SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

April 26, 2016 16:56 ET

SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2016

FORT LAUDERDALE, FL--(Marketwired - Apr 26, 2016) -  SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its first quarter ended March 31, 2016.

For the quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million, or $1.62 per diluted share. For the preceding quarter ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $56.9 million, or $3.36 per diluted share. A comparison of results for the quarter ended March 31, 2016 with the preceding quarter ended December 31, 2015 is included in the "Highlights for the Quarter" discussion below.

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

Highlights for the Quarter

Offshore Marine Services - Operating loss was $16.6 million in the first quarter compared with $19.2 million in the preceding quarter. During the preceding quarter, the Company recorded an impairment charge of $13.4 million for the goodwill associated with its Offshore Marine Services business segment as a consequence of continuing difficult market conditions. Operating income (loss) before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the segment information tables herein) was $(1.7) million on operating revenues of $59.9 million in the first quarter compared with $9.6 million, excluding the goodwill impairment charge, on operating revenues of $83.2 million in the preceding quarter.

Excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet decreased from 59% to 52%, and average rates per day worked decreased by 22% from $13,495 to $10,545. Days available for time charter during the first quarter decreased by 3%. This release includes a table presenting time charter operating data by vessel class.

In the U.S. Gulf of Mexico, operating results, excluding the goodwill impairment charge of $13.4 million noted above, were $6.8 million lower in the first quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $7.8 million lower due to a reduction in offshore construction activity. Time charter revenues for the liftboat fleet were $3.4 million lower primarily due to weaker market conditions and seasonality. Operating expenses were $3.6 million lower in the first quarter compared with the preceding quarter primarily as a consequence of cold-stacking vessels. On a total fleet basis, including cold-stacked vessels, utilization dropped from 22% to 17%, and average rates per day worked decreased from $32,054 to $21,341. As of March 31, 2016, the Company had 21 of 32 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 22 of 33 as of December 31, 2015. Of the 21 vessels cold-stacked, eleven were liftboats.

Operating results from international regions were $4.0 million lower in the first quarter compared with the preceding quarter primarily due to the seasonal conclusion of a term charter in Sakhalin. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization declined from 79% to 71%, and average day rates per day worked decreased from $10,553 to $9,109. As of March 31, 2016, the Company had five of 101 owned and leased-in vessels cold-stacked in international regions compared with four of 100 as of December 31, 2015.

Derivative gains, net of $2.9 million in the first quarter were primarily due to unrealized gains on equity options.

Foreign currency losses, net of $1.6 million in the first quarter were primarily due to the weakening of the pound sterling in relation to the euro underlying certain of the Company's debt balances.

Inland River Services - Operating loss was $0.9 million in the first quarter compared with operating income of $9.2 million in the preceding quarter. OIBDA was $6.2 million on operating revenues of $39.6 million in the first quarter compared with $16.3 million on operating revenues of $58.4 million in the preceding quarter.

Operating results were $10.2 million lower in the first quarter compared with the preceding quarter primarily due to reduced activity levels for the dry-cargo barge pools following the seasonal harvest and poor operating conditions as a consequence of flooding during most of the first quarter. On April 15, 2016, the Company sold the assets used in its liquid unit tow operation for $90.0 million.

Foreign currency gains, net of $1.4 million in the first quarter were primarily due to the strengthening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company's intercompany lease obligations.

During the first quarter, the Company recognized $2.8 million of equity losses in its 50% owned joint venture operating on the Parana-Paraguay River Waterway. In addition, the Company recognized interest income (not a component of segment profit) of $0.8 million during the first quarter on notes due from this joint venture.

Shipping Services - Operating income was $16.3 million in the first quarter compared with $19.8 million in the preceding quarter. OIBDA was $22.9 million (of which $8.0 million is attributable to noncontrolling interests) on operating revenues of $57.1 million in the first quarter compared with $26.3 million (of which $8.6 million is attributable to noncontrolling interests) on operating revenues of $61.4 million in the preceding quarter.

