SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

March 03, 2014 17:04 ET

SEACOR Holdings Announces Results for Its Year and Fourth Quarter Ended December 31, 2013

FORT LAUDERDALE, FL--(Marketwired - Mar 3, 2014) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its year and fourth quarter ended December 31, 2013.

Highlights

  • For the year ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $47.2 million, or $2.32 per diluted share, compared with $25.3 million, or $1.22 per diluted share, from continuing operations in the preceding year.

  • For the quarter ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $8.4 million, or $0.41 per diluted share, compared with $30.3 million, or $1.36 per diluted share, from continuing operations in the preceding quarter ended September 30, 2013. Fourth quarter results included a reduction in gains on equipment sales, costs and lost revenues associated with the drydocking of one of the Company's tankers, a seasonal reduction in liftboat fleet activities and equity losses relating to the structural failure of an Argentinian terminal facility. These reductions were partially offset by higher barge pool activity levels arising from the seasonal harvest. A detailed discussion of results by business segment is included below. 

  • The Company made a determination to provide for income taxes relating to the spin-off of Era Group Inc. effective as of January 31, 2013, the date of the spin-off. This provision resulted in an increase in the net loss from discontinued operations for the first quarter of 2013 of $10.1 million and will result in the restatement of the Company's Quarterly Reports on Form 10-Q for the first three fiscal quarters of 2013 to reflect the impact of the tax accrual on its quarterly and year-to-date earnings and balance sheet.

  • During the fourth quarter, the Company issued $230.0 million of its 3.0% Convertible Senior Notes due November 15, 2028.

  • As of December 31, 2013, the Company's unfunded capital commitments were $547.0 million. Subsequent to December 31, 2013, the Company committed to purchase additional equipment for a total of $94.1 million.

  • As of December 31, 2013, the Company's total outstanding long-term debt was $879.4 million.

  • As of December 31, 2013, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $825.6 million.

Offshore Marine Services - Operating revenues for the fourth quarter were $148.4 million compared with $156.2 million in the preceding quarter. Income from operations for the fourth quarter was $18.8 million compared with $45.8 million in the preceding quarter, including gains on asset dispositions of $3.1 million in the fourth quarter and $15.3 million in the preceding quarter.

In the U.S. Gulf of Mexico, operating revenues were $6.1 million lower in the fourth quarter. Time charter revenues for the Company's liftboat fleet were $5.7 million lower primarily due to seasonal drydocking activity and a reduction of 163 available days following the disposal of two liftboats during the preceding quarter. In keeping with past practice, the Company normally plans for the drydocking of liftboats during the winter months as the demand for the liftboat fleet is typically stronger in the summer months. Time charter revenues for the Company's anchor handling towing supply vessels were $2.9 million lower due to weaker market conditions. Time charter revenues for other vessel classes were $2.9 million higher primarily due to a reduction in drydocking days and the repositioning of a vessel into the region. Utilization was 77.9% compared with 75.9% in the preceding quarter and average day rates decreased from $19,060 per day to $18,224 per day. As of December 31, 2013, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico.

In International regions, operating revenues were $1.7 million lower in the fourth quarter. In West Africa, time charter revenues were $2.3 million lower primarily due to an increase in out-of-service time for drydocking. In Europe, time charter revenues were $1.3 million higher primarily due to an increase in average day rates attributable to several contractual price escalators and a reduction in drydocking days. Excluding wind farm utility vessels, utilization was 85.1% compared with 88.7% in the preceding quarter and average day rates increased from $13,211 per day to $13,250 per day.

