SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

April 23, 2015 17:07 ET

SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2015

FORT LAUDERDALE, FL--(Marketwired - Apr 23, 2015) -  SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its first quarter ended March 31, 2015.

For the quarter ended March 31, 2015, net loss attributable to SEACOR Holdings Inc. was $19.6 million, or $1.10 per diluted share.

For the preceding quarter ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $40.1 million, or $1.85 per diluted share. A comparison of results for the quarter ended March 31, 2015 with the preceding quarter ended December 31, 2014 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended March 31, 2014, net income attributable to SEACOR Holdings Inc. was $11.5 million, or $0.56 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating loss was $16.5 million on operating revenues of $93.5 million in the first quarter compared with operating income of $22.2 million on operating revenues of $127.5 million in the preceding quarter.

The operating loss in the first quarter includes a $6.6 million impairment charge related to the suspended construction of two offshore support vessels. During the preceding quarter, the Company sold and leased back two offshore support vessels and sold other equipment for net proceeds of $63.2 million and gains of $9.5 million, of which $0.1 million was recognized currently and $9.4 million was deferred. In addition, the Company recognized previously deferred gains of $12.0 million during the preceding quarter.

Offshore market conditions continued to deteriorate during the first quarter. Day rates and utilization of the Company's offshore support vessel fleet have been subjected to downward pressure as offshore drilling and associated activity has declined in response to lower oil prices and as newly built offshore support vessels have been delivered to the industry-wide fleet. In response, the Company has returned ten leased-in vessels to their owners beginning in the third quarter of 2014 and had nine cold-stacked vessels as of March 31, 2015. On a total fleet basis, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 564, or 6%, primarily due to returning the leased-in vessels to their owners. Overall utilization, excluding wind farm utility vessels, decreased from 75% to 68% and overall average day rates, excluding wind farm utility vessels, decreased by 15% from $15,520 to $13,178 per day. This release includes a table presenting time charter operating data by vessel class.

In the U.S. Gulf of Mexico, operating results excluding the impact of gains (losses) on asset dispositions and impairments were $14.4 million lower in the first quarter. Operating revenues were $17.7 million lower and impacted all vessel classes. The reduction was primarily due to weak market conditions, the return of leased-in vessels to their owners, the seasonal downturn for the liftboat fleet, and increased drydocking activity. Overall utilization was 49% compared with 62% in the preceding quarter, and overall average day rates decreased from $20,313 to $18,097 per day. Operating expenses were $2.0 million lower primarily due to the reduced fleet size and the increase in the number of cold-stacked vessels, partially offset by higher drydocking expenses. General and administrative expenses were $0.8 million lower primarily due to a reduction in wage and benefit costs from lower bonus accruals and following personnel reductions during the preceding quarter. As of March 31, 2015, the Company had seven vessels cold-stacked in the U.S Gulf of Mexico compared with one vessel as of December 31, 2014.

In international regions, operating income excluding the impact of gains on asset dispositions was $5.5 million lower in the first quarter. Operating revenues were $16.3 million lower primarily due to the conclusion of several charters. Excluding windfarm utility vessels, overall utilization was 78% compared with 82% in the preceding quarter, and overall average day rates decreased from $13,350 to $11,510 per day. Operating expenses were $10.2 million lower primarily due to the repositioning of two vessels to the U.S. Gulf of Mexico, the seasonal conclusion of a charter for a vessel operating in Russia, and reduced drydocking and routine repair and maintenance expenses. General and administrative expenses were $0.9 million lower primarily due to a reduction in wage and benefit costs from lower bonus accruals. As of March 31, 2015, the Company had two vessels cold-stacked in international regions compared with none as of December 31, 2014.

Inland River Services - Operating income was $6.1 million on operating revenues of $56.6 million in the first quarter compared with operating income of $23.7 million on operating revenues of $79.3 million in the preceding quarter.

Operating income was $17.5 million lower in the first quarter primarily due to an $18.2 million reduction in the results of the dry-cargo barge pools as a consequence of lower rates, reduced activity levels following the seasonal harvest and poor operating conditions due to harsh weather in the Midwest during the first quarter.