Operating results were $3.4 million lower in the first quarter primarily due to lower charter hire revenue for one U.S. flag product tanker and lower short-sea cargo shipping demand.

Illinois Corn Processing - Segment profit was $1.4 million (of which $0.4 million is attributable to noncontrolling interests) on operating revenues of $49.6 million in the first quarter compared with $0.1 million on operating revenues of $38.7 million in the preceding quarter. Segment profit was $1.3 million higher primarily due to an improvement in industry-wide fuel ethanol margins and lower operating costs as a consequence of increased production rates.

Debt Extinguishment Gains - During the first quarter, the Company purchased $13.9 million in principal amount of its 7.375% Senior Notes for $11.9 million resulting in gains on debt extinguishment of $1.8 million and purchased $20.2 million in principal amount of its 2.5% Convertible Senior Notes for $18.9 million resulting in gains on debt extinguishment of $1.4 million.

Marketable Security Transactions. - Marketable security losses, net included $21.7 million of unrealized losses on the Company's investment in 9,177,135 shares of Dorian LPG Ltd ("Dorian"), a publicly traded company on the New York Stock Exchange trading under the symbol "LPG." Dorian's closing share price was $11.77, $9.40 and $10.51 as of December 31, 2015, March 31, 2016 and April 26, 2016, respectively.

Share Repurchases - During the first quarter, the Company acquired for treasury 47,455 shares of its common stock from its employees to cover their tax withholding obligations upon the lapsing of restrictions on share awards for an aggregate purchase price of $2.4 million. These shares were purchased in accordance with the terms of the Company's Share Incentive Plans and not pursuant to the repurchase authorizations granted by SEACOR's Board of Directors. As of March 31, 2016, the Company had 17,294,810 of common shares outstanding.

Capital Commitments - The Company's capital commitments as of March 31, 2016 by year of expected payment were as follows (in thousands):

                     
    2016   2017   2018   2019   Total
Shipping Services   $ 150,476   $ 22,630   $ --   $ --   $ 173,106
Offshore Marine Services     55,545     38,847     29,199     10,123   $ 133,714
Inland River Services     29,060     28,510     --     --   $ 57,570
Illinois Corn Processing     3,399     --     --     --   $ 3,399
Other     3     --     --     --   $ 3
    $ 238,483   $ 89,987   $ 29,199   $ 10,123   $ 367,792
                               

Shipping Services' capital commitments included three U.S.-flag product tankers, one U.S.-flag chemical and petroleum articulated tug barge and two U.S.-flag harbor tugs. Offshore Marine Services' capital commitments included eight fast support vessels, four supply vessels, two specialty offshore support vessels and one wind farm utility vessel. Inland River Services' capital commitments included 50 dry-cargo barges, one 30,000 barrel liquid tank barge and five inland river towboats.

Liquidity and Debt - As of March 31, 2016, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $862.7 million and its total outstanding debt was $1,054.0 million. In addition, the Company had $97.5 million of borrowing capacity under its subsidiary credit facilities.

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 resulting decrease in capital spending by oil and gas companies, as well as 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. 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). These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data, unaudited)
 
   
    Three Months Ended  
    March 31,  
    2016     2015  
Operating Revenues   $ 213,928     $ 260,644  
Costs and Expenses:                
  Operating     157,468       199,148  
  Administrative and general     35,704       38,887  
  Depreciation and amortization     30,989       31,430  
      224,161       269,465  
Gains (Losses) on Asset Dispositions and Impairments, Net     217       (4,846 )
Operating Loss     (10,016 )     (13,667 )
Other Income (Expense):                
  Interest income     5,593       4,579  
  Interest expense     (11,935 )     (10,512 )
  Debt extinguishment gains, net     3,223       --  
  Marketable security losses, net     (25,096 )     (9,121 )
  Derivative gains (losses), net     2,620       (2,996 )
  Foreign currency gains (losses), net     37       (1,993 )
  Other, net     268       (44 )
      (25,290 )     (20,087 )
Loss Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies     (35,306 )     (33,754 )
Income Tax Benefit     (14,831 )     (11,954 )
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (20,475 )     (21,800 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (49 )     3,899  
Net Loss     (20,524 )     (17,901 )
Net Income attributable to Noncontrolling Interests in Subsidiaries     6,662       1,668  
Net Loss attributable to SEACOR Holdings Inc.   $ (27,186 )   $ (19,569 )
                 
