UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): | February 16, 2012 |
SEACOR Holdings Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 1-12289 | 13-3542736 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
2200 Eller Drive, Fort Lauderdale, Florida | 33316 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | (954) 523-2200 |
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] 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
The information in this Current Report shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On February 16, 2012, SEACOR Holdings Inc. issued a press release setting forth its fourth-quarter and full-year 2011 earnings. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
Item 9.01 | Financial Statements and Exhibits |
(c) | Exhibits |
Exhibit No. | Description | |||
99.1 | Press Release of SEACOR Holdings Inc., dated February 16, 2012, setting forth its fourth-quarter and full-year 2011 earnings. |
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. | ||||
February 16, 2012 | By: |
Richard J. Ryan
|
||
|
||||
Name: Richard J. Ryan | ||||
Title: Senior Vice President and Chief Financial Officer |
Exhibit Index
Exhibit No. | Description | |
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99.1
|
Press Release of SEACOR Holdings Inc., dated February 16, 2012, setting forth its fourth-quarter and full-year 2011 earnings. |
PRESS RELEASE
SEACOR HOLDINGS ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2011
Fort Lauderdale, Florida
February 16, 2012
FOR IMMEDIATE RELEASE SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the fourth quarter and year ended December 31, 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2011 was $17.0 million, or $0.80 per diluted share, on operating revenues of $561.8 million. For the year ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $41.1 million, or $1.91 per diluted share, on operating revenues of $2,141.9 million.
For the preceding quarter ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $3.8 million, or $0.18 per diluted share, on operating revenues of $571.4 million. A comparison of results for the quarter ended December 31, 2011 with the preceding quarter ended September 30, 2011 is included in the Highlights for the Quarter discussion below.
For the quarter ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million. For the year ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $244.7 million, or $11.25 per diluted share, on operating revenues of $2,649.4 million. The Companys results for the year ended December 31, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010.
Highlights for the Quarter
Offshore Marine Services Operating income was $16.1 million on operating revenues of $109.8 million compared with operating income of $7.6 million on operating revenues of $93.3 million in the preceding quarter. Fourth quarter results included $1.4 million in gains on asset dispositions compared with $5.2 million in gains in the preceding quarter. In the fourth quarter, the total number of days available for charter decreased by 56 days, or 0.5%; overall utilization increased from 72.4% to 79.7%; and overall average day rates increased by 7.7% from $11,318 per day to $12,187 per day.
In the U.S. Gulf of Mexico, operating income before gains on asset dispositions was $8.4 million higher in the fourth quarter. Firmer market conditions contributed to a $13.3 million increase in time charter revenues, which was partially offset by higher operating expenses as activity levels increased. Utilization was 70.3% compared with 53.5% in the preceding quarter and average day rates increased from $10,631 per day to $12,523 per day. As of December 31, 2011, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico compared with seven as of September 30, 2011.
In international regions, operating income before gains on asset dispositions was $3.9 million higher in the fourth quarter. Time charter revenues were $2.2 million higher primarily due to an increase in average day rates from $11,612 per day to $11,999 per day. Utilization was 86.2% compared with 85.2% in the preceding quarter. Operating expenses were $2.2 million lower primarily due to reduced drydocking and mobilization expenditures.
Administrative and general expenses were $3.0 million higher in the fourth quarter primarily due to legal fees associated with the fourth quarter acquisition of a controlling interest in a European operator of wind farm utility vessels and higher wage and benefit costs.
Equity in earnings was lower in the fourth quarter primarily due to an $8.4 million gain, net of tax, recognized in the preceding quarter upon Offshore Marine Services Mexican joint venture issuing an additional equity interest to an unrelated third party.
Aviation Services Operating income was $1.5 million on operating revenues of $61.7 million compared with operating income of $15.1 million on operating revenues of $71.8 million in the preceding quarter. Fourth quarter results included $1.9 million in gains on asset dispositions compared with $4.9 million in gains in the preceding quarter.
Operating revenues were $10.1 million lower in the fourth quarter primarily due to the end of seasonal activities in Alaska and a reduction in the number of helicopters operating under contract-leases. Operating expenses were $4.6 million lower in the fourth quarter primarily due to the end of seasonal activities, performance credits received under various vendor arrangements and Aviation Services exit from a vendor maintenance agreement. Administrative and general expenses were $5.0 million higher in the fourth quarter primarily due to severance costs associated with a change in executive management.
Inland River Services - Operating income was $12.3 million on operating revenues of $51.9 million compared with operating income of $9.3 million on operating revenues of $47.9 million in the preceding quarter. Operating results improved primarily due to seasonal harvest activity and strong northbound demand for fertilizer shipments for the pooled hopper barge fleet.
