FORT LAUDERDALE, FL -- 07/23/08 --
SEACOR Holdings Inc. (NYSE: CKH)
announced net income for the second quarter ended June 30, 2008 of $38.4
million, or $1.57 per diluted share, on operating revenues of $409.0
million. For the six months ended June 30, 2008, net income was $76.3
million, or $3.06 per diluted share, on operating revenues of $763.4
million.
For the quarter ended June 30, 2007, net income was $65.3 million, or $2.41
per diluted share, on operating revenues of $325.5 million. For the six
months ended June 30, 2007, net income was $103.4 million, or $3.80 per
diluted share, on operating revenues of $636.2 million.
Net income for the preceding quarter ended March 31, 2008 was $37.9
million, or $1.50 per diluted share, on operating revenues of $354.5
million. Comparison of results for the second quarter ended June 30, 2008
with the preceding quarter ended March 31, 2008 is included in the
discussion below.
Highlights for the Quarter
Offshore Marine Services - Operating income in the second quarter was $51.5
million on operating revenues of $171.2 million compared with operating
income of $40.6 million on operating revenues of $154.6 million in the
preceding quarter. Second quarter results included $14.4 million in gains
on asset dispositions compared with $7.1 million in gains in the preceding
quarter.
Excluding the impact of gains on asset dispositions, operating income in
the second quarter was $3.7 million higher than in the preceding quarter.
The improvement was primarily due to an increase in time charter revenues,
particularly in the U.S. Gulf of Mexico because of more rig moving
activity. Operating expenses increased in the second quarter, primarily due
to higher drydocking and insurance costs. The regulatory survey, major
repair and upgrade program of the Company's large AHTS vessels continued in
the second quarter resulting in 168 days of out-of-service time as well as
the cost of repairs. Administrative and general expenses were also higher
in the second quarter primarily due to the recognition of international
staff severance payments.
The number of days available for charter in the second quarter decreased by
143 or 0.9% as a result of a net decrease in fleet count. Overall
utilization increased from 76.7% to 80.5% and overall average day rates
were higher at $12,182 per day compared with $11,783 per day in the
preceding quarter.
Two new AHTS vessels were delivered during the second quarter, one in April
and one in June.
Marine Transportation Services - Marine Transportation Services reported
operating income in the second quarter of $2.4 million on operating
revenues of $28.8 million, compared with operating income of $6.9 million
on operating revenues of $29.0 million in the preceding quarter. First
quarter results included $3.6 million in gains on asset dispositions and a
one-time receipt of $1.5 million related to the early termination of a
charter party agreement.
Excluding the impact of gains on asset dispositions and the one-time
receipt, operating income was $0.5 million higher in the second quarter.
Operating results were positively impacted by fewer out-of-service days for
repairs, offset by mobilization costs and out-of-service time associated
with the regulatory drydocking of the Seabulk Arctic that will continue
into the third quarter.
Inland River Services - Operating income in the second quarter was $7.5
million on operating revenues of $33.3 million compared with operating
income of $8.0 million on operating revenues of $30.1 million in the
preceding quarter. Second quarter results included $1.5 million in gains on
asset dispositions compared with $0.7 million in gains in the preceding
quarter.
Excluding the impact of gains on asset dispositions, operating income was
$1.3 million lower in the second quarter. Continuing heavy rainfall in the
Midwest resulted in high water levels on the upper Mississippi and Arkansas
Rivers and unfavorable operating conditions throughout the entire river
system. Operating costs were affected by fuel price increases which were
not compensated for in freight rates and higher maintenance and repair
costs in respect of regulatory inspections for towboats and liquid tank
barges.
Aviation Services - Operating income in the second quarter was $6.7 million
on operating revenues of $63.8 million compared with operating income of
$1.9 million on operating revenues of $53.8 million in the preceding
quarter. Second quarter results included $3.2 million in gains on asset
dispositions compared to $0.4 million in gains in the preceding quarter.
