SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

July 31, 2014 16:09 ET

SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2014

FORT LAUDERDALE, FL--(Marketwired - Jul 31, 2014) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter ended June 30, 2014.

For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. For the six months ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $32.6 million, or $1.58 per diluted share. 

For the preceding quarter ended March 31, 2014, the Company reported net income attributable to SEACOR Holdings Inc. of $11.5 million, or $0.56 per diluted share. A comparison of results for the quarter ended June 30, 2014 with the preceding quarter ended March 31, 2014 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2013, net income attributable to SEACOR Holdings Inc. was $19.3 million, or $0.91 per diluted share. For the six months ended June 30, 2013, net loss attributable to SEACOR Holdings Inc. was $1.7 million, or $0.09 per diluted share, including income from continuing operations of $8.5 million, or $0.42 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating revenues for the second quarter were $138.2 million compared with $129.0 million in the preceding quarter. Operating income in the second quarter was $18.1 million compared with $11.2 million in the preceding quarter, including gains on asset dispositions of $3.5 million in the second quarter and $7.7 million in the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

In the U.S. Gulf of Mexico, operating revenues were $11.5 million higher in the second quarter. Time charter revenues for the Company's liftboat fleet were $7.1 million higher, primarily due to the seasonal improvement in utilization. During the second quarter, the number of out-of-service days attributable to the drydocking of liftboats was 101 compared with 349 in the preceding quarter, overall utilization was 80.2% compared with 60.2% in the preceding quarter, and average day rates increased from $22,219 per day to $23,017 per day. Time charter revenues for anchor handling towing supply vessels increased by $7.2 million, primarily due to increased utilization in support of platform supply activities and reduced drydocking activity. Time charter revenues for all other vessel classes were $3.5 million lower, primarily due to vessel dispositions and increased drydocking activity. On a total fleet basis, fleet utilization was 77.4% compared with 70.6% in the preceding quarter and average day rates increased from $17,010 per day to $19,736 per day. As of June 30, 2014, the Company had two vessels cold-stacked in the U.S. Gulf of Mexico.

In international regions, operating revenues were $2.3 million lower in the second quarter. Time charter revenues were $1.8 million lower, primarily due to the repositioning of three vessels into the U.S. Gulf of Mexico and increased drydocking activity partially offset by seasonally stronger market conditions for the Company's windfarm utility vessels and the commencement of a term charter in Asia. Excluding windfarm utility vessels, fleet utilization was 82.4% compared with 86.8% in the preceding quarter and average day rates decreased from $12,561 per day to $12,455 per day.

Administrative and general expenses were $1.7 million lower in the second quarter primarily due to a reduction in the provision for doubtful debts.

During the second quarter, the Company sold four offshore support vessels and other equipment for net proceeds of $50.5 million and gains of $14.5 million, of which $2.5 million was recognized currently and $12.0 million was deferred. In addition, the Company recognized previously deferred gains of $1.0 million. During the preceding quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $10.2 million and gains of $7.7 million.

In the second quarter, the Company received net litigation settlement proceeds of $14.7 million from an equipment supplier relating to the May 2008 mechanical malfunction and fire onboard the SEACOR Sherman, an anchor handling towing supply vessel then under construction. Upon settlement of the litigation, the Company recognized a gain of $14.7 million included in other income (expense).

Inland River Services - Operating income was $0.4 million on operating revenues of $56.0 million in the second quarter compared with operating income of $7.4 million on operating revenues of $58.0 million in the preceding quarter.

Operating results from the dry-cargo barge pool were $5.4 million lower primarily due to lower rates, a seasonal reduction in activity levels and poor barge fleet logistics as a consequence of difficult operating conditions. Operating results for the 10,000 barrel liquid tank barge fleet were $0.6 million lower primarily due to the cost of U.S. Coast Guard inspections and related repair expenditures. Operating results for the liquid unit tow operation were $0.5 million lower primarily due to costs associated with placing two towboats into operation during the second quarter. Operating results for fleeting operations were $0.9 million lower primarily due to reduced activity as a result of flooding on the upper Mississippi.