Operating expenses were $4.2 million higher in the fourth quarter. Repair and maintenance expenses were $1.6 million higher primarily due to increased expenditure in the U.S. Gulf of Mexico associated with the maintenance of the liftboat fleet. Drydocking expenses were $2.9 million higher primarily due to an increase in drydocking activity in the U.S. Gulf of Mexico and West Africa. Leased-in equipment expense was $2.0 million higher primarily due to higher bareboat charter-in costs in the Middle East. Personnel costs were $2.2 million lower primarily due to the recognition of a $2.7 million charge during the preceding quarter for the Company's share of a funding deficit arising from the March 2012 actuarial valuation of the United Kingdom Merchant Navy Officers' Pension Fund.

Administrative and general expenses were $3.0 million higher in the fourth quarter primarily due to an increase in management bonus awards and higher legal and professional fees.

In the fourth quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 318 days, or 3%, primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, decreased from 83.0% to 82.0%. Overall average day rates, excluding wind farm utility vessels, decreased by 2% from $15,677 per day to $15,355 per day. Time charter operating data by vessel class is presented in a table included herein.

During the fourth quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $56.7 million and gains of $14.8 million, of which $3.1 million was recognized and $11.7 million was deferred. During the preceding quarter, the Company sold six offshore support vessels and other equipment for net proceeds of $42.2 million and gains of $15.3 million, all of which was recognized currently.

Equity in earnings of 50% or less owned companies, net of tax, were $1.5 million higher in the fourth quarter primarily due to improved earnings in the Company's Sea-Cat Crewzer joint ventures.

Inland River Services - Income from operations was $12.3 million on operating revenues of $65.4 million in the fourth quarter compared with operating income of $4.8 million on operating revenues of $52.7 million in the preceding quarter. Operating results from the dry cargo barge pool were $9.9 million higher primarily due to higher activity levels as a result of the seasonal harvest in the fourth quarter. The increase was partially offset by a $1.2 million reduction in operating results in the liquid unit tow and 10,000 barrel tank barge operations primarily due to out-of-service time and costs associated with regulatory inspections for liquid tank barges. Operating results from terminal operations were $0.8 million lower primarily due to lower throughput at Gateway Terminals.

Equity in earnings (losses) of 50% or less owned companies were lower in the fourth quarter primarily due to $4.4 million of losses relating to the structural failure of a terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Income from operations was $5.2 million on operating revenues of $51.4 million in the fourth quarter compared with operating income of $10.1 million on operating revenues of $48.2 million in the preceding quarter. Operating results for tanker operations were $6.4 million lower primarily due to lower operating revenues of $1.3 million for 26 out-of-service days and higher operating expenses of $4.8 million for drydocking. The Company has not scheduled any product tanker drydockings in 2014. Operating results for harbor towing and bunkering included an increase in harbor tug traffic of $1.8 million and lower drydocking expenses of $1.0 million, offset by reduced gains on asset dispositions of $3.1 million. Operating results for liner and short sea transportation were $1.3 million higher primarily due to a seasonal increase in cargo shipping demand.

Equity in earnings (losses) of 50% or less owned companies, net of tax, were $1.8 million higher in the fourth quarter primarily due to a $1.1 million gain, net of tax, on the accretion of the Company's investment in its Very Large Gas Carrier joint venture as a result of a secondary private placement equity offering.

Illinois Corn Processing - ICP reported a segment profit of $2.5 million on operating revenues of $46.9 million in the fourth quarter compared with a segment loss of $0.6 million on operating revenues of $52.6 million in the preceding quarter. The improvement in segment profit was primarily due to significantly higher fuel ethanol margins and increased sales of high quality alcohol.

Corporate and Eliminations - Administrative and general expenses were $3.5 million higher in the fourth quarter compared with the preceding quarter primarily due to higher management bonus accruals.

Marketable security gains (losses), net - Marketable security losses, net of $3.6 million during the fourth quarter consist of unrealized losses on the Company's long and short marketable security positions.

