SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

August 01, 2016 16:37 ET

SEACOR Holdings Announces Results for Its Second Quarter and Six Months Ended June 30, 2016

FORT LAUDERDALE, FL--(Marketwired - Aug 1, 2016) -  SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter and six months ended June 30, 2016.

For the quarter ended June 30, 2016, net loss attributable to SEACOR Holdings Inc. was $55.2 million ($3.26 per diluted share). For the six months ended June 30, 2016, net loss attributable to SEACOR Holdings Inc. was $82.3 million ($4.88 per diluted share). Results attributable to SEACOR Holdings Inc. for the six months ended June 30, 2016 included:

  • low utilization of equipment as a consequence of continuing difficult market conditions for Offshore Marine Services and, to a lesser extent, Inland River Services;
  • a net loss of $28.2 million ($1.67 per diluted share) as a result of a decline in the fair market value of the Company's marketable security position in Dorian LPG Ltd ("Dorian");
  • a net loss of $13.9 million ($0.82 per diluted share) as a result of Offshore Marine Services' impairment charges primarily associated with its liftboat fleet;
  • a net loss of $4.2 million ($0.25 per diluted share) to reserve for one of the Company's notes receivable from third parties following a decline in the underlying collateral value; and
  • a net loss of $3.0 million ($0.18 per diluted share) related to Offshore Marine Services' proportionate share of impairment charges associated with its joint ventured fleet.

For the preceding quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million ($1.62 per diluted share). A comparison of results for the quarter ended June 30, 2016 with the preceding quarter ended March 31, 2016 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million ($0.04 per diluted share). For the six months ended June 30, 2015, net loss attributable to SEACOR Holdings Inc. was $18.9 million ($1.06 per diluted share).

Highlights for the Quarter

Offshore Marine Services - Operating loss was $34.5 million compared with $16.6 million in the preceding quarter. As a consequence of continuing difficult market conditions, the Company recognized impairment charges in the second quarter of $20.9 million primarily associated with its liftboat fleet. Operating income (loss) before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the segment information tables herein), excluding impairment charges, was $1.7 million on operating revenues of $57.3 million compared with $(1.3) million on operating revenues of $59.9 million in the preceding quarter.

Excluding wind farm utility vessels but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet decreased from 52% to 50%. Average rates per day worked decreased by 2% from $10,545 to $10,354. Days available for charter during the second quarter were approximately the same as the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

Operating results in the U.S. Gulf of Mexico, excluding losses on asset dispositions and impairments, were $0.6 million higher compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.4 million lower primarily due to weaker market conditions. Time charter revenues for other vessel classes were approximately the same as the preceding quarter. Operating expenses were $2.1 million lower compared with the preceding quarter, primarily due to savings from cold-stacking vessels. Utilization was unchanged at 17% on a total fleet basis including cold-stacked vessels. Average rates per day worked decreased by 20% from $21,341 to $17,109. As of June 30, 2016, the Company had 25 of 33 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 21 of 32 as of March 31, 2016. Of the 25 vessels cold-stacked, 13 were liftboats.

Operating results from international regions, excluding losses on asset dispositions and impairments, were $1.5 million higher compared with the preceding quarter primarily due to a reduction in drydocking expenses. Utilization declined from 71% to 68% on a total fleet basis excluding wind farm utility vessels but including cold-stacked vessels. Average rates per day worked increased by 3% from $9,109 to $9,413. As of June 30, 2016, the Company had four of 100 owned and leased-in vessels cold-stacked in international regions compared with five of 101 vessels as of March 31, 2016.

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

Foreign currency losses of $0.8 million in the second quarter and $1.6 million in the preceding quarter were primarily due to the weakening of the pound sterling in relation to the euro underlying certain of the Company's debt balances.

Equity in losses of 50% or less owned companies of $3.3 million in the second quarter were primarily due to losses of $3.0 million for the Company's proportionate share of impairment charges associated with its joint ventured fleet.

Inland River Services - Operating loss was $1.1 million compared with $0.9 million in the preceding quarter. OIBDA was $5.2 million on operating revenues of $33.8 million compared with $6.2 million on operating revenues of $39.6 million in the preceding quarter.

During the second quarter, the Company sold the owned equipment and the rights to leased-in equipment that comprised its liquid unit tow operation for net proceeds of $90.0 million and gains of $2.0 million, all of which were recognized currently. In addition the Company recognized previously deferred gains of $0.6 million.

