SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

July 23, 2015 18:17 ET

SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2015

FORT LAUDERDALE, FL--(Marketwired - Jul 23, 2015) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter ended June 30, 2015.

For the quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million, or $0.04 per diluted share. For the six months ended June 30, 2015, net loss attributable to SEACOR Holdings Inc. was $18.9 million, or $1.06 per diluted share. Results attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2015 included a loss on the extinguishment of the Company's Title XI bonds of $9.6 million, net of noncontrolling interests and tax, or $0.53 per diluted share. See "Debt Extinguishment Losses" below.

For the preceding quarter ended March 31, 2015, net loss attributable to SEACOR Holdings Inc. was $19.6 million, or $1.10 per diluted share. A comparison of results for the quarter ended June 30, 2015 with the preceding quarter ended March 31, 2015 is included in the "Highlights for the Quarter" discussion below.

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.

Highlights for the Quarter

Offshore Marine Services - Operating income before depreciation and amortization ("OIBDA" -- see definition included in the segment information tables herein) was $15.3 million on operating revenues of $96.7 million in the second quarter compared with a loss of $1.1 million on operating revenues of $93.5 million in the preceding quarter, an improvement of $9.8 million when excluding the $6.6 million impairment charge related to the suspended construction of two offshore support vessels in the preceding quarter. Operating loss after depreciation and amortization was $0.4 million in the second quarter compared with $16.5 million in the preceding quarter.

During the second quarter, the Company sold two offshore support vessels, including one vessel to a joint venture in which the Company has a 30.4% interest, and other equipment for net proceeds of $15.5 million and gains of $1.0 million, all of which were recognized currently. In addition, the Company recognized previously deferred gains of $2.5 million in the second quarter.

On a total fleet basis, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 49 days, or 1%. Overall utilization, including cold-stacked vessels but excluding wind farm utility vessels, decreased from 68% to 65% and overall average day rates, including cold-stacked vessels but excluding wind farm utility vessels, increased by 6% from $13,178 to $13,955 per day. This release includes a table presenting time charter operating data by vessel class.

In the U.S., operating results excluding the impact of gains (losses) on asset dispositions and impairments were $6.7 million higher in the second quarter. Time charter revenues for the anchor handling towing supply vessels were $5.2 million higher primarily due to an improvement in average day rates attributable to several charters which commenced during the second quarter. Time charter revenues for the Company's liftboat fleet increased by $3.7 million primarily due to seasonally improved market conditions. Time charter revenues for all other vessel classes were $3.6 million lower primarily due to continued weak market conditions. On a total fleet basis, utilization including cold-stacked vessels was unchanged at 49% and average day rates including cold-stacked vessels increased from $18,097 to $21,898 per day. Operating expenses were $1.4 million lower primarily due to an increase in the number of cold-stacked vessels, partially offset by higher drydocking expenses. As of June 30, 2015, the Company had ten vessels cold-stacked in the U.S. Gulf of Mexico compared with seven vessels as of March 31, 2015.

In international regions, operating results excluding the impact of gains (losses) on asset dispositions and impairments was $0.7 million lower in the second quarter. Operating revenues were $2.0 million lower primarily due to the conclusion of several charters and overall weaker market conditions. Including cold-stacked vessels but excluding wind farm utility vessels, overall utilization was 73% compared with 78% in the preceding quarter, and overall average day rates decreased from $11,510 to $11,111 per day. Operating expenses were $0.8 million lower primarily due a reduction drydocking costs, partially offset by an increase in routine repair and maintenance expenses. The Company had two vessels cold-stacked in international regions as of June 30, 2015 and March 31, 2015.

Foreign currency gains, net of $1.9 million in the second quarter were primarily due to the weakening of the U.S. dollar versus the pound sterling and euro currencies underlying certain of the Company's intercompany notes payable and debt balances.

Inland River Services - OIBDA was $10.0 million on operating revenues of $61.2 million in the second quarter compared with $13.0 million on operating revenues of $56.6 million in the preceding quarter. Operating income after depreciation and amortization was $2.6 million in the second quarter compared with $6.1 million in the preceding quarter.

