SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

February 26, 2015 16:51 ET

SEACOR Holdings Announces Results for Its Year and Fourth Quarter Ended December 31, 2014

FORT LAUDERDALE, FL--(Marketwired - Feb 26, 2015) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its fourth quarter ended December 31, 2014.

For the quarter ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $40.1 million, or $1.85 per diluted share. For the year ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $100.1 million, or $4.71 per diluted share.

For the preceding quarter ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $27.5 million, or $1.28 per diluted share. A comparison of results for the quarter ended December 31, 2014 with the preceding quarter ended September 30, 2014 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended December 31, 2013, net income attributable to SEACOR Holdings Inc. was $8.4 million, or $0.41 per diluted share. For the year ended December 31, 2013, income from continuing operations attributable to SEACOR Holdings Inc. was $47.2 million, or $2.32 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $22.2 million on operating revenues of $127.5 million in the fourth quarter compared with operating income of $16.9 million on operating revenues of $135.2 million in the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

During the fourth quarter, the Company sold and leased back two offshore support vessels and sold other equipment for net proceeds of $63.2 million and gains of $9.5 million, of which $0.1 million was recognized currently and $9.4 million was deferred. In addition, the Company recognized previously deferred gains of $12.0 million. During the preceding 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.

Offshore market conditions deteriorated during the fourth quarter and have continued to deteriorate through the date hereof. Day rates and utilization of the Company's offshore support vessel fleet have been subjected to downward pressure as offshore drilling and associated activity has declined in response to lower oil prices and as newly built offshore support vessels have been delivered to the industry-wide fleet. In response, the Company has returned seven leased vessels to their owners during the third and fourth quarters.

In the U.S. Gulf of Mexico, operating income excluding gains on asset dispositions was $3.0 million lower in the fourth quarter. Time charter revenues were $9.6 million lower for all vessel classes primarily due to weak market conditions, the repositioning of four vessels to other geographic regions during the preceding quarter, the return of five leased vessels to their owners during the fourth quarter and the seasonal downturn for the liftboat fleet. Costs and expenses were $6.7 million lower primarily due to the reduced fleet size in the region and lower drydocking costs. Fleet utilization was 62.3% compared with 68.9% in the preceding quarter, and average day rates increased from $20,192 per day to $20,313 per day. As of December 31, 2014, the Company had one vessel cold-stacked in the U.S Gulf of Mexico compared with two vessels as of September 30, 2014.

In international regions, operating income excluding gains on asset dispositions was $0.5 million lower in the fourth quarter. Higher drydocking costs were partially offset by an increase in operating results for two vessels repositioned from the U.S. Gulf of Mexico during the preceding quarter. Operating results in the fourth quarter were supported by positive contract coverage offsetting weak market conditions. Excluding windfarm utility vessels, fleet utilization was 82.2% compared with 81.8% in the preceding quarter, and average day rates decreased from $13,463 per day to $13,350 per day.

Inland River Services - Operating income was $23.7 million on operating revenues of $79.3 million in the fourth quarter compared with operating income of $31.1 million on operating revenues of $59.9 million in the preceding quarter.

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

Operating income excluding gains on asset dispositions was $17.6 million higher in the fourth quarter for the dry-cargo barge pools primarily due to higher activity levels as a result of the seasonal harvest, high rates and ideal river operating conditions that allowed for high utilization and was $1.2 million higher in the fourth quarter for the 10,000 barrel liquid tank barge operations primarily due to U.S. Coast Guard inspections and the related repair expenditures in the preceding quarter.

Foreign currency losses, net of $3.0 million in the fourth quarter were primarily due to the strengthening of the U.S. dollar versus the Colombian peso.

Equity in earnings of 50% or less owned companies during the fourth quarter was primarily due to the receipt of a termination payment following a customer's cancellation of four long-term time charter contracts in the Company's joint venture operating on the Parana-Paraguay River Waterway.

Shipping Services - Operating income was $14.1 million on operating revenues of $56.7 million in the fourth quarter compared with operating income of $10.0 million on operating revenues of $51.7 million in the preceding quarter.

Operating revenues were $5.0 million higher in the fourth quarter primarily due to higher charter rates for two of the Company's U.S.-flag product tankers, higher port traffic, the placement of an additional tug on bareboat charter and higher short-sea cargo shipping demand.

Illinois Corn Processing - Segment profit was $9.5 million on operating revenues of $51.0 million in the fourth quarter compared with $5.2 million on operating revenues of $53.8 million in the preceding quarter. During the preceding quarter, operating expenses were higher as a result of a temporary unplanned plant shutdown.

