Seacor Holdings Inc. (CKH), a provider of marine support and transportation services, on Wednesday reported a decline in net income for the second quarter impacted by higher operating expenses.
Net income for the second quarter was $38.4 million or $1.57 per share, compared to $65.3 million or $2.41 per share in the year-ago quarter.
Operating revenues for the second quarter increased 25.7% to $409 million from $325.5 million in the corresponding period of last year.
Quarterly operating income for the second quarter fell 27% to $71.1 million from $97.2 million in the same quarter last year. Net gains on asset dispositions and impairments for the quarter dropped 54.6% to $19.3 million from $42.5 million in the year-ago quarter.
Total operating cost and expenses for the quarter rose to $357.13 million from $270.81 million lasy year.
For the six-month period, the company reported a decline in net income to $76.3 million from $103.4 million in the comparable period of last year. Earnings per share for the period were $3.06 compared to $3.80 in the last year quarter.
Operating revenues for the six-month period rose to $763.4 million from $636.2 million in the same period last year.
The company said its unfunded capital commitments as of June 30, 2008, consisting primarily of offshore marine vessels, harbor tugs, helicopters and inland river barges, totaled $348.5 million. Among this $180.2 million is payable during the remainder of 2008 and the balance payable through 2010. Further, the company said it held balances of cash, cash equivalents, restricted cash, available-for-sale marketable securities, construction reserve funds and title XI reserve funds totaling $820.9 million as of June 30.
Seacor closed Wednesday's trading at $83.36, down $1.80 or 2.11% on a volume of 257K shares.
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