Foreign currency losses, net of $1.1 million in the first quarter were primarily due to the strengthening of the U.S. dollar versus the Colombian peso.

Equity in earnings of 50% or less owned companies of $10.5 million during the preceding quarter was primarily due to the receipt of a termination payment following a customer's cancellation of four long-term time charter contracts in the Company's joint venture operating on the Parana-Paraguay River Waterway.

Shipping Services - Operating income was $1.3 million on operating revenues of $51.4 million in the first quarter compared with operating income of $14.1 million on operating revenues of $56.7 million in the preceding quarter.

Operating income was $12.8 million lower in the first quarter primarily due to drydocking two of the Company's U.S.-flag product tankers. The drydockings reduced operating revenues by $4.3 million as a consequence of 71 days of out-of-service time and increased operating expenses by $8.1 million. One of the product tankers returned to service during the first quarter and the other is scheduled to return to service in late April 2015.

Equity in earnings from 50% or less owned companies increased by $1.9 million primarily due to improved operating results from the Company's joint venture in the Puerto Rico liner trade and the commencement of a charter for its crude tanker joint venture.

Illinois Corn Processing - Segment profit was $4.1 million on operating revenues of $39.6 million in the first quarter compared with $9.5 million of segment profit on operating revenues of $51.0 million in the preceding quarter. The reductions were primarily due to lower sales volumes as a result of reduced production during unplanned plant maintenance and lower sales prices of alcohol.

Other - Segment loss was $1.8 million in the first quarter compared with a segment loss of $6.3 million in the preceding quarter. The segment loss in the preceding quarter was primarily due to an impairment charge in respect of one of the Company's 50% or less owned companies, restructuring costs and reduced activity levels for emergency and crisis services, and costs incurred to develop new service products.

Marketable Securities - Marketable security losses, net of $9.1 million in the first quarter are primarily due to losses on long marketable security positions.

Share Repurchases - During the quarter ended March 31, 2015, the Company purchased 74,213 shares of its common stock for an aggregate purchase price of $5.2 million.

Capital Commitments - As of March 31, 2015, the Company's unfunded capital commitments were $459.4 million and included: $153.7 million for 16 offshore support vessels; $1.7 million for two 30,000 barrel inland river liquid tank barges; $11.0 million for eight 10,000 barrel inland river liquid tank barges; $2.7 million for three inland river towboats; $216.9 million for three U.S.-flag product tankers; $56.2 million for one U.S.-flag articulated tug-barge; and $17.2 million for other equipment and improvements. These commitments are payable as follows: $199.1 million is payable during the remainder of 2015; $217.3 million is payable during 2016; $37.6 million is payable during 2017; and $5.4 million is payable during 2018. This release includes a table detailing expected delivery by vessel class.

Liquidity and Debt - As of March 31, 2015, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $792.4 million and its total outstanding long-term debt was $879.6 million. Subsequent to March 31, 2015, certain subsidiaries of the Company that operate its fleet of U.S.-flag product tankers (collectively "SEA-Vista") secured a $300 million credit facility with a syndicate of lenders to fund its working capital needs, meet its capital commitments for the three U.S.-flag product tankers (referred to above under "Capital Commitments"), repay its outstanding Title XI financing and fund future growth opportunities.

