SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

October 27, 2014 16:59 ET

SEACOR Holdings Announces Results for Its Third Quarter Ended September 30, 2014

FORT LAUDERDALE, FL--(Marketwired - Oct 27, 2014) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its third quarter ended September 30, 2014.

For the quarter ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $27.5 million, or $1.28 per diluted share. For the nine months ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $60.0 million, or $2.85 per diluted share.

For the preceding quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. A comparison of results for the quarter ended September 30, 2014 with the preceding quarter ended June 30, 2014 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended September 30, 2013, net income attributable to SEACOR Holdings Inc. was $30.3 million, or $1.36 per diluted share. For the nine months ended September 30, 2013, income from continuing operations attributable to SEACOR Holdings Inc. was $38.8 million, or $1.92 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $16.9 million on operating revenues of $135.2 million in the third quarter compared with operating income of $18.1 million on operating revenues of $138.2 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 income excluding gains on asset dispositions was $5.3 million lower in the third quarter primarily due to a reduction in time charter revenues for all vessel classes as a result of weak market conditions. The reduction in time charter revenues was partially offset by lower drydocking expenditures. During the third quarter, the Company repositioned four vessels to other geographic regions and returned one leased-in vessel to its owner. On a total fleet basis, fleet utilization was 68.9% compared with 77.4% in the preceding quarter, and average day rates increased from $19,736 per day to $20,192 per day. As of September 30, 2014, the Company had two vessels cold-stacked in the U.S. Gulf of Mexico.

In international regions, operating income excluding gains on asset dispositions was $4.4 million higher in the third quarter. The improvement was primarily due to incremental time charter revenues attributable to vessels repositioned from the U.S. Gulf of Mexico, improved returns from spot market activity in Brazil, Mexico, Central and South America, reduced drydocking activity in Europe and the contribution of a full quarter's activity on a term charter in Asia. Excluding windfarm utility vessels, fleet utilization was 81.8% compared with 82.4% in the preceding quarter, and average day rates increased from $12,455 per day to $13,463 per day.

During the third quarter, the Company sold three offshore support vessels and other equipment for net proceeds of $53.4 million and gains of $16.6 million, of which $3.2 million was recognized currently and $13.4 million was deferred. During the preceding 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 in the preceding quarter.

In the preceding 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 $31.1 million on operating revenues of $59.9 million in the third quarter compared with operating income of $0.4 million on operating revenues of $56.0 million in the preceding quarter. Operating income in the third quarter included gains on asset dispositions of $26.4 million compared with gains of $0.8 million in the preceding quarter.

During the third quarter, the Company sold 60 barges and three inland river towboats for net proceeds of $44.5 million and gains of $25.6 million, all of which were recognized currently. In addition, the Company recognized previously deferred gains of $0.8 million.

Operating results from dry-cargo barge pools were $4.6 million higher primarily due to improved utilization and higher rates resulting from the commencement of the harvest season and strong freight demand for imports of fertilizer, salt and steel.

Equity in losses of 50% or less owned companies were lower primarily due to improved operating results from the terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Operating income was $10.0 million on operating revenues of $51.7 million in the third quarter compared with operating income of $13.0 million on operating revenues of $53.6 million in the preceding quarter.

The decrease in operating income was primarily due to lower port traffic and higher drydocking expenditures for harbor tug activities, partially offset by higher charter rates for the Company's U.S.-flag product tankers.

In the preceding quarter, equity in earnings of 50% or less owned companies were primarily due to gains on the accretion of the Company's investment in Dorian LPG Ltd. following the completion of equity offerings in which the Company did not participate.

Illinois Corn Processing - Segment profit was $5.2 million on operating revenues of $53.8 million in the third quarter compared with $13.5 million on operating revenues of $72.8 million in the preceding quarter. The reduction of segment profit in the third quarter was primarily due to lower operating margins as U.S. fuel ethanol stocks returned to more normalized levels and lower sales volumes as a consequence of a temporary unplanned plant shutdown.

Other - Segment profit was $0.5 million in the third quarter compared with a segment loss of $9.0 million in the preceding quarter. During the third quarter, the Company acquired its partner's equity interest in Witt O'Brien's LLC ("Witt O'Brien's"), a global leader in preparedness, crisis management, and disaster response and recovery, for $35.4 million. Beginning July 1, 2014, the Company has consolidated the financial position, results of operations and cash flows of Witt O'Brien's. In the preceding quarter, segment loss included $6.7 million in legal costs and provisions for certain litigation matters related to the Deepwater Horizon oil spill.

