EX-99.1 2 d448991dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

SUMMARY HISTORICAL AND PRO FORMA FINANCIAL INFORMATION

The following tables set forth SEACOR Holdings Inc. (“we,” “us,” or “our”) summary historical consolidated financial data for the periods indicated. We derived the summary historical consolidated financial data presented below as of and for the years ended December 31, 2011, 2010 and 2009 from our consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) restated to present the SEACOR Environmental Services Inc. as a discontinued operation. We derived the summary historical consolidated financial data presented below as of and for the nine months ended September 30, 2012 and 2011 from our interim unaudited consolidated financial statements.

Our historical results are not necessarily indicative of future operating results. You should read the information set forth below in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical consolidated financial statements and the related notes included in our 2011 Form 10-K and our September 2012 10-Q.

The following tables also include unaudited pro forma as adjusted consolidated financial data that gives effect to (i) this offering and the use of proceeds therefrom, (ii) the issuance by Era Group Inc. (“Era Group”) of $200 million aggregate principal amount of its senior notes (the “Era Note Offering”) and (iii) the spin-off of Era Group and related transactions (collectively referred to as the “Transactions”), based on certain assumptions and adjustments. See “Unaudited Pro Forma Financial Data” for a discussion of the assumptions and adjustments used in preparing the pro forma financial data.

The unaudited pro forma as adjusted consolidated financial data presented below consist of balance sheet data as of September 30, 2012 that give effect to the Transactions as if they had occurred on September 30, 2012, and consolidated statement of income data for the nine months ended September 30, 2012 and the fiscal year ended December 31, 2011, in each case, that gives effect to the Transactions as if they had occurred on January 1 of the period presented. The following unaudited pro forma financial information should be read in conjunction with “Unaudited Pro Forma Financial Data,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical consolidated financial statements and the related notes included in our 2011 Form 10-K and our September 2012 10-Q.

 

    Year Ended December 31,     Nine Months Ended September 30,  
    2009     2010     2011     Pro Forma
As Adjusted
2011		     2011     2012     Pro Forma
As Adjusted
2012		  
   

(in thousands, except share data and fleet counts) (unaudited)

  

Operating Revenues:

              

Offshore Marine Services

   $ 562,291      $ 515,856      $ 376,788      $ 376,788      $ 267,007      $ 378,684      $ 378,684   

Aviation Services

     235,667        235,366        258,148        —        196,452        202,026        —   

Inland River Services

     155,098        161,697        187,657        187,657        135,786        160,085        160,085   

Marine Transportation Services

     92,866        76,163        93,136        93,136        66,431        79,429        79,429   

Emergency and Crisis Services

     41,291        193,469        80,951        80,951        64,188        27,921        27,921   

Commodity Trading and Logistics

     472,575        741,896        955,688        955,688        718,511        562,166        562,166   

Other(1)

     64,354        72,835        69,928        69,928        52,198        55,485        55,485   

Eliminations and Corporate

     (17,207 )      (15,274 )      (10,959 )      (10,959 )      (8,190 )      (11,431 )      (11,431 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 1,606,935      $ 1,982,008      $ 2,011,337      $ 1,753,189      $ 1,492,383      $ 1,454,365      $ 1,252,339   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

1

    Year Ended December 31,     Nine Months Ended September 30,  
    2009     2010     2011     Pro Forma
As Adjusted
2011		     2011     2012     Pro Forma
As Adjusted
2012		  
   

(in thousands, except share data and fleet counts) (unaudited)

  

Operating Income

   $ 227,921      $ 268,600      $ 110,322      $ 74,714      $ 84,067      $ 75,679      $ 53,781   

Other Income (expense):

              

Net Interest Expense

   $ (54,795 )    $ (35,087 )    $ (27,625 )    $ (36,656 )    $ (18,725 )    $ (22,355 )    $ (23,404 ) 

Other(2)

