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