Corporate and Eliminations - Administrative and general expenses were $5.7 million higher in the third quarter compared with the preceding quarter primarily due to separation payments and the acceleration of share awards following the retirement of certain executives.

Marketable Securities - Marketable security gains, net in the third quarter are primarily due to unrealized gains on long marketable security positions.

Share Repurchases - During the quarter ended September 30, 2014, the Company purchased 1,116,464 shares of its common stock for an aggregate purchase price of $87.9 million. Subsequent to September 30, 2014 and through October 24, 2014, the Company purchased 472,200 shares of its common stock for an aggregate purchase price of $35.7 million.

Capital Commitments - As of September 30, 2014, the Company's unfunded capital commitments were $520.5 million and included: $201.6 million for 18 offshore support vessels; $1.3 million for two inland river tank barges; $3.3 million for four inland river towboats; $230.2 million for three U.S.-flag product tankers; $71.3 million for one U.S.-flag articulated tug-barge; and $12.8 million for other equipment and improvements. These commitments are payable as follows: $48.0 million is payable during the remainder of 2014; $426.0 million is payable during 2015-2016; and $46.5 million is payable during 2017-2018. This release includes a table detailing expected delivery by vessel class.

Liquidity and Debt - As of September 30, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $827.9 million and its total outstanding long-term debt was $881.9 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 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
(in thousands, except share data, unaudited)
 
   
    Three Months Ended   Nine Months Ended  
    September 30,   September 30,  
    2014   2013   2014   2013  
Operating Revenues   $ 338,936   $ 336,784   $ 977,177   $ 919,411  
Costs and Expenses:                          
    Operating     237,676     239,540     688,558     680,566  
    Administrative and general     46,655     31,463     119,418     101,826  
    Depreciation and amortization     33,604     33,503     100,216     100,834  
      317,935     304,506     908,192     883,226  
Gains on Asset Dispositions and Impairments, Net     29,869     19,230     38,842     33,550  
Operating Income     50,870     51,508     107,827     69,735  
Other Income (Expense):                          
  Interest income     4,463     4,280     14,536     10,665  
  Interest expense     (11,124 )   (10,520 )   (32,985 )   (31,282 )
  Marketable security gains (losses), net     9,693     (1,149 )   15,494     9,403  
  Derivative losses, net     (2,538 )   (303 )   (2,681 )   (3,235 )
  Foreign currency gains (losses), net     (3,059 )   2,230     (1,538 )   (2,697 )
  Other, net     111     477     6,669     675  
      (2,454 )   (4,985 )   (505 )   (16,471 )
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies     48,416     46,523     107,322     53,264  
Income Tax Expense     15,610     15,984     34,985     21,306  
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies     32,806     30,539     72,337     31,958  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     972     230     2,681     7,071  
Income from Continuing Operations     33,778     30,769     75,018     39,029  
Loss from Discontinued Operations, Net of Tax     -     -     -     (10,325 )
Net Income     33,778     30,769     75,018     28,704  
Net Income attributable to Noncontrolling Interests in Subsidiaries     6,315     478     14,979     130  
Net Income attributable to SEACOR Holdings Inc.   $ 27,463   $ 30,291   $ 60,039   $ 28,574  
                           
Net Income (Loss) attributable to SEACOR Holdings Inc.:                          
  Continuing operations   $ 27,463   $ 30,291   $ 60,039   $ 38,799  
  Discontinued operations     -     -     -     (10,225 )
    $ 27,463   $ 30,291   $ 60,039   $ 28,574  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                          
  Continuing operations   $ 1.43   $ 1.52   $ 3.04   $ 1.96  
  Discontinued operations     -     -     -     (0.52 )
    $ 1.43   $ 1.52   $ 3.04   $ 1.44  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                          
  Continuing operations   $ 1.28   $ 1.36   $ 2.85   $ 1.92  
  Discontinued operations     -     -     -     (0.51 )
    $ 1.28   $ 1.36   $ 2.85   $ 1.41  
Weighted Average Common Shares Outstanding:                          
  Basic     19,196,121     19,964,695     19,761,620     19,843,778  
  Diluted     25,627,742     24,601,584     24,374,918     20,198,449  
                             