     37,685        238        (42,518 )      (41,717 )      (35,986 )      17,462        17,291   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ (17,110 )    $ (34,849 )    $ (70,143 )    $ (78,373 )    $ (54,711 )    $ (4,893 )    $ (6,113 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss) Attributable to SEACOR Holdings Inc.:

              

Continuing Operations

   $ 141,479      $ 158,058      $ 33,549      $ 4,862      $ 26,162      $ 44,804      $ 35,239   

Discontinued Operations

     2,331        86,666        7,507        7,507        (2,146 )      19,035        19,035   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 143,810      $ 244,724      $ 41,056      $ 12,369      $ 24,016      $ 63,839      $ 54,274   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:

              

Continuing Operations

   $ 7.09      $ 7.39      $ 1.59      $ 0.23      $ 1.24      $ 2.18      $ 1.72   

Discontinued Operations

     0.12        4.04        0.35        0.36        (0.10 )      0.93        0.93   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 7.21      $ 11.43      $ 1.94      $ 0.59      $ 1.14      $ 3.11      $ 2.65   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:

              

Continuing Operations

   $ 6.47      $ 7.26      $ 1.56      $ 0.23      $ 1.22      $ 2.15      $ 1.69   

Discontinued Operations

     0.10        3.99        0.35        0.35        (0.10 )      0.91        0.91   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 6.57      $ 11.25      $ 1.91      $ 0.58      $ 1.12      $ 3.06      $ 2.60   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Statement of Cash Flows Data – provided by (used in):

              

Continuing Operations:

              

Operating Activities

   $ 284,766      $ 306,887      $ 190,270        $ 166,295      $ 139,073     

Investing Activities

     (95,514 )      25,120        (324,029 )        (242,358 )      (421,014 )   

Financing Activities

     (5,926 )      (506,106 )      220,983          (15,835 )      (51,723 )   

Effects of exchange rate changes on cash and cash equivalents

     773        (8,082 )      1,831          4,196        2,604     

Capital Expenditures:

              

Offshore Marine Services

   $ (39,135 )    $ (80,172 )    $ (88,248 )      $ (50,096 )    $ (112,527 )   

Aviation Services

     (90,762 )      (130,770 )      (158,929 )        (88,894 )      (91,910 )   

Inland River Services

     (14,711 )      (23,610 )      (44,693 )        (40,786 )      (22,296 )   

Marine Transportation Services

     (124 )      (6,254 )      (12,516 )        (10,460 )      (4,768 )   

Emergency and Crisis Services

     (481 )      (114 )      (408 )        (36 )      (451 )   

Commodity Trading and Logistics

     (120 )      —        (130 )        (60 )      (32 )   

Other(1)

     (23,076 )      (12,656 )      (16,356 )        (13,253 )      (21,385 )   

Eliminations and Corporate

     (4,760 )      10,177        (3,043 )        (3,026 )      (3,604 )   
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    
  $ (173,169 )    $ (243,399 )    $ (324,323 )      $ (206,611 )    $ (256,973 )   
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

Discontinued Operations:

              

Operating Activities

     13,751        92,056        15,603          29,784        (12,043 )   

Investing Activities

     (6,186 )      (5,892 )      (7,927 )        (5,805 )      88,430     

Financing Activities

     (401 )      (405 )      —          —        —     

Effects of exchange rate changes on cash and cash equivalents

     98        72        128          (3 )      27     

Balance Sheet Data (at period end):

              

Cash and cash equivalents, restricted cash, marketable securities and Title XI and construction reserve funds

   $ 853,582      $ 849,274      $ 810,341        $ 702,400      $ 601,390      $ 760,722   

 

2

    Year Ended December 31,     Nine Months Ended September 30,  
    2009     2010     2011     Pro Forma
As Adjusted
2011		     2011     2012     Pro Forma
  As Adjusted  
2012		  
    (in thousands, except share data and fleet counts) (unaudited)  

