SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

May 09, 2017 06:41 ET

SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2017

FORT LAUDERDALE, FL--(Marketwired - May 9, 2017) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its first quarter ended March 31, 2017.

For the quarter ended March 31, 2017, net income attributable to SEACOR Holdings Inc. was $4.1 million ($0.24 per diluted share) compared with a net loss of $93.7 million ($5.52 per diluted share) for the quarter ended December 31, 2016. A comparison of results for the quarter ended March 31, 2017 with the preceding quarter ended December 31, 2016 is included in the "Highlights for the Quarter" discussion below.

Operating income before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein) was $16.1 million in the first quarter compared with $30.8 million in the preceding quarter, excluding impairment charges of $0.4 million and $98.8 million, respectively.

For the quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million ($1.62 per diluted share).

Highlights for the Quarter

Offshore Marine Services ("OMS") - Operating loss was $18.6 million compared with $82.7 million in the preceding quarter. As a consequence of continuing difficult market conditions, OMS recognized impairment charges of $69.1 million in the preceding quarter primarily associated with its anchor handling towing supply fleet. OIBDA, excluding impairment charges, was $(6.1) million on operating revenues of $34.3 million compared with $0.2 million on operating revenues of $44.4 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 39% to 38% and average rates per day worked decreased by 9% from $9,093 to $8,272. Days available for charter were 8% lower in the first quarter primarily due to vessels retired and removed from service, net fleet dispositions and fewer operating days during the quarter. This release includes a table presenting time charter operating data by vessel class.

Operating results from international regions, excluding losses on asset dispositions and impairments, were $7.7 million lower compared with the preceding quarter. Time charter revenues were $7.6 million lower primarily due to the conclusion of several term charters, the deferral of revenues for which collection was not reasonably assured and additional out-of-service days associated with drydockings. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization increased from 64% to 65%, and average rates per day worked decreased from $9,073 to $8,082. Other operating revenues were $2.6 million lower primarily due to a reduction in mobilization and other marine services. General and administrative expenses included a $1.6 million provision for doubtful accounts compared with a $3.1 million provision in the preceding quarter. As of March 31, 2017, the Company had four of 92 owned and leased-in vessels cold-stacked in international regions compared with nine of 89 as of December 31, 2016. As of March 31, 2017, the cold-stacked vessels in the international roster consisted of one fast support vessel, one supply vessel, one specialty vessel and one wind farm utility vessel. As of March 31, 2017, the Company had five vessels retired and removed from service in international regions including two fast support vessels and three supply vessels. Effective March 31, 2017, the Company has consolidated the net assets of its Falcon Global joint venture, which owns two-foreign-flag liftboats, after its partner declined to participate in a capital call and the Company obtained 100% voting control. Falcon Global's net assets include property and equipment of $96.0 million and debt of $58.3 million.

Operating results in the U.S. Gulf of Mexico, excluding losses on asset dispositions and impairments, were $0.8 million higher compared with the preceding quarter. Time charter revenues were $0.3 million higher for the U.S. anchor handling towing supply vessels and unchanged for other vessel classes. On a total fleet basis, including cold-stacked vessels, utilization was unchanged at 7%, and average rates per day worked increased from $9,316 to $10,133. Operating expenses were $1.2 million higher primarily due to reactivation costs for certain offshore support vessels in anticipation of improved market conditions. General and administrative expenses were lower primarily due to recording a $1.1 million provision for doubtful accounts in the preceding quarter. Depreciation expense was $0.9 million lower compared with the preceding quarter. As of March 31, 2017, the Company had 35 of 44 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 40 of 44 as of December 31, 2016. As of March 31, 2017, the cold-stacked vessels consisted of ten anchor handling towing supply vessels, 16 fast support vessels, one supply vessel, one specialty vessel and seven liftboats. As of the March 31, 2017, the Company had one anchor handling towing supply vessel retired and removed from service in the U.S. Gulf of Mexico.

Other, net losses of $1.8 million in the preceding quarter primarily related to a reserve for a note receivable from a third party following a decline in the underlying collateral value.

Equity in losses of 50% or less owned companies of $6.0 million in the preceding quarter were primarily due to impairment charges of $6.4 million associated with the joint ventured foreign-flag liftboat fleet.

