FORT LAUDERDALE, FL -- (Marketwired) -- 04/24/14 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its first quarter ended March 31, 2014.
For the quarter ended March 31, 2014, net income attributable to SEACOR Holdings Inc. from continuing operations was $11.5 million, or $0.56 per diluted share, compared with $8.4 million, or $0.41 per diluted share, from continuing operations in the preceding quarter ended December 31, 2013.
A comparison of results for the quarter ended March 31, 2014 with the preceding quarter ended December 31, 2013 is included in "Highlights for the Quarter" discussion below.
For the quarter ended March 31, 2013, net loss attributable to SEACOR Holdings Inc. was $21.0 million, or $1.06 per diluted share, including a loss from continuing operations of $10.8 million, or $0.55 per diluted share.
Highlights for the Quarter
Offshore Marine Services - Operating revenues for the first quarter were $129.0 million compared with $148.4 million in the preceding quarter. Operating income in the first quarter was $11.2 million compared with $18.8 million in the preceding quarter, including gains on asset dispositions of $7.7 million in the first quarter and $3.1 million in the preceding quarter.
In the U.S. Gulf of Mexico, operating revenues were $12.2 million lower in the first quarter. Time charter revenues for the Company's liftboat fleet were $8.1 million lower primarily due to the seasonal downturn for that fleet. 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. During the first quarter, the number of out-of-service days attributable to the drydocking of liftboats was 349 compared with 204 in the preceding quarter, and average day rates decreased from $26,072 per day to $22,219 per day. Time charter revenues for the other vessel classes were $3.5 million lower primarily due to weaker market conditions. In overall terms, utilization was 70.6% compared with 77.9% in the preceding quarter and average day rates decreased from $18,224 per day to $17,010 per day. As of March 31, 2014, the Company had two vessels cold-stacked in the U.S. Gulf of Mexico.
In international regions, operating revenues were $7.2 million lower in the first quarter. Time charter revenues were $5.1 million lower primarily due to the conclusion of a charter for a vessel operating in Russia, the repositioning of two vessels into the U.S. Gulf of Mexico and seasonally weaker market conditions for the Company's windfarm utility vessels. Reduced drydocking activity in West Africa, Europe and Asia partially offset the impact of these reductions. Other operating revenues were $2.1 million lower primarily due to a reduction in other contract revenue and reduced third party management fee income. Excluding windfarm utility vessels, utilization was 86.8% compared with 85.1% in the preceding quarter, however average day rates decreased from $13,250 per day to $12,561 per day.
Operating expenses were $5.3 million lower in the first quarter. Personnel costs were $1.4 million lower primarily due to reduced activity levels. Repair and maintenance and drydocking costs were higher in the U.S. Gulf of Mexico primarily due to the seasonal repair and maintenance and drydocking program for the liftboat fleet. Repair and maintenance and drydocking costs were lower in international regions primarily due to a significant reduction in drydocking activity. Insurance and loss reserve expenses were $1.6 million lower, and leased-in equipment expenses were $1.8 million lower primarily due to reduced bareboat charter-in costs in the Middle East.
Administrative and general expenses were $1.9 million lower in the first quarter primarily due to a decrease in the provision for management bonus awards and lower legal and professional fees.
In the first quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 303 days, or 3%, primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, decreased from 82.0% to 79.6% and overall average day rates, excluding wind farm utility vessels, decreased by 7% from $15,355 per day to $14,324 per day. This release includes a table presenting time charter operating data by vessel class.
During the first quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $10.2 million and gains of $7.7 million, all of which was recognized currently. During the preceding 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 currently and $11.7 million was deferred.
Inland River Services - Operating income was $7.4 million on operating revenues of $58.0 million in the first quarter compared with operating income of $12.3 million on operating revenues of $65.4 million in the preceding quarter.
