SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2015

Seacor Holdings Press Release Apr 23 2015

FORT LAUDERDALE, FL -- (Marketwired) -- 04/23/15 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its first quarter ended March 31, 2015.

For the quarter ended March 31, 2015, net loss attributable to SEACOR Holdings Inc. was $19.6 million, or $1.10 per diluted share.

For the preceding quarter ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $40.1 million, or $1.85 per diluted share. A comparison of results for the quarter ended March 31, 2015 with the preceding quarter ended December 31, 2014 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended March 31, 2014, net income attributable to SEACOR Holdings Inc. was $11.5 million, or $0.56 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating loss was $16.5 million on operating revenues of $93.5 million in the first quarter compared with operating income of $22.2 million on operating revenues of $127.5 million in the preceding quarter.

The operating loss in the first quarter includes a $6.6 million impairment charge related to the suspended construction of two offshore support vessels. During the preceding 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.

Offshore market conditions continued to deteriorate during the first quarter. 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 ten leased-in vessels to their owners beginning in the third quarter of 2014 and had nine cold-stacked vessels as of March 31, 2015. On a total fleet basis, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 564, or 6%, primarily due to returning the leased-in vessels to their owners. Overall utilization, excluding wind farm utility vessels, decreased from 75% to 68% and overall average day rates, excluding wind farm utility vessels, decreased by 15% from $15,520 to $13,178 per day. This release includes a table presenting time charter operating data by vessel class.

In the U.S. Gulf of Mexico, operating results excluding the impact of gains (losses) on asset dispositions and impairments were $14.4 million lower in the first quarter. Operating revenues were $17.7 million lower and impacted all vessel classes. The reduction was primarily due to weak market conditions, the return of leased-in vessels to their owners, the seasonal downturn for the liftboat fleet, and increased drydocking activity. Overall utilization was 49% compared with 62% in the preceding quarter, and overall average day rates decreased from $20,313 to $18,097 per day. Operating expenses were $2.0 million lower primarily due to the reduced fleet size and the increase in the number of cold-stacked vessels, partially offset by higher drydocking expenses. General and administrative expenses were $0.8 million lower primarily due to a reduction in wage and benefit costs from lower bonus accruals and following personnel reductions during the preceding quarter. As of March 31, 2015, the Company had seven vessels cold-stacked in the U.S Gulf of Mexico compared with one vessel as of December 31, 2014.

In international regions, operating income excluding the impact of gains on asset dispositions was $5.5 million lower in the first quarter. Operating revenues were $16.3 million lower primarily due to the conclusion of several charters. Excluding windfarm utility vessels, overall utilization was 78% compared with 82% in the preceding quarter, and overall average day rates decreased from $13,350 to $11,510 per day. Operating expenses were $10.2 million lower primarily due to the repositioning of two vessels to the U.S. Gulf of Mexico, the seasonal conclusion of a charter for a vessel operating in Russia, and reduced drydocking and routine repair and maintenance expenses. General and administrative expenses were $0.9 million lower primarily due to a reduction in wage and benefit costs from lower bonus accruals. As of March 31, 2015, the Company had two vessels cold-stacked in international regions compared with none as of December 31, 2014.

Inland River Services - Operating income was $6.1 million on operating revenues of $56.6 million in the first quarter compared with operating income of $23.7 million on operating revenues of $79.3 million in the preceding quarter.

Operating income was $17.5 million lower in the first quarter primarily due to an $18.2 million reduction in the results of the dry-cargo barge pools as a consequence of lower rates, reduced activity levels following the seasonal harvest and poor operating conditions due to harsh weather in the Midwest during the first quarter.

Foreign currency losses, net of $1.1 million in the first 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 of $10.5 million during the preceding 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 $1.3 million on operating revenues of $51.4 million in the first quarter compared with operating income of $14.1 million on operating revenues of $56.7 million in the preceding quarter.

Operating income was $12.8 million lower in the first quarter primarily due to drydocking two of the Company's U.S.-flag product tankers. The drydockings reduced operating revenues by $4.3 million as a consequence of 71 days of out-of-service time and increased operating expenses by $8.1 million. One of the product tankers returned to service during the first quarter and the other is scheduled to return to service in late April 2015.