During the second quarter, equity losses from 50% or less owned companies of $3.3 million were primarily due to continued intermediary operations following a structural failure of a terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Operating income was $13.0 million on operating revenues of $53.6 million in the second quarter compared with operating income of $11.8 million on operating revenues of $52.4 million in the preceding quarter.

The increase in operating income was primarily due to an increase in higher yield harbor traffic and lower leased-in equipment costs for harbor towing and bunkering and an improvement in cargo shipping demand for short-sea transportation.

Illinois Corn Processing - Segment profit was $13.5 million on operating revenues of $72.8 million in the second quarter compared with $10.8 million on operating revenues of $58.7 million in the preceding quarter. Operating results in both periods benefited from improved margins as corn prices declined and ethanol prices held firm due to increased export demand and rail delays.

Other - Segment loss was $9.0 million in the second quarter compared with a $3.9 million loss in the preceding quarter. The increase was primarily due to a $5.0 million provision for certain litigation matters related to the Deepwater Horizon oil spill.

Net Income attributable to Noncontrolling Interests in Subsidiaries - During the second quarter, the Company issued a 49% noncontrolling ownership interest in certain Company subsidiaries ("SEA-Vista") operating its fleet of seven U.S.-flag product tankers used for the U.S. coastwise trade of crude oil, petroleum and specialty chemical products as well as contracts for the construction of three U.S.-flag product tankers for $145.7 million, net of issuance costs. During the second quarter, the Company's net income attributable to noncontrolling interests in subsidiaries was primarily due to the noncontrolling interests' proportionate share in the consolidated earnings of Illinois Corn Processing and SEA-Vista.

Share Repurchases - During the quarter ended June 30, 2014, the Company purchased 493,032 shares of its common stock for an aggregate purchase price of $39.2 million. Subsequent to June 30, 2014 and through July 29, 2014, the Company purchased 321,377 shares of its common stock for an aggregate purchase price of $25.4 million. Effective at the close of business on July 31, 2014, the Board of Directors of the Company increased its authorization for repurchases of SEACOR's common stock for a total authorized expenditure of up to $150.0 million. The repurchase of securities may be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending on market conditions.

Capital Commitments - As of June 30, 2014, the Company's unfunded capital commitments were $412.8 million and included: $86.5 million for 13 offshore support vessels; $1.1 million for two inland river tank barges; $4.6 million for four inland river towboats; $230.2 million for three U.S.-flag product tankers; $78.4 million for one U.S.-flag articulated tug-barge; and $12.0 million for other equipment and improvements. These commitments are payable as follows: $99.7 million is payable during the remainder of 2014; $303.8 million is payable during 2015-2016; and $9.3 million is payable during 2017. This release includes a table detailing expected delivery by vessel class. 

Liquidity and Debt - As of June 30, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $825.9 million and its total outstanding long-term debt was $873.9 million.

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

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

   
SEACOR HOLDINGS INC.  
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)  
(in thousands, except share data, unaudited)  
   
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2014     2013     2014     2013  
Operating Revenues   $ 328,224     $ 315,563     $ 638,241     $ 582,627  
Costs and Expenses:                                
    Operating     231,906       240,113       450,882       441,026  
    Administrative and general     34,686       34,718       72,763       70,363  
    Depreciation and amortization     33,220       33,783       66,612       67,331  
      299,812       308,614       590,257       578,720  
Gains on Asset Dispositions and Impairments, Net     4,295       12,305       8,973       14,320  
Operating Income     32,707       19,254       56,957       18,227  
Other Income (Expense):                                
  Interest income     6,030       3,218       10,073       6,385  
  Interest expense     (10,458 )     (7,922 )     (21,861 )     (20,762 )
  Marketable security gains, net     731       6,557       5,801       10,552  
  Derivative gains (losses), net     94       (825 )     (143 )     (2,932 )
  Foreign currency gains (losses), net     1,720       (916 )     1,521       (4,927 )
  Other, net     10,213       195       6,558       198  
      8,330       307       1,949       (11,486 )
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     41,037       19,561       58,906       6,741  
Income Tax Expense     13,000       7,975       19,375       5,322  
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     28,037       11,586       39,531       1,419  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (512 )     7,710       1,709       6,841  
Income from Continuing Operations     27,525       19,296       41,240       8,260  
Loss from Discontinued Operations, Net of Tax     --       --       --       (10,325 )
Net Income (Loss)     27,525       19,296       41,240       (2,065 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     6,458       25       8,664       (348 )
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 21,067     $ 19,271     $ 32,576     $ (1,717 )
                                 