Operating results from the dry cargo barge pool were $6.2 million lower primarily due to lower rates and reduced activity levels following the conclusion of harvest activities and poor operating conditions caused by harsh weather in the Midwest. Operating results from liquid unit tow operations were $1.5 million higher primarily due to reduced out-of-service time and lower costs associated with regulatory inspections for liquid tank barges.
Equity in losses of 50% or less owned companies in the preceding quarter included $4.4 million of losses relating to the structural failure of a terminal facility at the Port of Ibicuy, Argentina.
Shipping Services - Operating income was $11.8 million on operating revenues of $52.4 million in the first quarter compared with operating income of $5.2 million on operating revenues of $51.4 million in the preceding quarter.
Operating results for tanker operations were $6.2 million higher primarily due to minimal drydocking expenditures and no related out-of-service time. The Company has no scheduled product tanker drydockings in 2014. Operating results for harbor towing and bunkering were $1.2 million higher primarily due to an increase in harbor tug traffic and lower drydocking expenses. Operating results for short-sea transportation were $0.8 million lower primarily due to a seasonal decrease in cargo shipping demand and higher drydocking expenses.
During the first quarter, the Company expensed a $4.0 million non-refundable deposit upon the expiration of a new build construction option.
Illinois Corn Processing - Segment profit was $10.8 million on operating revenues of $58.7 million in the first quarter compared with $2.5 million on operating revenues of $46.9 million in the preceding quarter. The improvement in segment profit was primarily due to lower corn prices and higher fuel ethanol prices resulting from an industry-wide supply shortage.
Other - Segment loss was $3.9 million in the first quarter compared with segment profit of $1.3 million in the preceding quarter. The reduction was primarily due to $1.8 million of legal costs associated with litigation related to the Deepwater Horizon oil spill for which the Company has indemnified one of its 50% or less owned companies, a $0.4 million impairment charge on an aircraft in the Company's leasing portfolio, and equity in losses primarily from the Company's 50% or less owned industrial aviation services companies in Asia.
Corporate and Eliminations - Administrative and general expenses were $1.3 million lower in the first quarter compared with the preceding quarter primarily due to lower management bonus accruals, partially offset by higher legal and audit and tax accruals. In addition, the Company recorded a $3.5 million impairment charge on an aircraft.
Capital Commitments - As of March 31, 2014, the Company's unfunded capital commitments were $442.5 million and included: $94.8 million for 15 offshore support vessels; $22.8 million for 47 inland river dry cargo barges; $0.9 million for two inland river tank barges; $4.7 million for five inland river towboats; $230.2 million for three U.S.-flag product tankers; $78.7 million for one U.S.-flag articulated tug-barge; and $10.4 million for other equipment and improvements. These commitments are payable as follows: $157.3 million is payable during the remainder of 2014; $275.9 million is payable during 2015-2016; and $9.3 million is payable during 2017. This release includes a table detailing expected delivery by vessel class.
