SEACOR Holdings Announces Results for Its Third Quarter Ended September 30, 2014

Seacor Holdings Press Release Oct 27 2014

FORT LAUDERDALE, FL -- (Marketwired) -- 10/27/14 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its third quarter ended September 30, 2014.

For the quarter ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $27.5 million, or $1.28 per diluted share. For the nine months ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $60.0 million, or $2.85 per diluted share.

For the preceding quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. A comparison of results for the quarter ended September 30, 2014 with the preceding quarter ended June 30, 2014 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended September 30, 2013, net income attributable to SEACOR Holdings Inc. was $30.3 million, or $1.36 per diluted share. For the nine months ended September 30, 2013, income from continuing operations attributable to SEACOR Holdings Inc. was $38.8 million, or $1.92 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $16.9 million on operating revenues of $135.2 million in the third quarter compared with operating income of $18.1 million on operating revenues of $138.2 million in the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

In the U.S. Gulf of Mexico, operating income excluding gains on asset dispositions was $5.3 million lower in the third quarter primarily due to a reduction in time charter revenues for all vessel classes as a result of weak market conditions. The reduction in time charter revenues was partially offset by lower drydocking expenditures. During the third quarter, the Company repositioned four vessels to other geographic regions and returned one leased-in vessel to its owner. On a total fleet basis, fleet utilization was 68.9% compared with 77.4% in the preceding quarter, and average day rates increased from $19,736 per day to $20,192 per day. As of September 30, 2014, the Company had two vessels cold-stacked in the U.S. Gulf of Mexico.

In international regions, operating income excluding gains on asset dispositions was $4.4 million higher in the third quarter. The improvement was primarily due to incremental time charter revenues attributable to vessels repositioned from the U.S. Gulf of Mexico, improved returns from spot market activity in Brazil, Mexico, Central and South America, reduced drydocking activity in Europe and the contribution of a full quarter's activity on a term charter in Asia. Excluding windfarm utility vessels, fleet utilization was 81.8% compared with 82.4% in the preceding quarter, and average day rates increased from $12,455 per day to $13,463 per day.

During the third 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. During the preceding quarter, the Company sold four offshore support vessels and other equipment for net proceeds of $50.5 million and gains of $14.5 million, of which $2.5 million was recognized currently and $12.0 million was deferred. In addition, the Company recognized previously deferred gains of $1.0 million in the preceding quarter.

In the preceding quarter, the Company received net litigation settlement proceeds of $14.7 million from an equipment supplier relating to the May 2008 mechanical malfunction and fire onboard the SEACOR Sherman, an anchor handling towing supply vessel then under construction. Upon settlement of the litigation, the Company recognized a gain of $14.7 million included in other income (expense).

Inland River Services - Operating income was $31.1 million on operating revenues of $59.9 million in the third quarter compared with operating income of $0.4 million on operating revenues of $56.0 million in the preceding quarter. Operating income in the third quarter included gains on asset dispositions of $26.4 million compared with gains of $0.8 million in the preceding quarter.

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

Operating results from dry-cargo barge pools were $4.6 million higher primarily due to improved utilization and higher rates resulting from the commencement of the harvest season and strong freight demand for imports of fertilizer, salt and steel.

Equity in losses of 50% or less owned companies were lower primarily due to improved operating results from the terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Operating income was $10.0 million on operating revenues of $51.7 million in the third quarter compared with operating income of $13.0 million on operating revenues of $53.6 million in the preceding quarter.

The decrease in operating income was primarily due to lower port traffic and higher drydocking expenditures for harbor tug activities, partially offset by higher charter rates for the Company's U.S.-flag product tankers.

In the preceding quarter, equity in earnings of 50% or less owned companies were primarily due to gains on the accretion of the Company's investment in Dorian LPG Ltd. following the completion of equity offerings in which the Company did not participate.

Illinois Corn Processing - Segment profit was $5.2 million on operating revenues of $53.8 million in the third quarter compared with $13.5 million on operating revenues of $72.8 million in the preceding quarter. The reduction of segment profit in the third quarter was primarily due to lower operating margins as U.S. fuel ethanol stocks returned to more normalized levels and lower sales volumes as a consequence of a temporary unplanned plant shutdown.