Basic Loss Per Common Share of SEACOR Holdings Inc.   $ (1.62 )   $ (1.10 )
                 
Diluted Loss Per Common Share of SEACOR Holdings Inc.   $ (1.62 )   $ (1.10 )
                 
Weighted Average Common Shares Outstanding:                
  Basic     16,817,368       17,777,725  
  Diluted     16,817,368       17,777,725  
                 
                 
                 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015  
Operating Revenues $ 213,928     $ 250,631     $ 261,852     $ 281,609     $ 260,644  
Costs and Expenses:                                      
  Operating   157,468       165,729       175,985       207,743       199,148  
  Administrative and general   35,704       41,158       37,892       38,674       38,887  
  Depreciation and amortization   30,989       31,460       31,018       32,079       31,430  
    224,161       238,347       244,895       278,496       269,465  
Gains (Losses) on Asset Dispositions and Impairments, Net   217       (13,212 )     11,264       4,386       (4,846 )
Operating Income (Loss)   (10,016 )     (928 )     28,221       7,499       (13,667 )
Other Income (Expense):                                      
  Interest income   5,593       5,902       5,065       4,474       4,579  
  Interest expense   (11,935 )     (11,500 )     (10,894 )     (10,391 )     (10,512 )
  Debt extinguishment gains (losses), net   3,223       1,473       (434 )     (29,536 )     --  
  Marketable security gains (losses), net   (25,096 )     3,402       (4,604 )     10,249       (9,121 )
  Derivative gains (losses), net   2,620       199       (725 )     1,426       (2,996 )
  Foreign currency gains (losses), net   37       (1,138 )     (4,057 )     2,436       (1,993 )
  Other, net   268       611       1,773       4,433       (44 )
    (25,290 )     (1,051 )     (13,876 )     (16,909 )     (20,087 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies   (35,306 )     (1,979 )     14,345       (9,410 )     (33,754 )
Income Tax Expense (Benefit)   (14,831 )     (2,626 )     3,063       155       (11,954 )
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies   (20,475 )     647       11,282       (9,565 )     (21,800 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   (49 )     (50,500 )     5,123       1,064       3,899  
Net Income (Loss)   (20,524 )     (49,853 )     16,405       (8,501 )     (17,901 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries   6,662       7,012       9,440       (9,188 )     1,668  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ (27,186 )   $ (56,865 )   $ 6,965     $ 687     $ (19,569 )
                                       
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (1.62 )   $ (3.36 )   $ 0.40     $ 0.04     $ (1.10 )
                                       
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (1.62 )   $ (3.36 )   $ 0.40     $ 0.04     $ (1.10 )
                                       
Weighted Average Common Shares of Outstanding:                                      
  Basic   16,817       16,942       17,295       17,781       17,778  
  Diluted   16,817       16,942       17,561       18,082       17,778  
Common Shares Outstanding at Period End   17,295       17,155       17,354       18,012       18,241  
                                       
                                       
                                       