Liquidity and Debt - As of March 31, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $683.1 million and its total outstanding long-term debt was $880.1 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 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 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,
-------------------------
2014 2013
----------- -----------
Operating Revenues $ 310,017 $ 267,064
------------ ------------
Costs and Expenses:
Operating 218,976 200,913
Administrative and general 38,077 35,645
Depreciation and amortization 33,392 33,548
------------ ------------
290,445 270,106
------------ ------------
Gains on Asset Dispositions and Impairments, Net 4,678 2,015
------------ ------------
Operating Income (Loss) 24,250 (1,027)
------------ ------------
Other Income (Expense):
Interest income 4,043 3,167
Interest expense (11,403) (12,840)
Marketable security gains, net 5,070 3,995
Derivative losses, net (237) (2,107)
Foreign currency losses, net (199) (4,011)
Other, net (3,655) 3
------------ ------------
(6,381) (11,793)
------------ ------------
Income (Loss) from Continuing Operations Before
Income Tax Expense (Benefit) and Equity in
Earnings (Losses) of 50% or Less Owned Companies 17,869 (12,820)
Income Tax Expense (Benefit) 6,375 (2,653)
------------ ------------
Income (Loss) from Continuing Operations Before
Equity in Earnings (Losses) of 50% or Less Owned
Companies 11,494 (10,167)
Equity in Earnings (Losses) of 50% or Less Owned
Companies, Net of Tax 2,221 (869)
------------ ------------
Income (Loss) from Continuing Operations 13,715 (11,036)
Loss from Discontinued Operations, Net of Tax -- (10,325)
------------ ------------
Net Income (Loss) 13,715 (21,361)
Net Income (Loss) attributable to Noncontrolling
Interests in Subsidiaries 2,206 (373)
------------ ------------
Net Income (Loss) attributable to SEACOR Holdings
Inc. $ 11,509 $ (20,988)
============ ============
Net Income (Loss) attributable to SEACOR Holdings
Inc.:
Continuing operations $ 11,509 $ (10,763)
Discontinued operations -- (10,225)
----------- ------------
$ 11,509 $ (20,988)
============ ============
Basic Earnings (Loss) Per Common Share of SEACOR
Holdings Inc.:
Continuing operations $ 0.57 $ (0.55)
Discontinued operations -- (0.51)
------------ ------------
$ 0.57 $ (1.06)
============ ============
Diluted Earnings (Loss) Per Common Share of
SEACOR Holdings Inc.:
Continuing operations $ 0.56 $ (0.55)
Discontinued operations -- (0.51)
------------ ------------
$ 0.56 $ (1.06)
============ ============
Weighted Average Common Shares Outstanding:
Basic 20,109,373 19,738,930
Diluted 20,546,112 19,738,930
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
-------------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2014 2013 2013 2013 2013
----------- ---------- ---------- ---------- ----------
Operating Revenues $ 310,017 $ 327,861 $ 336,784 $ 315,563 $ 267,064
----------- ---------- ---------- ---------- ----------
Costs and Expenses:
Operating 218,976 228,305 239,540 240,113 200,913
Administrative
and general 38,077 39,522 31,463 34,718 35,645
Depreciation and
amortization 33,392 33,684 33,503 33,783 33,548
----------- ---------- ---------- ---------- ----------
290,445 301,511 304,506 308,614 270,106
----------- ---------- ---------- ---------- ----------
Gains on Asset
Dispositions and
Impairments, Net 4,678 3,957 19,230 12,305 2,015
----------- ---------- ---------- ---------- ----------
Operating Income
(Loss) 24,250 30,307 51,508 19,254 (1,027)
----------- ---------- ---------- ---------- ----------
Other Income