Total assets

     3,723,619        3,760,389        3,928,134          3,662,318        3,917,236        3,152,930   

Long-term debt and capital lease obligations, less current portion

     755,127        702,920        998,518          674,171        813,409        685,208   

Total SEACOR Holdings Inc. stockholders’ equity

     1,957,262        1,787,237        1,789,607          1,831,570        1,853,490        1,460,720   

Book value per share(4)

     86.56        83.52        85.49          84.35        88.89        62.32   

Other Financial Data:

              

EBITDA(3)

   $ 420,383      $ 425,963      $ 217,296      $ 139,877      $ 162,178      $ 221,438      $ 168,338   

Fleet Counts (at period end):

              

Offshore Marine Services:

              

Anchor handling towing supply

     23        20        19          19        19     

Crew

     57        52        49          50        48     

Mini-supply

     11        9        8          8        9     

Standby safety

     25        26        26          27        25     

Supply

     27        27        30          29        25     

Towing Supply

     13        8        5          5        3     

Liftboats

     2        2        2          2        20     

Specialty

     7        10        9          9        9     

Wind farm utility

     —        —        29          —        30     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    
    165        154        177          149        188     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

Aviation Services:

              

Light helicopters – single engine

     60        60        58          60        59     

Light helicopters – twin engine

     47        45        45          45        41     

Medium helicopters

     59        62        65          65        69     

Heavy helicopters

     8        9        7          7        10     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    
    174        176        175          177        179     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

Inland River Services:

              

Inland river dry-cargo barges

     1,395        1,388        1,496          1,489        1,444     

Inland river liquid tank barges

     87        80        77          79        80     

Inland river deck barges

     26        26        20          20        20     

Inland river tow boats

     29        32        31          31        31     

Dry-cargo vessel

     1        1        1          1        1     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    
    1,538        1,527        1,625          1,620        1,576     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

Marine Transportation Services:

              

U.S.-flag product tankers

     8        8        7          8        7     

Foreign flag RORO vessels

     —        —        8          8        7     

U.S.-flag deck barges

     —        —        —          —        5     

U.S.-flag RORO barges

     —        —        —          —        2     

U.S.-flag articulated tug-barge

     —        —        —          —        1     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    
    8        8        15          16        22     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

Other(1):

              

Harbor and offshore tugs

     31        30        28          28        27     

Ocean liquid tank barges

     6        5        5          5        5     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    
    37        35        33          33        32     
 

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

(1) Other primarily includes the operations of Harbor and Offshore Towing Services.

 

3

(2) Other principally includes gains and losses from debt extinguishment, marketable security, derivative and foreign currency transactions.
(3) EBITDA is defined as income before non-controlled equity joint ventures and discontinued operations plus net interest expense, income tax expense, depreciation and amortization. EBITDA is not a recognized term under generally accepted accounting principles in the United States (“GAAP”). Accordingly, it should not be used as an indicator of, or an alternative to, either income before non-controlled equity joint ventures and discontinued operation or as a measure of our operating performance. In addition, EBITDA is not intended to be a measure of free cash flow available for management’s discretionary use, as it does not consider certain cash requirements, such as debt service requirements. Our presentation of EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. Because the definition of EBITDA (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies.

 

     Management uses EBITDA as a performance metric for internal monitoring and planning purposes, including the presentation of our annual operating budget and quarterly operating reviews, and to facilitate analysis of investment decisions. In addition, the EBITDA performance metric allows us to evaluate profitability and make performance trend comparisons between us and our competitors. Further, we believe EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

 

     The following table provides a reconciliation of income from continuing operations before equity in earnings of 50% or less owned companies to EBITDA for the historical periods presented:

 

    Year Ended December 31,     Nine Months Ended September 30,  
    2009     2010     2011     Pro Forma
As Adjusted
2011		     2011     2012     Pro Forma
As Adjusted
2012		  
    (in thousands)  