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015  
Offshore Marine Services                                      
Operating Revenues $ 59,879     $ 83,166     $ 95,531     $ 96,715     $ 93,456  
Costs and Expenses:                                      
  Operating   48,850       59,223       70,221       72,173       74,355  
  Administrative and general   12,398       14,118       12,753       12,655       13,559  
  Depreciation and amortization   14,838       15,419       15,252       15,692       15,366  
    76,086       88,760       98,226       100,520       103,280  
Gains (Losses) on Asset Dispositions and Impairments, Net   (380 )     (13,577 )     (246 )     3,455       (6,649 )
Operating Loss   (16,587 )     (19,171 )     (2,941 )     (350 )     (16,473 )
Other Income (Expense):                                      
  Derivative gains (losses), net   2,898       (2,751 )     (10 )     4       (9 )
  Foreign currency gains (losses), net   (1,560 )     (350 )     (1,567 )     1,907       (17 )
  Other, net   265       373       (9 )     43       (146 )
Equity in Earnings of 50% or Less Owned Companies, Net of Tax   2,161       1,248       1,708       2,826       2,975  
Segment Profit (Loss)(1) $ (12,823 )   $ (20,651 )   $ (2,819 )   $ 4,430     $ (13,670 )
                                       
OIBDA(2) $ (1,749 )   $ (3,752 )   $ 12,311     $ 15,342     $ (1,107 )
Drydocking expenditures (included in operating costs and expenses) $ 3,703     $ 3,485     $ 1,483     $ 5,932     $ 6,881  
Out-of-service days for drydockings   131       246       87       315       294  
                                       
Inland River Services                                      
Operating Revenues $ 39,614     $ 58,415     $ 54,310     $ 61,150     $ 56,607  
Costs and Expenses:                                      
  Operating   30,118       38,459       39,487       48,556       41,513  
  Administrative and general   3,912       4,011       3,907       3,765       3,884  
  Depreciation and amortization   7,137       7,113       7,268       7,362       6,889  
    41,167       49,583       50,662       59,683       52,286  
Gains on Asset Dispositions   605       389       11,510       1,166       1,803  
Operating Income (Loss)   (948 )     9,221       15,158       2,633       6,124  
Other Income (Expense):                                      
  Derivative gains (losses), net   --       (15 )     50       177       82  
  Foreign currency gains (losses), net   1,437       (640 )     (2,173 )     208       (1,121 )
Equity in Losses of 50% or Less Owned Companies, Net of Tax   (2,778 )     (25,092 )     (2,117 )     (3,717 )     (274 )
Segment Profit (Loss)(1) $ (2,289 )   $ (16,526 )   $ 10,918     $ (699 )   $ 4,811  
                                       
OIBDA(2) $ 6,189     $ 16,334     $ 22,426     $ 9,995     $ 13,013  
                                       
                                       
                                       
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015   Mar. 31, 2015  
Shipping Services                                    
Operating Revenues $ 57,055     $ 61,388     $ 58,673     $ 55,674   $ 51,407  
Costs and Expenses:                                    
  Operating   27,234       28,118       27,666       36,124     37,131  
  Administrative and general   6,918       7,014       6,236       6,676     6,289  
  Depreciation and amortization   6,562       6,474       6,476       6,611     6,735  
    40,714       41,606       40,378       49,411     50,155  
Losses on Asset Dispositions   (6 )     --       --       --     --  
Operating Income   16,335       19,782       18,295       6,263     1,252  
Other Income (Expense):                                    
  Foreign currency gains (losses), net   (3 )     (18 )     (9 )     9     (12 )
  Other, net   1       1       1,836       187     29  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   26       (27,578 )     5,292       2,363     1,141  
Segment Profit (Loss)(1) $ 16,359     $ (7,813 )   $ 25,414     $ 8,822   $ 2,410  
                                     
OIBDA(2) $ 22,897     $ 26,256     $ 24,771     $ 12,874   $ 7,987  
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses) $ (73 )   $ 207     $ 66     $ 7,171   $ 8,083  
Out-of-service days for drydockings of U.S.-flag product tankers   --       --       --       38     71  
                                     
Illinois Corn Processing                                    
Operating Revenues $ 49,609     $ 38,654     $ 40,282     $ 48,371   $ 39,598  
Costs and Expenses:                                    
  Operating   46,289       36,747       33,514       40,588     33,118  
  Administrative and general   656       693       543       509     562  
  Depreciation and amortization   1,053       964       979       979     980  
    47,998       38,404       35,036       42,076     34,660  
Operating Income   1,611       250       5,246       6,295     4,938  
Other Income (Expense):                                    
  Derivative gains (losses), net   (187 )     (137 )     (336 )     50     (828 )
  Other, net   --       --       --       4,112     --  
Segment Profit(1) $ 1,424     $ 113     $ 4,910     $ 10,457   $ 4,110  
                                     