Operating income excluding the impact of gains on asset dispositions was $2.9 million lower in the second quarter. Operating results for the dry-cargo barge pools were $1.7 million lower primarily due to operating restrictions caused by high water levels and lower rates. Operating results for the 10,000 barrel liquid tank barge operations were $1.5 million lower primarily due to higher costs associated with U.S. Coast Guard inspections and related repairs.

During the second quarter, the Company recognized $3.7 million of equity losses in 50% or less owned companies primarily due to reduced activity in the Company's joint venture operating on the Parana-Paraguay River Waterway as a result of continued weakness in the iron ore and grain markets. In addition, the Company recognized interest income (not a component of segment profit) of $1.1 million during the second quarter on notes due from this joint venture.

Shipping Services - OIBDA was $12.9 million on operating revenues of $55.7 million in the second quarter compared with $8.0 million on operating revenues of $51.4 million in the preceding quarter. Operating income after depreciation and amortization was $6.3 million in the second quarter compared with $1.3 million in the preceding quarter.

Operating income was $5.0 million higher in the second quarter. Operating revenues were $4.3 million higher in the second quarter primarily due to less out-of-service time for drydocking U.S.-flag product tankers, an increase in the time charter rate for one U.S.-flag product tanker and increased harbor towing activities resulting from higher port traffic. Operating expenses were $1.0 million lower in the second quarter primarily due to lower drydocking costs for U.S.-flag product tankers and harbor tugs.

Equity in earnings from 50% or less owned companies increased by $1.2 million primarily due to improved operating results from the Company's joint venture operating in the Puerto Rico liner trade.

Illinois Corn Processing - Segment profit was $10.5 million on operating revenues of $48.4 million in the second quarter compared with $4.1 million on operating revenues of $39.6 million in the preceding quarter. Segment profit was $6.3 million higher in the second quarter primarily due to the recognition of a $4.1 million gain from a business interruption insurance claim and higher sales volumes of alcohol and DDGS. The preceding quarter's sales volumes were lower as a result of reduced production resulting from unplanned plant maintenance.

Other - Segment profit was $1.9 million in the second quarter compared with a segment loss of $1.8 million in the preceding quarter. The segment profit in the second quarter was primarily due to higher activity levels for emergency and crisis services.

Corporate and Eliminations - Administrative and general expenses were $1.0 million higher in the second quarter primarily due to higher legal and professional fees.

Debt Extinguishment Losses - Certain subsidiaries of the Company that operate its fleet of U.S.-flag product tankers (collectively "SEA-Vista," in which the Company has a 51% controlling interest) redeemed their Title XI bonds in the second quarter for $99.9 million and recorded a $29.0 million loss on extinguishment of debt for the then unamortized debt discount, the make whole premium paid and certain other redemption costs. As a consequence of redeeming the bonds prior to their scheduled maturity, SEA-Vista was required to pay a make whole premium in the amount of $20.5 million. The redemption of the bonds released the liens on vessels supporting the Title XI financing and facilitated the issuance of SEA-Vista's $300 million secured credit facility with a syndicate of lenders at a lower effective borrowing rate to fund its working capital needs, meet its capital commitments for the three U.S.-flag product tankers (referred to below under "Capital Commitments"), and fund future growth opportunities. The redemption of the Title XI bonds was funded with advances from SEA-Vista's $300.0 million secured credit facility, its restricted cash and its Title XI reserve funds.

In addition, the Company purchased $14.0 million in principal amount of its 7.375% Senior Notes for $14.4 million in the second quarter resulting in a loss on debt extinguishment of $0.5 million. As of June 30, 2015, the aggregate outstanding principal amount of the Company's 7.375% Senior Notes due 2019 was $219.5 million.

Marketable Securities - Marketable security gains, net of $10.2 million in the second quarter were primarily due to gains on long marketable security positions.