Excluding the impact of gains on asset dispositions, operating income was
$2.0 million higher in the second quarter. The improvement was primarily
due to an increase in operating revenues from an expansion of international
leasing operations, the resumption of flightseeing operations in Alaska and
other seasonal factors. Operating expenses were higher in the second
quarter primarily due to the increased activity levels and the timing of
fleet repairs and maintenance.
Environmental Services - Operating income in the second quarter was $1.7
million on operating revenues of $38.0 million compared with operating
income of $4.8 million on operating revenues of $42.5 million in the
preceding quarter. The decrease in operating income was largely due to a
reduction in response and retainer services.
Commodity Trading - SEACOR's commodity merchandising group currently
focuses on renewable fuels and rice. Operating income in the second quarter
was $6.8 million on operating revenues of $55.4 million compared with
operating income of $1.2 million on operating revenues of $28.7 million in
the preceding quarter.
Harbor and Offshore Towing Services - Operating income in the second
quarter was $3.1 million on operating revenues of $19.9 million compared
with operating income of $1.1 million on operating revenues of $16.3
million in the preceding quarter.
The improvement in operating income was primarily due to increased
operating revenues as a result of tariff rate increases at two harbor
ports. Operating expenses were higher in the second quarter due to
increased drydocking and fuel costs and the cost of providing third-party
equipment to support terminal operations in St. Eustatius.
Net Interest Expense - Net interest expense was $7.3 million in the second
quarter compared with $4.1 million in the prior quarter. The increase was
primarily due to lower invested cash balances and lower capitalized
interest.
Derivatives - Derivative losses were $7.1 million in the second quarter
compared with gains of $6.5 million in the preceding quarter.
Foreign Currencies - Foreign currency gains were $0.6 million in the second
quarter compared with gains of $2.6 million in the preceding quarter.
Marketable Securities - Marketable security gains were $0.4 million in the
second quarter compared with losses of $5.7 million in the preceding
quarter.
Equity in Earnings of 50% or Less Owned Companies - Equity in earnings from
joint ventures was $1.3 million in the second quarter compared with equity
in earnings of $4.6 million in the preceding quarter. In the second
quarter, one of the Company's inland river services joint ventures reported
lower earnings primarily due to securities and futures trading. During the
preceding quarter, the Company realized a gain of $1.9 million, net of tax,
arising from the sale of a vessel in one of its offshore marine services
joint ventures.
Stock and Debt Repurchases - During the second quarter, the Company
purchased 1,112,917 shares of its common stock at an average price of
$86.93 per share. At the end of the quarter, 21,117,375 shares of SEACOR's
common stock remained outstanding.
Capital Commitments - The Company's unfunded capital commitments as of June
30, 2008, consisted primarily of offshore marine vessels, harbor tugs,
helicopters and inland river barges and totaled $348.5 million, of which
$180.2 million is payable during the remainder of 2008 and the balance
payable through 2010. Of the total unfunded capital commitments,
approximately $52.3 million may be terminated without further liability
other than the payment of liquidated damages of $6.3 million in the
aggregate. As of June 30, 2008, the Company held balances of cash, cash
equivalents, restricted cash, available-for-sale marketable securities,
construction reserve funds and title XI reserve funds totaling $820.9
million.
SEACOR is a global provider of marine support and transportation services,
primarily to the energy and chemical industries. SEACOR and its
subsidiaries provide customers with a full suite of marine-related services
including offshore services, U.S. coastwise shipping, inland river
services, aviation services, environmental services, and offshore and
harbor towing services. 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 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 conditions in the global
financial markets and international economic conditions 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, loss of U.S. coastwise
endorsement for the Seabulk Trader, a retrofitted double-hull tanker, if
the company is unsuccessful in appealing a district court opinion
instructing the U.S. Coast Guard to revoke its coastwise charter, 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 Company's customer base, 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 Company's Common Stock, increased competition if the Jones Act is
repealed, operational risks of Offshore Marine Services, Marine
Transportation Services, Harbor and Offshore Towing Services and Aviation
Services, effects of adverse weather conditions and seasonality on Aviation
Services, 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, effects of adverse weather and river
conditions and seasonality on Inland River 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,
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 Company's control. In addition, these statements
constitute the Company's cautionary statements under the Private Securities
Litigation Reform Act of 1995. It is not possible to predict or identify
all such factors. Consequently, the following 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 Company's 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 Company's businesses, particularly those mentioned under
"Forward-Looking Statements" in Item 7 on the Company's Form 10-K and
SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which is
incorporated by reference.