Capital Commitments - As of December 31, 2013, the Company's unfunded capital commitments were $547.0 million and included: 16 offshore support vessels for $112.7 million; 80 inland river dry cargo barges for $40.2 million; six inland river tank barges for $4.7 million; five inland river towboats for $4.7 million; three U.S.-flag product tankers for $374.1 million and other equipment and improvements for $10.6 million. Of these commitments, $304.9 million is payable during 2014, $232.8 million is payable during 2015-2016, and $9.3 million is payable during 2017. Subsequent to December 31, 2013, the Company committed to purchase one U.S.-flag articulated tug-barge and additional equipment for a total of $94.1 million. Expected delivery by vessel class is presented in a table included herein. 

Restatement - As noted above, the Company made a determination to provide for income taxes of $10.1 million relating to the spin-off of Era Group Inc. effective as of January 31, 2013, the date of the spin-off. The Company has restated its results from discontinued operations for the quarter ended March 31, 2013 in the table included in this press release and the Company will file amended versions of its Quarterly Reports on Form 10-Q for each of the first three fiscal quarters of 2013 to restate its financial results for those periods, together with an explanation of the restatements, as soon as reasonably practicable.

For the quarter ended March 31, 2013, SEACOR Holdings Inc. now reports a net loss of $21.0 million, or $1.06 per diluted share, compared with a previously reported net loss of $10.9 million, or $0.55 per diluted share, and now reports a net loss from discontinued operations of $10.2 million, or $0.51 per diluted share, compared with a previously reported net loss from discontinued operations of $0.1 million. Net loss from continuing operations of $10.8 million, or $0.55 per diluted share, remains as previously reported.

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

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the past provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, 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 existence of a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such 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     Twelve Months Ended  
    December 31,     December 31,  
    2013     2012     2013     2012  
Operating Revenues   $ 327,861     $ 362,368     $ 1,247,272     $ 1,308,297  
Costs and Expenses:                                
    Operating     228,305       270,500       908,871       977,469  
    Administrative and general     39,522       55,942       141,348       166,743  
    Depreciation and amortization     33,684       34,398       134,518       131,667  
      301,511       360,840       1,184,737       1,275,879  
Gains on Asset Dispositions and Impairments, Net     3,957       7,804       37,507       23,987  
Operating Income     30,307       9,332       100,042       56,405  
Other Income (Expense):                                
  Interest income     4,802       3,435       15,467       17,360  
  Interest expense     (11,310 )     (7,816 )     (42,592 )     (37,891 )
  Debt extinguishment losses, net     --       --       --       (160 )
  Marketable security gains (losses), net     (3,600 )     (333 )     5,803       12,891  
  Derivative losses, net     (5,088 )     (378 )     (8,323 )     (2,812 )
  Foreign currency gains (losses), net     (654 )     (34 )     (3,351 )     1,631  
  Other, net     (89 )     (309 )     586       7,148  
      (15,939 )     (5,435 )     (32,410 )     (1,833 )
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     14,368       3,897       67,632       54,572  
Income Tax Expense     5,441       3,769       26,747       24,181  
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     8,927       128       40,885       30,391  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     193       (12,423 )     7,264       (5,764 )
Income (Loss) from Continuing Operations     9,120       (12,295 )     48,149       24,627  
Income (Loss) from Discontinued Operations, Net of Tax     --       9,578       (10,325 )     35,832  
Net Income (Loss)     9,120       (2,717 )     37,824       60,459  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     724       (93 )     854       (756 )
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 8,396     $ (2,624 )   $ 36,970     $ 61,215  
                                 
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                
  Continuing operations   $ 8,396     $ (12,242 )   $ 47,195     $ 25,343  
  Discontinued operations     --       9,618       (10,225 )     35,872  
    $ 8,396     $ (2,624 )   $ 36,970     $ 61,215  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 0.42     $ (0.61 )   $ 2.37     $ 1.24  
  Discontinued operations     --       0.48       (0.51 )     1.76  
    $ 0.42     $ (0.13 )   $ 1.86     $ 3.00  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 0.41     $ (0.61 )   $ 2.32     $ 1.22  
  Discontinued operations     --       0.48       (0.50 )     1.73  
    $ 0.41     $ (0.13 )   $ 1.82     $ 2.95  
Weighted Average Common Shares Outstanding:                                
  Basic     20,042,846       20,172,582       19,893,954       20,426,770  
  Diluted     20,530,165       20,172,582       20,293,287       20,775,896  
   