Operating results, excluding gains on asset dispositions, were $2.1 million lower compared with the preceding quarter primarily due to lower seasonal activity levels for the dry-cargo barge pools and terminal operations. Lower export demand has reduced operating results in both the second and preceding quarter.

Foreign currency gains of $1.0 million in the second quarter and $1.4 million in the preceding quarter were primarily due to the strengthening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company's intercompany lease obligations.

During the second quarter, the Company recognized $1.8 million of equity losses from its 50% owned company operating on the Parana-Paraguay River Waterway as a consequence of continued weakness in the iron ore and grain markets. In addition, the Company recognized interest income (not a component of segment profit) of $0.8 million and deferred gains of $0.5 million on notes due from and equipment previously sold to this 50% or less owned company.

Shipping Services - Operating income was $10.6 million compared with $16.3 million in the preceding quarter. OIBDA was $18.0 million (of which $5.9 million was attributable to noncontrolling interests) on operating revenues of $55.6 million compared with $22.9 million (of which $8.0 million was attributable to noncontrolling interests) on operating revenues of $57.1 million in the preceding quarter.

Operating results were $5.7 million lower in the second quarter. Operating results were $2.8 million lower as a consequence of 45 out-of-service days for one U.S.-flag product tanker undergoing cargo tank modifications for chemical carriage, $1.6 million lower primarily due to a reduction in average yields for harbor towing resulting from changes in the mix of vessels calling at ports served, and $1.1 million lower as a result of a rate modification upon the Company's election to keep a U.S.-flag product tanker on charter with an existing client.

Illinois Corn Processing - Segment profit was $3.3 million (of which $1.0 million was attributable to noncontrolling interests) on operating revenues of $40.6 million compared with $1.4 million (of which $0.4 million was attributable to noncontrolling interests) on operating revenues of $49.6 million in the preceding quarter. Segment profit was $1.9 million higher primarily due to an improvement in industry-wide fuel ethanol margins.

Debt Extinguishment Gains - During the second quarter, the Company purchased $8.7 million in principal amount of its 7.375% Senior Notes for $8.4 million resulting in gains on debt extinguishment of $0.3 million and purchased $55.8 million in principal amount of its 2.5% Convertible Senior Notes for $54.9 million resulting in gains on debt extinguishment of $1.3 million.

Marketable Security Transactions. - Unrealized marketable security losses on the Company's investment in 9,177,135 shares of Dorian, a publicly traded company listed on the New York Stock Exchange under the symbol "LPG," were $21.6 million in the second quarter and $21.7 million in the preceding quarter. Dorian's closing share price was $11.77, $9.40, $7.05 and $5.83 as of December, 31, 2015, March 31, 2016, June 30, 2016 and August 1, 2016, respectively. The Company's cost basis in Dorian is $13.66 per share.

Other, net. - During the second quarter, other losses include a $6.7 million reserve for one of the Company's notes receivable from third parties following a decline in the underlying collateral value.

Capital Commitments - The Company's capital commitments as of June 30, 2016 by year of expected payment were as follows (in thousands):

                   
  2016   2017   2018   2019   Total
Offshore Marine Services $ 33,033   $ 41,683   $ 41,603   $ 10,124   $ 126,443
Shipping Services   82,825     23,624     --     --     106,449
Inland River Services   24,723     28,022     --     --     52,745
Illinois Corn Processing   1,723     --     --     --     1,723
  $ 142,304   $ 93,329   $ 41,603   $ 10,124   $ 287,360

Offshore Marine Services' capital commitments included nine fast support vessels, four supply vessels and one wind farm utility vessel. These commitments included $14.2 million for one supply vessel that may be assumed by a third party at their option. Shipping Services' capital commitments included two U.S.-flag product tankers, one U.S.-flag chemical and petroleum articulated tug barge, two U.S.-flag harbor tugs and other equipment and upgrades. Inland River Services' capital commitments included 50 dry-cargo barges, three inland river towboats and other equipment and improvements.

Liquidity and Debt - As of June 30, 2016, the Company's balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $809.2 million and its total outstanding debt was $1,039.0 million. In addition, the Company had $90.8 million of borrowing capacity under its subsidiary credit facilities. Subsequent to June 30, 2016, the Company's subsidiaries borrowed $27.9 million under these credit facilities to fund their capital commitments.