For additional information, contact Molly Hottinger at (954) 627-5278 or
visit SEACOR's website at www.seacorholdings.com.
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Operating Revenues $ 408,967 $ 325,454 $ 763,422 $ 636,217
--------- --------- --------- ---------
Costs and Expenses:
Operating 274,304 198,818 509,344 387,476
Administrative and general 45,095 33,937 84,100 68,337
Depreciation and amortization 37,728 38,055 75,528 76,930
--------- --------- --------- ---------
357,127 270,810 668,972 532,743
--------- --------- --------- ---------
Gains on Asset Dispositions and
Impairments, Net 19,274 42,540 31,180 54,697
--------- --------- --------- ---------
Operating Income 71,114 97,184 125,630 158,171
--------- --------- --------- ---------
Other Income (Expense):
Interest income 5,373 11,456 12,849 23,680
Interest expense (12,674) (12,108) (24,222) (25,376)
Derivative losses, net (7,113) (254) (646) (124)
Foreign currency gains
(losses), net 604 460 3,214 (130)
Marketable security gains
(losses), net 383 (9,430) (5,301) (14,118)
Other, net 162 639 326 596
--------- --------- --------- ---------
(13,265) (9,237) (13,780) (15,472)
--------- --------- --------- ---------
Income Before Income Tax
Expense, Minority Interest in
Income of Subsidiaries and
Equity In Earnings of 50% or
Less Owned Companies 57,849 87,947 111,850 142,699
Income Tax Expense 20,616 30,206 41,086 49,048
--------- --------- --------- ---------
Income Before Minority Interest
in Income of Subsidiaries and
Equity in Earnings of 50% or
Less Owned Companies 37,233 57,741 70,764 93,651
Minority Interest in Income of
Subsidiaries (191) (304) (393) (482)
Equity in Earnings of 50% or
Less Owned Companies 1,315 7,829 5,894 10,249
--------- --------- --------- ---------
Net Income $ 38,357 $ 65,266 $ 76,265 $ 103,418
========= ========= ========= =========
Basic Earnings Per Common Share $ 1.80 $ 2.73 $ 3.49 $ 4.29
Diluted Earnings Per Common
Share $ 1.57 $ 2.41 $ 3.06 $ 3.80
Weighted Average Common Shares
Outstanding:
Basic 21,363 23,886 21,853 24,119
Diluted 25,171 27,582 25,692 27,832
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended
-----------------------------------------------------
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2008 2008 2007 2007 2007
--------- --------- --------- --------- ---------
Operating Revenues $ 408,967 $ 354,455 $ 363,090 $ 359,923 $ 325,454
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 274,304 235,040 230,935 213,992 198,818
Administrative and
general 45,095 39,005 42,097 36,883 33,937
Depreciation and
amortization 37,728 37,800 39,934 37,443 38,055
--------- --------- --------- --------- ---------
357,127 311,845 312,966 288,318 270,810
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 19,274 11,906 48,315 19,560 42,540
--------- --------- --------- --------- ---------
Operating Income 71,114 54,516 98,439 91,165 97,184
--------- --------- --------- --------- ---------
Other Income
(Expense):
Interest income 5,373 7,476 10,219 11,274 11,456
Interest expense (12,674) (11,548) (13,129) (10,855) (12,108)
Derivative gains
(losses), net (7,113) 6,467 5,738 5,221 (254)
Foreign currency
gains, net 604 2,610 44 316 460
Marketable
security gains
(losses), net 383 (5,684) (1,233) 11,960 (9,430)
Other, net 162 164 109 (716) 639
--------- --------- --------- --------- ---------
(13,265) (515) 1,748 17,200 (9,237)
--------- --------- --------- --------- ---------
Income Before Income
Tax Expense,
Minority Interest
