SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

April 24, 2014 17:45 ET

SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2014

FORT LAUDERDALE, FL--(Marketwired - Apr 24, 2014) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its first quarter ended March 31, 2014.

For the quarter ended March 31, 2014, net income attributable to SEACOR Holdings Inc. from continuing operations was $11.5 million, or $0.56 per diluted share, compared with $8.4 million, or $0.41 per diluted share, from continuing operations in the preceding quarter ended December 31, 2013.

A comparison of results for the quarter ended March 31, 2014 with the preceding quarter ended December 31, 2013 is included in "Highlights for the Quarter" discussion below.

For the quarter ended March 31, 2013, net loss attributable to SEACOR Holdings Inc. was $21.0 million, or $1.06 per diluted share, including a loss from continuing operations of $10.8 million, or $0.55 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating revenues for the first quarter were $129.0 million compared with $148.4 million in the preceding quarter. Operating income in the first quarter was $11.2 million compared with $18.8 million in the preceding quarter, including gains on asset dispositions of $7.7 million in the first quarter and $3.1 million in the preceding quarter.

In the U.S. Gulf of Mexico, operating revenues were $12.2 million lower in the first quarter. Time charter revenues for the Company's liftboat fleet were $8.1 million lower primarily due to the seasonal downturn for that fleet. In keeping with past practice, the Company normally plans for the drydocking of liftboats during the winter months as the demand for the liftboat fleet is typically stronger in the summer months. During the first quarter, the number of out-of-service days attributable to the drydocking of liftboats was 349 compared with 204 in the preceding quarter, and average day rates decreased from $26,072 per day to $22,219 per day. Time charter revenues for the other vessel classes were $3.5 million lower primarily due to weaker market conditions. In overall terms, utilization was 70.6% compared with 77.9% in the preceding quarter and average day rates decreased from $18,224 per day to $17,010 per day. As of March 31, 2014, the Company had two vessels cold-stacked in the U.S. Gulf of Mexico.

In international regions, operating revenues were $7.2 million lower in the first quarter. Time charter revenues were $5.1 million lower primarily due to the conclusion of a charter for a vessel operating in Russia, the repositioning of two vessels into the U.S. Gulf of Mexico and seasonally weaker market conditions for the Company's windfarm utility vessels. Reduced drydocking activity in West Africa, Europe and Asia partially offset the impact of these reductions. Other operating revenues were $2.1 million lower primarily due to a reduction in other contract revenue and reduced third party management fee income. Excluding windfarm utility vessels, utilization was 86.8% compared with 85.1% in the preceding quarter, however average day rates decreased from $13,250 per day to $12,561 per day.

Operating expenses were $5.3 million lower in the first quarter. Personnel costs were $1.4 million lower primarily due to reduced activity levels. Repair and maintenance and drydocking costs were higher in the U.S. Gulf of Mexico primarily due to the seasonal repair and maintenance and drydocking program for the liftboat fleet. Repair and maintenance and drydocking costs were lower in international regions primarily due to a significant reduction in drydocking activity. Insurance and loss reserve expenses were $1.6 million lower, and leased-in equipment expenses were $1.8 million lower primarily due to reduced bareboat charter-in costs in the Middle East. 

Administrative and general expenses were $1.9 million lower in the first quarter primarily due to a decrease in the provision for management bonus awards and lower legal and professional fees.

In the first quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 303 days, or 3%, primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, decreased from 82.0% to 79.6% and overall average day rates, excluding wind farm utility vessels, decreased by 7% from $15,355 per day to $14,324 per day. This release includes a table presenting time charter operating data by vessel class.

During the first quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $10.2 million and gains of $7.7 million, all of which was recognized currently. During the preceding quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $56.7 million and gains of $14.8 million, of which $3.1 million was recognized currently and $11.7 million was deferred.

Inland River Services - Operating income was $7.4 million on operating revenues of $58.0 million in the first quarter compared with operating income of $12.3 million on operating revenues of $65.4 million in the preceding quarter. 