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                
  Continuing operations   $ 21,067     $ 19,271     $ 32,576     $ 8,508  
  Discontinued operations     --       --       --       (10,225 )
    $ 21,067     $ 19,271     $ 32,576     $ (1,717 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 1.05     $ 0.97     $ 1.62     $ 0.43  
  Discontinued operations     --       --       --       (0.52 )
    $ 1.05     $ 0.97     $ 1.62     $ (0.09 )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 0.98     $ 0.91     $ 1.58     $ 0.42  
  Discontinued operations     --       --       --       (0.51 )
    $ 0.98     $ 0.91     $ 1.58     $ (0.09 )
Weighted Average Common Shares Outstanding:                                
  Basic     19,989,402       19,825,229       20,049,056       19,782,318  
  Diluted     24,584,494       24,392,312       24,665,869       20,114,904  
                                   
                                   
   
SEACOR HOLDINGS INC.  
CONDENSED CONSOLIDATED STATEMENTS OF INCOME  
(in thousands, except per share data, unaudited)  
   
    Three Months Ended  
    Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013  
Operating Revenues   $ 328,224     $ 310,017     $ 327,861     $ 336,784     $ 315,563  
Costs and Expenses:                                        
  Operating     231,906       218,976       228,305       239,540       240,113  
  Administrative and general     34,686       38,077       39,522       31,463       34,718  
  Depreciation and amortization     33,220       33,392       33,684       33,503       33,783  
      299,812       290,445       301,511       304,506       308,614  
Gains on Asset Dispositions and Impairments, Net     4,295       4,678       3,957       19,230       12,305  
Operating Income     32,707       24,250       30,307       51,508       19,254  
Other Income (Expense):                                        
  Interest income     6,030       4,043       4,802       4,280       3,218  
  Interest expense     (10,458 )     (11,403 )     (11,310 )     (10,520 )     (7,922 )
  Marketable security gains (losses), net     731       5,070       (3,600 )     (1,149 )     6,557  
  Derivative gains (losses), net     94       (237 )     (5,088 )     (303 )     (825 )
  Foreign currency gains (losses), net     1,720       (199 )     (654 )     2,230       (916 )
  Other, net     10,213       (3,655 )     (89 )     477       195  
      8,330       (6,381 )     (15,939 )     (4,985 )     307  
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies     41,037       17,869       14,368       46,523       19,561  
Income Tax Expense     13,000       6,375       5,441       15,984       7,975  
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     28,037       11,494       8,927       30,539       11,586  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (512 )     2,221       193       230       7,710  
Net Income     27,525       13,715       9,120       30,769       19,296  
Net Income attributable to Noncontrolling Interests in Subsidiaries     6,458       2,206       724       478       25  
Net Income attributable to SEACOR Holdings Inc.   $ 21,067     $ 11,509     $ 8,396     $ 30,291     $ 19,271  
                                         
Basic Earnings Per Common Share of SEACOR Holdings Inc.   $ 1.05     $ 0.57     $ 0.42     $ 1.52     $ 0.97  
                                         
Diluted Earnings Per Common Share of SEACOR Holdings Inc.   $ 0.98     $ 0.56     $ 0.41     $ 1.36     $ 0.91  
                                         