in (Income) Loss of
Subsidiaries and
Equity In Earnings
of 50% or Less
Owned Companies 57,849 54,001 100,187 108,365 87,947
Income Tax Expense 20,616 20,470 41,054 40,339 30,206
--------- --------- --------- --------- ---------
Income Before
Minority Interest
in (Income) Loss of
Subsidiaries and
Equity in Earnings
of 50% or Less
Owned Companies 37,233 33,531 59,133 68,026 57,741
Minority Interest in
(Income) Loss of
Subsidiaries (191) (202) 182 (927) (304)
Equity in Earnings
of 50% or Less
Owned Companies 1,315 4,579 8,633 3,183 7,829
--------- --------- --------- --------- ---------
Net Income $ 38,357 $ 37,908 $ 67,948 $ 70,282 $ 65,266
========= ========= ========= ========= =========
Basic Earnings Per
Common Share $ 1.80 $ 1.70 $ 2.99 $ 3.02 $ 2.73
Diluted Earnings Per
Common Share $ 1.57 $ 1.50 $ 2.62 $ 2.66 $ 2.41
Weighted Average
Common Shares
Outstanding:
Basic 21,363 22,344 22,738 23,234 23,866
Diluted 25,171 26,011 26,439 26,905 27,582
Common Shares
Outstanding at
Period End 21,117 22,223 22,575 23,157 23,895
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2008 2008 2007 2007 2007
---------- ---------- --------- --------- ---------
Offshore Marine
Services
Operating Revenues $ 171,214 $ 154,647 $ 170,430 $ 179,618 $ 171,442
---------- ---------- --------- --------- ---------
Costs and Expenses:
Operating 104,599 94,270 97,534 95,345 88,596
Administrative and
general 15,801 12,804 13,855 13,137 11,893
Depreciation and
amortization 13,674 14,125 15,415 14,069 14,515
---------- ---------- --------- --------- ---------
134,074 121,199 126,804 122,551 115,004
---------- ---------- --------- --------- ---------
Gains on Asset
Dispositions and
Impairments, Net 14,352 7,138 22,472 13,222 38,546
---------- ---------- --------- --------- ---------
Operating Income $ 51,492 $ 40,586 $ 66,098 $ 70,289 $ 94,984
========== ========== ========= ========= =========
Marine
Transportation
Services
Operating Revenues $ 28,764 $ 28,953 $ 31,827 $ 27,730 $ 25,924
---------- ---------- --------- --------- ---------
Costs and Expenses:
Operating 16,762 16,219 27,781 19,207 22,865
Administrative and
general 1,607 1,438 1,737 1,150 1,236
Depreciation and
amortization 8,039 7,980 8,764 9,536 9,790
---------- ---------- --------- --------- ---------
26,408 25,637 38,282 29,893 33,891
---------- ---------- --------- --------- ---------
Gains on Asset
Dispositions -- 3,629 -- -- --
---------- ---------- --------- --------- ---------
Operating Income
(Loss) $ 2,356 $ 6,945 $ (6,455) $ (2,163) $ (7,967)
========== ========== ========= ========= =========
Inland River
Services
Operating Revenues $ 33,322 $ 30,145 $ 33,850 $ 32,656 $ 28,020
---------- ---------- --------- --------- ---------
Costs and Expenses:
Operating 21,310 16,726 15,863 16,234 13,056
Administrative and
general 1,916 2,123 2,076 1,753 2,101
Depreciation and
amortization 4,032 3,964 4,220 4,256 4,332
---------- ---------- --------- --------- ---------
27,258 22,813 22,159 22,243 19,489
---------- ---------- --------- --------- ---------
Gains on Asset
Dispositions 1,472 711 22,726 1,592 2,622
---------- ---------- --------- --------- ---------
Operating Income $ 7,536 $ 8,043 $ 34,417 $ 12,005 $ 11,153
========== ========== ========= ========= =========
Aviation Services
Operating Revenues $ 63,795 $ 53,792 $ 51,296 $ 62,449 $ 55,861
---------- ---------- --------- --------- ---------
Costs and Expenses:
Operating 46,697 39,871 38,156 41,647 41,212
Administrative and
