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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Concordia Tow Update: Smooth Sailing

The Costa Concordia wreck removal team reported this morning at 10:30 a.m. that after 22 hours of navigation, the convoy was over 50 miles off Giglio Island with about 140 miles from Genoa Prà-Voltri.

Royal Caribbean Profit Jumps on Higher European Demand

Royal Caribbean Cruises Ltd's quarterly profit beat analysts' average estimate as demand for its European and Chinese cruises increased and passengers spent more on board,

Finance

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Thome Is the First to Sign up to IMPA Act

Leading integrated ship management service provider Thome Ship Management has become the first ship management company to join IMPA ACT, the responsible supply chain management initiative,

Legislation Grants Funding for EU's EMSA

EU Council Adopts Regulation on EMSA Funding The European Union Council adopted a regulation yesterday to finance the actions of the European Maritime Safety

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1577 sec (6 req/sec)