Other - Segment profit was $0.5 million in the third quarter compared with a segment loss of $9.0 million in the preceding quarter. During the third quarter, the Company acquired its partner's equity interest in Witt O'Brien's LLC ("Witt O'Brien's"), a global leader in preparedness, crisis management, and disaster response and recovery, for $35.4 million. Beginning July 1, 2014, the Company has consolidated the financial position, results of operations and cash flows of Witt O'Brien's. In the preceding quarter, segment loss included $6.7 million in legal costs and provisions for certain litigation matters related to the Deepwater Horizon oil spill.

Corporate and Eliminations - Administrative and general expenses were $5.7 million higher in the third quarter compared with the preceding quarter primarily due to separation payments and the acceleration of share awards following the retirement of certain executives.

Marketable Securities - Marketable security gains, net in the third quarter are primarily due to unrealized gains on long marketable security positions.

Share Repurchases - During the quarter ended September 30, 2014, the Company purchased 1,116,464 shares of its common stock for an aggregate purchase price of $87.9 million. Subsequent to September 30, 2014 and through October 24, 2014, the Company purchased 472,200 shares of its common stock for an aggregate purchase price of $35.7 million.

Capital Commitments - As of September 30, 2014, the Company's unfunded capital commitments were $520.5 million and included: $201.6 million for 18 offshore support vessels; $1.3 million for two inland river tank barges; $3.3 million for four inland river towboats; $230.2 million for three U.S.-flag product tankers; $71.3 million for one U.S.-flag articulated tug-barge; and $12.8 million for other equipment and improvements. These commitments are payable as follows: $48.0 million is payable during the remainder of 2014; $426.0 million is payable during 2015-2016; and $46.5 million is payable during 2017-2018. This release includes a table detailing expected delivery by vessel class.