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

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, as well as an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, an oversupply of newly built offshore support vessels and Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, including as a result of the recent vote in the U.K. to leave the European Union, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing on several 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 and other reports filed by the Company with the SEC. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

   
   
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,  
    2016     2015     2016     2015  
Operating Revenues   $ 197,038     $ 281,609     $ 410,966     $ 542,253  
Costs and Expenses:                                
  Operating     143,882       207,743       301,350       406,891  
  Administrative and general     34,175       38,674       69,879       77,561  
  Depreciation and amortization     31,361       32,079       62,350       63,509  
      209,418       278,496       433,579       547,961  
Gains (Losses) on Asset Dispositions and Impairments, Net     (17,771 )     4,386       (17,554 )     (460 )
Operating Income (Loss)     (30,151 )     7,499       (40,167 )     (6,168 )
Other Income (Expense):                                
  Interest income     5,020       4,474       10,613       9,053  
  Interest expense     (12,834 )     (10,391 )     (24,769 )     (20,903 )
  Debt extinguishment gains (losses), net     1,615       (29,536 )     4,838       (29,536 )
  Marketable security gains (losses), net     (23,951 )     10,249       (49,047 )     1,128  
  Derivative gains (losses), net     (1,555 )     1,426       1,065       (1,570 )
  Foreign currency gains (losses), net     (22 )     2,436       15       443  
  Other, net     (7,652 )     4,433       (7,384 )     4,389  
      (39,379 )     (16,909 )     (64,669 )     (36,996 )
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     (69,530 )     (9,410 )     (104,836 )     (43,164 )
Income Tax Expense (Benefit)     (25,759 )     155       (40,590 )     (11,799 )
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (43,771 )     (9,565 )     (64,246 )     (31,365 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (7,162 )     1,064       (7,211 )     4,963  
Net Loss     (50,933 )     (8,501 )     (71,457 )     (26,402 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     4,226       (9,188 )     10,888       (7,520 )
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ (55,159 )   $ 687     $ (82,345 )   $ (18,882 )
                                 
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (3.26 )   $ 0.04     $ (4.88 )   $ (1.06 )
                                 
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (3.26 )   $ 0.04     $ (4.88 )   $ (1.06 )
                                 
Weighted Average Common Shares Outstanding:                                
  Basic     16,928,722       17,780,759       16,873,045       17,779,250  
  Diluted     16,928,722       18,082,464       16,873,045       17,779,250  
                                   
                                   
                                   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
   
    Three Months Ended  
    Jun. 30, 2016     Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015  
Operating Revenues   $ 197,038     $ 213,928     $ 250,631     $ 261,852     $ 281,609  
Costs and Expenses:                                        
  Operating     143,882       157,468       165,729       175,985       207,743  
  Administrative and general     34,175       35,704       41,158       37,892       38,674  
  Depreciation and amortization     31,361       30,989       31,460       31,018       32,079  
      209,418       224,161       238,347       244,895       278,496  
Gains (Losses) on Asset Dispositions and Impairments, Net     (17,771 )     217       (13,212 )     11,264       4,386  
Operating Income (Loss)     (30,151 )     (10,016 )     (928 )     28,221       7,499  
Other Income (Expense):                                        
  Interest income     5,020       5,593       5,902       5,065       4,474  
  Interest expense     (12,834 )     (11,935 )     (11,500 )     (10,894 )     (10,391 )
  Debt extinguishment gains (losses), net     1,615       3,223       1,473       (434 )     (29,536 )
  Marketable security gains (losses), net     (23,951 )     (25,096 )     3,402       (4,604 )     10,249  
  Derivative gains (losses), net     (1,555 )     2,620       199       (725 )     1,426  
  Foreign currency gains (losses), net     (22 )     37       (1,138 )     (4,057 )     2,436  
  Other, net     (7,652 )     268       611       1,773       4,433  
      (39,379 )     (25,290 )     (1,051 )     (13,876 )     (16,909 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     (69,530 )     (35,306 )     (1,979 )     14,345       (9,410 )
Income Tax Expense (Benefit)     (25,759 )     (14,831 )     (2,626 )     3,063       155  
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (43,771 )     (20,475 )     647       11,282       (9,565 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (7,162 )     (49 )     (50,500 )     5,123       1,064  
Net Income (Loss)     (50,933 )     (20,524 )     (49,853 )     16,405       (8,501 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     4,226       6,662       7,012       9,440       (9,188 )
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ (55,159 )   $ (27,186 )   $ (56,865 )   $ 6,965     $ 687  
                                         