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 a decline in the price of oil and an oversupply of newly built offshore support vessels, 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 a decline in the price of oil, an oversupply of newly built offshore support vessels and 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 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 and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing 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, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing's operations, 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,  
    2015     2014  
Operating Revenues   $ 260,644     $ 310,017  
Costs and Expenses:                
  Operating     199,148       218,976  
  Administrative and general     38,887       38,077  
  Depreciation and amortization     31,430       33,392  
      269,465       290,445  
Gains (Losses) on Asset Dispositions and Impairments, Net     (4,846 )     4,678  
Operating Income (Loss)     (13,667 )     24,250  
Other Income (Expense):                
  Interest income     4,579       4,043  
  Interest expense     (10,512 )     (11,403 )
  Marketable security gains (losses), net     (9,121 )     5,070  
  Derivative losses, net     (2,996 )     (237 )
  Foreign currency losses, net     (1,993 )     (199 )
  Other, net     (44 )     (3,655 )
      (20,087 )     (6,381 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies     (33,754 )     17,869  
Income Tax Expense (Benefit)     (11,954 )     6,375  
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies     (21,800 )     11,494  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     3,899       2,221  
Net Income (Loss)     (17,901 )     13,715  
Net Income attributable to Noncontrolling Interests in Subsidiaries     1,668       2,206  
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ (19,569 )   $ 11,509  
                 
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (1.10 )   $ 0.57  
                 
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (1.10 )   $ 0.56  
                 
Weighted Average Common Shares Outstanding:                
  Basic     17,777,725       20,109,373  
  Diluted     17,777,725       20,546,112  
                   
                   
                   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2015     Dec. 31, 2014     Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014  
Operating Revenues $ 260,644     $ 342,217     $ 338,936     $ 328,224     $ 310,017  
Costs and Expenses:                                      
  Operating   199,148       220,814       237,676       231,906       218,976  
  Administrative and general   38,887       45,520       46,655       34,686       38,077  
  Depreciation and amortization   31,430       31,603       33,604       33,220       33,392  
    269,465       297,937       317,935       299,812       290,445  
Gains (Losses) on Asset Dispositions and Impairments, Net   (4,846 )     13,136       29,869       4,295       4,678  
Operating Income (Loss)   (13,667 )     57,416       50,870       32,707       24,250  
Other Income (Expense):                                      
  Interest income   4,579       5,126       4,463       6,030       4,043  
  Interest expense   (10,512 )     (10,647 )     (11,124 )     (10,458 )     (11,403 )
  Marketable security gains (losses), net   (9,121 )     13,266       9,693       731       5,070  
  Derivative gains (losses), net   (2,996 )     (1,221 )     (2,538 )     94       (237 )
  Foreign currency gains (losses), net   (1,993 )     (4,797 )     (3,059 )     1,720       (199 )
  Other, net   (44 )     (3,230 )     111       10,213       (3,655 )
    (20,087 )     (1,503 )     (2,454 )     8,330       (6,381 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies   (33,754 )     55,913       48,416       41,037       17,869  
Income Tax Expense (Benefit)   (11,954 )     20,212       15,610       13,000       6,375  
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies   (21,800 )     35,701       32,806       28,037       11,494  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   3,899       13,628       972       (512 )     2,221  
Net Income (Loss)   (17,901 )     49,329       33,778       27,525       13,715  
Net Income attributable to Noncontrolling Interests in Subsidiaries   1,668       9,236       6,315       6,458       2,206  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ (19,569 )   $ 40,093     $ 27,463     $ 21,067     $ 11,509  
                                       
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (1.10 )   $ 2.22     $ 1.43     $ 1.05     $ 0.57  
                                       
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (1.10 )   $ 1.85     $ 1.28     $ 0.98     $ 0.56  
                                       
Weighted Average Common Shares of Outstanding:                                      
  Basic   17,778       18,074       19,196       19,989       20,109  
  Diluted   17,778       24,503       25,628       24,584       20,546  
Common Shares Outstanding at Period End   18,241       18,140       19,044       20,144       20,597  
                                       
                                       
                                       