Weighted Average Common Shares of Outstanding:                                        
  Basic     19,989       20,109       20,043       19,965       19,825  
  Diluted     24,584       20,546       20,530       24,602       24,392  
Common Shares Outstanding at Period End     20,144       20,597       20,382       20,332       20,184  
   
   
   
SEACOR HOLDINGS INC.  
SEGMENT INFORMATION  
(in thousands, unaudited)  
   
    Three Months Ended  
    Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013  
Offshore Marine Services                                        
Operating Revenues   $ 138,247     $ 129,001     $ 148,371     $ 156,198     $ 138,678  
Costs and Expenses:                                        
  Operating     93,755       94,043       99,320       95,113       97,581  
  Administrative and general     13,426       15,160       17,085       14,132       14,235  
  Depreciation and amortization     16,448       16,304       16,207       16,470       16,460  
      123,629       125,507       132,612       125,715       128,276  
Gains on Asset Dispositions     3,526       7,738       3,087       15,343       7,895  
Operating Income     18,144       11,232       18,846       45,826       18,297  
Other Income (Expense):                                        
  Derivative gains (losses), net     (70 )     (61 )     (274 )     32       175  
  Foreign currency gains (losses), net     1,322       107       (49 )     1,937       (833 )
  Other, net     14,739       --       (8 )     --       11  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     2,244       2,641       2,988       1,527       7,694  
Segment Profit(1)   $ 36,379     $ 13,919     $ 21,503     $ 49,322     $ 25,344  
                                         
OIBDA(2)   $ 34,592     $ 27,536     $ 35,053     $ 62,296     $ 34,757  
Drydocking expenditures (included in operating costs and expenses)   $ 10,887     $ 11,080     $ 11,899     $ 9,017     $ 14,804  
Out-of-service days for drydockings     575       635       668       635       994  
                                         
Inland River Services                                        
Operating Revenues   $ 56,007     $ 57,959     $ 65,437     $ 52,742     $ 47,357  
Costs and Expenses:                                        
  Operating     45,047       39,674       42,472       38,473       35,193  
  Administrative and general     3,835       4,337       4,034       3,431       3,921  
  Depreciation and amortization     7,564       7,370       7,430       6,869       7,078  
      56,446       51,381       53,936       48,773       46,192  
Gains on Asset Dispositions     810       853       779       783       4,296  
Operating Income     371       7,431       12,280       4,752       5,461  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     474       (327 )     (160 )     (89 )     219  
  Other, net     --       (38 )     --       --       --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (3,335 )     (412 )     (5,320 )     80       1  
Segment Profit (Loss)(1)   $ (2,490 )   $ 6,654     $ 6,800     $ 4,743     $ 5,681  
                                         
OIBDA(2)   $ 7,935     $ 14,801     $ 19,710     $ 11,621     $ 12,539  
                                         
                                         
   
SEACOR HOLDINGS INC.  
SEGMENT INFORMATION (continued)  
(in thousands, unaudited)  
   
    Three Months Ended  
    Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013  
Shipping Services                                        
Operating Revenues   $ 53,575     $ 52,401     $ 51,405     $ 48,200     $ 48,103  
Costs and Expenses:                                        
  Operating     28,018       26,997       32,900       28,215       29,554  
  Administrative and general     5,421       5,896       5,639       5,133       6,124  
  Depreciation and amortization     7,115       7,754       7,754       7,841       7,907  
      40,554       40,647       46,293       41,189       43,585  
Gains (Losses) on Asset Dispositions     (41 )     --       91       3,104       114  
Operating Income     12,980       11,754       5,203       10,115       4,632  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     1       (10 )     (5 )     6       (8 )
  Other, net     158       (3,933 )     18       540       188  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     1,564       753       376       (1,413 )     (403 )
Segment Profit(1)   $ 14,703     $ 8,564     $ 5,592     $ 9,248     $ 4,409  
                                         