Income (loss) from continuing operations before equity in earnings of 50% or less owned companies

   $ 130,416      $ 146,822      $ 24,653      $ (3,952 )    $ 16,475      $ 42,926      $ 27,917   

Net interest expense

     54,795        35,087        27,625        36,656        18,725        22,355        23,404   

Income tax expense

     80,395        86,929        15,526        293        12,881        27,860        19,751   

Depreciation and amortization

     154,777        157,125        149,492        106,880        114,097        128,297        97,266   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

EBITDA

   $ 420,383      $ 425,963      $ 217,296      $ 139,877      $ 162,178      $ 221,438      $ 168,338   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(4) Total book value per common share is calculated as SEACOR Holdings Inc. stockholders’ equity divided by the number of shares of our common stock common outstanding at the end of the applicable period. As of December 31, 2009, 2010 and 2011 and September 30, 2011 and 2012, we had 22,612,826, 21,399,508, 20,933,116, 21,714,704 and 20,850,751, shares of our common stock outstanding, respectively. Pro forma as adjusted book value per common share as of September 30, 2012 is calculated using actual shares outstanding at period end plus 2,590,000 shares issuable assuming conversion of all $250.0 million of notes offered hereby (which gives effect to the expected change in conversion rate that will occur upon consummation of the spin-off Era Group, based upon certain assumptions).

 

4

UNAUDITED PRO FORMA AS ADJUSTED FINANCIAL INFORMATION

The following unaudited pro forma as adjusted financial statements are derived from our historical financial statements, which are incorporated by reference into this offering circular. The pro forma as adjusted adjustments give effect to the Transactions, as described in the notes to the unaudited pro forma as adjusted financial statements. The unaudited pro forma as adjusted statements of income for the fiscal year ended December 31, 2011 and for the nine months ended September 30, 2012 give effect to the Transactions as if they had occurred on January 1 of the periods presented. The unaudited pro forma as adjusted balance sheet as of September 30, 2012 gives effect to the Transactions as if they had occurred on September 30, 2012. These unaudited pro forma as adjusted financial statements include adjustments to reflect our current expectations of Transactions.

The pro forma adjustments are described in the accompanying notes, which should be read in conjunction with the unaudited pro forma financial information. The assumptions used and pro forma adjustments derived from such assumptions are based on currently available information and expectations, and we believe such assumptions are reasonable under the circumstances.

The following unaudited pro forma as adjusted financial statements should be read in conjunction “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical consolidated financial statements and the related notes included in our September 2012 10-Q and our 2011 Form 10-K.

The unaudited pro forma as adjusted financial information has been presented for informational purposes only. The pro forma information is not necessarily indicative of our results of operations or financial condition had each of the Transactions been completed on the dates assumed. They are also not necessarily indicative of our future results of operations or financial condition.

 

5

SEACOR Holdings Inc.

Condensed Consolidated Statements of Income

Nine months ended September 30, 2012

(in thousands, except share data, unaudited)

 

    Actual     Offering
Adjustments(1)		     Era
Refinancing
Adjustments(2) 		    Pro Forma     Era
Transactions
Adjustments(3)		     Pro Forma
As Adjusted(4)		  

Operating Revenues

   $ 1,454,365      $ —      $ —      $ 1,454,365      $ (202,026 )    $ 1,252,339   

Costs and Expenses:

            

Operating

    1,128,269        —        —        1,128,269        (124,913 )      1,003,356   

Administrative and general

     141,758        —        —        141,758        (27,639 )      114,119   

Depreciation and amortization

     128,297        —        —        128,297        (31,031 )      97,266   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    1,398,324        —        —        1,398,324        (183,583 )      1,214,741   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gains on Asset Dispositions and Impairments, Net

     19,638        —        —        19,638        (3,455 )      16,183   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Income

     75,679        —        —        75,679        (21,898 )      53,781   

Other Income (Expense):