On April 28, 2017, the Company acquired a 100% controlling interest in its Sea-Cat Crewzer and Sea-Cat Crewzer II joint ventures through the acquisition of its partner's 50% ownership interest for $15.7 million in cash. Sea-Cat Crewzer and Sea-Cat Crewzer II each own and operate two foreign-flag catamaran fast support vessels.

Inland River Services - Operating loss was $0.1 million compared with operating income of $8.7 million in the preceding quarter. OIBDA was $6.5 million on operating revenues of $42.7 million compared with $15.3 million on operating revenues of $53.0 million in the preceding quarter.

Operating results, excluding gains (losses) on asset dispositions and impairments, were $8.3 million lower compared with the preceding quarter primarily due to lower activity levels for the dry-cargo barge pools following the conclusion of the fall harvest, partially offset by higher activity levels for terminal and fleeting operations.

Foreign currency gains of $1.4 million 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.

Equity in losses of 50% or less owned companies of $2.4 million was primarily due to the operating results of SCFCo, the Company's joint venture operating on the Parana-Paraguay River Waterway, as a consequence of continued weakness in the iron ore and grain markets and seasonal low water conditions.

Shipping Services - Operating income was $13.6 million compared with $7.6 million in the preceding quarter. OIBDA was $22.8 million (of which $10.1 million was attributable to noncontrolling interests) on operating revenues of $67.6 million compared with $16.5 million (of which $5.3 million was attributable to noncontrolling interests) on operating revenues of $59.6 million in the preceding quarter.

Operating results were $6.0 million higher primarily due to lower regulatory drydocking costs and related out-of-service time for one U.S.-flag product tanker, partially offset by higher drydocking and maintenance and repair costs for harbor towing and short-sea transportation.

Equity in earnings of 50% or less owned companies of $1.0 million was primarily due to the operating results of Trailer Bridge, the Company's joint venture operating in the Puerto Rico liner trade.

Illinois Corn Processing - Segment profit was $1.3 million (of which $0.4 million was attributable to noncontrolling interests) on operating revenues of $38.4 million compared with $5.8 million (of which $1.7 million was attributable to noncontrolling interests) on operating revenues of $43.2 million in the preceding quarter. Segment profit was $4.5 million lower primarily due to lower volumes and prices for fuel ethanol.

Marketable Security Gains (Losses) - Marketable security results during the first quarter were primarily attributable to the Company's investment in 9,177,135 shares of Dorian, a publicly traded company listed on the New York Stock Exchange under the symbol "LPG." The Company recognized unrealized gains related to Dorian of $21.3 million compared with $20.3 million in the preceding quarter. The closing share price of Dorian was $10.53 and $8.21 as of March 31, 2017 and December 31, 2016, respectively. The Company's cost basis in Dorian is $13.66 per share. The closing share price of Dorian was $8.90 as of May 8, 2017.

Capital Commitments - The Company's capital commitments as of March 31, 2017 by year of expected payment were as follows (in thousands):

                   
  2017   2018   2019   2020   Total
Offshore Marine Services $ 13,817   $ 53,050   $ 13,183   $ 1,800   $ 81,850
Shipping Services   13,893     --     --     --     13,893
Inland River Services   20,465     --     --     --     20,465
Illinois Corn Processing   1,762     375     --     --     2,137
  $ 49,937   $ 53,425   $ 13,183   $ 1,800   $ 118,345
                             

Offshore Marine Services' capital commitments included six fast support vessels, three supply vessels and one wind farm utility vessel. These commitments included $15.4 million for one supply vessel that may be assumed by a third party at their option. Shipping Services' capital commitments included one U.S.-flag chemical and petroleum articulated tug-barge, two U.S.-flag harbor tugs and two foreign-flag harbor tugs. Inland River Services' capital commitments included one 30,000 barrel inland river liquid tank barge, two inland river towboats and other equipment and improvements. Subsequent to March 31, 2017, the Company committed to purchase additional equipment for $9.7 million.

Liquidity and Debt - As of March 31, 2017, the Company's balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $669.1 million and its total outstanding debt was $1,097.8 million. In addition, the Company had $35.9 million of borrowing capacity under its subsidiary credit facilities. Subsequent to March 31, 2017, the Company's subsidiaries borrowed $13.9 million under these credit facilities to fund their capital commitments.

