FORT LAUDERDALE, FL -- (Marketwired) -- 10/27/15 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its third quarter ended September 30, 2015.
For the quarter ended September 30, 2015, net income attributable to SEACOR Holdings Inc. was $7.0 million, or $0.40 per diluted share. For the nine months ended September 30, 2015, net loss attributable to SEACOR Holdings Inc. was $11.9 million, or $0.68 per diluted share. Results attributable to SEACOR Holdings Inc. for the nine months ended September 30, 2015 included a second quarter loss on the extinguishment of the Company's Title XI bonds of $9.6 million, net of noncontrolling interests and tax, or $0.55 per diluted share.
For the preceding quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million, or $0.04 per diluted share. A comparison of results for the quarter ended September 30, 2015 with the preceding quarter ended June 30, 2015 is included in the "Highlights for the Quarter" discussion below.
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.
Charles Fabrikant, the Company's Chief Executive Officer, stated: "The quarter and year-to-date results reflect extremely difficult conditions in our offshore marine services business. Notwithstanding the challenges, our offshore business, as well as all of our other businesses, continue to produce positive cash flows from operations. Our offshore group's results have benefited from a fleet and geographical exposure that is diverse with minimal investment in boats that are highly dependent on deep water exploration activity. We adhere to our focus on maintaining a strong liquidity position, which we believe will serve us well in the current market environment and lead to opportunities. We expect market conditions in the offshore marine business to deteriorate further over the next several quarters and plan on taking further measures to reduce costs."
Highlights for the Quarter
Offshore Marine Services - Operating loss was $2.9 million in the third quarter compared with $0.4 million in the preceding quarter. Operating income before depreciation and amortization ("OIBDA" -- see disclosure related to Non-GAAP measures in the segment information tables herein) was $12.3 million on operating revenues of $95.5 million in the third quarter compared with $15.3 million on operating revenues of $96.7 million in the preceding quarter.
Results for the current quarter include a charge of $6.9 million for a U.K. subsidiary's share of a funding deficit in the Merchant Navy Ratings Pension Fund ("MNRPF") for North Sea mariners. This payment to the pension plan will be made in four annual installments beginning in the fourth quarter and reflects the results of a 2014 actuarial valuation of the pension fund, which is normally performed every three years.
Excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet decreased from 65% to 63%. Days available for charter and average rates per day worked during the third quarter were approximately the same as the preceding quarter. This release includes a table presenting time charter operating data by vessel class.
In the U.S., operating results were $2.6 million higher in the third quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.8 million higher due to improved utilization and higher average rates per day worked, reflecting offshore construction activity in the third quarter. Time charter revenues for the liftboat fleet and other vessel classes decreased by $4.6 million and $1.7 million, respectively. Time charter revenues for the liftboat fleet were lower due to less maintenance activity associated with shelf properties and fewer decommissioning jobs. On a total fleet basis, including cold-stacked vessels, utilization dropped from 49% to 38%. Average rates per day worked increased from $21,898 to $24,137 per day. Operating expenses were $6.6 million lower primarily due to a $4.0 million reduction in drydocking expenses and a $0.9 million reduction in daily running costs as a consequence of cold-stacking additional vessels. As of September 30, 2015, the Company had 19 vessels cold-stacked in the U.S. Gulf of Mexico compared with ten vessels as of June 30, 2015.
Operating results from international regions, before gains on asset dispositions, were $1.7 million lower in the third quarter compared with the preceding quarter primarily due to the previously mentioned MNRPF charge of $6.9 million. Time charter revenues were $2.0 million higher primarily due to a term charter in Sakhalin which commenced in June 2015. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization improved from 73% to 77% and average rates per day worked increased from $11,111 to $11,198 per day. Operating expenses were $4.6 million higher as the MNRPF charge was partially offset by lower drydocking costs, the cessation of rent payments associated with a bareboat chartered-in vessel that had been operating in the international fleet, and a reduction in vessel repositioning expenses. As of September 30, 2015, the Company had three vessels cold-stacked in international regions compared with two vessels as of June 30, 2015.
Foreign currency losses, net of $1.6 million in the third quarter were primarily due to the weakening of the pound sterling in relation to the euro underlying certain of the Company's debt balances.
