Seacor Smit Announces Third Quarter Results

Seacor Smit Inc. announced net earnings for the third quarter ending Sept. 30 of $5 million on revenues of $71.9 million. Results for the quarter included a charge of $2.6 million for additional income tax expense related to the company's decision to liquidate a foreign joint venture, and an extraordinary gain of $890,000 relating to the early retirement of debt. In the same period a year ago, Seacor earned $26.4 million, on revenues of $100 million. Results for the quarter ending Sept. 30 included a loss of $789,000 related to Seacor's investment in Globe Wireless LLC that is accounted for under the equity method. Results for the quarter also included a loss of $347,000 related to its investment in a majority-owned subsidiary, Chiles Offshore LLC. As a result of swap agreements entered into by the company with respect to senior notes issued by Chiles, the company's interest expense was reduced by $397,000 in the current quarter. For the nine months ending Sept. 30, net earnings were $24.8 million on revenues of $218 million. Results for the period included a loss of $1.1 million related to Seacor's investment in Globe Wireless. In the same period a year ago, net earnings were $96.7 million on revenues of $293 million. Results for the three- and nine-month periods ending Sept. 30 included net gains from equipment sales of $554,000 and $1.2 million. In the same periods a year ago, net gains from equipment sales were $2.4 million and $24.7 million. Seacor Smit and its subsidiaries engage in: the operation of a diversified fleet of marine vessels primarily dedicated to supporting offshore oil and gas exploration and development in the U.S. Gulf of Mexico, offshore West Africa, the North Sea, Mexico, the Far East, Latin America, and the Mediterranean; and provision of environmental services domestically and internationally, including marine oil spill response, training and consulting.