Other - Segment loss was $6.3 million in the fourth quarter compared with segment profit of $0.5 million in the preceding quarter. The segment loss in the fourth quarter was primarily due to the impairment of one of the Company's 50% or less owned companies, restructuring costs and reduced activity levels for emergency and crisis services, and costs incurred to develop new service products.

Corporate and Eliminations - Administrative and general expenses were $5.5 million lower in the fourth quarter primarily due to separation payments and the acceleration of share awards following the retirement of certain executives in the preceding quarter.

Marketable Securities - Marketable security gains, net of $13.3 million in the fourth quarter are primarily due to unrealized gains on long marketable security positions.

Share Repurchases - During the quarter ended December 31, 2014, the Company purchased 948,620 shares of its common stock for an aggregate purchase price of $70.2 million.

Capital Commitments - As of December 31, 2014, the Company's unfunded capital commitments were $490.7 million and included: $184.4 million for 18 offshore support vessels; $1.6 million for two inland river 30,000 barrel liquid tank barges; $3.2 million for four inland river towboats; $230.1 million for three U.S.-flag product tankers; $56.3 million for one U.S.-flag articulated tug-barge; and $15.1 million for other equipment and improvements. These commitments are payable as follows: $247.3 million is payable during 2015; $204.0 million is payable during 2016; $34.0 million is payable during 2017; and $5.4 million is payable during 2018. This release includes a table detailing expected delivery by vessel class. Subsequent to December 31, 2014, the Company committed to purchase eight inland river 10,000 barrel liquid tank barges and other equipment for $15.1 million.

Liquidity and Debt - As of December 31, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $786.6 million and its total outstanding long-term debt was $882.9 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 a decline in the price of oil and an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, an oversupply of newly built offshore support vessels and Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services' operations, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing's operations, adequacy of insurance coverage, the potential for a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such potential material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

 
 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
 
    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2014     2013     2014     2013  
Operating Revenues   $ 342,217     $ 327,861     $ 1,319,394     $ 1,247,272  
Costs and Expenses:                                
    Operating     220,814       228,305       909,372       908,871  
    Administrative and general     45,520       39,522       164,938       141,348  
    Depreciation and amortization     31,603       33,684       131,819       134,518  
      297,937       301,511       1,206,129       1,184,737  
Gains on Asset Dispositions and Impairments, Net     13,136       3,957       51,978       37,507  
Operating Income     57,416       30,307       165,243       100,042  
Other Income (Expense):                                
  Interest income     5,126       4,802       19,662       15,467  
  Interest expense     (10,647 )     (11,310 )     (43,632 )     (42,592 )
  Marketable security gains (losses), net     13,266       (3,600 )     28,760       5,803  
  Derivative losses, net     (1,221 )     (5,088 )     (3,902 )     (8,323 )
  Foreign currency losses, net     (4,797 )     (654 )     (6,335 )     (3,351 )
  Other, net     (3,230 )     (89 )     3,439       586  
      (1,503 )     (15,939 )     (2,008 )     (32,410 )
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies     55,913       14,368       163,235       67,632  
Income Tax Expense     20,212       5,441       55,197       26,747  
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies     35,701       8,927       108,038       40,885  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     13,628       193       16,309       7,264  
Income from Continuing Operations     49,329       9,120       124,347       48,149  
Loss from Discontinued Operations, Net of Tax     --       --       --       (10,325 )
Net Income     49,329       9,120       124,347       37,824  
Net Income attributable to Noncontrolling Interests in Subsidiaries     9,236       724       24,215       854  
Net Income attributable to SEACOR Holdings Inc.   $ 40,093     $ 8,396     $ 100,132     $ 36,970  
                                 
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                
  Continuing operations   $ 40,093     $ 8,396     $ 100,132     $ 47,195  
  Discontinued operations     --       --       --       (10,225 )
    $ 40,093     $ 8,396     $ 100,132     $ 36,970  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 2.22     $ 0.42     $ 5.18     $ 2.37  
  Discontinued operations     --       --       --       (0.51 )
    $ 2.22     $ 0.42     $ 5.18     $ 1.86  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 1.85     $ 0.41     $ 4.71     $ 2.32  
  Discontinued operations     --       --       --       (0.50 )
    $ 1.85     $ 0.41     $ 4.71     $ 1.82  
Weighted Average Common Shares Outstanding:                                
  Basic     18,074,129       20,042,846       19,336,280       19,893,954  
  Diluted     24,502,723       20,530,165       25,765,325       20,293,287  
                                 