                             
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013  
Operating Revenues   $ 338,936     $ 328,224     $ 310,017     $ 327,861     $ 336,784  
Costs and Expenses:                                        
  Operating     237,676       231,906       218,976       228,305       239,540  
  Administrative and general     46,655       34,686       38,077       39,522       31,463  
  Depreciation and amortization     33,604       33,220       33,392       33,684       33,503  
      317,935       299,812       290,445       301,511       304,506  
Gains on Asset Dispositions and Impairments, Net     29,869       4,295       4,678       3,957       19,230  
Operating Income     50,870       32,707       24,250       30,307       51,508  
Other Income (Expense):                                        
  Interest income     4,463       6,030       4,043       4,802       4,280  
  Interest expense     (11,124 )     (10,458 )     (11,403 )     (11,310 )     (10,520 )
  Marketable security gains (losses), net     9,693       731       5,070       (3,600 )     (1,149 )
  Derivative gains (losses), net     (2,538 )     94       (237 )     (5,088 )     (303 )
  Foreign currency gains (losses), net     (3,059 )     1,720       (199 )     (654 )     2,230  
  Other, net     111       10,213       (3,655 )     (89 )     477  
      (2,454 )     8,330       (6,381 )     (15,939 )     (4,985 )
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies     48,416       41,037       17,869       14,368       46,523  
Income Tax Expense     15,610       13,000       6,375       5,441       15,984  
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     32,806       28,037       11,494       8,927       30,539  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     972       (512 )     2,221       193       230  
Net Income     33,778       27,525       13,715       9,120       30,769  
Net Income attributable to Noncontrolling Interests in Subsidiaries     6,315       6,458       2,206       724       478  
Net Income attributable to SEACOR Holdings Inc.   $ 27,463     $ 21,067     $ 11,509     $ 8,396     $ 30,291  
                                         
Basic Earnings Per Common Share of SEACOR Holdings Inc.   $ 1.43     $ 1.05     $ 0.57     $ 0.42     $ 1.52  
                                         
Diluted Earnings Per Common Share of SEACOR Holdings Inc.   $ 1.28     $ 0.98     $ 0.56     $ 0.41     $ 1.36  
                                         
Weighted Average Common Shares of Outstanding:                                        
  Basic     19,196       19,989       20,109       20,043       19,965  
  Diluted     25,628       24,584       20,546       20,530       24,602  
Common Shares Outstanding at Period End     19,044       20,144       20,597       20,382       20,332  
                                         
                                         
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013  
Offshore Marine Services                                        
Operating Revenues   $ 135,178     $ 138,247     $ 129,001     $ 148,371     $ 156,198  
Costs and Expenses:                                        
  Operating     90,736       93,755       94,043       99,320       95,113  
  Administrative and general     14,514       13,426       15,160       17,085       14,132  
  Depreciation and amortization     16,269       16,448       16,304       16,207       16,470  
      121,519       123,629       125,507       132,612       125,715  
Gains on Asset Dispositions     3,219       3,526       7,738       3,087       15,343  
Operating Income     16,878       18,144       11,232       18,846       45,826  
Other Income (Expense):                                        
  Derivative gains (losses), net     (33 )     (70 )     (61 )     (274 )     32  
  Foreign currency gains (losses), net     (1,870 )     1,322       107       (49 )     1,937  
  Other, net     -       14,739       -       (8 )     -  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     2,529       2,244       2,641       2,988       1,527  
Segment Profit(1)   $ 17,504     $ 36,379     $ 13,919     $ 21,503     $ 49,322  
                                         
OIBDA(2)   $ 33,147     $ 34,592     $ 27,536     $ 35,053     $ 62,296  
Drydocking expenditures (included in operating costs and expenses)   $ 7,606     $ 10,887     $ 11,080     $ 11,899     $ 9,017  
Out-of-service days for drydockings     357       575       635       668       635  
                                         
Inland River Services                                        
Operating Revenues   $ 59,932     $ 56,007     $ 57,959     $ 65,437     $ 52,742  
Costs and Expenses:                                        
  Operating     43,947       45,047       39,674       42,472       38,473  
  Administrative and general     3,520       3,835       4,337       4,034       3,431  
  Depreciation and amortization     7,841       7,564       7,370       7,430       6,869  
      55,308       56,446       51,381       53,936       48,773  
Gains on Asset Dispositions     26,429       810       853       779       783  
Operating Income     31,053       371       7,431       12,280       4,752  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (450 )     474       (327 )     (160 )     (89 )
  Other, net     -       -       (38 )     -       -  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (95 )     (3,335 )     (412 )     (5,320 )     80  
Segment Profit (Loss)(1)   $ 30,508     $ (2,490 )   $ 6,654     $ 6,800     $ 4,743  
                                         
