people & companies
SEACOR Announces 3Q Results
SEACOR Holdings announced net income for the third quarter ended September 30, 2008 of $75.6m, or $3.20 per diluted share, on operating revenues of $437.6m. For the nine months ended September 30, 2008, net income was $151.9m, or $6.19 per diluted share, on operating revenues of $1,201m. For the quarter ended September 30, 2007, net income was $70.3m, or $2.66 per diluted share, on operating revenues of $359.9m. For the nine months ended September 30, 2007, net income was $173.7m, or $6.44 per diluted share, on operating revenues of $996.1m. The company said that in Offshore Marine Services, operating income in the third quarter was $84.5m on operating revenues of $196.9m compared with operating income of $51.5m on operating revenues of $171.2m in the preceding quarter. The improvement was primarily due to an increase in time charter revenues, particularly in the U.S. Gulf of Mexico where the company's AHTS vessels completed their regulatory repair and upgrade program during the quarter. Out-of-service time for these vessels was 26 days in the third quarter compared with 168 days in the preceding quarter. Operating revenues were also higher in South America where vessels, having completed mobilizations, commenced new charters. Overall operating expenses were lower primarily as a result of reduced regulatory drydocking and mobilization activity and lower insurance expense. The number of days available for charter in the third quarter decreased by 735, or 4.5%, primarily as a result of a net reduction in fleet count. Overall utilization increased from 80.5% to 87.7% and overall average day rates were higher at $13,161 per day compared with $12,182 per day in the preceding quarter. In Seacor's Marine Transportation Services, it reported an operating loss in the third quarter of $4.3m on operating revenues of $27.5m compared with operating income of $2.4m on operating revenues of $28.8m in the preceding quarter. On the company's Inland River Services, operating income in the third quarter was $11.6m on operating revenues of $36.5m compared with operating income of $7.5m on operating revenues of $33.3m in the preceding quarter. Third quarter results included $4.1m in gains on asset dispositions compared with $1.5m in gains in the preceding quarter. The improvement was primarily due to higher freight rates and increased activity on the lower Mississippi River in support of the beginning of the grain harvest.
www.seabulkinternational.com
70 MN
November 2008