SEACOR Holdings Inc. (CKH, Financial) filed Quarterly Report for the period ended 2011-09-30.
Seacor Holdings Inc. has a market cap of $1.97 billion; its shares were traded at around $90.73 with a P/E ratio of 38 and P/S ratio of 0.7. Seacor Holdings Inc. had an annual average earning growth of 24.2% over the past 10 years. GuruFocus rated Seacor Holdings Inc. the business predictability rank of 2.5-star.
In the U.S. Gulf of Mexico, time charter revenues were $121.4 million lower due to softer market conditions attributable to the ongoing slowdown in the issuance of drilling permits by the Bureau of Ocean Energy Management, Regulation and Enforcement in the aftermath of the Deepwater Horizon oil spill. Time charter revenues were lower for all classes of vessels. During the Current Nine Months, lower utilization and lower average day rates reduced time charter revenues by $30.6 million and $26.0 million, respectively. Net fleet dispositions, vessels that mobilized out of the region and other changes in fleet mix decreased time charter revenues by $43.1 million and more out-of-service days for cold-stacked vessels further decreased time charter revenues by $21.7 million.
Depreciation and Amortization. Depreciation and amortization expenses were lower by $1.8 million primarily due to a change in estimate of the useful life and salvage value of helicopters that resulted in a reduction of $3.7 million partially offset by the addition of new helicopters to the fleet. Effective July 1, 2011, the Company changed its estimated useful life and salvage value for helicopters from 12 to 15 years and 30% to 40%, respectively, due to improvements in new aircraft models that continue to increase their long-term value and make them viable for operation over a longer period of time.
Gains on Asset Dispositions. During the Current Year Quarter, the Company sold six deck barges for proceeds of $4.1 million and gains of $0.6 million. In addition, the Company recognized previously deferred gains of $0.7 million. During the Current Nine Months, the Company sold one towboat and six deck barges for proceeds of $4.1 million and losses of $0.1 million. In addition, the Company recognized previously deferred gains of $2.1 million. During the Prior Year Quarter and the Prior Nine Months, the Company sold 60 inland river covered hopper barges for proceeds of $25.8 million and gains of $16.5 million. In addition, the Company recognized previously deferred gains of $12.9 million and $14.7 million in the Prior Year Quarter and Prior Nine Months, respectively, of which $12.2 million related to the Companys acquisition of a controlling interest in its Seaspraie joint venture.
Depreciation and Amortization. Depreciation and amortization expenses were $1.5 million lower in the Current Year Quarter and $6.8 million lower in the Current Nine Months primarily due to the sale-leaseback of two vessels during the fourth quarter of 2010 and the write-down of the Seabulk America to fair value in the third quarter of 2010, partially offset by $0.9 million and $1.6 million of depreciation expense in the Current Year Quarter and Current Nine Months, respectively, resulting from the G&G Shipping acquisition.
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Seacor Holdings Inc. has a market cap of $1.97 billion; its shares were traded at around $90.73 with a P/E ratio of 38 and P/S ratio of 0.7. Seacor Holdings Inc. had an annual average earning growth of 24.2% over the past 10 years. GuruFocus rated Seacor Holdings Inc. the business predictability rank of 2.5-star.
Highlight of Business Operations:
In the U.S. Gulf of Mexico, time charter revenues were $56.9 million lower due to softer market conditions attributable to the ongoing slowdown in the issuance of drilling permits by the Bureau of Ocean Energy Management, Regulation and Enforcement in the aftermath of the Deepwater Horizon oil spill. During the Current Year Quarter, lower utilization and lower average day rates reduced time charter revenues by $11.4 million and $17.0 million, respectively. Vessels that mobilized out of the region, other changes in fleet mix and net fleet dispositions decreased time charter revenues by $18.3 million and more out-of-service time for cold-stacked vessels during the period further decreased time charter revenues by $10.2 million. As of September 30, 2011 and 2010, the Company had seven vessels cold-stacked in this region.In the U.S. Gulf of Mexico, time charter revenues were $121.4 million lower due to softer market conditions attributable to the ongoing slowdown in the issuance of drilling permits by the Bureau of Ocean Energy Management, Regulation and Enforcement in the aftermath of the Deepwater Horizon oil spill. Time charter revenues were lower for all classes of vessels. During the Current Nine Months, lower utilization and lower average day rates reduced time charter revenues by $30.6 million and $26.0 million, respectively. Net fleet dispositions, vessels that mobilized out of the region and other changes in fleet mix decreased time charter revenues by $43.1 million and more out-of-service days for cold-stacked vessels further decreased time charter revenues by $21.7 million.
Depreciation and Amortization. Depreciation and amortization expenses were lower by $1.8 million primarily due to a change in estimate of the useful life and salvage value of helicopters that resulted in a reduction of $3.7 million partially offset by the addition of new helicopters to the fleet. Effective July 1, 2011, the Company changed its estimated useful life and salvage value for helicopters from 12 to 15 years and 30% to 40%, respectively, due to improvements in new aircraft models that continue to increase their long-term value and make them viable for operation over a longer period of time.
Gains on Asset Dispositions. During the Current Year Quarter, the Company sold six deck barges for proceeds of $4.1 million and gains of $0.6 million. In addition, the Company recognized previously deferred gains of $0.7 million. During the Current Nine Months, the Company sold one towboat and six deck barges for proceeds of $4.1 million and losses of $0.1 million. In addition, the Company recognized previously deferred gains of $2.1 million. During the Prior Year Quarter and the Prior Nine Months, the Company sold 60 inland river covered hopper barges for proceeds of $25.8 million and gains of $16.5 million. In addition, the Company recognized previously deferred gains of $12.9 million and $14.7 million in the Prior Year Quarter and Prior Nine Months, respectively, of which $12.2 million related to the Companys acquisition of a controlling interest in its Seaspraie joint venture.
Depreciation and Amortization. Depreciation and amortization expenses were $1.5 million lower in the Current Year Quarter and $6.8 million lower in the Current Nine Months primarily due to the sale-leaseback of two vessels during the fourth quarter of 2010 and the write-down of the Seabulk America to fair value in the third quarter of 2010, partially offset by $0.9 million and $1.6 million of depreciation expense in the Current Year Quarter and Current Nine Months, respectively, resulting from the G&G Shipping acquisition.
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