Liquidity and Debt - As of September 30, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $827.9 million and its total outstanding long-term debt was $881.9 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 additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the 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 and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, the 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 Nine Months Ended
September 30, September 30,
2014 2013 2014 2013
Operating Revenues $ 338,936 $ 336,784 $ 977,177 $ 919,411
Costs and Expenses:
Operating 237,676 239,540 688,558 680,566
Administrative and general 46,655 31,463 119,418 101,826
Depreciation and amortization 33,604 33,503 100,216 100,834
317,935 304,506 908,192 883,226
Gains on Asset Dispositions and Impairments, Net 29,869 19,230 38,842 33,550
Operating Income 50,870 51,508 107,827 69,735
Other Income (Expense):
Interest income 4,463 4,280 14,536 10,665
Interest expense (11,124 ) (10,520 ) (32,985 ) (31,282 )
Marketable security gains (losses), net 9,693 (1,149 ) 15,494 9,403
Derivative losses, net (2,538 ) (303 ) (2,681 ) (3,235 )
Foreign currency gains (losses), net (3,059 ) 2,230 (1,538 ) (2,697 )
Other, net 111 477 6,669 675
(2,454 ) (4,985 ) (505 ) (16,471 )
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies 48,416 46,523 107,322 53,264
Income Tax Expense 15,610 15,984 34,985 21,306
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies 32,806 30,539 72,337 31,958
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 972 230 2,681 7,071
Income from Continuing Operations 33,778 30,769 75,018 39,029
Loss from Discontinued Operations, Net of Tax - - - (10,325 )
Net Income 33,778 30,769 75,018 28,704
Net Income attributable to Noncontrolling Interests in Subsidiaries 6,315 478 14,979 130
Net Income attributable to SEACOR Holdings Inc. $ 27,463 $ 30,291 $ 60,039 $ 28,574
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations $ 27,463 $ 30,291 $ 60,039 $ 38,799
Discontinued operations - - - (10,225 )
$ 27,463 $ 30,291 $ 60,039 $ 28,574
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.43 $ 1.52 $ 3.04 $ 1.96
Discontinued operations - - - (0.52 )
$ 1.43 $ 1.52 $ 3.04 $ 1.44
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.28 $ 1.36 $ 2.85 $ 1.92
Discontinued operations - - - (0.51 )
$ 1.28 $ 1.36 $ 2.85 $ 1.41
Weighted Average Common Shares Outstanding:
Basic 19,196,121 19,964,695 19,761,620 19,843,778
Diluted 25,627,742 24,601,584 24,374,918 20,198,449
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended
Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013
Operating Revenues $ 338,936 $ 328,224 $ 310,017 $ 327,861 $ 336,784
Costs and Expenses:
Operating 237,676 231,906 218,976 228,305 239,540
Administrative and general 46,655 34,686 38,077 39,522 31,463
Depreciation and amortization 33,604 33,220 33,392 33,684 33,503
317,935 299,812 290,445 301,511 304,506
Gains on Asset Dispositions and Impairments, Net 29,869 4,295 4,678 3,957 19,230
Operating Income 50,870 32,707 24,250 30,307 51,508
Other Income (Expense):
Interest income 4,463 6,030 4,043 4,802 4,280
Interest expense (11,124 ) (10,458 ) (11,403 ) (11,310 ) (10,520 )
Marketable security gains (losses), net 9,693 731 5,070 (3,600 ) (1,149 )
Derivative gains (losses), net (2,538 ) 94 (237 ) (5,088 ) (303 )
Foreign currency gains (losses), net (3,059 ) 1,720 (199 ) (654 ) 2,230
Other, net 111 10,213 (3,655 ) (89 ) 477
(2,454 ) 8,330 (6,381 ) (15,939 ) (4,985 )
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies 48,416 41,037 17,869 14,368 46,523
Income Tax Expense 15,610 13,000 6,375 5,441 15,984
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies 32,806 28,037 11,494 8,927 30,539
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 972 (512 ) 2,221 193 230