   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013     Mar. 31, 2013     Dec. 31, 2012  
Operating Revenues   $ 327,861     $ 336,784     $ 315,563     $ 267,064     $ 362,368  
Costs and Expenses:                                        
  Operating     228,305       239,540       240,113       200,913       270,500  
  Administrative and general     39,522       31,463       34,718       35,645       55,942  
  Depreciation and amortization     33,684       33,503       33,783       33,548       34,398  
      301,511       304,506       308,614       270,106       360,840  
Gains on Asset Dispositions and Impairments, Net     3,957       19,230       12,305       2,015       7,804  
Operating Income (Loss)     30,307       51,508       19,254       (1,027 )     9,332  
Other Income (Expense):                                        
  Interest income     4,802       4,280       3,218       3,167       3,435  
  Interest expense     (11,310 )     (10,520 )     (7,922 )     (12,840 )     (7,816 )
  Marketable security gains (losses), net     (3,600 )     (1,149 )     6,557       3,995       (333 )
  Derivative losses, net     (5,088 )     (303 )     (825 )     (2,107 )     (378 )
  Foreign currency gains (losses), net     (654 )     2,230       (916 )     (4,011 )     (34 )
  Other, net     (89 )     477       195       3       (309 )
      (15,939 )     (4,985 )     307       (11,793 )     (5,435 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies     14,368       46,523       19,561       (12,820 )     3,897  
Income Tax Expense (Benefit)     5,441       15,984       7,975       (2,653 )     3,769  
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     8,927       30,539       11,586       (10,167 )     128  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     193       230       7,710       (869 )     (12,423 )
Income (Loss) from Continuing Operations     9,120       30,769       19,296       (11,036 )     (12,295 )
Income (Loss) from Discontinued Operations, Net of Tax     --       --       --       (10,325 )     9,578  
Net Income (Loss)     9,120       30,769       19,296       (21,361 )     (2,717 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     724       478       25       (373 )     (93 )
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 8,396     $ 30,291     $ 19,271     $ (20,988 )   $ (2,624 )
                                         
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                        
  Continuing operations   $ 8,396     $ 30,291     $ 19,271     $ (10,763 )   $ (12,242 )
  Discontinued operations     --       --       --       (10,225 )     9,618  
    $ 8,396     $ 30,291     $ 19,271     $ (20,988 )   $ (2,624 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                        
  Continuing operations   $ 0.42     $ 1.52     $ 0.97     $ (0.55 )   $ (0.61 )
  Discontinued operations     --       --       --       (0.51 )     0.48  
    $ 0.42     $ 1.52     $ 0.97     $ (1.06 )   $ (0.13 )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                        
  Continuing operations   $ 0.41     $ 1.36     $ 0.91     $ (0.55 )   $ (0.61 )
  Discontinued operations     --       --       --       (0.51 )     0.48  
    $ 0.41     $ 1.36     $ 0.91     $ (1.06 )   $ (0.13 )
Weighted Average Common Shares of Outstanding:                                        
  Basic     20,043       19,965       19,825       19,739       20,173  
  Diluted     20,530       24,602       24,392       19,739       20,173  
Common Shares Outstanding at Period End     20,382       20,332       20,184       20,106       19,888  
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.   $ --     $ --     $ --     $ --     $ 5.00  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
       