Inland River Services - Operating income was $15.2 million in the third quarter compared with $2.6 million in the preceding quarter. OIBDA was $22.4 million on operating revenues of $54.3 million in the third quarter compared with $10.0 million on operating revenues of $61.2 million in the preceding quarter.
Operating results before gains on asset dispositions were $2.2 million higher in the third quarter compared with the preceding quarter. Operating results for the dry-cargo barge pools were $2.7 million higher primarily due to increased demand for moving grain associated with the commencement of the fall harvest and lower costs for moving barges due to reduced towing rates reflecting cheaper diesel fuel.
During the third quarter, the Company sold 34 10,000 barrel liquid tank barges, four inland river towboats and other equipment for net proceeds of $72.4 million and gains of $14.6 million, of which $10.7 million were recognized currently and $3.9 million were deferred. In addition, the Company recognized previously deferred gains of $0.8 million.
Foreign currency losses, net of $2.2 million in the third quarter were primarily due to the weakening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company's intercompany lease obligations.
During the third quarter, the Company recognized $2.2 million of equity losses in its 50% owned joint venture operating on the Parana-Paraguay River Waterway. In addition, the Company recognized interest income (not a component of segment profit) of $1.2 million during the third quarter on notes due from this joint venture.
Shipping Services - Operating income was $18.3 million in the third quarter compared with $6.3 million in the preceding quarter. OIBDA was $24.8 million (of which $9.2 million is attributable to noncontrolling interests) on operating revenues of $58.7 million in the third quarter compared with $12.9 million (of which $2.9 million is attributable to noncontrolling interests) on operating revenues of $55.7 million in the preceding quarter.
Operating results were $12.0 million higher in the third quarter compared with the preceding quarter primarily due to less out-of-service time and costs for drydocking U.S.-flag product tankers, partially offset by a reduction in harbor towing activities resulting from lower port traffic.
During the third quarter and included in other, net, the Company received $1.8 million for the early termination of a contract for two harbor tugs.
During the third quarter, the Company's equity in earnings of 50% or less owned companies increased by $2.9 million primarily due to improved operating results from the Company's VLGC joint venture, Dorian LPG Ltd. As of September 30, 2015, the Company's carrying value in this joint venture was $146.8 million compared with a market value of $98.1 million based on the closing share price as of the date of this release and a market value of $153.1 million based on the closing share price as of June 30, 2015.
Illinois Corn Processing - Segment profit was $4.9 million (of which $1.5 million is attributable to noncontrolling interests) on operating revenues of $40.3 million in the third quarter compared with $10.5 million (of which $3.1 million is attributable to noncontrolling interests) on operating revenues of $48.4 million in the preceding quarter. Segment profit was $5.5 million lower due to the recognition of a $4.1 million gain from a business interruption insurance claim in the preceding quarter and lower alcohol sales volumes in the third quarter.
Debt Extinguishment Losses - During the third quarter, the Company purchased $8.5 million in principal amount of its 7.375% Senior Notes for $8.9 million resulting in a loss on debt extinguishment of $0.4 million. As of September 30, 2015, the aggregate outstanding principal amount of the Company's 7.375% Senior Notes due 2019 was $211.0 million.
Marketable Securities - Marketable security losses, net of $4.6 million in the third quarter related primarily to the Company's long positions in marketable securities.
Income Tax Expense - The Company's effective tax rate of 21.4% for the third quarter was primarily due to taxes not provided on income attributable to noncontrolling interests.
Share Repurchases - During the third quarter, the Company purchased 678,728 shares of its common stock for an aggregate purchase price of $42.3 million, or $62.34 per share. As of September 30, 2015, the Company had 17,353,929 of common shares outstanding.
