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

Seacor Holdings Press Release Mar 03 2014

FORT LAUDERDALE, FL -- (Marketwired) -- 03/03/14 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its year and fourth quarter ended December 31, 2013.

Highlights

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the past provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, the existence of a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2013 2012 2013 2012
Operating Revenues $ 327,861 $ 362,368 $ 1,247,272 $ 1,308,297
Costs and Expenses:
Operating 228,305 270,500 908,871 977,469
Administrative and general 39,522 55,942 141,348 166,743
Depreciation and amortization 33,684 34,398 134,518 131,667
301,511 360,840 1,184,737 1,275,879
Gains on Asset Dispositions and Impairments, Net 3,957 7,804 37,507 23,987
Operating Income 30,307 9,332 100,042 56,405
Other Income (Expense):
Interest income 4,802 3,435 15,467 17,360
Interest expense (11,310 ) (7,816 ) (42,592 ) (37,891 )
Debt extinguishment losses, net -- -- -- (160 )
Marketable security gains (losses), net (3,600 ) (333 ) 5,803 12,891
Derivative losses, net (5,088 ) (378 ) (8,323 ) (2,812 )
Foreign currency gains (losses), net (654 ) (34 ) (3,351 ) 1,631
Other, net (89 ) (309 ) 586 7,148
(15,939 ) (5,435 ) (32,410 ) (1,833 )
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies 14,368 3,897 67,632 54,572
Income Tax Expense 5,441 3,769 26,747 24,181
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 8,927 128 40,885 30,391
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 193 (12,423 ) 7,264 (5,764 )
Income (Loss) from Continuing Operations 9,120 (12,295 ) 48,149 24,627
Income (Loss) from Discontinued Operations, Net of Tax -- 9,578 (10,325 ) 35,832
Net Income (Loss) 9,120 (2,717 ) 37,824 60,459
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 724 (93 ) 854 (756 )
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 8,396 $ (2,624 ) $ 36,970 $ 61,215
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations $ 8,396 $ (12,242 ) $ 47,195 $ 25,343
Discontinued operations -- 9,618 (10,225 ) 35,872
$ 8,396 $ (2,624 ) $ 36,970 $ 61,215
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 0.42 $ (0.61 ) $ 2.37 $ 1.24
Discontinued operations -- 0.48 (0.51 ) 1.76
$ 0.42 $ (0.13 ) $ 1.86 $ 3.00
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 0.41 $ (0.61 ) $ 2.32 $ 1.22
Discontinued operations -- 0.48 (0.50 ) 1.73
$ 0.41 $ (0.13 ) $ 1.82 $ 2.95
Weighted Average Common Shares Outstanding:
Basic 20,042,846 20,172,582 19,893,954 20,426,770
Diluted 20,530,165 20,172,582 20,293,287 20,775,896
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012
Operating Revenues $ 327,861 $ 336,784 $ 315,563 $ 267,064 $ 362,368
Costs and Expenses:
Operating 228,305 239,540 240,113 200,913 270,500
Administrative and general 39,522 31,463 34,718 35,645 55,942
Depreciation and amortization 33,684 33,503 33,783 33,548 34,398
301,511 304,506 308,614 270,106 360,840
Gains on Asset Dispositions and Impairments, Net 3,957 19,230 12,305 2,015 7,804
Operating Income (Loss) 30,307 51,508 19,254 (1,027 ) 9,332
Other Income (Expense):
Interest income 4,802 4,280 3,218 3,167 3,435
Interest expense (11,310 ) (10,520 ) (7,922 ) (12,840 ) (7,816 )
Marketable security gains (losses), net (3,600 ) (1,149 ) 6,557 3,995 (333 )
Derivative losses, net (5,088 ) (303 ) (825 ) (2,107 ) (378 )