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2015     Dec. 31, 2014     Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014  
Offshore Marine Services                                      
Operating Revenues $ 93,456     $ 127,518     $ 135,178     $ 138,247     $ 129,001  
Costs and Expenses:                                      
  Operating   74,355       86,558       90,736       93,755       94,043  
  Administrative and general   13,559       15,253       14,514       13,426       15,160  
  Depreciation and amortization   15,366       15,594       16,269       16,448       16,304  
    103,280       117,405       121,519       123,629       125,507  
Gains (Losses) on Asset Dispositions and Impairments, Net   (6,649 )     12,062       3,219       3,526       7,738  
Operating Income (Loss)   (16,473 )     22,175       16,878       18,144       11,232  
Other Income (Expense):                                      
  Derivative losses, net   (9 )     (7 )     (33 )     (70 )     (61 )
  Foreign currency gains (losses), net   (17 )     (934 )     (1,870 )     1,322       107  
  Other, net   (146 )     (68 )     --       14,739       --  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax   2,975       3,054       2,529       2,244       2,641  
Segment Profit (Loss)(1) $ (13,670 )   $ 24,220     $ 17,504     $ 36,379     $ 13,919  
                                       
OIBDA(2) $ (1,107 )   $ 37,769     $ 33,147     $ 34,592     $ 27,536  
Drydocking expenditures (included in operating costs and expenses) $ 6,881     $ 9,052     $ 7,606     $ 10,887     $ 11,080  
Out-of-service days for drydockings   294       326       357       575       635  
                                       
Inland River Services                                      
Operating Revenues $ 56,607     $ 79,252     $ 59,932     $ 56,007     $ 57,959  
Costs and Expenses:                                      
  Operating   41,513       46,250       43,947       45,047       39,674  
  Administrative and general   3,884       4,245       3,520       3,835       4,337  
  Depreciation and amortization   6,889       6,660       7,841       7,564       7,370  
    52,286       57,155       55,308       56,446       51,381  
Gains on Asset Dispositions   1,803       1,565       26,429       810       853  
Operating Income   6,124       23,662       31,053       371       7,431  
Other Income (Expense):                                      
  Derivative gains, net   82       --       --       --       --  
  Foreign currency gains (losses), net   (1,121 )     (3,032 )     (450 )     474       (327 )
  Other, net   --       --       --       --       (38 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   (274 )     10,515       (95 )     (3,335 )     (412 )
Segment Profit (Loss)(1) $ 4,811     $ 31,145     $ 30,508     $ (2,490 )   $ 6,654  
                                       
OIBDA(2) $ 13,013     $ 30,322     $ 38,894     $ 7,935     $ 14,801  
                                       
                                       
                                       
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2015     Dec. 31, 2014     Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014  
Shipping Services                                      
Operating Revenues $ 51,407     $ 56,681     $ 51,659     $ 53,575     $ 52,401  
Costs and Expenses:                                      
  Operating   37,131       28,688       29,068       28,018       26,997  
  Administrative and general   6,289       7,318       5,883       5,421       5,896  
  Depreciation and amortization   6,735       6,821       6,730       7,115       7,754  
    50,155       42,827       41,681       40,554       40,647  
Gains (Losses) on Asset Dispositions   --       202       (2 )     (41 )     --  
Operating Income   1,252       14,056       9,976       12,980       11,754  
Other Income (Expense):                                      
  Foreign currency gains (losses), net   (12 )     (4 )     (27 )     1       (10 )
  Other, net   29       22       123       158       (3,933 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   1,141       (790 )     (2,188 )     1,564       753  
Segment Profit(1) $ 2,410     $ 13,284     $ 7,884     $ 14,703     $ 8,564  
                                       
OIBDA(2) $ 7,987     $ 20,877     $ 16,706     $ 20,095     $ 19,508  
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) $ 8,083     $ --     $ --     $ --     $ 42  
Out-of-service days for drydockings of U.S.-flag product tankers   71       --       --       --       --  
                                       
Illinois Corn Processing                                      
Operating Revenues $ 39,598     $ 51,026     $ 53,813     $ 72,798     $ 58,656  
Costs and Expenses:                                      
  Operating   33,118       39,685       44,461       56,429       47,274  
  Administrative and general   562       609       463       594       511  
  Depreciation and amortization   980       1,064       1,055       1,010       990  
    34,660       41,358       45,979       58,033       48,775  
Operating Income   4,938       9,668       7,834       14,765       9,881  
Other Income (Expense):                                      
  Derivative gains (losses), net   (828 )     (302 )     (2,674 )     (1,519 )     718  
  Other, net   --       167       --       300       193  
Segment Profit(1) $ 4,110     $ 9,533     $ 5,160     $ 13,546     $ 10,792  
                                       
