SEACOR Holdings Inc. Provides Historical Financial
Post# of 28537
FORT LAUDERDALE, FL--(Marketwired - Apr 11, 2013) - On January 31, 2013, SEACOR Holdings Inc. ("SEACOR") (
For informational purposes, the accompanying consolidated balance sheets of SEACOR as of December 31, 2012, 2011, 2010, 2009 and 2008, and the related consolidated statements of income and cash flows for each of the five years in the period ended December 31, 2012, present Era Group as a discontinued operation in addition to the operations previously reported as discontinued in SEACOR's most recent Annual Report on Form 10-K filed with the SEC on February 27, 2013.
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, inland river and shipping. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including 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 Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity 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 and Shipping Services, decreased demand for Shipping 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 and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services and Shipping Services, effects of adverse weather conditions and seasonality, 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 agriculture 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 Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the following should not be considered to be a complete discussion of all potential risks or uncertainties. 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, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).
| SEACOR HOLDINGS INC. CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) | ||||||||||||||||||
| December 31, | ||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||
| ASSETS | ||||||||||||||||||
| Current Assets: | ||||||||||||||||||
| Cash and cash equivalents | $ | 248,204 | $ | 381,482 | $ | 354,563 | $ | 451,041 | $ | 264,761 | ||||||||
| Restricted cash | 28,285 | 21,281 | 12,651 | 34,014 | 20,787 | |||||||||||||
| Marketable securities | 21,668 | 66,898 | 147,409 | 68,139 | 53,817 | |||||||||||||
| Receivables: | ||||||||||||||||||
| Trade, net of allowance for doubtful accounts | 224,944 | 231,288 | 216,297 | 231,698 | 204,814 | |||||||||||||
| Other | 45,334 | 43,631 | 63,442 | 68,817 | 33,680 | |||||||||||||
| Inventories | 25,787 | 12,958 | 9,927 | 36,837 | 44,716 | |||||||||||||
| Deferred income taxes | 3,530 | 9,007 | 4,127 | 3,158 | 4,363 | |||||||||||||
| Prepaid expenses and other | 12,719 | 7,311 | 7,729 | 6,470 | 6,559 | |||||||||||||
| Discontinued operations | 108,153 | 266,691 | 328,657 | 143,743 | 115,981 | |||||||||||||
| Total current assets | 718,624 | 1,040,547 | 1,144,802 | 1,043,917 | 749,478 | |||||||||||||
| Property and Equipment: | ||||||||||||||||||
| Historical cost | 2,238,383 | 1,986,731 | 1,873,001 | 2,050,713 | 1,988,093 | |||||||||||||
| Accumulated depreciation | (763,803 | ) | (665,553 | ) | (620,161 | ) | (586,118 | ) | (473,571 | ) | ||||||||
| 1,474,580 | 1,321,178 | 1,252,840 | 1,464,595 | 1,514,522 | ||||||||||||||
| Construction in progress | 110,296 | 119,479 | 70,123 | 57,738 | 97,145 | |||||||||||||
| Net property and equipment | 1,584,876 | 1,440,657 | 1,322,963 | 1,522,333 | 1,611,667 | |||||||||||||
| Investments, at Equity, and Advances to 50% or Less Owned Companies | 272,535 | 199,490 | 152,315 | 158,306 | 120,808 | |||||||||||||
| Construction Reserve Funds & Title XI Reserve Funds | 195,629 | 259,974 | 323,885 | 289,750 | 305,757 | |||||||||||||
| Goodwill | 17,978 | 56,702 | 53,413 | 46,205 | 43,119 | |||||||||||||
| Intangible Assets, Net | 15,305 | 21,528 | 19,745 | 23,430 | 28,250 | |||||||||||||
| Other Assets | 55,123 | 86,961 | 50,256 | 37,704 | 33,148 | |||||||||||||
| Discontinued Operations | 840,724 | 822,275 | 693,010 | 601,974 | 567,427 | |||||||||||||
| $ | 3,700,794 | $ | 3,928,134 | $ | 3,760,389 | $ | 3,723,619 | $ | 3,459,654 | |||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||
| Current portion of long-term debt | $ |
 (0) (0) test | ||||||||||||||||