Financial Accounting News

Kim Shaughnessy, longtime chief financial officer and chief operating officer of Cashman Equipment Corp., officially announced the opening of ACK Marine & General Contracting, LLC, a global marine construction and contracting company based in Quincy, Mass. The firm is certified as a Women Business Enterprise (WBE) at the national level. “I literally have grown up in the marine construction and services industry, working with clients around the world, and know it represents a huge untapped market for female entrepreneurs…

Shipping and offshore maritime sectors must be alert to implications of new U.S. The Financial Accounting Standards Board (FASB) in the United States has issued a lease accounting standard update following the release in January 2016 of an International Financial Reporting Standard (IFRS) dealing with the same subject. Although it had been expected that the FASB and IFRS standards would be identical, there are instead now two standards which, although similar in many respects, contain significant differences.

On 1 October, Ola Helgesson will take up the position of CFO at Concordia Maritime AB after having held the position of CFO at Stena Line group. Ola Helgesson has long experience as CFO at listed companies and solid knowledge of shipping. He also has a broad CFO profile with expertise in consolidated financial accounting, financing and investor relations. “Ola has many years of solid and differentiated background as CFO in several different industries. Personally, I am looking forward to inspiring cooperation in developing our existing and future business”…

Notable accomplishments in revenue generation, cargo throughput, professional performance and international recognition highlighted today's monthly meeting of the Port Commission of the Port of Houston Authority (PHA). Executive Director Roger Guenther, in his first meeting since being named to the post, characterized January's numbers as "a very exciting start to the new year" with operating revenue of more than $20 million. Guenther cited across-the-board increases in all major areas of cargo as the driver behind a 3-million-ton month for January, which was 15 percent higher than the year before. A contributor to that January figure was 400…

GulfMark Offshore, Inc. (NYSE:GLF) has announced the election of Steven W. Kohlhagen and Charles K. Valutas to its Board of Directors for terms expiring in June 2014. Steven W. Kohlhagen is a retired financial executive who brings to the Board expertise in financial accounting, finance and risk management through his extensive experience in, and knowledge of, the financial, securities and foreign exchange markets. He has held various positions in the private sector, including investment banking, asset management, and most recently as a consultant with AMETEK, Inc. He currently serves on the Board of Directors, the Business and Risk Committee and the Compensation Committee of Freddie Mac. He also serves on the Boards of Directors for Abtech Holdings, Inc., Reval Inc.

Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB. The most recent FASB statement regarding lease accounting was made in 1976 and is known as FAS 13. FAS 13 as we know it is undergoing major change.

Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB. The most recent FASB statement regarding lease accounting was made in 1976 and is known as FAS 13. FAS 13 as we know it is undergoing major change.

STX Finland Oy appointed Juha Heikinheimo as new President of STX Finland Oy. Heikinheimo will replace Martin Landtman. It has been agreed that Mr Landtman steps down from his position with immediate effect. While STX Finland in the last years has built and delivered some of the world’s most magnificent vessels, STX Finland has also experienced low order intake of new vessels, resulting in gradually lower activity level during 2009 and 2010. The Board of Directors of STX Finland therefore believes that it is necessary to make a change in the management. Heikinheimo (53), who will start in his new job immediately, has extensive experience from the shipyard industry and has previously worked for STX Europe’s Cruise & Ferry Business Area in France and Finland for more than four years…

SEACOR Holdings Inc. (NYSE: CKH) announced its results for the fourth quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2009 was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million. During the fourth quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted share. For the preceding quarter ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. For the twelve months ended December 31, 2009, net income attributable to SEACOR Holdings Inc.