Equity in earnings from 50% or less owned companies increased by $1.9 million primarily due to improved operating results from the Company's joint venture in the Puerto Rico liner trade and the commencement of a charter for its crude tanker joint venture.

Illinois Corn Processing - Segment profit was $4.1 million on operating revenues of $39.6 million in the first quarter compared with $9.5 million of segment profit on operating revenues of $51.0 million in the preceding quarter. The reductions were primarily due to lower sales volumes as a result of reduced production during unplanned plant maintenance and lower sales prices of alcohol.

Other - Segment loss was $1.8 million in the first quarter compared with a segment loss of $6.3 million in the preceding quarter. The segment loss in the preceding quarter was primarily due to an impairment charge in respect 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.

Marketable Securities - Marketable security losses, net of $9.1 million in the first quarter are primarily due to losses on long marketable security positions.

Share Repurchases - During the quarter ended March 31, 2015, the Company purchased 74,213 shares of its common stock for an aggregate purchase price of $5.2 million.

Capital Commitments - As of March 31, 2015, the Company's unfunded capital commitments were $459.4 million and included: $153.7 million for 16 offshore support vessels; $1.7 million for two 30,000 barrel inland river liquid tank barges; $11.0 million for eight 10,000 barrel inland river liquid tank barges; $2.7 million for three inland river towboats; $216.9 million for three U.S.-flag product tankers; $56.2 million for one U.S.-flag articulated tug-barge; and $17.2 million for other equipment and improvements. These commitments are payable as follows: $199.1 million is payable during the remainder of 2015; $217.3 million is payable during 2016; $37.6 million is payable during 2017; and $5.4 million is payable during 2018. This release includes a table detailing expected delivery by vessel class.

Liquidity and Debt - As of March 31, 2015, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $792.4 million and its total outstanding long-term debt was $879.6 million. Subsequent to March 31, 2015, certain subsidiaries of the Company that operate its fleet of U.S.-flag product tankers (collectively "SEA-Vista") secured a $300 million credit facility with a syndicate of lenders to fund its working capital needs, meet its capital commitments for the three U.S.-flag product tankers (referred to above under "Capital Commitments"), repay its outstanding Title XI financing and fund future growth opportunities.