Marine Transportation Services Operating income was $3.7 million on operating revenues of $26.7 million compared with operating income of $1.7 million on operating revenues of $24.8 million in the preceding quarter. Fourth quarter results included $1.1 million in gains on asset dispositions following the sale of the Seabulk America. Operating results for Marine Transportation Services U.S.-flag product tanker fleet were higher primarily due to lower operating expenses and less off-hire time associated with one vessel undergoing a special survey in the preceding quarter and lower insurance deductibles. Operating results for its foreign flag Roll-on/Roll-off vessels were lower primarily due to the drydocking of one vessel, charter-in expenses to cover that vessels out-of-service time and higher legal fees.
Environmental Services Operating income was $18.6 million on operating revenues of $59.7 million compared with operating income of $1.0 million on operating revenues of $40.4 million in the preceding quarter. The increase in operating income was primarily due to final settlements with a customer and certain subcontractors in respect of oil spill response services related to the Deepwater Horizon sinking in April 2010.
Commodity Trading and Logistics Segment profit was $1.4 million on operating revenues of $237.2 million compared with a segment loss of $7.1 million on operating revenues of $279.2 million in the preceding quarter. Operating results improved primarily due to a reduction of volatility in commodity prices and better results from the Companys alcohol manufacturing joint venture.
Other Other, primarily Harbor and Offshore Towing Services, reported operating income of $1.7 million on operating revenues of $17.7 million compared with operating income of $2.7 million on operating revenues of $16.7 million in the preceding quarter. The reduction in operating income was primarily due to an increase in charter-in expenses at the Companys terminal operation in St. Eustatius.
Equity in losses in the fourth quarter were primarily due to losses in one of the Companys industrial air services joint ventures in Asia.
Corporate and Eliminations Administrative and general expenses were $10.5 million compared with $6.2 million in the preceding quarter. The increase was primarily due to management bonus accruals and professional fees.
Stock Repurchases During the fourth quarter, the Company purchased 843,400 shares of its common stock at an average price of $84.48 per share. As of December 31, 2011, 20,933,116 shares of SEACORs common stock remained outstanding.
Capital Commitments The Companys unfunded capital commitments as of December 31, 2011 consisted primarily of offshore support vessels, helicopters, inland river tank barges, harbor tugs, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $312.5 million, of which $199.3 million is payable during 2012 with the balance payable through 2014. Of the total unfunded capital commitments, $43.6 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. Subsequent to December 31, 2011, the Company committed to purchase additional equipment for $49.2 million. As of December 31, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $815.8 million.
* * * * *
SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning managements 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: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the Moratoriums), weakening demand for the Companys services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Companys businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Companys involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Companys services as a result of declines in the global economy, declines in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Companys customer base, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Companys Common Stock, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services ability to comply with such regulation and other governmental regulation, changes in National Response Corporations Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Companys control. In addition, these statements constitute the Companys cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. 