Net Income 33,778 27,525 13,715 9,120 30,769
Net Income attributable to Noncontrolling Interests in Subsidiaries 6,315 6,458 2,206 724 478
Net Income attributable to SEACOR Holdings Inc. $ 27,463 $ 21,067 $ 11,509 $ 8,396 $ 30,291
Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.43 $ 1.05 $ 0.57 $ 0.42 $ 1.52
Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.28 $ 0.98 $ 0.56 $ 0.41 $ 1.36
Weighted Average Common Shares of Outstanding:
Basic 19,196 19,989 20,109 20,043 19,965
Diluted 25,628 24,584 20,546 20,530 24,602
Common Shares Outstanding at Period End 19,044 20,144 20,597 20,382 20,332
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013
Offshore Marine Services
Operating Revenues $ 135,178 $ 138,247 $ 129,001 $ 148,371 $ 156,198
Costs and Expenses:
Operating 90,736 93,755 94,043 99,320 95,113
Administrative and general 14,514 13,426 15,160 17,085 14,132
Depreciation and amortization 16,269 16,448 16,304 16,207 16,470
121,519 123,629 125,507 132,612 125,715
Gains on Asset Dispositions 3,219 3,526 7,738 3,087 15,343
Operating Income 16,878 18,144 11,232 18,846 45,826
Other Income (Expense):
Derivative gains (losses), net (33 ) (70 ) (61 ) (274 ) 32
Foreign currency gains (losses), net (1,870 ) 1,322 107 (49 ) 1,937
Other, net - 14,739 - (8 ) -
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,529 2,244 2,641 2,988 1,527
Segment Profit(1) $ 17,504 $ 36,379 $ 13,919 $ 21,503 $ 49,322
OIBDA(2) $ 33,147 $ 34,592 $ 27,536 $ 35,053 $ 62,296
Drydocking expenditures (included in operating costs and expenses) $ 7,606 $ 10,887 $ 11,080 $ 11,899 $ 9,017
Out-of-service days for drydockings 357 575 635 668 635
Inland River Services
Operating Revenues $ 59,932 $ 56,007 $ 57,959 $ 65,437 $ 52,742
Costs and Expenses:
Operating 43,947 45,047 39,674 42,472 38,473
Administrative and general 3,520 3,835 4,337 4,034 3,431
Depreciation and amortization 7,841 7,564 7,370 7,430 6,869
55,308 56,446 51,381 53,936 48,773
Gains on Asset Dispositions 26,429 810 853 779 783
Operating Income 31,053 371 7,431 12,280 4,752
Other Income (Expense):
Foreign currency gains (losses), net (450 ) 474 (327 ) (160 ) (89 )
Other, net - - (38 ) - -
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (95 ) (3,335 ) (412 ) (5,320 ) 80
Segment Profit (Loss)(1) $ 30,508 $ (2,490 ) $ 6,654 $ 6,800 $ 4,743
OIBDA(2) $ 38,894 $ 7,935 $ 14,801 $ 19,710 $ 11,621
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013
Shipping Services
Operating Revenues $ 51,659 $ 53,575 $ 52,401 $ 51,405 $ 48,200
Costs and Expenses:
Operating 29,068 28,018 26,997 32,900 28,215
Administrative and general 5,883 5,421 5,896 5,639 5,133
Depreciation and amortization 6,730 7,115 7,754 7,754 7,841
41,681 40,554 40,647 46,293 41,189
Gains (Losses) on Asset Dispositions (2 ) (41 ) - 91 3,104
Operating Income 9,976 12,980 11,754 5,203 10,115
Other Income (Expense):
Foreign currency gains (losses), net (27 ) 1 (10 ) (5 ) 6
Other, net 123 158 (3,933 ) 18 540
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (2,188 ) 1,564 753 376 (1,413 )
Segment Profit(1) $ 7,884 $ 14,703 $ 8,564 $ 5,592 $ 9,248
OIBDA(2) $ 16,706 $ 20,095 $ 19,508 $ 12,957 $ 17,956
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) $ - $ - $ 42 $ 5,504 $ 664
Out-of-service days for drydockings of U.S.-flag product tankers - - - 26 5
Illinois Corn Processing
Operating Revenues $ 53,813 $ 72,798 $ 58,656 $ 46,875 $ 52,580
Costs and Expenses:
Operating 44,461 56,429 47,274 38,812 52,390
Administrative and general 463 594 511 465 428
Depreciation and amortization 1,055 1,010 990 1,330 1,489
45,979 58,033 48,775 40,607 54,307
Operating Income (Loss) 7,834 14,765 9,881 6,268 (1,727 )
Other Income (Expense):
Derivative gains (losses), net (2,674 ) (1,519 ) 718 (3,719 ) 1,129
Other, net - 300 193 - -