Operating results from the dry cargo barge pool were $6.2 million lower primarily due to lower rates and reduced activity levels following the conclusion of harvest activities and poor operating conditions caused by harsh weather in the Midwest. Operating results from liquid unit tow operations were $1.5 million higher primarily due to reduced out-of-service time and lower costs associated with regulatory inspections for liquid tank barges.

Equity in losses of 50% or less owned companies in the preceding quarter included $4.4 million of losses relating to the structural failure of a terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Operating income was $11.8 million on operating revenues of $52.4 million in the first quarter compared with operating income of $5.2 million on operating revenues of $51.4 million in the preceding quarter.

Operating results for tanker operations were $6.2 million higher primarily due to minimal drydocking expenditures and no related out-of-service time. The Company has no scheduled product tanker drydockings in 2014. Operating results for harbor towing and bunkering were $1.2 million higher primarily due to an increase in harbor tug traffic and lower drydocking expenses. Operating results for short-sea transportation were $0.8 million lower primarily due to a seasonal decrease in cargo shipping demand and higher drydocking expenses. 

During the first quarter, the Company expensed a $4.0 million non-refundable deposit upon the expiration of a new build construction option.

Illinois Corn Processing - Segment profit was $10.8 million on operating revenues of $58.7 million in the first quarter compared with $2.5 million on operating revenues of $46.9 million in the preceding quarter. The improvement in segment profit was primarily due to lower corn prices and higher fuel ethanol prices resulting from an industry-wide supply shortage.

Other - Segment loss was $3.9 million in the first quarter compared with segment profit of $1.3 million in the preceding quarter. The reduction was primarily due to $1.8 million of legal costs associated with litigation related to the Deepwater Horizon oil spill for which the Company has indemnified one of its 50% or less owned companies, a $0.4 million impairment charge on an aircraft in the Company's leasing portfolio, and equity in losses primarily from the Company's 50% or less owned industrial aviation services companies in Asia.

Corporate and Eliminations - Administrative and general expenses were $1.3 million lower in the first quarter compared with the preceding quarter primarily due to lower management bonus accruals, partially offset by higher legal and audit and tax accruals. In addition, the Company recorded a $3.5 million impairment charge on an aircraft.

Capital Commitments - As of March 31, 2014, the Company's unfunded capital commitments were $442.5 million and included: $94.8 million for 15 offshore support vessels; $22.8 million for 47 inland river dry cargo barges; $0.9 million for two inland river tank barges; $4.7 million for five inland river towboats; $230.2 million for three U.S.-flag product tankers; $78.7 million for one U.S.-flag articulated tug-barge; and $10.4 million for other equipment and improvements. These commitments are payable as follows: $157.3 million is payable during the remainder of 2014; $275.9 million is payable during 2015-2016; and $9.3 million is payable during 2017. This release includes a table detailing expected delivery by vessel class. 

Liquidity and Debt - As of March 31, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $683.1 million and its total outstanding long-term debt was $880.1 million.

SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards, and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the past provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, the potential for a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such potential material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
 
    Three Months Ended  
    March 31,  
    2014     2013  
Operating Revenues   $ 310,017     $ 267,064  
Costs and Expenses:                
    Operating     218,976       200,913  
    Administrative and general     38,077       35,645  
    Depreciation and amortization     33,392       33,548  
      290,445       270,106  
Gains on Asset Dispositions and Impairments, Net     4,678       2,015  
Operating Income (Loss)     24,250       (1,027 )
Other Income (Expense):                
  Interest income     4,043       3,167  
  Interest expense     (11,403 )     (12,840 )
  Marketable security gains, net     5,070       3,995  
  Derivative losses, net     (237 )     (2,107 )
  Foreign currency losses, net     (199 )     (4,011 )
  Other, net     (3,655 )     3  
      (6,381 )     (11,793 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     17,869       (12,820 )
Income Tax Expense (Benefit)     6,375       (2,653 )
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     11,494       (10,167 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     2,221       (869 )
Income (Loss) from Continuing Operations     13,715       (11,036 )
Loss from Discontinued Operations, Net of Tax     --       (10,325 )
Net Income (Loss)     13,715       (21,361 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     2,206       (373 )
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 11,509     $ (20,988 )
                 
