HomeCorporate InfoBusiness UnitsMediaInvestorsContact Us

alerts Alerts

Investor Relations

Press Releases

SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2015

Download PDF

FORT LAUDERDALE, FL -- (Marketwired) -- 07/23/15 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter ended June 30, 2015.

For the quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million, or $0.04 per diluted share. For the six months ended June 30, 2015, net loss attributable to SEACOR Holdings Inc. was $18.9 million, or $1.06 per diluted share. Results attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2015 included a loss on the extinguishment of the Company's Title XI bonds of $9.6 million, net of noncontrolling interests and tax, or $0.53 per diluted share. See "Debt Extinguishment Losses" below.

For the preceding quarter ended March 31, 2015, net loss attributable to SEACOR Holdings Inc. was $19.6 million, or $1.10 per diluted share. A comparison of results for the quarter ended June 30, 2015 with the preceding quarter ended March 31, 2015 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. For the six months ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $32.6 million, or $1.58 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income before depreciation and amortization ("OIBDA" -- see definition included in the segment information tables herein) was $15.3 million on operating revenues of $96.7 million in the second quarter compared with a loss of $1.1 million on operating revenues of $93.5 million in the preceding quarter, an improvement of $9.8 million when excluding the $6.6 million impairment charge related to the suspended construction of two offshore support vessels in the preceding quarter. Operating loss after depreciation and amortization was $0.4 million in the second quarter compared with $16.5 million in the preceding quarter.

During the second quarter, the Company sold two offshore support vessels, including one vessel to a joint venture in which the Company has a 30.4% interest, and other equipment for net proceeds of $15.5 million and gains of $1.0 million, all of which were recognized currently. In addition, the Company recognized previously deferred gains of $2.5 million in the second quarter.

On a total fleet basis, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 49 days, or 1%. Overall utilization, including cold-stacked vessels but excluding wind farm utility vessels, decreased from 68% to 65% and overall average day rates, including cold-stacked vessels but excluding wind farm utility vessels, increased by 6% from $13,178 to $13,955 per day. This release includes a table presenting time charter operating data by vessel class.

In the U.S., operating results excluding the impact of gains (losses) on asset dispositions and impairments were $6.7 million higher in the second quarter. Time charter revenues for the anchor handling towing supply vessels were $5.2 million higher primarily due to an improvement in average day rates attributable to several charters which commenced during the second quarter. Time charter revenues for the Company's liftboat fleet increased by $3.7 million primarily due to seasonally improved market conditions. Time charter revenues for all other vessel classes were $3.6 million lower primarily due to continued weak market conditions. On a total fleet basis, utilization including cold-stacked vessels was unchanged at 49% and average day rates including cold-stacked vessels increased from $18,097 to $21,898 per day. Operating expenses were $1.4 million lower primarily due to an increase in the number of cold-stacked vessels, partially offset by higher drydocking expenses. As of June 30, 2015, the Company had ten vessels cold-stacked in the U.S. Gulf of Mexico compared with seven vessels as of March 31, 2015.

In international regions, operating results excluding the impact of gains (losses) on asset dispositions and impairments was $0.7 million lower in the second quarter. Operating revenues were $2.0 million lower primarily due to the conclusion of several charters and overall weaker market conditions. Including cold-stacked vessels but excluding wind farm utility vessels, overall utilization was 73% compared with 78% in the preceding quarter, and overall average day rates decreased from $11,510 to $11,111 per day. Operating expenses were $0.8 million lower primarily due a reduction drydocking costs, partially offset by an increase in routine repair and maintenance expenses. The Company had two vessels cold-stacked in international regions as of June 30, 2015 and March 31, 2015.

Foreign currency gains, net of $1.9 million in the second quarter were primarily due to the weakening of the U.S. dollar versus the pound sterling and euro currencies underlying certain of the Company's intercompany notes payable and debt balances.

Inland River Services - OIBDA was $10.0 million on operating revenues of $61.2 million in the second quarter compared with $13.0 million on operating revenues of $56.6 million in the preceding quarter. Operating income after depreciation and amortization was $2.6 million in the second quarter compared with $6.1 million in the preceding quarter.