                                       
                                       
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2015     Dec. 31, 2014     Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014  
Other                                      
Operating Revenues $ 20,452     $ 29,283     $ 39,024     $ 8,437     $ 12,992  
Costs and Expenses:                                      
  Operating   13,830       21,145       30,099       9,464       11,936  
  Administrative and general   7,136       9,948       8,629       3,449       3,111  
  Depreciation and amortization   500       513       649       82       85  
    21,466       31,606       39,377       12,995       15,132  
Losses on Asset Dispositions and Impairments, Net   --       (668 )     --       --       (409 )
Operating Loss   (1,014 )     (2,991 )     (353 )     (4,558 )     (2,549 )
Other Income (Expense):                                      
  Derivative gains (losses), net   (776 )     (702 )     205       1,500       (733 )
  Foreign currency gains (losses), net   (40 )     (96 )     (121 )     53       9  
  Other, net   8       (3,357 )     42       (5,013 )     175  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   57       849       726       (985 )     (761 )
Segment Profit (Loss)(1) $ (1,765 )   $ (6,297 )   $ 499     $ (9,003 )   $ (3,859 )
                                       
Corporate and Eliminations                                      
Operating Revenues $ (876 )   $ (1,543 )   $ (670 )   $ (840 )   $ (992 )
Costs and Expenses:                                      
  Operating   (799 )     (1,512 )     (635 )     (807 )     (948 )
  Administrative and general   7,457       8,147       13,646       7,961       9,062  
  Depreciation and amortization   960       951       1,060       1,001       889  
    7,618       7,586       14,071       8,155       9,003  
Gains (Losses) on Asset Dispositions and Impairments, Net   --       (25 )     223       --       (3,504 )
Operating Loss $ (8,494 )   $ (9,154 )   $ (14,518 )   $ (8,995 )   $ (13,499 )
Other Income (Expense):                                      
  Derivative gains (losses), net $ (1,465 )   $ (210 )   $ (36 )   $ 183     $ (161 )
  Foreign currency gains (losses), net   (803 )     (731 )     (591 )     (130 )     22  
  Other, net   65       6       (54 )     29       (52 )
                                         