(Expense):
Interest income 4,043 4,802 4,280 3,218 3,167
Interest expense (11,403) (11,310) (10,520) (7,922) (12,840)
Marketable
security gains
(losses), net 5,070 (3,600) (1,149) 6,557 3,995
Derivative
losses, net (237) (5,088) (303) (825) (2,107)
Foreign currency
gains (losses),
net (199) (654) 2,230 (916) (4,011)
Other, net (3,655) (89) 477 195 3
----------- ---------- ---------- ---------- ----------
(6,381) (15,939) (4,985) 307 (11,793)
----------- ---------- ---------- ---------- ----------
Income (Loss) from
Continuing
Operations Before
Income Tax Expense
(Benefit) and
Equity In Earnings
(Losses) of 50% or
Less Owned
Companies 17,869 14,368 46,523 19,561 (12,820)
Income Tax Expense
(Benefit) 6,375 5,441 15,984 7,975 (2,653)
----------- ---------- ---------- ---------- ----------
Income (Loss) from
Continuing
Operations Before
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies 11,494 8,927 30,539 11,586 (10,167)
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax 2,221 193 230 7,710 (869)
----------- ---------- ---------- ---------- ----------
Income (Loss) from
Continuing
Operations 13,715 9,120 30,769 19,296 (11,036)
Loss from
Discontinued
Operations, Net of
Tax -- -- -- -- (10,325)
----------- ---------- ---------- ---------- ----------
Net Income (Loss) 13,715 9,120 30,769 19,296 (21,361)
Net Income (Loss)
attributable to
Noncontrolling
Interests in
Subsidiaries 2,206 724 478 25 (373)
----------- ---------- ---------- ---------- ----------
Net Income (Loss)
attributable to
SEACOR Holdings
Inc. $ 11,509 $ 8,396 $ 30,291 $ 19,271 $ (20,988)
=========== ========== ========== ========== ==========
Net Income
(Loss) attributable
to SEACOR
Holdings Inc.:
Continuing
operations $ 11,509 $ 8,396 $ 30,291 $ 19,271 $ (10,763)
Discontinued
operations -- -- -- -- (10,225)
----------- ---------- ---------- ---------- ----------
$ 11,509 $ 8,396 $ 30,291 $ 19,271 $ (20,988)
=========== ========== ========== ========== ==========
Basic Earnings (Loss) Per Common Share of
SEACOR Holdings Inc.:
Continuing
operations $ 0.57 $ 0.42 $ 1.52 $ 0.97 $ (0.55)
Discontinued
operations -- -- -- -- (0.51)
----------- ---------- ---------- ---------- ----------
$ 0.57 $ 0.42 $ 1.52 $ 0.97 $ (1.06)
=========== ========== ========== ========== ==========
Diluted Earnings (Loss) Per Common Share
of SEACOR Holdings Inc.:
Continuing
operations $ 0.56 $ 0.41 $ 1.36 $ 0.91 $ (0.55)
Discontinued
operations -- -- -- -- (0.51)
----------- ---------- ---------- ---------- ----------
$ 0.56 $ 0.41 $ 1.36 $ 0.91 $ (1.06)
=========== ========== ========== ========== ==========
Weighted Average
Common Shares of
Outstanding:
Basic 20,109 20,043 19,965 19,825 19,739
Diluted 20,546 20,530 24,602 24,392 19,739
Common Shares
Outstanding at
Period End 20,597 20,382 20,332 20,184 20,106
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
------------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2014 2013 2013 2013 2013
---------- ---------- ---------- ---------- ----------
Offshore Marine
Services
---------------------
Operating Revenues $ 129,001 $ 148,371 $ 156,198 $ 138,678 $ 124,016
---------- ---------- ---------- ---------- ----------
Costs and Expenses:
Operating 94,043 99,320 95,113 97,581 90,031
Administrative and
general 15,160 17,085 14,132 14,235 14,827
Depreciation and
amortization 16,304 16,207 16,470 16,460 16,287
---------- ---------- ---------- ---------- ----------
125,507 132,612 125,715 128,276 121,145
---------- ---------- ---------- ---------- ----------
Gains on Asset
Dispositions 7,738 3,087 15,343 7,895 2,339