                                 
                                 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
 
    Three Months Ended  
    Dec. 31, 2014     Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013  
Operating Revenues   $ 342,217     $ 338,936     $ 328,224     $ 310,017     $ 327,861  
Costs and Expenses:                                        
    Operating     220,814       237,676       231,906       218,976       228,305  
    Administrative and general     45,520       46,655       34,686       38,077       39,522  
    Depreciation and amortization     31,603       33,604       33,220       33,392       33,684  
      297,937       317,935       299,812       290,445       301,511  
Gains on Asset Dispositions and Impairments, Net     13,136       29,869       4,295       4,678       3,957  
Operating Income     57,416       50,870       32,707       24,250       30,307  
Other Income (Expense):                                        
  Interest income     5,126       4,463       6,030       4,043       4,802  
  Interest expense     (10,647 )     (11,124 )     (10,458 )     (11,403 )     (11,310 )
  Marketable security gains (losses), net     13,266       9,693       731       5,070       (3,600 )
  Derivative gains (losses), net     (1,221 )     (2,538 )     94       (237 )     (5,088 )
  Foreign currency gains (losses), net     (4,797 )     (3,059 )     1,720       (199 )     (654 )
  Other, net     (3,230 )     111       10,213       (3,655 )     (89 )
      (1,503 )     (2,454 )     8,330       (6,381 )     (15,939 )
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies     55,913       48,416       41,037       17,869       14,368  
Income Tax Expense     20,212       15,610       13,000       6,375       5,441  
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     35,701       32,806       28,037       11,494       8,927  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     13,628       972       (512 )     2,221       193  
Net Income     49,329       33,778       27,525       13,715       9,120  
Net Income attributable to Noncontrolling Interests in Subsidiaries     9,236       6,315       6,458       2,206       724  
Net Income attributable to SEACOR Holdings Inc.   $ 40,093     $ 27,463     $ 21,067     $ 11,509     $ 8,396  
                                         
Basic Earnings Per Common Share of SEACOR Holdings Inc.   $ 2.22     $ 1.43     $ 1.05     $ 0.57     $ 0.42  
                                         
Diluted Earnings Per Common Share of SEACOR Holdings Inc.   $ 1.85     $ 1.28     $ 0.98     $ 0.56     $ 0.41  
                                         
Weighted Average Common Shares of Outstanding:                                        
  Basic     18,074       19,196       19,989       20,109       20,043  
  Diluted     24,503       25,628       24,584       20,546       20,530  
Common Shares Outstanding at Period End     18,140       19,044       20,144       20,597       20,382  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2014     Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013  
Offshore Marine Services                                        
Operating Revenues   $ 127,518     $ 135,178     $ 138,247     $ 129,001     $ 148,371  
Costs and Expenses:                                        
  Operating     86,558       90,736       93,755       94,043       99,320  
  Administrative and general     15,253       14,514       13,426       15,160       17,085  
  Depreciation and amortization     15,594       16,269       16,448       16,304       16,207  
      117,405       121,519       123,629       125,507       132,612  
Gains on Asset Dispositions     12,062       3,219       3,526       7,738       3,087  
Operating Income     22,175       16,878       18,144       11,232       18,846  
Other Income (Expense):                                        
  Derivative losses, net     (7 )     (33 )     (70 )     (61 )     (274 )
  Foreign currency gains (losses), net     (934 )     (1,870 )     1,322       107       (49 )
  Other, net     (68 )     -       14,739       -       (8 )
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     3,054       2,529       2,244       2,641       2,988  
Segment Profit(1)   $ 24,220     $ 17,504     $ 36,379     $ 13,919     $ 21,503  
                                         
OIBDA(2)   $ 37,769     $ 33,147     $ 34,592     $ 27,536     $ 35,053  
Drydocking expenditures (included in operating costs and expenses)   $ 9,052     $ 7,606     $ 10,887     $ 11,080     $ 11,899  
Out-of-service days for drydockings     326       357       575       635       668  
                                         