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. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Companys 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 the Companys businesses, particularly those mentioned under Forward-Looking Statements in Item 7 on the Companys Form 10-K and SEACORs periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACORs website at www.seacorholdings.com.
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months Ended | Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||||
Operating Revenues |
$ | 561,808 | $ | 580,384 | $ | 2,141,942 | $ | 2,649,368 | |||||||||||||||||||
Costs and Expenses: |
|||||||||||||||||||||||||||
Operating |
433,332 | 449,961 | 1,708,187 | 1,930,227 | |||||||||||||||||||||||
Administrative and general |
55,099 | 54,892 | 187,547 | 192,518 | |||||||||||||||||||||||
Depreciation and amortization |
37,017 | 39,173 | 156,824 | 163,490 | |||||||||||||||||||||||
525,448 | 544,026 | 2,052,558 | 2,286,235 | ||||||||||||||||||||||||
Gains on Asset Dispositions and Impairments, Net |
5,431 | 3,285 | 33,950 | 45,238 | |||||||||||||||||||||||
Operating Income |
41,791 | 39,643 | 123,334 | 408,371 | |||||||||||||||||||||||
Other Income (Expense): |
|||||||||||||||||||||||||||
Interest income |
1,157 | 3,094 | 13,756 | 8,882 | |||||||||||||||||||||||
Interest expense |
(10,027 | ) | (10,088 | ) | (41,245 | ) | (43,950 | ) | |||||||||||||||||||
Debt extinguishment losses, net |
| (1,092 | ) | (99 | ) | (1,460 | ) | ||||||||||||||||||||
Marketable security gains (losses), net |
(4,803 | ) | 1,340 | (7,893 | ) | (2,159 | ) | ||||||||||||||||||||
Derivative gains (losses), net |
(262 | ) | 6,502 | (36,135 | ) | 6,205 | |||||||||||||||||||||
Foreign currency gains (losses), net |
(2,545 | ) | (3,511 | ) | 816 | (6,127 | ) | ||||||||||||||||||||
Other, net |
1,133 | 3,061 | 860 | 3,717 | |||||||||||||||||||||||
(15,347 | ) | (694 | ) | (69,940 | ) | (34,892 | ) | ||||||||||||||||||||
Income Before Income Tax Expense and Equity In Earnings (Losses)
of 50% or Less Owned Companies |
26,444 | 38,949 | 53,394 | 373,479 | |||||||||||||||||||||||
Income Tax Expense |
8,533 | 13,250 | 21,185 | 140,674 | |||||||||||||||||||||||
Income Before Equity in Earnings (Losses) of 50% or Less Owned
Companies |
17,911 | 25,699 | 32,209 | 232,805 | |||||||||||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of
Tax |
(659 | ) | 1,501 | 9,941 | 13,179 | ||||||||||||||||||||||
Net Income |
17,252 | 27,200 | 42,150 | 245,984 | |||||||||||||||||||||||
Net Income attributable to Noncontrolling Interests in Subsidiaries |
212 | 97 | 1,094 | 1,260 | |||||||||||||||||||||||
Net Income attributable to SEACOR Holdings Inc. |
$ | 17,040 | $ | 27,103 | $ | 41,056 | $ | 244,724 | |||||||||||||||||||
Basic Earnings Per Common Share of SEACOR Holdings Inc. |
$ | 0.81 | $ | 1.30 | $ | 1.94 | $ | 11.43 | |||||||||||||||||||
Diluted Earnings Per Common Share of SEACOR Holdings Inc. |
$ | 0.80 | $ | 1.27 | $ | 1.91 | $ | 11.25 | |||||||||||||||||||
Weighted Average Common Shares Outstanding: |
|||||||||||||||||||||||||||
Basic |
21,004,776 | 20,843,159 | 21,119,461 | 21,402,441 | |||||||||||||||||||||||
Diluted |
21,353,631 | 21,306,355 | 21,466,843 | 21,757,217 | |||||||||||||||||||||||
Special Cash Dividend Declared and Paid Per Common Share of SEACOR
Holdings Inc. |
$ | | $ | 15.00 | $ | | $ | 15.00 |
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | ||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ | 561,808 | $ | 571,424 | $ | 536,446 | $ | 472,264 | $ | 580,384 | ||||||||||||||||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||||||||||||||||||||||
Operating |