---------- ---------- ---------- ---------- ----------
Operating Income 11,232 18,846 45,826 18,297 5,210
---------- ---------- ---------- ---------- ----------
Other Income
(Expense):
Derivative gains
(losses), net (61) (274) 32 175 150
Foreign currency
gains (losses),
net 107 (49) 1,937 (833) (3,264)
Other, net -- (8) -- 11 --
Equity in Earnings of
50% or Less Owned
Companies, Net of
Tax 2,641 2,988 1,527 7,694 1,313
---------- ---------- ---------- ---------- ----------
Segment Profit $ 13,919 $ 21,503 $ 49,322 $ 25,344 $ 3,409
========== ========== ========== ========== ==========
OIBDA(1) $ 27,536 $ 35,053 $ 62,296 $ 34,757 $ 21,497
========== ========== ========== ========== ==========
Drydocking
expenditures
(included in
operating costs and
expenses) $ 11,080 $ 11,899 $ 9,017 $ 14,804 $ 11,225
========== ========== ========== ========== ==========
Out-of-service days
for drydockings 635 668 635 994 645
========== ========== ========== ========== ==========
Inland River Services
---------------------
Operating Revenues $ 57,959 $ 65,437 $ 52,742 $ 47,357 $ 50,077
---------- ---------- ---------- ---------- ----------
Costs and Expenses:
Operating 39,674 42,472 38,473 35,193 36,389
Administrative and
general 4,337 4,034 3,431 3,921 4,024
Depreciation and
amortization 7,370 7,430 6,869 7,078 7,084
---------- ---------- ---------- ---------- ----------
51,381 53,936 48,773 46,192 47,497
---------- ---------- ---------- ---------- ----------
Gains on Asset
Dispositions 853 779 783 4,296 697
---------- ---------- ---------- ---------- ----------
Operating Income 7,431 12,280 4,752 5,461 3,277
---------- ---------- ---------- ---------- ----------
Other Income
(Expense):
Foreign currency
gains (losses),
net (327) (160) (89) 219 (137)
Other, net (38) -- -- -- --
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (412) (5,320) 80 1 (2,387)
---------- ---------- ---------- ---------- ----------
Segment Profit $ 6,654 $ 6,800 $ 4,743 $ 5,681 $ 753
========== ========== ========== ========== ==========
OIBDA(1) $ 14,801 $ 19,710 $ 11,621 $ 12,539 $ 10,361
========== ========== ========== ========== ==========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2014 2013 2013 2013 2013
---------- ---------- ---------- ---------- ----------
Shipping Services
---------------------
Operating Revenues $ 52,401 $ 51,405 $ 48,200 $ 48,103 $ 46,476
---------- ---------- ---------- ---------- ----------
Costs and Expenses:
Operating 26,997 32,900 28,215 29,554 26,614
Administrative and
general 5,896 5,639 5,133 6,124 5,177
Depreciation and
amortization 7,754 7,754 7,841 7,907 7,797
---------- ---------- ---------- ---------- ----------
40,647 46,293 41,189 43,585 39,588
---------- ---------- ---------- ---------- ----------
Gains (Losses) on
Asset Dispositions
and Impairments, Net -- 91 3,104 114 (3,069)
---------- ---------- ---------- ---------- ----------
Operating Income 11,754 5,203 10,115 4,632 3,819
---------- ---------- ---------- ---------- ----------
Other Income
(Expense):
Foreign currency
gains (losses),
net (10) (5) 6 (8) (7)
Other, net (3,933) 18 540 188 14
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax 753 376 (1,413) (403) (1,505)
---------- ---------- ---------- ---------- ----------
Segment Profit $ 8,564 $ 5,592 $ 9,248 $ 4,409 $ 2,321
========== ========== ========== ========== ==========
OIBDA(1) $ 19,508 $ 12,957 $ 17,956 $ 12,539 $ 11,616
========== ========== ========== ========== ==========
Drydocking
expenditures for
U.S.-flag product
tankers (included in
operating costs and
expenses) $ 42 $ 5,504 $ 664 $ 2,884 $ 74
