Seacor Smit Inc. announced net earnings for the third quarter ending Sept. 30 of $5 million on revenues of $71.9 million. Results for the quarter included a charge of $2.6 million for additional income tax expense related to the company's decision to liquidate a foreign joint venture, and an extraordinary gain of $890,000 relating to the early retirement of debt. In the same period a year ago, Seacor earned $26.4 million, on revenues of $100 million.
Results for the quarter ending Sept. 30 included a loss of $789,000 related to Seacor's investment in Globe Wireless LLC that
is accounted for under the equity method. Results for the quarter also included a loss of $347,000 related to its investment in a majority-owned subsidiary
, Chiles Offshore LLC
. As a result of swap agreements entered into by the company with respect to senior notes issued by Chiles, the company's interest expense was reduced by $397,000 in the current quarter. For the nine months ending Sept. 30, net earnings were $24.8 million on revenues of $218 million. Results for the period included a loss of $1.1 million related to Seacor's investment in Globe Wireless. In the same period a year ago, net earnings were $96.7 million on revenues of $293 million. Results for the three- and nine-month periods ending Sept. 30 included net gains from equipment sales of $554,000 and $1.2 million. In the same periods a year ago, net gains from equipment sales were $2.4 million and $24.7 million. Seacor Smit and its subsidiaries engage in: the operation of a diversified fleet of marine vessels primarily dedicated to supporting offshore oil and gas exploration
and development in the U.S. Gulf of Mexico
, offshore West Africa, the North Sea, Mexico
, the Far East, Latin America, and the Mediterranean
; and provision of environmental services domestically
and internationally, including marine oil spill response
, training and consulting.