general 4,895 4,629 5,315 4,590 4,439
Depreciation and
amortization 8,672 7,789 7,866 7,015 6,601
---------- ---------- --------- --------- ---------
60,264 52,289 51,337 53,252 52,252
---------- ---------- --------- --------- ---------
Gains on Asset
Dispositions 3,208 394 1,996 4,304 1,505
---------- ---------- --------- --------- ---------
Operating Income $ 6,739 $ 1,897 $ 1,955 $ 13,501 $ 5,114
========== ========== ========= ========= =========
Environmental
Services
Operating Revenues $ 37,984 $ 42,509 $ 55,879 $ 42,287 $ 32,168
---------- ---------- --------- --------- ---------
Costs and Expenses:
Operating 26,571 30,598 36,623 30,316 23,605
Administrative and
general 8,423 5,709 7,755 5,931 4,323
Depreciation and
amortization 1,414 1,445 1,748 1,096 1,100
---------- ---------- --------- --------- ---------
36,408 37,752 46,126 37,343 29,028
---------- ---------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions 84 35 249 75 (133)
---------- ---------- --------- --------- ---------
Operating Income $ 1,660 $ 4,792 $ 10,002 $ 5,019 $ 3,007
========== ========== ========= ========= =========
SEACOR HOLDINGS INC.
OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2008 2008 2007 2007 2007
--------- --------- --------- --------- ---------
Commodity Trading
Operating Revenues $ 55,419 $ 28,674 $ 6,338 $ 3,058 $ 204
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 46,977 26,757 6,902 2,646 174
Administrative and
general 1,644 727 365 287 200
Depreciation and
amortization -- -- -- -- --
--------- --------- --------- --------- ---------
48,621 27,484 7,267 2,933 374
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions -- -- -- -- --
--------- --------- --------- --------- ---------
Operating Income
(Loss) $ 6,798 $ 1,190 $ (929) $ 125 $ (170)
========= ========= ========= ========= =========
Harbor and Offshore
Towing Services
Operating Revenues $ 19,929 $ 16,257 $ 13,461 $ 12,351 $ 12,538
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 12,959 11,109 8,053 8,797 10,003
Administrative and
general 2,398 1,771 1,882 1,769 1,999
Depreciation and
amortization 1,648 2,267 1,714 1,264 1,264
--------- --------- --------- --------- ---------
17,005 15,147 11,649 11,830 13,266
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions
and Impairments,
Net 158 -- -- (100) --
--------- --------- --------- --------- ---------
Operating Income
(Loss) $ 3,082 $ 1,110 $ 1,812 $ 421 $ (728)
========= ========= ========= ========= =========
Other
Operating Revenues $ 104 $ -- $ -- $ -- $ --
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating -- -- -- -- --
Administrative and
general 131 202 509 46 7
Depreciation and
amortization 8 -- -- -- --
--------- --------- --------- --------- ---------
139 202 509 46 7
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions -- -- 873 467 --
--------- --------- --------- --------- ---------
Operating Income
(Loss) $ (35) $ (202) $ 364 $ 421 $ (7)
========= ========= ========= ========= =========
Corporate and
Eliminations
Operating Revenues $ (1,564) $ (522) $ 9 $ (226) $ (703)
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating (1,571) (510) 23 (200) (693)
Administrative and
general 8,280 9,602 8,603 8,220 7,739
Depreciation and
amortization 241 230 207 207 453
--------- --------- --------- --------- ---------
6,950 9,322 8,833 8,227 7,499
--------- --------- --------- --------- ---------
Losses on Asset
Dispositions -- (1) (1) -- --
--------- --------- --------- --------- ---------