Net Income (Loss) attributable to SEACOR Holdings Inc.:                
  Continuing operations   $ 11,509     $ (10,763 )
  Discontinued operations     --       (10,225 )
    $ 11,509     $ (20,988 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                
  Continuing operations   $ 0.57     $ (0.55 )
  Discontinued operations     --       (0.51 )
    $ 0.57     $ (1.06 )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                
  Continuing operations   $ 0.56     $ (0.55 )
  Discontinued operations     --       (0.51 )
    $ 0.56     $ (1.06 )
Weighted Average Common Shares Outstanding:                
  Basic     20,109,373       19,738,930  
  Diluted     20,546,112       19,738,930  
                 
                 
                 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
      Three Months Ended  
      Mar. 31, 2014       Dec. 31, 2013       Sep. 30, 2013       Jun. 30, 2013       Mar. 31, 2013  
Operating Revenues   $ 310,017     $ 327,861     $ 336,784     $ 315,563     $ 267,064  
Costs and Expenses:                                        
  Operating     218,976       228,305       239,540       240,113       200,913  
  Administrative and general     38,077       39,522       31,463       34,718       35,645  
  Depreciation and amortization     33,392       33,684       33,503       33,783       33,548  
      290,445       301,511       304,506       308,614       270,106  
Gains on Asset Dispositions and Impairments, Net     4,678       3,957       19,230       12,305       2,015  
Operating Income (Loss)     24,250       30,307       51,508       19,254       (1,027 )
Other Income (Expense):                                        
  Interest income     4,043       4,802       4,280       3,218       3,167  
  Interest expense     (11,403 )     (11,310 )     (10,520 )     (7,922 )     (12,840 )
  Marketable security gains (losses), net     5,070       (3,600 )     (1,149 )     6,557       3,995  
  Derivative losses, net     (237 )     (5,088 )     (303 )     (825 )     (2,107 )
  Foreign currency gains (losses), net     (199 )     (654 )     2,230       (916 )     (4,011 )
  Other, net     (3,655 )     (89 )     477       195       3  
      (6,381 )     (15,939 )     (4,985 )     307       (11,793 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies     17,869       14,368       46,523       19,561       (12,820 )
Income Tax Expense (Benefit)     6,375       5,441       15,984       7,975       (2,653 )
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     11,494       8,927       30,539       11,586       (10,167 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     2,221       193       230       7,710       (869 )
Income (Loss) from Continuing Operations     13,715       9,120       30,769       19,296       (11,036 )
Loss from Discontinued Operations, Net of Tax     --       --       --       --       (10,325 )
Net Income (Loss)     13,715       9,120       30,769       19,296       (21,361 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     2,206       724       478       25       (373 )
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 11,509     $ 8,396     $ 30,291     $ 19,271     $ (20,988 )
                                         
Net Income                          
(Loss) attributable                          
to SEACOR                          
Holdings Inc.:                          
  Continuing operations   $ 11,509     $ 8,396     $ 30,291     $ 19,271     $ (10,763 )
  Discontinued operations     --       --       --       --       (10,225 )
    $ 11,509     $ 8,396     $ 30,291     $ 19,271     $ (20,988 )
                           
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                          
  Continuing operations   $ 0.57     $ 0.42     $ 1.52     $ 0.97     $ (0.55 )
  Discontinued operations     --       --       --       --       (0.51 )
    $ 0.57     $ 0.42     $ 1.52     $ 0.97     $ (1.06 )
                           
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                          
  Continuing operations   $ 0.56     $ 0.41     $ 1.36     $ 0.91     $ (0.55 )
  Discontinued operations     --       --       --       --       (0.51 )
    $ 0.56     $ 0.41     $ 1.36     $ 0.91     $ (1.06 )
Weighted Average Common Shares of Outstanding:                                        
  Basic     20,109       20,043       19,965       19,825       19,739  
  Diluted     20,546       20,530       24,602       24,392       19,739  
Common Shares Outstanding at Period End     20,597       20,382       20,332       20,184       20,106  
                                         
                                         
   