Foreign currency gains (losses), net (654 ) 2,230 (916 ) (4,011 ) (34 )
Other, net (89 ) 477 195 3 (309 )
(15,939 ) (4,985 ) 307 (11,793 ) (5,435 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies 14,368 46,523 19,561 (12,820 ) 3,897
Income Tax Expense (Benefit) 5,441 15,984 7,975 (2,653 ) 3,769
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 8,927 30,539 11,586 (10,167 ) 128
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 193 230 7,710 (869 ) (12,423 )
Income (Loss) from Continuing Operations 9,120 30,769 19,296 (11,036 ) (12,295 )
Income (Loss) from Discontinued Operations, Net of Tax -- -- -- (10,325 ) 9,578
Net Income (Loss) 9,120 30,769 19,296 (21,361 ) (2,717 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 724 478 25 (373 ) (93 )
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 8,396 $ 30,291 $ 19,271 $ (20,988 ) $ (2,624 )
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations $ 8,396 $ 30,291 $ 19,271 $ (10,763 ) $ (12,242 )
Discontinued operations -- -- -- (10,225 ) 9,618
$ 8,396 $ 30,291 $ 19,271 $ (20,988 ) $ (2,624 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 0.42 $ 1.52 $ 0.97 $ (0.55 ) $ (0.61 )
Discontinued operations -- -- -- (0.51 ) 0.48
$ 0.42 $ 1.52 $ 0.97 $ (1.06 ) $ (0.13 )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 0.41 $ 1.36 $ 0.91 $ (0.55 ) $ (0.61 )
Discontinued operations -- -- -- (0.51 ) 0.48
$ 0.41 $ 1.36 $ 0.91 $ (1.06 ) $ (0.13 )
Weighted Average Common Shares of Outstanding:
Basic 20,043 19,965 19,825 19,739 20,173
Diluted 20,530 24,602 24,392 19,739 20,173
Common Shares Outstanding at Period End 20,382 20,332 20,184 20,106 19,888
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. $ -- $ -- $ -- $ -- $ 5.00
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012
Offshore Marine Services
Operating Revenues $ 148,371 $ 156,198 $ 138,678 $ 124,016 $ 141,133
Costs and Expenses:
Operating 99,320 95,113 97,581 90,031 91,414
Administrative and general 17,085 14,132 14,235 14,827 19,456
Depreciation and amortization 16,207 16,470 16,460 16,287 16,750
132,612 125,715 128,276 121,145 127,620
Gains on Asset Dispositions 3,087 15,343 7,895 2,339 5,822
Operating Income 18,846 45,826 18,297 5,210 19,335
Other Income (Expense):
Derivative gains (losses), net (274 ) 32 175 150 (243 )
Foreign currency gains (losses), net (49 ) 1,937 (833 ) (3,264 ) (409 )
Other, net (8 ) -- 11 -- (9 )
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,988 1,527 7,694 1,313 1,146
Segment Profit $ 21,503 $ 49,322 $ 25,344 $ 3,409 $ 19,820
OIBDA(1) $ 35,053 $ 62,296 $ 34,757 $ 21,497 $ 36,085
Drydocking expenditures (included in operating costs and expenses) $ 11,899 $ 9,017 $ 14,804 $ 11,225 $ 7,261
Out-of-service days for drydockings 668 635 994 645 323
Inland River Services
Operating Revenues $ 65,437 $ 52,742 $ 47,357 $ 50,077 $ 66,476
Costs and Expenses:
Operating 42,472 38,473 35,193 36,389 47,630
Administrative and general 4,034 3,431 3,921 4,024 4,689
Depreciation and amortization 7,430 6,869 7,078 7,084 6,684
53,936 48,773 46,192 47,497 59,003
Gains on Asset Dispositions 779 783 4,296 697 1,378
Operating Income 12,280 4,752 5,461 3,277 8,851
Other Income (Expense):
Foreign currency gains (losses), net (160 ) (89 ) 219 (137 ) 144
Other, net -- -- -- -- (1 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (5,320 ) 80 1 (2,387 ) (1,772 )