Operating income excluding the impact of gains on asset dispositions was $2.9 million lower in the second quarter. Operating results for the dry-cargo barge pools were $1.7 million lower primarily due to operating restrictions caused by high water levels and lower rates. Operating results for the 10,000 barrel liquid tank barge operations were $1.5 million lower primarily due to higher costs associated with U.S. Coast Guard inspections and related repairs.

During the second quarter, the Company recognized $3.7 million of equity losses in 50% or less owned companies primarily due to reduced activity in the Company's joint venture operating on the Parana-Paraguay River Waterway as a result of continued weakness in the iron ore and grain markets. In addition, the Company recognized interest income (not a component of segment profit) of $1.1 million during the second quarter on notes due from this joint venture.

Shipping Services - OIBDA was $12.9 million on operating revenues of $55.7 million in the second quarter compared with $8.0 million on operating revenues of $51.4 million in the preceding quarter. Operating income after depreciation and amortization was $6.3 million in the second quarter compared with $1.3 million in the preceding quarter.

Operating income was $5.0 million higher in the second quarter. Operating revenues were $4.3 million higher in the second quarter primarily due to less out-of-service time for drydocking U.S.-flag product tankers, an increase in the time charter rate for one U.S.-flag product tanker and increased harbor towing activities resulting from higher port traffic. Operating expenses were $1.0 million lower in the second quarter primarily due to lower drydocking costs for U.S.-flag product tankers and harbor tugs.

Equity in earnings from 50% or less owned companies increased by $1.2 million primarily due to improved operating results from the Company's joint venture operating in the Puerto Rico liner trade.

Illinois Corn Processing - Segment profit was $10.5 million on operating revenues of $48.4 million in the second quarter compared with $4.1 million on operating revenues of $39.6 million in the preceding quarter. Segment profit was $6.3 million higher in the second quarter primarily due to the recognition of a $4.1 million gain from a business interruption insurance claim and higher sales volumes of alcohol and DDGS. The preceding quarter's sales volumes were lower as a result of reduced production resulting from unplanned plant maintenance.

Other - Segment profit was $1.9 million in the second quarter compared with a segment loss of $1.8 million in the preceding quarter. The segment profit in the second quarter was primarily due to higher activity levels for emergency and crisis services.

Corporate and Eliminations - Administrative and general expenses were $1.0 million higher in the second quarter primarily due to higher legal and professional fees.

Debt Extinguishment Losses - Certain subsidiaries of the Company that operate its fleet of U.S.-flag product tankers (collectively "SEA-Vista," in which the Company has a 51% controlling interest) redeemed their Title XI bonds in the second quarter for $99.9 million and recorded a $29.0 million loss on extinguishment of debt for the then unamortized debt discount, the make whole premium paid and certain other redemption costs. As a consequence of redeeming the bonds prior to their scheduled maturity, SEA-Vista was required to pay a make whole premium in the amount of $20.5 million. The redemption of the bonds released the liens on vessels supporting the Title XI financing and facilitated the issuance of SEA-Vista's $300 million secured credit facility with a syndicate of lenders at a lower effective borrowing rate to fund its working capital needs, meet its capital commitments for the three U.S.-flag product tankers (referred to below under "Capital Commitments"), and fund future growth opportunities. The redemption of the Title XI bonds was funded with advances from SEA-Vista's $300.0 million secured credit facility, its restricted cash and its Title XI reserve funds.

In addition, the Company purchased $14.0 million in principal amount of its 7.375% Senior Notes for $14.4 million in the second quarter resulting in a loss on debt extinguishment of $0.5 million. As of June 30, 2015, the aggregate outstanding principal amount of the Company's 7.375% Senior Notes due 2019 was $219.5 million.

Marketable Securities - Marketable security gains, net of $10.2 million in the second quarter were primarily due to gains on long marketable security positions.

Income Tax Expense - The Company's effective tax rate of negative 1.6% for the second quarter was primarily due to tax benefits not recognized on losses attributable to noncontrolling interests.

Share Repurchases - During the quarter ended June 30, 2015, the Company purchased 250,873 shares of its common stock for an aggregate purchase price of $17.6 million, or $70.30 per share. Subsequent to June 30, 2015, the Company purchased 107,018 shares of it common stock for an aggregate purchase price of $6.9 million, or $64.45 per share.