433,332 | 475,173 | 428,671 | 371,011 | 449,961 | |||||||||||||||||||||||||||||||||||
Administrative and general |
55,099 | 40,117 | 45,937 | 46,394 | 54,892 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization |
37,017 | 38,678 | 41,070 | 40,059 | 39,173 | |||||||||||||||||||||||||||||||||||
525,448 | 553,968 | 515,678 | 457,464 | 544,026 | ||||||||||||||||||||||||||||||||||||
Gains on Asset Dispositions and Impairments, Net |
5,431 | 10,982 | 10,282 | 7,255 | 3,285 | |||||||||||||||||||||||||||||||||||
Operating Income |
41,791 | 28,438 | 31,050 | 22,055 | 39,643 | |||||||||||||||||||||||||||||||||||
Other Income (Expense): |
||||||||||||||||||||||||||||||||||||||||
Interest income |
1,157 | 5,554 | 3,307 | 3,738 | 3,094 | |||||||||||||||||||||||||||||||||||
Interest expense |
(10,027 | ) | (10,712 | ) | (10,465 | ) | (10,041 | ) | (10,088 | ) | ||||||||||||||||||||||||||||||
Debt extinguishment losses, net |
| (51 | ) | | (48 | ) | (1,092 | ) | ||||||||||||||||||||||||||||||||
Marketable security gains (losses), net |
(4,803 | ) | 130 | (4,754 | ) | 1,534 | 1,340 | |||||||||||||||||||||||||||||||||
Derivative gains (losses), net |
(262 | ) | (25,954 | ) | (6,601 | ) | (3,318 | ) | 6,502 | |||||||||||||||||||||||||||||||
Foreign currency gains (losses), net |
(2,545 | ) | (3,218 | ) | 1,520 | 5,059 | (3,511 | ) | ||||||||||||||||||||||||||||||||
Other, net |
1,133 | (39 | ) | (56 | ) | (178 | ) | 3,061 | ||||||||||||||||||||||||||||||||
(15,347 | ) | (34,290 | ) | (17,049 | ) | (3,254 | ) | (694 | ) | |||||||||||||||||||||||||||||||
Income (Loss) Before Income Tax Expense
(Benefit) and Equity In Earnings (Losses) of
50% or Less Owned Companies |
26,444 | (5,852 | ) | 14,001 | 18,801 | 38,949 | ||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) |
8,533 | (352 | ) | 5,638 | 7,366 | 13,250 | ||||||||||||||||||||||||||||||||||
Income (Loss) Before Equity in Earnings
(Losses) of 50% or Less Owned Companies |
17,911 | (5,500 | ) | 8,363 | 11,435 | 25,699 | ||||||||||||||||||||||||||||||||||
Equity in Earnings (Losses) of 50% or Less
Owned Companies, Net of Tax |
(659 | ) | 9,562 | 1,004 | 34 | 1,501 | ||||||||||||||||||||||||||||||||||
Net Income |
17,252 | 4,062 | 9,367 | 11,469 | 27,200 | |||||||||||||||||||||||||||||||||||
Net Income attributable to Noncontrolling
Interests in Subsidiaries |
212 | 247 | 336 | 299 | 97 | |||||||||||||||||||||||||||||||||||
Net Income attributable to SEACOR Holdings Inc. |
$ | 17,040 | $ | 3,815 | $ | 9,031 | $ | 11,170 | $ | 27,103 | ||||||||||||||||||||||||||||||
Basic Earnings Per Common Share of
SEACOR Holdings Inc. |
$ | 0.81 | $ | 0.18 | $ | 0.43 | $ | 0.53 | $ | 1.30 | ||||||||||||||||||||||||||||||
Diluted Earnings Per Common Share of
SEACOR Holdings Inc. |
$ | 0.80 | $ | 0.18 | $ | 0.42 | $ | 0.52 | $ | 1.27 | ||||||||||||||||||||||||||||||
Weighted Average Common Shares of Outstanding: |
||||||||||||||||||||||||||||||||||||||||
Basic |
21,005 | 21,202 | 21,166 | 21,105 | 20,843 | |||||||||||||||||||||||||||||||||||
Diluted |
21,354 | 21,565 | 21,518 | 21,439 | 21,306 | |||||||||||||||||||||||||||||||||||
Common Shares Outstanding at Period End |
20,933 | 21,715 | 21,679 | 21,652 | 21,400 | |||||||||||||||||||||||||||||||||||
Special Cash Dividend Declared and Paid Per
Common Share of SEACOR Holdings Inc. |
$ | | $ | | $ | | $ | | $ | 15.00 |
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | ||||||||||||||||||||||||||||||||
Offshore Marine Services |
||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ | 109,781 | $ | 93,277 | $ | 93,386 | $ | 80,344 | $ | 100,631 | ||||||||||||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||||||||||||||||||
Operating |
69,484 | 68,457 | 68,242 | 63,020 | 76,607 | |||||||||||||||||||||||||||||||
Administrative and general |
13,666 | 10,687 | 11,078 | 11,770 | 13,037 | |||||||||||||||||||||||||||||||
Depreciation and amortization |
11,954 | 11,785 | 12,205 | 12,533 | 12,279 | |||||||||||||||||||||||||||||||