Segment Profit (Loss)(1) $ 5,160 $ 13,546 $ 10,792 $ 2,549 $ (598 )
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013
Other
Operating Revenues $ 39,024 $ 8,437 $ 12,992 $ 16,675 $ 27,881
Costs and Expenses:
Operating 30,099 9,464 11,936 15,665 26,141
Administrative and general 8,629 3,449 3,111 1,888 1,429
Depreciation and amortization 649 82 85 91 92
39,377 12,995 15,132 17,644 27,662
Losses on Asset Dispositions and Impairments, Net - - (409 ) - -
Operating Income (Loss) (353 ) (4,558 ) (2,549 ) (969 ) 219
Other Income (Expense):
Derivative gains (losses), net 205 1,500 (733 ) 198 (380 )
Foreign currency gains (losses), net (121 ) 53 9 (21 ) 15
Other, net 42 (5,013 ) 175 (39 ) (3 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 726 (985 ) (761 ) 2,149 36
Segment Profit (Loss)(1) $ 499 $ (9,003 ) $ (3,859 ) $ 1,318 $ (113 )
Corporate and Eliminations
Operating Revenues $ (670 ) $ (840 ) $ (992 ) $ (902 ) $ (817 )
Costs and Expenses:
Operating (635 ) (807 ) (948 ) (864 ) (792 )
Administrative and general 13,646 7,961 9,062 10,411 6,910
Depreciation and amortization 1,060 1,001 889 872 742
14,071 8,155 9,003 10,419 6,860
Gains (Losses) on Asset Dispositions and Impairments, Net 223 - (3,504 ) - -
Operating Loss $ (14,518 ) $ (8,995 ) $ (13,499 ) $ (11,321 ) $ (7,677 )
Other Income (Expense):
Derivative gains (losses), net $ (36 ) $ 183 $ (161 ) $ (1,293 ) $ (1,084 )
Foreign currency gains (losses), net (591 ) (130 ) 22 (419 ) 361
Other, net (54 ) 29 (52 ) (60 ) (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)
Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013
ASSETS
Current Assets:
Cash and cash equivalents $ 449,632 $ 453,415 $ 374,790 $ 527,435 $ 332,767
Restricted cash 13,656 14,346 14,490 12,175 20,893
Marketable securities 43,286 33,275 29,522 24,292 25,660
Receivables:
Trade, net of allowance for doubtful accounts 215,191 198,768 203,785 215,768 211,853
Other 57,621 50,571 41,292 48,181 39,774
Inventories 20,896 20,207 24,962 27,615 25,442
Deferred income taxes 116 116 116 116 3,530
Prepaid expenses and other 11,431 12,837 8,292 6,701 10,746
Total current assets 811,829 783,535 697,249 862,283 670,665
Property and Equipment:
Historical cost 2,166,509 2,216,627 2,224,212 2,199,183 2,208,315
Accumulated depreciation (889,993 ) (888,442 ) (894,511 ) (866,330 ) (835,604 )
1,276,516 1,328,185 1,329,701 1,332,853 1,372,711
Construction in progress 284,362 297,523 325,529 143,482 129,481
Net property and equipment 1,560,878 1,625,708 1,655,230 1,476,335 1,502,192
Investments, at Equity, and Advances to 50% or Less Owned Companies 444,826 484,164 456,446 440,853 365,891
Construction Reserve Funds & Title XI Reserve Funds 321,278 324,856 264,339 261,739 229,021
Goodwill 62,904 18,012 17,963 17,985 17,978
Intangible Assets, Net 34,306 10,754 11,567 12,423 13,583
Other Assets 55,049 48,964 42,241 44,615 52,394
$ 3,291,070 $ 3,295,993 $ 3,145,035 $ 3,116,233 $ 2,851,724
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 50,785 $ 43,557 $ 49,171 $ 45,323 $ 26,973
Accounts payable and accrued expenses 90,704 87,235 83,296 85,477 73,063
Other current liabilities 139,999 119,501 132,190 123,619 124,788
Total current liabilities 281,488 250,293 264,657 254,419 224,824
Long-Term Debt 831,163 830,303 830,887 834,118 675,206
Deferred Income Taxes 459,039 456,403 456,883 457,827 437,436
Deferred Gains and Other Liabilities 185,950 175,229 145,483 144,441 133,525
Total liabilities 1,757,640 1,712,228 1,697,910 1,690,805 1,470,991
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock - - - - -
Common stock 375 375 374 372 372
Additional paid-in capital 1,485,342 1,479,942 1,401,294 1,394,621 1,358,273
Retained earnings 1,155,309 1,127,846 1,106,779 1,095,270 1,086,874
Shares held in treasury, at cost (1,213,267 ) (1,126,322 ) (1,087,101 ) (1,088,219 ) (1,088,219 )