========== ========== ========== ========== ==========
Out-of-service days
for drydockings of
U.S.-flag product
tankers -- 26 5 34 1
========== ========== ========== ========== ==========
Illinois Corn
Processing
---------------------
Operating Revenues $ 58,656 $ 46,875 $ 52,580 $ 61,378 $ 32,849
---------- ---------- ---------- ---------- ----------
Costs and Expenses:
Operating 47,274 38,812 52,390 59,402 34,045
Administrative and
general 511 465 428 477 661
Depreciation and
amortization 990 1,330 1,489 1,489 1,489
---------- ---------- ---------- ---------- ----------
48,775 40,607 54,307 61,368 36,195
---------- ---------- ---------- ---------- ----------
Operating Income
(Loss) 9,881 6,268 (1,727) 10 (3,346)
---------- ---------- ---------- ---------- ----------
Other Income
(Expense):
Derivative gains
(losses), net 718 (3,719) 1,129 473 39
Other, net 193 -- -- -- --
---------- ---------- ---------- ---------- ----------
Segment Profit (Loss) $ 10,792 $ 2,549 $ (598) $ 483 $ (3,307)
========== ========== ========== ========== ==========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2014 2013 2013 2013 2013
---------- ---------- ---------- ---------- ----------
Other
---------------------
Operating Revenues $ 12,992 $ 16,675 $ 27,881 $ 20,652 $ 14,324
---------- ---------- ---------- ---------- ----------
Costs and Expenses:
Operating 11,936 15,665 26,141 18,960 14,488
Administrative and
general 3,111 1,888 1,429 1,323 1,656
Depreciation and
amortization 85 91 92 96 99
---------- ---------- ---------- ---------- ----------
15,132 17,644 27,662 20,379 16,243
---------- ---------- ---------- ---------- ----------
Gains (Losses) on
Asset Dispositions
and Impairments, Net (409) -- -- -- 1,907
---------- ---------- ---------- ---------- ----------
Operating Income
(Loss) (2,549) (969) 219 273 (12)
---------- ---------- ---------- ---------- ----------
Other Income
(Expense):
Derivative gains
(losses), net (733) 198 (380) (450) 842
Foreign currency
gains (losses),
net 9 (21) 15 (169) (167)
Other, net 175 (39) (3) -- 54
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (761) 2,149 36 418 1,710
---------- ---------- ---------- ---------- ----------
Segment Profit (Loss) $ (3,859) $ 1,318 $ (113) $ 72 $ 2,427
========== ========== ========== ========== ==========
Corporate and
Eliminations
---------------------
Operating Revenues $ (992) $ (902) $ (817) $ (605) $ (678)
---------- ---------- ---------- ---------- ----------
Costs and Expenses:
Operating (948) (864) (792) (577) (654)
Administrative and
general 9,062 10,411 6,910 8,638 9,300
Depreciation and
amortization 889 872 742 753 792
---------- ---------- ---------- ---------- ----------
9,003 10,419 6,860 8,814 9,438
---------- ---------- ---------- ---------- ----------
Gains (Losses) on
Asset Dispositions
and Impairments, Net (3,504) -- -- -- 141
---------- ---------- ---------- ---------- ----------
Operating Loss $ (13,499) $ (11,321) $ (7,677) $ (9,419) $ (9,975)
========== ========== ========== ========== ==========
Other Income
(Expense):
Derivative losses,
net $ (161) $ (1,293) $ (1,084) $ (1,023) $ (3,138)
Foreign currency
gains (losses),
net 22 (419) 361 (125) (436)
Other, net (52) (60) (60) (4) (65)
______________________
(1) 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) 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, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2014 2013 2013 2013 2013
----------- ----------- ----------- ----------- -----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 374,790 $ 527,435 $ 332,767 $ 394,783 $ 312,977
Restricted