Segment Profit $ 6,800 $ 4,743 $ 5,681 $ 753 $ 7,222
OIBDA(1) $ 19,710 $ 11,621 $ 12,539 $ 10,361 $ 15,535
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012
Shipping Services
Operating Revenues $ 51,405 $ 48,200 $ 48,103 $ 46,476 $ 46,322
Costs and Expenses:
Operating 32,900 28,215 29,554 26,614 28,250
Administrative and general 5,639 5,133 6,124 5,177 5,614
Depreciation and amortization 7,754 7,841 7,907 7,797 7,880
46,293 41,189 43,585 39,588 41,744
Gains (Losses) on Asset Dispositions and Impairments, Net 91 3,104 114 (3,069 ) 1,123
Operating Income 5,203 10,115 4,632 3,819 5,701
Other Income (Expense):
Foreign currency gains (losses), net (5 ) 6 (8 ) (7 ) (11 )
Other, net 18 540 188 14 20
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 376 (1,413 ) (403 ) (1,505 ) (2,606 )
Segment Profit $ 5,592 $ 9,248 $ 4,409 $ 2,321 $ 3,104
OIBDA(1) $ 12,957 $ 17,956 $ 12,539 $ 11,616 $ 13,581
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) $ 5,504 $ 664 $ 2,884 $ 74 $ 2,137
Out-of-service days for drydockings of U.S.-flag product tankers 26 5 34 1 27
Illinois Corn Processing
Operating Revenues $ 46,875 $ 52,580 $ 61,378 $ 32,849 $ 42,280
Costs and Expenses:
Operating 38,812 52,390 59,402 34,045 43,364
Administrative and general 465 428 477 661 516
Depreciation and amortization 1,330 1,489 1,489 1,489 1,549
40,607 54,307 61,368 36,195 45,429
Operating Income (Loss) 6,268 (1,727 ) 10 (3,346 ) (3,149 )
Other Income (Expense):
Derivative gains (losses), net (3,719 ) 1,129 473 39 900
Segment Profit (Loss) $ 2,549 $ (598 ) $ 483 $ (3,307 ) $ (2,249 )
OIBDA(1) $ 7,598 $ (238 ) $ 1,499 $ (1,857 ) $ (1,600 )
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012
Other
Operating Revenues $ 16,675 $ 27,881 $ 20,652 $ 14,324 $ 68,394
Costs and Expenses:
Operating 15,665 26,141 18,960 14,488 62,027
Administrative and general 1,888 1,429 1,323 1,656 7,492
Depreciation and amortization 91 92 96 99 721
17,644 27,662 20,379 16,243 70,240
Gains (Losses) on Asset Dispositions and Impairments, Net -- -- -- 1,907 (363 )
Operating Income (Loss) (969 ) 219 273 (12 ) (2,209 )
Other Income (Expense):
Derivative gains (losses), net 198 (380 ) (450 ) 842 649
Foreign currency gains (losses), net (21 ) 15 (169 ) (167 ) 12
Other, net (39 ) (3 ) -- 54 --
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 2,149 36 418 1,710 (9,191 )
Segment Profit (Loss) $ 1,318 $ (113 ) $ 72 $ 2,427 $ (10,739 )
OIBDA(1) $ (878 ) $ 311 $ 369 $ 87 $ (1,488 )
Corporate and Eliminations
Operating Revenues $ (902 ) $ (817 ) $ (605 ) $ (678 ) $ (2,237 )
Costs and Expenses:
Operating (864 ) (792 ) (577 ) (654 ) (2,185 )
Administrative and general 10,411 6,910 8,638 9,300 18,175
Depreciation and amortization 872 742 753 792 814
10,419 6,860 8,814 9,438 16,804
Gains (Losses) on Asset Dispositions -- -- -- 141 (156 )
Operating Loss $ (11,321 ) $ (7,677 ) $ (9,419 ) $ (9,975 ) $ (19,197 )
Other Income (Expense):
Derivative losses, net $ (1,293 ) $ (1,084 ) $ (1,023 ) $ (3,138 ) $ (1,684 )
Foreign currency gains (losses), net (419 ) 361 (125 ) (436 ) 230
Other, net (60 ) (60 ) (4 ) (65 ) (319 )
(1) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company's executive officers and other shore-based employees; (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions; and (iv) to assess the Company's ability to service existing fixed charges and incur additional indebtedness.