(1) Includes amounts attributable to both SEACOR and noncontrolling interests.
(2) 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) for the applicable segment 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, 2015   Dec. 31, 2014   Sep. 30, 2014   Jun. 30, 2014   Mar. 31, 2014  
ASSETS                              
Current Assets:                              
  Cash and cash equivalents $ 448,011   $ 434,183   $ 449,632   $ 453,415   $ 374,790  
  Restricted cash   16,896     16,435     13,656     14,346     14,490  
  Marketable securities   39,002     58,004     43,286     33,275     29,522  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   186,583     225,242     215,191     198,768     203,785  
    Other   39,805     67,745     57,621     50,571     41,292  
  Inventories   23,156     22,783     20,896     20,207     24,962  
  Deferred income taxes   --     --     116     116     116  
  Prepaid expenses and other   8,814     9,011     11,431     12,837     8,292  
    Total current assets   762,267     833,403     811,829     783,535     697,249  
Property and Equipment:                              
    Historical cost   2,083,035     2,086,957     2,166,509     2,216,627     2,224,212  
    Accumulated depreciation   (918,769 )   (902,284 )   (889,993 )   (888,442 )   (894,511 )
    1,164,266     1,184,673     1,276,516     1,328,185     1,329,701  
    Construction in progress   339,390     318,000     284,362     297,523     325,529  
    Net property and equipment   1,503,656     1,502,673     1,560,878     1,625,708     1,655,230  
Investments, at Equity, and Advances to 50% or Less Owned Companies   483,748     484,157     444,826     484,164     456,446  
Construction Reserve Funds & Title XI Reserve Funds   288,529     278,022     321,278     324,856     264,339  
Goodwill   62,688     62,759     62,904     18,012     17,963  
Intangible Assets, Net   31,955     32,727     34,306     10,754     11,567  
Other Assets   47,169     51,292     55,049     48,964     42,241  
  $ 3,180,012   $ 3,245,033   $ 3,291,070   $ 3,295,993   $ 3,145,035  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 44,953   $ 48,499   $ 50,785   $ 43,557   $ 49,171  
  Accounts payable and accrued expenses   72,738     103,760     90,704     87,235     83,296  
  Other current liabilities   138,460     119,694     139,999     119,501     132,190  
    Total current liabilities   256,151     271,953     281,488     250,293     264,657  
Long-Term Debt   834,686     834,383     831,163     830,303     830,887  
Deferred Income Taxes   413,450     432,546     459,039     456,403     456,883  
Deferred Gains and Other Liabilities   178,293     188,664     185,950     175,229     145,483  
    Total liabilities   1,682,580     1,727,546     1,757,640     1,712,228     1,697,910  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   --     --     --     --     --  
    Common stock   377     375     375     375     374  
    Additional paid-in capital   1,495,261     1,490,698     1,485,342     1,479,942     1,401,294  
    Retained earnings   1,175,833     1,195,402     1,155,309     1,127,846     1,106,779  
    Shares held in treasury, at cost   (1,287,460 )   (1,283,476 )   (1,213,267 )   (1,126,322 )   (1,087,101 )
    Accumulated other comprehensive income (loss), net of tax   (5,837 )   (3,505 )   (1,891 )   225     (929 )
    1,378,174     1,399,494     1,425,868     1,482,066     1,420,417  
  Noncontrolling interests in subsidiaries   119,258     117,993     107,562     101,699     26,708  
    Total equity   1,497,432     1,517,487     1,533,430     1,583,765     1,447,125  
  $ 3,180,012   $ 3,245,033   $ 3,291,070   $ 3,295,993   $ 3,145,035  
                               
                               
                               
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
  Mar. 31, 2015   Dec. 31, 2014   Sep. 30, 2014   Jun. 30, 2014   Mar. 31, 2014
Offshore Marine Services                  
Anchor handling towing supply 18   18   18   18   18
Fast support 34   35   38   38   39
Mini-supply 7   7   7   7   8
Standby safety 25   25   25   25   25
Supply 27   25   27   27   26
Towing supply 3   3   3   3   3
Specialty 9   9   9   9   9
Liftboats 15   15   15   15   15
Wind farm utility 37   36   35   35   34
  175   173   177   177   177
                   
Inland River Services                  
Dry-cargo barges 1,439   1,455   1,456   1,463   1,415
Liquid tank barges:                  
  10,000 barrel 50   49   45   45   45
  30,000 barrel 29   29   29   29   29
Deck barges --   20   20   20   20
Towboats:                  
  4,000 hp - 6,250 hp 17   17   16   16   17
  3,300 hp - 3,900 hp --   --   1   1   1
  Less than 3,200 hp 15   14   15   15   14
  1,550   1,584   1,582   1,589   1,541
                   
Shipping Services(1)                  
Petroleum and Gas Transportation:                  
  Product tankers - U.S.-flag 8   7   7   7   7
  Very large gas carriers - Foreign-flag 6   5   5   3   3
Harbor Towing and Bunkering:                  
  Harbor tugs - U.S.-flag 24   24   24   24   24
  Harbor tugs - Foreign-flag 4   4   4   4   4
  Offshore tug - U.S.-flag 1   1   --   --   --
  Ocean liquid tank barges - U.S.-flag 5   5   5   5   5
Liner and Short-sea Transportation:                  
  RORO/deck barges - U.S.-flag 7   7   7   7   7
  Short-sea container/RORO - Foreign-flag 7   7   8   7   8
Other:                  
  Dry bulk articulated tug-barge - U.S.-flag 1   1   1   1   1
  63   61   61   58   59
                   
(1) For each of the periods presented ending in 2014, the Company provided technical management services for two additional vessels. For the period ended March 31, 2015, the Company provided technical management services for one additional vessel.
   
