SEACOR Holdings Inc. (CKH) filed Quarterly Report for the period ended 2009-09-30.
SEACOR and its subsidiaries are engaged in the operation of a diversified fleet of offshore support vessels that service oil and gas exploration and development activities in the U.S. Gulf of Mexico the North Sea West Africa Asia Latin America and other international regions. Other business activities primarily include environmental services inland river operations and offshore aviation services. Seacor Holdings Inc. has a market cap of $1.73 billion; its shares were traded at around $85.63 with a P/E ratio of 9.6 and P/S ratio of 1. Seacor Holdings Inc. had an annual average earning growth of 7.4% over the past 10 years.
Highlight of Business Operations:
Overall average day rates were $11,880 per day in the Current Year Quarter compared with $13,161 per day in the Prior Year Quarter, a decrease of $1,281 per day or 9.7%. In overall terms, this decrease reduced time charter revenues by $17.7 million and the impact of unfavorable changes in currency exchange rates reduced time charter revenues by a further $2.6 million.
In the U.S. Gulf of Mexico, time charter revenues were $55.8 million lower in the Current Year Quarter compared with the Prior Year Quarter primarily due to a reduction in rig moving activity and a 39.9% reduction in utilization. As of September 30, 2009, 26 of the Company’s vessels were cold-stacked in this region. Average day rates were $12,105 per day in the Current Year Quarter compared with $14,626 per day in the Prior Year Quarter.
Operating Revenues – Current Nine Months compared with Prior Nine Months. Operating revenues decreased by $81.7 million in the Current Nine Months compared with the Prior Nine Months. Time charter revenues decreased by $100.5 million. Other operating revenues, including third party brokered vessel activity, bareboat charter revenues and other marine services, increased by $18.8 million primarily in Mexico, Central and South America and West Africa.
Overall average day rates were $12,261 per day in the Current Nine Months compared with $12,394 per day in the Prior Nine Months, a decrease of $133 per day or 1%. In overall terms, this decrease reduced time charter revenues by $10.4 million and the impact of unfavorable changes in currency exchange rates reduced time charter revenues by a further $12.4 million.
Operating Income – Current Year Quarter compared with Prior Year Quarter. Operating income in the Current Year Quarter included $3.9 million of gains on asset dispositions compared with $13.5 million of gains in the Prior Year Quarter. Excluding the impact of these gains, operating income decreased by $44.8 million. The decrease in operating revenues noted above was partially offset by a $20.8 million reduction in operating expenses primarily due to net fleet dispositions, a reduction in the number of scheduled drydockings, lower
Operating Income – Current Nine Months compared with Prior Nine Months. Operating income in the Current Nine Months included $18.7 million of gains on asset dispositions compared with $35.0 million of gains in the Prior Nine Months. Excluding the impact of these gains, operating income decreased by $13.2 million. The decrease in operating revenues noted above was partially offset by a $59.2 million reduction in operating expenses primarily due to net fleet dispositions, a reduction in the number of scheduled drydockings and cold-stacking additional vessels in the U.S. Gulf of Mexico. Administrative and general expenses were $8.8 million lower in the Current Nine Months compared with the Prior Nine Months primarily due to the impact of restructuring the international group in late 2008.
CKH is in the portfolios of Ron Baron of Baron Funds, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
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