Capital Commitments - As of June 30, 2015, the Company's unfunded capital commitments were $432.8 million and included: $142.3 million for 17 offshore support vessels; $1.7 million for two 30,000 barrel inland river liquid tank barges; $6.9 million for eight 10,000 barrel inland river liquid tank barges; $6.8 million for three inland river towboats; $190.3 million for three U.S.-flag product tankers; $41.9 million for one U.S.-flag articulated tug-barge; $20.5 million for two U.S.-flag harbor tugs; and $22.4 million for other equipment and improvements. These commitments are payable as follows: $135.9 million is payable during the remainder of 2015 (including $64.8 million for the construction of SEA-Vista's three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $233.2 million is payable during 2016 (including $146.9 million for the construction of SEA-Vista's three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $38.8 million is payable during 2017 (including $20.5 million for the construction of SEA-Vista's three U.S.-flag product tankers); $19.0 million is payable during 2018; and $5.9 million is payable during 2019. Of these committments, approximately $6.8 million may be terminated without further liability other than the payment of liquidated damages of $0.7 million. This release includes a table detailing expected delivery by vessel class.

Liquidity and Debt - As of June 30, 2015, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $738.4 million and its total outstanding long-term debt was $924.6 million. In addition, the Company had $165.0 million of borrowing capacity under Sea-Vista's $300 million secured credit facility.

