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 Today


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

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

Cruise Ship Trends

HUMMEL LNG Hybrid Barge Begins Second Season

For over one year the HUMMEL has been contributing to improved air quality at the port of Hamburg. Becker Marine Systems’ LNG Hybrid Barge will also be supplying

Can Shipping Help Greece Ride out the Storm?

Greece is considered to be the world’s first ship-owning country in terms of tonnage. The Greeks are known to control 17.7% of world fleet and gaining share except in crude tankers.

Wallem Handles First Cruise Ship in Japan

Wallem’s Agency team in Japan recently welcomed the MSC Lirica on her maiden voyage. The cruise ship recently arrived in Fukuoka (Hakata) with 1,764 passengers

Finance

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

Sovcomflot IPO Soon

The long-awaited initial public offering (IPO) of Sovcomflot, which runs one of the world’s largest tanker and gas carrier fleets, has moved a step closer.    Economy

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion 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: 0.0776 sec (13 req/sec)