 SEACOR HOLDINGS INC.  
 SEGMENT INFORMATION  
 (in thousands, unaudited)  
      Three Months Ended  
      Mar. 31, 2014       Dec. 31, 2013       Sep. 30, 2013       Jun. 30, 2013       Mar. 31, 2013  
Offshore Marine Services                                        
Operating Revenues   $ 129,001     $ 148,371     $ 156,198     $ 138,678     $ 124,016  
Costs and Expenses:                                        
  Operating     94,043       99,320       95,113       97,581       90,031  
  Administrative and general     15,160       17,085       14,132       14,235       14,827  
  Depreciation and amortization     16,304       16,207       16,470       16,460       16,287  
      125,507       132,612       125,715       128,276       121,145  
Gains on Asset Dispositions     7,738       3,087       15,343       7,895       2,339  
Operating Income     11,232       18,846       45,826       18,297       5,210  
Other Income (Expense):                                        
  Derivative gains (losses), net     (61 )     (274 )     32       175       150  
  Foreign currency gains (losses), net     107       (49 )     1,937       (833 )     (3,264 )
  Other, net     --       (8 )     --       11       --  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     2,641       2,988       1,527       7,694       1,313  
Segment Profit   $ 13,919     $ 21,503     $ 49,322     $ 25,344     $ 3,409  
                                         
OIBDA(1)   $ 27,536     $ 35,053     $ 62,296     $ 34,757     $ 21,497  
Drydocking expenditures (included in operating costs and expenses)   $ 11,080     $ 11,899     $ 9,017     $ 14,804     $ 11,225  
Out-of-service days for drydockings     635       668       635       994       645  
                                         
Inland River Services                                        
Operating Revenues   $ 57,959     $ 65,437     $ 52,742     $ 47,357     $ 50,077  
Costs and Expenses:                                        
  Operating     39,674       42,472       38,473       35,193       36,389  
  Administrative and general     4,337       4,034       3,431       3,921       4,024  
  Depreciation and amortization     7,370       7,430       6,869       7,078       7,084  
      51,381       53,936       48,773       46,192       47,497  
Gains on Asset Dispositions     853       779       783       4,296       697  
Operating Income     7,431       12,280       4,752       5,461       3,277  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (327 )     (160 )     (89 )     219       (137 )
  Other, net     (38 )     --       --       --       --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (412 )     (5,320 )     80       1       (2,387 )
Segment Profit   $ 6,654     $ 6,800     $ 4,743     $ 5,681     $ 753  
                                         
OIBDA(1)   $ 14,801     $ 19,710     $ 11,621     $ 12,539     $ 10,361  
                                         
                                         
                                         
 SEACOR HOLDINGS INC.  
 SEGMENT INFORMATION (continued)  
 (in thousands, unaudited)  
   
      Three Months Ended  
      Mar. 31, 2014       Dec. 31, 2013       Sep. 30, 2013       Jun. 30, 2013       Mar. 31, 2013  
Shipping Services                                        
Operating Revenues   $ 52,401     $ 51,405     $ 48,200     $ 48,103     $ 46,476  
Costs and Expenses:                                        
  Operating     26,997       32,900       28,215       29,554       26,614  
  Administrative and general     5,896       5,639       5,133       6,124       5,177  
  Depreciation and amortization     7,754       7,754       7,841       7,907       7,797  
      40,647       46,293       41,189       43,585       39,588  
Gains (Losses) on Asset Dispositions and Impairments, Net     --       91       3,104       114       (3,069 )
Operating Income     11,754       5,203       10,115       4,632       3,819  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (10 )     (5 )     6       (8 )     (7 )
  Other, net     (3,933 )     18       540       188       14  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     753       376       (1,413 )     (403 )     (1,505 )
Segment Profit   $ 8,564     $ 5,592     $ 9,248     $ 4,409     $ 2,321  
                                         
OIBDA(1)   $ 19,508     $ 12,957     $ 17,956     $ 12,539     $ 11,616  
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)   $ 42     $ 5,504     $ 664     $ 2,884     $ 74  
Out-of-service days for drydockings of U.S.-flag product tankers     --       26       5       34       1  
                                         