As of March 31, 2017, the remaining principal amount outstanding of the Company's 2.5% Convertible Senior Notes of $157.1 million and the principal amount of the Company's 3.75% Subsidiary Convertible Senior Notes of $175.0 million are included in current liabilities as the holders may require the Company to repurchase these notes on December 19, 2017 and January 11, 2018, respectively.

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, 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, 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, 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, including as a result of the recent vote in the U.K. to leave the European Union, 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 key 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 ability to remediate the material weaknesses the Company has identified in its internal controls over financial reporting, 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 and other reports filed by the Company with the SEC. 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.

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

   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
 
   
  Three Months Ended  
  March 31,  
  2017     2016  
Operating Revenues $ 190,447     $ 213,928  
Costs and Expenses:              
    Operating   143,964       157,468  
    Administrative and general   35,427       35,704  
    Depreciation and amortization   30,397       30,989  
    209,788       224,161  
Gains on Asset Dispositions and Impairments, Net   4,631       217  
Operating Loss   (14,710 )     (10,016 )
Other Income (Expense):              
    Interest income   2,813       5,593  
    Interest expense   (13,474 )     (11,935 )
    Debt extinguishment gains, net   --       3,223  
    Marketable security gains (losses), net   32,574       (25,096 )
    Derivative gains, net   3,075       2,620  
    Foreign currency gains, net   1,210       37  
    Other, net   194       268  
    26,392       (25,290 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies   11,682       (35,306 )
  Income Tax Expense (Benefit)   1,572       (14,831 )
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies   10,110       (20,475 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   546       (49 )
  Net Income (Loss)   10,656       (20,524 )
  Net Income attributable to Noncontrolling Interests in Subsidiaries   6,573       6,662  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 4,083     $ (27,186 )
               
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.24     $ (1.62 )
               
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.24     $ (1.62 )
               
Weighted Average Common Shares Outstanding:              
  Basic   17,074,043       16,817,368  
  Diluted   17,363,839       16,817,368  
               
OIBDA(1) $ 15,687     $ 20,973  

______________________

(1) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, 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 the Company's 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 STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
   
  Three Months Ended  
  Mar. 31,
2017
    Dec. 31,
2016
    Sep. 30,
2016
    Jun. 30,
2016
    Mar. 31,
2016
 
Operating Revenues $ 190,447     $ 213,036     $ 206,983     $ 197,038     $ 213,928  
Costs and Expenses:                                      
  Operating   143,964       149,667       146,796       143,882       157,468  
  Administrative and general   35,427       36,457       32,245       34,175       35,704  
  Depreciation and amortization   30,397       31,451       31,132       31,361       30,989  
    209,788       217,575       210,173       209,418       224,161  
Gains (Losses) on Asset Dispositions and Impairments, Net   4,631       (94,825 )     (29,826 )     (17,771 )     217  
Operating Loss   (14,710 )     (99,364 )     (33,016 )     (30,151 )     (10,016 )
Other Income (Expense):                                      
  Interest income   2,813       3,449       5,277       5,020       5,593  
  Interest expense   (13,474 )     (12,453 )     (12,504 )     (12,834 )     (11,935 )
  Debt extinguishment gains (losses), net   --       (211 )     557       1,615       3,223  
  Marketable security gains (losses), net   32,574       24,713       (7,865 )     (23,951 )     (25,096 )
  Derivative gains (losses), net   3,075       (10,116 )     (1,174 )     (1,555 )     2,620  
  Foreign currency gains (losses), net   1,210       (1,217 )     (666 )     (22 )     37  
  Other, net   194       (7,362 )     (5,460 )     (7,652 )     268  
    26,392       (3,197 )     (21,835 )     (39,379 )     (25,290 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies   11,682       (102,561 )     (54,851 )     (69,530 )     (35,306 )
Income Tax Expense (Benefit)   1,572       (32,093 )     (21,147 )     (25,759 )     (14,831 )
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies   10,110       (70,468 )     (33,704 )     (43,771 )     (20,475 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   546       (19,821 )     (322 )     (7,162 )     (49 )
Net Income (Loss)   10,656       (90,289 )     (34,026 )     (50,933 )     (20,524 )
Net Income attributable to Noncontrolling Interests in Subsidiaries   6,573       3,460       5,777       4,226       6,662  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 4,083     $ (93,749 )   $ (39,803 )   $ (55,159 )   $ (27,186 )
                                       