Income Tax Expense - The Company's effective tax rate of negative 1.6% for the second quarter was primarily due to tax benefits not recognized on losses attributable to noncontrolling interests.

Share Repurchases - During the quarter ended June 30, 2015, the Company purchased 250,873 shares of its common stock for an aggregate purchase price of $17.6 million, or $70.30 per share. Subsequent to June 30, 2015, the Company purchased 107,018 shares of it common stock for an aggregate purchase price of $6.9 million, or $64.45 per share.

Capital Commitments - As of June 30, 2015, the Company's unfunded capital commitments were $432.8 million and included: $142.3 million for 17 offshore support vessels; $1.7 million for two 30,000 barrel inland river liquid tank barges; $6.9 million for eight 10,000 barrel inland river liquid tank barges; $6.8 million for three inland river towboats; $190.3 million for three U.S.-flag product tankers; $41.9 million for one U.S.-flag articulated tug-barge; $20.5 million for two U.S.-flag harbor tugs; and $22.4 million for other equipment and improvements. These commitments are payable as follows: $135.9 million is payable during the remainder of 2015 (including $64.8 million for the construction of SEA-Vista's three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $233.2 million is payable during 2016 (including $146.9 million for the construction of SEA-Vista's three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $38.8 million is payable during 2017 (including $20.5 million for the construction of SEA-Vista's three U.S.-flag product tankers); $19.0 million is payable during 2018; and $5.9 million is payable during 2019. Of these committments, approximately $6.8 million may be terminated without further liability other than the payment of liquidated damages of $0.7 million. This release includes a table detailing expected delivery by vessel class.

Liquidity and Debt - As of June 30, 2015, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $738.4 million and its total outstanding long-term debt was $924.6 million. In addition, the Company had $165.0 million of borrowing capacity under Sea-Vista's $300 million secured credit facility.

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

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

   
SEACOR HOLDINGS INC.  
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)  
(in thousands, except share data, unaudited)  
   
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2015     2014     2015     2014  
Operating Revenues   $ 281,609     $ 328,224     $ 542,253     $ 638,241  
Costs and Expenses:                                
    Operating     207,743       231,906       406,891       450,882  
    Administrative and general     38,674       34,686       77,561       72,763  
    Depreciation and amortization     32,079       33,220       63,509       66,612  
      278,496       299,812       547,961       590,257  
Gains (Losses) on Asset Dispositions and Impairments, Net     4,386       4,295       (460 )     8,973  
Operating Income (Loss)     7,499       32,707       (6,168 )     56,957  
Other Income (Expense):                                
  Interest income     4,474       6,030       9,053       10,073  
  Interest expense     (10,391 )     (10,458 )     (20,903 )     (21,861 )
  Debt extinguishment losses     (29,536 )     --       (29,536 )     --  
  Marketable security gains, net     10,249       731       1,128       5,801  
  Derivative gains (losses), net     1,426       94       (1,570 )     (143 )
  Foreign currency gains, net     2,436       1,720       443       1,521  
  Other, net     4,433       10,213       4,389       6,558  
      (16,909 )     8,330       (36,996 )     1,949  
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     (9,410 )     41,037       (43,164 )     58,906  
Income Tax Expense (Benefit)     155       13,000       (11,799 )     19,375  
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (9,565 )     28,037       (31,365 )     39,531  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     1,064       (512 )     4,963       1,709  
Net Income (Loss)     (8,501 )     27,525       (26,402 )     41,240  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     (9,188 )     6,458       (7,520 )     8,664  
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 687     $ 21,067     $ (18,882 )   $ 32,576  
                                 
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.04     $ 1.05     $ (1.06 )   $ 1.62  
                                 
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.04     $ 0.98     $ (1.06 )   $ 1.58  
                                 
Weighted Average Common Shares Outstanding:                                
  Basic     17,780,759       19,989,402       17,779,250       20,049,056  
  Diluted     18,082,464       24,584,494       17,779,250       24,665,869  
                                 