    Three Months Ended  
    Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013     Mar. 31, 2013     Dec. 31, 2012  
Offshore Marine Services                                        
Operating Revenues   $ 148,371     $ 156,198     $ 138,678     $ 124,016     $ 141,133  
Costs and Expenses:                                        
  Operating     99,320       95,113       97,581       90,031       91,414  
  Administrative and general     17,085       14,132       14,235       14,827       19,456  
  Depreciation and amortization     16,207       16,470       16,460       16,287       16,750  
      132,612       125,715       128,276       121,145       127,620  
Gains on Asset Dispositions     3,087       15,343       7,895       2,339       5,822  
Operating Income     18,846       45,826       18,297       5,210       19,335  
Other Income (Expense):                                        
  Derivative gains (losses), net     (274 )     32       175       150       (243 )
  Foreign currency gains (losses), net     (49 )     1,937       (833 )     (3,264 )     (409 )
  Other, net     (8 )     --       11       --       (9 )
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     2,988       1,527       7,694       1,313       1,146  
Segment Profit   $ 21,503     $ 49,322     $ 25,344     $ 3,409     $ 19,820  
                                         
OIBDA(1)   $ 35,053     $ 62,296     $ 34,757     $ 21,497     $ 36,085  
Drydocking expenditures (included in operating costs and expenses)   $ 11,899     $ 9,017     $ 14,804     $ 11,225     $ 7,261  
Out-of-service days for drydockings     668       635       994       645       323  
                                         
Inland River Services                                        
Operating Revenues   $ 65,437     $ 52,742     $ 47,357     $ 50,077     $ 66,476  
Costs and Expenses:                                        
  Operating     42,472       38,473       35,193       36,389       47,630  
  Administrative and general     4,034       3,431       3,921       4,024       4,689  
  Depreciation and amortization     7,430       6,869       7,078       7,084       6,684  
      53,936       48,773       46,192       47,497       59,003  
Gains on Asset Dispositions     779       783       4,296       697       1,378  
Operating Income     12,280       4,752       5,461       3,277       8,851  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (160 )     (89 )     219       (137 )     144  
  Other, net     --       --       --       --       (1 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (5,320 )     80       1       (2,387 )     (1,772 )
Segment Profit   $ 6,800     $ 4,743     $ 5,681     $ 753     $ 7,222  
                                         
OIBDA(1)   $ 19,710     $ 11,621     $ 12,539     $ 10,361     $ 15,535  
   
   
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
       
    Three Months Ended  
    Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013     Mar. 31, 2013     Dec. 31, 2012  
Shipping Services                                        
Operating Revenues   $ 51,405     $ 48,200     $ 48,103     $ 46,476     $ 46,322  
Costs and Expenses:                                        
  Operating     32,900       28,215       29,554       26,614       28,250  
  Administrative and general     5,639       5,133       6,124       5,177       5,614  
  Depreciation and amortization     7,754       7,841       7,907       7,797       7,880  
      46,293       41,189       43,585       39,588       41,744  
Gains (Losses) on Asset Dispositions and Impairments, Net     91       3,104       114       (3,069 )     1,123  
Operating Income     5,203       10,115       4,632       3,819       5,701  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (5 )     6       (8 )     (7 )     (11 )
  Other, net     18       540       188       14       20  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     376       (1,413 )     (403 )     (1,505 )     (2,606 )
Segment Profit   $ 5,592     $ 9,248     $ 4,409     $ 2,321     $ 3,104  
                                         
OIBDA(1)   $ 12,957     $ 17,956     $ 12,539     $ 11,616     $ 13,581  
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)   $ 5,504     $ 664     $ 2,884     $ 74     $ 2,137  
Out-of-service days for drydockings of U.S.-flag product tankers     26       5       34       1       27  
                                         
