Seacor Smit Announces 4Q Results

Friday, February 22, 2002
Seacor Smit Inc. announced net earnings for the fourth quarter ended December 31, 2001 of $18,679,000on revenues of $109,804,000. For the twelve month period ended December 31, 2001, net earnings were $70,701,000, or $3.43 per diluted share, on revenues of $434,790,000. In the comparable quarter ended December 31, 2000, the company earned $11,109,000, or $0.60 per diluted share, on revenues of $88,301,000. Net earnings in the prior twelve months were $34,120,000, or $1.92 per diluted share, on revenues of $339,941,000.

Net earnings in the immediately preceding quarter ended September 30, 2001 were $22,506,000, or $0.97 per diluted share, on revenues of $119,358,000. Diluted earnings in that period were reduced by $2,283,000, or $0.11 per diluted share, related to the Company's participation in an equity forward contract associated with the redemption of $10,000,000 of its 5 3/8% Convertible Subordinated Notes. Operating revenues declined $9,554,000, or 8 percent, from the third quarter. Offshore marine revenues declined $10,612,000, or 9 percent, as a result of falling day rates and utilization, the repositioning of vessels between markets, and a smaller fleet. Average day rates declined for all U.S. vessel classes, except project, and anchor handling towing supply vessels operating overseas. Demand fell primarily for domestic crew, utility, and mini-supply and foreign supply/towing supply and standby safety vessels. Seven vessels were repositioned between existing areas of operation. Recent vessel sales exceeded new construction additions and charter-in terminations outpaced new hires. Operating revenues earned by the company's environmental service segment improved $754,000, or 12 percent, between quarters due primarily to an increase in oil spill response activities. Excluding the effect on utilization of the company's stacked utility vessels in the U.S. Gulf of Mexico, many of which are intended to be sold, the company's worldwide fleet utilization was 87.6 percent in the fourth quarter, down from 92 percent in the third quarter. Operating income declined $7,983,000, or 26.4 percent, between the third and fourth quarters due primarily to those factors adversely affecting operating revenues and slightly higher depreciation expense. Lower compensation, drydock, and health care costs of the offshore marine business segment partially offset those declines. Twenty-one offshore marine vessels were docked in the fourth quarter for an aggregate cost of $1,447,000 compared to 20 docked in the third quarter for an aggregate cost of $2,085,000.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Cruise Industry Wins Key Norovirus Judgment

In what is being seen as a landmark decision, Hill Dickinson is the first law firm to have successfully defended a UK class action case involving a Norovirus outbreak onboard a cruise liner.

Royal Caribbean's Profit Rises 34 Percent

Royal Caribbean Cruises Ltd, the world's second-largest cruise operator by revenue, reported a 34 percent rise in quarterly profit as passengers spent more onboard

Long Beach Port Celebrates Environmental Successes

Shipping lines, environmental organizations, trucking companies, terminal operators and a railroad were honored today, July 29, by Long Beach Mayor Dr. Robert

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1728 sec (6 req/sec)