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (3.26 )   $ (1.62 )   $ (3.36 )   $ 0.40     $ 0.04  
                                         
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (3.26 )   $ (1.62 )   $ (3.36 )   $ 0.40     $ 0.04  
                                         
Weighted Average Common Shares of Outstanding:                                        
  Basic     16,929       16,817       16,942       17,295       17,781  
  Diluted     16,929       16,817       16,942       17,561       18,082  
Common Shares Outstanding at Period End     17,321       17,295       17,155       17,354       18,012  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
    Three Months Ended  
    Jun. 30, 2016     Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015  
Offshore Marine Services                                        
Operating Revenues   $ 57,271     $ 59,879     $ 83,166     $ 95,531     $ 96,715  
Costs and Expenses:                                        
  Operating     44,245       48,850       59,223       70,221       72,173  
  Administrative and general     11,929       12,398       14,118       12,753       12,655  
  Depreciation and amortization     15,254       14,838       15,419       15,252       15,692  
      71,428       76,086       88,760       98,226       100,520  
Gains (Losses) on Asset Dispositions and Impairments, Net     (20,357 )     (380 )     (13,577 )     (246 )     3,455  
Operating Loss     (34,514 )     (16,587 )     (19,171 )     (2,941 )     (350 )
Other Income (Expense):                                        
  Derivative gains (losses), net     163       2,898       (2,751 )     (10 )     4  
  Foreign currency gains (losses), net     (819 )     (1,560 )     (350 )     (1,567 )     1,907  
  Other, net     --       265       373       (9 )     43  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (3,315 )     2,161       1,248       1,708       2,826  
Segment Profit (Loss)(1)   $ (38,485 )   $ (12,823 )   $ (20,651 )   $ (2,819 )   $ 4,430  
                                         
OIBDA(2)   $ (19,260 )   $ (1,749 )   $ (3,752 )   $ 12,311     $ 15,342  
Drydocking expenditures (included in operating costs and expenses)   $ 1,964     $ 3,703     $ 3,485     $ 1,483     $ 5,932  
Out-of-service days for drydockings     191       131       246       87       315  
                                         
Inland River Services                                        
Operating Revenues   $ 33,814     $ 39,614     $ 58,415     $ 54,310     $ 61,150  
Costs and Expenses:                                        
  Operating     27,446       30,118       38,459       39,487       48,556  
  Administrative and general     3,777       3,912       4,011       3,907       3,765  
  Depreciation and amortization     6,254       7,137       7,113       7,268       7,362  
      37,477       41,167       49,583       50,662       59,683  
Gains on Asset Dispositions     2,580       605       389       11,510       1,166  
Operating Income (Loss)     (1,083 )     (948 )     9,221       15,158       2,633  
Other Income (Expense):                                        
  Derivative gains (losses), net     --       --       (15 )     50       177  
  Foreign currency gains (losses), net     1,018       1,437       (640 )     (2,173 )     208  
  Other, net     (4 )     --       --       --       --  
Equity in Losses of 50% or Less Owned Companies, Net of Tax     (1,677 )     (2,778 )     (25,092 )     (2,117 )     (3,717 )
Segment Profit (Loss)(1)   $ (1,746 )   $ (2,289 )   $ (16,526 )   $ 10,918     $ (699 )
                                         
OIBDA(2)   $ 5,171     $ 6,189     $ 16,334     $ 22,426     $ 9,995  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
    Three Months Ended
    Jun. 30, 2016     Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015
Shipping Services                                      
Operating Revenues   $ 55,620     $ 57,055     $ 61,388     $ 58,673     $ 55,674
Costs and Expenses:                                      
  Operating     30,269       27,234       28,118       27,666       36,124
  Administrative and general     7,337       6,918       7,014       6,236       6,676
  Depreciation and amortization     7,415       6,562       6,474       6,476       6,611
      45,021       40,714       41,606       40,378       49,411
Gains (Losses) on Asset Dispositions     6       (6 )     --       --       --
Operating Income     10,605       16,335       19,782       18,295       6,263
Other Income (Expense):                                      
  Foreign currency gains (losses), net     (6 )     (3 )     (18 )     (9 )     9
  Other, net     (928 )     1       1       1,836       187
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (1,591 )     26       (27,578 )     5,292       2,363
Segment Profit (Loss)(1)   $ 8,080     $ 16,359     $ (7,813 )   $ 25,414     $ 8,822
                                       
