

 

6

 

210

 

1,124

 

1,092

 

1,043

 

912

 

792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Helicopters, domestic

 

102

 

17

 

—

 

1

 

120

 

127

 

44

 

43

 

43

 

 

 

8


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

SEACOR Holdings Inc.

 

 

 

 

 

 

 

By:

            /s/ Randall Blank

 

 

 

Name:

Randall Blank

 

 

Title:

Executive Vice President and Chief
Financial Officer

 

 

Date:  May 5, 2005

 

9