Accumulated other comprehensive income (loss), net of tax (1,891 ) 225 (929 ) (1,192 ) (1,809 )
1,425,868 1,482,066 1,420,417 1,400,852 1,355,491
Noncontrolling interests in subsidiaries 107,562 101,699 26,708 24,576 25,242
Total equity 1,533,430 1,583,765 1,447,125 1,425,428 1,380,733
$ 3,291,070 $ 3,295,993 $ 3,145,035 $ 3,116,233 $ 2,851,724
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013
Offshore Marine Services
Anchor handling towing supply 18 18 18 18 18
Crew 38 38 39 42 43
Mini-supply 7 7 8 8 8
Standby safety 25 25 25 25 25
Supply 27 27 26 27 26
Towing supply 3 3 3 3 3
Specialty 9 9 9 12 12
Liftboats 15 15 15 15 15
Wind farm utility 35 35 34 34 33
177 177 177 184 183
Inland River Services
Dry-cargo barges 1,456 1,463 1,415 1,405 1,409
Liquid tank barges 74 74 74 74 75
Deck barges 20 20 20 20 20
Towboats 32 32 32 32 31
Dry-cargo vessel - - - 1 1
1,582 1,589 1,541 1,532 1,536
Shipping Services(1)
U.S.-flag:
Product tankers 7 7 7 7 7
RORO/deck barges 7 7 7 7 7
Dry-bulk articulated tug-barge 1 1 1 1 1
Harbor tugs 24 24 24 24 24
Ocean liquid tank barges 5 5 5 5 5
Foreign-flag:
Harbor tugs 4 4 4 4 4
Very large gas carriers 5 3 3 3 3
Short-sea container/RORO 8 7 8 8 7
61 58 59 59 58
(1) For each of the periods presented, the Company provided technical management services for two additional vessels.
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
2014 2015 2016 2017 2018
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Total
Offshore Marine Services
Crew 1 - 1 - 1 2 - 1 2 - - - - - 8
Supply(1) - 1 - - 1 - 1 - - 1 - - - 1 5
Wind farm utility 1 1 1 - - - - - - - - - - - 3
Liftboats(2) - - - - - - 2 - - - - - - - 2
Inland River Services
Liquid tank barges - 1 1 - - - - - - - - - - - 2
Towboats 1 1 2 - - - - - - - - - - - 4
Shipping Services
U.S.-flag product tankers - - - - - - 1 - 1 1 - - - - 3
U.S.-flag articulated tug-barge - - - - - - 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
Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013
Rates Per Day Worked:
Anchor handling towing supply $ 26,175 $ 25,796 $ 24,841 $ 26,773 $ 29,008
Crew 9,542 9,222 8,664 8,627 8,553
Mini-supply 6,550 6,627 7,148 7,805 8,048
Standby safety 11,091 10,932 10,679 10,584 9,922
Supply 18,355 16,948 17,156 16,906 17,541
Towing supply 9,223 9,339 10,128 8,744 10,970
Specialty 38,716 26,860 19,200 31,856 37,121
Liftboats 23,933 23,017 22,219 26,072 25,001
Overall Average Rates Per Day Worked(excluding wind farm utility) 15,863 15,470 14,324 15,355 15,677
Wind farm utility 2,688 2,553 2,423 2,427 2,315
Overall Average Rates Per Day Worked 12,239 12,259 11,659 12,279 12,454
Utilization:
Anchor handling towing supply 76 % 83 % 77 % 74 % 75 %
Crew 71 % 75 % 81 % 84 % 88 %
Mini-supply 100 % 81 % 92 % 94 % 96 %
Standby safety 89 % 88 % 88 % 88 % 88 %
Supply 75 % 82 % 86 % 82 % 75 %
Towing supply 70 % 74 % 92 % 84 % 83 %
Specialty 54 % 52 % 47 % 81 % 58 %
Liftboats 66 % 80 % 60 % 73 % 82 %
Overall Fleet Utilization (excluding wind farm utility) 77 % 80 % 80 % 82 % 83 %
Wind farm utility 97 % 91 % 81 % 90 % 95 %
Overall Fleet Utilization 81 % 83 % 80 % 84 % 86 %
Available Days:
Anchor handling towing supply 1,541 1,547 1,530 1,564 1,564
Crew 2,488 2,533 2,605 2,740 2,844
Mini-supply 413 479 540 552 552
Standby safety 2,208 2,184 2,160 2,208 2,208
Supply 1,298 1,407 1,530 1,564 1,564
Towing supply 184 182 180 184 184
Specialty 276 273 270 276 327
Liftboats 1,380 1,365 1,350 1,380 1,543
Overall Fleet Available Days(excluding wind farm utility) 9,788 9,970 10,165 10,468 10,786
Wind farm utility 2,944 2,912 2,863 2,959 2,978
Overall Fleet Available Days 12,732 12,882 13,028 13,427 13,764

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

Source: SEACOR Holdings Inc.


Date released: Oct 27 2014