95,104 | 90,929 | 91,525 | 87,323 | 101,923 | ||||||||||||||||||||||||||||||||
Gains on Asset Dispositions |
1,449 | 5,241 | 3,607 | 4,364 | 2,142 | |||||||||||||||||||||||||||||||
Operating Income (Loss) |
16,126 | 7,589 | 5,468 | (2,615 | ) | 850 | ||||||||||||||||||||||||||||||
Other Income (Expense): |
||||||||||||||||||||||||||||||||||||
Foreign currency gains (losses), net |
(1,290 | ) | (2,129 | ) | (408 | ) | 725 | (154 | ) | |||||||||||||||||||||||||||
Other, net |
272 | 6 | | | 1 | |||||||||||||||||||||||||||||||
Equity in Earnings (Losses) of 50% or
Less Owned Companies, Net of Tax |
(500 | ) | 8,754 | 200 | 735 | 3,042 | ||||||||||||||||||||||||||||||
Segment Profit (Loss) |
$ | 14,608 | $ | 14,220 | $ | 5,260 | $ | (1,155 | ) | $ | 3,739 | |||||||||||||||||||||||||
Aviation Services |
||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ | 61,696 | $ | 71,804 | $ | 68,493 | $ | 56,155 | $ | 55,522 | ||||||||||||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||||||||||||||||||
Operating |
41,084 | 45,701 | 42,457 | 33,465 | 37,174 | |||||||||||||||||||||||||||||||
Administrative and general |
11,803 | 6,841 | 6,229 | 7,020 | 7,042 | |||||||||||||||||||||||||||||||
Depreciation and amortization |
9,210 | 9,093 | 12,390 | 11,919 | 11,287 | |||||||||||||||||||||||||||||||
62,097 | 61,635 | 61,076 | 52,404 | 55,503 | ||||||||||||||||||||||||||||||||
Gains (Losses) on Asset Dispositions
and Impairments, Net |
1,912 | 4,894 | 6,172 | 2,194 | (117 | ) | ||||||||||||||||||||||||||||||
Operating Income (Loss) |
1,511 | 15,063 | 13,589 | 5,945 | (98 | ) | ||||||||||||||||||||||||||||||
Other Income (Expense): |
||||||||||||||||||||||||||||||||||||
Derivative gains (losses), net |
(18 | ) | (807 | ) | (811 | ) | 310 | (27 | ) | |||||||||||||||||||||||||||
Foreign currency gains (losses), net |
(80 | ) | (95 | ) | 338 | 353 | 166 | |||||||||||||||||||||||||||||
Other, net |
9 | | | | | |||||||||||||||||||||||||||||||
Equity in Earnings (Losses) of 50% or
Less Owned Companies, Net of Tax |
(979 | ) | 106 | 1,054 | (99 | ) | (83 | ) | ||||||||||||||||||||||||||||
Segment Profit (Loss) |
$ | 443 | $ | 14,267 | $ | 14,170 | $ | 6,509 | $ | (42 | ) | |||||||||||||||||||||||||
Inland River Services |
||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ | 51,871 | $ | 47,875 | $ | 41,442 | $ | 46,469 | $ | 52,284 | ||||||||||||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||||||||||||||||||
Operating |
31,702 | 31,196 | 28,717 | 27,884 | 29,542 | |||||||||||||||||||||||||||||||
Administrative and general |
3,270 | 2,206 | 3,166 | 2,697 | 3,114 | |||||||||||||||||||||||||||||||
Depreciation and amortization |
5,617 | 6,464 | 5,791 | 5,622 | 5,472 | |||||||||||||||||||||||||||||||
40,589 | 39,866 | 37,674 | 36,203 | 38,128 | ||||||||||||||||||||||||||||||||
Gains (Losses) on Asset Dispositions |
986 | 1,303 | (22 | ) | 697 | 697 | ||||||||||||||||||||||||||||||
Operating Income |
12,268 | 9,312 | 3,746 | 10,963 | 14,853 | |||||||||||||||||||||||||||||||
Other Income (Expense): |
||||||||||||||||||||||||||||||||||||
Other, net |
| | 3 | 1 | 2,227 | |||||||||||||||||||||||||||||||
Equity in Earnings (Losses) of 50% or
Less Owned Companies, Net of Tax |
955 | 2,771 | 666 | (256 | ) | (521 | ) | |||||||||||||||||||||||||||||
Segment Profit |
$ | 13,223 | $ | 12,083 | $ | 4,415 | $ | 10,708 | $ | 16,559 | ||||||||||||||||||||||||||
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | ||||||||||||||||||||||||||||||||
Marine Transportation Services |
||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ | 26,705 | $ | 24,783 | $ | 24,336 | $ | 17,312 | $ | 16,908 | ||||||||||||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||||||||||||||||||
Operating |
15,338 | 15,194 | 13,584 | 8,979 | 8,174 | |||||||||||||||||||||||||||||||
Administrative and general |
3,257 | 2,044 | 2,146 | 1,417 | 2,040 | |||||||||||||||||||||||||||||||
Depreciation and amortization |