OIBDA(2)   $ 18,020     $ 22,897     $ 26,256     $ 24,771     $ 12,874
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses)   $ 62     $ (73 )   $ 207     $ 66     $ 7,171
Out-of-service days for drydockings of U.S.-flag product tankers     --       --       --       --       38
                                       
Illinois Corn Processing                                      
Operating Revenues   $ 40,576     $ 49,609     $ 38,654     $ 40,282     $ 48,371
Costs and Expenses:                                      
  Operating     36,153       46,289       36,747       33,514       40,588
  Administrative and general     912       656       693       543       509
  Depreciation and amortization     1,064       1,053       964       979       979
      38,129       47,998       38,404       35,036       42,076
Operating Income     2,447       1,611       250       5,246       6,295
Other Income (Expense):                                      
  Derivative gains (losses), net     856       (187 )     (137 )     (336 )     50
  Other, net     --       --       --       --       4,112
Segment Profit(1)   $ 3,303     $ 1,424     $ 113     $ 4,910     $ 10,457
                                       
                                       
                                       
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Jun. 30, 2016     Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015  
Other                                        
Operating Revenues   $ 10,261     $ 8,419     $ 9,922     $ 13,779     $ 20,337  
Costs and Expenses:                                        
  Operating     6,427       5,805       4,166       5,854       11,103  
  Administrative and general     3,649       4,223       6,231       6,658       6,617  
  Depreciation and amortization     448       455       575       152       489  
      10,524       10,483       10,972       12,664       18,209  
Losses on Asset Dispositions     --       (2 )     (24 )     --       (235 )
Operating Income (Loss)     (263 )     (2,066 )     (1,074 )     1,115       1,893  
Other Income (Expense):                                        
  Derivative gains, net     --       --       --       --       304  
  Foreign currency gains (losses), net     (73 )     (27 )     21       (64 )     36  
  Other, net     (6,723 )     --       5       (1 )     40  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (579 )     542       922       240       (408 )
Segment Profit (Loss)(1)   $ (7,638 )   $ (1,551 )   $ (126 )   $ 1,290     $ 1,865  
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (504 )   $ (648 )   $ (914 )   $ (723 )   $ (638 )
Costs and Expenses:                                        
  Operating     (658 )     (828 )     (984 )     (757 )     (801 )
  Administrative and general     6,571       7,597       9,091       7,795       8,452  
  Depreciation and amortization     926       944       915       891       946  
      6,839       7,713       9,022       7,929       8,597  
Operating Loss   $ (7,343 )   $ (8,361 )   $ (9,936 )   $ (8,652 )   $ (9,235 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ (2,574 )   $ (91 )   $ 3,102     $ (429 )   $ 891  
  Foreign currency gains (losses), net     (142 )     190       (151 )     (244 )     276  
  Other, net     3       2       232       (53 )     51  
                                           
(1) Includes amounts attributable to both SEACOR and noncontrolling interests.
(2) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) for the applicable segment plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of its ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.
   
   
   
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
  Three Months Ended  
  Jun. 30, 2016     Mar. 31, 2016     Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015  
Rates Per Day Worked:                                      
  Anchor handling towing supply $ 20,828     $ 21,719     $ 30,871     $ 29,978     $ 28,463  
  Fast support   7,636       7,587       8,014       8,853       9,795  
  Mini-supply   5,592       5,689       5,345       5,858       5,861  
  Standby safety   9,632       9,564       10,229       10,487       10,303  
  Supply   7,151       9,010       14,375       14,459       15,112  
  Towing supply   4,171       7,200       8,872       7,912       8,579  
  Specialty   18,642       12,403       23,107       25,517       20,749  
  Liftboats   11,852       15,150       25,191       17,124       20,675  
  Overall Average Rates Per Day Worked(excluding wind farm utility)   10,354       10,545       13,495       14,029       13,955  
  Wind farm utility   2,394       2,419       2,506       2,446       2,414  
  Overall Average Rates Per Day Worked   7,352       7,915       10,299       10,003       9,993  
                                       