Illinois Corn Processing                                        
Operating Revenues   $ 46,875     $ 52,580     $ 61,378     $ 32,849     $ 42,280  
Costs and Expenses:                                        
  Operating     38,812       52,390       59,402       34,045       43,364  
  Administrative and general     465       428       477       661       516  
  Depreciation and amortization     1,330       1,489       1,489       1,489       1,549  
      40,607       54,307       61,368       36,195       45,429  
Operating Income (Loss)     6,268       (1,727 )     10       (3,346 )     (3,149 )
Other Income (Expense):                                        
  Derivative gains (losses), net     (3,719 )     1,129       473       39       900  
Segment Profit (Loss)   $ 2,549     $ (598 )   $ 483     $ (3,307 )   $ (2,249 )
                                         
OIBDA(1)   $ 7,598     $ (238 )   $ 1,499     $ (1,857 )   $ (1,600 )
   
   
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
       
    Three Months Ended  
    Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013     Mar. 31, 2013     Dec. 31, 2012  
Other                                        
Operating Revenues   $ 16,675     $ 27,881     $ 20,652     $ 14,324     $ 68,394  
Costs and Expenses:                                        
  Operating     15,665       26,141       18,960       14,488       62,027  
  Administrative and general     1,888       1,429       1,323       1,656       7,492  
  Depreciation and amortization     91       92       96       99       721  
      17,644       27,662       20,379       16,243       70,240  
Gains (Losses) on Asset Dispositions and Impairments, Net     --       --       --       1,907       (363 )
Operating Income (Loss)     (969 )     219       273       (12 )     (2,209 )
Other Income (Expense):                                        
  Derivative gains (losses), net     198       (380 )     (450 )     842       649  
  Foreign currency gains (losses), net     (21 )     15       (169 )     (167 )     12  
  Other, net     (39 )     (3 )     --       54       --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     2,149       36       418       1,710       (9,191 )
Segment Profit (Loss)   $ 1,318     $ (113 )   $ 72     $ 2,427     $ (10,739 )
                                         
OIBDA(1)   $ (878 )   $ 311     $ 369     $ 87     $ (1,488 )
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (902 )   $ (817 )   $ (605 )   $ (678 )   $ (2,237 )
Costs and Expenses:                                        
  Operating     (864 )     (792 )     (577 )     (654 )     (2,185 )
  Administrative and general     10,411       6,910       8,638       9,300       18,175  
  Depreciation and amortization     872       742       753       792       814  
      10,419       6,860       8,814       9,438       16,804  
Gains (Losses) on Asset Dispositions     --       --       --       141       (156 )
Operating Loss   $ (11,321 )   $ (7,677 )   $ (9,419 )   $ (9,975 )   $ (19,197 )
Other Income (Expense):                                        
  Derivative losses, net   $ (1,293 )   $ (1,084 )   $ (1,023 )   $ (3,138 )   $ (1,684 )
  Foreign currency gains (losses), net     (419 )     361       (125 )     (436 )     230  
  Other, net     (60 )     (60 )     (4 )     (65 )     (319 )
   
(1) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. 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's executive officers and other shore-based employees; (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions; and (iv) to assess the Company's ability to service existing fixed charges and incur additional indebtedness.
   