OIBDA(2)   $ 38,894     $ 7,935     $ 14,801     $ 19,710     $ 11,621  
                                         
                                         
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013  
Shipping Services                                        
Operating Revenues   $ 51,659     $ 53,575     $ 52,401     $ 51,405     $ 48,200  
Costs and Expenses:                                        
  Operating     29,068       28,018       26,997       32,900       28,215  
  Administrative and general     5,883       5,421       5,896       5,639       5,133  
  Depreciation and amortization     6,730       7,115       7,754       7,754       7,841  
      41,681       40,554       40,647       46,293       41,189  
Gains (Losses) on Asset Dispositions     (2 )     (41 )     -       91       3,104  
Operating Income     9,976       12,980       11,754       5,203       10,115  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (27 )     1       (10 )     (5 )     6  
  Other, net     123       158       (3,933 )     18       540  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (2,188 )     1,564       753       376       (1,413 )
Segment Profit(1)   $ 7,884     $ 14,703     $ 8,564     $ 5,592     $ 9,248  
                                         
OIBDA(2)   $ 16,706     $ 20,095     $ 19,508     $ 12,957     $ 17,956  
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)   $ -     $ -     $ 42     $ 5,504     $ 664  
Out-of-service days for drydockings of U.S.-flag product tankers     -       -       -       26       5  
                                         
Illinois Corn Processing                                        
Operating Revenues   $ 53,813     $ 72,798     $ 58,656     $ 46,875     $ 52,580  
Costs and Expenses:                                        
  Operating     44,461       56,429       47,274       38,812       52,390  
  Administrative and general     463       594       511       465       428  
  Depreciation and amortization     1,055       1,010       990       1,330       1,489  
      45,979       58,033       48,775       40,607       54,307  
Operating Income (Loss)     7,834       14,765       9,881       6,268       (1,727 )
Other Income (Expense):                                        
  Derivative gains (losses), net     (2,674 )     (1,519 )     718       (3,719 )     1,129  
  Other, net     -       300       193       -       -  
Segment Profit (Loss)(1)   $ 5,160     $ 13,546     $ 10,792     $ 2,549     $ (598 )
                                         
                                         
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013  
Other                                        
Operating Revenues   $ 39,024     $ 8,437     $ 12,992     $ 16,675     $ 27,881  
Costs and Expenses:                                        
  Operating     30,099       9,464       11,936       15,665       26,141  
  Administrative and general     8,629       3,449       3,111       1,888       1,429  
  Depreciation and amortization     649       82       85       91       92  
      39,377       12,995       15,132       17,644       27,662  
Losses on Asset Dispositions and Impairments, Net     -       -       (409 )     -       -  
Operating Income (Loss)     (353 )     (4,558 )     (2,549 )     (969 )     219  
Other Income (Expense):                                        
  Derivative gains (losses), net     205       1,500       (733 )     198       (380 )
  Foreign currency gains (losses), net     (121 )     53       9       (21 )     15  
  Other, net     42       (5,013 )     175       (39 )     (3 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     726       (985 )     (761 )     2,149       36  
Segment Profit (Loss)(1)   $ 499     $ (9,003 )   $ (3,859 )   $ 1,318     $ (113 )
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (670 )   $ (840 )   $ (992 )   $ (902 )   $ (817 )
Costs and Expenses:                                        
  Operating     (635 )     (807 )     (948 )     (864 )     (792 )
  Administrative and general     13,646       7,961       9,062       10,411       6,910  
  Depreciation and amortization     1,060       1,001       889       872       742  
      14,071       8,155       9,003       10,419       6,860  
Gains (Losses) on Asset Dispositions and Impairments, Net     223       -       (3,504 )     -       -  
Operating Loss   $ (14,518 )   $ (8,995 )   $ (13,499 )   $ (11,321 )   $ (7,677 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ (36 )   $ 183     $ (161 )   $ (1,293 )   $ (1,084 )
  Foreign currency gains (losses), net     (591 )     (130 )     22       (419 )     361  
  Other, net     (54 )     29       (52 )     (60 )     (60 )
                                           