Utilization:                                      
  Anchor handling towing supply   33 %     47 %     51 %     59 %     57 %
  Fast support   69 %     68 %     58 %     64 %     67 %
  Mini-supply   70 %     79 %     97 %     97 %     100 %
  Standby safety   77 %     79 %     85 %     84 %     84 %
  Supply   6 %     11 %     43 %     41 %     44 %
  Towing supply   9 %     45 %     97 %     68 %     99 %
  Specialty   81 %     45 %     80 %     88 %     45 %
  Liftboats   6 %     5 %     13 %     31 %     42 %
  Overall Fleet Utilization (excluding wind farm utility)   50 %     52 %     59 %     63 %     65 %
  Wind farm utility   77 %     65 %     65 %     90 %     96 %
  Overall Fleet Utilization   57 %     56 %     60 %     70 %     73 %
                                       
Available Days:                                      
  Anchor handling towing supply   1,365       1,365       1,380       1,380       1,365  
  Fast support   2,174       2,093       2,173       2,072       2,086  
  Mini-supply   364       364       368       368       364  
  Standby safety   2,104       2,184       2,208       2,208       2,184  
  Supply   594       633       736       920       953  
  Towing supply   182       182       184       184       182  
  Specialty   273       273       276       276       273  
  Liftboats   1,365       1,365       1,380       1,380       1,365  
  Overall Fleet Available Days(excluding wind farm utility)   8,421       8,459       8,705       8,788       8,772  
  Wind farm utility   3,276       3,245       3,222       3,262       3,094  
  Overall Fleet Available Days   11,697       11,704       11,927       12,050       11,866  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
   
  Jun. 30, 2016   Mar. 31, 2016   Dec. 31, 2015   Sep. 30, 2015   Jun. 30, 2015  
ASSETS                              
Current Assets:                              
  Cash and cash equivalents $ 552,840   $ 496,473   $ 530,009   $ 456,805   $ 433,827  
  Restricted cash   1,742     --     --     --     --  
  Marketable securities   87,701     110,894     138,200     31,632     29,411  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   125,987     130,731     159,076     175,968     181,733  
    Other   34,319     31,440     27,217     39,696     48,627  
  Inventories   16,798     18,431     24,768     23,274     19,736  
  Prepaid expenses and other   10,157     9,615     8,627     10,755     11,411  
    Total current assets   829,544     797,584     887,897     738,130     724,745  
Property and Equipment:                              
    Historical cost   2,158,826     2,015,205     2,123,201     2,099,483     2,100,309  
    Accumulated depreciation   (997,214 )   (986,048 )   (994,181 )   (967,721 )   (954,931 )
      1,161,612     1,029,157     1,129,020     1,131,762     1,145,378  
    Construction in progress   402,090     484,472     454,605     413,572     399,033  
    Held for sale equipment   --     86,332     --     --     --  
    Net property and equipment   1,563,702     1,599,961     1,583,625     1,545,334     1,544,411  
Investments, at Equity, and Advances to 50% or Less Owned Companies   325,386     334,370     331,103     490,818     482,302  
Construction Reserve Funds   166,888     255,350     255,408     253,470     275,131  
Goodwill   52,394     52,376     52,340     65,725     62,686  
Intangible Assets, Net   24,116     25,750     26,392     27,179     30,742  
Other Assets   39,287     46,496     48,654     46,371     44,850  
  $ 3,001,317   $ 3,111,887   $ 3,185,419   $ 3,167,027   $ 3,164,867  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 24,409   $ 35,688   $ 35,531   $ 35,452   $ 35,270  
  Accounts payable and accrued expenses   55,971     50,660     71,952     64,997     68,832  
  Other current liabilities   98,706     107,811     92,677     113,271     108,100  
    Total current liabilities   179,086     194,159     200,160     213,720     212,202  
Long-Term Debt   1,014,632     1,018,331     1,034,859     914,220     876,710  
Exchange Option Liability on Subsidiary Convertible Senior Notes   8,171     5,747     5,611     --     --  
Deferred Income Taxes   330,375     374,476     389,988     418,776     430,761  
Deferred Gains and Other Liabilities   155,859     153,051     163,862     170,850     172,018  
    Total liabilities   1,688,123     1,745,764     1,794,480     1,717,566     1,691,691  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   --     --     --     --     --  
    Common stock   379     379     377     377     377  
    Additional paid-in capital   1,510,623     1,508,981     1,505,942     1,503,794     1,499,904  
    Retained earnings   1,044,275     1,099,434     1,126,620     1,183,485     1,176,520  
    Shares held in treasury, at cost   (1,357,876 )   (1,357,809 )   (1,356,499 )   (1,346,371 )   (1,305,104 )
    Accumulated other comprehensive loss, net of tax   (10,810 )   (7,764 )   (5,620 )   (5,604 )   (3,172 )
    1,186,591     1,243,221     1,270,820     1,335,681     1,368,525  
  Noncontrolling interests in subsidiaries   126,603     122,902     120,119     113,780     104,651  
    Total equity   1,313,194     1,366,123     1,390,939     1,449,461     1,473,176  
  $ 3,001,317   $ 3,111,887   $ 3,185,419   $ 3,167,027   $ 3,164,867  
                               