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.24     $ (5.52 )   $ (2.35 )   $ (3.26 )   $ (1.62 )
                                       
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.24     $ (5.52 )   $ (2.35 )   $ (3.26 )   $ (1.62 )
                                       
Weighted Average Common Shares of Outstanding:                                      
  Basic   17,074       16,969       16,944       16,929       16,817  
  Diluted   17,364       16,969       16,944       16,929       16,817  
Common Shares Outstanding at Period End   17,406       17,401       17,336       17,321       17,295  
                                       
OIBDA(1) $ 15,687     $ (67,913 )   $ (1,884 )   $ 1,210     $ 20,973  

______________________

(1) Non-GAAP Financial Measure.The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, 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 the Company's 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.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
  Three Months Ended  
  Mar. 31,
2017
    Dec. 31,
2016
    Sep. 30,
2016
    Jun. 30,
2016
    Mar. 31,
2016
 
Offshore Marine Services                                      
Operating Revenues $ 34,304     $ 44,361     $ 54,125     $ 57,271     $ 59,879  
Costs and Expenses:                                      
    Operating   33,379       32,671       41,159       44,245       48,850  
    Administrative and general   11,826       14,393       10,588       11,929       12,398  
    Depreciation and amortization   12,503       13,764       14,213       15,254       14,838  
    57,708       60,828       65,960       71,428       76,086  
Gains (Losses) on Asset Dispositions and Impairments, Net   4,819       (66,252 )     (29,233 )     (20,357 )     (380 )
Operating Loss   (18,585 )     (82,719 )     (41,068 )     (34,514 )     (16,587 )
Other Income (Expense):                                      
  Derivative gains (losses), net   (89 )     (82 )     16       163       2,898  
  Foreign currency gains (losses), net   (189 )     151       (1,084 )     (819 )     (1,560 )
  Other, net   (1 )     (1,756 )     1       --       265  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   438       (5,950 )     790       (3,315 )     2,161  
Segment Loss(1) $ (18,426 )   $ (90,356 )   $ (41,345 )   $ (38,485 )   $ (12,823 )
                                       
OIBDA(2) $ (6,082 )   $ (68,955 )   $ (26,855 )   $ (19,260 )   $ (1,749 )
Drydocking expenditures (included in operating costs and expenses) $ 3,067     $ 131     $ 2,024     $ 1,964     $ 3,703  
Out-of-service days for drydockings   248       20       62       191       131  
                                       
Inland River Services                                      
Operating Revenues $ 42,669     $ 53,021     $ 41,094     $ 33,814     $ 39,614  
Costs and Expenses:                                      
    Operating   32,569       35,400       31,496       27,446       30,118  
    Administrative and general   3,792       2,945       3,982       3,777       3,912  
    Depreciation and amortization   6,592       6,628       6,308       6,254       7,137  
    42,953       44,973       41,786       37,477       41,167  
Gains (Losses) on Asset Dispositions and Impairments, Net   233       605       (597 )     2,580       605  
Operating Income (Loss)   (51 )     8,653       (1,289 )     (1,083 )     (948 )
Other Income (Expense):                                      
  Foreign currency gains (losses), net   1,368       (1,143 )     410       1,018       1,437  
  Other, net   --       1       (1 )     (4 )     --  
Equity in Losses of 50% or Less Owned Companies, Net of Tax   (2,378 )     (11,318 )     (171 )     (1,677 )     (2,778 )
Segment Loss(1) $ (1,061 )   $ (3,807 )   $ (1,051 )   $ (1,746 )   $ (2,289 )
                                       
OIBDA(2) $ 6,541     $ 15,281     $ 5,019     $ 5,171     $ 6,189  
                                       
                                       
                                       
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
  Three Months Ended  
  Mar. 31,
2017
    Dec. 31,
2016
    Sep. 30,
2016
    Jun. 30,
2016
    Mar. 31,
2016
 
