Seacor Smit Announces First Quarter Results

Wednesday, May 08, 2002
Seacor Smit Inc., announced net earnings for the first quarter ended March 31, 2002 of $11,406,000, or $0.55 per fully diluted share, on operating revenues of $103,643,000. In the comparable quarter ended March 31, 2001, SEACOR earned $12,134,000 per fully diluted share, on operating revenues of $93,200,000. Net earnings in the immediately preceding quarter ended December 31, 2001 were $18,679,000 on operating revenues of $109,804,000. Operating revenues declined $6,161,000, or 5.6%, from the fourth quarter of 2001. Lower offshore marine revenues accounted for $4,723,000, or 77%, of this decrease. Fleet utilization declined in the U.S. but increased internationally. Worldwide rates per day worked were lower except for U.S. anchor handling towing supply and overseas supply and crew vessels. Marine related revenues also reflected lower gross income from vessel sales and time out of service while converting a supply boat to standby safety service. Offsetting these declines were additional revenues generated by new vessels added to the fleet and the return to service of certain vessels previously relocated between operating regions. The remaining $1,438,000, or 23%, decline in operating revenues resulted primarily from less retainer fees and spill response activity of the company’s environmental service business.

Operating income declined $1,961,000, or 8.8%, from the fourth quarter of 2001 to first quarter. Market conditions affecting operating revenues were partially offset by lower variable operating expenses, lower general and administrative costs, and the discontinuance of goodwill amortization upon the adoption on January 1, 2002 of a new accounting standard. Goodwill amortization was $900,000 in the prior quarter. Twenty-one offshore marine vessels were drydocked in the first quarter for an aggregate cost of $2,977,000 compared to the same number drydocked in the fourth quarter of 2001 for an aggregate cost of $1,447,000.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navigation

NYK Vessel First to Make Commercial Transit through Expanded Panama Canal

On June 27, the expanded Panama Canal opened for commercial transit, and Lycaste Peace, a very large liquefied petroleum gas (LPG) carrier operated by NYK, was

ECDIS Related Detentions on the Rise

ClassNK has been informed by Australian Maritime Safety Authority (AMSA) that during PSC inspections it has been increasingly reported that vessels have been detained

Red River Closed after Barge Grounding

The Red River was closed Sunday from mile marker 40 to mile marker 42, after a barge reportedly ran aground and was protruding into the channel near mile marker 41, according to the U.

Finance

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

Navios Partners Appoints Lampros Theodorou as Director

US-listed owner and operator of container and dry bulk vessels Navios Maritime Partners has appointed Lampros Theodorou to its Board of Directors.   “We are delighted Mr.

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.0873 sec (11 req/sec)