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 (LOSS)
(in thousands, except share data, unaudited)
Three Months Ended
March 31,
2015 2014
Operating Revenues $ 260,644 $ 310,017
Costs and Expenses:
Operating 199,148 218,976
Administrative and general 38,887 38,077
Depreciation and amortization 31,430 33,392
269,465 290,445
Gains (Losses) on Asset Dispositions and Impairments, Net (4,846 ) 4,678
Operating Income (Loss) (13,667 ) 24,250
Other Income (Expense):
Interest income 4,579 4,043
Interest expense (10,512 ) (11,403 )
Marketable security gains (losses), net (9,121 ) 5,070
Derivative losses, net (2,996 ) (237 )
Foreign currency losses, net (1,993 ) (199 )
Other, net (44 ) (3,655 )
(20,087 ) (6,381 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies (33,754 ) 17,869
Income Tax Expense (Benefit) (11,954 ) 6,375
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies (21,800 ) 11,494
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 3,899 2,221
Net Income (Loss) (17,901 ) 13,715
Net Income attributable to Noncontrolling Interests in Subsidiaries 1,668 2,206
Net Income (Loss) attributable to SEACOR Holdings Inc. $ (19,569 ) $ 11,509
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (1.10 ) $ 0.57
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (1.10 ) $ 0.56
Weighted Average Common Shares Outstanding:
Basic 17,777,725 20,109,373
Diluted 17,777,725 20,546,112
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
Mar. 31, 2015 Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014
Operating Revenues $ 260,644 $ 342,217 $ 338,936 $ 328,224 $ 310,017
Costs and Expenses:
Operating 199,148 220,814 237,676 231,906 218,976
Administrative and general 38,887 45,520 46,655 34,686 38,077
Depreciation and amortization 31,430 31,603 33,604 33,220 33,392
269,465 297,937 317,935 299,812 290,445
Gains (Losses) on Asset Dispositions and Impairments, Net (4,846 ) 13,136 29,869 4,295 4,678
Operating Income (Loss) (13,667 ) 57,416 50,870 32,707 24,250
Other Income (Expense):
Interest income 4,579 5,126 4,463 6,030 4,043
Interest expense (10,512 ) (10,647 ) (11,124 ) (10,458 ) (11,403 )
Marketable security gains (losses), net (9,121 ) 13,266 9,693 731 5,070
Derivative gains (losses), net (2,996 ) (1,221 ) (2,538 ) 94 (237 )
Foreign currency gains (losses), net (1,993 ) (4,797 ) (3,059 ) 1,720 (199 )
Other, net (44 ) (3,230 ) 111 10,213 (3,655 )
(20,087 ) (1,503 ) (2,454 ) 8,330 (6,381 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies (33,754 ) 55,913 48,416 41,037 17,869
Income Tax Expense (Benefit) (11,954 ) 20,212 15,610 13,000 6,375
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies (21,800 ) 35,701 32,806 28,037 11,494
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 3,899 13,628 972 (512 ) 2,221
Net Income (Loss) (17,901 ) 49,329 33,778 27,525 13,715
Net Income attributable to Noncontrolling Interests in Subsidiaries 1,668 9,236 6,315 6,458 2,206
Net Income (Loss) attributable to SEACOR Holdings Inc. $ (19,569 ) $ 40,093 $ 27,463 $ 21,067 $ 11,509
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (1.10 ) $ 2.22 $ 1.43 $ 1.05 $ 0.57
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (1.10 ) $ 1.85 $ 1.28 $ 0.98 $ 0.56
Weighted Average Common Shares of Outstanding:
Basic 17,778 18,074 19,196 19,989 20,109
Diluted 17,778 24,503 25,628 24,584 20,546
Common Shares Outstanding at Period End 18,241 18,140 19,044 20,144 20,597
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
Mar. 31, 2015 Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014
Offshore Marine Services
Operating Revenues $ 93,456 $ 127,518 $ 135,178 $ 138,247 $ 129,001
Costs and Expenses:
Operating 74,355 86,558 90,736 93,755 94,043
Administrative and general 13,559 15,253 14,514 13,426 15,160