Illinois Corn Processing                                        
Operating Revenues   $ 58,656     $ 46,875     $ 52,580     $ 61,378     $ 32,849  
Costs and Expenses:                                        
  Operating     47,274       38,812       52,390       59,402       34,045  
  Administrative and general     511       465       428       477       661  
  Depreciation and amortization     990       1,330       1,489       1,489       1,489  
      48,775       40,607       54,307       61,368       36,195  
Operating Income (Loss)     9,881       6,268       (1,727 )     10       (3,346 )
Other Income (Expense):                                        
  Derivative gains (losses), net     718       (3,719 )     1,129       473       39  
  Other, net     193       --       --       --       --  
Segment Profit (Loss)   $ 10,792     $ 2,549     $ (598 )   $ 483     $ (3,307 )
                                         
                                         
                                         
 
 SEACOR HOLDINGS INC.  
 SEGMENT INFORMATION (continued)  
 (in thousands, unaudited)  
   
      Three Months Ended  
      Mar. 31, 2014       Dec. 31, 2013       Sep. 30, 2013       Jun. 30, 2013       Mar. 31, 2013  
Other                                        
Operating Revenues   $ 12,992     $ 16,675     $ 27,881     $ 20,652     $ 14,324  
Costs and Expenses:                                        
  Operating     11,936       15,665       26,141       18,960       14,488  
  Administrative and general     3,111       1,888       1,429       1,323       1,656  
  Depreciation and amortization     85       91       92       96       99  
      15,132       17,644       27,662       20,379       16,243  
Gains (Losses) on Asset Dispositions and Impairments, Net     (409 )     --       --       --       1,907  
Operating Income (Loss)     (2,549 )     (969 )     219       273       (12 )
Other Income (Expense):                                        
  Derivative gains (losses), net     (733 )     198       (380 )     (450 )     842  
  Foreign currency gains (losses), net     9       (21 )     15       (169 )     (167 )
  Other, net     175       (39 )     (3 )     --       54  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (761 )     2,149       36       418       1,710  
Segment Profit (Loss)   $ (3,859 )   $ 1,318     $ (113 )   $ 72     $ 2,427  
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (992 )   $ (902 )   $ (817 )   $ (605 )   $ (678 )
Costs and Expenses:                                        
  Operating     (948 )     (864 )     (792 )     (577 )     (654 )
  Administrative and general     9,062       10,411       6,910       8,638       9,300  
  Depreciation and amortization     889       872       742       753       792  
      9,003       10,419       6,860       8,814       9,438  
Gains (Losses) on Asset Dispositions and Impairments, Net     (3,504 )     --       --       --       141  
Operating Loss   $ (13,499 )   $ (11,321 )   $ (7,677 )   $ (9,419 )   $ (9,975 )
Other Income (Expense):                                        
  Derivative losses, net   $ (161 )   $ (1,293 )   $ (1,084 )   $ (1,023 )   $ (3,138 )
  Foreign currency gains (losses), net     22       (419 )     361       (125 )     (436 )
  Other, net     (52 )     (60 )     (60 )     (4 )     (65 )
                                         
                                         

______________________

(1)   Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of its ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.
     
     
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
   
    Mar. 31, 2014   Dec. 31, 2013   Sep. 30, 2013   Jun. 30, 2013   Mar. 31, 2013  
ASSETS                                
Current Assets:                                
  Cash and cash equivalents   $ 374,790   $ 527,435   $ 332,767   $ 394,783   $ 312,977  
  Restricted cash     14,490     12,175     20,893     16,776     27,129  
  Marketable securities     29,522     24,292     25,660     27,264     22,568  
  Receivables:                                
    Trade, net of allowance for doubtful accounts     203,785     215,768     211,853     188,128     172,889  
    Other     41,292     48,181     39,774     37,204     41,139  
  Inventories     24,962     27,615     25,442     22,955     31,966  
  Deferred income taxes     116     116     3,530     3,530     3,530  
  Prepaid expenses and other     8,292     6,701     10,746     11,715     8,834  
  Discontinued operations     --     --     --     --     384  
    Total current assets     697,249     862,283     670,665     702,355     621,416  
Property and Equipment:                                
  Historical cost     2,224,212     2,199,183     2,208,315     2,212,929     2,186,892  
  Accumulated depreciation     (894,511 )   (866,330 )   (835,604 )   (806,672 )   (785,765 )
      1,329,701     1,332,853     1,372,711     1,406,257     1,401,127  
  Construction in progress     325,529     143,482     129,481     133,985     113,381  
  Net property and equipment     1,655,230     1,476,335     1,502,192     1,540,242     1,514,508  
Investments, at Equity, and Advances to 50% or Less Owned Companies     456,446     440,853     365,891     293,793     299,778  
Construction Reserve Funds & Title XI Reserve Funds     264,339     261,739     229,021     150,375     194,477  
Goodwill     17,963     17,985     17,978     17,978     17,978  
Intangible Assets, Net     11,567     12,423     13,583     14,594     15,754  
Other Assets     42,241     44,615     52,394     48,996     51,576  
    $ 3,145,035   $ 3,116,233   $ 2,851,724   $ 2,768,333   $ 2,715,487  
                                 