                                     
                                     
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015  
Other                                      
Operating Revenues $ 8,419     $ 9,922     $ 13,779     $ 20,337     $ 20,452  
Costs and Expenses:                                      
  Operating   5,805       4,166       5,854       11,103       13,830  
  Administrative and general   4,223       6,231       6,658       6,617       7,136  
  Depreciation and amortization   455       575       152       489       500  
    10,483       10,972       12,664       18,209       21,466  
Losses on Asset Dispositions   (2 )     (24 )     --       (235 )     --  
Operating Income (Loss)   (2,066 )     (1,074 )     1,115       1,893       (1,014 )
Other Income (Expense):                                      
  Derivative gains (losses), net   --       --       --       304       (776 )
  Foreign currency gains (losses), net   (27 )     21       (64 )     36       (40 )
  Other, net   --       5       (1 )     40       8  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   542       922       240       (408 )     57  
Segment Profit (Loss)(1) $ (1,551 )   $ (126 )   $ 1,290     $ 1,865     $ (1,765 )
                                       
Corporate and Eliminations                                      
Operating Revenues $ (648 )   $ (914 )   $ (723 )   $ (638 )   $ (876 )
Costs and Expenses:                                      
  Operating   (828 )     (984 )     (757 )     (801 )     (799 )
  Administrative and general   7,597       9,091       7,795       8,452       7,457  
  Depreciation and amortization   944       915       891       946       960  
    7,713       9,022       7,929       8,597       7,618  
Operating Loss $ (8,361 )   $ (9,936 )   $ (8,652 )   $ (9,235 )   $ (8,494 )
Other Income (Expense):                                      
  Derivative gains (losses), net $ (91 )   $ 3,102     $ (429 )   $ 891     $ (1,465 )
  Foreign currency gains (losses), net   190       (151 )     (244 )     276       (803 )
  Other, net   2       232       (53 )     51       65  
                                         
(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.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
  Three Months Ended  
  Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015  
Rates Per Day Worked:                                      
  Anchor handling towing supply $ 21,719     $ 30,871     $ 29,978     $ 28,463     $ 22,792  
  Fast support   7,587       8,014       8,853       9,795       9,426  
  Mini-supply   5,689       5,345       5,858       5,861       5,778  
  Standby safety   9,564       10,229       10,487       10,303       10,147  
  Supply   9,010       14,375       14,459       15,112       17,047  
  Towing supply   7,200       8,872       7,912       8,579       8,728  
  Specialty   12,403       23,107       25,517       20,749       14,537  
  Liftboats   15,150       25,191       17,124       20,675       21,951  
  Overall Average Rates Per Day Worked(excluding wind farm utility)   10,545       13,495       14,029       13,955       13,178  
  Wind farm utility   2,419       2,506       2,446       2,414       2,584  
  Overall Average Rates Per Day Worked   7,915       10,299       10,003       9,993       10,057  
                                       
Utilization:                                      
  Anchor handling towing supply   47 %     51 %     59 %     57 %     68 %
  Fast support   68 %     58 %     64 %     67 %     80 %
  Mini-supply   79 %     97 %     97 %     100 %     85 %
  Standby safety   79 %     85 %     84 %     84 %     83 %
  Supply   11 %     43 %     41 %     44 %     67 %
  Towing supply   45 %     97 %     68 %     99 %     95 %
  Specialty   45 %     80 %     88 %     45 %     27 %
  Liftboats   5 %     13 %     31 %     42 %     28 %
  Overall Fleet Utilization (excluding wind farm utility)   52 %     59 %     63 %     65 %     68 %
  Wind farm utility   65 %     65 %     90 %     96 %     84 %
  Overall Fleet Utilization   56 %     60 %     70 %     73 %     72 %
                                       