OIBDA(2)   $ 20,095     $ 19,508     $ 12,957     $ 17,956     $ 12,539  
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)   $ --     $ 42     $ 5,504     $ 664     $ 2,884  
Out-of-service days for drydockings of U.S.-flag product tankers     --       --       26       5       34  
                                         
Illinois Corn Processing                                        
Operating Revenues   $ 72,798     $ 58,656     $ 46,875     $ 52,580     $ 61,378  
Costs and Expenses:                                        
  Operating     56,429       47,274       38,812       52,390       59,402  
  Administrative and general     594       511       465       428       477  
  Depreciation and amortization     1,010       990       1,330       1,489       1,489  
      58,033       48,775       40,607       54,307       61,368  
Operating Income (Loss)     14,765       9,881       6,268       (1,727 )     10  
Other Income (Expense):                                        
  Derivative gains (losses), net     (1,519 )     718       (3,719 )     1,129       473  
  Other, net     300       193       --       --       --  
Segment Profit (Loss)(1)   $ 13,546     $ 10,792     $ 2,549     $ (598 )   $ 483  
   
   
   
SEACOR HOLDINGS INC.  
SEGMENT INFORMATION (continued)  
(in thousands, unaudited)  
   
    Three Months Ended  
    Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013  
Other                                        
Operating Revenues   $ 8,437     $ 12,992     $ 16,675     $ 27,881     $ 20,652  
Costs and Expenses:                                        
  Operating     9,464       11,936       15,665       26,141       18,960  
  Administrative and general     3,449       3,111       1,888       1,429       1,323  
  Depreciation and amortization     82       85       91       92       96  
      12,995       15,132       17,644       27,662       20,379  
Losses on Asset Dispositions and Impairments, Net     --       (409 )     --       --       --  
Operating Income (Loss)     (4,558 )     (2,549 )     (969 )     219       273  
Other Income (Expense):                                        
  Derivative gains (losses), net     1,500       (733 )     198       (380 )     (450 )
  Foreign currency gains (losses), net     53       9       (21 )     15       (169 )
  Other, net     (5,013 )     175       (39 )     (3 )     --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (985 )     (761 )     2,149       36       418  
Segment Profit (Loss)(1)   $ (9,003 )   $ (3,859 )   $ 1,318     $ (113 )   $ 72  
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (840 )   $ (992 )   $ (902 )   $ (817 )   $ (605 )
Costs and Expenses:                                        
  Operating     (807 )     (948 )     (864 )     (792 )     (577 )
  Administrative and general     7,961       9,062       10,411       6,910       8,638  
  Depreciation and amortization     1,001       889       872       742       753  
      8,155       9,003       10,419       6,860       8,814  
Losses on Asset Dispositions and Impairments, Net     --       (3,504 )     --       --       --  
Operating Loss   $ (8,995 )   $ (13,499 )   $ (11,321 )   $ (7,677 )   $ (9,419 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ 183     $ (161 )   $ (1,293 )   $ (1,084 )   $ (1,023 )
  Foreign currency gains (losses), net     (130 )     22       (419 )     361       (125 )
  Other, net     29       (52 )     (60 )     (60 )     (4 )

______________________

(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) 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)  
   