Depreciation and amortization 15,366 15,594 16,269 16,448 16,304
103,280 117,405 121,519 123,629 125,507
Gains (Losses) on Asset Dispositions and Impairments, Net (6,649 ) 12,062 3,219 3,526 7,738
Operating Income (Loss) (16,473 ) 22,175 16,878 18,144 11,232
Other Income (Expense):
Derivative losses, net (9 ) (7 ) (33 ) (70 ) (61 )
Foreign currency gains (losses), net (17 ) (934 ) (1,870 ) 1,322 107
Other, net (146 ) (68 ) -- 14,739 --
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,975 3,054 2,529 2,244 2,641
Segment Profit (Loss)(1) $ (13,670 ) $ 24,220 $ 17,504 $ 36,379 $ 13,919
OIBDA(2) $ (1,107 ) $ 37,769 $ 33,147 $ 34,592 $ 27,536
Drydocking expenditures (included in operating costs and expenses) $ 6,881 $ 9,052 $ 7,606 $ 10,887 $ 11,080
Out-of-service days for drydockings 294 326 357 575 635
Inland River Services
Operating Revenues $ 56,607 $ 79,252 $ 59,932 $ 56,007 $ 57,959
Costs and Expenses:
Operating 41,513 46,250 43,947 45,047 39,674
Administrative and general 3,884 4,245 3,520 3,835 4,337
Depreciation and amortization 6,889 6,660 7,841 7,564 7,370
52,286 57,155 55,308 56,446 51,381
Gains on Asset Dispositions 1,803 1,565 26,429 810 853
Operating Income 6,124 23,662 31,053 371 7,431
Other Income (Expense):
Derivative gains, net 82 -- -- -- --
Foreign currency gains (losses), net (1,121 ) (3,032 ) (450 ) 474 (327 )
Other, net -- -- -- -- (38 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (274 ) 10,515 (95 ) (3,335 ) (412 )
Segment Profit (Loss)(1) $ 4,811 $ 31,145 $ 30,508 $ (2,490 ) $ 6,654
OIBDA(2) $ 13,013 $ 30,322 $ 38,894 $ 7,935 $ 14,801
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Mar. 31, 2015 Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014
Shipping Services
Operating Revenues $ 51,407 $ 56,681 $ 51,659 $ 53,575 $ 52,401
Costs and Expenses:
Operating 37,131 28,688 29,068 28,018 26,997
Administrative and general 6,289 7,318 5,883 5,421 5,896
Depreciation and amortization 6,735 6,821 6,730 7,115 7,754
50,155 42,827 41,681 40,554 40,647
Gains (Losses) on Asset Dispositions -- 202 (2 ) (41 ) --
Operating Income 1,252 14,056 9,976 12,980 11,754
Other Income (Expense):
Foreign currency gains (losses), net (12 ) (4 ) (27 ) 1 (10 )
Other, net 29 22 123 158 (3,933 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,141 (790 ) (2,188 ) 1,564 753
Segment Profit(1) $ 2,410 $ 13,284 $ 7,884 $ 14,703 $ 8,564
OIBDA(2) $ 7,987 $ 20,877 $ 16,706 $ 20,095 $ 19,508
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) $ 8,083 $ -- $ -- $ -- $ 42
Out-of-service days for drydockings of U.S.-flag product tankers 71 -- -- -- --
Illinois Corn Processing
Operating Revenues $ 39,598 $ 51,026 $ 53,813 $ 72,798 $ 58,656
Costs and Expenses:
Operating 33,118 39,685 44,461 56,429 47,274
Administrative and general 562 609 463 594 511
Depreciation and amortization 980 1,064 1,055 1,010 990
34,660 41,358 45,979 58,033 48,775
Operating Income 4,938 9,668 7,834 14,765 9,881
Other Income (Expense):
Derivative gains (losses), net (828 ) (302 ) (2,674 ) (1,519 ) 718
Other, net -- 167 -- 300 193
Segment Profit(1) $ 4,110 $ 9,533 $ 5,160 $ 13,546 $ 10,792
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Mar. 31, 2015 Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014
Other
Operating Revenues $ 20,452 $ 29,283 $ 39,024 $ 8,437 $ 12,992
Costs and Expenses:
Operating 13,830 21,145 30,099 9,464 11,936
Administrative and general 7,136 9,948 8,629 3,449 3,111
Depreciation and amortization 500 513 649 82 85
21,466 31,606 39,377 12,995 15,132
Losses on Asset Dispositions and Impairments, Net -- (668 ) -- -- (409 )
Operating Loss (1,014 ) (2,991 ) (353 ) (4,558 ) (2,549 )
Other Income (Expense):
Derivative gains (losses), net (776 ) (702 ) 205 1,500 (733 )