Hornbeck Offshore Services, Inc. (NYSE:HOS) announced results for the fourth quarter ended December 31, 2009. Fourth quarter 2009 revenues decreased 27.0% to $88.3 million compared to $121.0 million for the fourth quarter of 2008 and decreased 2.0% compared to $90.1 million for the third quarter of 2009. Operating income was $24.2 million, or 27.4% of revenues, for the fourth quarter of 2009 compared to $56.5 million, or 46.7% of revenues, for the prior-year quarter; and $27.1 million, or 30.1% of revenues, for the third quarter of 2009. Net income for the fourth quarter of 2009 was $9.3 million, or $0.34 per diluted share, compared to $34.6 million, or $1.29 per diluted share for the year-ago quarter; and $13.8 million, or $0.51 per diluted share for the third quarter of 2009.

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced results for the third quarter ended September 30, 2009. Third quarter 2009 revenues decreased 17.4% to $90.1 million compared to $109.1 million for the third quarter of 2008. Operating income was $27.1 million, or 30.1% of revenues, for the third quarter of 2009 compared to $52.6 million, or 48.2% of revenues, for the prior-year quarter. Net income for the third quarter of 2009 was $13.8 million, or $0.51 per diluted share, compared to $33.3 million, or $1.23 per diluted share for the year-ago quarter. EBITDA for the third quarter of 2009 was $43.6 million compared to third quarter 2008 EBITDA of $65.5 million.

Teekay Corporation (Teekay or the Company) (NYSE:TK) reported an adjusted net loss attributable to stockholders of Teekay(1) of $21.8 million, or $0.30 per share, for the quarter ended June 30, 2009, compared to adjusted net income of $77.1 million, or $1.05 per share, for the same period of the prior year. Adjusted net income (loss) attributable to stockholders of Teekay excludes a number of specific items which had the net effect of increasing net income by $181.2 million (or $2.49 per share) for the three months ended June 30, 2009 and $106.3 million (or $1.45 per share) for the three months ended June 30, 2008, as detailed in Appendix A to this release.

Seacor Holdings Inc. (NYSE: CKH) announced net income attributable to its stockholders for the second quarter ended June 30, 2009 of $42.3 million, or $1.91 per diluted share, on operating revenues of $389.2 million. For the six months ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $95.3 million, or $4.27 per diluted share, on operating revenues of $788.7 million. For the quarter ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $37.1 million, or $1.57 per diluted share, on operating revenues of $409.0 million. For the six months ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $73.7 million, or $3.06 per diluted share, on operating revenues of $763.4 million.

Seacor Holdings Inc. announced net income attributable to its stockholders for the first quarter ended March 31, 2009 of $53 million, or $2.36 per diluted share, on operating revenues of $399.5 million. For the quarter ended March 31, 2008, net income attributable to SEACOR Holdings Inc. was $36.6 million, or $1.50 per diluted share, on operating revenues of $354.5 million. For the preceding quarter ended December 31, 2008, net income attributable to Seacor Holdings Inc. was $70.5 million, or $3.11 per diluted share, on operating revenues of $454.9 million. Comparison of results for the first quarter ended March 31, 2009 with the preceding quarter ended December 31, 2008 is included in the discussion below.

Teekay Tankers Ltd. - an interest rate swap agreement under the Statement of Financial Accounting Standards No. - two vessels acquired from Teekay Corporation (Teekay) subsequent to the company's December 2007 initial public offering, whereby the company's financial statements have been retroactively adjusted to include the historical results of the vessels from the date they were originally acquired by Teekay and began operating, as more fully discussed below under "Changes to Accounting for Dropdown Transactions". Subsequent to the release of its results for the second quarter of 2008 on August 7, 2008, the company determined that it would be required to restate its previously reported financial results.

Conrad Industries, Inc. to a net loss of $263,000 and loss per diluted share of $0.04 for the third quarter of 2002. months of 2002. Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards Board No. 142, ("SFAS No. accounting principle for the nine months ended September 30, 2002. months ended September 30, 2002. the third quarter of 2002. compared to $30.4 million for the same period of the prior year. September 30, 2002. 30, 2003 as compared to gross profit of $1.1 million (11.7% of revenue) for the third quarter of 2002. to gross profit of $4.9 million (16.2% of revenue) for the first nine months of 2002. vessel construction revenue for the second quarter of 2003 and third quarter of 2002, respectively. period of the prior year.