Available Days:                                      
  Anchor handling towing supply   1,365       1,380       1,380       1,365       1,350  
  Fast support   2,093       2,173       2,072       2,086       2,129  
  Mini-supply   364       368       368       364       360  
  Standby safety   2,184       2,208       2,208       2,184       2,160  
  Supply   633       736       920       953       1,022  
  Towing supply   182       184       184       182       180  
  Specialty   273       276       276       273       270  
  Liftboats   1,365       1,380       1,380       1,365       1,350  
  Overall Fleet Available Days(excluding wind farm utility)   8,459       8,705       8,788       8,772       8,821  
  Wind farm utility   3,245       3,222       3,262       3,094       2,997  
  Overall Fleet Available Days   11,704       11,927       12,050       11,866       11,818  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
  Mar. 31, 2016   Dec. 31, 2015   Sep. 30, 2015   Jun. 30, 2015   Mar. 31, 2015
ASSETS                            
Current Assets:                            
  Cash and cash equivalents $ 496,473   $ 530,009   $ 456,805   $ 433,827   $ 448,011
  Restricted cash   --     --     --     --     16,896
  Marketable securities   110,894     138,200     31,632     29,411     39,002
  Receivables:                            
    Trade, net of allowance for doubtful accounts   130,731     159,076     175,968     181,733     186,583
    Other   31,440     27,217     39,696     48,627     39,805
  Inventories   18,431     24,768     23,274     19,736     23,156
  Prepaid expenses and other   9,615     8,627     10,755     11,411     8,814
    Total current assets   797,584     887,897     738,130     724,745     762,267
Property and Equipment:                            
    Historical cost   2,015,205     2,123,201     2,099,483     2,100,309     2,083,035
    Accumulated depreciation   (986,048)     (994,181)     (967,721)     (954,931)     (918,769)
        1,029,157     1,129,020     1,131,762     1,145,378     1,164,266
    Construction in progress   484,472     454,605     413,572     399,033     339,390
    Held for sale equipment   86,332     --     --     --     --
    Net property and equipment   1,599,961     1,583,625     1,545,334     1,544,411     1,503,656
Investments, at Equity, and Advances to 50% or Less Owned Companies   334,370     331,103     490,818     482,302     483,748
Construction Reserve Funds & Title XI Reserve Funds   255,350     255,408     253,470     275,131     288,529
Goodwill   52,376     52,340     65,725     62,686     62,688
Intangible Assets, Net   25,750     26,392     27,179     30,742     31,955
Other Assets   46,496     48,654     46,371     44,850     37,108
  $ 3,111,887   $ 3,185,419   $ 3,167,027   $ 3,164,867   $ 3,169,951
                             
LIABILITIES AND EQUITY                            
Current Liabilities:                            
  Current portion of long-term debt $ 35,688   $ 35,531   $ 35,452   $ 35,270   $ 44,953
  Accounts payable and accrued expenses   50,660     71,952     64,997     68,832     72,738
  Other current liabilities   107,811     92,677     113,271     108,100     128,230
    Total current liabilities   194,159     200,160     213,720     212,202     245,921
Long-Term Debt   1,018,331     1,034,859     914,220     876,710     824,625
Exchange Option Liability on Subsidiary Convertible Senior Notes   5,747     5,611     --     --     --
Deferred Income Taxes   374,476     389,988     418,776     430,761     423,680
Deferred Gains and Other Liabilities   153,051     163,862     170,850     172,018     178,293
    Total liabilities   1,745,764     1,794,480     1,717,566     1,691,691     1,672,519
Equity:                            
  SEACOR Holdings Inc. stockholders' equity:                            
    Preferred stock   --     --     --     --     --
    Common stock   379     377     377     377     377
    Additional paid-in capital   1,508,981     1,505,942     1,503,794     1,499,904     1,495,261
    Retained earnings   1,099,434     1,126,620     1,183,485     1,176,520     1,175,833
    Shares held in treasury, at cost   (1,357,809)     (1,356,499)     (1,346,371)     (1,305,104)     (1,287,460)
    Accumulated other comprehensive loss, net of tax   (7,764)     (5,620)     (5,604)     (3,172)     (5,837)
      1,243,221     1,270,820     1,335,681     1,368,525     1,378,174
  Noncontrolling interests in subsidiaries   122,902     120,119     113,780     104,651     119,258
    Total equity   1,366,123     1,390,939     1,449,461     1,473,176     1,497,432
  $ 3,111,887   $ 3,185,419   $ 3,167,027   $ 3,164,867   $ 3,169,951
                             