            

Interest income

     14,761        —        —        14,761        (765 )      13,996   

Interest expense

     (37,116 )      (7,175 )      (7,471 )      (51,762 )      14,362        (37,400 ) 

Debt extinguishment losses, net

     (160 )      —        —        (160 )      —        (160 ) 

Marketable security gains, net

     13,224        —        —        13,224        —        13,224   

Derivative losses, net

     (5,281 )      —        —        (5,281 )      492        (4,789 ) 

Foreign currency gains, net

     2,192        —        —        2,192        (633 )      1,559   

Other, net

     7,487        —        —        7,487        (30 )      7,457   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    (4,893 )      (7,175 )      (7,471 )      (19,539 )      13,426        (6,113 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income from Continuing Operations Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies

     70,786        (7,175 )      (7,471 )      56,140        (8,472 )      47,668   

Income Tax Expense

     27,860        (2,511 )      (2,690 )      22,659        (2,908 )      19,751   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

     42,926        (4,664 )      (4,781 )      33,481        (5,564 )      27,917   

Equity in Earnings of 50% or Less Owned Companies, Net of Tax

     1,215        —        —        1,215        5,444        6,659   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income from Continuing Operations

     44,141        (4,664 )      (4,781 )      34,696        (120 )      34,576   

Income from Discontinued Operations, Net of Tax

     19,035        —        —        19,035        —        19,035   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

     63,176        (4,664 )      (4,781 )      53,731        (120 )      53,611   

Net Loss attributable to Noncontrolling Interests in Subsidiaries

     (663 )      —        —        (663 )      —        (663 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income attributable to SEACOR Holdings Inc.

   $ 63,839      $ (4,664 )    $ (4,781 )    $ 54,394      $ (120 )    $ 54,274   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income attributable to SEACOR Holdings Inc.:

            

Continuing Operations

   $ 44,804              $ 35,239   

Discontinued Operations

     19,035                19,035   
 

 

 

            

 

 

  
  $ 63,839              $ 54,274   
 

 

 

            

 

 

  

Basic Earnings Per Common Share of SEACOR Holdings Inc.:

            

Continuing Operations

   $ 2.18              $ 1.72   

Discontinued Operations

     0.93                0.93   
 

 

 

            

 

 

  
  $ 3.11              $ 2.65   
 

 

 

            

 

 

  

Diluted Earnings Per Common Share of SEACOR Holdings Inc.:

            

Continuing Operations

   $ 2.15              $ 1.69   

Discontinued Operations

     0.91                0.91   
 

 

 

            

 

 

  
  $ 3.06              $ 2.60   
 

 

 

            

 

 

  

Weighted Average Common Shares Outstanding:

            
           

Basic

     20,512,118                20,512,118   

Diluted

     20,838,468                20,838,468   

 

6

SEACOR Holdings Inc.

Condensed Consolidated Statements of Income

Year ended December 31, 2011

(in thousands, except share data, unaudited)

 

    Actual(5)     Offering
Adjustments(6)		     Era
Refinancing
Adjustments(7) 		    Pro Forma     Era
Transactions
Adjustments(8)		     Pro Forma
As Adjusted(9)		  

Operating Revenues

   $ 2,011,337      $ —      $ —      $ 2,011,337      $ (258,148 )    $ 1,753,189   

Costs and Expenses:

            

Operating

     1,618,592        —        —        1,618,592        (162,707 )      1,455,885   

Administrative and general

     166,942        —        —        166,942        (32,393 )      134,549   

Depreciation and amortization

     149,492        —        —        149,492        (42,612 )      106,880   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    1,935,026        —        —        1,935,026        (237,712 )      1,697,314   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gains on Asset Dispositions and Impairments, Net

     34,011        —        —        34,011        (15,172 )      18,839   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Income

     110,322        —        —        110,322        (35,608 )      74,714   

Other Income (Expense):