CP Ships Limited announced a strengthened financial management structure, including new senior positions. David Auger joined CP Ships as Group Financial Controller. He previously held senior group finance positions in the UK with ICI and Invensys and also worked with PricewaterhouseCoopers. A new position, VP Business Control, has been assumed by David Nicklin, who has held a number of senior financial management positions at CP Ships. maintenance of the new SAP financial accounting processes. He will also lead the senior level task force established to review and strengthen financial controls and related business processes. Both Auger and Nicklin report to Ian Webber as does Iain Torrens, who continues to be responsible for treasury and tax functions.

Gulf Island Fabrication, Inc. reported net income of $1.4 million ($.12 diluted EPS), before a cumulative effect of change in accounting principle, on revenue of $27.2 million for its first quarter ended March 31, 2002, compared to net income of $918 thousand ($.08 diluted EPS) on revenue of $27.6 million for the first quarter ended March 31, 2001. Effective January 1, 2002 the Company adopted Statement of Financial Accounting Standards Board No. 142, ("SFAS No. accounting principle. The recording of this non-cash charge for the impairment of goodwill resulted in a net loss of $3.4 million ($.29 diluted EPS) for the quarter ended March 31, 2002.

McDermott International, Inc. reported a net loss of $.6 million or a $.01 per share loss (basic and diluted) for the first quarter of 2002, compared to a net loss of $4.4 million or $.07 per share loss (basic and diluted) for the first quarter of 2001. The results for the first quarter of 2001 have been restated to reflect the Hudson Products Company subsidiary as a discontinued operation under Statement of Financial Accounting Standards No. 144 ("FASB 144"). While not qualifying for such treatment under FASB 144, we have also included our McDermott Engineers & Constructors (Canada) LTD. subsidiary, which we sold in October of 2001, as a discontinued operation to provide a more meaningful quarter to quarter comparison.

Bollinger Shipyards, Inc., has promoted two senior department heads at Bollinger’s headquarters in Lockport, La. Dennis Fanguy has been appointed vice president, engineering and Robert McDonough has been named vice president and general manager of Bollinger’s new construction division at Lockport. Fanguy’s shipbuilding career was launched in 1980 at Halter Marine, where he served as chief electrical engineer while earning a B.S. degree in electrical engineering from the University of New Orleans at night. He joined Bollinger in 1984 as an electrical project engineer and has risen through tasks including: chief project engineer; chief engineer; director of program management, and technical director.

previously reported financial results. accounting system in January. processes, for which corrective action has been taken and continues. number of balances from 31st December 2003 that need to be written off. There is no effect on cash. The main effect will be on 2003. in the first quarter 2004 report. million and $52 million. revision of net income of about $7 million. reported at $52 million. $6 million from the $8 million originally reported. of $82 million. PricewaterhouseCoopers and, for this, more time is needed. results and restated prior periods on 16th August. 2002 nor on financial statements for first quarter 2004.

Conrad Industries reported a net loss of $726,000 and loss per diluted share of $0.10 for the three months ended June 30, 2003 compared to net income of $300,000 and earnings per diluted share of $0.04 for the second quarter of 2002. The loss for the six months ended June 30, 2003 was $1.05 million and the loss per diluted share was $0.14 compared to net income before a cumulative effect of a change in accounting principle of $758,000 and earnings before a cumulative effect of a change in accounting principle per diluted share of $0.10 for the first six months of 2002. Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards Board No. 142, ("SFAS No.

The following is a statement, in its entirety, from Vice Adm. Thad W. Allen regarding his nomination to be commandant of the U.S. Coast Guard, given before the Senate Committee on Commerce, Science and Transportation. Washington - Good afternoon Mr. Chairman and distinguished members of the Committee. I am honored to be before you today and look forward to listening to your views and answering your questions. I am grateful for the confidence of President Bush in nominating me to be the 23rd Commandant of the United States Coast Guard. I can think of no greater honor and no better way to continue serving our Nation than through our Coast Guard, a Service whose embedded responsibilities impact every American.