   
SEACOR HOLDINGS INC.  
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)  
(in thousands, except per share data, unaudited)  
   
    Three Months Ended  
    Jun. 30,
2015
    Mar. 31,
2015
    Dec. 31,
2014
    Sep. 30,
2014
    Jun. 30,
2014
 
Operating Revenues   $ 281,609     $ 260,644     $ 342,217     $ 338,936     $ 328,224  
Costs and Expenses:                                        
  Operating     207,743       199,148       220,814       237,676       231,906  
  Administrative and general     38,674       38,887       45,520       46,655       34,686  
  Depreciation and amortization     32,079       31,430       31,603       33,604       33,220  
      278,496       269,465       297,937       317,935       299,812  
Gains (Losses) on Asset Dispositions and Impairments, Net     4,386       (4,846 )     13,136       29,869       4,295  
Operating Income (Loss)     7,499       (13,667 )     57,416       50,870       32,707  
Other Income (Expense):                                        
  Interest income     4,474       4,579       5,126       4,463       6,030  
  Interest expense     (10,391 )     (10,512 )     (10,647 )     (11,124 )     (10,458 )
  Debt extinguishment losses     (29,536 )     --       --       --       --  
  Marketable security gains (losses), net     10,249       (9,121 )     13,266       9,693       731  
  Derivative gains (losses), net     1,426       (2,996 )     (1,221 )     (2,538 )     94  
  Foreign currency gains (losses), net     2,436       (1,993 )     (4,797 )     (3,059 )     1,720  
  Other, net     4,433       (44 )     (3,230 )     111       10,213  
      (16,909 )     (20,087 )     (1,503 )     (2,454 )     8,330  
Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies     (9,410 )     (33,754 )     55,913       48,416       41,037  
Income Tax Expense (Benefit)     155       (11,954 )     20,212       15,610       13,000  
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (9,565 )     (21,800 )     35,701       32,806       28,037  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     1,064       3,899       13,628       972       (512 )
Net Income (Loss)     (8,501 )     (17,901 )     49,329       33,778       27,525  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     (9,188 )     1,668       9,236       6,315       6,458  
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 687     $ (19,569 )   $ 40,093     $ 27,463     $ 21,067  
                                         
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.04     $ (1.10 )   $ 2.22     $ 1.43     $ 1.05  
                                         
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.04     $ (1.10 )   $ 1.85     $ 1.28     $ 0.98  
                                         
Weighted Average Common Shares of Outstanding:                                        
  Basic     17,781       17,778       18,074       19,196       19,989  
  Diluted     18,082       17,778       24,503       25,628       24,584  
Common Shares Outstanding at Period End     18,012       18,241       18,140       19,044       20,144  
                                         
   
SEACOR HOLDINGS INC.  
SEGMENT INFORMATION  
(in thousands, unaudited)  
   
    Three Months Ended  
    Jun. 30,
2015
    Mar. 31,
2015
    Dec. 31,
2014
    Sep. 30,
2014
    Jun. 30,
2014
 
Offshore Marine Services                                        
Operating Revenues   $ 96,715     $ 93,456     $ 127,518     $ 135,178     $ 138,247  
Costs and Expenses:                                        
  Operating     72,173       74,355       86,558       90,736       93,755  
  Administrative and general     12,655       13,559       15,253       14,514       13,426  
  Depreciation and amortization     15,692       15,366       15,594       16,269       16,448  
      100,520       103,280       117,405       121,519       123,629  
Gains (Losses) on Asset Dispositions and Impairments, Net     3,455       (6,649 )     12,062       3,219       3,526  
Operating Income (Loss)     (350 )     (16,473 )     22,175       16,878       18,144  
Other Income (Expense):                                        
  Derivative gains (losses), net     4       (9 )     (7 )     (33 )     (70 )
  Foreign currency gains (losses), net     1,907       (17 )     (934 )     (1,870 )     1,322  
  Other, net     43       (146 )     (68 )     --       14,739  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     2,826       2,975       3,054       2,529       2,244  
Segment Profit (Loss)(1)   $ 4,430     $ (13,670 )   $ 24,220     $ 17,504     $ 36,379  
                                         