Foreign currency gains (losses), net (40 ) (96 ) (121 ) 53 9
Other, net 8 (3,357 ) 42 (5,013 ) 175
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 57 849 726 (985 ) (761 )
Segment Profit (Loss)(1) $ (1,765 ) $ (6,297 ) $ 499 $ (9,003 ) $ (3,859 )
Corporate and Eliminations
Operating Revenues $ (876 ) $ (1,543 ) $ (670 ) $ (840 ) $ (992 )
Costs and Expenses:
Operating (799 ) (1,512 ) (635 ) (807 ) (948 )
Administrative and general 7,457 8,147 13,646 7,961 9,062
Depreciation and amortization 960 951 1,060 1,001 889
7,618 7,586 14,071 8,155 9,003
Gains (Losses) on Asset Dispositions and Impairments, Net -- (25 ) 223 -- (3,504 )
Operating Loss $ (8,494 ) $ (9,154 ) $ (14,518 ) $ (8,995 ) $ (13,499 )
Other Income (Expense):
Derivative gains (losses), net $ (1,465 ) $ (210 ) $ (36 ) $ 183 $ (161 )
Foreign currency gains (losses), net (803 ) (731 ) (591 ) (130 ) 22
Other, net 65 6 (54 ) 29 (52 )
(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)
Mar. 31, 2015 Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents $ 448,011 $ 434,183 $ 449,632 $ 453,415 $ 374,790
Restricted cash 16,896 16,435 13,656 14,346 14,490
Marketable securities 39,002 58,004 43,286 33,275 29,522
Receivables:
Trade, net of allowance for doubtful accounts 186,583 225,242 215,191 198,768 203,785
Other 39,805 67,745 57,621 50,571 41,292
Inventories 23,156 22,783 20,896 20,207 24,962
Deferred income taxes -- -- 116 116 116
Prepaid expenses and other 8,814 9,011 11,431 12,837 8,292
Total current assets 762,267 833,403 811,829 783,535 697,249
Property and Equipment:
Historical cost 2,083,035 2,086,957 2,166,509 2,216,627 2,224,212
Accumulated depreciation (918,769 ) (902,284 ) (889,993 ) (888,442 ) (894,511 )
1,164,266 1,184,673 1,276,516 1,328,185 1,329,701
Construction in progress 339,390 318,000 284,362 297,523 325,529
Net property and equipment 1,503,656 1,502,673 1,560,878 1,625,708 1,655,230
Investments, at Equity, and Advances to 50% or Less Owned Companies 483,748 484,157 444,826 484,164 456,446
Construction Reserve Funds & Title XI Reserve Funds 288,529 278,022 321,278 324,856 264,339
Goodwill 62,688 62,759 62,904 18,012 17,963
Intangible Assets, Net 31,955 32,727 34,306 10,754 11,567
Other Assets 47,169 51,292 55,049 48,964 42,241
$ 3,180,012 $ 3,245,033 $ 3,291,070 $ 3,295,993 $ 3,145,035
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 44,953 $ 48,499 $ 50,785 $ 43,557 $ 49,171
Accounts payable and accrued expenses 72,738 103,760 90,704 87,235 83,296
Other current liabilities 138,460 119,694 139,999 119,501 132,190
Total current liabilities 256,151 271,953 281,488 250,293 264,657
Long-Term Debt 834,686 834,383 831,163 830,303 830,887
Deferred Income Taxes 413,450 432,546 459,039 456,403 456,883
Deferred Gains and Other Liabilities 178,293 188,664 185,950 175,229 145,483
Total liabilities 1,682,580 1,727,546 1,757,640 1,712,228 1,697,910
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 377 375 375 375 374
Additional paid-in capital 1,495,261 1,490,698 1,485,342 1,479,942 1,401,294
Retained earnings 1,175,833 1,195,402 1,155,309 1,127,846 1,106,779
Shares held in treasury, at cost (1,287,460 ) (1,283,476 ) (1,213,267 ) (1,126,322 ) (1,087,101 )
Accumulated other comprehensive income (loss), net of tax (5,837 ) (3,505 ) (1,891 ) 225 (929 )
1,378,174 1,399,494 1,425,868 1,482,066 1,420,417
Noncontrolling interests in subsidiaries 119,258 117,993 107,562 101,699 26,708
Total equity 1,497,432 1,517,487 1,533,430 1,583,765 1,447,125
$ 3,180,012 $ 3,245,033 $ 3,291,070 $ 3,295,993 $ 3,145,035
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Mar. 31, 2015 Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014
Offshore Marine Services
Anchor handling towing supply 18 18 18 18 18
Fast support 34 35 38 38 39