Inland River Services                                        
Operating Revenues   $ 79,252     $ 59,932     $ 56,007     $ 57,959     $ 65,437  
Costs and Expenses:                                        
  Operating     46,250       43,947       45,047       39,674       42,472  
  Administrative and general     4,245       3,520       3,835       4,337       4,034  
  Depreciation and amortization     6,660       7,841       7,564       7,370       7,430  
      57,155       55,308       56,446       51,381       53,936  
Gains on Asset Dispositions     1,565       26,429       810       853       779  
Operating Income     23,662       31,053       371       7,431       12,280  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (3,032 )     (450 )     474       (327 )     (160 )
  Other, net     -       -       -       (38 )     -  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     10,515       (95 )     (3,335 )     (412 )     (5,320 )
Segment Profit (Loss)(1)   $ 31,145     $ 30,508     $ (2,490 )   $ 6,654     $ 6,800  
                                         
OIBDA(2)   $ 30,322     $ 38,894     $ 7,935     $ 14,801     $ 19,710  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2014     Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013  
Shipping Services                                        
Operating Revenues   $ 56,681     $ 51,659     $ 53,575     $ 52,401     $ 51,405  
Costs and Expenses:                                        
  Operating     28,688       29,068       28,018       26,997       32,900  
  Administrative and general     7,318       5,883       5,421       5,896       5,639  
  Depreciation and amortization     6,821       6,730       7,115       7,754       7,754  
      42,827       41,681       40,554       40,647       46,293  
Gains (Losses) on Asset Dispositions     202       (2 )     (41 )     -       91  
Operating Income     14,056       9,976       12,980       11,754       5,203  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (4 )     (27 )     1       (10 )     (5 )
  Other, net     22       123       158       (3,933 )     18  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (790 )     (2,188 )     1,564       753       376  
Segment Profit(1)   $ 13,284     $ 7,884     $ 14,703     $ 8,564     $ 5,592  
                                         
OIBDA(2)   $ 20,877     $ 16,706     $ 20,095     $ 19,508     $ 12,957  
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)   $ -     $ -     $ -     $ 42     $ 5,504  
Out-of-service days for drydockings of U.S.-flag product tankers     -       -       -       -       26  
                                         
Illinois Corn Processing                                        
Operating Revenues   $ 51,026     $ 53,813     $ 72,798     $ 58,656     $ 46,875  
Costs and Expenses:                                        
  Operating     39,685       44,461       56,429       47,274       38,812  
  Administrative and general     609       463       594       511       465  
  Depreciation and amortization     1,064       1,055       1,010       990       1,330  
      41,358       45,979       58,033       48,775       40,607  
Operating Income     9,668       7,834       14,765       9,881       6,268  
Other Income (Expense):                                        
  Derivative gains (losses), net     (302 )     (2,674 )     (1,519 )     718       (3,719 )
  Other, net     167       -       300       193       -  
Segment Profit(1)   $ 9,533     $ 5,160     $ 13,546     $ 10,792     $ 2,549  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2014     Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013  
Other                                        
Operating Revenues   $ 29,283     $ 39,024     $ 8,437     $ 12,992     $ 16,675  
Costs and Expenses:                                        
  Operating     21,145       30,099       9,464       11,936       15,665  
  Administrative and general     9,948       8,629       3,449       3,111       1,888  
  Depreciation and amortization     513       649       82       85       91  
      31,606       39,377       12,995       15,132       17,644  
Losses on Asset Dispositions and Impairments, Net     (668 )     -       -       (409 )     -  
Operating Loss     (2,991 )     (353 )     (4,558 )     (2,549 )     (969 )
Other Income (Expense):                                        
  Derivative gains (losses), net     (702 )     205       1,500       (733 )     198  
  Foreign currency gains (losses), net     (96 )     (121 )     53       9       (21 )
  Other, net     (3,357 )     42       (5,013 )     175       (39 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     849       726       (985 )     (761 )     2,149  
Segment Profit (Loss)(1)   $ (6,297 )   $ 499     $ (9,003 )   $ (3,859 )   $ 1,318  
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (1,543 )   $ (670 )   $ (840 )   $ (992 )   $ (902 )
Costs and Expenses:                                        
  Operating     (1,512 )     (635 )     (807 )     (948 )     (864 )
  Administrative and general     8,147       13,646       7,961       9,062       10,411  
  Depreciation and amortization     951       1,060       1,001       889       872  
      7,586       14,071       8,155       9,003       10,419  
Gains (Losses) on Asset Dispositions and Impairments, Net     (25 )     223       -       (3,504 )     -  
Operating Loss   $ (9,154 )   $ (14,518 )   $ (8,995 )   $ (13,499 )   $ (11,321 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ (210 )   $ (36 )   $ 183     $ (161 )   $ (1,293 )
  Foreign currency gains (losses), net     (731 )     (591 )     (130 )     22       (419 )
  Other, net     6       (54 )     29       (52 )     (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)
 