5,540 | 5,833 | 5,728 | 4,978 | 5,309 | |||||||||||||||||||||||||||||||
24,135 | 23,071 | 21,458 | 15,374 | 15,523 | ||||||||||||||||||||||||||||||||
Gains on Asset Dispositions |
1,125 | | | | | |||||||||||||||||||||||||||||||
Operating Income |
3,695 | 1,712 | 2,878 | 1,938 | 1,385 | |||||||||||||||||||||||||||||||
Other Income (Expense): |
||||||||||||||||||||||||||||||||||||
Foreign currency gains (losses), net |
(15 | ) | (18 | ) | 6 | 16 | (13 | ) | ||||||||||||||||||||||||||||
Other, net |
87 | 131 | 56 | | | |||||||||||||||||||||||||||||||
Equity in Losses of 50% or Less Owned
Companies, Net of Tax |
(74 | ) | | | | | ||||||||||||||||||||||||||||||
Segment Profit |
$ | 3,693 | $ | 1,825 | $ | 2,940 | $ | 1,954 | $ | 1,372 | ||||||||||||||||||||||||||
Environmental Services |
||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ | 59,669 | $ | 40,415 | $ | 48,466 | $ | 63,086 | $ | 163,380 | ||||||||||||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||||||||||||||||||
Operating |
31,435 | 28,872 | 31,662 | 44,044 | 116,346 | |||||||||||||||||||||||||||||||
Administrative and general |
7,450 | 7,691 | 10,322 | 7,551 | 7,485 | |||||||||||||||||||||||||||||||
Depreciation and amortization |
2,108 | 2,896 | 2,238 | 2,231 | 2,065 | |||||||||||||||||||||||||||||||
40,993 | 39,459 | 44,222 | 53,826 | 125,896 | ||||||||||||||||||||||||||||||||
Gains (Losses) on Asset Dispositions |
(38 | ) | 3 | (19 | ) | | 563 | |||||||||||||||||||||||||||||
Operating Income |
18,638 | 959 | 4,225 | 9,260 | 38,047 | |||||||||||||||||||||||||||||||
Other Income (Expense): |
||||||||||||||||||||||||||||||||||||
Foreign currency gains (losses), net |
41 | (75 | ) | 97 | (51 | ) | (115 | ) | ||||||||||||||||||||||||||||
Other, net |
| | 2 | | 1 | |||||||||||||||||||||||||||||||
Equity in Earnings (Losses) of 50% or
Less Owned Companies, Net of Tax |
(84 | ) | (93 | ) | 132 | (8 | ) | 58 | ||||||||||||||||||||||||||||
Segment Profit |
$ | 18,595 | $ | 791 | $ | 4,456 | $ | 9,201 | $ | 37,991 | ||||||||||||||||||||||||||
Commodity Trading and Logistics |
||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ | 237,177 | $ | 279,178 | $ | 245,321 | $ | 194,012 | $ | 178,944 | ||||||||||||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||||||||||||||||||
Operating |
236,664 | 279,180 | 237,644 | 187,018 | 173,922 | |||||||||||||||||||||||||||||||
Administrative and general |
1,598 | 1,944 | 2,202 | 2,660 | 1,184 | |||||||||||||||||||||||||||||||
Depreciation and amortization |
20 | 12 | 12 | 13 | 13 | |||||||||||||||||||||||||||||||
238,282 | 281,136 | 239,858 | 189,691 | 175,119 | ||||||||||||||||||||||||||||||||
Operating Income (Loss) |
(1,105 | ) | (1,958 | ) | 5,463 | 4,321 | 3,825 | |||||||||||||||||||||||||||||
Other Income (Expense): |
||||||||||||||||||||||||||||||||||||
Derivative gains (losses), net |
1,251 | (3,063 | ) | 828 | (4,750 | ) | (8,192 | ) | ||||||||||||||||||||||||||||
Foreign currency gains (losses), net |
(28 | ) | 153 | (16 | ) | (5 | ) | 26 | ||||||||||||||||||||||||||||
Other, net |
(167 | ) | | | | 781 | ||||||||||||||||||||||||||||||
Equity in Earnings (Losses) of 50% or
Less Owned
Companies, Net of Tax |
1,452 | (2,267 | ) | (1,051 | ) | 51 | (611 | ) | ||||||||||||||||||||||||||||
Segment Profit (Loss) |
$ | 1,403 | $ | (7,135 | ) | $ | 5,224 | $ | (383 | ) | $ | (4,171 | ) | |||||||||||||||||||||||
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | ||||||||||||||||||||||||||||||||
2011 | 2011 | 2011 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ | 17,730 | $ | 16,741 | $ | 17,921 | $ | 17,536 | $ | 16,395 | ||||||||||||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||||||||||||||||||
Operating |
10,274 | 9,117 | 9,158 | 9,142 | 11,872 | |||||||||||||||||||||||||||||||
Administrative and general |
3,589 | 2,523 | 3,210 | 2,620 | 3,031 | |||||||||||||||||||||||||||||||
Depreciation and amortization |
2,119 | 2,129 | 2,237 | 2,289 | 2,289 | |||||||||||||||||||||||||||||||