Capital Commitments - The Company's capital commitments as of September 30, 2015 by year of expected payment were as follows (in thousands):
2015 2016 2017 2018 2019 Total
------- -------- ------- ------- ------ --------
Shipping Services $46,543 $166,854 $22,599 $ -- $ -- $235,996
Offshore Marine Services 7,111 43,375 16,227 19,062 5,983 91,758
Inland River Services 4,092 1,468 -- -- -- 5,560
Illinois Corn Processing 1,216 2,171 -- -- -- 3,387
Other 369 -- -- -- -- 369
------- -------- ------- ------- ------ --------
$59,331 $213,868 $38,826 $19,062 $5,983 $337,070
======= ======== ======= ======= ====== ========
Shipping Services' capital commitments included three U.S.-flag product tankers, one U.S.-flag articulated tug barge and two U.S.-flag harbor tugs. Offshore Marine Services' capital commitments included six fast support vessels, four supply vessels and three wind farm utility vessels. Inland River Services' capital commitments included two 30,000 barrel liquid tank barges and three inland river towboats. Of these commitments, approximately $6.8 million may be terminated without further liability other than the payment of liquidated damages of $0.7 million. Subsequent to September 30, 2015, the Company committed to purchase two offshore support vessels, 50 inland river dry-cargo barges, three inland river towboats and other equipment for $95.7 million.
Liquidity and Debt - As of September 30, 2015, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $741.9 million and its total outstanding long-term debt was $961.5 million. In addition, the Company had $141.2 million of borrowing capacity under subsidiary credit facilities. Subsequent to September 30, 2015, the Company borrowed $26.1 million under these subsidiary credit facilities.
SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of a decline in the price of oil and an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, an oversupply of newly built offshore support vessels and Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services' operations, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing's operations, adequacy of insurance coverage, the potential for a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such potential material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
Operating Revenues $ 261,852 $ 338,936 $ 804,105 $ 977,177
----------- ----------- ----------- -----------
Costs and Expenses:
Operating 175,985 237,676 582,876 688,558
Administrative and
general 37,892 46,655 115,453 119,418
Depreciation and
amortization 31,018 33,604 94,527 100,216
----------- ----------- ----------- -----------
244,895 317,935 792,856 908,192
----------- ----------- ----------- -----------
Gains on Asset
Dispositions and
Impairments, Net 11,264 29,869 10,804 38,842
----------- ----------- ----------- -----------
Operating Income 28,221 50,870 22,053 107,827
----------- ----------- ----------- -----------
Other Income (Expense):
Interest income 5,065 4,463 14,118 14,536
Interest expense (10,894) (11,124) (31,797) (32,985)
Debt extinguishment
losses (434) -- (29,970) --
Marketable security
gains (losses), net (4,604) 9,693 (3,476) 15,494
Derivative losses, net (725) (2,538) (2,295) (2,681)
Foreign currency
losses, net (4,057) (3,059) (3,614) (1,538)
Other, net 1,773 111 6,162 6,669
----------- ----------- ----------- -----------
(13,876) (2,454) (50,872) (505)
----------- ----------- ----------- -----------
Income (Loss) Before
Income Tax Expense
(Benefit) and Equity in
Earnings of 50% or Less
Owned Companies 14,345 48,416 (28,819) 107,322
Income Tax Expense
(Benefit) 3,063 15,610 (8,736) 34,985
----------- ----------- ----------- -----------
Income (Loss) Before
Equity in Earnings of
50% or Less Owned
Companies 11,282 32,806 (20,083) 72,337