  Jun. 30, 2014   Mar. 31, 2014   Dec. 31, 2013   Sep. 30, 2013   Jun. 30, 2013  
ASSETS                              
Current Assets:                              
  Cash and cash equivalents $ 453,415   $ 374,790   $ 527,435   $ 332,767   $ 394,783  
  Restricted cash   14,346     14,490     12,175     20,893     16,776  
  Marketable securities   33,275     29,522     24,292     25,660     27,264  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   198,768     203,785     215,768     211,853     188,128  
    Other   50,571     41,292     48,181     39,774     37,204  
  Inventories   20,207     24,962     27,615     25,442     22,955  
  Deferred income taxes   116     116     116     3,530     3,530  
  Prepaid expenses and other   12,837     8,292     6,701     10,746     11,715  
    Total current assets   783,535     697,249     862,283     670,665     702,355  
Property and Equipment:                              
    Historical cost   2,216,627     2,224,212     2,199,183     2,208,315     2,212,929  
    Accumulated depreciation   (888,442 )   (894,511 )   (866,330 )   (835,604 )   (806,672 )
    1,328,185     1,329,701     1,332,853     1,372,711     1,406,257  
    Construction in progress   297,523     325,529     143,482     129,481     133,985  
    Net property and equipment   1,625,708     1,655,230     1,476,335     1,502,192     1,540,242  
Investments, at Equity, and Advances to 50% or Less Owned Companies   484,164     456,446     440,853     365,891     293,793  
Construction Reserve Funds & Title XI Reserve Funds   324,856     264,339     261,739     229,021     150,375  
Goodwill   18,012     17,963     17,985     17,978     17,978  
Intangible Assets, Net   10,754     11,567     12,423     13,583     14,594  
Other Assets   48,964     42,241     44,615     52,394     48,996  
  $ 3,295,993   $ 3,145,035   $ 3,116,233   $ 2,851,724   $ 2,768,333  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 43,557   $ 49,171   $ 45,323   $ 26,973   $ 25,109  
  Accounts payable and accrued expenses   87,235     83,296     85,477     73,063     73,185  
  Other current liabilities   119,501     132,190     123,619     124,788     122,434  
    Total current liabilities   250,293     264,657     254,419     224,824     220,728  
Long-Term Debt   830,303     830,887     834,118     675,206     674,444  
Deferred Income Taxes   456,403     456,883     457,827     437,436     421,623  
Deferred Gains and Other Liabilities   175,229     145,483     144,441     133,525     115,102  
    Total liabilities   1,712,228     1,697,910     1,690,805     1,470,991     1,431,897  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   --     --     --     --     --  
    Common stock   375     374     372     372     370  
    Additional paid-in capital   1,479,942     1,401,294     1,394,621     1,358,273     1,347,909  
    Retained earnings   1,127,846     1,106,779     1,095,270     1,086,874     1,056,583  
    Shares held in treasury, at cost   (1,126,322 )   (1,087,101 )   (1,088,219 )   (1,088,219 )   (1,089,061 )
    Accumulated other comprehensive income (loss), net of tax   225     (929 )   (1,192 )   (1,809 )   (4,243 )
    1,482,066     1,420,417     1,400,852     1,355,491     1,311,558  
  Noncontrolling interests in subsidiaries   101,699     26,708     24,576     25,242     24,878  
    Total equity   1,583,765     1,447,125     1,425,428     1,380,733     1,336,436  
  $ 3,295,993   $ 3,145,035   $ 3,116,233   $ 2,851,724   $ 2,768,333  
                               
                               
 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Jun. 30, 2014   Mar. 31, 2014   Dec. 31, 2013   Sep. 30, 2013   Jun. 30, 2013
Offshore Marine Services                    
Anchor handling towing supply   18   18   18   18   18
Crew   38   39   42   43   45
Mini-supply   7   8   8   8   8
Standby safety   25   25   25   25   25
Supply   27   26   27   26   26
Towing supply   3   3   3   3   3
Specialty   9   9   12   12   12
Liftboats   15   15   15   15   17
Wind farm utility   35   34   34   33   32
    177   177   184   183   186
                     
Inland River Services                    
Dry-cargo barges   1,463   1,415   1,405   1,409   1,413
Liquid tank barges   74   74   74   75   75
Deck barges   20   20   20   20   20
Towboats   32   32   32   31   31
Dry-cargo vessel   --   --   1   1   1
    1,589   1,541   1,532   1,536   1,540
                     
Shipping Services(1)                    
U.S.-flag:                    
  Product tankers   7   7   7   7   7
  RORO/deck barges   7   7   7   7   7
  Dry-bulk articulated tug-barge   1   1   1   1   1
  Harbor tugs   24   24   24   24   24
  Ocean liquid tank barges   5   5   5   5   5
Foreign-flag:                    
  Harbor tugs   4   4   4   4   4
  Very large gas carriers   3   3   3   3   --
  Short-sea container/RORO   7   8   8   7   8
    58   59   59   58   56
                     

______________________

(1) For each of the periods presented, the Company provided technical management services for two additional vessels.
   