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012
ASSETS
Current Assets:
Cash and cash equivalents $ 527,435 $ 332,767 $ 394,783 $ 312,977 $ 248,204
Restricted cash 12,175 20,893 16,776 27,129 28,285
Marketable securities 24,292 25,660 27,264 22,568 21,668
Receivables:
Trade, net of allowance for doubtful accounts 215,768 211,853 188,128 172,889 224,944
Other 48,181 39,774 37,204 41,139 45,334
Inventories 27,615 25,442 22,955 31,966 25,787
Deferred income taxes 116 3,530 3,530 3,530 3,530
Prepaid expenses and other 6,701 10,746 11,715 8,834 12,719
Discontinued operations -- -- -- 384 108,153
Total current assets 862,283 670,665 702,355 621,416 718,624
Property and Equipment:
Historical cost 2,199,183 2,208,315 2,212,929 2,186,892 2,238,383
Accumulated depreciation (866,330 ) (835,604 ) (806,672 ) (785,765 ) (763,803 )
1,332,853 1,372,711 1,406,257 1,401,127 1,474,580
Construction in progress 143,482 129,481 133,985 113,381 110,296
Net property and equipment 1,476,335 1,502,192 1,540,242 1,514,508 1,584,876
Investments, at Equity, and Advances to 50% or Less Owned Companies 440,853 365,891 293,793 299,778 272,535
Construction Reserve Funds & Title XI Reserve Funds 261,739 229,021 150,375 194,477 195,629
Goodwill 17,985 17,978 17,978 17,978 17,978
Intangible Assets, Net 12,423 13,583 14,594 15,754 15,305
Other Assets 44,615 52,394 48,996 51,576 55,123
Discontinued Operations -- -- -- -- 840,724
$ 3,116,233 $ 2,851,724 $ 2,768,333 $ 2,715,487 $ 3,700,794
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 45,323 $ 26,973 $ 25,109 $ 15,435 $ 21,920
Accounts payable and accrued expenses 85,477 73,063 73,185 69,008 107,892
Other current liabilities 123,619 124,788 122,434 122,125 95,993
Discontinued operations -- -- -- 300 39,836
Total current liabilities 254,419 224,824 220,728 206,868 265,641
Long-Term Debt 834,118 675,206 674,444 655,384 655,309
Deferred Income Taxes 457,827 437,436 421,623 422,719 426,027
Deferred Gains and Other Liabilities 144,441 133,525 115,102 116,608 120,401
Discontinued Operations -- -- -- 2,599 490,741
Total liabilities 1,690,805 1,470,991 1,431,897 1,404,178 1,958,119
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 372 372 370 369 367
Additional paid-in capital 1,394,621 1,358,273 1,347,909 1,340,875 1,330,324
Retained earnings 1,095,270 1,086,874 1,056,583 1,037,312 1,473,509
Shares held in treasury, at cost (1,088,219 ) (1,088,219 ) (1,089,061 ) (1,089,064 ) (1,088,560 )
Accumulated other comprehensive loss, net of tax (1,192 ) (1,809 ) (4,243 ) (4,321 ) (1,986 )
1,400,852 1,355,491 1,311,558 1,285,171 1,713,654
Noncontrolling interests in subsidiaries 24,576 25,242 24,878 26,138 29,021
Total equity 1,425,428 1,380,733 1,336,436 1,311,309 1,742,675
$ 3,116,233 $ 2,851,724 $ 2,768,333 $ 2,715,487 $ 3,700,794
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012
Offshore Marine Services
Anchor handling towing supply 18 18 18 19 19
Crew 42 43 45 47 47
Mini-supply 8 8 8 9 9
Standby safety 25 25 25 25 25
Supply 27 26 26 26 26
Towing supply 3 3 3 3 3
Specialty 12 12 12 11 10
Liftboats 15 15 17 20 20
Wind farm utility 34 33 32 31 30
184 183 186 191 189
Inland River Services
Inland river dry-cargo barges 1,405 1,409 1,413 1,434 1,444
Inland river liquid tank barges 74 75 75 80 81
Inland river deck barges 20 20 20 20 20
Inland river towboats 32 31 31 31 31
Dry-cargo vessel 1 1 1 1 1
1,532 1,536 1,540 1,566 1,577
Shipping Services(1)
U.S.-flag:
Product tankers 7 7 7 7 7
RORO/deck barges 7 7 7 7 7
Dry bulk articulated tug-barge 1 1 1 1 1
Harbor tugs 24 24 24 22 22
Ocean liquid tank barges 5 5 5 5 5
Foreign-flag:
Harbor tugs 4 4 4 4 4
Very large gas carriers 3 3 -- -- --
Short Sea Container/RORO 8 7 8 7 7
59 58 56 53 53
(1) For each of the periods presented, the Company provided technical management services for two additional vessels.