(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)
 
   
    Sep. 30, 2014   Jun. 30, 2014   Mar. 31, 2014   Dec. 31, 2013   Sep. 30, 2013  
ASSETS                                
Current Assets:                                
  Cash and cash equivalents   $ 449,632   $ 453,415   $ 374,790   $ 527,435   $ 332,767  
  Restricted cash     13,656     14,346     14,490     12,175     20,893  
  Marketable securities     43,286     33,275     29,522     24,292     25,660  
  Receivables:                                
    Trade, net of allowance for doubtful accounts     215,191     198,768     203,785     215,768     211,853  
    Other     57,621     50,571     41,292     48,181     39,774  
  Inventories     20,896     20,207     24,962     27,615     25,442  
  Deferred income taxes     116     116     116     116     3,530  
  Prepaid expenses and other     11,431     12,837     8,292     6,701     10,746  
    Total current assets     811,829     783,535     697,249     862,283     670,665  
Property and Equipment:                                
    Historical cost     2,166,509     2,216,627     2,224,212     2,199,183     2,208,315  
    Accumulated depreciation     (889,993 )   (888,442 )   (894,511 )   (866,330 )   (835,604 )
      1,276,516     1,328,185     1,329,701     1,332,853     1,372,711  
    Construction in progress     284,362     297,523     325,529     143,482     129,481  
    Net property and equipment     1,560,878     1,625,708     1,655,230     1,476,335     1,502,192  
Investments, at Equity, and Advances to 50% or Less Owned Companies     444,826     484,164     456,446     440,853     365,891  
Construction Reserve Funds & Title XI Reserve Funds     321,278     324,856     264,339     261,739     229,021  
Goodwill     62,904     18,012     17,963     17,985     17,978  
Intangible Assets, Net     34,306     10,754     11,567     12,423     13,583  
Other Assets     55,049     48,964     42,241     44,615     52,394  
    $ 3,291,070   $ 3,295,993   $ 3,145,035   $ 3,116,233   $ 2,851,724  
                                 
LIABILITIES AND EQUITY                                
Current Liabilities:                                
  Current portion of long-term debt   $ 50,785   $ 43,557   $ 49,171   $ 45,323   $ 26,973  
  Accounts payable and accrued expenses     90,704     87,235     83,296     85,477     73,063  
  Other current liabilities     139,999     119,501     132,190     123,619     124,788  
    Total current liabilities     281,488     250,293     264,657     254,419     224,824  
Long-Term Debt     831,163     830,303     830,887     834,118     675,206  
Deferred Income Taxes     459,039     456,403     456,883     457,827     437,436  
Deferred Gains and Other Liabilities     185,950     175,229     145,483     144,441     133,525  
    Total liabilities     1,757,640     1,712,228     1,697,910     1,690,805     1,470,991  
Equity:                                
  SEACOR Holdings Inc. stockholders' equity:                                
    Preferred stock     -     -     -     -     -  
    Common stock     375     375     374     372     372  
    Additional paid-in capital     1,485,342     1,479,942     1,401,294     1,394,621     1,358,273  
    Retained earnings     1,155,309     1,127,846     1,106,779     1,095,270     1,086,874  
    Shares held in treasury, at cost     (1,213,267 )   (1,126,322 )   (1,087,101 )   (1,088,219 )   (1,088,219 )
    Accumulated other comprehensive income (loss), net of tax     (1,891 )   225     (929 )   (1,192 )   (1,809 )
      1,425,868     1,482,066     1,420,417     1,400,852     1,355,491  
  Noncontrolling interests in subsidiaries     107,562     101,699     26,708     24,576     25,242  
    Total equity     1,533,430     1,583,765     1,447,125     1,425,428     1,380,733  
    $ 3,291,070   $ 3,295,993   $ 3,145,035   $ 3,116,233   $ 2,851,724  
                                 
                                 
 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Sep. 30, 2014   Jun. 30, 2014   Mar. 31, 2014   Dec. 31, 2013   Sep. 30, 2013
Offshore Marine Services                    
Anchor handling towing supply   18   18   18   18   18
Crew   38   38   39   42   43
Mini-supply   7   7   8   8   8
Standby safety   25   25   25   25   25
Supply   27   27   26   27   26
Towing supply   3   3   3   3   3
Specialty   9   9   9   12   12
Liftboats   15   15   15   15   15
Wind farm utility   35   35   34   34   33
    177   177   177   184   183
                     