                               
                               
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
  Jun. 30, 2016   Mar. 31, 2016   Dec. 31, 2015   Sep. 30, 2015   Jun. 30, 2015
Offshore Marine Services                  
Anchor handling towing supply 27   18   18   18   18
Fast support(1) 39   38   38   38   37
Mini-supply 6   7   7   7   7
Standby safety 23   25   25   25   25
Supply 24   23   24   26   26
Towing supply 3   3   3   3   3
Specialty(1) 7   5   5   5   5
Liftboats 15   15   15   15   15
Wind farm utility 39   39   38   39   37
  183   173   173   176   173
                   
Inland River Services                  
Dry-cargo barges 1,393   1,426   1,430   1,431   1,435
Liquid tank barges:                  
    10,000 barrel 18   18   18   18   45
    30,000 barrel --   27   27   27   27
Specialty barges(2) 11   11   11   11   7
Towboats:                  
    4,000 hp - 6,600 hp 17   17   17   17   17
    3,300 hp - 3,900 hp 1   --   --   --   --
    Less than 3,200 hp 4   17   17   16   16
  1,444   1,516   1,520   1,520   1,547
                   
Shipping Services                  
Petroleum Transportation:                  
    Product tankers - U.S.-flag 8   7   7   7   7
    Crude oil tanker - U.S.-flag --   1   1   1   1
Harbor Towing and Bunkering:                  
    Harbor tugs - U.S.-flag 24   24   24   24   24
    Harbor tugs - Foreign-flag 4   4   4   4   4
    Offshore tug - U.S.-flag 1   1   1   1   1
    Ocean liquid tank barges - U.S.-flag 5   5   5   5   5
Liner and Short-sea Transportation:                  
    RORO/deck barges - U.S.-flag 7   7   7   7   7
    Short-sea container/RORO - Foreign-flag 7   7   7   7   7
Other:                  
    Dry bulk articulated tug-barge - U.S.-flag 1   1   1   1   1
  57   57   57   57   57
                   
(1) Four joint ventured catamaran vessels primarily used to move cargo and personnel to and from offshore drilling rigs, platforms and other installations were reclassified to the fast support vessel class. All prior periods were restated to reflect the change.
(2) Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.
   
   
   
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF JUNE 30, 2016
(unaudited)
 
  2016   2017   2018   2019    
  Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Total
Offshore Marine Services                                                  
Fast support --   2   1   2   --   1   --   1   --   --   1   1   9
Supply(1) 1   --   --   --   --   --   1   --   1   --   1   --   4
Wind farm utility 1   --   --   --   --   --   --   --   --   --   --   --   1
                                                   
Shipping Services                                                  
Product tankers - U.S.-flag --   1   1   --   --   --   --   --   --   --   --   --   2
Articulated tug-barge - U.S.-flag --   1   --   --   --   --   --   --   --   --   --   --   1
Harbor tugs - U.S.-flag --   1   1   --   --   --   --   --   --   --   --   --   2
                                                   
Inland River Services                                                  
Dry-cargo barges 25   25   --   --   --   --   --   --   --   --   --   --   50
Towboats:                                                  
  4,000 hp - 6,600 hp --   --   1   --   1   1   --   --   --   --   --   --   3
                                                   
(1) Includes one vessel that may be assumed by a third party at their option.

Contact Information

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