Equity in Earnings of
50% or Less Owned
Companies, Net of Tax 5,123 972 10,086 2,681
----------- ----------- ----------- -----------
Net Income (Loss) 16,405 33,778 (9,997) 75,018
Net Income attributable
to Noncontrolling
Interests in
Subsidiaries 9,440 6,315 1,920 14,979
----------- ----------- ----------- -----------
Net Income (Loss)
attributable to SEACOR
Holdings Inc. $ 6,965 $ 27,463 $ (11,917) $ 60,039
=========== =========== =========== ===========
Basic Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc. $ 0.40 $ 1.43 $ (0.68) $ 3.04
Diluted Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc. $ 0.40 $ 1.28 $ (0.68) $ 2.85
Weighted Average Common
Shares Outstanding:
Basic 17,294,927 19,196,121 17,616,035 19,761,620
Diluted 17,561,107 25,627,742 17,616,035 24,374,918
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2015 2015 2015 2014 2014
--------- --------- --------- --------- ---------
Operating Revenues $ 261,852 $ 281,609 $ 260,644 $ 342,217 $ 338,936
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 175,985 207,743 199,148 220,814 237,676
Administrative and
general 37,892 38,674 38,887 45,520 46,655
Depreciation and
amortization 31,018 32,079 31,430 31,603 33,604
--------- --------- --------- --------- ---------
244,895 278,496 269,465 297,937 317,935
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions
and Impairments, Net 11,264 4,386 (4,846) 13,136 29,869
--------- --------- --------- --------- ---------
Operating Income
(Loss) 28,221 7,499 (13,667) 57,416 50,870
--------- --------- --------- --------- ---------
Other Income
(Expense):
Interest income 5,065 4,474 4,579 5,126 4,463
Interest expense (10,894) (10,391) (10,512) (10,647) (11,124)
Debt extinguishment
losses (434) (29,536) -- -- --
Marketable security
gains (losses),
net (4,604) 10,249 (9,121) 13,266 9,693
Derivative gains
(losses), net (725) 1,426 (2,996) (1,221) (2,538)
Foreign currency
gains (losses),
net (4,057) 2,436 (1,993) (4,797) (3,059)
Other, net 1,773 4,433 (44) (3,230) 111
--------- --------- --------- --------- ---------
(13,876) (16,909) (20,087) (1,503) (2,454)
--------- --------- --------- --------- ---------
Income (Loss) Before
Income Tax Expense
(Benefit) and Equity
in Earnings of 50%
or Less Owned
Companies 14,345 (9,410) (33,754) 55,913 48,416
Income Tax Expense
(Benefit) 3,063 155 (11,954) 20,212 15,610
--------- --------- --------- --------- ---------
Income (Loss) Before
Equity in Earnings
of 50% or Less Owned
Companies 11,282 (9,565) (21,800) 35,701 32,806
Equity in Earnings of
50% or Less Owned
Companies, Net of
Tax 5,123 1,064 3,899 13,628 972
--------- --------- --------- --------- ---------
Net Income (Loss) 16,405 (8,501) (17,901) 49,329 33,778
Net Income (Loss)
attributable to
Noncontrolling
Interests in
Subsidiaries 9,440 (9,188) 1,668 9,236 6,315
--------- --------- --------- --------- ---------
Net Income (Loss)
attributable to
SEACOR Holdings Inc. $ 6,965 $ 687 $ (19,569) $ 40,093 $ 27,463
========= ========= ========= ========= =========
Basic Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc. $ 0.40 $ 0.04 $ (1.10) $ 2.22 $ 1.43
Diluted Earnings
(Loss) Per Common
Share of SEACOR
Holdings Inc. $ 0.40 $ 0.04 $ (1.10) $ 1.85 $ 1.28
Weighted Average
Common Shares of
Outstanding:
Basic 17,295 17,781 17,778 18,074 19,196
Diluted 17,561 18,082 17,778 24,503 25,628
Common Shares
Outstanding at
Period End 17,354 18,012 18,241 18,140 19,044
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2015 2015 2015 2014 2014
--------- --------- --------- --------- ---------
Offshore Marine
Services
Operating Revenues $ 95,531 $ 96,715 $ 93,456 $ 127,518 $ 135,178
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 70,221 72,173 74,355 86,558 90,736
Administrative and
general 12,753 12,655 13,559 15,253 14,514