cash 14,490 12,175 20,893 16,776 27,129
Marketable
securities 29,522 24,292 25,660 27,264 22,568
Receivables:
Trade, net of
allowance
for doubtful
accounts 203,785 215,768 211,853 188,128 172,889
Other 41,292 48,181 39,774 37,204 41,139
Inventories 24,962 27,615 25,442 22,955 31,966
Deferred
income taxes 116 116 3,530 3,530 3,530
Prepaid
expenses and
other 8,292 6,701 10,746 11,715 8,834
Discontinued
operations -- -- -- -- 384
----------- ----------- ----------- ----------- -----------
Total current
assets 697,249 862,283 670,665 702,355 621,416
----------- ----------- ----------- ----------- -----------
Property and
Equipment:
Historical
cost 2,224,212 2,199,183 2,208,315 2,212,929 2,186,892
Accumulated
depreciation (894,511) (866,330) (835,604) (806,672) (785,765)
----------- ----------- ----------- ----------- -----------
1,329,701 1,332,853 1,372,711 1,406,257 1,401,127
Construction
in progress 325,529 143,482 129,481 133,985 113,381
----------- ----------- ----------- ----------- -----------
Net property
and equipment 1,655,230 1,476,335 1,502,192 1,540,242 1,514,508
----------- ----------- ----------- ----------- -----------
Investments, at
Equity, and
Advances to
50% or Less
Owned
Companies 456,446 440,853 365,891 293,793 299,778
Construction
Reserve Funds
& Title XI
Reserve Funds 264,339 261,739 229,021 150,375 194,477
Goodwill 17,963 17,985 17,978 17,978 17,978
Intangible
Assets, Net 11,567 12,423 13,583 14,594 15,754
Other Assets 42,241 44,615 52,394 48,996 51,576
----------- ----------- ----------- ----------- -----------
$ 3,145,035 $ 3,116,233 $ 2,851,724 $ 2,768,333 $ 2,715,487
=========== =========== =========== =========== ===========
LIABILITIES AND
EQUITY
Current
Liabilities:
Current
portion of
long-term
debt $ 49,171 $ 45,323 $ 26,973 $ 25,109 $ 15,435
Accounts
payable and
accrued
expenses 83,296 85,477 73,063 73,185 69,008
Other current
liabilities 132,190 123,619 124,788 122,434 122,125
Discontinued
operations -- -- -- -- 300
----------- ----------- ----------- ----------- -----------
Total current
liabilities 264,657 254,419 224,824 220,728 206,868
----------- ----------- ----------- ----------- -----------
Long-Term Debt 830,887 834,118 675,206 674,444 655,384
Deferred Income
Taxes 456,883 457,827 437,436 421,623 422,719
Deferred Gains
and Other
Liabilities 145,483 144,441 133,525 115,102 116,608
Discontinued
Operations -- -- -- -- 2,599
----------- ----------- ----------- ----------- -----------
Total
liabilities 1,697,910 1,690,805 1,470,991 1,431,897 1,404,178
----------- ----------- ----------- ----------- -----------
Equity:
SEACOR
Holdings Inc.
stockholders'
equity:
Preferred
stock -- -- -- -- --
Common stock 374 372 372 370 369
Additional
paid-in
capital 1,401,294 1,394,621 1,358,273 1,347,909 1,340,875
Retained
earnings 1,106,779 1,095,270 1,086,874 1,056,583 1,037,312
Shares held
in treasury,
at cost (1,087,101) (1,088,219) (1,088,219) (1,089,061) (1,089,064)
Accumulated
other
comprehensive
loss, net
of tax (929) (1,192) (1,809) (4,243) (4,321)
----------- ----------- ----------- ----------- -----------
1,420,417 1,400,852 1,355,491 1,311,558 1,285,171
Noncontrolling
interests in
subsidiaries 26,708 24,576 25,242 24,878 26,138
----------- ----------- ----------- ----------- -----------
Total equity 1,447,125 1,425,428 1,380,733 1,336,436 1,311,309
----------- ----------- ----------- ----------- -----------
$ 3,145,035 $ 3,116,233 $ 2,851,724 $ 2,768,333 $ 2,715,487
=========== =========== =========== =========== ===========
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2014 2013 2013 2013 2013