15,982 | 13,769 | 14,605 | 14,051 | 17,192 | ||||||||||||||||||||||||||||||||
Gains (Losses) on Asset Dispositions |
(3 | ) | (315 | ) | 544 | | | |||||||||||||||||||||||||||||
Operating Income (Loss) |
1,745 | 2,657 | 3,860 | 3,485 | (797 | ) | ||||||||||||||||||||||||||||||
Other Income (Expense): |
||||||||||||||||||||||||||||||||||||
Foreign currency gains (losses), net |
| (75 | ) | (24 | ) | 1 | (17 | ) | ||||||||||||||||||||||||||||
Other, net |
983 | (1 | ) | | (1 | ) | 10 | |||||||||||||||||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned
Companies, Net of Tax |
(1,429 | ) | 291 | 3 | (389 | ) | (384 | ) | ||||||||||||||||||||||||||||
Segment Profit (Loss) |
$ | 1,299 | $ | 2,872 | $ | 3,839 | $ | 3,096 | $ | (1,188 | ) | |||||||||||||||||||||||||
Corporate and Eliminations |
||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ | (2,821 | ) | $ | (2,649 | ) | $ | (2,919 | ) | $ | (2,650 | ) | $ | (3,680 | ) | |||||||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||||||||||||||||||
Operating |
(2,649 | ) | (2,544 | ) | (2,793 | ) | (2,541 | ) | (3,676 | ) | ||||||||||||||||||||||||||
Administrative and general |
10,466 | 6,181 | 7,584 | 10,659 | 17,959 | |||||||||||||||||||||||||||||||
Depreciation and amortization |
449 | 466 | 469 | 474 | 459 | |||||||||||||||||||||||||||||||
8,266 | 4,103 | 5,260 | 8,592 | 14,742 | ||||||||||||||||||||||||||||||||
Losses on Asset Dispositions and Impairments |
| (144 | ) | | | | ||||||||||||||||||||||||||||||
Operating Loss |
$ | (11,087 | ) | $ | (6,896 | ) | $ | (8,179 | ) | $ | (11,242 | ) | $ | (18,422 | ) | |||||||||||||||||||||
Other Income (Expense): |
||||||||||||||||||||||||||||||||||||
Derivative gains (losses), net |
$ | (1,495 | ) | $ | (22,084 | ) | $ | (6,618 | ) | $ | 1,122 | $ | 14,721 | |||||||||||||||||||||||
Foreign currency gains (losses), net |
(1,173 | ) | (979 | ) | 1,527 | 4,020 | (3,404 | ) | ||||||||||||||||||||||||||||
Other, net |
(51 | ) | (175 | ) | (117 | ) | (178 | ) | 41 |
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | ||||||||||||||||
2011 | 2011 | 2011 | 2011 | 2010 | ||||||||||||||||
ASSETS |
||||||||||||||||||||
Current Assets: |
||||||||||||||||||||
Cash and cash equivalents |
$ | 467,601 | $ | 306,465 | $ | 366,813 | $ | 409,716 | $ | 370,028 | ||||||||||
Restricted cash |
21,281 | 19,474 | 12,976 | 19,545 | 12,651 | |||||||||||||||
Marketable securities |
66,898 | 82,978 | 105,608 | 149,026 | 147,409 | |||||||||||||||
Receivables: |
||||||||||||||||||||
Trade, net of allowance for doubtful accounts |
334,863 | 316,633 | 321,244 | 324,218 | 450,912 | |||||||||||||||
Other |
54,293 | 52,719 | 48,825 | 55,475 | 72,448 | |||||||||||||||
Inventories |
72,660 | 75,906 | 87,131 | 97,405 | 67,498 | |||||||||||||||
Deferred income taxes |
11,498 | 5,442 | 5,442 | 5,442 | 5,442 | |||||||||||||||
Prepaid expenses and other |
11,453 | 14,637 | 24,979 | 22,794 | 18,414 | |||||||||||||||
Total current assets |
1,040,547 | 874,254 | 973,018 | 1,083,621 | 1,144,802 | |||||||||||||||
Property and Equipment |
3,105,295 | 2,985,583 | 2,942,637 | 2,862,386 | 2,803,754 | |||||||||||||||
Accumulated depreciation |
(919,223 | ) | (918,914 | ) | (900,979 | ) | (875,140 | ) | (835,032 | ) | ||||||||||
Net property and equipment |
2,186,072 | 2,066,669 | 2,041,658 | 1,987,246 | 1,968,722 | |||||||||||||||
Investments, at Equity, and Advances to 50% or Less
Owned Companies |
251,838 | 245,885 | 210,372 | 190,472 | 182,387 | |||||||||||||||
Construction Reserve Funds & Title XI Reserve Funds |
259,974 | 298,345 | 314,679 | 331,689 | 323,885 | |||||||||||||||
Goodwill |
65,067 | 62,424 | 62,467 | 61,864 | 61,779 | |||||||||||||||
Intangible Assets |
21,826 | 16,427 | 18,448 | 19,810 | 21,169 | |||||||||||||||
Other Assets, net of allowance for doubtful accounts |
102,810 | 98,314 | 85,118 | 59,996 | 57,645 | |||||||||||||||
$ | 3,928,134 | $ | 3,662,318 | $ | 3,705,760 | $ | 3,734,698 | $ | 3,760,389 | |||||||||||