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 Six Months Ended
June 30, June 30,
2015 2014 2015 2014
Operating Revenues $ 281,609 $ 328,224 $ 542,253 $ 638,241
Costs and Expenses:
Operating 207,743 231,906 406,891 450,882
Administrative and general 38,674 34,686 77,561 72,763
Depreciation and amortization 32,079 33,220 63,509 66,612
278,496 299,812 547,961 590,257
Gains (Losses) on Asset Dispositions and Impairments, Net 4,386 4,295 (460 ) 8,973
Operating Income (Loss) 7,499 32,707 (6,168 ) 56,957
Other Income (Expense):
Interest income 4,474 6,030 9,053 10,073
Interest expense (10,391 ) (10,458 ) (20,903 ) (21,861 )
Debt extinguishment losses (29,536 ) -- (29,536 ) --
Marketable security gains, net 10,249 731 1,128 5,801
Derivative gains (losses), net 1,426 94 (1,570 ) (143 )
Foreign currency gains, net 2,436 1,720 443 1,521
Other, net 4,433 10,213 4,389 6,558
(16,909 ) 8,330 (36,996 ) 1,949
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies (9,410 ) 41,037 (43,164 ) 58,906
Income Tax Expense (Benefit) 155 13,000 (11,799 ) 19,375
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies (9,565 ) 28,037 (31,365 ) 39,531
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,064 (512 ) 4,963 1,709
Net Income (Loss) (8,501 ) 27,525 (26,402 ) 41,240
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (9,188 ) 6,458 (7,520 ) 8,664
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 687 $ 21,067 $ (18,882 ) $ 32,576
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.04 $ 1.05 $ (1.06 ) $ 1.62
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.04 $ 0.98 $ (1.06 ) $ 1.58
Weighted Average Common Shares Outstanding:
Basic 17,780,759 19,989,402 17,779,250 20,049,056
Diluted 18,082,464 24,584,494 17,779,250 24,665,869
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
Jun. 30,
2015
Mar. 31,
2015
Dec. 31,
2014
Sep. 30,
2014
Jun. 30,
2014
Operating Revenues $ 281,609 $ 260,644 $ 342,217 $ 338,936 $ 328,224
Costs and Expenses:
Operating 207,743 199,148 220,814 237,676 231,906
Administrative and general 38,674 38,887 45,520 46,655 34,686
Depreciation and amortization 32,079 31,430 31,603 33,604 33,220
278,496 269,465 297,937 317,935 299,812
Gains (Losses) on Asset Dispositions and Impairments, Net 4,386 (4,846 ) 13,136 29,869 4,295
Operating Income (Loss) 7,499 (13,667 ) 57,416 50,870 32,707
Other Income (Expense):
Interest income 4,474 4,579 5,126 4,463 6,030
Interest expense (10,391 ) (10,512 ) (10,647 ) (11,124 ) (10,458 )
Debt extinguishment losses (29,536 ) -- -- -- --
Marketable security gains (losses), net 10,249 (9,121 ) 13,266 9,693 731
Derivative gains (losses), net 1,426 (2,996 ) (1,221 ) (2,538 ) 94
Foreign currency gains (losses), net 2,436 (1,993 ) (4,797 ) (3,059 ) 1,720
Other, net 4,433 (44 ) (3,230 ) 111 10,213
(16,909 ) (20,087 ) (1,503 ) (2,454 ) 8,330
Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies (9,410 ) (33,754 ) 55,913 48,416 41,037
Income Tax Expense (Benefit) 155 (11,954 ) 20,212 15,610 13,000
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies (9,565 ) (21,800 ) 35,701 32,806 28,037
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,064 3,899 13,628 972 (512 )
Net Income (Loss) (8,501 ) (17,901 ) 49,329 33,778 27,525
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (9,188 ) 1,668 9,236 6,315 6,458
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 687 $ (19,569 ) $ 40,093 $ 27,463 $ 21,067
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.04 $ (1.10 ) $ 2.22 $ 1.43 $ 1.05
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.04 $ (1.10 ) $ 1.85 $ 1.28 $ 0.98
Weighted Average Common Shares of Outstanding:
Basic 17,781 17,778 18,074 19,196 19,989
Diluted 18,082 17,778 24,503 25,628 24,584
Common Shares Outstanding at Period End 18,012 18,241 18,140 19,044 20,144
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
Jun. 30,
2015
Mar. 31,
2015