Operating Loss $ (8,514) $ (9,845) $ (8,825) $ (8,453) $ (8,202)
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2008 2008 2007 2007 2007
---------- ---------- ---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 422,569 $ 444,787 $ 537,305 $ 429,020 $ 503,288
Restricted
cash 30,072 39,152 30,624 38,371 54,680
Available-for
-sale
marketable
securities 97,920 75,669 28,792 18,501 19,184
Receivables:
Trade, net
of allowance
for
doubtful
accounts 272,291 250,789 267,564 289,796 263,211
Other 54,520 72,073 62,975 43,838 28,948
Inventories 42,063 35,021 30,468 28,186 28,471
Deferred
income taxes 9,929 9,929 9,929 13,206 13,256
Prepaid
expenses and
other 12,067 9,196 9,756 13,689 13,754
---------- ---------- ---------- ---------- ----------
Total
current
assets 941,431 936,616 977,413 874,607 924,792
---------- ---------- ---------- ---------- ----------
Property and
Equipment 2,665,956 2,511,118 2,469,735 2,470,029 2,345,711
Accumulated
depreciation (578,100) (554,838) (526,583) (518,285) (490,070)
---------- ---------- ---------- ---------- ----------
Net
property and
equipment 2,087,856 1,956,280 1,943,152 1,951,744 1,855,641
---------- ---------- ---------- ---------- ----------
Investments, at
Equity, and
Receivables
from 50% or
Less Owned
Companies 115,701 117,409 109,288 120,866 136,331
Construction
Reserve Funds
& Title XI
Reserve Funds 270,357 413,681 405,000 390,576 344,465
Goodwill 63,101 62,020 60,226 56,271 49,040
Intangible
Assets 28,079 29,292 30,500 33,756 32,830
Other Assets,
net of
allowance for
doubtful
accounts 41,806 36,136 43,072 32,610 28,699
---------- ---------- ---------- ---------- ----------
$3,548,331 $3,551,434 $3,568,651 $3,460,430 $3,371,798
========== ========== ========== ========== ==========
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Current
Liabilities:
Current
portion of
long-term
debt $ 10,385 $ 11,414 $ 9,648 $ 9,429 $ 9,429
Current
portion of
capital
lease
obligations 33,682 864 851 19,140 2,978
Accounts
payable and
accrued
expenses 101,942 93,079 119,321 97,134 86,118
Other current
liabilities 273,185 254,522 258,940 280,250 254,778
---------- ---------- ---------- ---------- ----------
Total
current
liabilities 419,194 359,879 388,760 405,953 353,303
---------- ---------- ---------- ---------- ----------
Long-Term Debt 927,701 928,308 929,114 933,188 934,489
Capital Lease
Obligations 8,192 8,439 8,642 9,000 9,269
Deferred Income
Taxes 492,131 493,701 480,447 386,384 373,931
Deferred Gains
and Other
Liabilities 127,217 131,259 130,311 112,731 96,470
Minority
Interest in
Subsidiaries 11,981 12,207 9,558 8,803 7,193
Stockholders'
Equity:
Preferred
stock -- -- -- -- --
Common stock 323 323 322 321 321
Additional
paid-in
capital 913,874 910,843 905,702 902,120 899,016
Retained
earnings 1,274,289 1,235,932 1,198,024 1,130,076 1,059,794
Shares held
in treasury,
at cost (628,041) (531,236) (486,505) (431,550) (366,365)
Accumulated
other
comprehensive
income
(loss):
Cumulative
translation
adjustments 2,344 2,337 1,938 1,712 1,428
Unrealized
gain (loss)
on
available-
for-sale
marketable
securities (874) (558) 2,338 1,692 2,949
---------- ---------- ---------- ---------- ----------
Total
stockholders'
equity 1,561,915 1,617,641 1,621,819 1,604,371 1,597,143
---------- ---------- ---------- ---------- ----------
$3,548,331 $3,551,434 $3,568,651 $3,460,430 $3,371,798
========== ========== ========== ========== ==========
For additional information, contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com