Shipping Services                                      
Operating Revenues $ 67,639     $ 59,618     $ 57,350     $ 55,620     $ 57,055  
Costs and Expenses:                                      
    Operating   37,354       36,586       28,542       30,269       27,234  
    Administrative and general   7,088       6,895       6,675       7,337       6,918  
    Depreciation and amortization   9,161       8,969       8,216       7,415       6,562  
    53,603       52,450       43,433       45,021       40,714  
Gains (Losses) on Asset Dispositions   (421 )     408       3       6       (6 )
Operating Income   13,615       7,576       13,920       10,605       16,335  
Other Income (Expense):                                      
  Foreign currency losses, net   (5 )     (6 )     (3 )     (6 )     (3 )
  Other, net   (362 )     237       (5,534 )     (928 )     1  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   1,036       (2,581 )     (551 )     (1,591 )     26  
Segment Profit(1) $ 14,284     $ 5,226     $ 7,832     $ 8,080     $ 16,359  
                                       
OIBDA(2) $ 22,776     $ 16,545     $ 22,136     $ 18,020     $ 22,897  
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses) $ 94     $ 4,506     $ 95     $ 62     $ (73 )
Out-of-service days for drydockings of U.S.-flag product tankers   --       45       --       --       --  
                                       
Illinois Corn Processing                                      
Operating Revenues $ 38,385     $ 43,197     $ 44,019     $ 40,576     $ 49,609  
Costs and Expenses:                                      
    Operating   36,101       36,174       39,879       36,153       46,289  
    Administrative and general   746       693       750       912       656  
    Depreciation and amortization   1,175       1,127       1,055       1,064       1,053  
    38,022       37,994       41,684       38,129       47,998  
Operating Income   363       5,203       2,335       2,447       1,611  
Other Income (Expense):                                      
  Derivative gains (losses), net   334       570       (328 )     856       (187 )
  Other, net   615       --       --       --       --  
Segment Profit(1) $ 1,312     $ 5,773     $ 2,007     $ 3,303     $ 1,424  
                                       
                                       
                                       
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
  Three Months Ended  
  Mar. 31,
2017
    Dec. 31,
2016
    Sep. 30,
2016
    Jun. 30,
2016
    Mar. 31,
2016
 
Witt O'Brien's and Other                                      
Operating Revenues $ 8,124     $ 13,572     $ 11,146     $ 10,261     $ 8,419  
Costs and Expenses:                                      
    Operating   5,372       9,711       6,618       6,427       5,805  
    Administrative and general   3,373       5,510       3,833       3,649       4,223  
    Depreciation and amortization   202       204       432       448       455  
    8,947       15,425       10,883       10,524       10,483  
Gains (Losses) on Asset Dispositions and Impairments, Net   --       (29,586 )     1       --       (2 )
Operating Income (Loss)   (823 )     (31,439 )     264       (263 )     (2,066 )
Other Income (Expense):                                      
  Foreign currency gains (losses), net   10       (57 )     (25 )     (73 )     (27 )
  Other, net   (300 )     (5,885 )     --       (6,723 )     --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   1,450       28       (390 )     (579 )     542  
Segment Profit (Loss)(1) $ 337     $ (37,353 )   $ (151 )   $ (7,638 )   $ (1,551 )
                                       
Corporate and Eliminations                                      
Operating Revenues $ (674 )   $ (733 )   $ (751 )   $ (504 )   $ (648 )
Costs and Expenses:                                      
    Operating   (811 )     (875 )     (898 )     (658 )     (828 )
    Administrative and general   8,602       6,021       6,417       6,571       7,597  
    Depreciation and amortization   764       759       908       926       944  
    8,555       5,905       6,427       6,839       7,713  
Operating Loss $ (9,229 )   $ (6,638 )   $ (7,178 )   $ (7,343 )   $ (8,361 )
Other Income (Expense):                                      
  Derivative gains (losses), net $ 2,830     $ (10,604 )   $ (862 )   $ (2,574 )   $ (91 )
  Foreign currency gains (losses), net   26       (162 )     36       (142 )     190  
  Other, net   242       41       74       3       2  

______________________

(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 the Company's 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,
2017
    Dec. 31,
2016
    Sep. 30,
2016
    Jun. 30,
2016
    Mar. 31,
2016
 