Dec. 31,
2014
Sep. 30,
2014
Jun. 30,
2014
Offshore Marine Services
Operating Revenues $ 96,715 $ 93,456 $ 127,518 $ 135,178 $ 138,247
Costs and Expenses:
Operating 72,173 74,355 86,558 90,736 93,755
Administrative and general 12,655 13,559 15,253 14,514 13,426
Depreciation and amortization 15,692 15,366 15,594 16,269 16,448
100,520 103,280 117,405 121,519 123,629
Gains (Losses) on Asset Dispositions and Impairments, Net 3,455 (6,649 ) 12,062 3,219 3,526
Operating Income (Loss) (350 ) (16,473 ) 22,175 16,878 18,144
Other Income (Expense):
Derivative gains (losses), net 4 (9 ) (7 ) (33 ) (70 )
Foreign currency gains (losses), net 1,907 (17 ) (934 ) (1,870 ) 1,322
Other, net 43 (146 ) (68 ) -- 14,739
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,826 2,975 3,054 2,529 2,244
Segment Profit (Loss)(1) $ 4,430 $ (13,670 ) $ 24,220 $ 17,504 $ 36,379
OIBDA(2) $ 15,342 $ (1,107 ) $ 37,769 $ 33,147 $ 34,592
Drydocking expenditures (included in operating costs and expenses) $ 5,932 $ 6,881 $ 9,052 $ 7,606 $ 10,887
Out-of-service days for drydockings 315 294 326 357 575
Inland River Services
Operating Revenues $ 61,150 $ 56,607 $ 79,252 $ 59,932 $ 56,007
Costs and Expenses:
Operating 48,556 41,513 46,250 43,947 45,047
Administrative and general 3,765 3,884 4,245 3,520 3,835
Depreciation and amortization 7,362 6,889 6,660 7,841 7,564
59,683 52,286 57,155 55,308 56,446
Gains on Asset Dispositions 1,166 1,803 1,565 26,429 810
Operating Income 2,633 6,124 23,662 31,053 371
Other Income (Expense):
Derivative gains, net 177 82 -- -- --
Foreign currency gains (losses), net 208 (1,121 ) (3,032 ) (450 ) 474
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (3,717 ) (274 ) 10,515 (95 ) (3,335 )
Segment Profit (Loss)(1) $ (699 ) $ 4,811 $ 31,145 $ 30,508 $ (2,490 )
OIBDA(2) $ 9,995 $ 13,013 $ 30,322 $ 38,894 $ 7,935
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Jun. 30,
2015
Mar. 31,
2015
Dec. 31,
2014
Sep. 30,
2014
Jun. 30,
2014
Shipping Services
Operating Revenues $ 55,674 $ 51,407 $ 56,681 $ 51,659 $ 53,575
Costs and Expenses:
Operating 36,124 37,131 28,688 29,068 28,018
Administrative and general 6,676 6,289 7,318 5,883 5,421
Depreciation and amortization 6,611 6,735 6,821 6,730 7,115
49,411 50,155 42,827 41,681 40,554
Gains (Losses) on Asset Dispositions -- -- 202 (2 ) (41 )
Operating Income 6,263 1,252 14,056 9,976 12,980
Other Income (Expense):
Foreign currency gains (losses), net 9 (12 ) (4 ) (27 ) 1
Other, net 187 29 22 123 158
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 2,363 1,141 (790 ) (2,188 ) 1,564
Segment Profit(1) $ 8,822 $ 2,410 $ 13,284 $ 7,884 $ 14,703
OIBDA(2) $ 12,874 $ 7,987 $ 20,877 $ 16,706 $ 20,095
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses) $ 7,171 $ 8,083 $ -- $ -- $ --
Out-of-service days for drydockings of U.S.-flag product tankers 38 71 -- -- --
Illinois Corn Processing
Operating Revenues $ 48,371 $ 39,598 $ 51,026 $ 53,813 $ 72,798
Costs and Expenses:
Operating 40,588 33,118 39,685 44,461 56,429
Administrative and general 509 562 609 463 594
Depreciation and amortization 979 980 1,064 1,055 1,010
42,076 34,660 41,358 45,979 58,033
Operating Income 6,295 4,938 9,668 7,834 14,765
Other Income (Expense):
Derivative gains (losses), net 50 (828 ) (302 ) (2,674 ) (1,519 )
Other, net 4,112 -- 167 -- 300
Segment Profit(1) $ 10,457 $ 4,110 $ 9,533 $ 5,160 $ 13,546
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Jun. 30,
2015
Mar. 31,
2015
Dec. 31,
2014
Sep. 30,
2014
Jun. 30,
2014
Other
Operating Revenues $ 20,337 $ 20,452 $ 29,283 $ 39,024 $ 8,437
Costs and Expenses:
Operating 11,103 13,830 21,145 30,099 9,464
Administrative and general 6,617 7,136 9,948 8,629 3,449
Depreciation and amortization 489 500 513 649 82
18,209 21,466 31,606 39,377 12,995
Losses on Asset Dispositions and Impairments, Net (235 ) -- (668 ) -- --
Operating Income (Loss) 1,893 (1,014 ) (2,991 ) (353 ) (4,558 )
