Company Press Release
Seacor Smit Announces Third Quarter Results
HOUSTON--(BUSINESS WIRE)--Oct. 12, 1998--SEACOR SMIT Inc. (NYSE:CKH - news) announced net earnings for
the third quarter ended September 30, 1998 of $26,361,000 or $2.02 per basic share on revenues of $100,043,000. For the
nine months ended September 30, 1998, net earnings were $96,681,000 or $7.27 per basic share on revenues of
$293,000,000. Results for the three and nine months ended September 30, 1998 include net gains from equipment sales of
$2,441,000 or $0.19 per basic share and $22,709,000 or $1.71 per basic share, respectively.
In the comparable quarter ended September 30, 1997, SEACOR earned $27,453,000 or $1.99 per basic share on revenues
of $88,259,000. For the nine months ended September 30, 1997, net earnings were $94,314,000 or $6.82 per basic share
on revenues of $252,686,000. Results for the three and nine months ended September 30, 1997 include net gains from
equipment sales of $7,815,000 or $0.57 per basic share and $38,372,000 or $2.77 per basic share, respectively.
SEACOR SMIT and its subsidiaries engage in two primary activities (i) operation of a diversified fleet of marine vessels
primarily dedicated to supporting offshore oil and gas exploration and development in the US Gulf of Mexico, offshore West
Africa, the North Sea, Mexico, the Far East and Latin America, and (ii) provision of environmental services domestically and
internationally, including marine oil spill response, training, and consulting.
For additional information, contact Randall Blank, Executive Vice President and Chief Financial Officer, at (713) 782-5990 or
(212) 307-6633.
Three Months Ended Nine Months Ended
September 30, September 30,
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1998 1997 1998 1997
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Rates per Day Worked - Worldwide ($):
Supply and Towing Supply 6,296 6,357 6,712 6,161
Anchor Handling Towing Supply 12,724 10,686 12,151 10,068
Crew 2,726 2,389 2,711 2,206
Standby Safety 6,700 6,290 6,561 5,883
Utility and Line Handling 1,991 1,426 1,908 1,360
Geophysical, Freight, and Other 7,288 4,411 6,109 4,610
Overall Utilization - Worldwide (%):
Supply and Towing Supply 89.4 88.4 90.7 91.5
Anchor Handling Towing Supply 90.3 80.7 87.4 81.9
Crew 90.7 96.1 95.0 97.0
Standby Safety 100.0 94.6 99.4 92.6
Utility and Line Handling 90.5 98.1 94.1 97.7
Geophysical, Freight, and Other 99.9 100.0 100.0 97.0
Fleet Composition at Period End:
Supply and Towing Supply 80 73
Anchor Handling Towing Supply 38 39
Crew 80 83
Standby Safety 22 22
Utility and Line Handling 84 86
Geophysical, Freight, and Other 4 4
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308 307
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Three Months Ended Nine Months Ended
September 30, September 30,
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1998 1997 1998 1997
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Operating Revenue:
Marine 93,984 82,599 274,754 237,547
Environmental -
Oil spill response 840 1,595 3,481 3,232
Retainer fees
and other services 5,219 4,065 14,765 11,907
100,043 88,259 293,000 252,686
Costs and Expenses:
Cost of spill response 716 1,351 2,702 2,913
Operating expenses -
Marine 46,969 42,261 133,161 117,140
Environmental 1,601 1,373 4,250 3,911
Administrative
and general 9,705 6,186 27,340 20,301
Depreciation and
amortization 8,341 8,555 26,461 26,176
67,332 59,726 193,914 170,441
Operating Income 32,711 28,533 99,086 82,245
Other (Expense) Income:
Interest on debt (6,134) (2,966) (16,802) (8,607)
Interest income 6,898 2,927 18,682 7,488
Gain from equipment
sales, net 3,756 10,292 34,338 57,302
Other 333 121 259 564
4,853 10,374 36,477 56,747
Income Before Income
Taxes, Minority
Interest, Equity in
Earnings of 50% or
Less Owned Companies
and Extraordinary
Item 37,564 38,907 135,563 138,992
Income Tax Expense 13,045 13,263 47,067 48,466
Income Before Minority
Interest, Equity in
Earnings of
50% or Less Owned
Companies and
Extraordinary Item 24,519 25,644 88,496 90,526
Minority Interest in
(Income) Loss of
Subsidiaries (642) (71) (1,345) 74
Equity in Net Earnings of
50% or Less Owned
Companies 2,484 1,880 9,530 4,039
Income Before
Extraordinary Item 26,361 27,453 96,681 94,639
Extraordinary Item -
Extinguishment of
Debt, net of tax - - - (325)
Net Income $ 26,361 $27,453 $96,681 $94,314
Basic Earnings Per
Common Share:
Income before
extraordinary item $ 2.02 $ 1.99 $ 7.27 $ 6.84
Extraordinary item - - - (0.02)
Net income $ 2.02 $ 1.99 $ 7.27 $ 6.82
Diluted Earnings Per
Common Share:
Income before
extraordinary item $ 1.75 $ 1.74 $ 6.25 $ 5.92
Extraordinary item - - - (0.02)
Net income $ 1.75 $ 1.74 $ 6.25 $ 5.90
Weighted Average
Common Shares:
Basic 13,071,676 13,795,146 13,293,876 13,837,977
Diluted 16,046,362 16,808,449 16,285,898 16,846,330 |