OIBDA(2)   $ 15,342     $ (1,107 )   $ 37,769     $ 33,147     $ 34,592  
Drydocking expenditures (included in operating costs and expenses)   $ 5,932     $ 6,881     $ 9,052     $ 7,606     $ 10,887  
Out-of-service days for drydockings     315       294       326       357       575  
                                         
Inland River Services                                        
Operating Revenues   $ 61,150     $ 56,607     $ 79,252     $ 59,932     $ 56,007  
Costs and Expenses:                                        
  Operating     48,556       41,513       46,250       43,947       45,047  
  Administrative and general     3,765       3,884       4,245       3,520       3,835  
  Depreciation and amortization     7,362       6,889       6,660       7,841       7,564  
      59,683       52,286       57,155       55,308       56,446  
Gains on Asset Dispositions     1,166       1,803       1,565       26,429       810  
Operating Income     2,633       6,124       23,662       31,053       371  
Other Income (Expense):                                        
  Derivative gains, net     177       82       --       --       --  
  Foreign currency gains (losses), net     208       (1,121 )     (3,032 )     (450 )     474  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (3,717 )     (274 )     10,515       (95 )     (3,335 )
Segment Profit (Loss)(1)   $ (699 )   $ 4,811     $ 31,145     $ 30,508     $ (2,490 )
                                         
OIBDA(2)   $ 9,995     $ 13,013     $ 30,322     $ 38,894     $ 7,935  
                                         
   
 SEACOR HOLDINGS INC.  
 SEGMENT INFORMATION (continued)  
(in thousands, unaudited)  
   
    Three Months Ended  
    Jun. 30,
2015
  Mar. 31,
2015
    Dec. 31,
2014
    Sep. 30,
2014
    Jun. 30,
2014
 
Shipping Services                                      
Operating Revenues   $ 55,674   $ 51,407     $ 56,681     $ 51,659     $ 53,575  
Costs and Expenses:                                      
  Operating     36,124     37,131       28,688       29,068       28,018  
  Administrative and general     6,676     6,289       7,318       5,883       5,421  
  Depreciation and amortization     6,611     6,735       6,821       6,730       7,115  
      49,411     50,155       42,827       41,681       40,554  
Gains (Losses) on Asset Dispositions     --     --       202       (2 )     (41 )
Operating Income     6,263     1,252       14,056       9,976       12,980  
Other Income (Expense):                                      
  Foreign currency gains (losses), net     9     (12 )     (4 )     (27 )     1  
  Other, net     187     29       22       123       158  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     2,363     1,141       (790 )     (2,188 )     1,564  
Segment Profit(1)   $ 8,822   $ 2,410     $ 13,284     $ 7,884     $ 14,703  
                                       
OIBDA(2)   $ 12,874   $ 7,987     $ 20,877     $ 16,706     $ 20,095  
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses)   $ 7,171   $ 8,083     $ --     $ --     $ --  
Out-of-service days for drydockings of U.S.-flag product tankers     38     71       --       --       --  
                                       
Illinois Corn Processing                                      
Operating Revenues   $ 48,371   $ 39,598     $ 51,026     $ 53,813     $ 72,798  
Costs and Expenses:                                      
  Operating     40,588     33,118       39,685       44,461       56,429  
  Administrative and general     509     562       609       463       594  
  Depreciation and amortization     979     980       1,064       1,055       1,010  
      42,076     34,660       41,358       45,979       58,033  
Operating Income     6,295     4,938       9,668       7,834       14,765  
Other Income (Expense):                                      
  Derivative gains (losses), net     50     (828 )     (302 )     (2,674 )     (1,519 )
  Other, net     4,112     --       167       --       300  
Segment Profit(1)   $ 10,457   $ 4,110     $ 9,533     $ 5,160     $ 13,546  
                                       