   
  Dec. 31, 2014   Sep. 30, 2014   Jun. 30, 2014   Mar. 31, 2014   Dec. 31, 2013  
ASSETS                              
Current Assets:                              
  Cash and cash equivalents $ 434,183   $ 449,632   $ 453,415   $ 374,790   $ 527,435  
  Restricted cash   16,435     13,656     14,346     14,490     12,175  
  Marketable securities   58,004     43,286     33,275     29,522     24,292  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   225,242     215,191     198,768     203,785     215,768  
    Other   67,745     57,621     50,571     41,292     48,181  
  Inventories   22,783     20,896     20,207     24,962     27,615  
  Deferred income taxes   -     116     116     116     116  
  Prepaid expenses and other   9,011     11,431     12,837     8,292     6,701  
    Total current assets   833,403     811,829     783,535     697,249     862,283  
Property and Equipment:                              
    Historical cost   2,086,957     2,166,509     2,216,627     2,224,212     2,199,183  
    Accumulated depreciation   (902,284 )   (889,993 )   (888,442 )   (894,511 )   (866,330 )
    1,184,673     1,276,516     1,328,185     1,329,701     1,332,853  
    Construction in progress   318,000     284,362     297,523     325,529     143,482  
    Net property and equipment   1,502,673     1,560,878     1,625,708     1,655,230     1,476,335  
Investments, at Equity, and Advances to 50% or Less Owned Companies   484,157     444,826     484,164     456,446     440,853  
Construction Reserve Funds & Title XI Reserve Funds   278,022     321,278     324,856     264,339     261,739  
Goodwill   62,759     62,904     18,012     17,963     17,985  
Intangible Assets, Net   32,727     34,306     10,754     11,567     12,423  
Other Assets   51,292     55,049     48,964     42,241     44,615  
  $ 3,245,033   $ 3,291,070   $ 3,295,993   $ 3,145,035   $ 3,116,233  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 48,499   $ 50,785   $ 43,557   $ 49,171   $ 45,323  
  Accounts payable and accrued expenses   103,760     90,704     87,235     83,296     85,477  
  Other current liabilities   119,694     139,999     119,501     132,190     123,619  
    Total current liabilities   271,953     281,488     250,293     264,657     254,419  
Long-Term Debt   834,383     831,163     830,303     830,887     834,118  
Deferred Income Taxes   432,546     459,039     456,403     456,883     457,827  
Deferred Gains and Other Liabilities   188,664     185,950     175,229     145,483     144,441  
    Total liabilities   1,727,546     1,757,640     1,712,228     1,697,910     1,690,805  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   -     -     -     -     -  
    Common stock   375     375     375     374     372  
    Additional paid-in capital   1,490,698     1,485,342     1,479,942     1,401,294     1,394,621  
    Retained earnings   1,195,402     1,155,309     1,127,846     1,106,779     1,095,270  
    Shares held in treasury, at cost   (1,283,476 )   (1,213,267 )   (1,126,322 )   (1,087,101 )   (1,088,219 )
    Accumulated other comprehensive income (loss), net of tax   (3,505 )   (1,891 )   225     (929 )   (1,192 )
      1,399,494     1,425,868     1,482,066     1,420,417     1,400,852  
  Noncontrolling interests in subsidiaries   117,993     107,562     101,699     26,708     24,576  
    Total equity   1,517,487     1,533,430     1,583,765     1,447,125     1,425,428  
  $ 3,245,033   $ 3,291,070   $ 3,295,993   $ 3,145,035   $ 3,116,233  
                               
                               
                               
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Dec. 31, 2014   Sep. 30, 2014   Jun. 30, 2014   Mar. 31, 2014   Dec. 31, 2013
Offshore Marine Services                    
Anchor handling towing supply   18   18   18   18   18
Fast support   35   38   38   39   42
Mini-supply   7   7   7   8   8
Standby safety   25   25   25   25   25
Supply   25   27   27   26   27
Towing supply   3   3   3   3   3
Specialty   9   9   9   9   12
Liftboats   15   15   15   15   15
Wind farm utility   36   35   35   34   34
    173   177   177   177   184
                     
Inland River Services                    
Dry-cargo barges   1,455   1,456   1,463   1,415   1,405
Liquid tank barges:                    
    10,000 barrel   49   45   45   45   45
    30,000 barrel   29   29   29   29   29
Deck barges   20   20   20   20   20
Towboats:                    
    4,000 hp - 6,250 hp   17   16   16   17   17
    3,300 hp - 3,900 hp   -   1   1   1   1
    Less than 3,200 hp   14   15   15   14   14
Dry-cargo vessel   -   -   -   -   1
    1,584   1,582   1,589   1,541   1,532
                     
