As a result of the uncertainty of a certain customer to make payment of vessel charter hire, the company  has deferred the recognition of approximately $9.2 million of billings as of March 31, 2010, $6.1 million of  billings as of March 31, 2009 and $5.7 million of billings as of March 31, 2008, which would otherwise have  been recognized as revenue. The company will recognize the amounts as revenue as cash is collected or at  such time as the uncertainty has been significantly reduced. We currently have no ongoing business with  this customer and we do not know if this lack of ongoing work will impact our ability to collect this receivable.  The following table compares operating income and other components of earnings before income taxes,  and its related percentage of total revenues for the years ended March 31 consists of the following:  International Segment . The company’s international results of operations are primarily dependent on the  supply and demand relationship for crude oil. During fiscal 2010, internationally based vessel utilization  rates decreased approximately seven percentage points as compared to fiscal 2009 due to the global  economic recession that began in the latter part of calendar year 2008. E&P customers reduced their capital  spending budgets in response to lower hydrocarbon demand and weaker commodity prices. During the  company’s fiscal 2010, the global recession resulted in a decrease in demand for offshore support vessel  services. This reduced demand has led to an industry-wide reduction in charter rates and utilization rates on  vessels as our customers demanded pricing concessions.  United States Segment . The company’s United States results of operations are primarily dependent on  the supply and demand relationship for natural gas. The number of operating drilling rigs in the U.S. offshore  market is generally the primary driver of activity, and the U.S. GOM remains at historically low levels due a  reduction in exploration and field development activity in the U.S. GOM, particularly in non-deepwater areas.  As a result of the deterioration of the macroeconomic environment in the U.S. GOM over the last few years  and due to the global economic recession that began in the latter part of calendar year 2008, during fiscal  2010, the total U.S.-based vessel utilization decreased approximately 18 percentage points as compared to  fiscal 2009. The company’s consolidated net earnings were $259.5 million during fiscal 2010 as compared to  $406.9 million during fiscal 2009, a decrease of approximately 36%, or $147.4 million, due to a  16% decrease in total revenues during the comparative periods and to a $43.7 million, net provision for  Venezuelan operations, as disclosed in Note 10 of Notes to Consolidated Financial Statements, an  $11.4 million, or $0.22 per common share, proposed settlement with the SEC related to the previously  announced internal investigation as disclosed in Note 10 of Notes to Consolidated Financial Statements,  partially offset by approximately 8% lower vessel operating costs and the reversal of $36.1 million of  accrued income tax liabilities as disclosed in Note 3 of Notes to Consolidated Financial Statements. The company recorded $1.2 billion in revenue during fiscal 2010 as compared to the $1.4 billion recorded  during fiscal 2009, a decrease of approximately 16%, or $222.2 million, primarily due to the loss of revenue  -34-  Consolidated Results General Market Conditions  Fiscal 2010 Compared to Fiscal 2009  (In thousands)  2010  %  2009  %  2008  %  Marine operating profit:  Vessel activity:  International $ 252,354 22% 437,695 31% 394,789 31% United States 9,196 1% 34,797 3% 29,985 2% 261,550 22% 472,492 34% 424,774 33% Corporate expenses (51,432) (4%) (38,622) (3%) (40,974) (3%) Gain on asset dispositions, net  28,178  2%  27,251  2%  11,449  1%  Other marine services 2,034 <1% 4,348 <1% 6,776 1% Operating income 240,330 21% 465,469 33% 402,025 32% Foreign exchange gain (loss)  4,094  <1%  2,695  <1%  (891)  (<1%)  Equity in net earnings of unconsolidated companies  18,107  2%  16,978  1%  14,470  1%  Interest income and other, net  6,882  1%  7,066  1%  16,957  1%  Interest and other debt costs  (1,679)  (<1%)  (693)  (<1%)  (6,992)  (1%)  Earnings before income taxes  $  267,734  23%  491,515  35%  425,569  34% 