   
SEACOR HOLDINGS INC.  
SEGMENT INFORMATION (continued)  
(in thousands, unaudited)  
   
    Three Months Ended  
    Jun. 30,
2015
    Mar. 31,
2015
    Dec. 31,
2014
    Sep. 30,
2014
    Jun. 30,
2014
 
Other                                        
Operating Revenues   $ 20,337     $ 20,452     $ 29,283     $ 39,024     $ 8,437  
Costs and Expenses:                                        
  Operating     11,103       13,830       21,145       30,099       9,464  
  Administrative and general     6,617       7,136       9,948       8,629       3,449  
  Depreciation and amortization     489       500       513       649       82  
      18,209       21,466       31,606       39,377       12,995  
Losses on Asset Dispositions and Impairments, Net     (235 )     --       (668 )     --       --  
Operating Income (Loss)     1,893       (1,014 )     (2,991 )     (353 )     (4,558 )
Other Income (Expense):                                        
  Derivative gains (losses), net     304       (776 )     (702 )     205       1,500  
  Foreign currency gains (losses), net     36       (40 )     (96 )     (121 )     53  
  Other, net     40       8       (3,357 )     42       (5,013 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (408 )     57       849       726       (985 )
Segment Profit (Loss)(1)   $ 1,865     $ (1,765 )   $ (6,297 )   $ 499     $ (9,003 )
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (638 )   $ (876 )   $ (1,543 )   $ (670 )   $ (840 )
Costs and Expenses:                                        
  Operating     (801 )     (799 )     (1,512 )     (635 )     (807 )
  Administrative and general     8,452       7,457       8,147       13,646       7,961  
  Depreciation and amortization     946       960       951       1,060       1,001  
      8,597       7,618       7,586       14,071       8,155  
Gains (Losses) on Asset Dispositions     --       --       (25 )     223       --  
Operating Loss   $ (9,235 )   $ (8,494 )   $ (9,154 )   $ (14,518 )   $ (8,995 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ 891     $ (1,465 )   $ (210 )   $ (36 )   $ 183  
  Foreign currency gains (losses), net     276       (803 )     (731 )     (591 )     (130 )
  Other, net     51       65       6       (54 )     29  
   
(1) Includes amounts attributable to both SEACOR and noncontrolling interests.
(2) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) for the applicable segment plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of its ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.
   
   
SEACOR HOLDINGS INC.  
CONDENSED CONSOLIDATED BALANCE SHEETS  
(in thousands, unaudited)  
   