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
2014 2015 2016 2017
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Total
Offshore Marine Services
Crew 2 2 1 -- 1 1 2 1 1 -- -- -- -- -- 11
Supply(1) -- 1 1 -- -- 1 -- -- -- -- -- -- -- -- 3
Wind farm utility 1 1 -- -- -- -- -- -- -- -- -- -- -- -- 2
Inland River Services
Inland river dry-cargo barges -- 66 14 -- -- -- -- -- -- -- -- -- -- -- 80
Inland river liquid tank barges 4 1 -- 1 -- -- -- -- -- -- -- -- -- -- 6
Inland river towboats 1 1 1 1 1 -- -- -- -- -- -- -- -- -- 5
Shipping Services
U.S.-flag product tankers -- -- -- -- -- -- -- -- 1 -- -- 1 1 -- 3
U.S.-flag articulated tug-barge -- -- -- -- -- -- -- -- -- 1 -- -- -- -- 1
(1) To be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery.
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
Three Months Ended
Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012
Rates Per Day Worked:
Anchor handling towing supply $ 26,773 $ 29,008 $ 23,635 $ 26,683 $ 25,059
Crew 8,627 8,553 7,719 7,664 7,231
Mini-supply 7,805 8,048 7,721 7,666 7,664
Standby safety 10,584 9,922 9,621 9,642 10,001
Supply 16,906 17,541 16,864 14,915 16,599
Towing supply 8,744 10,970 9,156 9,349 9,573
Specialty 31,856 37,121 24,822 12,950 20,635
Liftboats 26,072 25,001 22,062 18,573 20,673
Overall Average Rates Per Day Worked (excluding wind farm utility) 15,355 15,677 13,588 12,878 13,306
Wind farm utility 2,427 2,315 2,302 2,142 2,653
Overall Average Rates Per Day Worked 12,279 12,454 11,010 10,657 11,160
Utilization:
Anchor handling towing supply 74 % 75 % 74 % 74 % 63 %
Crew 84 % 88 % 90 % 91 % 91 %
Mini-supply 94 % 96 % 97 % 74 % 85 %
Standby safety 88 % 88 % 86 % 88 % 87 %
Supply 82 % 75 % 83 % 72 % 87 %
Towing supply 84 % 83 % 79 % 100 % 94 %
Specialty 81 % 58 % 54 % 25 % 57 %
Liftboats 73 % 82 % 69 % 64 % 80 %
Overall Fleet Utilization (excluding wind farm utility) 82 % 83 % 82 % 79 % 83 %
Wind farm utility 90 % 95 % 93 % 82 % 88 %
Overall Fleet Utilization 84 % 86 % 84 % 79 % 84 %
Available Days:
Anchor handling towing supply 1,564 1,564 1,547 1,530 1,632
Crew 2,740 2,844 3,057 3,060 3,220
Mini-supply 552 552 565 630 644
Standby safety 2,208 2,208 2,184 2,160 2,208
Supply 1,564 1,564 1,538 1,581 1,656
Towing supply 184 184 182 180 184
Specialty 276 327 364 360 329
Liftboats 1,380 1,543 1,614 1,620 1,656
Overall Fleet Available Days(excluding wind farm utility) 10,468 10,786 11,051 11,121 11,529
Wind farm utility 2,959 2,978 2,889 2,790 2,760
Overall Fleet Available Days 13,427 13,764 13,940 13,911 14,289

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

Source: SEACOR Holdings Inc.


Date released: Mar 03 2014