            

Interest income

     13,618        —        —        13,618        (738 )      12,880   

Interest expense

     (41,243 )      (9,669 )      (16,068 )      (66,980 )      17,444        (49,536 ) 

Debt extinguishment losses, net

     (99 )      —        —        (99 )      —        (99 ) 

Marketable security losses, net

     (7,893 )      —        —        (7,893 )      —        (7,893 ) 

Derivative losses, net

     (36,135 )      —        —        (36,135 )      1,326        (34,809 ) 

Foreign currency gains, net

     749        —        —        749        (516 )      233   

Other, net

     860        —        —        860        (9 )      851   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    (70,143 )      (9,669 )      (16,068 )      (95,880 )      17,507        (78,373 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (Loss) from Continuing Operations Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies

     40,179        (9,669 )      (16,068 )      14,442        (18,101 )      (3,659 ) 

Income Tax Expense

     15,526        (3,384 )      (5,784 )      6,358        (6,065 )      293   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

     24,653        (6,285 )      (10,284 )      8,084        (12,036 )      (3,952 ) 

Equity in Earnings of 50% or Less Owned Companies, Net of Tax

     9,990        —        —        9,990        (82 )      9,908   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income from Continuing Operations

     34,643        (6,285 )      (10,284 )      18,074        (12,118 )      5,956   

Income from Discontinued Operations, Net of Tax

     7,507        —        —        7,507        —        7,507   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

     42,150        (6,285 )      (10,284 )      25,581        (12,118 )      13,463   

Net Income attributable to Noncontrolling Interests in Subsidiaries

     1,094        —        —        1,094        —        1,094   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income attributable to SEACOR Holdings Inc.

   $ 41,056      $ (6,285 )    $ (10,284 )    $ 24,487      $ (12,118 )    $ 12,369   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income attributable to SEACOR Holdings Inc.:

            

Continuing Operations

   $ 33,549              $ 4,862   

Discontinued Operations

     7,507                7,507   
 

 

 

            

 

 

  
  $ 41,056              $ 12,369   
 

 

 

            

 

 

  

Basic Earnings Per Common Share of SEACOR Holdings Inc.:

            

Continuing Operations

   $ 1.59              $ 0.23   

Discontinued Operations

     0.35                0.36   
 

 

 

            

 

 

  
  $ 1.94              $ 0.59   
 

 

 

            

 

 

  

Diluted Earnings Per Common Share of SEACOR Holdings Inc.:

            

Continuing Operations

   $ 1.56              $ 0.23   

Discontinued Operations

     0.35                0.35   
 

 

 

            

 

 

  
  $ 1.91              $ 0.58   
 

 

 

            

 

 

  

Weighted Average Common Shares Outstanding:

            

Basic

     21,119,461                21,119,461   
           

Diluted

     21,466,843                21,466,843   
           

 

7

SEACOR Holdings Inc.

Condensed Consolidated Balance Sheets

September 30, 2012

(in thousands, unaudited)

 

    Actual     Offering
Adjustments(10)		     Era
Refinancing
Adjustments(11) 		    Pro Forma     Era
Transactions
Adjustments(12)		     Pro Forma
As Adjusted		  

Current Assets:

            

Cash and cash equivalents

   $ 207,542      $ 118,250      $ 1,622      $ 327,414      $ 39,460      $ 366,874   

Restricted cash

     191,782        —        —        191,782        —        191,782   

Marketable securities

     22,134        —        —        22,134        —        22,134   

Trade and other receivables

     382,119        —        —        382,119        (73,368 )      308,751   

Receivable from Era

     —        —        —        —        3,470        3,470   

Inventories

     77,858        —        —        77,858        (26,590 )      51,268   

Deferred income taxes

     11,123        —        —        11,123        (2,293 )      8,830   

Prepaid expenses and other

     16,203        —        —        16,203        (1,443 )      14,760   

Discontinued operations

     3,025        —        —        3,025        —        3,025   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total current assets