Other Income (Expense):
Derivative gains (losses), net 304 (776 ) (702 ) 205 1,500
Foreign currency gains (losses), net 36 (40 ) (96 ) (121 ) 53
Other, net 40 8 (3,357 ) 42 (5,013 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (408 ) 57 849 726 (985 )
Segment Profit (Loss)(1) $ 1,865 $ (1,765 ) $ (6,297 ) $ 499 $ (9,003 )
Corporate and Eliminations
Operating Revenues $ (638 ) $ (876 ) $ (1,543 ) $ (670 ) $ (840 )
Costs and Expenses:
Operating (801 ) (799 ) (1,512 ) (635 ) (807 )
Administrative and general 8,452 7,457 8,147 13,646 7,961
Depreciation and amortization 946 960 951 1,060 1,001
8,597 7,618 7,586 14,071 8,155
Gains (Losses) on Asset Dispositions -- -- (25 ) 223 --
Operating Loss $ (9,235 ) $ (8,494 ) $ (9,154 ) $ (14,518 ) $ (8,995 )
Other Income (Expense):
Derivative gains (losses), net $ 891 $ (1,465 ) $ (210 ) $ (36 ) $ 183
Foreign currency gains (losses), net 276 (803 ) (731 ) (591 ) (130 )
Other, net 51 65 6 (54 ) 29
(1) Includes amounts attributable to both SEACOR and noncontrolling interests.
(2) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) for the applicable segment plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of its ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Jun. 30,
2015
Mar. 31,
2015
Dec. 31,
2014
Sep. 30,
2014
Jun. 30,
2014
ASSETS
Current Assets:
Cash and cash equivalents $ 433,827 $ 448,011 $ 434,183 $ 449,632 $ 453,415
Restricted cash -- 16,896 16,435 13,656 14,346
Marketable securities 29,411 39,002 58,004 43,286 33,275
Receivables:
Trade, net of allowance for doubtful accounts 181,733 186,583 225,242 215,191 198,768
Other 48,627 39,805 67,745 57,621 50,571
Inventories 19,736 23,156 22,783 20,896 20,207
Deferred income taxes -- -- -- 116 116
Prepaid expenses and other 11,411 8,814 9,011 11,431 12,837
Total current assets 724,745 762,267 833,403 811,829 783,535
Property and Equipment:
Historical cost 2,100,309 2,083,035 2,086,957 2,166,509 2,216,627
Accumulated depreciation (954,931 ) (918,769 ) (902,284 ) (889,993 ) (888,442 )
1,145,378 1,164,266 1,184,673 1,276,516 1,328,185
Construction in progress 399,033 339,390 318,000 284,362 297,523
Net property and equipment 1,544,411 1,503,656 1,502,673 1,560,878 1,625,708
Investments, at Equity, and Advances to 50% or Less Owned Companies 482,302 483,748 484,157 444,826 484,164
Construction Reserve Funds & Title XI Reserve Funds 275,131 288,529 278,022 321,278 324,856
Goodwill 62,686 62,688 62,759 62,904 18,012
Intangible Assets, Net 30,742 31,955 32,727 34,306 10,754
Other Assets 57,463 47,169 51,292 55,049 48,964
$ 3,177,480 $ 3,180,012 $ 3,245,033 $ 3,291,070 $ 3,295,993
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 35,270 $ 44,953 $ 48,499 $ 50,785 $ 43,557
Accounts payable and accrued expenses 68,832 72,738 103,760 90,704 87,235
Other current liabilities 118,330 138,460 119,694 139,999 119,501
Total current liabilities 222,432 256,151 271,953 281,488 250,293
Long-Term Debt 889,323 834,686 834,383 831,163 830,303
Deferred Income Taxes 420,531 413,450 432,546 459,039 456,403
Deferred Gains and Other Liabilities 172,018 178,293 188,664 185,950 175,229
Total liabilities 1,704,304 1,682,580 1,727,546 1,757,640 1,712,228
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 377 377 375 375 375
Additional paid-in capital 1,499,904 1,495,261 1,490,698 1,485,342 1,479,942
Retained earnings 1,176,520 1,175,833 1,195,402 1,155,309 1,127,846
Shares held in treasury, at cost (1,305,104 ) (1,287,460 ) (1,283,476 ) (1,213,267 ) (1,126,322 )
Accumulated other comprehensive income (loss), net of tax (3,172 ) (5,837 ) (3,505 ) (1,891 ) 225
1,368,525 1,378,174 1,399,494 1,425,868 1,482,066
Noncontrolling interests in subsidiaries 104,651 119,258 117,993 107,562 101,699
Total equity 1,473,176 1,497,432 1,517,487 1,533,430 1,583,765
$ 3,177,480 $ 3,180,012 $ 3,245,033 $ 3,291,070 $ 3,295,993