Mini-supply 7 7 7 7 8
Standby safety 25 25 25 25 25
Supply 27 25 27 27 26
Towing supply 3 3 3 3 3
Specialty 9 9 9 9 9
Liftboats 15 15 15 15 15
Wind farm utility 37 36 35 35 34
175 173 177 177 177
Inland River Services
Dry-cargo barges 1,439 1,455 1,456 1,463 1,415
Liquid tank barges:
10,000 barrel 50 49 45 45 45
30,000 barrel 29 29 29 29 29
Deck barges -- 20 20 20 20
Towboats:
4,000 hp - 6,250 hp 17 17 16 16 17
3,300 hp - 3,900 hp -- -- 1 1 1
Less than 3,200 hp 15 14 15 15 14
1,550 1,584 1,582 1,589 1,541
Shipping Services(1)
Petroleum and Gas Transportation:
Product tankers - U.S.-flag 8 7 7 7 7
Very large gas carriers - Foreign-flag 6 5 5 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 tug - U.S.-flag 1 1 -- -- --
Ocean liquid tank barges - U.S.-flag 5 5 5 5 5
Liner and Short-sea Transportation:
RORO/deck barges - U.S.-flag 7 7 7 7 7
Short-sea container/RORO - Foreign-flag 7 7 8 7 8
Other:
Dry bulk articulated tug-barge - U.S.-flag 1 1 1 1 1
63 61 61 58 59
(1) For each of the periods presented ending in 2014, the Company provided technical management services for two additional vessels. For the period ended March 31, 2015, the Company provided technical management services for one additional vessel.
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
2015 2016 2017 2018
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Total
Offshore Marine Services
Fast support 1 -- 1 1 -- 2 -- 1 -- -- -- -- 6
Supply(1) 1 -- -- 1 1 -- -- -- 1 -- -- 1 5
Liftboats(2) -- -- -- -- 2 -- -- -- -- -- -- -- 2
Wind farm utility 2 -- 1 -- -- -- -- -- -- -- -- -- 3
Inland River Services
Liquid tank barges - 10,000 barrel -- 8 -- -- -- -- -- -- -- -- -- -- 8
Liquid tank barges - 30,000 barrel -- -- 1 1 -- -- -- -- -- -- -- -- 2
Towboats 1 1 -- 1 -- -- -- -- -- -- -- -- 3
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 second 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
Mar. 31, 2015 Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014
Rates Per Day Worked:
Anchor handling towing supply $ 22,792 $ 26,544 $ 26,175 $ 25,796 $ 24,841
Fast support 9,426 9,620 9,542 9,222 8,664
Mini-supply 5,778 6,355 6,550 6,627 7,148
Standby safety 10,147 10,556 11,091 10,932 10,679
Supply 17,047 18,712 18,355 16,948 17,156
Towing supply 8,728 7,918 9,223 9,339 10,128
Specialty 14,537 32,027 38,716 26,860 19,200
Liftboats 21,951 23,038 23,933 23,017 22,219
Overall Average Rates Per Day Worked (excluding wind farm utility) 13,178 15,520 15,863 15,470 14,324
Wind farm utility 2,584 2,732 2,688 2,553 2,423
Overall Average Rates Per Day Worked 10,057 11,874 12,239 12,259 11,659
Utilization:
Anchor handling towing supply 68 % 85 % 76 % 83 % 77 %
Fast support 80 % 73 % 71 % 75 % 81 %
Mini-supply 85 % 94 % 100 % 81 % 92 %
Standby safety 83 % 84 % 89 % 88 % 88 %
Supply 67 % 74 % 75 % 82 % 86 %
Towing supply 95 % 62 % 70 % 74 % 92 %
Specialty 27 % 48 % 54 % 52 % 47 %
Liftboats 28 % 55 % 66 % 80 % 60 %
Overall Fleet Utilization (excluding wind farm utility) 68 % 75 % 77 % 80 % 80 %
Wind farm utility 84 % 93 % 97 % 91 % 81 %
Overall Fleet Utilization 72 % 79 % 81 % 83 % 80 %
Available Days:
Anchor handling towing supply 1,350 1,380 1,541 1,547 1,530
Fast support 2,129 2,420 2,488 2,533 2,605
Mini-supply 360 368 413 479 540
Standby safety 2,160 2,208 2,208 2,184 2,160
Supply 1,022 1,169 1,298 1,407 1,530
Towing supply 180 184 184 182 180
Specialty 270 276 276 273 270
Liftboats 1,350 1,380 1,380 1,365 1,350
Overall Fleet Available Days (excluding wind farm utility) 8,821 9,385 9,788 9,970 10,165
Wind farm utility 2,997 3,022 2,944 2,912 2,863
Overall Fleet Available Days 11,818 12,407 12,732 12,882 13,028

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

Source: SEACOR Holdings Inc.


Date released: Apr 23 2015