     911,786        118,250        5,000        1,031,658        (60,764 )      970,894   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Property and Equipment, Net

     2,403,221        —        —        2,403,221        (777,706 )      1,625,515   

Investments, at Equity, and Advances to 50% or Less Owned Companies

     266,589        —        —        266,589        (35,755 )      230,834   

Construction Reserve Funds & Title XI Reserve Funds

     179,932        —        —        179,932        —        179,932   

Goodwill

     57,054        —        —        57,054        (352 )      56,702   

Intangible Assets, Net

     19,931        —        —        19,931        —        19,931   

Other Assets

     78,723        5,879        5,000        89,602        (20,480 )      69,122   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $  3,917,236      $ 124,129      $  6,622      $ 4,047,987      $ (895,057 )    $ 3,152,930   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Current Liabilities:

            

Current portion of long-term debt

   $ 196,326      $ —      $ —      $ 196,326      $ (2,787 )    $ 193,539   

Current portion of capital lease obligations

     4,442        —        —        4,442        —        4,442   

Accounts payable and accrued expenses

     152,948        —        —        152,948        (20,084 )      132,864   

Other current liabilities

     143,255        —        —        143,255        (22,565 )      120,690   

Discontinued operations

     (309 )      —        —        (309 )      —        (309 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total current liabilities

     496,662        —        —        496,662        (45,436 )      451,226   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Long-Term Debt

     813,322        92,807        6,622        912,751        (227,630 )      685,121   

Capital Lease Obligations

     87        —        —        87        —        87   

Deferred Income Taxes

     602,195        10,962        —        613,157        (200,388 )      412,769   

Deferred Gains and Other Liabilities

     121,486        —        —        121,486        (8,226 )      113,260   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

     2,033,752        103,769        6,622        2,144,143        (481,680 )      1,662,463   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity:

            

SEACOR Holdings Inc. stockholders’ equity:

            

Preferred stock

     —        —        —        —        —        —   

Common stock

     366        —        —        366        —        366   

Additional paid-in capital

     1,277,751        20,360        —        1,298,111        6,823        1,304,934   

Retained earnings

     1,576,518        —        —        1,576,518        (420,027 )      1,156,491   

Shares held in treasury, at cost

     (997,541 )      —        —        (997,541 )      —        (997,541 ) 

Accumulated other comprehensive loss, net of tax

     (3,604 )      —        —        (3,604 )      74        (3,530 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    1,853,490        20,360        —        1,873,850        (413,130 )      1,460,720   

Noncontrolling interests in subsidiaries

     29,994        —        —        29,994        (247 )      29,747   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total equity

     1,883,484        20,360        —        1,903,844        (413,377 )      1,490,467   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 3,917,236      $ 124,129      $ 6,622      $ 4,047,987      $ (895,057 )    $ 3,152,930   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

8

Notes to Unaudited Pro Forma As Adjusted Financial Data

The pro forma as adjusted statement of income for the nine months ended September 30, 2012 gives effect to the following:

 

  (1) We will use proceeds from this offering to repay $125.0 million of borrowings outstanding under our revolving credit facility. This adjustment reflects the change in interest expense as a result of the replacement by us of borrowings under our revolving credit facility with the issuance of the notes offered hereby. For purposes of this adjustment, we have assumed a non-convertible debt interest rate of 5.75% would be applicable to the notes offered hereby if they did not have a conversion feature.

 

  (2) Era Group will use the proceeds from the offering of its senior notes to repay all $190.0 million of borrowings outstanding under its revolving credit facility. This adjustment reflects the change in interest expense as a result of the replacement by Era Group of borrowings under its revolving credit facility with the issuance of the Era Notes. For purposes of this adjustment, we have assumed the Era Notes will bear interest at an effective interest rate of 8.0% per annum and will have a ten year maturity.