   
   
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
 
  2015   2016   2017   2018    
  Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Total
Offshore Marine Services                                                  
Fast support 1   --   1   1   --   2   --   1   --   --   --   --   6
Supply(1) 1   --   --   1   1   --   --   --   1   --   --   1   5
Liftboats(2) --   --   --   --   2   --   --   --   --   --   --   --   2
Wind farm utility 2   --   1   --   --   --   --   --   --   --   --   --   3
                                                   
Inland River Services                                                  
Liquid tank barges - 10,000 barrel --   8   --   --   --   --   --   --   --   --   --   --   8
Liquid tank barges - 30,000 barrel --   --   1   1   --   --   --   --   --   --   --   --   2
Towboats 1   1   --   1   --   --   --   --   --   --   --   --   3
                                                   
Shipping Services                                                  
Product tankers - U.S.-flag --   --   --   --   1   --   1   1   --   --   --   --   3
Articulated tug-barge - U.S.-flag --   --   --   1   --   --   --   --   --   --   --   --   1
                                                   
(1) The vessel scheduled to be delivered in the second quarter of 2015 is to be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery.
(2) To be delivered to a 50% or less owned company.
   
   
   
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2015   Dec. 31, 2014   Sep. 30, 2014   Jun. 30, 2014   Mar. 31, 2014  
Rates Per Day Worked:                              
  Anchor handling towing supply $ 22,792   $ 26,544   $ 26,175   $ 25,796   $ 24,841  
  Fast support   9,426     9,620     9,542     9,222     8,664  
  Mini-supply   5,778     6,355     6,550     6,627     7,148  
  Standby safety   10,147     10,556     11,091     10,932     10,679  
  Supply   17,047     18,712     18,355     16,948     17,156  
  Towing supply   8,728     7,918     9,223     9,339     10,128  
  Specialty   14,537     32,027     38,716     26,860     19,200  
  Liftboats   21,951     23,038     23,933     23,017     22,219  
  Overall Average Rates Per Day Worked (excluding wind farm utility)   13,178     15,520     15,863     15,470     14,324  
  Wind farm utility   2,584     2,732     2,688     2,553     2,423  
  Overall Average Rates Per Day Worked   10,057     11,874     12,239     12,259     11,659  
                               
Utilization:                              
  Anchor handling towing supply   68 %   85 %   76 %   83 %   77 %
  Fast support   80 %   73 %   71 %   75 %   81 %
  Mini-supply   85 %   94 %   100 %   81 %   92 %
  Standby safety   83 %   84 %   89 %   88 %   88 %
  Supply   67 %   74 %   75 %   82 %   86 %
  Towing supply   95 %   62 %   70 %   74 %   92 %
  Specialty   27 %   48 %   54 %   52 %   47 %
  Liftboats   28 %   55 %   66 %   80 %   60 %
  Overall Fleet Utilization (excluding wind farm utility)   68 %   75 %   77 %   80 %   80 %
  Wind farm utility   84 %   93 %   97 %   91 %   81 %
  Overall Fleet Utilization   72 %   79 %   81 %   83 %   80 %
                               
Available Days:                              
  Anchor handling towing supply   1,350     1,380     1,541     1,547     1,530  
  Fast support   2,129     2,420     2,488     2,533     2,605  
  Mini-supply   360     368     413     479     540  
  Standby safety   2,160     2,208     2,208     2,184     2,160  
  Supply   1,022     1,169     1,298     1,407     1,530  
  Towing supply   180     184     184     182     180  
  Specialty   270     276     276     273     270  
  Liftboats   1,350     1,380     1,380     1,365     1,350  
  Overall Fleet Available Days (excluding wind farm utility)   8,821     9,385     9,788     9,970     10,165  
  Wind farm utility   2,997     3,022     2,944     2,912     2,863  
  Overall Fleet Available Days   11,818     12,407     12,732     12,882     13,028  

Contact Information

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