Depreciation and
amortization 15,252 15,692 15,366 15,594 16,269
--------- --------- --------- --------- ---------
98,226 100,520 103,280 117,405 121,519
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions
and Impairments, Net (246) 3,455 (6,649) 12,062 3,219
--------- --------- --------- --------- ---------
Operating Income
(Loss) (2,941) (350) (16,473) 22,175 16,878
--------- --------- --------- --------- ---------
Other Income
(Expense):
Derivative gains
(losses), net (10) 4 (9) (7) (33)
Foreign currency
gains (losses),
net (1,567) 1,907 (17) (934) (1,870)
Other, net (9) 43 (146) (68) --
Equity in Earnings of
50% or Less Owned
Companies, Net of
Tax 1,708 2,826 2,975 3,054 2,529
--------- --------- --------- --------- ---------
Segment Profit
(Loss)(1) $ (2,819) $ 4,430 $ (13,670) $ 24,220 $ 17,504
========= ========= ========= ========= =========
OIBDA(2) $ 12,311 $ 15,342 $ (1,107) $ 37,769 $ 33,147
========= ========= ========= ========= =========
Drydocking
expenditures
(included in
operating costs and
expenses) $ 1,483 $ 5,932 $ 6,881 $ 9,052 $ 7,606
========= ========= ========= ========= =========
Out-of-service days
for drydockings 87 315 294 326 357
========= ========= ========= ========= =========
Inland River Services
Operating Revenues $ 54,310 $ 61,150 $ 56,607 $ 79,252 $ 59,932
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 39,487 48,556 41,513 46,250 43,947
Administrative and
general 3,907 3,765 3,884 4,245 3,520
Depreciation and
amortization 7,268 7,362 6,889 6,660 7,841
--------- --------- --------- --------- ---------
50,662 59,683 52,286 57,155 55,308
--------- --------- --------- --------- ---------
Gains on Asset
Dispositions 11,510 1,166 1,803 1,565 26,429
--------- --------- --------- --------- ---------
Operating Income 15,158 2,633 6,124 23,662 31,053
--------- --------- --------- --------- ---------
Other Income
(Expense):
Derivative gains,
net 50 177 82 -- --
Foreign currency
gains (losses),
net (2,173) 208 (1,121) (3,032) (450)
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax (2,117) (3,717) (274) 10,515 (95)
--------- --------- --------- --------- ---------
Segment Profit
(Loss)(1) $ 10,918 $ (699) $ 4,811 $ 31,145 $ 30,508
========= ========= ========= ========= =========
OIBDA(2) $ 22,426 $ 9,995 $ 13,013 $ 30,322 $ 38,894
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2015 2015 2015 2014 2014
--------- --------- --------- --------- ---------
Shipping Services
Operating Revenues $ 58,673 $ 55,674 $ 51,407 $ 56,681 $ 51,659
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 27,666 36,124 37,131 28,688 29,068
Administrative and
general 6,236 6,676 6,289 7,318 5,883
Depreciation and
amortization 6,476 6,611 6,735 6,821 6,730
--------- --------- --------- --------- ---------
40,378 49,411 50,155 42,827 41,681
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions -- -- -- 202 (2)
--------- --------- --------- --------- ---------
Operating Income 18,295 6,263 1,252 14,056 9,976
--------- --------- --------- --------- ---------
Other Income
(Expense):
Foreign currency
gains (losses), net (9) 9 (12) (4) (27)
Other, net 1,836 187 29 22 123
Equity in Earnings
(Losses) of 50% or
Less Owned Companies,
Net of Tax 5,292 2,363 1,141 (790) (2,188)
--------- --------- --------- --------- ---------
Segment Profit(1) $ 25,414 $ 8,822 $ 2,410 $ 13,284 $ 7,884
========= ========= ========= ========= =========
OIBDA(2) $ 24,771 $ 12,874 $ 7,987 $ 20,877 $ 16,706
========= ========= ========= ========= =========
Drydocking
expenditures for
U.S.-flag product
tankers(included in
operating costs and
expenses) $ 66 $ 7,171 $ 8,083 $ -- $ --
========= ========= ========= ========= =========
Out-of-service days
for drydockings of
U.S.-flag product
tankers -- 38 71 -- --