   
 
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
 
    2014   2015   2016   2017    
    Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Total
Offshore Marine Services                                                    
Crew   1   2   --   1   2   2   1   --   --   --   --   --   9
Supply(1)   1   --   --   1   --   --   --   --   --   --   --   --   2
Wind farm utility   --   1   --   1   --   --   --   --   --   --   --   --   2
                                                     
Inland River Services                                                    
Liquid tank barges   --   1   1   --   --   --   --   --   --   --   --   --   2
Towboats   --   2   1   1   --   --   --   --   --   --   --   --   4
                                                     
Shipping Services                                                    
U.S.-flag product tankers   --   --   --   --   --   --   --   1   --   1   1   --   3
U.S.-flag articulated tug-barge   --   --   --   --   --   --   --   --   1   --   --   --   1

______________________

(1) To be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery.
   
   
   
SEACOR HOLDINGS INC.  
OFFSHORE MARINE SERVICES  
TIME CHARTER OPERATING DATA  
(unaudited)  
   
    Three Months Ended  
    Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013  
Rates Per Day Worked:                                        
  Anchor handling towing supply   $ 25,796     $ 24,841     $ 26,773     $ 29,008     $ 23,635  
  Crew     9,222       8,664       8,627       8,553       7,719  
  Mini-supply     6,627       7,148       7,805       8,048       7,721  
  Standby safety     10,932       10,679       10,584       9,922       9,621  
  Supply     16,948       17,156       16,906       17,541       16,864  
  Towing supply     9,339       10,128       8,744       10,970       9,156  
  Specialty     26,860       19,200       31,856       37,121       24,822  
  Liftboats     23,017       22,219       26,072       25,001       22,062  
  Overall Average Rates Per Day Worked(excluding wind farm utility)     15,470       14,324       15,355       15,677       13,588  
  Wind farm utility     2,553       2,423       2,427       2,315       2,302  
  Overall Average Rates Per Day Worked     12,259       11,659       12,279       12,454       11,010  
                                         
Utilization:                                        
  Anchor handling towing supply     83 %     77 %     74 %     75 %     74 %
  Crew     75 %     81 %     84 %     88 %     90 %
  Mini-supply     81 %     92 %     94 %     96 %     97 %
  Standby safety     88 %     88 %     88 %     88 %     86 %
  Supply     82 %     86 %     82 %     75 %     83 %
  Towing supply     74 %     92 %     84 %     83 %     79 %
  Specialty     52 %     47 %     81 %     58 %     54 %
  Liftboats     80 %     60 %     73 %     82 %     69 %
  Overall Fleet Utilization (excluding wind farm utility)     80 %     80 %     82 %     83 %     82 %
  Wind farm utility     91 %     81 %     90 %     95 %     93 %
  Overall Fleet Utilization     83 %     80 %     84 %     86 %     84 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,547       1,530       1,564       1,564       1,547  
  Crew     2,533       2,605       2,740       2,844       3,057  
  Mini-supply     479       540       552       552       565  
  Standby safety     2,184       2,160       2,208       2,208       2,184  
  Supply     1,407       1,530       1,564       1,564       1,538  
  Towing supply     182       180       184       184       182  
  Specialty     273       270       276       327       364  
  Liftboats     1,365       1,350       1,380       1,543       1,614  
  Overall Fleet Available Days(excluding wind farm utility)     9,970       10,165       10,468       10,786       11,051  
  Wind farm utility     2,912       2,863       2,959       2,978       2,889  
  Overall Fleet Available Days     12,882       13,028       13,427       13,764       13,940  
                                         
                                         

Contact Information

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