LIABILITIES AND EQUITY |
||||||||||||||||||||
Current Liabilities: |
||||||||||||||||||||
Current portion of long-term debt |
$ | 41,091 | $ | 23,138 | $ | 20,568 | $ | 18,106 | $ | 14,618 | ||||||||||
Current portion of capital lease obligations |
2,368 | 1,081 | 1,064 | 1,047 | 1,030 | |||||||||||||||
Accounts payable and accrued expenses |
202,528 | 208,432 | 212,357 | 275,991 | 322,785 | |||||||||||||||
Other current liabilities |
155,539 | 208,816 | 232,309 | 205,546 | 197,080 | |||||||||||||||
Total current liabilities |
401,526 | 441,467 | 466,298 | 500,690 | 535,513 | |||||||||||||||
Long-Term Debt |
995,450 | 669,573 | 690,774 | 694,872 | 697,427 | |||||||||||||||
Capital Lease Obligations |
3,068 | 4,598 | 4,901 | 5,200 | 5,493 | |||||||||||||||
Deferred Income Taxes |
575,303 | 565,078 | 561,477 | 563,023 | 567,880 | |||||||||||||||
Deferred Gains and Other Liabilities |
144,724 | 138,969 | 146,853 | 150,593 | 156,711 | |||||||||||||||
Total liabilities |
2,120,071 | 1,819,685 | 1,870,303 | 1,914,378 | 1,963,024 | |||||||||||||||
Equity: |
||||||||||||||||||||
SEACOR Holdings Inc. stockholders equity: |
||||||||||||||||||||
Preferred stock |
| | | | | |||||||||||||||
Common stock |
364 | 364 | 363 | 363 | 361 | |||||||||||||||
Additional paid-in capital |
1,256,209 | 1,245,436 | 1,239,502 | 1,233,250 | 1,225,296 | |||||||||||||||
Retained earnings |
1,512,679 | 1,495,639 | 1,491,824 | 1,482,793 | 1,471,623 | |||||||||||||||
Shares held in treasury, at cost |
(971,687 | ) | (900,225 | ) | (901,460 | ) | (901,386 | ) | (903,004 | ) | ||||||||||
Accumulated other comprehensive loss |
(7,958 | ) | (9,644 | ) | (6,843 | ) | (5,724 | ) | (7,039 | ) | ||||||||||
1,789,607 | 1,831,570 | 1,823,386 | 1,809,296 | 1,787,237 | ||||||||||||||||
Noncontrolling interests in subsidiaries |
18,456 | 11,063 | 12,071 | 11,024 | 10,128 | |||||||||||||||
Total equity |
1,808,063 | 1,842,633 | 1,835,457 | 1,820,320 | 1,797,365 | |||||||||||||||
$ | 3,928,134 | $ | 3,662,318 | $ | 3,705,760 | $ | 3,734,698 | $ | 3,760,389 | |||||||||||
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Dec. 31, 2011 |
Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | ||||||||||||||||
Offshore Marine Services |
||||||||||||||||||||
Anchor handling towing supply |
19 | 19 | 19 | 19 | 20 | |||||||||||||||
Crew |
49 | 50 | 52 | 52 | 52 | |||||||||||||||
Mini-supply |
8 | 8 | 8 | 9 | 9 | |||||||||||||||
Standby safety |
26 | 27 | 26 | 26 | 26 | |||||||||||||||
Supply |
30 | 29 | 28 | 26 | 27 | |||||||||||||||
Towing supply |
5 | 5 | 6 | 7 | 8 | |||||||||||||||
Specialty |
11 | 11 | 11 | 12 | 12 | |||||||||||||||
Wind farm utility |
29 | | | | | |||||||||||||||
177 | 149 | 150 | 151 | 154 | ||||||||||||||||
Aviation Services |
||||||||||||||||||||
Light helicopters single engine |
58 | 60 | 61 | 61 | 60 | |||||||||||||||
Light helicopters twin engine |
45 | 45 | 44 | 44 | 45 | |||||||||||||||
Medium helicopters |
65 | 65 | 65 | 63 | 62 | |||||||||||||||
Heavy helicopters |
7 | 7 | 7 | 9 | 9 | |||||||||||||||
175 | 177 | 177 | 177 | 176 | ||||||||||||||||
Inland River Services |
||||||||||||||||||||
Inland river dry-cargo barges |
1,496 | 1,489 | 1,492 | 1,497 | 1,388 | |||||||||||||||
Inland river liquid tank barges |
77 | 79 | 80 | 80 | 80 | |||||||||||||||
Inland river deck barges |
20 | 20 | 26 | 26 | 26 | |||||||||||||||
Inland river towboats |
31 | 31 | 31 | 32 | 32 | |||||||||||||||
Dry-cargo vessel |
1 | 1 | 1 | 1 | 1 | |||||||||||||||
1,625 | 1,620 | 1,630 | 1,636 | 1,527 | ||||||||||||||||
Marine Transportation Services |
||||||||||||||||||||
U.S.-flag product tankers |
7 | 8 | 8 | 8 | 8 | |||||||||||||||
RORO vessels |
8 | 8 | 8 | | | |||||||||||||||
15 | 16 | 16 | 8 | 8 | ||||||||||||||||
Other |
||||||||||||||||||||
Harbor and offshore tugs |
28 | 28 | 28 | 29 | 30 | |||||||||||||||
Ocean liquid tank barges |
5 | 5 | 5 | 5 | 5 | |||||||||||||||
33 | 33 | 33 | 34 | 35 | ||||||||||||||||