 

  (3) Represents adjustments to reflect the consummation of the prospective spin-off of Era Group and related transactions.

 

  (4) Pro forma as adjusted basic and diluted earnings per share do not assume any repurchases of our common stock with the proceeds from this offering. Pro forma as adjusted diluted earnings per share excludes 2,590,000 shares of common stock issuable upon the conversion of all $250.0 million of the notes offered hereby and giving effect to the expected change in conversion rate (based on certain assumptions) as a result of the spin-off of Era Group, resulting in an assumed conversion rate of 10.36, as the effect of their inclusion in the computation would have been anti-dilutive.

The pro forma as adjusted statement of income for the year ended December 31, 2011 gives effect to the following:

 

  (5) Recast to reflect the SES Business as a discontinued operation.

 

  (6) We will use proceeds from this offering to repay $125.0 million of borrowings outstanding under our revolving credit facility. This adjustment reflects the change in interest expense as a result of the replacement by us of borrowings under our revolving credit facility with the issuance of the notes offered hereby. For purposes of this adjustment, we have assumed a non-convertible debt interest rate of 5.75% would be applicable to the notes offered hereby if they did not have a conversion feature.

 

  (7) Era Group will use the proceeds from the offering of its senior notes to repay all $190.0 million of borrowings under its revolving credit facility. Era Group entered into its revolving credit facility in December 2011. Prior to entering its revolving credit facility, Era Group’s operations were primarily financed by advances from SEACOR with all related interest expense eliminated in consolidation. As a result, this adjustment reflects the change in interest expense as a result of the issuance of the Era Notes with no offsetting reduction in revolver credit facility interest. For purposes of this adjustment, we have assumed the Era Notes will bear interest at an effective interest rate of 8.0% per annum and will have a ten year maturity.

 

  (8) Represents adjustments to reflect the consummation of the prospective Era Group spin-off and related transactions.

 

9

  (9) Pro forma as adjusted basic and diluted earnings per share do not assume any repurchases of our common stock with the proceeds from this offering. Pro forma as adjusted diluted earnings per share excludes 2,590,000 shares of common stock issuable upon the conversion of all $250.0 million of the notes offered hereby and giving effect to the expected change in conversion rate (based on certain assumptions) as a result of the spin-off of Era Group, resulting in an assumed conversion rate of 10.36, as the effect of their inclusion in the computation would have been anti-dilutive.

The pro forma as adjusted balance sheet as of September 30, 2012 gives effect to the following:

 

  (10) Represents adjustments to reflect the issuance of $250.0 million aggregate principal amount of the notes offered hereby and the use of proceeds therefrom, including the repayment of $125.0 million under our revolving credit facility and the payment of $6.8 million of estimated transaction expenses. The adjustments include the bifurcation of the liability and equity components of the notes offered hereby using an assumed coupon interest rate of 2.75% and an assumed non-convertible debt interest rate of 5.75%, which resulted in a debt discount of $32.2 million. The debt discount will be amortized as additional non-cash interest expense over the expected five-year life of the notes.

 

  (11) Represents adjustments to reflect the issuance by Era Group of $200.0 million aggregate principal amount of Era Notes and the use of proceeds therefrom, including the repayment of $190.0 million of borrowings outstanding under its revolving credit facility and the payment of $5.0 million of estimated transaction expenses, with the remainder of the proceeds constituting available cash.

 

  (12) Represents adjustments to reflect the consummation of the prospective spin-off of Era Group and related transactions. These adjustments include the acceleration of compensation expense in connection with the issuance of fully vested shares of Era Group common stock at the time of spin-off to holders of unvested SEACOR restricted stock awards. The increase in cash represents the repurchase by Era Group from us of $50.3 million in redemption value of its Series B preferred stock (which may occur whether or not the spin-off is consummated), net of Era Group’s cash on hand that will remain with Era Group after the spin-off.

 

10