========= ========= ========= ========= =========
Illinois Corn
Processing
Operating Revenues $ 40,282 $ 48,371 $ 39,598 $ 51,026 $ 53,813
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 33,514 40,588 33,118 39,685 44,461
Administrative and
general 543 509 562 609 463
Depreciation and
amortization 979 979 980 1,064 1,055
--------- --------- --------- --------- ---------
35,036 42,076 34,660 41,358 45,979
--------- --------- --------- --------- ---------
Operating Income 5,246 6,295 4,938 9,668 7,834
--------- --------- --------- --------- ---------
Other Income
(Expense):
Derivative gains
(losses), net (336) 50 (828) (302) (2,674)
Other, net -- 4,112 -- 167 --
--------- --------- --------- --------- ---------
Segment Profit(1) $ 4,910 $ 10,457 $ 4,110 $ 9,533 $ 5,160
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2015 2015 2015 2014 2014
--------- --------- --------- --------- ---------
Other
Operating Revenues $ 13,779 $ 20,337 $ 20,452 $ 29,283 $ 39,024
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating 5,854 11,103 13,830 21,145 30,099
Administrative and
general 6,658 6,617 7,136 9,948 8,629
Depreciation and
amortization 152 489 500 513 649
--------- --------- --------- --------- ---------
12,664 18,209 21,466 31,606 39,377
--------- --------- --------- --------- ---------
Losses on Asset
Dispositions and
Impairments, Net -- (235) -- (668) --
--------- --------- --------- --------- ---------
Operating Income
(Loss) 1,115 1,893 (1,014) (2,991) (353)
--------- --------- --------- --------- ---------
Other Income
(Expense):
Derivative gains
(losses), net -- 304 (776) (702) 205
Foreign currency
gains (losses),
net (64) 36 (40) (96) (121)
Other, net (1) 40 8 (3,357) 42
Equity in Earnings
(Losses) of 50% or
Less Owned
Companies, Net of
Tax 240 (408) 57 849 726
--------- --------- --------- --------- ---------
Segment Profit
(Loss)(1) $ 1,290 $ 1,865 $ (1,765) $ (6,297) $ 499
========= ========= ========= ========= =========
Corporate and
Eliminations
Operating Revenues $ (723) $ (638) $ (876) $ (1,543) $ (670)
--------- --------- --------- --------- ---------
Costs and Expenses:
Operating (757) (801) (799) (1,512) (635)
Administrative and
general 7,795 8,452 7,457 8,147 13,646
Depreciation and
amortization 891 946 960 951 1,060
--------- --------- --------- --------- ---------
7,929 8,597 7,618 7,586 14,071
--------- --------- --------- --------- ---------
Gains (Losses) on
Asset Dispositions -- -- -- (25) 223
--------- --------- --------- --------- ---------
Operating Loss $ (8,652) $ (9,235) $ (8,494) $ (9,154) $ (14,518)
========= ========= ========= ========= =========
Other Income
(Expense):
Derivative gains
(losses), net $ (429) $ 891 $ (1,465) $ (210) $ (36)
Foreign currency
gains (losses),
net (244) 276 (803) (731) (591)
Other, net (53) 51 65 6 (54)
(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.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
Three Months Ended
-----------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2015 2015 2015 2014 2014
--------- --------- --------- --------- ---------
Rates Per Day Worked:
Anchor handling
towing supply $ 29,978 $ 28,463 $ 22,792 $ 26,544 $ 26,175
Fast support 8,853 9,795 9,426 9,620 9,542
Mini-supply 5,858 5,861 5,778 6,355 6,550
Standby safety 10,487 10,303 10,147 10,556 11,091
Supply 14,459 15,112 17,047 18,712 18,355
Towing supply 7,912 8,579 8,728 7,918 9,223
Specialty 25,517 20,749 14,537 32,027 38,716
Liftboats 17,124 20,675 21,951 23,038 23,933
Overall Average
Rates Per Day
Worked (excluding
wind farm utility) 14,029 13,955 13,178 15,520 15,863
Wind farm utility 2,446 2,414 2,584 2,732 2,688
Overall Average
Rates Per Day
Worked 10,003 9,993 10,057 11,874 12,239
Utilization:
Anchor handling
towing supply 59% 57% 68% 85% 76%