  Jun. 30,
2015
  Mar. 31,
2015
  Dec. 31,
2014
  Sep. 30,
2014
  Jun. 30,
2014
 
ASSETS                              
Current Assets:                              
  Cash and cash equivalents $ 433,827   $ 448,011   $ 434,183   $ 449,632   $ 453,415  
  Restricted cash   --     16,896     16,435     13,656     14,346  
  Marketable securities   29,411     39,002     58,004     43,286     33,275  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   181,733     186,583     225,242     215,191     198,768  
    Other   48,627     39,805     67,745     57,621     50,571  
  Inventories   19,736     23,156     22,783     20,896     20,207  
  Deferred income taxes   --     --     --     116     116  
  Prepaid expenses and other   11,411     8,814     9,011     11,431     12,837  
    Total current assets   724,745     762,267     833,403     811,829     783,535  
Property and Equipment:                              
    Historical cost   2,100,309     2,083,035     2,086,957     2,166,509     2,216,627  
    Accumulated depreciation   (954,931 )   (918,769 )   (902,284 )   (889,993 )   (888,442 )
    1,145,378     1,164,266     1,184,673     1,276,516     1,328,185  
    Construction in progress   399,033     339,390     318,000     284,362     297,523  
    Net property and equipment   1,544,411     1,503,656     1,502,673     1,560,878     1,625,708  
Investments, at Equity, and Advances to 50% or Less Owned Companies   482,302     483,748     484,157     444,826     484,164  
Construction Reserve Funds & Title XI Reserve Funds   275,131     288,529     278,022     321,278     324,856  
Goodwill   62,686     62,688     62,759     62,904     18,012  
Intangible Assets, Net   30,742     31,955     32,727     34,306     10,754  
Other Assets   57,463     47,169     51,292     55,049     48,964  
  $ 3,177,480   $ 3,180,012   $ 3,245,033   $ 3,291,070   $ 3,295,993  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 35,270   $ 44,953   $ 48,499   $ 50,785   $ 43,557  
  Accounts payable and accrued expenses   68,832     72,738     103,760     90,704     87,235  
  Other current liabilities   118,330     138,460     119,694     139,999     119,501  
    Total current liabilities   222,432     256,151     271,953     281,488     250,293  
Long-Term Debt   889,323     834,686     834,383     831,163     830,303  
Deferred Income Taxes   420,531     413,450     432,546     459,039     456,403  
Deferred Gains and Other Liabilities   172,018     178,293     188,664     185,950     175,229  
    Total liabilities   1,704,304     1,682,580     1,727,546     1,757,640     1,712,228  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   --     --     --     --     --  
    Common stock   377     377     375     375     375  
    Additional paid-in capital   1,499,904     1,495,261     1,490,698     1,485,342     1,479,942  
    Retained earnings   1,176,520     1,175,833     1,195,402     1,155,309     1,127,846  
    Shares held in treasury, at cost   (1,305,104 )   (1,287,460 )   (1,283,476 )   (1,213,267 )   (1,126,322 )
    Accumulated other comprehensive income (loss), net of tax   (3,172 )   (5,837 )   (3,505 )   (1,891 )   225  
    1,368,525     1,378,174     1,399,494     1,425,868     1,482,066  
  Noncontrolling interests in subsidiaries   104,651     119,258     117,993     107,562     101,699  
    Total equity   1,473,176     1,497,432     1,517,487     1,533,430     1,583,765  
  $ 3,177,480   $ 3,180,012   $ 3,245,033   $ 3,291,070   $ 3,295,993  
                               
 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Jun. 30,
2015
  Mar. 31,
2015
  Dec. 31,
2014
  Sep. 30,
2014
  Jun. 30,
2014
Offshore Marine Services                    
Anchor handling towing supply   18   18   18   18   18
Fast support   33   34   35   38   38
Mini-supply   7   7   7   7   7
Standby safety   25   25   25   25   25
Supply   26   27   25   27   27
Towing supply   3   3   3   3   3
Specialty   9   9   9   9   9
Liftboats   15   15   15   15   15
Wind farm utility   37   37   36   35   35
    173   175   173   177   177
                     
Inland River Services                    
Dry-cargo barges   1,435   1,439   1,455   1,456   1,463
Liquid tank barges:                    
  10,000 barrel   50   50   49   45   45
  30,000 barrel   29   29   29   29   29
Deck barges   --   --   20   20   20
Towboats:                    
  4,000 hp - 6,250 hp   17   17   17   16   16
  3,300 hp - 3,900 hp   --   --   --   1   1
  Less than 3,200 hp   16   15   14   15   15
    1,547   1,550   1,584   1,582   1,589
                     
Shipping Services(1)                    
Petroleum and Gas Transportation:                    
  Product tankers - U.S.-flag   8   8   7   7   7
  Very large gas carriers - Foreign-flag   9   6   5   5   3
Harbor Towing and Bunkering:                    
  Harbor tugs - U.S.-flag   24   24   24   24   24
  Harbor tugs - Foreign-flag   4   4   4   4   4
  Offshore tug - U.S.-flag   1   1   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   8   7
Other:                    
  Dry bulk articulated tug-barge - U.S.-flag   1   1   1   1   1
    66   63   61   61   58
                     
(1) For each of the periods presented ending in 2014, the Company provided technical management services for two additional vessels. For each of the periods presented in 2015, the Company provided technical management services for one additional vessel.
   