--------- --------- --------- --------- ---------
Offshore Marine Services
--------------------------
Anchor handling towing
supply 18 18 18 18 19
Crew 39 42 43 45 47
Mini-supply 8 8 8 8 9
Standby safety 25 25 25 25 25
Supply 26 27 26 26 26
Towing supply 3 3 3 3 3
Specialty 9 12 12 12 11
Liftboats 15 15 15 17 20
Wind farm utility 34 34 33 32 31
--------- --------- --------- --------- ---------
177 184 183 186 191
========= ========= ========= ========= =========
Inland River Services
--------------------------
Dry-cargo barges 1,415 1,405 1,409 1,413 1,434
Liquid tank barges 74 74 75 75 80
Deck barges 20 20 20 20 20
Towboats 32 32 31 31 31
Dry-cargo vessel -- 1 1 1 1
--------- --------- --------- --------- ---------
1,541 1,532 1,536 1,540 1,566
========= ========= ========= ========= =========
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 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 3 -- --
Short-sea container/RORO 8 8 7 8 7
--------- --------- --------- --------- ---------
59 59 58 56 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
-------- ----------- ----------- ----- ------
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Total
-------- ----------- ----------- ----- ------
Offshore Marine Services
------------------------------
Crew 1 3 -- 1 1 2 1 1 -- -- -- -- -- 10
Supply(1) 1 1 -- -- 1 -- -- -- -- -- -- -- -- 3
Wind farm utility 1 1 -- -- -- -- -- -- -- -- -- -- -- 2
Inland River Services
------------------------------
Dry-cargo barges 44 3 -- -- -- -- -- -- -- -- -- -- -- 47
Liquid tank barges -- 1 1 -- -- -- -- -- -- -- -- -- -- 2
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
-------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2014 2013 2013 2013 2013
--------- --------- --------- --------- ---------
Rates Per Day Worked:
Anchor handling towing
supply $ 24,841 $ 26,773 $ 29,008 $ 23,635 $ 26,683
Crew 8,664 8,627 8,553 7,719 7,664
Mini-supply 7,148 7,805 8,048 7,721 7,666
Standby safety 10,679 10,584 9,922 9,621 9,642
Supply 17,156 16,906 17,541 16,864 14,915
Towing supply 10,128 8,744 10,970 9,156 9,349
Specialty 19,200 31,856 37,121 24,822 12,950
Liftboats 22,219 26,072 25,001 22,062 18,573
Overall Average Rates
Per Day Worked
(excluding wind farm
utility) 14,324 15,355 15,677 13,588 12,878
Wind farm utility 2,423 2,427 2,315 2,302 2,142
Overall Average Rates
Per Day Worked 11,659 12,279 12,454 11,010 10,657
Utilization:
Anchor handling towing
supply 77% 74% 75% 74% 74%
Crew 81% 84% 88% 90% 91%
Mini-supply 92% 94% 96% 97% 74%
Standby safety 88% 88% 88% 86% 88%
Supply 86% 82% 75% 83% 72%
Towing supply 92% 84% 83% 79% 100%
Specialty 47% 81% 58% 54% 25%
Liftboats 60% 73% 82% 69% 64%
Overall Fleet
Utilization (excluding
wind farm utility) 80% 82% 83% 82% 79%
Wind farm utility 81% 90% 95% 93% 82%
Overall Fleet
Utilization 80% 84% 86% 84% 79%
Available Days:
Anchor handling towing
supply 1,530 1,564 1,564 1,547 1,530
Crew 2,605 2,740 2,844 3,057 3,060
Mini-supply 540 552 552 565 630
Standby safety 2,160 2,208 2,208 2,184 2,160
Supply 1,530 1,564 1,564 1,538 1,581
Towing supply 180 184 184 182 180
Specialty 270 276 327 364 360
Liftboats 1,350 1,380 1,543 1,614 1,620
--------- --------- --------- --------- ---------
Overall Fleet Available
Days(excluding wind
farm utility) 10,165 10,468 10,786 11,051 11,121
Wind farm utility 2,863 2,959 2,978 2,889 2,790
--------- --------- --------- --------- ---------
Overall Fleet Available
Days 13,028 13,427 13,764 13,940 13,911
========= ========= ========= ========= =========
For additional information, contact:
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com
