Marine Link
Friday, March 29, 2024
SUBSCRIBE

Financial Accounting Standards Board News

29 Feb 2016

US Lease Accounting Standard Updated

Michael Simms (Photo: Moore Stephens)

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.

17 Dec 2010

Get Ready for Changes in Lease Reporting

By Richard J. Paine, Sr.

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.

08 Dec 2010

Get Ready for Changes in Lease Reporting

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.

22 Feb 2010

SEACOR Q4 Results

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.

12 Feb 2010

Hornbeck Offshore Q4 2009 Results

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.

05 Nov 2009

Hornbeck Offshore Q3 2009 Results

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.

24 Jul 2009

Seacor Holdings Q2 Results

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.

27 Apr 2009

Seacor Holdings 1Q Results

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.

06 Nov 2003

Conrad Industries Reports 3Q 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.

25 Apr 2002

GIFI Reports 1Q Earnings

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.

07 Aug 2003

Conrad Reports 2Q Results

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.

20 Feb 2003

Conrad Reports 4Q Results

Conrad Industries, Inc. a net loss of $151,000 and loss per diluted share of $0.02 for the fourth quarter of 2001. $1.0 million and earnings per diluted share of $0.14 for the same period of 2001. Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards Board No. 142, ("SFAS No. accounting principle for the six months ended June 30, 2002. ended December 31, 2002. result of the termination of the proposed Swiftships acquisition. with its former President and CEO and former CFO. the fourth quarter of 2001. compared to $46.9 million for the same period of the prior year. 2001. gross profit of $1.4 million (13.8% of revenue) for the fourth quarter of 2001. $9.9 million (21.1% of revenue) for the twelve months of 2001.