 
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
 
    2015   2016   2017   2018   2019    
    Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Total
Offshore Marine Services                                                                
Fast support   2   --   1   --   2   --   1   --   --   --   --   1   --   --   --   7
Supply   --   --   --   1   1   --   --   --   --   --   1   --   --   --   1   4
Liftboats(1)   --   --   --   2   --   --   --   --   --   --   --   --   --   --   --   2
Wind farm utility   3   --   1   --   --   --   --   --   --   --   --   --   --   --   --   4
                                                                 
Inland River Services                                                                
Liquid tank barges - 10,000 barrel   8   --   --   --   --   --   --   --   --   --   --   --   --   --   --   8
Liquid tank barges - 30,000 barrel   --   1   1   --   --   --   --   --   --   --   --   --   --   --   --   2
Towboats:                                                                
  3,300 hp - 3,900 hp   --   --   1   --   --   --   --   --   --   --   --   --   --   --   --   2
  Less than 3,200 hp   1   1   --   --   --   --   --   --   --   --   --   --   --   --   --   1
                                                                 
Shipping Services                                                                
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
                                                                 
(1) To be delivered to a 50% or less owned company.
   
   
SEACOR HOLDINGS INC.  
OFFSHORE MARINE SERVICES  
TIME CHARTER OPERATING DATA  
(unaudited)  
   
    Three Months Ended  
    Jun. 30,
2015
    Mar. 31,
2015
    Dec. 31,
2014
    Sep. 30,
2014
    Jun. 30,
2014
 
Rates Per Day Worked:                                        
  Anchor handling towing supply   $ 28,463     $ 22,792     $ 26,544     $ 26,175     $ 25,796  
  Fast support     9,795       9,426       9,620       9,542       9,222  
  Mini-supply     5,861       5,778       6,355       6,550       6,627  
  Standby safety     10,303       10,147       10,556       11,091       10,932  
  Supply     15,112       17,047       18,712       18,355       16,948  
  Towing supply     8,579       8,728       7,918       9,223       9,339  
  Specialty     20,749       14,537       32,027       38,716       26,860  
  Liftboats     20,675       21,951       23,038       23,933       23,017  
  Overall Average Rates Per Day Worked(excluding wind farm utility)     13,955       13,178       15,520       15,863       15,470  
  Wind farm utility     2,414       2,584       2,732       2,688       2,553  
  Overall Average Rates Per Day Worked     9,993       10,057       11,874       12,239       12,259  
                                         
Utilization:                                        
  Anchor handling towing supply     57 %     68 %     85 %     76 %     83 %
  Fast support     67 %     80 %     73 %     71 %     75 %
  Mini-supply     100 %     85 %     94 %     100 %     81 %
  Standby safety     84 %     83 %     84 %     89 %     88 %
  Supply     44 %     67 %     74 %     75 %     82 %
  Towing supply     99 %     95 %     62 %     70 %     74 %
  Specialty     45 %     27 %     48 %     54 %     52 %
  Liftboats     42 %     28 %     55 %     66 %     80 %
  Overall Fleet Utilization (excluding wind farm utility)     65 %     68 %     75 %     77 %     80 %
  Wind farm utility     96 %     84 %     93 %     97 %     91 %
  Overall Fleet Utilization     73 %     72 %     79 %     81 %     83 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,365       1,350       1,380       1,541       1,547  
  Fast support     2,086       2,129       2,420       2,488       2,533  
  Mini-supply     364       360       368       413       479  
  Standby safety     2,184       2,160       2,208       2,208       2,184  
  Supply     953       1,022       1,169       1,298       1,407  
  Towing supply     182       180       184       184       182  
  Specialty     273       270       276       276       273  
  Liftboats     1,365       1,350       1,380       1,380       1,365  
  Overall Fleet Available Days (excluding wind farm utility)     8,772       8,821       9,385       9,788       9,970  
  Wind farm utility     3,094       2,997       3,022       2,944       2,912  
  Overall Fleet Available Days     11,866       11,818       12,407       12,732       12,882  
                                         

Contact Information

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