Rates Per Day Worked:                                      
  Anchor handling towing supply $ 13,341     $ 13,686     $ 16,469     $ 20,828     $ 21,719  
  Fast support   7,417       7,875       7,848       7,636       7,587  
  Supply   11,707       6,298       5,935       5,709       6,484  
  Standby safety   8,131       8,284       8,904       9,632       9,564  
  Specialty   --       37,024       30,593       18,642       12,403  
  Liftboats   9,782       13,486       16,822       11,852       15,150  
  Overall Average Rates Per Day Worked(excluding wind farm utility)   8,272       9,093       10,089       10,354       10,545  
  Wind farm utility   2,005       2,104       2,260       2,394       2,419  
  Overall Average Rates Per Day Worked   5,726       6,308       6,834       7,352       7,915  
                                       
Utilization:                                      
  Anchor handling towing supply   15 %     20 %     27 %     33 %     47 %
  Fast support   44 %     47 %     62 %     69 %     68 %
  Supply   20 %     19 %     31 %     27 %     37 %
  Standby safety   80 %     81 %     78 %     77 %     79 %
  Specialty   -- %     23 %     58 %     81 %     45 %
  Liftboats   1 %     1 %     8 %     6 %     5 %
  Overall Fleet Utilization (excluding wind farm utility)   38 %     39 %     47 %     50 %     52 %
  Wind farm utility   65 %     71 %     86 %     77 %     65 %
  Overall Fleet Utilization   46 %     47 %     58 %     57 %     56 %
                                       
Available Days:                                      
  Anchor handling towing supply   1,260       1,564       1,483       1,365       1,365  
  Fast support   3,212       3,312       2,389       2,174       2,093  
  Supply   630       953       1,109       1,140       1,179  
  Standby safety   1,800       1,840       1,989       2,104       2,184  
  Specialty   270       337       276       273       273  
  Liftboats   1,265       1,380       1,380       1,365       1,365  
  Overall Fleet Available Days(excluding wind farm utility)   8,437       9,386       8,626       8,421       8,459  
  Wind farm utility   3,330       3,404       3,345       3,276       3,245  
  Overall Fleet Available Days   11,767       12,790       11,971       11,697       11,704  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
   
  Mar. 31,
2017
  Dec. 31,
2016
  Sep. 30,
2016
  Jun. 30,
2016
  Mar. 31,
2016
 
ASSETS                              
Current Assets:                              
  Cash and cash equivalents $ 418,903   $ 399,644   $ 471,180   $ 552,840   $ 496,473  
  Restricted cash   4,065     3,711     3,364     1,742     --  
  Marketable securities   98,189     116,276     78,717     87,701     110,894  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   131,292     162,880     148,358     125,987     130,731  
    Other   65,227     56,287     32,452     34,319     31,440  
  Inventories   19,385     16,773     16,047     16,798     18,431  
  Prepaid expenses and other   8,998     7,230     9,500     10,157     9,615  
    Total current assets   746,059     762,801     759,618     829,544     797,584  
  Property and Equipment:                              
    Historical cost   2,482,651     2,194,023     2,128,010     2,158,826     2,015,205  
    Accumulated depreciation   (1,020,009 )   (1,008,867 )   (1,008,629 )   (997,214 )   (986,048 )
    1,462,642     1,185,156     1,119,381     1,161,612     1,029,157  
    Construction in progress   224,809     370,512     464,660     402,090     484,472  
    Held for sale equipment   --     --     --     --     86,332  
    Net property and equipment   1,687,451     1,555,668     1,584,041     1,563,702     1,599,961  
Investments, at Equity, and Advances to 50% or Less Owned Companies   297,162     313,772     331,063     325,386     334,370  
Construction Reserve Funds   147,955     153,962     161,865     166,888     255,350  
Goodwill   32,787     32,758     52,403     52,394     52,376  
Intangible Assets, Net   19,519     20,078     23,496     24,116     25,750  
Other Assets   24,045     23,282     41,647     39,287     46,496  
  $ 2,954,978   $ 2,862,321   $ 2,954,133   $ 3,001,317   $ 3,111,887  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 364,583   $ 183,602   $ 28,228   $ 24,409   $ 35,688  
  Accounts payable and accrued expenses   66,749     90,702     70,032     55,971     50,660  
  Other current liabilities   103,088     95,645     96,324     98,706     107,811  
    Total current liabilities   534,420     369,949     194,584     179,086     194,159  
Long-Term Debt   733,214     848,771     1,013,691     1,014,632     1,018,331  
Exchange Option Liability on Subsidiary Convertible Senior Notes   16,809     19,436     8,938     8,171     5,747  
Deferred Income Taxes   311,949     288,601     307,353     330,375     374,476  
Deferred Gains and Other Liabilities   131,717     139,296     148,085     155,859     153,051  
    Total liabilities   1,728,109     1,666,053     1,672,651     1,688,123     1,745,764  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   --     --     --     --     --  
    Common stock   380     379     379     379     379  
    Additional paid-in capital   1,527,460     1,518,635     1,512,209     1,510,623     1,508,981  
    Retained earnings   914,806     910,723     1,004,472     1,044,275     1,099,434  
    Shares held in treasury, at cost   (1,364,172 )   (1,357,331 )   (1,357,331 )   (1,357,876 )   (1,357,809 )
    Accumulated other comprehensive loss, net of tax   (11,024 )   (11,514 )   (10,471 )   (10,810 )   (7,764 )
    1,067,450     1,060,892     1,149,258     1,186,591     1,243,221  
Noncontrolling interests in subsidiaries   159,419     135,376     132,224     126,603     122,902  
    Total equity   1,226,869     1,196,268     1,281,482     1,313,194     1,366,123  
  $ 2,954,978   $ 2,862,321   $ 2,954,133   $ 3,001,317   $ 3,111,887  
                               