                             
                             
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
  Mar. 31, 2016   Dec. 31, 2015   Sep. 30, 2015   Jun. 30, 2015   Mar. 31, 2015
Offshore Marine Services                  
Anchor handling towing supply 18   18   18   18   18
Fast support 34   34   34   33   34
Mini-supply 7   7   7   7   7
Standby safety 25   25   25   25   25
Supply 23   24   26   26   27
Towing supply 3   3   3   3   3
Specialty 9   9   9   9   9
Liftboats 15   15   15   15   15
Wind farm utility 39   38   39   37   37
  173   173   176   173   175
                   
Inland River Services                  
Dry-cargo barges 1,426   1,430   1,431   1,435   1,439
Liquid tank barges:                  
  10,000 barrel 18   18   18   45   45
  30,000 barrel(1) 27   27   27   27   27
Specialty barges (2) 11   11   11   7   7
Towboats:                  
  4,000 hp - 6,600 hp 17   17   17   17   17
  Less than 3,200 hp(3) 17   17   16   16   15
  1,516   1,520   1,520   1,547   1,550
                   
Shipping Services(4)                  
Petroleum Transportation:                  
  Product tankers - U.S.-flag 7   7   7   7   7
  Crude oil tanker - U.S.-flag 1   1   1   1   1
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   1   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   7   7   7
Other:                  
  Dry bulk articulated tug-barge - U.S.-flag 1   1   1   1   1
  57   57   57   57   57
                   
(1) Included in held for sale equipment.
(2) Includes non-certificated 10,000 and 30,000 barrel liquid tank barges.
(3) Includes 13 in held for sale equipment.
(4) For each of the periods presented, the Company provided technical management services for one additional vessel.
   
   
   
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF MARCH 31, 2016
(unaudited)
 
  2016   2017   2018   2019    
Shipping Services Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Total
Product tankers - U.S.-flag 1   --   1   1   --   --   --   --   --   --   --   --   --   3
Articulated tug-barge - U.S.-flag --   --   1   --   --   --   --   --   --   --   --   --   --   1
Harbor tugs - U.S.-flag --   --   1   1   --   --   --   --   --   --   --   --   --   2
                                                       
Offshore Marine Services                                                      
Fast support 1   2   --   --   1   --   1   --   1   --   --   1   1   8
Supply 1   1   --   --   --   --   --   1   --   --   --   1   --   4
Specialty --   --   --   1   1   --   --   --   --   --   --   --   --   2
Wind farm utility 1   --   --   --   --   --   --   --   --   --   --   --   --   1
                                                       
Inland River Services                                                      
Dry-cargo barges --   25   25   --   --   --   --   --   --   --   --   --   --   50
Liquid tank barges - 30,000 barrel(1) --   1   --   --   --   --   --   --   --   --   --   --   --   1
Towboats:                                                      
  4,000 hp - 6,600 hp --   --   --   1   --   1   1   --   --   --   --   --   --   3
  3,300 hp - 3,900 hp 1   --   --   --   --   --   --   --   --   --   --   --   --   1
  Less than 3,200 hp(1) 1   --   --   --   --   --   --   --   --   --   --   --   --   1
                                                         
(1) Included in held for sale equipment.

Contact Information

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