   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
   
  Dec. 31, 2013   Sep. 30, 2013   Jun. 30, 2013   Mar. 31, 2013   Dec. 31, 2012  
ASSETS                              
Current Assets:                              
  Cash and cash equivalents $ 527,435   $ 332,767   $ 394,783   $ 312,977   $ 248,204  
  Restricted cash   12,175     20,893     16,776     27,129     28,285  
  Marketable securities   24,292     25,660     27,264     22,568     21,668  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   215,768     211,853     188,128     172,889     224,944  
    Other   48,181     39,774     37,204     41,139     45,334  
  Inventories   27,615     25,442     22,955     31,966     25,787  
  Deferred income taxes   116     3,530     3,530     3,530     3,530  
  Prepaid expenses and other   6,701     10,746     11,715     8,834     12,719  
  Discontinued operations   --     --     --     384     108,153  
    Total current assets   862,283     670,665     702,355     621,416     718,624  
Property and Equipment:                              
    Historical cost   2,199,183     2,208,315     2,212,929     2,186,892     2,238,383  
    Accumulated depreciation   (866,330 )   (835,604 )   (806,672 )   (785,765 )   (763,803 )
    1,332,853     1,372,711     1,406,257     1,401,127     1,474,580  
    Construction in progress   143,482     129,481     133,985     113,381     110,296  
    Net property and equipment   1,476,335     1,502,192     1,540,242     1,514,508     1,584,876  
Investments, at Equity, and Advances to 50% or Less Owned Companies   440,853     365,891     293,793     299,778     272,535  
Construction Reserve Funds & Title XI Reserve Funds   261,739     229,021     150,375     194,477     195,629  
Goodwill   17,985     17,978     17,978     17,978     17,978  
Intangible Assets, Net   12,423     13,583     14,594     15,754     15,305  
Other Assets   44,615     52,394     48,996     51,576     55,123  
Discontinued Operations   --     --     --     --     840,724  
  $ 3,116,233   $ 2,851,724   $ 2,768,333   $ 2,715,487   $ 3,700,794  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 45,323   $ 26,973   $ 25,109   $ 15,435   $ 21,920  
  Accounts payable and accrued expenses   85,477     73,063     73,185     69,008     107,892  
  Other current liabilities   123,619     124,788     122,434     122,125     95,993  
  Discontinued operations   --     --     --     300     39,836  
    Total current liabilities   254,419     224,824     220,728     206,868     265,641  
Long-Term Debt   834,118     675,206     674,444     655,384     655,309  
Deferred Income Taxes   457,827     437,436     421,623     422,719     426,027  
Deferred Gains and Other Liabilities   144,441     133,525     115,102     116,608     120,401  
Discontinued Operations   --     --     --     2,599     490,741  
    Total liabilities   1,690,805     1,470,991     1,431,897     1,404,178     1,958,119  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   --     --     --     --     --  
    Common stock   372     372     370     369     367  
    Additional paid-in capital   1,394,621     1,358,273     1,347,909     1,340,875     1,330,324  
    Retained earnings   1,095,270     1,086,874     1,056,583     1,037,312     1,473,509  
    Shares held in treasury, at cost   (1,088,219 )   (1,088,219 )   (1,089,061 )   (1,089,064 )   (1,088,560 )
    Accumulated other comprehensive loss, net of tax   (1,192 )   (1,809 )   (4,243 )   (4,321 )   (1,986 )
    1,400,852     1,355,491     1,311,558     1,285,171     1,713,654  
  Noncontrolling interests in subsidiaries   24,576     25,242     24,878     26,138     29,021  
    Total equity   1,425,428     1,380,733     1,336,436     1,311,309     1,742,675  
  $ 3,116,233   $ 2,851,724   $ 2,768,333   $ 2,715,487   $ 3,700,794  
 
 
 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
                     
    Dec. 31, 2013   Sep. 30, 2013   Jun. 30, 2013   Mar. 31, 2013   Dec. 31, 2012
Offshore Marine Services                    
Anchor handling towing supply   18   18   18   19   19
Crew   42   43   45   47   47
Mini-supply   8   8   8   9   9
Standby safety   25   25   25   25   25
Supply   27   26   26   26   26
Towing supply   3   3   3   3   3
Specialty   12   12   12   11   10
Liftboats   15   15   17   20   20
Wind farm utility   34   33   32   31   30
    184   183   186   191   189
                     
Inland River Services                    
Inland river dry-cargo barges   1,405   1,409   1,413   1,434   1,444
Inland river liquid tank barges   74   75   75   80   81
Inland river deck barges   20   20   20   20   20
Inland river towboats   32   31   31   31   31
Dry-cargo vessel   1   1   1   1   1
    1,532   1,536   1,540   1,566   1,577
                     