                               
                               
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
  Mar. 31,
2017
  Dec. 31,
2016
  Sep. 30,
2016
  Jun. 30,
2016
  Mar. 31,
2016
Offshore Marine Services(1)                  
Anchor handling towing supply 25   25   27   27   18
Fast support 51   48   50   39   38
Supply 28   28   31   33   33
Standby safety 21   21   21   23   25
Specialty 6   6   7   7   5
Liftboats 15   15   15   15   15
Wind farm utility 40   40   40   39   39
  186   183   191   183   173
                   
Inland River Services                  
Dry-cargo barges 1,443   1,443   1,405   1,393   1,426
Liquid tank barges:                  
  10,000 barrel 18   18   18   18   18
  30,000 barrel --   --   --   --   27
Specialty barges(2) 10   11   11   11   11
Towboats:                  
  4,000 hp - 6,600 hp 18   17   17   17   17
  3,300 hp - 3,900 hp 1   1   1   1   --
  Less than 3,200 hp 4   4   4   4   17
Harbor boats:                  
  1,100 hp - 2,000 hp 15   15   13   13   13
  Less than 1,100 hp 9   9   6   6   6
  1,518   1,518   1,475   1,463   1,535
                   
Shipping Services                  
Petroleum Transportation:                  
  Product tankers - U.S.-flag 10   9   8   8   7
  Crude oil tanker - U.S.-flag --   --   --   --   1
Harbor Towing and Bunkering:                  
  Harbor tugs - U.S.-flag 23   23   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
  58   57   57   57   57

______________________

(1) Excludes six and eight offshore support vessels as of March 31, 2017 and December 31, 2016, respectively, that had been retired and removed from service.
(2) Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.
   
   
   
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF MARCH 31, 2017
(unaudited)
 
  2017   2018   2019   2020    
  Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Total
Offshore Marine Services                                                      
Fast support 1   1   --   --   --   --   1   --   1   --   1   --   1   6
Supply(1) --   --   --   1   --   1   --   1   --   --   --   --   --   3
Wind farm utility --   1   --   --   --   --   --   --   --   --   --   --   --   1
                                                       
Shipping Services                                                      
Articulated tug-barge - U.S.-flag --   1   --   --   --   --   --   --   --   --   --   --   --   1
Harbor tugs - U.S.-flag 1   --   1   --   --   --   --   --   --   --   --   --   --   2
Harbor tugs - Foreign-flag 2   --   --   --   --   --   --   --   --   --   --   --   --   2
                                                       
Inland River Services                                                      
30,000 barrel liquid tank barge 1   --   --   --   --   --   --   --   --   --   --   --   --   1
Towboats:                                                      
  4,000 hp - 6,600 hp --   1   1   --   --   --   --   --   --   --   --   --   --   2

______________________

(1) Includes one vessel that may be assumed by a third party at their option.
   

Contact Information

  • Contact:
    Molly Hottinger
    (954) 627-5278