Shipping Services(1)                    
Petroleum and Gas Transportation:                    
    Product tankers - U.S.-flag   7   7   7   7   7
    Very large gas carriers - foreign-flag   5   5   3   3   3
Harbor Towing and Bunkering:                    
    Harbor tugs - U.S.-flag   24   24   24   24   24
    Harbor tugs - Foreign-flag   4   4   4   4   4
    Offshore tugs - Foreign-flag   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   8   7   8   8
Other:                    
    Dry-bulk articulated tug-barge - U.S.-flag   1   1   1   1   1
    61   61   58   59   59
                     
(1) For each of the periods presented, the Company provided technical management services for two additional vessels.
   
   
   
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
 
  2015   2016   2017   2018    
  Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Total
Offshore Marine Services                                                      
Fast support 1   1   -   1   2   -   1   2   -   -   -   -   -   8
Supply(1) 1   -   -   1   -   1   -   -   1   -   -   -   1   5
Liftboats(2) -   -   -   -   -   2   -   -   -   -   -   -   -   2
Wind farm utility 1   2   -   -   -   -   -   -   -   -   -   -   -   3
                                                       
Inland River Services                                                      
Liquid tank barges - 30,000 barrel 1   1   -   -   -   -   -   -   -   -   -   -   -   2
Towboats 2   2   -   -   -   -   -   -   -   -   -   -   -   4
                                                       
Shipping Services                                                      
Product tankers - U.S.-flag -   -   -   -   -   1   -   1   1   -   -   -   -   3
Articulated tug-barge - U.S.-flag -   -   -   -   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  
    Dec. 31, 2014     Sep. 30, 2014     Jun. 30, 2014     Mar. 31, 2014     Dec. 31, 2013  
Rates Per Day Worked:                              
  Anchor handling towing supply   $ 26,544     $ 26,175     $ 25,796     $ 24,841     $ 26,773  
  Fast support     9,620       9,542       9,222       8,664       8,627  
  Mini-supply     6,355       6,550       6,627       7,148       7,805  
  Standby safety     10,556       11,091       10,932       10,679       10,584  
  Supply     18,712       18,355       16,948       17,156       16,906  
  Towing supply     7,918       9,223       9,339       10,128       8,744  
  Specialty     32,027       38,716       26,860       19,200       31,856  
  Liftboats     23,038       23,933       23,017       22,219       26,072  
  Overall Average Rates Per Day Worked(excluding wind farm utility)     15,520       15,863       15,470       14,324       15,355  
  Wind farm utility     2,732       2,688       2,553       2,423       2,427  
  Overall Average Rates Per Day Worked     11,874       12,239       12,259       11,659       12,279  
                                         
Utilization:                                        
  Anchor handling towing supply     85 %     76 %     83 %     77 %     74 %
  Fast support     73 %     71 %     75 %     81 %     84 %
  Mini-supply     94 %     100 %     81 %     92 %     94 %
  Standby safety     84 %     89 %     88 %     88 %     88 %
  Supply     74 %     75 %     82 %     86 %     82 %
  Towing supply     62 %     70 %     74 %     92 %     84 %
  Specialty     48 %     54 %     52 %     47 %     81 %
  Liftboats     55 %     66 %     80 %     60 %     73 %
  Overall Fleet Utilization (excluding wind farm utility)     75 %     77 %     80 %     80 %     82 %
  Wind farm utility     93 %     97 %     91 %     81 %     90 %
  Overall Fleet Utilization     79 %     81 %     83 %     80 %     84 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,380       1,541       1,547       1,530       1,564  
  Fast support     2,420       2,488       2,533       2,605       2,740  
  Mini-supply     368       413       479       540       552  
  Standby safety     2,208       2,208       2,184       2,160       2,208  
  Supply     1,169       1,298       1,407       1,530       1,564  
  Towing supply     184       184       182       180       184  
  Specialty     276       276       273       270       276  
  Liftboats     1,380       1,380       1,365       1,350       1,380  
  Overall Fleet Available Days(excluding wind farm utility)     9,385       9,788       9,970       10,165       10,468  
  Wind farm utility     3,022       2,944       2,912       2,863       2,959  
  Overall Fleet Available Days     12,407       12,732       12,882       13,028       13,427  
                                         

Contact Information

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