Fast support 64% 67% 80% 73% 71%
Mini-supply 97% 100% 85% 94% 100%
Standby safety 84% 84% 83% 84% 89%
Supply 41% 44% 67% 74% 75%
Towing supply 68% 99% 95% 62% 70%
Specialty 88% 45% 27% 48% 54%
Liftboats 31% 42% 28% 55% 66%
Overall Fleet
Utilization
(excluding wind
farm utility) 63% 65% 68% 75% 77%
Wind farm utility 90% 96% 84% 93% 97%
Overall Fleet
Utilization 70% 73% 72% 79% 81%
Available Days:
Anchor handling
towing supply 1,380 1,365 1,350 1,380 1,541
Fast support 2,072 2,086 2,129 2,420 2,488
Mini-supply 368 364 360 368 413
Standby safety 2,208 2,184 2,160 2,208 2,208
Supply 920 953 1,022 1,169 1,298
Towing supply 184 182 180 184 184
Specialty 276 273 270 276 276
Liftboats 1,380 1,365 1,350 1,380 1,380
--------- --------- --------- --------- ---------
Overall Fleet
Available Days
(excluding wind
farm utility) 8,788 8,772 8,821 9,385 9,788
Wind farm utility 3,262 3,094 2,997 3,022 2,944
--------- --------- --------- --------- ---------
Overall Fleet
Available Days 12,050 11,866 11,818 12,407 12,732
========= ========= ========= ========= =========
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2015 2015 2015 2014 2014
----------- ----------- ----------- ----------- -----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 456,805 $ 433,827 $ 448,011 $ 434,183 $ 449,632
Restricted cash -- -- 16,896 16,435 13,656
Marketable
securities 31,632 29,411 39,002 58,004 43,286
Receivables:
Trade, net of
allowance for
doubtful
accounts 175,968 181,733 186,583 225,242 215,191
Other 39,696 48,627 39,805 67,745 57,621
Inventories 23,274 19,736 23,156 22,783 20,896
Deferred income
taxes -- -- -- -- 116
Prepaid
expenses and
other 10,755 11,411 8,814 9,011 11,431
----------- ----------- ----------- ----------- -----------
Total current
assets 738,130 724,745 762,267 833,403 811,829
----------- ----------- ----------- ----------- -----------
Property and
Equipment:
Historical
cost 2,099,483 2,100,309 2,083,035 2,086,957 2,166,509
Accumulated
depreciation (967,721) (954,931) (918,769) (902,284) (889,993)
----------- ----------- ----------- ----------- -----------
1,131,762 1,145,378 1,164,266 1,184,673 1,276,516
Construction
in progress 413,572 399,033 339,390 318,000 284,362
----------- ----------- ----------- ----------- -----------
Net property
and equipment 1,545,334 1,544,411 1,503,656 1,502,673 1,560,878
----------- ----------- ----------- ----------- -----------
Investments, at
Equity, and
Advances to 50%
or Less Owned
Companies 490,818 482,302 483,748 484,157 444,826
Construction
Reserve Funds &
Title XI
Reserve Funds 253,470 275,131 288,529 278,022 321,278
Goodwill 65,725 62,686 62,688 62,759 62,904
Intangible
Assets, Net 27,179 30,742 31,955 32,727 34,306
Other Assets 58,152 57,463 47,169 51,292 55,049
----------- ----------- ----------- ----------- -----------
$ 3,178,808 $ 3,177,480 $ 3,180,012 $ 3,245,033 $ 3,291,070
=========== =========== =========== =========== ===========
LIABILITIES AND
EQUITY
Current
Liabilities:
Current portion
of long-term
debt $ 35,452 $ 35,270 $ 44,953 $ 48,499 $ 50,785
Accounts
payable and
accrued
expenses 64,997 68,832 72,738 103,760 90,704
Other current
liabilities 123,501 118,330 138,460 119,694 139,999
----------- ----------- ----------- ----------- -----------
Total current
liabilities 223,950 222,432 256,151 271,953 281,488
----------- ----------- ----------- ----------- -----------
Long-Term Debt 926,001 889,323 834,686 834,383 831,163
Deferred Income
Taxes 408,546 420,531 413,450 432,546 459,039
Deferred Gains
and Other
Liabilities 170,850 172,018 178,293 188,664 185,950
----------- ----------- ----------- ----------- -----------
Total
liabilities 1,729,347 1,704,304 1,682,580 1,727,546 1,757,640
----------- ----------- ----------- ----------- -----------
Equity:
SEACOR Holdings
Inc.