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   22   22
  Ocean liquid tank barges   5   5   5   5   5
Foreign-flag:                    
  Harbor tugs   4   4   4   4   4
  Very large gas carriers   3   3   --   --   --
  Short Sea Container/RORO   8   7   8   7   7
    59   58   56   53   53
                     
(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    
    Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Total
Offshore Marine Services                                                            
Crew   2   2   1   --   1   1   2   1   1   --   --   --   --   --   11
Supply(1)   --   1   1   --   --   1   --   --   --   --   --   --   --   --   3
Wind farm utility   1   1   --   --   --   --   --   --   --   --   --   --   --   --   2
                                                             
Inland River Services                                                            
Inland river dry-cargo barges   --   66   14   --   --   --   --   --   --   --   --   --   --   --   80
Inland river liquid tank barges   4   1   --   1   --   --   --   --   --   --   --   --   --   --   6
Inland river towboats   1   1   1   1   1   --   --   --   --   --   --   --   --   --   5
                                                             
Shipping Services                                                            
U.S.-flag product tankers   --   --   --   --   --   --   --   --   1   --   --   1   1   --   3
U.S.-flag articulated tug-barge   --   --   --   --   --   --   --   --   --   1   --   --   --   --   1
                                                             
(1) To be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery.
   
   
   
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2013     Sep. 30, 2013     Jun. 30, 2013     Mar. 31, 2013     Dec. 31, 2012  
Rates Per Day Worked:                                        
  Anchor handling towing supply   $ 26,773     $ 29,008     $ 23,635     $ 26,683     $ 25,059  
  Crew     8,627       8,553       7,719       7,664       7,231  
  Mini-supply     7,805       8,048       7,721       7,666       7,664  
  Standby safety     10,584       9,922       9,621       9,642       10,001  
  Supply     16,906       17,541       16,864       14,915       16,599  
  Towing supply     8,744       10,970       9,156       9,349       9,573  
  Specialty     31,856       37,121       24,822       12,950       20,635  
  Liftboats     26,072       25,001       22,062       18,573       20,673  
  Overall Average Rates Per Day Worked (excluding wind farm utility)     15,355       15,677       13,588       12,878       13,306  
  Wind farm utility     2,427       2,315       2,302       2,142       2,653  
  Overall Average Rates Per Day Worked     12,279       12,454       11,010       10,657       11,160  
                                         
Utilization:                                        
  Anchor handling towing supply     74 %     75 %     74 %     74 %     63 %
  Crew     84 %     88 %     90 %     91 %     91 %
  Mini-supply     94 %     96 %     97 %     74 %     85 %
  Standby safety     88 %     88 %     86 %     88 %     87 %
  Supply     82 %     75 %     83 %     72 %     87 %
  Towing supply     84 %     83 %     79 %     100 %     94 %
  Specialty     81 %     58 %     54 %     25 %     57 %
  Liftboats     73 %     82 %     69 %     64 %     80 %
  Overall Fleet Utilization (excluding wind farm utility)     82 %     83 %     82 %     79 %     83 %
  Wind farm utility     90 %     95 %     93 %     82 %     88 %
  Overall Fleet Utilization     84 %     86 %     84 %     79 %     84 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,564       1,564       1,547       1,530       1,632  
  Crew     2,740       2,844       3,057       3,060       3,220  
  Mini-supply     552       552       565       630       644  
  Standby safety     2,208       2,208       2,184       2,160       2,208  
  Supply     1,564       1,564       1,538       1,581       1,656  
  Towing supply     184       184       182       180       184  
  Specialty     276       327       364       360       329  
  Liftboats     1,380       1,543       1,614       1,620       1,656  
  Overall Fleet Available Days(excluding wind farm utility)     10,468       10,786       11,051       11,121       11,529  
  Wind farm utility     2,959       2,978       2,889       2,790       2,760  
  Overall Fleet Available Days     13,427       13,764       13,940       13,911       14,289  
                                           

Contact Information

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