LIABILITIES AND EQUITY                                
Current Liabilities:                                
  Current portion of long-term debt   $ 49,171   $ 45,323   $ 26,973   $ 25,109   $ 15,435  
  Accounts payable and accrued expenses     83,296     85,477     73,063     73,185     69,008  
  Other current liabilities     132,190     123,619     124,788     122,434     122,125  
  Discontinued operations     --     --     --     --     300  
    Total current liabilities     264,657     254,419     224,824     220,728     206,868  
Long-Term Debt     830,887     834,118     675,206     674,444     655,384  
Deferred Income Taxes     456,883     457,827     437,436     421,623     422,719  
Deferred Gains and Other Liabilities     145,483     144,441     133,525     115,102     116,608  
Discontinued Operations     --     --     --     --     2,599  
    Total liabilities     1,697,910     1,690,805     1,470,991     1,431,897     1,404,178  
Equity:                                
  SEACOR Holdings Inc. stockholders' equity:                                
    Preferred stock     --     --     --     --     --  
    Common stock     374     372     372     370     369  
    Additional paid-in capital     1,401,294     1,394,621     1,358,273     1,347,909     1,340,875  
    Retained earnings     1,106,779     1,095,270     1,086,874     1,056,583     1,037,312  
    Shares held in treasury, at cost     (1,087,101 )   (1,088,219 )   (1,088,219 )   (1,089,061 )   (1,089,064 )
    Accumulated other comprehensive loss, net of tax     (929 )   (1,192 )   (1,809 )   (4,243 )   (4,321 )
      1,420,417     1,400,852     1,355,491     1,311,558     1,285,171  
  Noncontrolling interests in subsidiaries     26,708     24,576     25,242     24,878     26,138  
    Total equity     1,447,125     1,425,428     1,380,733     1,336,436     1,311,309  
    $ 3,145,035   $ 3,116,233   $ 2,851,724   $ 2,768,333   $ 2,715,487  
                                 
                                 
                                 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Mar. 31, 2014   Dec. 31, 2013   Sep. 30, 2013   Jun. 30, 2013   Mar. 31, 2013
Offshore Marine Services                    
Anchor handling towing supply   18   18   18   18   19
Crew   39   42   43   45   47
Mini-supply   8   8   8   8   9
Standby safety   25   25   25   25   25
Supply   26   27   26   26   26
Towing supply   3   3   3   3   3
Specialty   9   12   12   12   11
Liftboats   15   15   15   17   20
Wind farm utility   34   34   33   32   31
    177   184   183   186   191
                     
Inland River Services                    
Dry-cargo barges   1,415   1,405   1,409   1,413   1,434
Liquid tank barges   74   74   75   75   80
Deck barges   20   20   20   20   20
Towboats   32   32   31   31   31
Dry-cargo vessel   --   1   1   1   1
    1,541   1,532   1,536   1,540   1,566
                     
Shipping Services(1)                    
U.S.-flag:                    
    Product tankers   7   7   7   7   7
    RORO/deck barges   7   7   7   7   7
    Dry-bulk articulated tug-barge   1   1   1   1   1
    Harbor tugs   24   24   24   24   22
    Ocean liquid tank barges   5   5   5   5   5
Foreign-flag:                    
    Harbor tugs   4   4   4   4   4
    Very large gas carriers   3   3   3   --   --
    Short-sea container/RORO   8   8   7   8   7
    59   59   58   56   53
                     
                     

______________________

(1)   For each of the periods presented, the Company provided technical management services for two additional vessels.
     