stockholders'
equity:
Preferred
stock -- -- -- -- --
Common stock 377 377 377 375 375
Additional
paid-in
capital 1,503,794 1,499,904 1,495,261 1,490,698 1,485,342
Retained
earnings 1,183,485 1,176,520 1,175,833 1,195,402 1,155,309
Shares held in
treasury, at
cost (1,346,371) (1,305,104) (1,287,460) (1,283,476) (1,213,267)
Accumulated
other
comprehensive
loss, net of
tax (5,604) (3,172) (5,837) (3,505) (1,891)
----------- ----------- ----------- ----------- -----------
1,335,681 1,368,525 1,378,174 1,399,494 1,425,868
Noncontrolling
interests in
subsidiaries 113,780 104,651 119,258 117,993 107,562
----------- ----------- ----------- ----------- -----------
Total equity 1,449,461 1,473,176 1,497,432 1,517,487 1,533,430
----------- ----------- ----------- ----------- -----------
$ 3,178,808 $ 3,177,480 $ 3,180,012 $ 3,245,033 $ 3,291,070
=========== =========== =========== =========== ===========
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2015 2015 2015 2014 2014
-------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply 18 18 18 18 18
Fast support 34 33 34 35 38
Mini-supply 7 7 7 7 7
Standby safety 25 25 25 25 25
Supply 26 26 27 25 27
Towing supply 3 3 3 3 3
Specialty 9 9 9 9 9
Liftboats 15 15 15 15 15
Wind farm utility 39 37 37 36 35
-------- -------- -------- -------- --------
176 173 175 173 177
======== ======== ======== ======== ========
Inland River Services
Dry-cargo barges 1,431 1,435 1,439 1,455 1,456
Liquid tank barges:
10,000 barrel 18 45 45 44 40
30,000 barrel 27 27 27 27 27
Specialty barges (1) 11 7 7 7 7
Deck barges -- -- -- 20 20
Towboats:
4,000 hp - 6,250 hp 17 17 17 17 17
Less than 3,200 hp 16 16 15 14 15
-------- -------- -------- -------- --------
1,520 1,547 1,550 1,584 1,582
======== ======== ======== ======== ========
Shipping Services(2)
Petroleum and Gas
Transportation:
Product tankers - U.S.-flag 7 7 7 7 7
Crude oil tanker - U.S.-flag 1 1 1 -- --
Very large gas carriers -
Foreign-flag 14 9 6 5 5
Harbor Towing and Bunkering:
Harbor tugs - U.S.-flag 24 24 24 24 24
Harbor tugs - Foreign-flag 4 4 4 4 4
Offshore tug - U.S.-flag 1 1 1 1 --
Ocean liquid tank barges -
U.S.-flag 5 5 5 5 5
Liner and Short-sea
Transportation:
RORO/deck barges - U.S.-flag 7 7 7 7 7
Short-sea container/RORO -
Foreign-flag 7 7 7 7 8
Other:
Dry bulk articulated tug-
barge - U.S.-flag 1 1 1 1 1
-------- -------- -------- -------- --------
71 66 63 61 61
======== ======== ======== ======== ========
(1) Includes non-certificated 10,000 and 30,000 barrel liquid tank barges.
(2) For each of the periods presented ending in 2014, the Company provided
technical management services for two additional vessels. For each of
the periods presented in 2015, the Company provided technical management
services for one additional vessel.
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF SEPTEMBER 30, 2015
(unaudited)
2015 2016 2017 2018 2019
---- --------------- --------------- --------------- ----
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Total
---- --- --- --- --- --- --- --- --- --- --- --- --- ---- -----
Shipping
Services
Product
tankers -
U.S.-flag -- -- 1 -- 1 1 -- -- -- -- -- -- -- -- 3
Articulated
tug-barge -
U.S.-flag -- -- -- 1 -- -- -- -- -- -- -- -- -- -- 1
Harbor tugs
- U.S.-flag -- -- -- -- 1 1 -- -- -- -- -- -- -- -- 2
Offshore
Marine
Services
Fast support 1 1 -- 2 -- 1 -- -- -- -- 1 -- -- -- 6
Supply -- -- 1 1 -- -- -- -- -- 1 -- -- -- 1 4
Wind farm
utility 1 1 1 -- -- -- -- -- -- -- -- -- -- -- 3
Inland River
Services
Liquid tank
barges -
30,000
barrel 1 1 -- -- -- -- -- -- -- -- -- -- -- -- 2
Towboats:
3,300 hp -
3,900 hp 1 -- -- -- -- -- -- -- -- -- -- -- -- -- 1
Less than
3,200 hp 1 1 -- -- -- -- -- -- -- -- -- -- -- -- 2
For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com