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Jun. 30,
2015
Mar. 31,
2015
Dec. 31,
2014
Sep. 30,
2014
Jun. 30,
2014
Offshore Marine Services
Anchor handling towing supply 18 18 18 18 18
Fast support 33 34 35 38 38
Mini-supply 7 7 7 7 7
Standby safety 25 25 25 25 25
Supply 26 27 25 27 27
Towing supply 3 3 3 3 3
Specialty 9 9 9 9 9
Liftboats 15 15 15 15 15
Wind farm utility 37 37 36 35 35
173 175 173 177 177
Inland River Services
Dry-cargo barges 1,435 1,439 1,455 1,456 1,463
Liquid tank barges:
10,000 barrel 50 50 49 45 45
30,000 barrel 29 29 29 29 29
Deck barges -- -- 20 20 20
Towboats:
4,000 hp - 6,250 hp 17 17 17 16 16
3,300 hp - 3,900 hp -- -- -- 1 1
Less than 3,200 hp 16 15 14 15 15
1,547 1,550 1,584 1,582 1,589
Shipping Services(1)
Petroleum and Gas Transportation:
Product tankers - U.S.-flag 8 8 7 7 7
Very large gas carriers - Foreign-flag 9 6 5 5 3
Harbor Towing and Bunkering:
Harbor tugs - U.S.-flag 24 24 24 24 24
Harbor tugs - Foreign-flag 4 4 4 4 4
Offshore tug - U.S.-flag 1 1 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 8 7
Other:
Dry bulk articulated tug-barge - U.S.-flag 1 1 1 1 1
66 63 61 61 58
(1) 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
(unaudited)
2015 2016 2017 2018 2019
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Total
Offshore Marine Services
Fast support 2 -- 1 -- 2 -- 1 -- -- -- -- 1 -- -- -- 7
Supply -- -- -- 1 1 -- -- -- -- -- 1 -- -- -- 1 4
Liftboats(1) -- -- -- 2 -- -- -- -- -- -- -- -- -- -- -- 2
Wind farm utility 3 -- 1 -- -- -- -- -- -- -- -- -- -- -- -- 4
Inland River Services
Liquid tank barges - 10,000 barrel 8 -- -- -- -- -- -- -- -- -- -- -- -- -- -- 8
Liquid tank barges - 30,000 barrel -- 1 1 -- -- -- -- -- -- -- -- -- -- -- -- 2
Towboats:
3,300 hp - 3,900 hp -- -- 1 -- -- -- -- -- -- -- -- -- -- -- -- 2
Less than 3,200 hp 1 1 -- -- -- -- -- -- -- -- -- -- -- -- -- 1
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
(1) To be delivered to a 50% or less owned company.
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
Three Months Ended
Jun. 30,
2015
Mar. 31,
2015
Dec. 31,
2014
Sep. 30,
2014
Jun. 30,
2014
Rates Per Day Worked:
Anchor handling towing supply $ 28,463 $ 22,792 $ 26,544 $ 26,175 $ 25,796
Fast support 9,795 9,426 9,620 9,542 9,222
Mini-supply 5,861 5,778 6,355 6,550 6,627
Standby safety 10,303 10,147 10,556 11,091 10,932
Supply 15,112 17,047 18,712 18,355 16,948
Towing supply 8,579 8,728 7,918 9,223 9,339
Specialty 20,749 14,537 32,027 38,716 26,860
Liftboats 20,675 21,951 23,038 23,933 23,017
Overall Average Rates Per Day Worked(excluding wind farm utility) 13,955 13,178 15,520 15,863 15,470
Wind farm utility 2,414 2,584 2,732 2,688 2,553
Overall Average Rates Per Day Worked 9,993 10,057 11,874 12,239 12,259
Utilization:
Anchor handling towing supply 57 % 68 % 85 % 76 % 83 %
Fast support 67 % 80 % 73 % 71 % 75 %
Mini-supply 100 % 85 % 94 % 100 % 81 %
Standby safety 84 % 83 % 84 % 89 % 88 %
Supply 44 % 67 % 74 % 75 % 82 %
Towing supply 99 % 95 % 62 % 70 % 74 %
Specialty 45 % 27 % 48 % 54 % 52 %
Liftboats 42 % 28 % 55 % 66 % 80 %
Overall Fleet Utilization (excluding wind farm utility) 65 % 68 % 75 % 77 % 80 %
Wind farm utility 96 % 84 % 93 % 97 % 91 %
Overall Fleet Utilization 73 % 72 % 79 % 81 % 83 %
Available Days:
Anchor handling towing supply 1,365 1,350 1,380 1,541 1,547
Fast support 2,086 2,129 2,420 2,488 2,533
Mini-supply 364 360 368 413 479
Standby safety 2,184 2,160 2,208 2,208 2,184
Supply 953 1,022 1,169 1,298 1,407
Towing supply 182 180 184 184 182
Specialty 273 270 276 276 273
Liftboats 1,365 1,350 1,380 1,380 1,365
Overall Fleet Available Days (excluding wind farm utility) 8,772 8,821 9,385 9,788 9,970
Wind farm utility 3,094 2,997 3,022 2,944 2,912
Overall Fleet Available Days 11,866 11,818 12,407 12,732 12,882

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

Source: SEACOR Holdings Inc.