     
 
           SEACOR HOLDINGS INC.                
           EXPECTED FLEET DELIVERIES                
           (unaudited)                
                                                 
      2014     2015     2016   2017    
    Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Total
Offshore Marine Services                                                        
                                                         
Crew   1   3   --   1   1   2   1   1   --   --   --   --   --   10
Supply(1)   1   1   --   --   1   --   --   --   --   --   --   --   --   3
Wind farm utility   1   1   --   --   --   --   --   --   --   --   --   --   --   2
                                                         
Inland River Services                                                        
Dry-cargo barges   44   3   --   --   --   --   --   --   --   --   --   --   --   47
Liquid tank barges   --   1   1   --   --   --   --   --   --   --   --   --   --   2
Towboats   1   1   1   1   1   --   --   --   --   --   --   --   --   5
                                                         
Shipping Services                                                        
U.S.-flag product tankers   --   --   --   --   --   --   --   --   1   --   1   1   --   3
U.S.-flag articulated tug-barge   --   --   --   --   --   --   --   --   1   --   --   --   --   1

______________________

(1)   To be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery.
 
 
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
    Three Months Ended
    Mar. 31, 2014   Dec. 31, 2013   Sep. 30, 2013   Jun. 30, 2013   Mar. 31, 2013
 Rates Per Day Worked:                              
  Anchor handling towing supply   $ 24,841   $ 26,773   $ 29,008   $ 23,635   $ 26,683
  Crew     8,664     8,627     8,553     7,719     7,664
  Mini-supply     7,148     7,805     8,048     7,721     7,666
  Standby safety     10,679     10,584     9,922     9,621     9,642
  Supply     17,156     16,906     17,541     16,864     14,915
  Towing supply     10,128     8,744     10,970     9,156     9,349
  Specialty     19,200     31,856     37,121     24,822     12,950
  Liftboats     22,219     26,072     25,001     22,062     18,573
  Overall Average Rates Per Day Worked (excluding wind farm utility)     14,324     15,355     15,677     13,588     12,878
  Wind farm utility     2,423     2,427     2,315     2,302     2,142
  Overall Average Rates Per Day Worked     11,659     12,279     12,454     11,010     10,657
                               
 Utilization:                              
  Anchor handling towing supply     77%     74%     75%     74%     74%
  Crew     81%     84%     88%     90%     91%
  Mini-supply     92%     94%     96%     97%     74%
  Standby safety     88%     88%     88%     86%     88%
  Supply     86%     82%     75%     83%     72%
  Towing supply     92%     84%     83%     79%     100%
  Specialty     47%     81%     58%     54%     25%
  Liftboats     60%     73%     82%     69%     64%
  Overall Fleet Utilization (excluding wind farm utility)     80%     82%     83%     82%     79%
  Wind farm utility     81%     90%     95%     93%     82%
  Overall Fleet Utilization     80%     84%     86%     84%     79%
                               
 Available Days:                              
  Anchor handling towing supply     1,530     1,564     1,564     1,547     1,530
  Crew     2,605     2,740     2,844     3,057     3,060
  Mini-supply     540     552     552     565     630
  Standby safety     2,160     2,208     2,208     2,184     2,160
  Supply     1,530     1,564     1,564     1,538     1,581
  Towing supply     180     184     184     182     180
  Specialty     270     276     327     364     360
  Liftboats     1,350     1,380     1,543     1,614     1,620
  Overall Fleet Available Days(excluding wind farm utility)     10,165     10,468     10,786     11,051     11,121
  Wind farm utility     2,863     2,959     2,978     2,889     2,790
  Overall Fleet Available Days     13,028     13,427     13,764     13,940     13,911
                               
                               

Contact Information

  • For additional information, contact:
    Molly Hottinger
    (954) 627-5278
    or visit SEACOR's website at www.seacorholdings.com