Inland River Services                    
Dry-cargo barges   1,456   1,463   1,415   1,405   1,409
Liquid tank barges   74   74   74   74   75
Deck barges   20   20   20   20   20
Towboats   32   32   32   32   31
Dry-cargo vessel   -   -   -   1   1
    1,582   1,589   1,541   1,532   1,536
                     
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   5   3   3   3   3
  Short-sea container/RORO   8   7   8   8   7
    61   58   59   59   58
                     
(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   2018    
  Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Total
                                                           
Offshore Marine Services                                                          
Crew 1   -   1   -   1   2   -   1   2   -   -   -   -   -   8
Supply(1) -   1   -   -   1   -   1   -   -   1   -   -   -   1   5
Wind farm utility 1   1   1   -   -   -   -   -   -   -   -   -   -   -   3
Liftboats(2) -   -   -   -   -   -   2   -   -   -   -   -   -   -   2
                                                           
Inland River Services                                                          
Liquid tank barges -   1   1   -   -   -   -   -   -   -   -   -   -   -   2
Towboats 1   1   2   -   -   -   -   -   -   -   -   -   -   -   4
                                                           
Shipping Services                                                          
U.S.-flag product tankers -   -   -   -   -   -   1   -   1   1   -   -   -   -   3
U.S.-flag articulated tug-barge -   -   -   -   -   -   1   -   -   -   -   -   -   -   1
                                                           
(1) The vessel scheduled to be delivered in the first quarter of 2015 is to be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery.
(2) To be delivered to a 50% or less owned company.
   
   
   
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013     Sep. 30, 2013  
Rates Per Day Worked:                                        
  Anchor handling towing supply   $ 26,175     $ 25,796     $ 24,841     $ 26,773     $ 29,008  
  Crew     9,542       9,222       8,664       8,627       8,553  
  Mini-supply     6,550       6,627       7,148       7,805       8,048  
  Standby safety     11,091       10,932       10,679       10,584       9,922  
  Supply     18,355       16,948       17,156       16,906       17,541  
  Towing supply     9,223       9,339       10,128       8,744       10,970  
  Specialty     38,716       26,860       19,200       31,856       37,121  
  Liftboats     23,933       23,017       22,219       26,072       25,001  
  Overall Average Rates Per Day Worked(excluding wind farm utility)     15,863       15,470       14,324       15,355       15,677  
  Wind farm utility     2,688       2,553       2,423       2,427       2,315  
  Overall Average Rates Per Day Worked     12,239       12,259       11,659       12,279       12,454  
                                         
Utilization:                                        
  Anchor handling towing supply     76 %     83 %     77 %     74 %     75 %
  Crew     71 %     75 %     81 %     84 %     88 %
  Mini-supply     100 %     81 %     92 %     94 %     96 %
  Standby safety     89 %     88 %     88 %     88 %     88 %
  Supply     75 %     82 %     86 %     82 %     75 %
  Towing supply     70 %     74 %     92 %     84 %     83 %
  Specialty     54 %     52 %     47 %     81 %     58 %
  Liftboats     66 %     80 %     60 %     73 %     82 %
  Overall Fleet Utilization (excluding wind farm utility)     77 %     80 %     80 %     82 %     83 %
  Wind farm utility     97 %     91 %     81 %     90 %     95 %
  Overall Fleet Utilization     81 %     83 %     80 %     84 %     86 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,541       1,547       1,530       1,564       1,564  
  Crew     2,488       2,533       2,605       2,740       2,844  
  Mini-supply     413       479       540       552       552  
  Standby safety     2,208       2,184       2,160       2,208       2,208  
  Supply     1,298       1,407       1,530       1,564       1,564  
  Towing supply     184       182       180       184       184  
  Specialty     276       273       270       276       327  
  Liftboats     1,380       1,365       1,350       1,380       1,543  
  Overall Fleet Available Days(excluding wind farm utility)     9,788       9,970       10,165       10,468       10,786  
  Wind farm utility     2,944       2,912       2,863       2,959       2,978  
  Overall Fleet Available Days     12,732       12,882       13,028       13,427       13,764  
                                         
                                         

Contact Information

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